Semis, Bitcoin Help Fuel Market Climb … And The Insmed CEO on Trial Results 6/10/25

Summary

Podcast Summary: CNBC's "Fast Money" Episode - Semis, Bitcoin Fuel Market Climb & Insmed CEO on Trial Results (June 10, 2025)

Release Date: June 10, 2025

Hosted by Melissa Lee and featuring a panel of top traders, CNBC's "Fast Money" delves into the day’s most impactful financial news, offering actionable insights for investors. In this episode, the discussion centers around the resurgence of semiconductor stocks, Bitcoin’s impressive performance, the latest developments in the biopharmaceutical sector with Insmed, challenges facing tech giants like Google and McDonald's, strategic moves by General Motors, innovations in AI-driven drug discovery with Formation Bio, and Disney's acquisition of Hulu from Comcast.

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Market Surge Driven by Semiconductors and Bitcoin

Timestamp: [01:01 - 06:53]

The episode kicks off with an analysis of the stock market's upward trajectory, primarily fueled by a robust semiconductor sector and the resurgence of Bitcoin.

• Semiconductor Rally: The S&P 500 is nearing its all-time highs, trailing by less than 2%, largely due to the semiconductor industry's remarkable recovery. The SMH semiconductor ETF has surged to its highest point since February, with major players like Broadcom, NVIDIA, and AMD leading the charge. Guy Adami comments, “We’re within striking distance of that [previous high]. It could potentially have one of these epic double tops but has to get there first” ([02:30]).

• Bitcoin’s Performance: Bitcoin has maintained a level above $100,000 for 30 consecutive days, marking its longest bullish streak ever. Exchanges such as Robinhood, Coinbase, and Riot Platforms have reported significant Q2 gains. Circle Internet, a stablecoin issuer, has seen its stock soar by nearly 250% since its Thursday debut.

Notable Insight: Tim Seymour adds, “The market is just on hope. Hope that we get a deal, if we get a deal with China, maybe that's very good for chips” ([03:44]).

Insmed's Breakthrough in Biopharma

Timestamp: [20:26 - 25:53]

A substantial portion of the episode is dedicated to Insmed, a biopharmaceutical company experiencing a dramatic surge in its stock price following positive Phase 2b trial results for its treatment of pulmonary arterial hypertension (PAH).

• CEO Interview: Will Lewis, Chair and CEO of Insmed, discusses the company's promising data and future plans. “This is the strongest point in this company's history... each one of these medicines we're talking about has the ability to impact diseases beyond the ones we've already spoken of” ([21:07]).

• Pipeline and Growth: Insmed prides itself on its robust pipeline, with three major late-stage compounds either approved or nearing approval. Lewis emphasizes the company's readiness to commercialize new drugs without relying on external partners, showcasing their substantial in-house infrastructure.

Panel Reaction: Guy Adami notes, “This feels like the start of something, not the end of something in terms of the stock, but also in terms of the company” ([22:18]).

Challenges for Tech Giants: Google and McDonald's

Google’s AI Investments and Market Pressure

Timestamp: [15:13 - 18:58]

The panel examines Google's strategic moves in the AI domain and the resulting pressure on its search business.

• AI Spending vs. Revenue: Dan Nathan points out, “Google is spending a lot on AI, and if it starts to cannibalize their search business, it might not justify the valuation or the spending” ([16:28]).

• Operational Efficiency: Tim Seymour criticizes Alphabet for not achieving the same efficiency improvements as competitors like Meta, suggesting there’s room for more streamlined operations within Google’s vast workforce.

McDonald's Downgrades and Product Testing

Timestamp: [31:00 - 35:16]

McDonald's faces investor skepticism following multiple downgrades due to declining foot traffic and economic concerns.

• Downgrade Impact: Redburn Atlantic downgraded McDonald's from a "Buy" to a "Sell," citing reduced foot traffic and the influence of GLP-1 weight loss drugs altering consumer dining habits.

• Taste Test Segment: The hosts conducted a taste test of McDonald's new McCrispy strips to assess product quality amidst criticisms. Guy Adami humorously critiques the testing process, highlighting concerns about the product's consistency and appeal.

Notable Quote: Melissa Lee remarks, “It's going to be a real test to Google and I would suspect that this rally that we've had right now, despite valuation, it's going to probably give up the ghost a little bit here” ([07:30]).

General Motors' Strategic Production Shifts

Timestamp: [35:22 - 37:24]

General Motors (GM) announces significant changes in production strategy in response to tariffs imposed by the Trump administration on vehicles produced in Mexico and Canada.

• Domestic Production Focus: GM plans to convert a plant in Orion, Michigan, previously dedicated to electric vehicles, to produce gas-powered SUVs and pickup trucks. Additionally, two models—Chevy Equinox and Chevy Blazer—will be manufactured in Kansas and Tennessee instead of Mexico.

• Investment and Capacity Utilization: This $4 billion commitment underscores GM's intent to utilize existing excess capacity domestically rather than investing in new plants or shutting down overseas facilities.

Key Insight: Courtney Garcia highlights, “General Motors is leveraging excess capacity in the US to increase production, indicating a strategic pivot in response to the current trade environment” ([36:00]).

Formation Bio: AI-Driven Drug Discovery

Timestamp: [37:24 - 43:56]

The discussion shifts to Formation Bio, an AI-native pharmaceutical company revolutionizing drug discovery and development.

• AI Integration: Formation Bio utilizes AI to streamline the drug development process, significantly reducing the time and cost associated with clinical trials. CEO Ben Liu explains, “Clinical trials cost a few hundred million dollars, but a lot of that is actually a good amount of knowledge work... now it’s really a minute, a few minutes with an AI system and a human loop” ([41:02]).

• Strategic Partnerships and Funding: Formation Bio has partnered with OpenAI and Sanofi to enhance their predictive modeling and protein generation capabilities. The company's innovative approach has attracted substantial investment, including a $372 million Series D funding round valuing the company at $1.7 billion.

Panel Feedback: Guy Adami enthuses, “This is a company you want to... there is no way guy's going to say, you got to jump... this is a company... that’s probably going to double that [market cap] over the next year” ([26:18]).

Disney's Acquisition of Hulu from Comcast

Timestamp: [43:56 - 45:35]

Disney completes its acquisition of Hulu from Comcast for nearly $439 million, significantly lower than Comcast's initial asking price of $8.6 billion in 2023.

• Strategic Importance: CEO Bob Iger emphasizes the integration of Hulu with Disney's existing streaming and linear TV assets, positioning it as a growth engine for the company. “Having a streaming service attached to a linear TV is valuable... now it's all being dismantled” ([44:12]).

• Market Reaction: Disney's stock reacts positively, with shares closing above $121, reaching a high not seen since March of the previous year. The panel encourages investors to view Disney as positioned for growth under Iger's leadership.

Notable Commentary: Guy Adami states, “It's a huge quarter for Bob Iger, for his legacy, and he's proving that he's on the other side of that curve now” ([44:12]).

Final Market Updates and Stock Picks

Timestamp: [45:35 - 46:38]

The panel concludes with final thoughts on market movers, including stocks like JP Morgan and Alibaba, despite some ongoing challenges and volatility.

• Energy Sector Resurgence: Danielle Nathan and Tim Seymour discuss the energy sector's rebound, attributing it to reduced recession fears and sustained demand driven by AI advancements that require substantial energy resources.

• Investor Sentiment: Melissa Lee highlights the overall optimism in the market, despite certain stocks like McDonald's experiencing downturns due to specific operational challenges.

Final Thoughts: Dan Nathan remarks, “The economy is holding up strong here. If the consumer continues to hold up, that's what's going to keep the economy” ([10:01]).

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Conclusion

This episode of "Fast Money" provides a comprehensive overview of the current financial landscape, highlighting significant movements in the semiconductor and cryptocurrency markets, breakthrough developments in biopharma with Insmed, strategic shifts in major corporations like GM and Disney, and innovative advancements in AI-driven drug discovery. The panel offers nuanced perspectives, backed by expert insights and notable quotes, making it a valuable resource for investors seeking to navigate the complexities of today's markets.

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For more detailed analysis and real-time updates, visit Fast Money on CNBC.

Transcript

[Melissa Lee]

Are you still quoting 30 year old movies? Have you said cool beans in the past 90 days? Do you think Discover isn't widely accepted? If this sounds like you, you're stuck in the past. Discover is accepted at 99% of places that take credit cards nationwide and every time you make a purchase with your card, you automatically earn cash back. Welcome to the now it pays to Discover. Learn [e-mail] credit card based on the February 2024 Nelson Report.

[Ryan Reynolds]

Ryan Reynolds here from Mint Mobile. I don't know if you knew this but anyone can get the same Premium.

[Courtney Garcia]

Wireless for $15 a month plan that I've been enjoying.

[Karen Fireman]

It's not just for celebrities.

[Courtney Garcia]

So do like I did and have.

[Ryan Reynolds]

One of your assistant's assistants switch you.

[Courtney Garcia]

To Mint Mobile today. I'm told it's super easy to do.

[Ryan Reynolds]

@Mintmobile.Com Switch upfront payment of $45 for.

[Dan Nathan]

3 month plan equivalent to $15 per month Required intro rate first 3 months only then full price plan options available, taxes and fees, extra fee, full [e-mail].

[Ryan Reynolds]

Live from the NASDAQ markets in the heart of New York City's Times Square. This is fast money. Here's what's on tap tonight, a semi surge. The chip stocks have rallied more than 50% from their April lows. But can the group power the market back to new records? We'll debate that in healthy gains. The biopharma stock surging to 25 year highs on the back of its hypertension drug trials. We'll talk to the CEO to find out what is next for this company. Plus oil stocks get energized and lead the markets higher. The CEO of a company trying to blaze a trail in a drug development and I'm n crispy taste test by Wall street hasn't been impressed by McDonald's latest offering. What it will mean for the stock. I'm Melissa Lee, come to you live from Studio B at the nasdaq. On the desk tonight, Courtney Garcia, Karen Fireman, Dan Nathan and Guy Adami. We start off with stocks inching back toward records. The S&P 500 less than 2% off all time highs as investors hope for a positive outcome in the trade talks between the US And China. And it's been the chip trade leading us back to these levels. The SMH semiconductor ETF at its highest level since February. Names like Broadcom on Semi and Video Micron amd some of the top performers this quarter. Crypto has also been on a tear. Bitcoin flirts with its recent all time Highs, it's Now held above $100,000 for 30 days in a row. That's its longest stretch ever. Robinhood, Coinbase, Riot platforms and strategy all seeing huge gains in Q2. And stablecoin stock circle Internet soaring nearly 250% since its Thursday debut. So will these be the trades that make the take the markets to new highs? Guy?

[Guy Adami]

Yes, Mel. Well it better be because that's the biggest weighting. Right. And it feels like to me now we're in June, it's going to be before, you know, it's second half of the year, people starting to chase now people are behind the eight ball are saying hmm, years going to get late really quick, we better start playing a little catch up. But I think that's what you're seeing in terms of the smh. It's make or break time and I know it sounds crazy, but it's had a huge run off those lows in April. 283 I think was the all time high this time last year. We're within striking distance of that. I mean you could potentially have one of these epic double tops but has to get there first.

[Ryan Reynolds]

Wasn't make or break earnings season and didn't we get through that just fine? Yeah, I mean.

[Tim Seymour]

Right. Well they ran into it a lot. Right. So the bar was high and they actually did a pretty decent job of meeting the bar. I think sort of what's going on now. You know we always talk about the market absolutely hates uncertainty. It rather would have bad news that it can digest. I feel like this is the flip side of that. The market is just on hope. Hope that we get a deal, if we get a deal with China, maybe that's very good for chips. And the hope might be better than whatever the actual reality is that sort of see and you have the Vix now sub 17. I mean it's really not that long ago that we were in a very, very different kind of tape. So this seems a little too hopeful for Q1 earnings.

[Melissa Lee]

I think the bar was really low. Right. So think about this. We had the banks come in about, you know, I think it was April 11th, 12th or something like that and they got off to a great start. But if you think about like where we just were with market and the volatility, I think a lot of folks didn't think that was going to be it right from April 7, April 9, that period where we kind of bottom. So you know, as we got further into earnings season, I think the big debate was what is mega cap tech Going to do? What are some of these semis going to do? And so when you go and look at what the stocks did off the lows in April 7, it doubled the performance of the S&P 500. Right. But it's still down about 12% or so. And we are a whisker or whisper either. We just had this debate people.

[Ryan Reynolds]

So that's why five minutes.

[Melissa Lee]

I know we did but I'm going to say whisker. I'm in the whisker camp. Okay. And you know, so let's just see Taiwan semi out this morning with base sales up better than expected. You know some of the analysts I was reading they're like oh we can't figure out why they're double ordering in front of this stuff like given all the uncertainty or whatever. But the other fact is and this did come out of earnings season is that Capex was intact. Right. Like a lot of folks who thought given the uncertainty maybe you'd see a pullback, that sort of thing. We didn't. And so you know like I get it and as a silver lining guy on the desk I get what guy is saying because look at today, GM, Ford, Toll, Lennar, FedEx UPS, Schlumberger and Exxon, take your pick or whatever. So I was taking two from these groups that have really been laggards if you will and they had a day. They're still not anywhere near their prior highs but I think it's worth noting that that could suggest a little bit of a broadening out as we get within a whisker of those prior highs.

[Ryan Reynolds]

Yeah.

[Dan Nathan]

And you're clearly seeing like to your point the Capex has continued to be strong. The demand is not going anywhere. We've seen that with Nvidia earnings. You saw that with Taiwan semi and I think to the biggest optimism right now is what's going on with these talks with the US and China. And if you do start to see any sort of easing of those export controls, that's what people are hopeful on right now. So you know have they had a big run up? Yes. But as if you're starting to see some of those things starting to ease, investors are going to continue to get in here. I do think you're going to see some of that catch up trade. The guys guys point.

[Ryan Reynolds]

Yeah, I mean obviously the way Tim talks. Tim talks about semis as a leading indicator very often. And so does this indicate that the economy is actually on better footing than we all?

[Guy Adami]

I don't know.

[Ryan Reynolds]

But the point about it spreading in Terms of the market participation. That's also a good sign.

[Guy Adami]

Yeah, I think it's a good sign for the market. I don't know if it's a tell on the economy. Maybe it is. Maybe I just look at the world a little bit differently. I think the economy is a little bit of a different story right now. But the semi trade clearly is back in play. And if you want to play the game. What game do you like to play? The. Would you rather.

[Ryan Reynolds]

So many. There's so many good ones.

[Guy Adami]

Can I play a. Would you rather.

[Ryan Reynolds]

Why not?

[Guy Adami]

Here's one for you. This is not what we've done before. Qualcomm or Nvidia guy at these levels. You know what, Mel, I'm glad you asked that. I mean this sort of site mired here at this 143 level. You know what I feel about in terms of price of sales. Qualcomm I think is about to break out through a one year downtrend that we've been in since this time last year. Valuation is obviously pretty compelling, it always is. And I think if you want to play the game, Qualcomm is the place to be.

[Ryan Reynolds]

So they implicitly are saying that you want to be off the AI trade.

[Guy Adami]

I think in terms of Nvidia and some of the tangential names, I think they've gotten a little ahead of themselves. Again, Qualcomm obviously not as much. I think that's interesting to place.

[Melissa Lee]

Yeah, copilot PCs that was meant to be a catalyst for Qualcomm, but it just seems like consumer electronics outside of anything that goes into a data center is not particularly hot right now. And just to take a shot at Tim, because he's not here, it's really easy to do. You can make the argument that, you know, semis aren't that cyclical anymore. If you think about the secular shift that that's going on and you think about how specific investors have been within the semi space and that's to your point, like if you're intel, if you're amd, if you're Marvell, if the list goes on and on nxpi, you've been left out, you know what I mean? So the one thing I want to go back to the broader market is okay, so we're back towards the S and P, the prior highs. The dollar is still stuck here.

[Ryan Reynolds]

Right.

[Melissa Lee]

And that was a trade in April that really freaked people out. The 10 year yield is still around four and a half. That's something that really freaked people out. So if the currency market and the rates market is that much bigger than the equity market, you know, you could say, well, the stock market is a discounting mechanism. And I'd say I want to focus more on yields in the dollar because they can't get out of their way. If we don't have a deal, then do we go right back to the same stuff? And so I'm not like, I don't know how you can get bullish here. And I will say this, quite honestly, I said this. I couldn't think of a scenario two months ago where we'd be back up here. Okay. And I still can't see a reason why we'd make a meaningful push higher. Because if we have a trade deal, we're right back to April 1st. Right. And we still can I argue with Dan. Yeah, of course. But I mean, like, why is that. Why is that so difficult to understand? Not you, just the people out there. Like, why is that so difficult to understand? If we take a step back, back towards April 1st, we're still in the same spot and there's actually been a lot of damage done.

[Tim Seymour]

I agree with that. I do think there is damage done. Someone, a guest here, called it scar tissue, which I thought was a very good analogy because it doesn't heal all the way the same. But if I had to come up with a very bullish scenario, the two things that I would point to, three actually. So if we get a big beautiful bill of some sort, which I think we will, that will have, I think, a positive effect. I think that you're going to see productivity gains. And I think, I think you could also end up seeing a bond market that hangs in better than we thought. So there's a couple of things going on. And then you add in deregulation, which I think is really. They haven't really started that in a way that's been. Had a significant impact on the market. So those things I think could be very bullish effects on the economy.

[Ryan Reynolds]

The productivity, though, is separate. I mean, that, that you're saying we would have seen regardless of the political backdrop.

[Tim Seymour]

We don't need the bill to be productive or not.

[Dan Nathan]

Yeah, yeah. That's all part of AI.

[Ryan Reynolds]

Right.

[Dan Nathan]

But I do think that is the. That's the story that everybody after November got excited about was less regulation and less taxes. We got completely away from that as you got to these tariffs. But at some point in time we are going to move past that. Which would you see what's happening with the markets and all of the hard Data on the economy has continued to be strong. The economy is not falling off a cliff like a lot of people were calling for two months ago. I think that's the bigger story is if we can start to see some of these sentiment levels come back up. People are becoming more optimistic, which I do think you're starting to see a little bit of that. Like the economy is holding up strong here. If the consumer continues to hold up, that's what's going to keep the economy.

[Guy Adami]

Look at the lower third there. Dan, do you read it?

[Karen Fireman]

Can you see that?

[Melissa Lee]

They're just getting all up in my grill.

[Ryan Reynolds]

And they flip flopped it.

[Melissa Lee]

That's really the dumbest saying in the market. Scott, why is a whisker a whisper?

[Ryan Reynolds]

Like, I mean are you against cats?

[Melissa Lee]

I have two cats, which is exactly. I have Tom and Tigger.

[Ryan Reynolds]

Anyway, I do.

[Melissa Lee]

They're two orange cats.

[Ryan Reynolds]

Let's get more on this run in chips and bring in Patrick Moorhead of Moorhead Insights and Strategy. Patrick, thanks for joining us.

[Patrick Moorhead]

Great to be here. Thank you.

[Ryan Reynolds]

What do you make of the chip run?

[Patrick Moorhead]

I, A lot of people say it's, it's too hot. But I just think it's just beginning here. I mean the only place that we've seen heat is in hyperscaler data centers. We haven't even touched the enterprise data center, the enterprise edge. And we've seen no impact at the device level, not even including robotics. So I think we're at the beginning of a, of a massive five year run here and this is just the beginning.

[Tim Seymour]

It's Karen, thanks for being on. So we talked a little bit a week or two ago about Enterprise is really not even on the sort of the landscape where people don't focus on could potentially be bigger than hyperscalers possibly or a very significant chunk. How big do you think that could be?

[Patrick Moorhead]

It's a trillion dollar opportunity. And what's happening is enterprises are a little slower getting adoption because they have technical debt that they have to figure out. They need to get their data planes figured out. They need to figure out how to run AI inside of their data centers. We believe that this will start to hit big in 2H26. I don't think we need to get ahead of ourselves here. But you're going to, you're going to see companies like hp, companies like hp, PC companies and even those who operate on the edge, let's say, who are building out new types of manufacturing facilities, new types of distribution facilities. Although I don't agree with everything Nvidia says or they bring out. I do believe that the enterprise and the Enterprise edge are the, are the next waves that that will hit. I don't think we're going to see this massive slowdown in hyperscalers either. This is the biggest opportunity since the Internet, which I was part of working for a tech company. We saw the bust but I don't think it's going to happen here because of the pilots and the new applications that are, that are scaling currently.

[Guy Adami]

Patrick, intel had a day today. Is there a scenario where they have a meaningful move in the stock price over the next six to nine months?

[Patrick Moorhead]

Short answer is yes. They're trading below book value. You could literally sell everything they have, pay everybody off and it's undervalued. If they get one anchor tenant announced for their foundry that would absolutely send intel skyrocketing. I do think that there is something to the trade negotiations with China related somehow to the Nvidia Pop that we saw today. I haven't able to specifically identify but when you, you sit back and think about what does the administration truly want? They need a strong intel and I do believe that the administration will make moves that will put them in the driver's seat. And whether that's a China investment in intel, potentially making Huawei chips at Intel, I know it's hard to imagine that but that would be able to cool off the tensions as we, as we move forward. What intel has to show first though is that it can at scale run chips through its own what's called 18A process and improve their gross margin which gives them then a larger chance of getting the big deals, getting the Qualcomms, getting the apples and getting the Nvidia's to run through their factories.

[Ryan Reynolds]

Patrick, fascinating stuff. Thank you so much. Patrick Moorhead more at Insights is an interesting notion to think of a Chinese investment in intel when the Trump administration didn't want to take Japanese money for U.S. steel. But putting that aside, take a look at this chart that the chartmaster has put together. Basically he's saying sell semis.

[Guy Adami]

That would be the great Carter Braxton Worth.

[Ryan Reynolds]

Carter Braxtonworth of Worth Charting says to sell this run, what do you think.

[Guy Adami]

The crack staff put.

[Ryan Reynolds]

There it is.

[Guy Adami]

Put that chart up and you can see. I mean this is a downtrend that's been in place we talked about. I mean it makes sense. Listen, I don't think he's saying the trade is over by any stretch but his work suggests we can stall here and do a back and fill and I think To a certain extent, that's what Dan and I are saying as well.

[Ryan Reynolds]

All right. Meantime, CNBC confirming reports that Google is offering buyouts to U.S. employees in its search and ads unit. This comes as a tech giant search business faces increasing threats from AI. Google also offered buyouts to platform and devices team earlier this year. So this is could be a major overhaul here that we're looking at. Dan?

[Melissa Lee]

Yeah, I mean if you think about it like as a mosaic over the last year and you think about what they've been able to roll out and kind of the reviews of some of their models and Gemini in particular as like a consumer facing sort of thing, it just hasn't been great. Right. And OpenAI, you know, just keep shipping great product and they keep kind of pushing forward and part of their mission is to really kind of come at Google search, right, and think about that. And so you put all this stuff together, this article in the Journal we were talking about, it's really hard to see how they're going to maintain this share that they have right now. They almost have to cannibalize themselves, which is what they're doing with these overlays right now. But the problem is as you trust these answers more, these contextual answers, the, the less likely you are to click through to the citation and the less likely Google is to get paid. So you know, it's by belief when Open Air Perplexity, they come out with these browsers the next few weeks or months or something like that, it's going to be a real test to Google and I would suspect that this rally that we've had right now, despite valuation, it's going to probably give up the ghost a little bit here.

[Dan Nathan]

And that's I think been the biggest concern with Google is how much they're spending on AI. And if it is in fact going to start to cannibalize their search business, it's not going to justify that kind of valuation or the amount that they're spending there. So I think that's it's going to continue to be a story that people are watching. At a certain point they're going to have to prove it.

[Ryan Reynolds]

But how can they, how can they compete against an Open Air or a Perplexity browser if they don't spend money on their own Gemini product to make it competitive? Otherwise you're just saying we're going to stick with the old stuff until it's completely obsolete.

[Tim Seymour]

Well, one of the things I found a little bit frustrating about Alphabet is the year of efficiency that Meta did So well, we never saw a year of efficiency at Google. Right. We did remember it was a big change when Ruth Pooret came in. Right. And then she had a much clearer accounting. We knew what different businesses were. But I think of like I hear that article and I think of the search being under threat is real. The other thing is I think they can be more efficient. Right. And they haven't even really, I think, you know, 188,000 people work there. So I feel like there's room there for more efficiency.

[Guy Adami]

Then an operand talked about this more than a year ago. I mean Apple, Google, they had opportunities to buy a lot of the companies that we're going to be talking a lot more about over the next six to nine months and they pass for whatever reason, maybe thinking they could do it themselves. And now you're seeing sort of the other side. And I go back to the comments Ben Wright, he's made. Was it three months or so ago when, when he threw Google? I mean he used Eastman Kodak as sort of to be somehow analogous to what potentially Google could be facing. Which is, I'm not saying he's right and I don't think he knows that that's going to happen by definition, but that's pretty interesting choice of words.

[Tim Seymour]

I just want to push back for a second. I don't know that any of them felt like they could buy anything. We're in a different world of M and A. Like if you look at that Meta deal today, which is 49% of 49% and yet they seem to be kind of consuming the whole thing. Thing in a way. Right, right. So I just don't. So they don't. A lot of them have done AWB and Google and Meta. They've all taken stakes in a lot of different things. I don't know, they could outright have bought anything, especially Alphabet.

[Ryan Reynolds]

Especially, yes. Coming up, a boom in biotech as Insmet shares surge after its latest trial data. The CEO will join us next to lay out the results and will give us details on the company's next move. Plus, a number of fast movers making headlines today like Casey's JP Morgan and solar stocks were catching the traders attention. Don't go anywhere. Fast money's back in two.

[Melissa Lee]

This is Fast Money with Melissa Lee right here on cnbc.

[Courtney Garcia]

If your small business has a problem.

[Ryan Reynolds]

You could say, just my luck. But you should say like a good neighbor, State Farm is there and we'll help get you back in business. Like a good neighbor, State Farm is there.

[Melissa Lee]

Are you still quoting 30 year old movies. Have you said cool beans in the past 90 days? Do you think Discover isn't widely accepted? If this sounds like you, you're stuck in the past. Discover is accepted at 99% of places that take credit cards nationwide and every time you make a purchase with your card, you automatically earn cash back. Welcome to the now it pays to Discover. Learn [e-mail] credit card based on the February 2024 Nelson Report.

[Ryan Reynolds]

Ryan Reynolds here from Mint Mobile. I don't know if you knew this, but anyone can get the same Premium.

[Courtney Garcia]

Wireless for $15 a month plan that I've been enjoying.

[Karen Fireman]

It's not just for celebrities.

[Courtney Garcia]

So do like I did and have.

[Ryan Reynolds]

One of your assistant's assistants switch you.

[Courtney Garcia]

To Mint Mobile today. I'm told it's super easy to [e-mail].

[Dan Nathan]

Switch upfront payment of $45 for 3 month plan equivalent to $15 per month Required intro rate first 3 months only, then full price plan options available, taxes and fees, extra fee, full [e-mail] welcome.

[Ryan Reynolds]

Back to Fast Money Shares A biopharmaceutical company, Insmed, surging almost 29% on positive phase 2b trials of its treatment for pulmonary arterial hypertension. That's high blood pressure caused by narrowing and thickening of the blood vessels in the lungs. Insmed getting several upgrades on the news today, including from Jefferies and Learink. Shares closing at their highest level since November 2000. Joining us now for a CNBC exclusive live interview, Will Lewis, chair and CEO of insmed. We're Will welcome back to Fast Money. Congratulations on this data.

[Courtney Garcia]

Thanks so much.

[Ryan Reynolds]

The analyst community are overwhelmed by it. It could be the best in class. As truist leering says it easily exceeded the best case scenario here. What is the next step in terms of getting this to market?

[Courtney Garcia]

Well, today is clearly a great day for patients with this disease. This is a fatal condition. And the data we put out today is really to the best of our knowledge, looking at the primary endpoint, the best data that's ever been put out in any clinical controlled trial ever across any medicine for this disease. So our next step is to take that data to the FDA and have a conversation about what the development path looks like from here.

[Ryan Reynolds]

Okay. Can you talk to us about your pipeline because this is not the only drug that you have in trials. And so what does your pipeline look like in terms of drugs to market Drugs in Phase 3 by the end of pick your time point, the end of the year, five years.

[Courtney Garcia]

Sure. So right now we call ourselves three for three. So our first three major late stage compounds have all now either been approved or have passed serious significant clinical milestones. It was about a year ago today that we had our phase three data from the Aspen trial which looked at the treatment of our second compound in bronchiectasis. That one has now a PDUFA date of August 12th. So presumably that goes forward as expected, that will be approved and we'll launch that drug this coming next quarter. So that's one of three. But all three are either first or best in class medicines, so they're going to have a big impact on these patient populations.

[Guy Adami]

So I mean, we talked last year and I know we had some glowing things to say and it's come to fruition. Probably not in the same way we thought, but here we are. This feels like the start of something, not the end of something in terms of the stock, but also in terms of the company.

[Courtney Garcia]

For sure, absolutely. I mean, I think we are at the strongest point in this company's history. I've been here for 13 years. When I started, the company had 25 employees. Today we number about 1,500 with offices and operations in the US, Europe and Japan. But these first three medicines, each one of them represents a potential blockbuster in their respective disease states. And as I mentioned before, our first one ERA case that's approved, first ever approved for that disease. The second one, DPP1 for bronchiectasis, that will be the first ever approved for bronchiectasis, a condition that numbers almost 550,000 in the US today. And this third one today, TPIP goes after what is a very well established and competitive market, but it comes with best in disease data.

[Ryan Reynolds]

Yeah, we saw some of your competitors down sharply today on the back of your results, United Therapeutics and Liquidia, for instance, in terms of, you know, just last week we were talking to Jared Hulse of Mizuho and he named INSMET as the number one takeout target in biotech at this point, how do you think about remaining independent versus exploring a sale, particularly as a backdrop for biotech in general, has been fairly negative. Investors just have not loved the space, let's put it that way, for the past five or 10 years.

[Courtney Garcia]

Yeah, it's been a very challenging time for the biotech industry and that's what makes our ability to perform in this environment all the more remarkable in my mind. And kudos to the whole team at insmed for making that possible. I will say that as you mentioned a moment ago. I think this is just the beginning. Each one of these medicines we're talking about has the ability to impact diseases beyond the ones we've already spoken of. So there is additional data, additional events that are going to happen between now and even just 12 months from now. Roughly six to 10 different clinical or regulatory or commercial milestones that the company is expected to pass, which should continue to improve our opportunity to develop medicines to help patients and consequently drive value for our shareholders.

[Ryan Reynolds]

All of that sounds very expensive. We were just talking about your balance sheet. Before you pay down a lot of debt, are you going to raise more money? Is that your way of saying that we will stay independent?

[Courtney Garcia]

So our focus is clearly to build value for our shareholders through the provision of medicines that are going to have an impact on patients. We don't really lift our head up from that mission. And it's always been my experience, in my background, I was an investment banker in the dark past. And what you learn is that companies are not bought or not sold. They're bought. And so when someone decides to do that, they're going to take us off our path, so be it. But in the meantime, we're going to have our head down. We're going to continue to drive shareholder value. I have never been more excited about where we sit today relative to the future, because each one of these markets, we're going to go from where we are today in terms of addressing patients, increasing that number from about 30,000 globally today to over 2 million by 2030, assuming all these approvals come forward. So, as you said a moment ago, this is just the beginning for Intimate.

[Ryan Reynolds]

And you don't need a partner to bring any of these drugs.

[Courtney Garcia]

That is correct.

[Ryan Reynolds]

Commercialization.

[Courtney Garcia]

We have built commercial infrastructure ourselves. Our first medicine, which we launched, was a top 10 launch. I think the street thought we were going to do somewhere in the neighborhood of 40 to 60 million, and we ended up doing a little over 130. So the team is excellent. It's ready for what we have before us, and we're really excited to go out there and bring these medicines to patients and make a difference in their lives.

[Ryan Reynolds]

Diplomatic answer, Will. It wasn't a no, but it wasn't a yes, either. Thank you for joining us. Great to be here.

[Courtney Garcia]

My great pleasure.

[Ryan Reynolds]

All right.

[Guy Adami]

In smed CEO, well, again, we had him last year. We liked this. When stock moves like this, to be like, there's no way guy's going to say, you got to jump. I will tell you, I mean, this is a name you want to you don't want to run too far away from this. You get a pullback on the back of today, maybe. But this is a company, I think it's a 16 billion market cap company now that's probably going to double that over the next year. And you know, you can come back and fact check me this time next year, but I'm pretty convinced that's what's going to happen.

[Ryan Reynolds]

All right. There's a lot more fast money to come. Here's what's coming up next.

[Melissa Lee]

Retail, banks and solar stocks, the names making big moves in today's session and whether these stocks can juice your portfolio. Plus, another Big Mac Bummer for McDonald's as the fast food chain gets another downgrade. We're putting their latest menu additions to the test. What our traders think of the chicken changes ahead. You're watching Fast MONEY live from the NASDAQ market site in Times Square. We're back right after this.

[Courtney Garcia]

This episode is brought to you by.

[Melissa Lee]

Schwab Market Update, an original podcast from Charles Schwab. Join host Keith Lansford for this information packed daily market Preview delivered in 10 minutes or less, including projected stock updates, monetary policy decisions and key results and statistics that may impact your trading. Download the latest episode and [e-mail] market update podcast or find Schwab Market Update wherever you get your podcasts. Are you still quoting 30 year old movies? Have you said cool beans in the past 90 days? Do you think Discover isn't widely accepted? If this sounds like you, you're stuck in the past. Discover is accepted at 99% of places that take credit cards nationwide. And every time you make a purchase with your card, you automatically earn cash back. Welcome to the now it pays to Discover. Learn more at discover.com/credit card based on the February 2024 Nelson Report.

[Ryan Reynolds]

Welcome back to Fast Money. Stocks climbing as US China trade talks continued in London. The Dow jumping more than 100 points, the S and P climbing more than half a percent. And the NASDAQ leading the gains up more than 6.10of a percent. Shares of Casey's General surging more than 11%, hitting a new all time high after beating earnings and revenue expectations this morning. Morning. The convenience store chain also raising its dividend by 14%. Jim Cramer will have much more in the quarter when he speaks to the CEO at the top of the hour on Mad Money. Wells Fargo upping its price target on JPM JP Morgan from 300 to 320, citing the bank's unique deposit growth strategy. JP Morgan stock up nearly 12% this year. Solar stocks climbing today, gaining on the back of Synova's bankruptcy filing a week after solar finance platform Mosaic did the same. Some analysts believing the other players could take some market share from their troubled peers. In energy, the best performing sector in the S&P 500 today on pace to lock in its second week of gains in a row. The sector still down year to date though, Courtney, it seems like it came alive. What do you think?

[Dan Nathan]

Really did. And I think people are starting to get on board with the fact that this recession that people were calling for a couple of months ago is starting to look less and less likely, which is going to be positive for the energy field. But also people are turning back towards AI and we've talked a lot about this but you know, a lot of these companies which have all these enormous capex, we're questioning when are they actually going to start to monetize this energy is really the way you want to play this where there is not enough energy to go around. This going to kind of be all hands on deck. Whether you're looking at oil, looking at the nuclear plants. I mean all of these you're going to see as a huge beneficiary. This is a long term trend that's not going away in the near, the near future.

[Tim Seymour]

Also, I think, I mean this stock, this industry has been so bad the oh in my carb trade as one of the letters is down. I don't know how much down off last year as well. And so even though, you know, we talk about the Sandy, our producer, we have lower rig counts and a lot of reason to be bearish on oilfield services. I think it's just stopped going down on bad news. The valuations are very inexpensive and hopefully this was the bottom. It's been a nice turn but it's been a very, very long bad road to get here.

[Ryan Reynolds]

Oi is the E in cars. I just want to clarify, you know, and clarify.

[Tim Seymour]

Clear already but okay.

[Ryan Reynolds]

Abuse every single time we mentioned it.

[Melissa Lee]

Courtney does it too by the way.

[Guy Adami]

I will say quickly. You know Courtney does other shows and I've seen her talk about energy on some of the shows that I will not name. So she's been on this, the Voldemort show. I will also say. Right. I also say that these stocks just value if you're looking for a place to be valuation wise. Exxon is just too cheap. Chevron conical. They're just too cheap at these levels.

[Ryan Reynolds]

Coming up, a Mickey D's meltdown. Cheers. Getting hit again as the Wall street downgrades pile up, how they are trying to bring in more customers and whether the chicken changes are enough to turn things around. Fast Money's back into Missed a moment of fast.

[Melissa Lee]

Catch us anytime on the go Follow the Fast Money podcast Breakfast.

[Courtney Garcia]

We're back right after this.

[Ryan Reynolds]

Welcome back to fast money. McDonald's down for a seventh straight day to market's longest losing streak in nearly 12 years. Today's move coming after the stock got a double downgrade at Redburn Atlantic, which cut its rating from a buy to a sell. It was the stock's third downgrade in as many days. CNBC's Kate Rogers joins us now to talk about the burger chains mustard situation. Kate, welcome back. First of all, hi Melissa. Great to see you. Thank you. So as you said, Redburn hitting McDonald's with that double downgrade this morning to sell from buy on concerns over GLP ones leading to declining foot traffic coupled with worries about the economy. It also lowered its price target to $2 to $260 from 319. Now McDonald's often performs well, remember during economic slowdowns, but clearly Wall Street's challenging that narrative. The issue here is value and consumer perception around costs as restaurant inflation has outpaced groceries on the GLP1 front. The note refers to behavioral science. So if one person in a home is on one of those weight loss drugs that reshapes dining habits for an entire family. As you said, noting here, this is the third downgrade McDonald's has seen in the last two days. The note also says foot traffic declines are expected at lunch and dinner and will impact not only McDonald's but other chains including Domino's and Yum Brands KFC. See these downgrades coming off of a rough quarter for McDonald's biggest same store sales drop in the US since 2020 as low income consumers pull back not only at McDonald's but industry wide. There are, though, Melissa, some catalysts in the near future, most importantly the return of the snack wrap in July and the $5 value meal we talked a lot about last year remaining on the menu for the rest of the year. Back over to you. We have our calendars marked for that July 10th launch. Kate. Thank you, Kate. Kate Rogers, well, McDonald's is re releasing that snack wrap July 10th, put it on your calendar. But we wanted to taste test the McCrispy strips because that is the foundation of the snack wrap. The snack wrap is a wrap with a strip inside.

[Guy Adami]

But do I need to hold like a bottle up for scale like they did in Jaws. So you can sort of see.

[Ryan Reynolds]

I think that's a good idea. We got the strips because Luke Capital had a downgrade of McDonald's and it's specifically cited the quality of the strip. That franchisees were concerned about the appearance of the strip. That there was less breading in the strip, that the strip was somehow smaller. Smaller than. Can't fake it expected. There it is. Not bad. So we decided to get some anyway. What do you make of it?

[Guy Adami]

A couple things. When you do these taste tests, the food comes. By the time it's here on set, it's cold. So that's not fair.

[Ryan Reynolds]

It's not fair to McDonald's. Not fair. It's. It seems to have sufficient breading. And the size of course it pretty decent.

[Guy Adami]

I mean in this case maybe size doesn't matter Mel, who knows. But I'll say this in terms of.

[Ryan Reynolds]

The stock you made yourself.

[Guy Adami]

I mean I did make myself laugh. You know McDonald's has had a few selves over the years. Some of them self inflicted wounds, some not. The CFO a year or so ago talked about how the customer was trading down but they seem impervious to just about anything. So if it gets to 260, which I don't think it will, you buy it with both hands. Ants.

[Ryan Reynolds]

Lower income consumers having trouble going to McDonald's in this sort of macro backdrop that's not a good thing because if they're losing that customer base, we're seeing price fatigue.

[Dan Nathan]

They have been increasing prices. So you're already seeing a strained consumer, especially on the lower income which is more of the McDonald's consumer. And so yes it is going to start to see them pull away. And I think the question is when you up the valuation, it is more expensive than most of its competitors, is about in line with its longer term average. But I think the question is if you are going to see some constraints on the lower income consumer. A lot of these downgrades had to do with the GLP1 trend which I know we've all been kind of arguing like is that really going to affect or not? I don't know. But I think when you add all these things together plus the valuation, I think that's the real is the valuation.

[Ryan Reynolds]

As like 26, 25, 25 4. So it's like Apple, it's practically like Apple.

[Tim Seymour]

Very different model stock was trading like.

[Melissa Lee]

A staple, you know like over the last. They just pull that, that chart up. It was really going sideways like towards the all time highs and was acting well, until these downgrades. So something's going on there. It's amazing to have Kate Rogers back. I miss Kate.

[Ryan Reynolds]

Yeah, well, now she's back, which is great.

[Guy Adami]

You not cold? I mean, it's fine.

[Ryan Reynolds]

All right.

[Guy Adami]

I mean, it's late in the show, so I'll be okay. If this was in the show, we'd have a problem.

[Ryan Reynolds]

All right, we got breaking news on GM's Too Much Information. Philippe's got the details. Phil.

[Courtney Garcia]

Hey, Melissa. Take a look at shares of General Motors, the company announcing that it plans to to make a move when it comes to production that is specifically related to the tariffs that President Trump has put on vehicles being imported that are being produced in Mexico and Canada. As a result of those tariffs being in place and looking to build more vehicles in this country, General Motors has announced that it is going to be converting. One plant in Orion, Michigan that was going to be building electric vehicles is being retooled for that. They're going to switch it will be retooled to do gas powered engine vehicle production of SUVs and pickup trucks. That's one part of the news. The other part, two vehicles, internal combustion engine versions of the Chevy Equinox and the Chevy Blazer that are currently built in Mexico, those are going to be built one at a plant in Fairfax, Kansas, another at a plant in Spring Hill, Tennessee. Essentially, General Motors is using the excess capacity that it has in the United States to increase production of these vehicles. We don't know exactly how many, maybe 200, 250,000 vehicles annually once this is all said and done in 2027. But again, it's a $4 billion commitment that General Motors is going to be making, converting the plant in Michigan, adding production of those two vehicles, moving them from Mexico up to the United States. And this is clearly General Motors saying, okay, this is the environment we're in now. We're leaving sales on the table. If we're just going to try to keep importing from Mexico instead, we're going to be moving some production here to the US and this will take place over the next couple of years. Melissa.

[Ryan Reynolds]

But the environment might be different in four years. I mean, that's sort of, that's a difficult thing for these companies, right?

[Courtney Garcia]

Well, Melissa, here's the noteworthy part of this. What General Motors is not doing, it is not building a new plant. It is not shutting down a plant overseas. It's essentially saying, what can we do here with excess capacity to increase production here?

[Ryan Reynolds]

Which makes sense. Phil, thank you. Phil LeBeau you bet. Coming up, a drug discovery. Disruptor, the CEO of Formation Bio, will join us with more on how the startup is using AI to develop pharmaceuticals more efficiently. That right after this. Welcome back to Fast Money. Biotech companies facing a tough environment of federal funding cuts, fewer IPOs and a sharp pullback in seed funding, all weighing on the industry. But a drug discovery could make the path from pipeline to market much more efficient. Formation Bio is among the startups making huge strides in the space space. This year they made their debut on CNBC Disruptor 50 list at number 37. Here with more is Julia Boorstin. Julia. Hey, Melissa. Well, this year's Disruptor 50 list showcases all the ways artificial intelligence is disrupting different industries, including biotech. And Formation Bio is among the eight disruptors in the health and biotech category. Formation Bio uses AI and automation to more efficiently bring drugs to market by redesigning the steps in the process for from R and D strategy to clinical trials. Now, a key part of Formation's business model is acquiring drugs whose development has stalled and then using AI to further develop them to then resell them back to pharmaceutical partners. After publishing Results from Phase 2 or Phase 3 trials In November, Formation partnered with OpenAI and pharma giant Sanofi to use predictive modeling and clinical data to streamline the selection of drug candidates and use generative AI to map out and generate new proteins. Last year, Sanofi participated in a $372 million Series D funding round into Formation Bio along with Andreessen Horowitz, Sequoia Thrive and others. And this at a $1.7 billion valuation. Melissa. Julia, thank you. Julia Boorstin. Let's bring in Formation Bio CEO Ben Liu. Ben, great to have you with us. We were talking a little bit about the business model of your company. It's really fascinating. How do you use AI to streamline that process? Can you sort of give us a this is the way it's done in the old fashioned way. This is the way it's done at Formation Bio.

[Karen Fireman]

Definitely. Thanks so much for having me. You know, Formation Bio, as you mentioned, is an AI native pharma company. And our kind of thesis is that as drug discovery gets more and more efficient, especially with AI, our industry can't develop everything it discovers. And so as a company, we built all the technology, people, processes and AI systems to focus on clinical trials and drug development. We actually don't do any discovery, require drugs are discovered and run it through our trial engine. Short term, sell back to pharma, but medium Term co commercialize and at some point kind of go end to end. We're seeing these AI systems now do the work of entire teams. So maybe kind of give you a tangible example. You know, clinical trials cost a few hundred million dollars, but a lot of that is actually a good amount of knowledge work. So writing protocols, regulatory submissions, biostats. We launched an AI system called Muse. It used to take our teams two months to to put together a patient recruitment campaign. PhDs, clinicians, researching the disease area, segmenting the populations and putting together all the IRB approved schedule protocols, brochures, advertisements. And now it's really a minute, a few minutes with an AI system and a human loop recapitulate that entire work. You think about if you have a new obesity drug, one of the key questions is where's the white space? Now that GLP ones exist traditionally that's you know, multiple teams needing to do that kind of work and these systems are beginning to do the work of entire teams. That gives us a lot of leverage, allows us to run trials drastically faster, more efficiently.

[Ryan Reynolds]

So you acquire drugs that maybe is taking, they're taking too long to develop so the drug companies will let them go or you license molecules from elsewhere. How do you decide what is worth the investment on your part? And why wouldn't you license your technology to pharma companies and just have sort of a very asset light, very little risk model?

[Karen Fireman]

Yeah, we think this is one of the best times to be pursuing this strategy because we know that the biotech market is quite dislocated. But ironically it's one of the most productive discovery periods. So there's been a 2x increase in discovered drugs in the past 10 years. The number of approved drugs has kept cost in at around 60. Because drug development, clinical trials cost so much in some ways discover drugs aren't worth much, they're worth a lot post phase two and that's where the jump kind of happens. Right. And so you know, how do we think about drug picking? It starts with the best humans today. So we brought on Michael Dolsten who is the ex CSO President R&D at Pfizer because his phase two success picking rate was really great. We have folks who were former GP of biotech, VC funds, analysts, PhDs, and they're making the human drug picking decisions. But as they're making it, we ask them to articulate why they like a drug and don't like a drug. And we're actually training an AI model based off of the human so they want in the long run, you know, go ahead. Well, you know, we kind of think a lot about, you know, this wave of AI that's coming. And one thing that we try to look for, folks are excited about how AI will actually transform the entire function. You know, we know how expensive it is to develop a drug, 2.6 billion on average to develop a successful drug. And if we can do it at a fraction of the cost and that might mean some jobless location, we think that trade is worth it for society. Maybe in other industries it's a little bit harder.

[Ryan Reynolds]

Ben, keep us posted on everything. Thank you. Fascinating company. Ben Lu of Formation Bio. You can catch even more coverage of CNBC's Disruptor 50 list tomorrow. Kicking off at the start, CEO fintech startup Isusu on Worldwide Exchange. That's tomorrow, 5am Eastern Time right here on CNBC. Coming up, updates in the streaming wars as Disney and Comcast closing out their deal for Hulu, how much control cost Disney and what the CEO had to say about the deal. That is next for Fast Money into. Welcome back to Fast Money. Shares of Disney jumping as much as 4% today and hitting its highest level in over a year. This after the company agreed to pay Comcast nearly $439 million to take full control of Hulu streaming service, about 5 billion less than what Comcast was looking for. Disney initially paid $8.6 billion to Comcast in 2023. CEO Bob Iger weighed in on the deal this morning on Squawk on the Street. Here's what he had to say.

[Guy Adami]

This step is the first big step.

[Ryan Reynolds]

In the direction of turning this into.

[Tim Seymour]

A real growth business for the company.

[Melissa Lee]

We were prepared, if necessary, to pay more for this.

[Ryan Reynolds]

But the third party appraiser praised it.

[Melissa Lee]

At a price that was closer to.

[Tim Seymour]

Our valuation or the bank that was.

[Ryan Reynolds]

Evaluating this business for us. There's a great interview with David Faber this morning, David Faber of the Mount Rushmore of CNBC Talent. But Bob Iger also talked about the recent spate of spinoffs, Comcast spinning off versus as well as WBD spin off announced yesterday. And he said that he believes that Disney has the upper hand when it comes to all of this because it is valuable to have a streaming service attached to a linear, linear TV for the contents, which was the original thinking for all of these media conglomerates. And now it's all being dismantled.

[Guy Adami]

You're on that Rushmore too. It closes above 121. That's Disney. That was the high in March of last year. You buy strength in this name. And I will tell you, we talked about this a few few weeks ago when the stock was mired. We said it was a huge quarter for Bob Iger, for his legacy, and he's proving that he's on the other side of that curve now.

[Tim Seymour]

It is so interesting that Comcast is doing a different model, right? You know, not divested. I guess we're divested. Sort of spinning off, call it. But not with the linear tv. Right, Right. And so what, what did they see versus what Disney sees? And who's making the right choice? I don't know. I mean, the landscape's changing so quickly it's hard to know. But it was a really good interview though. I mean, he seems very optimistic and pumped about his business.

[Ryan Reynolds]

Up next, final trades, final trade time.

[Dan Nathan]

Courtney JP Morgan, there's actually an upgrade today. I think this is a stock.

[Ryan Reynolds]

Take a look at Karen.

[Tim Seymour]

Yes. Oh, it's had a great run, but if you step back at all and look where it was way before this, it's down 33%. I still like it.

[Melissa Lee]

Oh, I Dan, Lulu getting cheap here. And Avery, we love you. Thanks for watching Guy.

[Ryan Reynolds]

Yeah, I don't know.

[Guy Adami]

Avery.

[Ryan Reynolds]

Alibaba, thank you for watching Fast you back here tomorrow. Mad Money with Jim Crane Resorts Right now, All opinions expressed by the Fast Money participants are solely their opinions and do not reflect the opinions of CNBC, NBCUniversal, their parent company or affiliates, and may have been previously disseminated by them on television, radio, Internet or another medium. You should not treat any opinion expressed on this podcast as a specific inducement.

[Dan Nathan]

To make a particular investment or follow.

[Ryan Reynolds]

A particular strategy, but only as an.

[Dan Nathan]

Expression of an opinion.

[Ryan Reynolds]

Such opinions are based upon information the Fast Money participants consider reliable, but neither CNBC nor its affiliates and or subsidiaries warrant its completeness or accuracy and it should not be relied upon as such. To view the full Fast Money disclaimer, please visit cnbc.com fastmoneydisclaimer Imagine what's possible in your business career when learning doesn't get in the way of life.

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[Ryan Reynolds]

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