Asset management lets go to wall lets check the major averages they did jump following the release of the jobs report the nasdaq 100 and some big names within it. Amazon, microsoft, netflix among those hits new milestones today. This incredible ability for the market to shrug its shoulders at the spikes in coronavirus cases around the country i mention some of those new highs. Everything from amazon to netflix to square and twilio and tesla and docusign what the you make of that ability of the market to stay focused on whats ahead . I think this is really difficult time right now for investors because you kind of have to keep three things in your head at all times the first thing is that we are having this resurgence and the data from some of the biggest cities is getting worse and worse and now out in the suburbs and in some of the states that had not been touched by this before, so you have to keep that in the back of your head at all times. Maybe it chasens you and calms you down a bit from reacting to big up days like today the second thing is the deaths dont seem to be correlating at as rapid a clip as the new infection data compared with what we witnessed in march and april. Maybe that means that were Getting Better at treating it. Maybe that means were getting doing more testing and not every case that we see is as severe as we saw in the earlier phase of this wave. There are a lot of different ways to think about that i think thats keeping people from panicking over these infection rates being higher the third thing is that you have a lot of gigantic universities, pharmaceutical companies, Government Health agencies taking many, many shots on goals for treatments and vaccines. Its hard to get too pessimistic because if we have to wait months and months and months from now, that news flow will continue a lot of it has been really positive so far. I think you have enough in the bear camp, enough in the bull camp to say its okay to be optimistic and feel like well get through this despite the fact there are still many avenues of negative news hitting us you cannot tell a bullish or bearish story in your own mind jenny, what josh said makes a lot of sense as to why the stock market has been able to hold in. Em everything he said is true we are better at treating the virus. People arent as panicked as they were from the beginning especially in the northeast where cases exploded off the bat and this progress, unprecedented progress we have made on a tool bo box, a vaccine and therapeutic front and you put the backdrop of the Federal Reserve behind that, hard to make a negative case, isnt it i think its really hard to make a negative case i just finished the first draft of my quarterly letter to clients. I said it does feel spooky and scary with virus cases increasing but lets look at the data when you get into the economic da data, its all improve ed dramatically were not back to january highs. You look at gasoline sales, demands, retail unemployment you look at housing, auto sales. All of those have showed significant trend improvement over the past quarter. I think thats meaningful. Even if theres pauses in reopenings or retractions, were still on a positive trend. I do think its hard to make a negative argument. That being said, i have no doubt there wont be disappointments along the way and it will be rocky between now and year end but i think it will be positive, trending john, are we going to make a run at new highs what about the s p and the dow i think all of them make runs at it. Youve heard tom lee say it. Youve heard tony dyer and many of us on this same panel said it i think given the bit of tina in the market, the alternatives are not there to believe that absent an outright closing of the economy again, which i dont think is in the cards, i think we do make a run at new highs. The most optimistic of targets is 3600. 450 or so points away from that on the s p do you think we can make a run at new highs even at a time when the virus is still spreading and spreading wildly in some places . I think you can make a run at it based on primarily the positive things that josh was talking about. I do think if youre going to make that run, i think you need to see a broadening out of the rally. I cant be tech and health care that leads it. I got to say what does worry me not right today. I think were going to have a summer rally but we have to acknowledge that the polls are looking more like not just biden wins the presidency but the democrats win the senate the stock market is not likely to respond positively to that. We still have four months to go. I know its early but its now four months. Its not five. Its not six its creeping up on the horizon. I think the market will Pay Attention to that. Youre right. Its a matter of at what point does the market start to Pay Attention to all of that lets discuss where we want to be invested between the now and then we need to position ourselves accordingly ahead of that. Ive asked of you to prepare some stock picks for me today and explain why your play books look the way they do jenny, im going to begin with you today. If you look at whats going to work in the second half. Give me three picks and statements as to why you think each will work sure. The theme is, for me right now, is getting out safely, reopening safely all of my pick, have a big dividend yield what ive got is viacom cbs, 4 yield. As professional sports return, like golf, they should be a big again fi beneficiary. National Retail Properties own convenient stores, gas station, car washes as business reopens their tenants should pay lastly ive got magellan immediate stre midstre midstream. They transport gas throughout the midwest. The demand for gasoline is only going to increase. That has a 9. 5 dividend yield viacom cbs, thats one you told our viewers to buy, isnt it yeah. I was tempted to put it on my list imagine how gratified i am to hear jenny talking about it. God bless you, jenny theyre not technology stocks. I just talked about broadening out of the rally that includes goldman sachs. Its a financial i understand where Interest Rates are. That doesnt matter so much. Its got Investment Banking. Its got Wealth Management it and it looks like it will put the 1 mdb scandal behind it. Raytheon technologies. Defense spending is focused on missile, airlines, splanurveill. If boeing continues to make progress, if the Airlines Continue recover, i think that will help the jet engine business finally, its a newly merged company. Analysts dont know what to make of it. After this quarters report, i think they will realize they have a gem here. Finally, again, jenny, kindser morgan, a Pipeline Company the economy is picking up. Products are flowing whether its jet fuel, gasoline. It has great dividend yield. Its over sold and the fundamentals support it. Josh, give me your picks but given what you heard from two of our Investment Committee members. Give me your thought on a pick or two from your colleagues on the Investment Committee well, i think im on the opposite side of jenny in a lot of ways which makes me uncomfortable because jenny is so smart i really see that the environment were in continuing through the end of the year. I dont see like much material improvement in the areas that have been logging. I dont totally disagree with what she is saying about the summer driving boom. That will take the place of a lot of air travel. Okay, fine i feel like we have gotten back 7. 5 million jobs of more than 20 million lost and the next wave of jobs that come back will be harder plus a lot of the programs that have kept people employed and kept Consumer Spending are now winding down. We dont know what theyll be replaced with, if anything that keeps me from thinking well be in a different environment. Here are my picks in light of that outlook the first is a stock that i talked about first on the show earlier this week which i recently bought. Its a reit called prologis. This is, in my view, one of the biggest beneficiaries of the ecommerce boom because i dont think the environment will change and the reopening will be slow and possibly even reversed in some places, ecommerce fulfillment will continue to be one of the best businesses on earth pld is way to play that with really good dividend yield its a reit. Try to own this in tax deferred account, if you can. Invitation home s another beneficia beneficiary. The trend of People Living the city for the suburbs plays right into this companys hand they have Single Family home rentals. They say 90 of their tenants are paying on time google, i dont think the furor over social injustice will go away facebook will have to contend with it. I think google is a very Good Alternative to facebook and twitter. I think they will benefit from some extent. I dont think this environment will change very much, google will see increased demand for its product like g suite and google cloud school may not start this fall, parents may not leave their homes and come back to the office all of that plays right into googles hands those are my three names its interesting jim. Josh puts forth a stay with what works and what will work trend portfolio of choices for us. Yours are not that you said you have no tech in it at all thats not an inyour face to job. I know hes not going to take it that way i think its a healthy disagreement that makes for a healthy market i would be worried if the four of us all had the same picks whether individual stocks or individual sectors that would tell me that we collectively as a representation of the market are missing something. I think theres a broad opportunity set here im not saying Sell Technology i just think for the youre making a statement though you could have picked anything in the world and you didnt pick a Single Technology stock. Thats statement it is ill sum it up price matters. That doesnt always mean anything price matters at the price these stocks are, i see better returns ahead than buying the ones that brought you here to use your expressi expression its a comparative return cushion. All right comment about the other picks. Comment and give us yours. We lost jons audio. His first pick and im hoping we get him back his first pick was alphabet. He agrees with you josh. Interestingly though, why no apple . Why not amazon i know you dont like facebook and youve made your case on that several times why not some of those other names . I own apple and i own amazon. I thought maybe i would spice it up and talk about names that dont get spoken about as often. Thats not saying i dont think the stocks can continue to work. Im in them. I think they can jenny, you as well, its not like youre running for technology either. The biggest part of the s p 500, the place where the gains have been made and the trends look pretty good moving forward yet youre not going there either. Right i agree with jim, completely on this, which is price does matter were working on an interesting project here where i have taken the Top Five Companies and said, what if they keep growing at the rate they have grown at. The reality is they keep growing at the rate they are at, they will be 50 of the s p market cap in five years. In 7 years that doesnt make sense to me. I have a feeling with the top five, something has got to give. I dont know if its in the form of competition or regulation its too easy to go on like this forever. Can i chime in on that . Bring it. Okay. I think theres the misconception, not by you, but on the part of people that think that the top five stocks are just like eating up the landscape. In reality, the rally in growth flames and the ral name and t extremely broad based. In alphabet and facebook, both stocks have under performed the nasdaq 100 in the last three years. Going back to 2017, facebook is up 30 nasdaq is up 80 face back has under performed the nasdaq 100 by laugh. Alphabet is about the same they are not growing their market share or price to the degree a lot of people think we dont think its sustainable to have these five stocks continue at the rate theyve been even despite that misconception. We would agree with that but i would just make the point that you cant hold all things constant even if they continue to out perform the s p, which both facebook and google have done, there are other names that are also performing really well which would offset their being able to become 50 of the market last point on this, from the 1920s through the 1970s, 50 years, it was actually very common for the top ten stocks to be 25 or more of the market. I dont think these names grow to 50 but i dont think we should say, this is going to change any time soon yeah. I think you get into the relative sorry. Dont apologize go ahead i think this is where you get into the relative which jim brought up which is probably we all agree in some way on it also which is im not arguing they should fade or back off or fall apart but on a relative performance there may be other companies other than those big five or big ten that have significant outperformance ahead for them thats why im not choosing those. I agree i think theres other companies in the wings jon we agree on that. I agree with that and i didnt go with facebook. I didnt go with apple i own both like most of the panelists as well. What i did was really dug deeper into google which i agree with josh on here because of their cloud, because of ads, because of chrome. Because of android i think youtube as well. These guys are hitting it everywhere im looking for out performance from this date through the end of the year. Even though they made a nice v shape recovery from the sell off, they are not at the highs of the year. Lastly, take a look at chegg this is one we were lucky enough to get on early. This is the only one even though ive touted the others that i say just gets better because the more of these students that have gone on this direct learning platform, chegg, the more further engrained they will be what if a lot more student s hae to stay home this will benefit in the biggest way. Its not zoom. Its textbooks and the rest. These guys are killing it. We have seen companies that have been seemg seemingly built this moment like chegg lets welcome in our special guest today. Given our conversation, given the jobs report and all of that and where we are from a market stand point through the first half of the year, can you give me your broad market view where you see us going from here ive been stunned i started buying im always in stocks. I started really stepping in pretty big time in midmarch because i thought the market had severely over reacted. It put a lot of money in midmarch. I kept it in i did some strong Balance Sheet plays that i thought were more long term in nature. I bought goldman sachs, jpmorgan and a few tech plays. I didnt buy a couple that i thought i could. I think peleton at the time was 22 zoom was probably a little over 100 at the time. I didnt i bought the triple qs because i wanted to just have exposure to tech this is all in march i bought alibaba and a few others because of my relationship with china and its pretty broad obviously the portfolio is up quite a bit. I kept some powder dry i may have to put you in the stock picker hall of fame with all of those picks and given the performance since march. Talk about a great time to buy you used the word stunned. Youre stunned at how far we have come from those days when we were putting that money to work i advise a few athletes and some other folks on what to buy and when to come in. I told them come in with both feet some of my friends were talking about should we sell our portfolios i said if you were in the same room with me, id punch you in the mouth. You buy when the mark is down. Especially Young Athletes 23, 24, signing contracts of 150 million over five years or four years. Youre going to be coming into the market this is a time you wont touch these funds for a long time. I did expect that the market would bounce back slowly in the second half and really i was doing this for a long term plays. Maybe next year. I had no expectation that we would be hear literally two months after the march lows. You and so many others. The harder question then becomes whats next . Did we pull so much forward . What happens now, do you think to me and im nowhere near as good as courtney, your favorite stock picker is. I think right now, when we get to the second half were already ignoring what were seeing i think with this virus, im out in arizona right now this become a hot spot im pretty well quarantined up in the mountains in a secluded area i think what folks are starting to come to grips with is this virus doesnt necessarily always result in death. Here in arizona, they have spiked up to 77,000 cases. When i got out here it was 2,000. Theyve had 1100 deaths out of 77,000 cases its been with young people, 20 to 40 with the spike up. They said im going out. They will probably get it and they are getting it and they expect they will heal in 7 to 14 days and be back going again i think theres starting to be realization that life has to go on and life will go on i think right now, folks will continue to invest i would not be surprised if we didnt continue this upward movement but with different stocks im not sure how much further some of the tech stocks can continue to go given where they have gone. When folks start going out of the house a little bit more, some of those plays that folks have benefitted from folks being in the house i cant wait to get out of the house. Theres some adjustment there. Im really glad to get your market view. I asked you to come on today because i want to continue the conversation we have been having about diversity and inclusion and inequality on wall street and beyond i felt it was inadd kwequate toe that conversation without you being a part of it given your place on wall street and in the Investment Community and where loop stands within that. Your firm has been sited add the number one banking firm for diversity. The Number One Firm for minorities im wondering if you can talk about that commitment that youve made and then we can get into the broader issues that exist. Scott, to me, its model at it i started trading bonds on wall street in 1982 i went onto be a bond salesman in 83 for what is now citibank. All those times i was the only africanamerican doing that function at all those firms. It was always a struggle for wall street to hire africanamericans and i never figured out why. I just never knew why. One of the things i know is there a phenomenal disconnect between what a ceo you name the ceo of goldman or morgan stanley, of jpmorgan says and what the people do down on the desk i run a firm of 200 people and i can run it and make sure the cfo, i hire, the hr person i hire courtney is africanamerican my general counsel is africanamerican my head of hr is africanamerican i have a china desk thats full of Asian Americans folks have come in to loop and say its like you got a United Nations here youve been in my shop i have found it so amazingly easy to recruit minority candidates africanamerican, women and promote them very easily because i focus on talent. The talent really comes through. Loop has had a relatively easy time with us plus, im africanamerican and i travel in those circles. One of the things i wanted to talk about is how i think wall street is missing it ill tell you something and i talk to my friends about it. You had a buchb nch of my frien on, ray mcguire and chris gardener who is my neighbor and one of my best buds who is in this happiness thing right now we talk a lot about the fact that, i think, we think, collectively, there were more africanamericans on wall street in the 1980s when we all came in than there are today which is an amazing statement to make i think its true. Do you think things are going to change . I looked at a stat today just 2. 6 of executive at investment firms in the year 2018 were africanamerican theres obviously a lot more work that needs to be done you host internships to expose high school and college kids to finance. Do you think this is one of those moments where we are going to see real and substantial change i think this is one of those moments. Loop has been doing it for a long time. You highlight our Internship Program which is 20 our firm is 23. My Internship Program is 22. Courtney gibson, our president , started in our firm when she was a sophomore in high school thats when she started at loop. Now shes president. Loop capital will probably put more africanamericans on wall street, ill repeat that loop capital will probably put more africanamericans on wall street than any other firm thats ever existed in this business thats including the bithe biggs names. We hire 20 to 30 every year. We put them on the Corporate Finance desk, the trading equity desk, public finance, Corporate Finance. When they come out of loop, they are sought after i try to keep as many as i can i can only keep so many. They are sought after those on wall street. By the time im done and courtney takes the realm, we will have a significant amount of loop trained folks on wall street im sure courtney has a great big smile on her face. Shes probably blushing as well. Shes modest thats nice of you to say. I noticed today that loop was just chosen by bill akman to be one of the book runners for this with a number of other minority firms. We talked to lawyers prior to coming on the phone. I asked what i could say about the deal because its amazing. I cant say much because were in testing the waters phase. This is what id like to do. Ill talk to bill this afternoon. We would love to come back on the show and talk about what he did here and how significant it was. If youre okay, id like to end it at that i think theres a couple other significant corporate decisions that are being made because of these types that really are putting minority firms, africanamerican owned investment banks at a different tier can i pivot for a second uhhuh. One of the things, you asked if i think this is real. You may know a bit about my position in chicago. I know jon knows about it. Hes a chicago guy jon, i got my fingers crossed for nick i think hes the answer for the bears. I was at an Economics Club dinner a couple of years ago one of the top ceos in the city, one of the top ceos in the country spoke to group what he said to the group that one of his most frustrating experiences is working with h1b programs and why they wont let his company rekrucruit more of talent that they next in the tech space he said that in the middle of Downtown Chicago where we have africanamericans and hispanic in the city, ten minutes from where he was standing that have basically, lets call it 40, 50, 60 unemployment that go to schools that dont really teach them this sort of thing and i wonder why he didnt even think about you can go to china and you can go to india and recruit that talent that talent, i spent a lot of time in china. I know folks on the phone have that talent started getting developed in middle school when they come here and theyre going to wall street, Silicon Valley and they do dominate that space. They started studying this stuff when they were like eight years old, nine years old. I started thinking about and talking about and im working with our wonderful mayor about lets get these corporations thinking about and this time is great, investing in these black and hispanic schools now, lets grab our young black and hispanic kids in middle school lets have a Facebook Program in the School Microsoft program, alphabet program, Apple Program in these schools. I think thats an opportunity. Scott, i want to keep going and you shut me up when youre ready. I have a question for you we have spent good deal of our time today talking about more diversity and inclusion in finance and on wall street what about more broadly in Corporate America where board representation among people of color is still exceptionally low. Do you feel like this is a moment thats going to change in that environment as well that beyond just the words and the checks that are being written and committed to by some of our Corporate Leaders that real change will come in the boardroom and beyond and youll have a greater representation of people of color in the c suites . Im not going to go that far because i dont think thats really going to happen scott, im not sure how important it is. John rogers is one of my best friends and melody hobson and they really focus a lot on blacks on korpcorporate boards i dont. I focus more on what these corporations are doing with their largesse in our city with the youth. Penny invited me over to her home because several corporations started talking about recruiting youth from the junior colleges. City colleges. Folks with aa degree as opposed to going and recruiting bachelor degrees. Folks in the junior colleges in urban areas tend to be minority. I sat and i cheered penny who put this together. Then i cheered the corporations and then i talked to the folks in our city about having more corporations begin to put these programs in schools for youth. I know where youre going. I have not ever been able, scott, and im trying, to find the correlation between blacks on the board of directors and a company doing more for blacks and africanamericans. I havent seen it. If you ask me if i think were going to see africanamericans promoted up, cfos, coos, ceo, i dont think this moment is about that i think this moment is about what the corporation dos with the money they make to change the communities. Thats really my focus we can eliminate the problem and build businesses back in these communities. You ask about investment banks, ill touch on that very quickly. Ive got a collection. One of our Corporate Finance folks put together the emails that have been written by Corporate Leadership best of banks and beyond ray mcguire came out with a piece in vanity fair and ray mcguire is the senior africanamerican on wall street. Youve had him on. Vice chair of citibank Investment Banking and the other senior africanamerican john newton but rays piece in vanity fair said its time for corporations and investment banks to move away from the window dressing with minorities. The ceos have espoused a certain thing that they will try to do in terms of diversification and economic participation that message is nowhere close to therapy invest m bankers, Capital Market personnel we still get calls, scott. I know all the minority firms get calls. Theyll have 10 Diverse Firms sharing 1 or 2 i know theres going be a piece coming out with trade options and thats why whats the degree level on wall street that you would put all these firms for one or two percent as opposed to doing Something Like you spoke of bill basicm akman. I think those issues are more important than who is up in the c suite. Well leave it there today. I appreciate the conversation and your time. Well pick it up next time you are welcome any time thanks, scott you be well coming up, the Billionaire Hedge Fund investor john paulson who calls it quits now is the time to support the places you love. Spend 10 dollars or more at a participating Small Business and get 5 dollars back, up to 10 times with american express. Enroll now at shopsmall. Com. Welcome back lets get the headlines now. Hello, everybody. Here is whats happening the head of the National Institutes of health says hes optimistic the u. S. Will have a covid19 vaccine by the end of the year nih director says he expects president trumps operation warp speed project will generate a safe and effective vaccine and produce 300 million doses by early next year. Arizona reporting a 32 decline in new coronavirus cases with just over 3300 since yesterday. Beds in intensive care units remain in demand with more than 85 in use statewide new york city Public Schools will reopen this september the mayor says social distancing will be enforced and all Available Space will be used to maximize the number of students in class at the same time. You are up to date thats the news up date this hour back to you. We appreciate it thank you. John paulson made billions predicting the 2008 financial crisis now he joins a growing list of hedge funds con ververting to fl offices. Leslie is following the money for us what do you make of this he made his mark during the last crisis. In the current one, hes shutting down. He told investors he would return their capital and closing his 24yearold hedge fund he will stay a market par tis pants through his office the move has been in the works for a while now. He did not give a reason for the decision but his saassets have massively shrunk last year he was managing a quarter of what he did eight years prior. Most of that 9 billion or so was his own money already. An increasing number of managers are quitting as well in First Quarter more than 300 funds liquid daated he joins the likes of david teper, george soros, some of the biggest names in investing who have converted or are in the process of converting hedge funds into family offices. Its still really tough to consistently beat the market scott. In other words, the Hedge Fund Industry isnt what it used to be. Is that the biggest take away. Some of the folks of the industry transition. Absolutely. I think by pinpointing it to this star mentality. I think the days of having star traders are so different now we dont really hear about these big monumental conviction style bets that Hedge Fund Managers are making in the way we did a decade ago even five years ago. One of the main reasons is the hedge funds are managing for pension funds. They really make sure that they are protecting that capital in a way that maybe they werent doing so 15 years ago where they can take a huge bet, in paulsons case, against the Housing Market i think youre right i think were starting to see more consolidation as a result of that. Interesting very interesting thank you so much. Josh, give me a comment on that. What do you say about the changes . I think when you have been as successful as john paulson has been and so many others, you get to the point where after years of underperformance or sporadic performance, you ask why am i doing this anymore its like a personal thing where whats the challenge i already did it paulson had huge success the last few years havent been fun for most active managers i think people say to themselves, i did it already its not fun anymore id rather do this quietly i dont want to have a whole staff of ir people taking phone calls. I dont want to have to wine and dine anyone. I probably would have done it ten years sooner im not surprised at all you earn a certain level of success in this business theres nothing more that i need to prove to anyone and theres nothing more that i want to do not john paulson specific but is it a broader statement. Forget any of the names that leslie had up on her list. Is it a broader statement about how difficult active management has become in the last decade . Weve heard time and time again, scott, that from leon cooperman to david tepper, everybody says how difficult it is from a stand point of the luminaries you just had up on the board from soros to tepper to paulson to all of these folks, do they need that aggravation when they are at that winning level when you cant spend the money youve got. Its much tougher as an active manager. We talk about it time and time again with the High Frequency trading and the al go rhythalgo drive that makes it much tougher to get in front of that. Its an embarrassment when you see these machines out trading you. Lets take a quick break. Well come back. Jon has unusual activity well answer your questions. We have some trades on justice oty. He peace mor jpmorgan and spifyou can tweet us were back in two minutes. I am totally blind. And non24 can throw my days and nights out of sync, keeping me from the things i love to do. Talk to your doctor, and call 8442142424. Thats where i feel normal. S an hour, having an annuity tells me my retirement is protected. Protected Lifetime Income from an annuity can help your Retirement Plan ride out turbulent times. Learn more at protectedincome. Org. I geh. Common bird. E. Ooh look over here something much better. There it is. Peacock, included with xfinity x1. Remarkable. Fascinating. Very. It streams tons of your favorite shows and movies, plus the latest in sports news and. Huh run the newest streaming app has landed on xfinity x1. Now thats. Simple. Easy. Awesome. Xfinity x1 just got even better with peacock premium included at no additional cost. No strings attached. Just say peacock into your voice remote to start watching today. Were back lets answer some of your questions now. First up is josh brown from bob in pennsylvania. Josh said he would buy jpmorgan all day under 100. Does he still feel the same . I do. Thats it i do feel the same. Refresh why you would do that for those who werent watching last week. I think that any time you get a chance to buy one of the best managed publicly traded companies in the country at a 45 or so discount to its recent highs, i think you got to take it even if that means enduring vol diatility for the next three months, six waiting for the coast to be clear. By then i think the stock will be much higher. Jim, next to you. Charles in manhattan hey, jim. I often here investors talk about investments at short, medium oar longterm holdings. How do you determine which category they fit into im a longterm investors, but there are times, and weve certainly talked about it with roku, where the trade is short term you have to see it ahead of time if you ma a long her term investment, recheck your thesis. If you get out and things get better, youre going to be perpetually buying high and selling low. Similarly, a shortterm trade, if it goes against you, get out. Somebody like jon najarian will tell you again and again, it is the worst thing to do. Jon, we go to you next at what price would you go long spotify . Which is an interesting question to ask after the stock has absolutely exploded. It has. What i would say here is you dont get a chance to buy spotify again, i think it goes through 300. The deal they just did with joe rogan. The deal for video on the platform, i think those are phenomenal drivers going forward. I would buy it here, scott. Good stuff. Thank up, guys. Silver prices up 25 in the last three months. Well find out how futures players are trading it nt,ex and as i said, we still have unusual activity to get to, as well. No matter what challenges life throws at you, were always here to help with Fast Response and Great Service and it doesnt stop there were also here to help look ahead thats why were helping members catch up by spreading any missed usaa insurance payments over the next twelve months so you can keep more cash in your pockets for when it matters most and thats just one of the many ways were here to help the military Community Find out more at usaa. Com i see all the Amazing Things you have been doing. You are transforming business models, and virtualizing workforces overnight. Because so much of that relies on financing, we have committed two billion dollars to relieve the pressure on your business. As you adapt and transform, were here with the people, financing, and technology, ready to help. Silver is moving higher today. Its also up 46 from the march lows jeff kilberg has more. Whats the trade here and why . Well, judge, i want to be a seller of this rip 1850 is a very hard level to stay above in q2 what were seeing is we want to be the seller at 1830. We said to work for a move down to 18, and just its been low lastly, its still near 100, so an old moniker from the pits, if it stalls, it falls. Coming up, unusual activities and final trade now is the time to support the places you love. Spend 10 dollars or more at a participating Small Business and get 5 dollars back, up to 10 times with american express. Enroll now at shopsmall. Com. Tune in tonight to a cnbc special report, crisis in america. 7 00 eastern time. Options bulls are finding unusual activity in shares of Taiwan Semiconductor thats what jon najarian is here to tell us about jon . Exactly, scott. Thank you very much. Theyre buying the july 61 calls. They have already doubled the value of those calls they keep buys those theres up over 10,000 of those trading already. Ill be in in about two weeks. And pg e end of july, 11 calls. Watch this this also is exploding to the up side lets do final trades. Jenny, youre up first mines easy its intel trading at 2 times early. Things are growing nicely. A little value cap. Yeah, and tech. Have a good holiday, jenny. Best to you and your family. Wynn. I bought it during the show. My same hold day sentiments to you on the show as well. To you as well, scott woefully undervalued thats reflecting the belief that sports are coming back. Obviously a lot of questions what the seasons will look like, and thats certainly good for viacom. I certainly hope youre right. I know a lot of people do. Jons chair, thats so mel at looks like an elven warlord. I love it. Have a great weekend, guys. Everybody have a good holiday weekend. Well take you out by a look at where the markets are. Way better than expected employment report into the holiday weekend. That does it for us. Kelly, all yours heres whats ahead, fizzling out, stocks are off their highs, as they spread why . Stayathome trade is outperforming again today. Should you stick with the stocks or not well get into all it and ask. Plus bankruptcy could spark another financial crisis well look at the risks and what if anything can be done to stave this off inside moderna the stock has tripled this year as