You bought apple calls i like apple. Ive owned it for a long period of time. I continue to like it. Obviously, were seeing the analysts steadily raising the price targets on apple for a while now. As far a some of those price targets are about seeing the unusual options. Theres a lot of the big names that are moving today. Theres no doubt about it. Its nice to see this turn that we saw in financials as the markets were moving steadily to the down side and the financials started to make a nice power move to the up side. Can they sustain it. Thats the big question. Financials have been getting pounded day after day, it seems like and not participating well in this rally. Well be watching this closely with the stress test you mentioned the price target raise we know these pull backs of any magnitude in megacap tech have been swiftly bought. Is that going to happen again . Any pullback will be a buy its been that way so far we have seen this rally power 36 up from the bottom its been brifdriven by large c tech and small cap tech. I would say the difficulty today is that were back to case counting whats happened is the lockdown has come off reopen and now were seeing cases rise. We could add this stealemate where perhaps the tech names could perform. Whether it had trouble and perhaps drops below that level all right kerry used the word consolidating chrks consolidate i ing, which is a good one some sort of consolidating to give people another entry point. I go to tom today. He says the equity market is over bought. It definitely needs to consolidate. He certainly would be a buyer on that are we nearing an Inflection Point where we could see that. I think it goads back to wes kerry said theres a high correlation between new cases and the way the market is reacting thats going to continue to be the situation. I do think tech has to be bought i did trim a little. Well talk about it litter, perhaps. Its the reopening trades that will consolidate the market. People are too optimistic and still too optimistic, in my view the consolidation will be a function of whats working and whats not working as you bring down the opening trades youll get some air pockets in the companies that have taken us to where we are. Im not calling for dis aster. We do have to consolidate and pause a little bit because also theres no catalyst. We cant pt point to a catalyst. The fed is not out of bullets u but they will have a limited impact on the market going forward. In terms of stimulus x its been replaced with income stimulus. Youll need some sort of fiscal stimulus to drive the economy. It cant be about putting food on the table thats not whats going to drive it the money is going to go find a home and its going to find a home where its worked and where its worked is in apple. Price target, i said today, gets a new street high. It got another upgrade as well theres another target raise for facebook, 300 bucks. Thats a street high nvidia, a new street high. You follow where im going these stocks have run a lot. Ha high pressures if you think money will continue to go there. You just bump the price target up higher. Yeah. I agree. I think the stocks will continue to do well fundamentals are working also. Youve got the money in the bank it will be an opportunity to get it in lower levels even some of those names. The dow is up 62 or so. Nasdaq is about 35 all right. Rob, we set the table for you. Where do you want to go with the meal now i think everybody makes a ton of good points in terms of where we are right now i would argue the reasonthe market rally was because we did a great job from a complete policy perspective in protecting Household Incomes and also protecting the commercial infrastructure anybody that thinks that weve gone this far simply because of good news on the virus is mistaken anybody that thinks we have gone this far because of fed is mistaken we did this while we dealt with the side effects of the virus. My suspicion is that it has. That doesnt mean were standing up for a massive sell off either you can get bad news to where markets reset to fundamentals. I think the coverage has been broadly negative and in my assessment broadly wrong if you look at hospitalization rates, you look death rate, the amount of testing were doing, we have clearly flattened the curve. What have you been watching were heading towards a second peak hospitalizations are up. Record number of cases in california as of saturday, scott record cases yesterday in the u. S. I watch the data every day. Every single day i will tell you, from peak, hospitalizations are down significantly. Theres spots where theres increasing contagion and increased hospitalization. You see it in houston. Its clear we have to worry about the reopening of the economy. Are you looking at things just through new york . Thats not the way to look at it now. No. No frankly, i follow tom lee on this data. I think hes got pretty good handle on it virus aside. Maybe thats your mistake you follow tom lee on the market, not the virus. I follow dr. Gotley on the virus. The data is fantastic on the vir virus, okay. What im going to tell you is this, i think theres no will to shut down the economy again. You have to look for durability of cash flow, durability of income if youre investing thats why people have been buying them in tech. Thats where were staying invested whats become a challenge is when you have new clients or clients coming off the sidelines, i think given the magnitude of the mood, its really, really difficult to kind of chase here. We think well see volatility. Its going to trade based on the news flow. Where we have more clarity, where the Economic Data continues to improve in the proof is in the pudding on the profit data, we will get more clarity and i believe the bet to make is that fundamentals have catch up to where the markets are. The unintended consequences of that are some parts of the economy are not participating. We all get that. I dont understand what youre talking about theres not a great disconnect between wall street and main street theres a huge disconnect. You have 30 Million People out of work and the stock market and the nasdaq is at record highs. Let me give you what i mean by that. This is really important discussion the fed providing the stimulus that provided has lowered Interest Rates and has created a desire for investors to chase certain saassets, certain stocks the average stock is still down. Its feeling pain. Their businesses have gotten better what that has done is led the headline indices to reprice higher thats an unintended consequence of the policy that rates suppression has created. Thats whats happened on the price disconnect investors have to put money somewhere. The fed made it so people have to put money somewhere and the somewhere has to be the tstock market because theres nowhere es to get yield. Thats may point. Pete. You sold kkr if you view that as your example, we have been trading between 23 and calling it for 24 its something that i took a long look at my portfolio and had some concerns about certain areas. One of them was do i have a little more exposure than i want to in terms of the financials. I decided i did. They had done what i wanted them to do. In u. S. Bank, i owned that for about 14 months. I sold calls against that position for 14 months i was getting a dividend yield plus taking the money i was selling those calls for over that little over a year time frame. I put that away and now i think there are better opportunities in other places. Kkr, for instance, is another one i trimmed. Kkr is almost back to those id probably jump back in there immediately. I thought it was a couple of names that i needed to trim and some names i absolutely took off. I think thats part of what you do with your portfolio you analyze it and see maybe where you have more exposure or taken out what you think youre looking for and thats what i did. I adjusted a lot i did an incredible amount of trading throughout the options world as well. I took off a bit of that exposure in financials for sure. Also disney why did you trim disney, pete . I look at did knsney, its am we talk about almost every day its highlighted because of whats going on in terms of when will they reopen and at what point will they do it versus california and florida and the rest my problem now is i think we are in for a little bit longer period of time than i first suspected. I took about half off. I think around 100 disney, is a buy. Somewhere between 110 and 120, its probably sitting in an area you call a hold area anything above that is a sell. While they are trying to come out of this pandemic, open up parks. Get the movies going again all the Different Things theres so many different levers they need to have start working. Lets trim some of that. Ill probably find a better opportunity but i still want to hold in that disney. Lets bring in our next guest. Tiffany, welcome nice to welcome you today. Thanks for having me. I hope youve had chance to listen to our conversation debate on where we are. Im wondering what your point of view is on where you think were going from here. If i had a crystal ball, i probably wouldnt be hear speaking be you today. What were looking for as we went into this pandemic and while were still in because were not out of it are companies that were nicely positioned to do well in environment like this. Let me give you some examples. First is lululemon the stock is up 27 starbucks had over 80 of their customer occasions on the go interaks with their majority being placed through the drive through. Also through the mobile app. Then you have to teach the customers to transition during a pandemic situation to be able to buy their products through a mobile app then were also seeing online their mobile app orders, on the go orders up 17 were seeing that increase in their china stores as well chipotle is another one. They had an established mobile ordering platform precovid. Digital sales are up around the pandemic interesting, ill bring steve into the conversation too. If you want to take a stab at these names which youve been in and out of i own lulu. This is a stock that seems to be like a day trading stock for the market i think the future for lulu is very bright. I like the company quite a bit its not a full position i still dont understand how they can sell at that kind of consistent multiple. Ive been wrong on it. To me, i still like the companies that had strong fundamentals going into this that have strong fundamentals coming out of it which goes back to the 5g companies that im even tired of talking about but others that are necessary plays and are able to adapt as tiffany is talking about and come out stronger thats where im putting it. Im not going to fads. I did sell peleton sold it early. The way times are down you have to be careful in those stay at home trades as well. One of the catalysts for stock is this hunt for yield where else are you going to get it youre looking at stocks that give you some yield and thats why you like them. Couple of interesting ones ibm. Frankly, we dont have many people make the case for ibm im interested to hear you make one and home depot, i think the story is pretty well known in the environment that we exist in with 2. 5 yield or just there about. Take on ibm for me first ibm, some of the companies that were talking about are ones that we own we manage portfolios for foundations, institutions so some of the positions that we own. Some of the names we own were gifted we didnt necessarily make a decision to buy them but we have them and were trying to figure it out what we do as part of our overall strategy is look at companies through an esg lens. We believe it leads to identification of better sound management and ultimately higher returns. Another stock you own, but i want you to stay with me is nike we have what to expect from a closely watched report this afternoon. This is a stock scott that analysts love. There are no saw ratings on nike 82 of analysts have a buy rating and 18 have a hold its up 66 from its march 18th lows is trading close to the flat line today a couple of things one interesting thing we heard is its jordan brand is important for sales. We know within the last month, i think it was mid to last month that espn rolled out the last dance docuseries we know that sales of merchandise on Third Party Sites like ebay soared ebay saying they saw sales spice more than 5,000 percent when the last dance premiered well see what management says today about how well sales of jordans have done. If it did well, that may carry into next quarter because we know netflix is expected to release the last dance on its platform next month. Expectations are high they cannot afford a stumble in my way, not even a trip. We love nike like a lot of others were looking this afternoon when they had their Earnings Call were looking for an increase in mobile app users we think nike is uniquely positioned they have a robust mobile platform they perfectly positioned to take advantage of a pandemic like environment we also like nike coming out making a bold stance in the black lives matter movement. Nike was doing this way before 2020 we love that and we think well see that their customers really kind of respond to that in positive increase in sales. Its considered one of the essential consumer type brands its price perhaps to perfection but they continue to perform if they disappoint, who knows what happens because its a high price stock. I think people that gravitated as we discussed to the names and consumer side which is narrower and narrow because the market has been driven by technology and find the kind of brand thats been able to continue to sell well through their different platforms mostly online over the last few months has been incredible. Thats been great for nike and lulu and the stores you can go to like home depot fantastic. Im shocked kerry doesnt own it, pete, even you pete the stock is five bucks off its all time high. Ill give you a great example. Here is the choice. Ive owned lulu. Everything is sold by lulu. They sold the brand. They dont send it out because of the growth, versus nike, they are beating them in terms of earnings. The fact they have so much in the dtc world is impressive and they continue to grow in the e commerce that stock is selling off i just dont understand i get it lulu sells athletic apparel. Work out apparel tiffany, go ahead lulu has a cult following the same people, while there might be a very small overlap, lulu has a cult following. You cannot put nit tit in the se category as nike ive been in lulu yoga pants just like the rest of the world. Just like steve has too hopefully youre buying a lot more of them no offense, but id love to see nike really miss so i can seriously pete, ill give you the last word theyre apples and oranges i would say its apples and maybe tangerines i dont know the reality is, theyre both in the athleisure space they dont compete with shoes or the category that nike is in they are both in the sports world, that makes sense to compare them to something. Thats the reasoning why youre looking at lulu. We have to take a quick break. Tiffany, hope we see you again when we come back, boeing is up more than 25 in the past month. Is it time to lock in those gains. Well debate that coming up. We have meso big other big calls today. Were back in two minutes. You doing okay . Yeah. This moving thing never gets any easier. Well, xfinity makes moving super easy. I can transfer my internet and tv service in about a minute. Wow, that is easy. Almost as easy as having those guys help you move. We are those guys. Thats you . The truck adds 10 pounds. In the arms. Okay. Transfer your Service Online in a few easy steps. Now thats simple, easy, awesome. Transfer your service in minutes, making moving with xfinity a breeze. Visit xfinity. Com moving today. Trying to get something going now. Everything is in the green here is your cnbc news update texas is pausing plans for reopenings after Record Number of cases and hospitalizations. The governor says it will not advance to the next phase until its able the slow the spread. Head to cnbc. Com a new York City Police officer has been charged with strangulation after using a b banned choke hold with a black man in queens over the weekend its an issue facing more scrutiny after the death of george floyd in minneapolis. Now to d. C the house is aiming to pass the democrats reform but with little republican support that bill would head to the senate where its expected to be blocked by the gop majority the Government AccountabilityOffice Finding that more than a million dead americans received covid19 payments totaling 1. 4 billion the irs has no plans in place to notify the relatives on how to return those funds thats the cnbc news update. Back to you. Boeing today downgraded to a sell the firm sites weak demand despite big rebound over the last month one of our calls of the day. Kerry, you want the take on this boeing is at 173 bucks its not down that much at all what do you do with this we dont own it i wouldnt own it now. They were having a bit of momentum when they fell, it was an attractive stock and it had a big rally up now we have a few things that still arent going well. They are not getting the max back in the air as quickly as they thought they are not getting anything in the air. If we have travel bans because of outbreaks of virus, you push out the recovery another few months thats not what boeing needs boeing needs these things to go smoothly its a cyclical stock even though for years it wasnt seen as one there are a lot of cancellations. Orders, postponement of orders that cash flow that everybody loved is dried up. I think you can wait on boeing you can be pashtient with the stock. 100 is the price this i feel good at. Rob, lets try this again you like the industrials here . I do. Its cyclical or recovery trade. Boeing is completely different we got out of boeing a little while ago. I think theres going to be pockets of opportunity durability of cash flows, visibility of cash flows is what matters. You know, i would argue and agree with kerry that i dont see it in the stock like boeing right now. Wiess, you used to own boeing where are you now . If i said ive got this Great Company that i want you to buy stock in and every single one of their customers is teetering on bankruptcy or is unside down their financing, would you say let me buy as much as i can. Plus, you have a management thats out there bashing the customers basically saying one of my customers is going bankrupt i dont like the management and i dont like the business at this point no, i wouldnt go near boeing. How about black stone it got initiated today price target 65 bucks. You own that yeah. Thats name we have owned for a long time. Its the leader in its field we know well have low Interest Rates for some time. Thats a positive. They are there with multiple billi