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Still youre a member of our key Investment Committee Carrie Firestone is here as well jim livan that will is here. This is a big program. Jim, im going to you phish on what were watching here the market definitely took a leg lower on news of that regional quarter teen announced here in our backyard. Absolutely. I was counting on a certain series of things to occur. First is the america awakened trade works, meaning we get back to work, we start the long road back, meaning we dont have to hear from secretary mnuchin because things are good. We dont have to hear about from dr. Fauci. Its just all rolling back this 14day quarantine is like, holy carp, its like a civil war. Phil lebeau saying this is bad for the airlines. Its a bit of a reality check, the reality of where we are. I cant think of a better word to use all of the optimism, you know, some acting as though the virus is gone, others trying to wish it away. The reality of the matter is that you have spikes in some big, big places like florida i have ic beds in houston near capacity you have big concerns in critical states for the economy. You know what it sounds like to me . It sounds like joe biden out of nowhere, sleepy joe, hate him or like him, is the beneficiary here he raised more money than the president. The polls are starting to show biden winning. Hes not as much a friend of the stock market he said he would raise Corporate Taxes, it takes 20 off the s p i think we have to wake up because it will be a real race maybe, steph, the poll out today i think in New York Times woke some people up if things stand to be what the polls suggest they are steph, what are we supposed to do i wont sigh youve been the most optimistic of the committee, but certainly near the top. I wonder if its time for you to have your own reality check. Whew. What a day she just got a new job the questions just come that way, jim thats how we roll [ laughter ] seriously, look, all the optimism is now the time to temper the optimism . Well, like i said, maybe its healthy to take a breather e. Were up 105 points since june 11th alone 30 up from the march lows, so we have certainly seen easy money to be made the reality is theres this pushpull between extreme liquidity and the reopen that is leading to better economic growth, but also higher cases. So youve got this daily tug of war going on in the market between when the Economic Data comes out and its good, you have inflation trade on. When its not so good, more cases, more concerns and the latest news in terms of, you know, the new york, new jersey and connecticut governors putting a bit of a kibosh on things, thats disappointing thats when defensive growth will start to take over and outperform i will say this the economy is definitely Getting Better that is very important maybe things will slow down as we see more restriction put in place. Weve talked about housing, retail, manufacturing, must have regional series, and theyre all showing recovery yesterdays pmi pretty good in terms of manufacturing, the new order is up 15 points. Thats a leading indicator again, we might see a bit of a pullback because of the data on the cases, but i stillage encouraged that the economy is in place for a recovery and liquidity is definitely a tailwind. No doubt liquidity is a tailwind jim suggested today one of the reasons why i was listening earlier, jim, the reasons why the stock market keeps going up is because theres the fed theres just nowhere else to go to get yield where else are you going to get it i dont want to steal the thunder at the end of the show, but i like what stephanie is saying i think the places to go to be defensive, i want them to come down a bit, but wow, you make nothing in cash and there are some very highquality Companies Whose stocks have done nothing if they continue to go down at the pace theyre going to, take some of the cash out of the ones that have been big winner. This is different from what i said this morning, because i didnt thing you would see such a rollover of everything every day some Great Company cans also or suspends the dividend, but cash is an asset its a decent asset until we see lower prices. Noening loer trash . No, cash is not trash can i just congratulate steph for going to a firm i have been a faithful use of for 25 years im glad you did. Aw, thanks, jim thank you very much. Let me jump down to eamon javers, if i may scott, thats right, this is reporting from nbc news geoff bennett, reporting now theres a new plan at the white house with how to deal with coronavirus testing at the federal levels, and states across the country, reporting that the Trump Administration is planning to end the funding and support for testing sites at the end of this month, on june 30th. The administration is billing this as an effort to Broaden Community testing, put more emphasis on Public Private partnerships such as pharmacies, cvs, rite aid, facilities like that the Trump Administration initially planned to transition what is called the communitybased testing Sites Program to local control back in april, but they held off on doing that now the plan is to do that by the end of june. As of today, there are 13 federally supported testing sites in five states importantly here seven of those sites are in texas, which has been seeing a resurgence of the virus, and a spokesman for senator ted cruz told nbc he has urged and will continue to urge hhs and fema to extend the Community Testing sites in texas. At least senator cruz not entirely on board with this plan to end the federally supported testing sites and transition to the Public Private partnership model. Of course, scott, as you know, this all comes a time as the president stoked some controversy by suggesting at a rally last weekend he wanted to slow testing down in this country. His president s aides immediately came out and said, no, no, thats tongue in cheek the president corrected his aides and said i dont kid hes tweeted a number of times and said that he views testing as a doubleedged sword, sees it as resulting in an increase in cases, and doesnt like to see that increase. So not clear whether this move is connect to do that impetus on the part of the president , bud clearly his critics is saying hes suddening down testing at a time when cases are increasing eamon, thank you. Interesting news jim, quite interesting timing, dont you think . Yeah, i think there are very few people who share what notion that, one, weve done enough testing and two, you should do anything but support testing, in part because thats how you find ute where we are, how you get people better, quarantine better its a highly unusual move i think hes one of the few people in the world who favors that stance right now. Hes always been his own man hes a maverick, but testing has been proving testing mass and social distancing have been the only weapons we have against somebody were not immune from so, carrie, im trying to, you know, figure out what is the best thing for people to do . This is a market that has marched straight up since march, right . Since march 23rd lows. On the basis of what jim cramer has talked about, and thats liquid and joe said liquidity, liquidity, liquidity, thats been a story from the fed, okay . The fed is not going away. If the economy starts to falter even more, or again, depending on how you look at the small comeback that weve had, youll get more, more from washington, more from the fed. So what are we supposed to do if you know that someone isally going to have our back, but things may get worse in the near term with the virus, causing people to pull back their activity so youve asked a good question, putting it in perspective, lets remember as of yesterday, when i wrote my notes for the show today, the s p was on track to have the best quarter in its history, not just a good quarter, the best quarter. It was up 22 . There was a 21. 4 quarter at the end of 1998. So lets remember that even if the market is weak today, and weak tomorrow, we are still having an exceptional quarter on the back of technology stocks, which we understand theyve had an enormous move, but they are Resilient Companies with an accelerating process of attracting users to their products and services. Whatever adoption was in place, it has gone faster than expected, and the market realizes these companies are available. Were not talking about a world in which nothing is working. We know the tech sector is working. We know the digital Platform Companies are working. Thats why they have a bigger percent of the s p dollars, so i think that makes sense and investors should not panic remember, panicking was a problem. 33 of people 65 and over sold all of their stocks at the end of march big mistake, and investors who have panicked before, even the ones who have sold all their tech stocks and bought value stocks realize thats been a mistake. I would stay calm. If you have proves and big positions in companies where you feel a little uncomfortable if you had that much invested in a market thats selling at 20 times forward earnings, its not a cheap market, then i understand taking some money off the table, but still, as jim pointed out, this is a zeroyield environment you make almost no money by investing in treasure requires or highquality debt, so having money in the market where youre looking at something at 2021 second half for sure, the economy is better, im still on to that. Multiple keep expanding we just keep willing to buy multiples at what time do you have to call b. S. On that . First of all, i think the spreading virus will be further bifurcate the s p 500. Weve been talking about that for months thats only going to continue. Going into the airlines, going into the as you approach the end of the quarter, you may see a rebalance away from equities, kind of a reversal from the prior quarter. The travel and airline names will remain under pressure the opportunities will come on the defensive growth signs used as an atm. Thats the wrong move, but its going to be used as an atm for all of those who piled into the dash for trash names, when we were advising them not to. Once you see the relaxation and valuations that youre talking about. Thats where the opportunity is going to come. Maybe not all the nasdaq names. We could focus on the big five, if you will, or some of the others that cramer was talking about this morning, the ones like peloton, where he said, quote, you take the same information and pay more for it every day. Hes talking about the price target that got raised fr d to from 55. At what point do you just say enough is enough on that people may not go to the gym, and if they go, there may not be as many people, so maybe you want to buy peloton. Its been on allocation forever. This is what i call a call that should be made, all right . Maybe i dont know, ten points ago its okay to say you missed it i would be more comfortable where a guy said, i did miss the move there are people who say things like that. I respect that kind of research. I do not respect the research that says, you know what look at this soulcycle might be in trouble. No thats why you bought peloton at 35 that was the thesis. Were getting the same thesis. Its not like someone is saying, you know what . The numbers will be much higher than you think its easier here to defend zoom than peloton. Its the tolerance to pay a higher multiple has been unbelievable. Heather bellini has a piece out today, i love her and she does quality work, but she talked about multiple expansion on the huge growers, and she raised price targets i wish she had not raised price targets. It made her seem like a bullet shes a realist. Theyre going to come back i think these are Great Companies and do very well until covid what i felt, though, is we were all clear, and im starting to think, okay, would the cowboys be able to play the eagles if the state says, you know, you cant come here . Will anyone be able to play the giants other than the jets honestly think about the implications of what happened . Think about the implications because youre mentioning that, i should also mention im seeing on twitter right now a reporter for golf digest reporting, since were on the topic of sports and the bigger fallouts sources have confirmed multiple positive tests on the pga tour one was reported, this gentleman is reporting multiple positive tests regarding the virus on the pga tour back to Heather Bellini for a second, jim levine thal, adobe has traiting around a high, goes from 46 on to 350, even though shes neutral, raises the price target by 110 autodesk is up citrix, crowd fair, crowd strike, dropbox, oracle, salesforce, vmware, workday, zoom video so let me lead with the punch line and then back it up the punch line is theres been frost in the market. What do i moon by that you can look at multiples, start of the year at 35 times earnings, now is 45 times next years and next it should be 5 times. You look at the parabowlics price charts you look at the last three months, that its highly unlikely to have a crash, not only because of what jim is saying, but lets face the facts. I talk to Portfolio Manager all day long most of us, like me, have cash on the sidelines ive said this at our firm we have a nearterm prize target. We get there, thats going to be likely a time i commit that cash to work. I am far from alone. That sort of action is whats going to buoy this market and keep corrections from even reaching that 10 definition of a correction. Thats true i agree between that its not going to get that bad. He was very upset about that. I saw it on twitter. I just dont want square to go up a bit i heard you say the other day, square and paypal both missed and the stocks have gone up like nobodys business . They both disappointed up 50 points it wasnt that. The reason its up is they said tpp was up and accelerate from what they had seen i was breathing a sigh of relief they did Constant Currency Revenue Growth thats pretty impressive. Youre absolutely right. Did it deserve i just want the total Addressable Market the total Addressable Market for paypal went from what people was 3 billion to 5 billion. Weve come far fast, to 50 times forward. I would actually be inclined to trend some paypal given the move when a total Addressable Market, thats huge. Thats why i think these companies are doing so well, theyre total Addressable Markets on a weekly, quarterly, yearly basis actually increases. They have expos kurt to the key factors 5g, ai, connectivity, all these things so i look at the big five and theyre trading between 27 and 35 times, i think theyre more interesting than paypal at 50 times. Jim, theyre certainly easier, right . You spend all this time trying to figure out stocks to go, where is the big five . Microsoft to 215 from 198, again, just keep bumping them up i said this morning at a meeting weve got to trim. My rules are if i mention, i cant take action. I sit there, riding these stocks like i dont know, on the basis of some of these is so low i think i am the greediest person on earth. Its wrong i feel like i missed a pretty Good Opportunity joe terranova, a couple weeks ago whatever it was, he took profits in amazon. I think people take profits in microsoft, and even and even in apple. I dont want to dominate this this is ridiculous i just feel like not like i said some awakening, you look at the total dress warrant and say, you know what . I said to buy these things at my prices, oops i already own them. Im torn hes like, im going to be 100 it isnt a gain until its taken. Since im bringing in this move you made, just give me your thoughts i was long apple and microsoft. I just couldnt have the risk exposure to the big five, as we continue to move higher in price. I just want to hit on it again, to make sure people understand what were talking about theyre not equal to the largest stocks combined, berkshire, visa, j j. Walmart, proctor, intel, nvidia. Adobe, disney, you still have a big five thats stunning heres what i would say about that i looked at the multiple of all of the stocks that have hit new highs this quarter there are many what i found is the multiples of apple, facebook and lets not add movie, because its higher lilly is in the same category. Coke, possessioni, you have many competing, im not suggesting that there are bargains here or they wont come down, but if they come down, much of the market will come down. Its the financials, obviously airlines, leisure stocks, industrials. When you look at size and market valuation in many ways they adjust the price left. Jim lebenthal, go ahead. Because theres no guidance, theres no preannouncements. You go back three months ago, we all would have said it doesnt matter that was true back then the context has changed totally, were talking about and whats missing is any idea, any clarity i think well be volatile for the next three weeks until you start to see things like lone losses and banks beginning of the quarter Apples Stores were shut, they reopened them this week they shut some at what point to earnings matter right now they dont really matter. They matter when we get the first bank earnings. Thats how could nike matter tomorrow if it misses after three huge price target bumps, that could be very, very important. Thats kind of really the only benchmark im worried about. If it does say the dram pricing is going to collapse and i dont think theyre going to say that, there is really nothing until we get until after the july 4th holiday im going to reiterate i am not saying sell everything. Im saying many of the stocks we have talked about are really Great Companies. There are stocks that had incredible runs. I hand to love these companies, but it doesnt matter if you love them. They feel very 99ish. Which ones should you sell . I think theres nothing wrong with shelling. I happy to like shopify. I have to distinguish between liking the company and seeing the stock go up and up anything you have a gain on, why not take some of it off the table. Im watching on the tape teledoc just went by i realized i was way too late. Why not sell 25 of that some 15 its not an indictment of teledoc. Its a belief youre being greedy, and that you are just simply not exercising common six. Steph, did i hear you i totally agree you never have to say sorry for taking a profit. I sold chewy and amazon and i have sellers remorse. L less for amazon, but when i hear microsoft saying theyve seen two years of Digital Transformation in two months time, thats going to translate into good earnings i dont think it matters this quarter. I think the market is vulnerable, because we dont have a lot of news i think whats going to be important is on earnings, well have to say what they and then barbell it with some of the cyclicals. Im sure there are some out there as well, carrie, who are saying theres just too much of this more virus concerns, so the market is pulling back the fed it the president is wanting to talk about more he may be in a spot of political weakness where he feels like he needs to do more were not closing down the economy again. Were just not you may have small pockets according to local authorities nationally it wont happen what do you say to that person who is yelling at the television right now . Well, i think if an individual says the market is going to go up because its been going up thats like the weather. You know, its usually true. However, as has been pointed out, jim, its really clear when you talk about a we own twilio, which has been a fantastic stock and we trimmed some it became too big of a weight. Weighting matters. If you bought teledoc at 50 and its 200, make its too much of your portfolio that didnt mean you wont use that money at all. If youre looking at cyclicals, the when you have these surges in half the the states that will limit the growth of big swatching of the economy, we realize this isnt just a straight shot up, and we really need to be careful about possible corrections groult has obviously outperformed value all year. If you take just from march 23rd, if you put that chart up, you can see the sectors that havei think coronavirus hopes for therapies and vaccines thats up 63 sinced low, technology up about 50 , but health care and it influences biotech. Major underperformers this year, perhaps thats too much of a gap, but i wouldnt really underrate the Technology Sector in terms of the ones that arent trading for crazy multiples. So joe terranova, interesting move here from you i think it speaks volumes, too youre shop s p 500 futures in september. Going to get a weakening i didnt want to sell my core holdings, because i believe in the fundamentals, but sometimes for the overall market, my colleague kyle said technicals become the fundamentals. The technicals right now point toward a bit of a relaxation in price he mentioned the possibility about factors in higher taxes if we do see the election of Vice President biden. I believe a new wave needs to be priced in. The question becomes what part of the equities market do you feel will be most susceptible to the higher tax structure is it everything that we all own like the big five, Like Technology clearly theres going to have to be some form of an adjustment in price if you see a higher tax structure across the board thats what this failed awakening of america looks like. I hope one thing is clear, the death rate is so much better youve got to make that point. This to mean is a biden. When i see gold shoot up, thats a biden. When i see stocks across the street selling today, thats biden. The multiples take a hit oil down a lot maybe thats some degree biden, but the reaction is biden. To not factor him after the money hes raised and the polls. My colleague david faber said its early, but you know what . I think Capital Gains goes to the ordinary income rate how many times has Vice President biden said the Corporate Tax rate is going right back its not like hes saying hes going to reevaluate. He sounds like another president you get thats not favorable to capital. If thats the case, i want agents cash. Ive had big investors saying at least several weeks ago, which is the market going to wake up and start thinking about november its been so focused and transfixed that its been drunk, if you will, with the liquidity and money flowing in and driving stocks higher. Now what you are suggesting is it might be now factors all of that in. Right, Joe Scarborough was talking about this morning maybe the president doesnt want to win . I think thats obviously those two tangle against each other. I dont want to be political at all. Im saying the numbers show right now that the president could lose when you look at the actual state maps, i still think trump has it, but ive got to tell you, this is shocking whats happening in these hospitals its shocking how badly the reawakening is going i thought that we had i did not think it was under control, but i thought ive got a daughter flying in from madrid even madrid is better than we are, and im wondering if she can get back to madrid shes from the united states, but she teaches there. I was going to say liquidity is 44 of the gdp. Another fiscal package youre getting close to 50 of gdp. Thats not going away. I understand the election risk for sure, but the liquid spigot has been turned on, you might even get an infrastructure bill at the same time, which industrials are certainly not pricing in anything like that. I hear what youre saying in terms of the election, but theres still a lot of good things happening other than the cases rising, thats terrible. Lets see it, monitor it, but the other side is look at the economy and see the progress were making since the april lows every company is telling us its better, minus the travel and leisure. Lets see what they have to say when they report earnings about what theyre expecting for next year your point is well taken bank of america, guys, has a list of stock picks they say will benefit from spending more time at home rahel is back with us today. So on lowes theyre raising the price target, that stock hit a new high obviously its until pressure today. Also raising the price target on Tractor Supply to 140 from 134 that stock also hit a new high this week. Its about flat right now. They did a survey of about 1,000 people they found in that survey, 7 on of people spent on Home Improvement in the last three months 75 to 80 of lowes is customer based. Theyre more of the diy, do it yourself customers as opposed to its competitor, home depot on scott, before i let you go, before i sent this back to you, i have to point out. When they look at the Group Spending the most on Home Improvements, its the millennial saving the day again. They had say if we continue to see the shift into homes, and if millennial continue to buy older homes that tend to require more ren ovation, because theyre a bit easy to afford, they expect this to be a multiyear jim, she sees us up well with these names again, a lot of times, when you get these calls, you have to say to yourself, did you think of that . Its terrific, and thats why its not at 70, because weve had this move. I like restoration hardware. Thats why a now its at 245 theres something about wayfair. When you had i it up, you cannot believe its already moved so much i remember when i first got in business, i want, aha, i have an idea, buy international paper. The guy running reserve, that just moved 50 , what do you know its doing well what value is there to say, i stuck my finger in the air and im tike to buy wayfair its been a good thing to buy for a long time. Maybe its time to sell wipefair. Interesting thought jim, what about this list for you . Of course im smiling, because im thinking about Tractor Supply its run up, not 70, its also only about 30 higher so the perspective matters. I wonder why i dont own it, i probably should. You to bike baby chicks for your kids in the spring, where else are you going to go . I know it sounds craze, but thats where theyll get their growth. The vets tend to be they do phil lebeau has a news alert on the automakers. And then well have some thoughts on the airlines in a bit. J. D. Power out with their report, they rank the best and the worst. At the top of the list, dodge and kia, they come in at number one, the fewest complaints, then chevrolet and ram tying. At the bottom of the list youre looking at premium brands, mercedes, volvo, audi and land rover. Again, land rover dead last among those looking at initial quality. Then there is tesla. It is not officially ranked by j. D. Power, but they heard back from about 1800 owners, about 90 days, those owners based on what they say it has the worst initial quality according to j. D. Power they complain about the fit and finish not a surprise if you go on any of these owner westbound sites, theyll be saying, i took delivery of a model s or model 3, and something is wrong with it all of this comes on a days when an investigation has been opened up into 13 to 16 models for tesla. Not a good day for tesla take a look at the Airline Stocks theyre all under pressure because of the quarantine news out of new york city american, delta and united all went down. And then even for southwest, Jetblue Jetblue has big exposure in the northeast, as well as alaska, theyre under pressure as well, because you will have a real hard time as an airline instrument i if you start putting certain states away from the other states if you start saying to people you cant go here, or if you do you have to quarantine for days, thats when you see traffic falling off. I heard from a kreismt of an airline, who said im not happy with what im seeing stay with me, phil. Cramer has something regarding the auto news you brought to us. Phil, im trying to understand price disparity if you asked wealthy people what theyre really in love with you, you get number 50 as number one, number 49 as number 2, explain it i was with someone who han as au and land rover, and they both did nothing but brag how great they are. When you talk to the auto industry, they bring of land rover. Why . They think that land rover has a hex over buyers. Its always at the bottom of every list not just this, but Consumer Reports when you look at quality they are always at the bottom or close to the bottom. The jim, in my neighborhood, and other neighborhoods around suburban chicago, theyre all over the place the owners love them they love the styling. Ive got a 94 and its worth more than when i bought it. How do they even extraic that stuff . Do they track the vin numbers. This one is based on owners what they do, go through the did. Mv, and say after 90 days, let us know what works and doesnt work so this is not the people at j. D. Powers saying im not sure they like this brand these are the owners, im not happy with what im seeing after 90 days. And yet i dont know this for sure, but i bet if you were to survey the same owners, most of them would say, i love my land rover. Thats kind of my point thats phil lebeau in chicago. Our next guest just raised her price targets across the board on the housing names i ivy is the ceo of seleman and associates good to see you. Its been a while. Good to see you. I sincerely appreciate your patients there hack more optimism about real estate. Talk to me about that. Prior to the pandemic, the Housing Market was very, very strong we saw activity really through the back half of 19, into the early part of 2020, probably the best of the cycle with orders competing 25, 35, 45 , and pricing was accelerating when the pandemic hit on march 25th, we expected as anyone would with unemployment plummeting, and the type of shutdown the economy was having, we had a pretty draconian outlook. We expected a plunge in activity for at least a quarter, and then continued weakness for three to four more quarters at minimum, but because of the strength in the Housing Market with, you know, really three main factors, which millennial finally aging into a singlefamily shelter, starting families number one number two, you have inventories at record levels in terms of how tight they are third, you have record low Mortgage Rates we felt we would see a pretty short muted type of downturn, but honestly, the recovery that we have seen in may and now into june has been just frankly remarkable, and i can give you more detail, but our numbers were way too low, so we had to raise our numbers, which raised the majority of our price targets. Can you give us an idea, more detail for certain we dont hear from you that often. I know you have buy ratings on several weve got buys really the builders are the area that we are the most constructive on frankly the builders, theres a bit of a divergence between the large cap and small caps in terms of valuation we raise price targets on average about 25 . The with todays pullback, we have stocks that we have 30plus percent up side to our price target we see com bell value. Listening to your show and the growth has been the best performing area in the market, and value right now, even though our stocks are up, we have a bunch of builders trading below value. L lennar is theres a likelihood they will surprise to the up side. We think about the virus and the deaths, and to cramers points fortunately the deaths are staying pretty stable, people are focused on their homes, looking at their four walls, wondering if they have enough space. The idea of being able to work remotely is driving a lot of migration. People are leaving highcost areas, migrating to the southeast or the southwest its been a tremendous recovery. When you think about rates, rates are down now at alltime report lows with down almost another call it 70, 80 basis points from where they were a year ago so its driving affordability. People who had been paying rents in some cases in some markets 20 , 30 more than what they now can pay in a Monthly Payment if theyre able to come up with the down payment and get approved when youre not spending money on vacations youre not going out to restaurants and all the things you normally would spend on, plus youre getting stimulus checks, there is a lot of people that are taking advantage of this very, very tight Housing Market and theyre going out and buying its so interesting, and yet, steph, looks to me like youre the only one who owns a builder. You own d. R. Horton. I know everyone will have questions. Steph, you go first. I think d. R. Horton is kind of a special situation because its a land light model, and i thought their quarter was very good i guess, im, im kind of curious not on the builders but the suppliers like Stanley Black deck decker 70 of their business is diy, and 30 is kind of reopen and go back to work because they have a cyclical side of things. Where do you stand on those names versus the homebuilders . First, with respect to the builders, our proprietary may survey, just so you guys know, orders in may were up 30 , and right now june is tracking order of magnitude at that level, if not stronger we just published today our western markets report, which is a proprietary report for the states of california, nevada and arizona, and it was the best week since 2006. And we had nearly a 70 year over year increase in those three states in terms of what our market activity is showing so thats why we like the builders the momentum there is phenomenal as you look at the Building Product companies, and frankly, the home centers, our Inflection Point after the initial plunge really was very much tied to when stimulus checks went out. And weve seen doityourself, no question, accelerate. The home centers had Phenomenal Growth whether it was paint, that had explosive growth, outdoor, you saw appliance sales, and tools are definitely one of the items on the doityourself list that are showing acceleration but a lot of those companies have exposure to the International Markets as well as to the nonres market. The nonres market is where we are the most cautious, so we think those stocks have run significantly and were not recommending any of them, frankly, a few sells, because we think its time to take profits there because the good news is already reflected, and even though were above the street financially in many names, we think the stocks are already reflected and would recommend taking profits here. Armstrong you have a sell cramer, quick, with ivy . Dont ever go against ivy shes the best ivy, how much of what youre thinking about would be this reverse urban . Because it can come back it can come back in the northeast and tolls where you buy a really nice house. That just happened. I talked to a broker yesterday who is president of Brookshire Hathaway in the new england area, and their sales are up double digits in june. These are houses that are 3. 5 million that have sat for years on the market and are now getting multiple offers. There is no question were seeing broadbased overall strength, and its not limited to just the homebuilders the homebuilders had an advantage because they had homes movein ready. But toll brothers, i think, below book valueis a compellin buy right now, and i think youll see its not just the stock and valuation, its the fundamentals we believe it will likely start to fade as stimulus fades and maybe the urgency to get into new homes before school starts, but there is no question that the tristate area surrounding the city is seeing very, very strong activity, some of the strongest activity weve seen since the great recession. Ive seen prices in some places around the city, you know, up the most since 05, if not further back than that because of, ivy, exactly what youve been saying im sorry, go ahead . I was just going to add that florida is on fire, and what were hearing is there is a lot of migration out of the northeast, and even from californians coming into florida because of taxes so that shift had already been underway, but even with that, the tristate area is strong as we see people migrating out of the northeast, which has been amazing. Thanks for having me appreciate it. Good catching up with you stay well. See you soon you, too. Stay healthy the traders answering your questions. Joe, to you first, molly in connecticut, your thoughts on duncan brands . I have duncan j. P. Morgan takes the price from 76 to 72 dunkin has 30 of sales. Thats why i own it. Is cocacola a buy . I think its a buy. People are concerned about Global Growth and their exposure outside the u. S. And also restaurant exposure. But theres a high Quality Management team. Stay patient from jim in downington, pennsylvania, what are your thoughts on Northrop Grumman its traditionally about to break higher this is a long hold and im longterm ing it where does the time go well take a break and come back right now is a time for action. Thats why usaa is giving Payment Relief options to eligible members so they can pay for things like groceries before they worry about their insurance or credit card bills. Discover all the ways were helping members today. Yeah yyeah yeah hey, hey jim, what do you got coming up tonight on mad monem mad ive got gina raimondo. Shes got a good idea about reopening. I think the rest of states should learn from her. What about stocks, jimmy . I dont really have one just a mask are you making a statement hormel is what im recommending a good staple. I think they have good numbers a dual statement youre making there, i think. Carrie sher wwin williams this was a trade before ivy came on we like paint. Doityourself, bigger numbers than expected, and remember, paint cant fly. Jerry, what do you got for me i like best buy it works above 80. I think it continues to move higher farmer jim . Kinder morgan youre seeing refinery runs pick up, youre seeing miles driven and apple maps inquiries pick up with that means fuel demand and thats pipelines stocks should get back to 20 with about a 70 dividend yield. Steph, tell us about your new gig and your final trade weve got less than 30 seconds im so excited to join hightower because i do think the independent Wealth Management space is seeing expansive growth and they have a link in the market share im thrilled to be conducting portfolios and a strategy. Thank you, guys, for watching that does it for us. Kelly picks it up here thank you, scott hi, everybody, and welcome to the exchange. Investors start to seriously worry about the increased number of covid cases across the country. Stock at session lows as new york, connecticut and new jersey announce that they want people traveling there to quarantine for 14 days inside their borders. Take a look at this the dow industrial is down just about 600 points right now, north of 2 losses

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