Transcripts For CNBC Fast Money Halftime Report 20240713

They have been choppy for the dow over the last few minutes. Theres your picture now nasdaq outperforming yet again up for the fifth time in six days all of it factoring into the debate liz young, bny melon director. We want to begin with stock. We have been all around a little bit. We are green aacross the board the dow is towing the line what is this action telling us about where you think we are and where we might be going on day with we got another tom lee who said not only is the bottom in, were in a bull Market Recovery reflect whing what he told us on this program the other day i like tom, i respect his research i dont disagree the bottom is in it doesnt mean were not going to see it again. I think the rally is pretty fragile. There hasnt been a good reason to rally up to this level. I dont think its unreasonable to see well see another 10 to 15 pull back before we get a decisive and durable move upward the list of things that could surprise the market is much longer than the list of things that could surprise us to the upside here. Joe, i want you to comment on something that was tweeted you have the so called maga stock, the microsoft, amazon, google and apple which are going one way up and you have the bank stocks that are going one way down pla it plays into the conversation about what are we watching are we watching a stock market completely disconnected from main street the banks are the more telling of the two and the thing you need to watch out for more than you need to cheer the upside if those tech names what do you think . The world will change maybe the investment world is changing and maybe we talk about the dow and the s p. We probably should not have that much relevance anymore maybe its about the nasdaq and exactly what we see going on has the market bottomed. Its bottomed in the nasdaq. When you see v recoveries for multiple stocks, stocks trading at their all time highs. Financials, energy, industries cannot continue to lag as they are and for us to have the expectation that the s p overall is going to march above 2851, the high from tuesday. At some point you have to give a fair understanding that it cannot be alone. The amazons, the microsofts and apples taking us higher. I would urge investors not to chase those names. I think thats the wrong strategy be glad youre on those names but you could have been chasing them in the weeks prior, i dont think thats the prundent strategy does the move in these big mega cap tech names represent the strength or do the banks and the big sell off continue to reflect the true underlying weakness in this market and thats going to drive us whoever that their volume up on their tv please turn it down scott, i think youre asking a good question. What we have seen from the beginning of this bull market, you can look years back and say that the tech names, the digital platforms, the Communications Companies droefr tve the market higher they outperformed on the way up and the way down in this recovery, the last 26 where the market has come back, they have also led i think its really playing against the odds to suggest they wont continue to lead what youre asking is can the market go higher without participation from other sectors. Not necessarily im not necessarily asking that. Im simply saying when you look at the market today, you can either hang your hat on this move in those tech stocks or you can say we may go back and test the bottom or we could give up another 10 or 15 or 20 because the banks are telling you more to the downside than the tech stocks are telling you about the possible move to the uppupside okay. I believe were seeing this limbo phase where at around 2 2800, were up from 2250, more or less. We made up more than half of the shortfall. About 33 the market fell. The digital and tech stocks are telling you more right now about the market and expectations than the banks are. The whole company has problems as do Tech Companies if we go through this limbo and even if the market treads water whar , what we need is find some similari clarity on how we reopen whether its around testing, clinical trials. Whether the Treasury Program is working. The market is watching that. The market is encouraged by what its seen so far with intervention, fiscally and monetarily we know theres bad news about unemployment the market took that pretty well today. I wouldnt dismiss what we have seen and the actions that the treasury and fed have taken and what the market is believing the benefits of social distancing, so far, and compliance has been. We track what Governor Cuomo he does say the stay at Home Business closure orders will be extended by two more weeks to may 15th i wonder, as we came on the air, you had certainly a better looking market picture than you do at this very moment i wonder if we have just given a little bit back on that news its hard know and things have been a bit volatile even on each side of the flat line, if you will in the dow. Its something to keep an eye on as we talk about this move to get back to business as normal i also wonder whether the bond market is screaming at the bulls in the stock market that you guys are way ahead of yourselves the bond yields are telling you theres severe economic stress its not just all the stimulus have done. Its a true sign theres weakness tlouweak ness throughout the economy and the bond yields should be paid more attention to. Maybe thats true scott were seeing the banks have basically had to carry an additional load because not only are they the conduit for a will the loechbs that go out but theyre not paid on loans where people are forbearance they are stepping back we understand why. Thats why that sector is so weak right now you look at a lot of stocks that you name fangs in particular or fang man at the top. Those stocks, those tech names scott are driving higher because theyre not as dependent on that and the government hasnt used them as a conduit and with the shut down they benefitted in some cases amazon, netflix, target and walmart loved to have people in those stores as far as walmart and target they also seen a dramatic move as most of us have had to buy so much of our stuff online you have the banks carrying an additional burden and you have these others that are getting lift from a lot of the spending that goes on because it has to through those measures the risks, jim, in all of this, is the recovery takes longer than people think on that note, i want to tell you, james gorman was with us earlier today. He said no v shape recovery. Thats not what he sees. Hes the Morgan Stanley ceo. Its not going to turn on a dime its not going be a v. Best case is a u and an l. Lets listen to larry fink, if we have that the risk for the market today is the disease curve takes longer the risk for today is we dont have americans and europeans doi feeling very comfortable with their environment. That will be taking time what im saying is i just dont see a rapid rebound. I see a rebound that will take time as we develop the testing we develop the antivirals before we develop a vaccination is this a stock market thats reflecting a v or just a stock market thats reflecting its content with the view of a larry fink its going to take more time, but still able to look beyond the current state of the crisis. The nasdaq 100 looks at the Current Situation and says its pretty much what it was four months ago thats an indication that the market is a bit ahead of itself. The flip side is i dont think we have to revisit the lows of march 23rd because of the enormous amount of fed stimulus and fiscal stimulus thats in the system what you do with that is i think you really have to be a stock picker we let off this discussion talking about the maga stocks. You can see why amazon is rallying google is one that i own i think it will take time for advertising revenue to come back same thing with look at a microsoft. Thats a lev capitheavy capital expenditu expenditure. They will be a bit reluctant with whats going on with their own revenue. I think you have to take the balance here and find the stocks that will work for you in the short run like an amazon but just be a little careful with the ones that are longer term like a google or microsoft that now is not time to load up the boat on those stocks this is where the action is netflix today. Youve had a new high in that stock in the recent days you had the target race today. Price target to 480 at jpmorgan. Price target to 350 in line. Amazon all weather name at barclays top idea at jpmorgan this is what people are talking about. How are we supposed to think about those stocks that have ripped and have run and continue to have price target and calls on them that are overwhelmingly positive i think its a good argument to make that stay at home stocks and the Technology Stocks that were always using regardless of the fact we adjusted our behavior will see some upside. For the long term i would buy into that notion right now, however, i think whats happening is there a bit of misguided risk a constitupt. I dont think this is justified. Were seeing a lot of the big under performers come back on rally days i dont think were really to have that strong of a Risk Appetite i would caution people not to jump on a momentum band wagon here kerry, do you agree with that i think its a very good point. Remember the tech giants are also part of the solution. Whether its able to allow people to where they are positive i understand that theres this argument about invasion of privacy. We all want to be able to get back to work and to be able to resume our lives what youve heard from a lot of Tech Companies is that they are going to participate in ways to test, to track, to you know, conjunction with all sorts of, i think, attorneys general in the United States who know that we have to solve the problem. Youve heard positive things about their participation in this effort which also is helping the stock prices we have 10 out of 33 names that are flat or up for the year. Those are primarily those large tech names do i think thats reasonable given this environment it seems bit extreme you keep using the word a little bit a little ahead you dont sound like you truly think were way ahead of where we maybe should be am i misreading you . You know, scott, were in an environment where money on the sidelines earns zero that the bond market, unless you trade it provides such a small yields its very difficult for people to feel comfortable with out the opportunity to buy index funds is huge outflows for whatever reason whether its black box buying or people saying, now were at a level that seems to be reasonable multiple of normalized earnings. Theres just been a huge amount of buying. More buying than yes, i would have expected. We expect there had to be buying some stocks, you know, as always moved down too fast and they move up to fast. I dont think its easy to judge how much is the degree of difference relative to what should have been the appropriate level. I just think we are in such a strange environment with other options for your assets that this is created the kind of strange pricing and here we are with names, i wish we had another name you really see that the bias of investors toward those platforms that have sustainable earnings versus in distress and very vulnerable that is certainly playing into this, scott i think you nailed it just 15 minutes ago as cuomo said that the extended shelter at home order would go into the middle of may thats one of those negative news items that causes the markets, if not rolling over hard to say people lets take a little risk off. The positive news is when they decide to refill that sba because we saw on cnbc. Com today that the sba has exhausted the 349 billion that were allocated already. They need to figure that out. They need to figure that out, by the way. Like that they need to figure it out like that they need to move like the fed has moved. No kidding. I totally agree with you also this netflix surge where are you going to get the boost and who is being held back banks are being held by by zero Interest Rates as well as the obligations they have with forbearance. Netflix sign ups in the last two weeks, scott, are up over 100 according to aour alternative data daily active users are up 8. 5 this is the biggest jump that netflix has seen since 2019. Worldwide visitors they breaking all of their records, so to see netflix getting that huge ben fits of us being sheltered at home, that extends along with cuomos and governors orders as much as we dont like it. All of these stay at home plays just continue to do better liz young, in terms of what people are doing in the market, you guy, youre buying some small and mid caps it preface this by saying i think its okay here i think its okay to be dipping your toes in theres really nowhere else to go for future expected return than the equity market you want to make sure you have exposure and making sure its diversified on a barbell risk stand point. On the end of the higher risk barbell, i do think small and mid cap over the long term to do well here. Theres a lot of companies in that space that will benefit from adjusted space going forward. This contactless or frictionless society that we may see for years to come and for sure well see until we get a vaccine for this virus kerry, youve added to home depot, paypal, visa and twilio why did you add to those they were not waited, the other accounts because they were prices that we felt were really very tractive for the long term. Home depot, Home Building is down those stores are still open. I think they have been extremely good corporate citizens toward their employees. They are trying to be kind of proactive about the way they are running their company. If you look at paypal, everything took a hit in financials but more people who are paying through whatever processes theyre using have started to use paypal. Thats not going to stop even if you have less spending on certain type of experiences, youll still be spending and using some type of system that involves a frictionless environment. People arent going to shortchange their pets even if uf to bring your dog or pet to the vet and do it with social distancing we havent done that yet youre still taking care of your animals. Stock came down. You dont get many opportunities to buy it cheap. We bought twillio when it kra d cracked last year. Your dentist is not sending the text to show for an environment. Their business is off but their business will pick up again. Its at the center of it they had the leading market share. They are the most proprietary of those companies. Jim, mr. 8 , i mean mr. 10 thats where you are in cash today. Yeah. How are you thinking about the cash today i just want to think in with you. I want you to have this running dialogue on how youre thinking about some of the cash you keep raising day after day and when you might deploy it. Yeah, right thats exactly what i did. I was listening to what kerry and liz were saying and i was thinking those are fine investment ideas they are i just dont want to do it today. I think we have a good 10 lower in the stock market. Just like yesterday, i hate being negative, scott. Im sorry, im going to be negative whether its the macro pictures that are unfathomable or the specifics of mr. Munoz at United Airlines saying you know what, after september 30th, after this first batch of government money runs out were probably going to have to do layoffs. You add that with mr. Cuomo saying another two weeks i think ive got time. The more i work in this business, the older i get, i find that patience is an incredible virtue. Im going to exercise it here. Sure the president wants to reopen the economy we all want to get it reopen as soon as we can the reality is youre not going to have heavy gdp centers reopening any time soon. You may get some markets open all across certain parts of the country. The real Economic Centers will be slower than maybe some people realize. The governor saying another two weeks minimum of this stay at home deal. Just pushes out the runway to get people back in business. Its eartbreaking. Those were the guys who were going to advertise whether its in the local newspaper or google im sorry, i dont like being negative and its hard for me, then i look at the russell 2000 and i applaud you liz for stepping in there. I just see such disaster though that i want to sit tight i want to sit tight. I just wish we could pick up the phone and call the market itself and say how long are you willing to wait. Whats a reasonable time frame youre willing to wait to get people back and reopening the economy. Ultimately thats what this conversation is. It comes down to the market right now is at a place that good number of people think is maybe ahead of itself. How long is the market willing to wait for some semblance of Business Activity to get back. Doints wa i dont want to use the words to normal but just back open how long are we willing to wait before the market throws its hands in the air and say you know what, this is absurd. Our enthusiasm got the best of us this felt a little euphoric and now we need to go back to some place, even if its not to the 23rd of march lows i think may 31st i dont think the market wants to see us stay closed or shut down into june we have to assume this bleeds into the Third Quarter it bleeds into Third Quarter economic numbers and earnings. Even if we see a little 5 pull back the market is baking in some time of v shape recovery in the second half of the year. If this lasts through may, even into june a little bit, thats where we get a pull back remember, were going to hear about that were going to start baking that in if we get a signal it will happen much sooner i think that april is the important month. We may have some developments on these stimulus checks lets go down to d. C what can you tell us the Washington Post said theres so much glitches to get checks out to millions of americans saying millions of americans will be delayed in getting some of those checks because of glitches involving h and r block and some of the tax preparers like turbo tax theyre not able to get the direct deposit throughout those tax preparers which serve as a middleman between the taxpayer and the irs. Also some glitches involving depen dent childr dependent children this will affect millions of americans will see delays unexpected in getting those 1,2 1,200 stimulus checks reached out to treasury for comment, well get it to you as soon as we have that thanks. Between that news and the running out of the money of the Small Business loan program and the grant program, the rescue package and needing to get more money to the people who need it, we cant deal with that nonsense figure it out. The market is not going to like it. We need more fiscal support. It needs to be closer to 15 of gdp. The market is not going to like that you really offered a great question what is the market telling you the weakness of the financials or the strength of the nasdaq. I think you have to look at it on a valuation basis s p above 2800 i look at where it is. I say i dont know if nasdaq can take us any higher you almost have to sit on your hands now until we learn further how are we going to reopen the economy. We got a bit of that from Governor Cuomo in the last hour and if they will provide more fiscal support which is absolutely, sorely needed. I would urge patience and doing less is probably doing more in this environment i look at the trader moves today and youre blank it is require. It is rare. Ive been chasing the nasdaq hire you cant do that above 2800 when you dont have industrials participating. You dont have energy and by the way, on a competitive valuation stand point, at 2800 for the s p, you can make an argument that dollars begin to compete with Investment Grade and high yield opportunities. I am not armed with the information yet, how are we ropirope i reopening the economy. I see 10 of gdp as not enough it needs to be increased we need to have the greenspan briefcase ndicator it has less writing than when you were little more advantageous of the opportunities you thought may exist in the market. Theres too much white on that board. Maybe thats a statement in and of itself. You guys want to take a break. Well take a quick break well come right back and talk about retail because the s p retail index is bouncing back 30 in the last month. Goldman sachs is out with a list of nine Retail Stocks they say you should own well debate that next you still have time to reach us. Well continue to do a super sized version. We have so many questions coming in we want to get you as many answers as we can. Thats how you can do it you can tweet us back in just two minutes ever since weve gone mobile on the now platform, somethings gotten into the office. I hear you. Feels like theres no barriers between departments now. Servicenow. The smarter way to workflow. Welcome back we have latest headlines on coronavirus. Good afternoon. Within the past 30 minutes the British Government extended the nations lockdown for another three weeks. Back here in the states, in new york, Governor Cuomo has extended stay at home orders from may 1st until may 15th. He says the rules are slowing the spread of the pandemic but more must be done before the economy can restart. In south dakota, cdc officials are touring a pork Processing Plant linked to more than 400 covid19 cases and one death they will visit the smithfield facility to determine what steps are necessary to open the plant. Vladmir putin has postponed a world war ii parade. Marking the 75th anniversary was scheduled for may 9th. It will now be held later this year in oregon, tanker loads of beer are ending up at a Water Treatment plant. They have been forced to dump beer they cant sell one facility says its created 15 to 20,000 fwlgallons of beer. Head to our website, cnbc. Com. Back the you lets focus on retail as Goldman Sachs is out with Retail Stocks they say you should own now. Joe, im not going to suggest they breaking any new ground some of these youll say, well, obviously. Walmart, okay. Ni nike, starbucks, chipotle, dominos, advanced auto parts and wingstop you can see the obvious reasons you would like these and maybe more obscure ones. Theyre talk about an acceleration of their e commerce channels yeah. Its all about online and in certain instances about the brand and the consumers going to go in a stress economic environment to where they feel comfortable with a particular brand. I think thats why a lot of the names are on that list i happen to agree with most of the names on that list the one i do own, thats wingstop its not very popularized in terms of it being an Investment Equity that people have embraced i think thats the reason why it has further upside ahead. Theres nike, starbucks, chipotle, target some of these stocks have had a nice move for the reasons were mentioning yes, they have. I think walmart stands out on that list as well as nike because nikes omni channel, their digital side still very, very strong. I think walmart is doing an awful lot as far as getting food out to folks, scott. I think walmart continues to be an outperformer here target, i think you buy it on dips im not as hot to buy it right here at this level lets take a quick break. I want to live enough time for ask halftime theres time to reach us at cnbc. Com halfti cnbc. Com halftime. You can also tweet us. You can always watch or listen to us live on the go on the cnbc app. Were back after this. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. As promised, lets answer some of your questions joe, i come to you first today from brent in minneapolis, minnesota. Is metlife, joe, a buy in this environment . No, it is not i would not allolocateallocate i would go progressive Ticker Symbol pgr. Youve heard me speak about that frequently thats personal and commercial Auto Insurance versus metlife, that unfortunately is very teethered to the shape of yield curve. Ron a sold covered call on fang stocks that have now rallied have risk of being called away do we buy back or get called away or wait for a pull back to pick back up the names well, he is canadian, scott i dont know what their tax code is versus ours if hes in a nontaxable account then i would let it get called away and wait for the bupull ba that others have talked about. Kerry to you from debra in houston tex houston, texas hope yall are doing well. What has happened to striker should i hold even though its been down so much of the last month. What do you say, kerry well, striker is a great company. I think its wonderful that you own it you know that its an elective surgery. Hips and knees those kinds of surgeries have been postponed its only 23 down from its all time peak, i believe its suffered much less than many other companies and sectors such as financials woin i wouldnt sell it at all. If you ask a patient who needs a hip or knee replacement, they think its essential to them i would hold it right here youll see over time their business will come back. Liz, to you from t. J. What sectors are most likely to see consolidation as a result of the virus . The sector first and foremost that will see consolidation is energy as we wait for Global Demand to pick up. What are good bond alternatives it is we have been doing a lot of thinking and talking about it. Basically where we come out with this is the Investment Grade Municipal Bond space is pretty safe you have the fed backstopping things you talk about essential services whether they are through ways tolled for bridges, mass transit and the governors and federal government want to make sure its around when we recover. In Investment Grade land you should feel pretty good. High yield m, ni is something thats scary now round two ron coming to you from new york. Your thaugs oughts on eli lily i maintain the position its broken out as one of those v recovery stock names trading at highs, price target raised to 164 to 145 recently. Diabetes franchise very strong its a health care name that gives a bit of a diversification story to the Equity Investor beyond the technology and Consumer Discretionary led names that we see taking the market higher now jim, the you. Coming back to you on the phone from jerry in indiana. Thanks for the question, jerry cat t at t caterpill caterpillar. Buy, sell, hold. Hold onto it for now. Maybe in the long run i can see this perform a will the of us think supply chains will relocate in the short run, i think this is a value stock that has punched above its weight class recently i still own it but i wouldnt be surprised to see it dip down thats a place you might add to it john, it says ive made 50 on square in the last month. Should i sell or hold on for the long term . I think you take the money and run here up until today, i was in the stock. I finally decided i was going to get out. I was in calls i sold those calls i think one of the issues here is where do you use square obviously, a lot of tax season and a lot of other services that are not being used or certainly well below the cases i think thats why square will suffer a little, maybe a lot thats why i pull back and take that money off the table okay. Kerry, coming the you now from robert in miami. Thanks for the question. Hope you are well. What are your thoughts on Regional Banks robert, its a very interesting question its the opposite of a question such as what do you think of amazon or netflix that are at all time high and everything is great for them the rejgional banks are in toug places with their stocks down. They are looking at regions because theyre regional some of which are extremely vulnerable over the next year. Lets say you want to differentiate between a Regional Bank in orlando where client, borrowers would be resort and tourist related to disney world. I would think you have to look at that carefully and decide wa percent of the business they could lose because of bankrup y bankruptcies and is the stock price cheap enough we only on First Republic because their clientele is less vulnerable its high end in certain regions of the country, not all. You can look at that because its down like the group has as a rule ner blvulnerabilin valley you might be find just on valuation. Liz, lastly to you. Youre packers fan, right . Of course thats what i thought through and through bryan in green buy, wisconsin. This is rigged with a volatile market as we have, i moved my money from 401 k to equity mutual funds into a vanguard 2030 fund to be safer. Do you think this was a good move i have seven and a half years until retirement we want football back as much as you do i know that. Sounds like you derisked and went from more of 100 equity to more of a 70 30 allocation which i think was a good move in volatile times what i would caution you on is a Vanguard Fund like that is full of index products so youre going to have passive exposure in that fund and i would want you to use that as a core and supplement it with some more active exposure to get highquality exposure. Good stuff. Go packers. Ive got one more ill throw it out there. Who owns visa . Is it joe . Ive got another one from willie, who says, will visa be a good investment or will they be at risk for those who wont be able to pay their bills in the shortterm future . Its a legitimate questionwhen youre talking about credit card stocks of course yeah, of course it is. So we like these its underperformed some of its peers, because, you know, its a tech financial we think its a great company. If you dont own the stock, then we might buy half a position here, if it goes lower buy a little more. But we believe that its a core holding. Anybody own chegg no. No . All right. Well have to look that one up thats from clay wason he twitted tweeted that to us as well. But well get to that next time, i suppose. Well take a break, come back. We have calls out today, speaking of twitter on twitter, facebook and more, well get those trades, next isnt just a department. Its a voice on the other end of the phone. A note to say youre on our mind. A willingness to come to you. The world and how we interact with each other is changing. But that will never change who we are at lexus. Now, more than ever, you and your needs come first. Find out what Service Options are available in your area at lexus. Com people first find out what Service Options are available when yowhat do you see . Itical issues facing our world, we see breakthrough medicines getting to patients in record time. We see harnessing natural gas unleashing the promise of clean energy. We see engineers simulating the future to improve today. At emerson, when issues become inspiration, focusing core strengths to create a better world isnt just a result, its a responsibility. Emerson. Consider it solved. When yowhat do you see . Itical issues facing our world, we see a billion more people breathing free. We see access to fresh food being the global norm, not the exception. We see homes staying cooler, without the planet getting warmer. At emerson, when issues become inspiration, focusing core strengths to create a better world isnt just a result, its a responsibility. Emerson. Consider it solved. And. L music fades in . Hey hi a reminder our breaking News Coverage continues tonight. Cnbc special report, markets in turmoil, 7 00 eastern. Please join me then. I look forward to seeing all of you. All right, the three Major Airline stocks have lost more than half their value this year, but jon najarian says he seems some unusual options activity in delta. Of what kind, john well, scott, you know, the oracle dumped a little of his delta at i think 24 to 26. He dumped a lot there was like millions of shares, i think, right yep, but still owns just under 9 of the outstanding shares this is true. We see some june 25 calls being bought aggressively, scott. Thats what the stock right here at 2275 to 23 a share theyre buyingthose june 25s bought 7,000 of them so thats the first of two unusual activities second one, chinese stock baidu. Theyre buying september, buying a lot more time, obviously, three full months past that june expiration theyre buying the 125 calls with the stock at 101. 50 so theyre betting that this one may have that similar move to jd, another chinese stock that has had huge outperformance in the last month okay. Thank you for that, doc. Lets go through a couple of these calls now. Joe terranova, this twitter call downgraded at jpmorgan, to neutral. They say shares are within 5 of their 25 price target they believe the risk reward is less attractive right now. Yeah, ive never really been a fan of twitter i think i tried that trade two years ago and it really didnt work they havent been able to figure out how to monetize the platform and certainly, in this environment, they should be able to monetize the platform nasdaq franchisers are being having premiums paid for their stock price. Twitter isnt. I agree with the call. Okay, let me run through one more quickly its jim lebenthal, its for you, its roku price target, 137 position to benefit from the proliferation of streaming content and a resulting shift in Television Ad revenues from linear to digital. Yeah, the tugofwar in roku is whether you actually value it or just ride the momentum. For years, since its gone public, its been momentum and right now, its still momentum i just dont think that the momentum is very powerful. At the last earnings, it really broke down and broke down hard i would like to see the next Earnings Report before deciding that the momentum is back for it hasnt it always been like momentum its like, its like tugofwar. Its like a sue moe wremo wrest bantam weight fighter on the other side in other words, no contest yeah. I cant value it i think its 11 times this years sales i cant do anything with that from a valuation point of view yeah. Nonetheless, it is their top pick all right, leave me with its a momentum play, yeah. Lizzie, leave me with a final thought, if you would. What will you watch for the rest of this day and tomorrow heading into a weekend for the rest of this day, im going to watch whats happening within the sector level. And i want to see some of this rally kind of reverse a little bit and become more rational for the rest of the week, maybe next week, what im listening to is really the Public Health data, because we cannot separate that from market action. And thats what were all relying on okay. Lets do a final trade with joe. Abbott labs, going north of 100. And waiting on that test. And the good news thats been coming out of that company lately thank you. Carr carrie, what do you have for us . Ive got another health care name its Boston Scientific its back to where it was 15 months ago theres been a lot of delays and postponements of operations that are important in cardiology, neurology, endoscopy and urology and this is the kind of business that the hospitals need to get back on track and to recover from this. All right dr. J. , final trade . Ten times normal activity, yesterday, in trip adviser, trip. I bought that, im still in it 10 , jimmy . Sitting on my hands its hard to do, but im doing it dont hurt them all right, guys, thanks for being with us. Kelly picks it up now. Thank you, scott. Welcome, everybody stocks are mostly slipping today, although the nasdaq is still positive as investors are digesting another day of awful headlines. The dow is down, nasdaq is up. And the semiconductors are up more than 1 this afternoon. Now, in terms of those headlines, lets run through them over 5 Million People filed for jobless benefits last week, bringing the fourweek total to 22 million thats just slightly less than the total number of jobs added in this econom