Were going to give them more. Target soaring today if youre looking to buy the stock now, have you already missed the mark . We will debate plus, we are following the after hours action in shares of both nvidia and l. Brands both stocks on the move after reporting results. Well break down the numbers a surprising stat on l brands that i promise you did not know. Later, bonawyn is taking to the mound to pitch his next best idea why he thinks this housing play may be a total home run. We are going to begin now with breaking news on airbnb and their plans to go public lets bring in deirdre bosa with more on the details. This is a filing that we have been waiting for for a very long time however, airbnb filing confidentially so well have to wait a little longer this isnt unexpected. A source told me airbnb could file as soon as august and shares could trade this year just because you file confidentially doesnt mean you have to ipo any time soon. What may be surprising is that airbnb is favoring a traditional listing and ipo over a direct listing which many have speculated it was going to go that route ho the travel business amid the pandemic has been hit hard, airbnb included. The company has had to raise billions of dollars this year and lay off about a quarter of its workforce. It is possible that they need to raise more cash in a traditional listing. The question for investors is at what valuation does airbnb go public last year this is a company that was worth more than 30 billion in the private market. This year saw that valuation get cut down to 18 billion as it raised more money and struggled to get through this pandemic they havent given us a ton of financials over the years, but between what they have told us and what ive collected from sources, we do know that the company has been profitable on an ebitda basis although this year they have reportedly racked up tons of losses. We could show you the sheer amount of investors in this company. It really is a doozy i cant remember seeing this wide of a scope since uber but it has investors from the private equity space, the Venture Capital space. What youre looking at is its board of directors it is fairly diverse for a startup, because partly this is a company that has been private, in existence for more than a decade certainly looking forward to this one back to you. Quick followup there look at that board reads like a murderers row of heavy hitters from retail to credit cards to whatever it is theyre going to demand their return airbnbs entire mo during this pandemic and lockdown is theyre better suited than hotels. If youre going to travel, youre going to be in your own space and your own family and your own social bubble is there any indication theyve had to switch their marketing . Are people still using airbnb right now . Well, absolutely the proof is in the pudding Brian Cassidy came on air and talked to us not too long ago and in no Uncertain Terms he said travel is never coming back to the way it was. They are going back to their roots, focusing on home sharing and pull away from that push theyve made into hotels over the last few years if you believe their actions, youd have to believe that home sharing is comingback a lot quicker. Theyve even said that bookings, at least in the u. S. Have rebounded to levels prepandemic and theyre seeing more people take road trips and stay in places where they have more control versus a hotel but then you get people on the hotel side saying that the Hotel Industry will come back, obviously. Its a tough call its strangers you dont want to be around or family you dont want to be around. Dan, ill start with you on this whats your take theyre laying people off. Theyre bleeding money, yet they want to go public. They should go public the Public Market is a mania right now. Rather than slink in the private market, you might as well get public, raise that capital i agree that they should not do a direct listing they should put some capital on their balance sheet. Theyre going to need it nobody knows how long this is going to take. I think the main issue is there are going to be two ways that people stay when they are traveling. Its going to be the traditional way to hotels. I think the riskier way is to someone elses home. I think the hotels are going to be very, very focused on cleanliness. Marriott, hilton, they have decades long brands that they have to stake their reputations on the cleanliness of it as far as im concern eed there will be tremendous demand for it in the Public Markets if it comes soon bullish take there from the potential, potential stock we dont know. Theyve filed. They may not go. The other big story of the day that was on lead before the airbnb news is a 2 trillion milestone, apples market cap crossing that incredible level for the first time today its now worth nearly three facebooks, about six teslas and more than 8. 5 disneys. They say age aint nothing but a number does the market cap matter i hope thats true about age, brian, as you know, because obviously im not getting any younger. I think it is just a number. A few years ago we had the ceo and he said apple will be a trillion Dollar Company. Now here we are at 2 trillion for perspective, u. S. Gdp is 21 trillion youre talking about a company thats now 9 of u. S. Gdp in terms of numbers thats pretty remarkable since they reported earnings theyve probably added 400 billion to their market cap in nine or ten trading days thats bigger than all but probably ten or 11 publicly traded companied out there the numbers are staggering good for apple its amazing i mention this quickly as well go back to the fall of 2018, stock made an alltime high of 225. Within a month it was trading 140. Go back to this past february. The stock made an alltime high of 325 and within a month it was down to 220 or so. This stock does move to the downside as well its done it in the past and my sense, its going to do it again in the future. Tim, what do you think . They say its hardest to make your first million it was certainly hard to get to the First Trillion Dollar Company and yet its taken two years to quickly double that and even more extraordinary in between with covid the drivers are three things with apple this is a company that is growing in the middle of a Hardware Company its a 60 billion Services Business you put a 1415 multiple on it the Services Business alone arguably is close to a trillion Dollar Company i know that seems extreme but thats exactly whats gone on with this valuation. The second is that 5g isan upgrade cycle that i think people are underestimating 350 of roughly 950 million apple phones out there are going to up gri upgrade. Theres no question about it winners and losers in covid, apple may be one of the biggest winners. Think about back to school, whether its macbooks, airpods, all these things have gone through multiple Holiday Seasons in the last four months and we havent even gotten to the Holiday Season oh, and throw in capital markets. You wonder why the stock has moved. Those are the reasons. Well see certainly all those reasons and by the way ill throw in back to school you may think thats crazy every day were hearing more kids are going virtually the parent who is has who have y are going to deck out their rooms with ipads and macbooks and make sure if theyre on zoom they could have two sort of Holiday Seasons and everybody buying all their gear because theyre probably not going to go back to school does the stock get ahead of itself in terms of valuation good points the valuation question seems to be the one that persists i think weve all gotten on here at one point and said listen, i dont think its about valuation at this point. Previously we talked about how strong their Balance Sheets were tim and dan, guy, theyve all done wonderful jobs of speaking about the different verticals here as well as how the Service Business is expanding and likely going to lead into multiple expansion. You have to take into consideration that the stock does trade choppy at times those would be the entry points for me id look attend lev technical l that make sense to reload. The integration of the system, the ipad, iphone, the iwatch, appletv. All of those things are integrated that coupled with the 5g rollout, yeah, im the youngest guy here, but im young and dumb but smart enough to know you dont get in front of freight trains i am not stepping in front of this one. Heres the thing. Were talking about this as its the First Company to ever reach a 2 trillion Market Cap Company in the world like guy said, its gained 400 million in market cap since it released earnings. If you talk about expectations for a 5g rollout, id say theyre pretty well entrenched if you talk about the expectations for an extraordinary back to school, again, i would say pretty well entrenched in that recent move heres one thing we havent even brought up just yet. China, i long thought that apple would be the last battle fought in our trade war and now really whats turned into a pretty hot cold war with us and china when you think about whats going on there, forget about the fact that china hasnt grown its iphone units meaningfully. Sales have been flat the last few years. When you talk about the Services Business, yeah, its really important. But heres the thing, apple market share in iphone units has dropped in china, apples revenue has dropped in china over the last five years by about 20 or so. When you think about the potential regulation that we have coming from the eu and here, then you have some sort of issues with this growth and this multiple expansion by the way, the multiple has expanded its doubled in the last two years, two years that the stock actually hasnt grown its earnings when you put it all together, i just dont see how you put fresh money to work right here in the name that obviously ive been skeptical that this expansion as far as multiple makes any sense. I want to make one last point, though heres a Company WhoseGross Margins have been basically 50 basis points on either side of 38 for the last five years. If youre telling me service is going to help grow that margin, its telling me also that hardware margins are coming in pretty hard. If youre not growing units and you have issues potentially in china, id say to myself theres plenty of headwinds ahead. Heres the amazing thing about the iphone in china. The iphone costs onefourth of the average yearly income of a chinese worker their income is about 5,000 a year on average. The iphone is the same price as it is here you think about that you wonder how big the market is can you imagine if the iphone was 12,000 here it doesnt matter. It doesnt seem to matter to anybody. I dont think it matters. Thats an important point and we saw where apple lost a lot of ground four years ago with android and cheaper frankly local hardware manufacturers who were doing something almost as good but that statistic has been out there for a long time. Everyones pointing out why the stock has had a great run and why it cant continue, yet it seems to go higher. Yeah. All right. Now weve got an earnings alert on another big name, nvidia on the move, the Conference Call getting underway josh lipton has been following the earnings and the call and he has more caught up with mitch steves over at rbc, long time nvidia bull over there. That stock was up about 100 year to date, up 15 this month alone. He says he would swant to be long if you look at the data center revenue, 1. 75 billion, daily 1. 65 billion the q3 theyre looking for 4. 4 billion plus or minus 2 the call really is just getting underway the cfo saying they delivered a Strong Quarter ca eer gaming. Brian, back to you traders acting laconic about that quarter whats your take it was a great quarter, but i think investors were expecting that i think that the data center, just the modest upsize there might be what investors are focusing on. When you see the gross margin in the First Quarter and the modest guide in the next quarter, youd say theyre being conservative if you see that upsize in revenues, again, the stock was up 15 this month alone. It was up 100 on the year heres a company that does onefifth of the sales of intel and has 100 billion market cap greater than intel i understand that intel has its own problems i understand intel doesnt have nearly the growth. But a 200 billion market cap to a 300 billion market cap to nvidia doesnt make any sense in my opinion. Up next, easy come, easy go . Maybe. Enjoy the record highs while they last, folks first, it will be a retail roundup. Were going to break down the good, the bad and maybe the ugly from todays big earnings. Hike Simon Pagenaud takes the lead at the indy 500 coming to the green flag, racing at daytona. Theyre off. In the kentucky derby. Rory mcllroy is a two time champion at east lake. He scores stanley cup champions touchdown only mahomes. The big events are back and xfinity is your home for the return of live sports. Welcome back we have a fast money earnings alert on l brands. That stock is jumping a little bit after hours. L brands is up slightly better than the announcement last month, posting a profit on an adjusts basis revenues also topped estimates heres the sales breakdown overall the victorias secret sales down 39 year over year. Bath body works, revenues up 13 . Thats slightly better than forecast they reported same store sales with a big caveat. They said Victoria Secret comps were up 28 . Bath body works up 123 . The Conference Call is tomorrow morning. The American Consumer perpetually underestimated whats been amazing is l brands was just this dog of a stock forever. Its actually the best performing stock in this quarter by 34 over the second best amb. Would you touch it with guy adam adamis money . Guy is running in there getting Scented Candles right and left covid19, as it has done for many retailers, its forced them to move quicker to restructure, in fact, given them almost some cover to restructure i think thats part of this. I think theres been a lot of lowhanging fruit. And no, im not chasing it down. Guy, quick comment there . You know, its interesting. I only remember this because i remember the banter back and forth. It was when you were filling in for mel earlier this year and we had a whole conversation about l brands i remember tim making fun of me about the Scented Candles. Those bath body work numbers worry diere ridiculous i think you take your money off the table now. L brands capping off a big day of retail earnings, by the way its time now to break down the good, the bad and the ugly from todays retail reports first, the good, the great, target investors going on a shopping spree, driving the name up 12 after the retailer reported a monster quarter with a huge profit and sales surge guy adami, earlier this week we asked a would you rather on walmart or target. You picked target. Great call now what you flip a coin, youre going to be right half the time. I appreciate that. Weve been talking about target unanimously across the desk. The thesis is if you love wall ma wallmart youve got to adore target the walmart quarter was fantastic as well, but you saw the price action as opposed to target, which was equally fantastic with the opposite price action now the two are sort of meeting in the middle. I think given this move, given the volume target traded today, the smart thing to do is take money off the table and look for the pullback, which will come. Lets move onto lowes. Were going to call this the bad but lets be clear lowes had a spectacular quarter, big time earnings beat, blew away every estimate well call it the bad because of the price action tim, your take on lowes, quote, bad quarter . Comp sales up 35 id like to be that bad. Thats exactly where they wanted to go. They were taking market share from home depot. 25 up from precovid levels dan i think its really interesting to think about tim just said 160 off of its march lows that means the stock was down more than 50 in march, which was much more than the s p at that point we had not yet had the fiscal stimulus measures put in place the market bottomed around this same week. I think its really important to remember there was a handful of u. S. Retailers that literally have this handout from the government through the u. S. Consumer given to them in the form of fiscal stimulus. Everything thats great about target and home depot and lowes and walmart, its horrible for a lot of Small Business and mom and pop retailers around our country. Were just seeing the big get bigger right here. All of these stocks have massively outperformed its been fantastic for them i think retail probably has a lot of headwinds especially as we have fiscal stimulus stalling here in our country. Thats a good point the government kind of picked winners. You shop at the five or six stores that were open. Where else are you going to go its no wonder they captured all that money lets round things out with the ugly because really thats kind of what it was for tj maxx the stock falling over 5 today. Bonawyn, your reaction just brutal here. Theres winners, losers and have and have notes what these essential businesses dont have is the ability to stay open. Weve even seen it from the companies that have actually beat tj maxx is in a position where they couldnt even operate for half of the time no real surprise here. I think youre going to continue to see this trend happen if youre not an essential business and if youre not providing essential goods, i think the headwinds persist. Like we just talked about if youre not allowed to be open and be a place anyone can go, tj maxx was a spectacular stock for about ten years. Coming up, the s p 500 pulling back slightly from a record high today. Plus, some of the hottest stocks since the march lows. Which ones have more room to run and which have their best days behind them. Woman my reputation was trashed online. I felt completely helpless. My entire career and business were in jeopardy. I called reputation defender. Vo t