number tomorrow. i think the first thing i'll watch, the bond market's reaction to that number. however does it treat it relative to which way inflation and the fed are going? >> okay, mike, great to start the hour with you and end the hour with you. with all the major averages finishing today lower. the dow posting its worst day since march 2023. that's going to do it for us here at "overtime." "fast money" begins right now. live from the nasdaq market site in the heart of new york city's times square, this is "fast money." here's what's on tap tonight. a late-day market selloff. major indices all taking a sharp leg lower, as tensions between israel and iran ramp up. the headlines that sent stocks tumbling. plus, meta managing to hold onto gains after touching a new record high earlier in the session. shares of the social media giant has added more than $430 billion in market cap just this year. can it continue? we'll debate that. and later, the next big thing for glp one drugs. new study seeing hopeful signs for treating parkinson's

disease. what it could signal for the space and the stocks poised for gains. i'm melissa lee, coming to you live from studio b at the nasdaq. on the desk tonight -- tim seymour, karen finerman, dan nathan, and guy adami. we start off with that late-day selloff that took markets sharply lower. the dow ending the day down 530 points, posting its biggest one-day loss since march of last year. it had been up nearly 300 points at its highs. the nasdaq and s&p 500 dropping more than a percent. it got ugly just after 2:00 p.m. minneapolis fed president warning if inflation continues to move sideways, it, quote, makes me wonder if we should cut rates at all this year. adding to the concerns, rising tensions between israel and iran, which sent oil prices to their highest level since october. so, could these two risks in tandem put a cap on market optimism, which has been fueling us higher this year. >> well, 15 1/2 hours, 8:30 tomorrow morning, the entire thing could change on the jobs number. so, with that said, yeah, i believe so. and i think this today was sort

of a continuation of march 8th what are you talking about, the market didn't -- no, the market didn't do anything on that friday march 8th, but the intraday moves that we saw was really important. and quite frankly, in nvidia's never really recaptured the highs from that day. at $250 billion market cap swing, that day alone in one stock, to me, sort of set things in motion. the vix has been hanging around. last couple days, you've seen a move in the vix. obviously today, it moved significantly higher. and again, when you see a move of this magnitude, intraday in the s&p, you have to take notice, without question, because you don't see it all that often. >> fascinating, yields didn't move today. that was the thing earlier in the week. when we got stocks selling off a little bit, it was because that move in the ten-year yield kind of shot up. two consecutive days of ten basis points. that was trading at 4.15 or something like that so, i think all of us earlier in the week would have said, listen, if we have this continued move up to maybe 4.5 or something like

that, and that's kind of guy's point. if we have a hot march jobs data tomorrow, we probably do have yields going up and then you probably have a continuation of the selloff in stocks, but mel, i couldn't believe what you just said. we have not had a down 1.2 or whatever percent day in over a year in the s&p 500. and remember, we had 11% peak to trough selloff from late july to late october, and that didn't incorporate more than a 1.5% move? so, we've been operating in a very low vol environment, and at some point, there's going to be some, a little bit ofpain that needs to be felt, no matter how bullish you are near term. >> totally agree with dan -- >> actually? >> congratulations. >> you want to pause? >> enjoy this? >> a nice cooling off, a little bit of a correction, i think that's often good. i think what happened in bonds, though, later today, was the flight to quality somewhat. that's a bit noisy. but i think what's the frothiest

place out there is nvidia, so, it makes sense to me that that would sell off, but even so, this isn't -- it hasn't been troupsed completely, so -- i think if we do get more, there's more to go on the downside. >> big cap tech is your place to be when times are touch, i don't know. today, we saw the philly semiconductor index down, those are the sectors that led us lower here, so, it didn't come through here, at least today, especially when you have not the concerns that maybe we won't get three, maybe we'll get zero, and then you overlay with that the geopolitical tensions, which, by the way, the cia warning that iran could attack israel the next 48 hours. >> well, yeah, and the geopolitics are really tough to handicap, but we talk about that on this desk, which is the dynamic here that i think if we could just keep it contained, i think we could maybe start to make heads and tails of at least trying to handicap certain

events. but i think this was six fed officials that followed after powell yesterday that put the wheels in motion. he called out his crew, said, i need to reinforce the message. let's not recognize, the fed targets financial conditions when they want them on the upside. they want to goose the wealth effect, they do it, they've done it before, and the flip side of that is the stock market's been out of control. so, i thought the most interesting comments of the six that spoke today was probably, you know, austin goolsby who said, you know, i think these two inflation prints from january and february, not that big a deal, but said, if the housing numbers don't improve, we're never going to get to 2%. when i -- you heard mester who came in there, who has been one to be more dovish, said, i could wait a couple months. that means she would wait longer. and then, kashkari who used to be the biggest dove out there, is the biggest hawk out there.

it's fascinating -- not just us, a lot of people in the market have been these conversations. maybe zero cuts. i think it's interesting, yields can go lower before they could possibly go higher. and a couple steps ahead today. if they're not going to do anything, we get it, we've got problems with inflation, but we will have problems with growth. >> the market might take some solace in the fact that kashkari, who couldn't have been more wrong a couple years ago, maybe he's equally wrong now. i haven't been a fan, i've been on record. with all that said, defense stocks, big day today. and look at the move in crude oil on top of the move we've been seeing. so, that's making the fed's job more difficult. throw on top of that, the soft commodities we talked about, and then you have an understanding as to why it's very difficult to lower rates. and yields, to karen's point, the reason they did go down today was this perceived, or the perception of a flight to quality. >> bar is very high in terms of march. the inflation data for the month of march coming in better than january and february in that it should be lower.

and now, i don't know if we're going to see that, considering we have this sort of swing that, there's no reason for it to come down at this point. >> think about the last few years, though, some of the causes of higher inflationary sort of things, right? it has been geopolitical. we go back to early 2022, some of the stuff that's going on in the red sea. if there is some sort of situation, and again, it feels like we have not been talking about this iranian threat, you know what i mean? especially as the war on gaza kept on going and going. that sort of thing. anything that happens in reaction to that, save from the horrible human effects of that, is going to be inflationary for the globe. energy, food, that sort of thing. so, to me, when we talked about this last night, it was like, usually in these periods when we have gone from this kind of rate hiking to pausing and when they start to cut, we go back to 200, 2001, '07, '08, 2020, these are things we could not have forseen. there's plenty of hot spots out there, but this would be a different situation, because in

those prior three times, we were not dealing with inflationary pressures to the upside. and that's what's different this time. >> right. and then, of course, under all of this is, if we do get embroiled somehow in some sort of conflict, is that even more reason for the fed not to cut, because you want to save some dry powder for a time when the economy might actually need it? i don't know, it's a very complicated mosaic. >> it is. if we get mired in that, and that causes additional inflation, then, yes, why cut? >> and just to remind folks, this isn't my political view, the fact is, if the u.s. is taking a harder line stance with israel, that throws into question a lot of political kind of givens in the world, and historically, and i think that's part of the volatility around this, so -- i look at also some of the relationships, guy started to talk about the things that did well and things that didn't do well. as an energy investor, i don't love this kind of price action. energy actually xle, which was cruising going into the morning,

didn't really respond too well to this kind of news. i don't think we love price spikes in the energy space what we've liked are the dynamics around some of the fundamentals in the sector. i do look at the broader market dynamics here and say, look, today was an interesting day, and we talk about the geopolitics, i think this was all about the fed. and was today the day, because we've said this -- >> you think this movetoday was about the fed? >> i think it was all about the fed. >> we've had people coming out, bostic yesterday, gorman, a number -- >> saying no cuts -- >> we had six fed officials today who basically reiterated what powell said yesterday. >> that's what i thought was more dovish. >> well, look. what i'm going to tell you is, we've questioned why equities haven't responded to the dynamic that actually there might not be rate cuts this year when they priced in six or three or whatever, and at some point, equity markets have to respond. i think -- i mean, i'm not making light of the geopolitics, but i do think this was a broken record by the fed today. >> part of the conversation that we've had here is the answer to the question of, what would the

markets do if we said tomorrow that there would be no cuts. and we all said, not all, but many people have said that the markets would do fine, because that means that growth is actually in tact. that story remains in tact. so, what is different today? if it's the fed today, what is the difference between today and -- >> because the fed's data dependent, but they're not. they're kind of saying, we're going to wait either way. we're scared to death. we can't cut too soon. i do agree with what guy said, too. you're making a great point to remind us that we said a zero cut environment means that the economy is better. but it also means that the fed is boxed into a corner, and we actually could have slower growth and stagflation. and that's what the market did today. look what bond yields did and eck equities did. >> the bulls will say, they can cut this time, because nothing's breaking. things are moving along really nicely, and they can start to -- i don't want to say normalize rates, because i don't think that's near normal, but they can

do that, because there's nothing to stop them, right? the economy's doing well, unemployment's under control, all of those things. that's the best case. but see, that's the thing, i don't think that's what's going to happen. if they lower rates, something is breaking. and you're starting to see signs of that today. and real quick, tim makes a break point. if we have an xle chart, exxon and conoco is up against prior all-time highs. the laggard has been chevron, which made a high right around the time, if you recall, november of '22, when they announced a $75 billion stock buy-back. that marked the top, but these stocks are right there. i think they're going to go through, but i can understand why you might want to take money off the table. >> let's get more on the move. oil at the highest since october. let's get to pippa stevens with more. >> that's right. brent above $90 for the first time since october.

iran vowed retaliation following a missile strike on its consulate in damascus. when ask eder year today if the cia warned israel about an iranian plan to attack within 48 hours, national security council spokesperson john kirby said, quote, they did talk about a very public and very viable, real threat by iran to israel's security. the retaliatory actions will most likely involve the oil complex in some manner, whether it strikes against more red sea shipping lanes or directly on the strait or hormuz, which is adding fears that it will disrupt transportation of crude oil and oil products. melissa? >> any kweszs on what the impact to brent would be? >> at this point, we have to see if instra tuck sure is actually hit. i think after russia first invaded ukraine, there was a lot of fear in the market that all of a sudden supplies would be

disrupted, which is why prices were above $130. that did not end up happening, so, this time around, there is more hesitation to jump fully in, but clearly, the market right now is saying, maybe this is a little bit more of an issue for oil than previously thought. >> all right, pippa, thank you. pippa stevens. we were just talking about the spike in oil, we're better off just having a high level of oil, not a spike, but -- >> that's the point tim's making. i think it's going to wind up bullish for the energy complex, but i understand. and quickly, defense stocks, throw up a lockheed martin, for example, good day today on the back of what's been a good couple weeks. the fed stocks have been trying to tell you something, as well. >> so, you're saying if tomorrow wake up and nothing's really happened, do you think oil will retrace entirely or do you think it's going to be some level of elevated -- >> i think oil wants to go to these levels. it's been on that trajectory for awhile. it got sort of fast tracked today, but i think whether it happened today or a week from now, two weeks from now, i think that's where we're going. tim's point about, you know this

is not the environment where you want necessarily, but i understand that, but this rabbi hat. >> you don't like a spike, because it's never given the benefit of the doubt. so, energy equities have been moving higher, whatever you believe opec can and cannot do in terms of controlling supply, you believe the companies are in a good spot, and the biggest oil companies of the last three years have been paying down debt and putting themselves in a defensive position in terms of their dividends. meta eeking out a gain inspite of today's selloff. it was named a top pick for april. jeffries saying it expects meta capture 50% of incremental ad dollars in 2024. that's well above the 33% it got in 2023. so, very bullish here, we saw that, it was up as much as, i think, 4% plus during the

session, karen. >> yeah, that's sort of the headline number of the piece, but also what it says is that -- that it -- so,earnings will go up, of course, but then it has a 23 multiple, which is really not a very, you know, expensive multiple for a company like this, so that was the base case, that 585 target. and, in fact, they had a $715 bull case, the upside case, and i think $375 on the downside, but there's a lot to like there. and that didn't even include the cash. >> yeah, you know what's interesting, and this stock capped up 20% after it reported q-4 results. so, here we are, and again, i think the valuation story, i think what they've done, russianalizing costs, how they're using generative a.i., all this stuff, it's all there, it's cheap, i get it. but i just think it becomes incr incrementally that much harder to kind of surprise the way they did to the upside like they did last quarter. alphabet is kind of stuck in the mud. they haven't had that moment. they've had two consecutive disappointing quarters.

a couple disappointing launches of their generative a.i. or whatever. and so, as high as the expectations are getting for meta, they are getting very low for alphabet, and that could be interesting, as we get through a couple rocky weeks of volatility, possibly, and get into earnings, because to me, these could set up as decent pairs trades. >> alphabet, they're trying to sell, basically, an a.i. product, and meta is trying to benefit its business with a.i. >> which is working. >> which is working in terms of selling ads for reels, advantage plus, and so, that's sort of -- it's interesting to think about a.i. as a product, some companies are benefiting from that, and this is the application of a.i. to one's business, which we're going to see for a lot of the other companies outside the mag seven. >> karen talks about this a lot, when stocks or shouldn't be at certain levels. if you take away that, obviously huge drawdown in facebook, most of it, because of their own mistakes, and just looked at

this stock, you'd be like, it makes perfect sense that it's here. but we're looking at it through the context that the ridiculous run it's had from the lows. it looks like a parabolic move, but that said, 21 times next year's numbers ish, talking about 15% eps growth, 12% revenue growth or so. as karen said, that's without the cash, so, there's nothing not to like here other than the fact that it's had this tremendous move higher. >> it is interesting we can say 21, 22 times is not expensive. it's not. but that didn't matter when it was 14 times. it just tells you, i think they're in the sweet spot in terms of -- first of all this is a company that everybody knew about, what the daus, the maus, whatever you're tracking, this base of customers is so powerful. it's a cash flow machine. if they can decide just to be a company that wanted to generate free cash flow, they said, we're going to do it. and they had core businesses they were working on that are benefiting from a.i. there's nothing about the google chart that bothers me at all.

i think it's one of these names -- it's been easy to malign them, and it's understandable, but again, as they begin talking about pricing or not pricing what a.i. could mean for their core business, i think there's catalysts there. >> do you think it's not good that meta is not going to do much better from here because of the run that it's had? >> no, i think you make a really good point. the way they've built this model, it's open source. there's going to be a lot of applications that are built in and around that, but that's something that is, like, in the making here. what they're doing right now for our own ad product is the thing that's been realized. so, i don't really have a strong sense. i think it's interesting there were a few analysts out today, talking the same way they were about meta and they were all kind of downbeat a little bit on alphabet and the one thing i'll just say is, if google were to do this deal that was rumored a couple weeks ago, something with apple, you know what i mean, this could be a really interesting time at a really interesting valuation at a really interesting sentiment level for this stock right here, so, that's the way i'm thinking about it. i think meta, if you are there,

fantastic. if you are not in alphabet, there might be an opportunity, but even if it gaps down on the third consecutive miss in guidedown, it's probably not a bad do at that point, also. coming up, the battle has been won, but now what? disney's ceo weighing in after coming out on top in the nelson peltz proxy battle, and now he's setting sights on the media giant's next big hurd m. more on that next. and some stock moves catching our traders eyes. a potential tech deal, a casino call, and a food processor plunging. we've got it all, when "fast money" returns. this is "fast money" with melissa lee right here on cnbc. . looks like you can make this work. we can make this work. and the feeling of confidence that comes from our advice... i can make this work. that seems to be universal. i can make this work. i can make this work. no wonder more than 9 out of 10 clients are likely to recommend us.

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it's very, very clear that we need more engagement in terms of consumers spending time on the platform. >> but despite his loss yesterday, peltz said he is not backing away of advocating for change at the media and entertainment giant. >> i hope bob can keep his promises. i hope they can do all the things they assured us they were going to do. and we'll only watch and wait. if they do it, they won't hear from me again. if they don't -- jim, you may be seeing me on your show next year doing this same thing again. >> so, can disney succeed in its execution plans? i mean, he -- at least right now, hopes so. he's got a $3.5 billion stake at last filing. >> well -- yes. and he's going to continue both because this is what he does for a living, he's got a lot on the line on this one. but i -- any expectation that you're going to have a different

outcome today, i think, was off-base. i think this isn't a real surprise. it is interesting to hear bob iger say, you know, now we have to do -- as if, you know, suddenly, now that this is out of the way, suddenly everything becomes a lot clearer. i think he said some of these messages, these messages have been said for months now, in terms of costs and profitability dynamics, and i think that last quarter of earnings has as much to do about where the stock is than this proxy fight. >> yeah, i think so. it was a great interview. david really pushed him hard on a lot of different things. one that i thought was interesting, it's not 0 newsy, the idea they hope to be number two in streaming. he didn't really say it like that, but that was the way david framed it. it's over. netflix has won, so, they're hoping to be number two. you wouldn't think bob iger would say, we're going to turn this around -- they already -- >> but don't they have a lot of other levers? netflix is trying to get into live, they might be bidding for

sports, and if you think about the thing they're trying to fix and trying to monetize is that espn in a way, so, to me, i think that, it's kind of easy to just say, okay, we're number two, but at the end of the day, if he's successful in transforming this business and getting to some of those things, they're probably going to do something a little better and going to be in a better spot than netflix to do something horizontally, in my opinion, in the streaming front. but again, i'll say this about the stock, after that quarter that tim just mentioned, the stock gapped from 100 to 10, consolidated a little bit, it went to, above 120 or so. if it were to come back, by the time you get to earnings in early may -- they're not going to lay an egg in the next quarter. when bob iger is on that thing. >> last quarter was the one where they couldn't lay an egg. >> that, too, but he's got a little honeymoon period, a little coverage. if this thing were to come in back towards 110, it sets up as a great entry point. >> the interesting day for me will be april 18th. netflix reports on the 18th. we've talked about, as it gets

towards 32, 33 times next year's numbers, that's when it starts getting expensive. and we are pretty close to that now. the prior all-time high is $50 or so from here. so, if netflix stalls, but disney hangs in, that's a bit of a tell here. i'm one of these people, tim might agree, i think you stay long disney here into earnings in early may. there's a lot more "fast money" to come. here's what's coming up next. a potential tech deal. gambling on a casino stock. and a potato processor getting fried. how our traders are handling today's big moves and wall street calls. plus, big hopes for small caps. why our next guest sees a turnaround on the horizon, and where you can set your sights within the space. you're watching "fast money," live from the nasdaq market site in times square. we're back right after this. ice works fast. ♪♪ heat makes it last. feel the power of contrast therapy. ♪♪

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- so this is pickleball? - pickle! ah, these guys are intense. with e*trade from morgan stanley, we're ready for whatever gets served up. dude, you gotta work on your trash talk. i'd rather work on saving for retirement. or college, since you like to get schooled. that's a pretty good burn, right? welcome back to "fast money." stocks staging a late-day selloff on geopolitical tensions and rate cut concerns. the dow dropping more than 500 points. it's now on pace for its worst weekly loss since march of last year. the s&p and nasdaq falling more than 1%. meantime, shares of hub spot jumping today after reports that alphabet might make abn offer o

the online markets software company, which had a market cap of $31 billion. the potential deal would be alphabet's largest ever. and shares of lamb weston having its worst day ever after the french fry maker missed on earnings and reduced its outlook blaming weak snack demand. and analysts slapping a $131 price target on wynn resorts. 24% higher from current levels. the stock had been up nearly 4% after its highs, but closed down slightly. >> well, i just thought -- i heard lamb was down 20% -- i said, why? and someone said, potatoes. >> french fries. >> i thought it was lamb research. i was like, what? >> no, lw. >> i am not so familiar with lw. a little more now. >> frozen french fries. >> is it an ozempic thing? >> i don't know. they said less of a demand for snacking, but it's been going on for some time, so, i don't know

if this is a new thing. i'm not as well versed -- >> you pointed at me when you started talking about snacking. >> you like to snack. >> i'm not afraid to snack. sure. i'm not a french fries guy as much as, like, i'd go cheetos right now. you waved a bag of those hot ones in front of me -- >> the flaming hot? >> of course. takis. >> our friend tillman, he might be watching the show. you know this. >> of course. >> i think it was on our show that we -- this is awhile ago, his stake in wynn, you recall. >> yeah, yeah. actually going to talk about a real stock as opposed to snacking. >> i'm talk about snacking if you want. >> thank you for getting us back on track. >> i'm known to do that. look at this stock. this is the highest the stock's been since august, yes it sold off late in the day like everything else, but again, this is one, i think you want to stay with it on the long side. they report, i think, on may 5th, 4th or so. stay long for sure. >> chances alphabet can buy a company that's worth $31 billion in market cap? >> probably not great. more importantly -- >> exactly. >> more importantly, it's 13

times sales. their sales are 10% of that of googles. yeah, it's 84% gross margin business but they still lose money on a gap basis. when you have to fix this j generative a.i. thing, when you're battling microsoft and amazon, you have to get this thing right this seems like it would be a distraction. hopefully is market is helping them come to the conclusion they shouldn't make this acquisition. coming up, still hanging onto macy's. down four days in a row as store closures weigh on the stock. but one trader isn't letting go just yet. and will we see a small cap comeback? our next guest will lay out why he is seeing big things out of the group and the sectors that could lead the charge. "fast money" is back in two. missed a moment of "fast?" catch us any time on the go. follow the "fast money" podcast. we're back right after this. and more about disco vering magic.

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welcome back to "fast money." it hasn't been all bad news for small cap stocks this year. look at restaurants like shake shack gaining 35% since january. and cava up 50%. the names are among the favorites of our next guest who predicts a bigger recovery in

small caps. g greg, welcome to the show. >> thank you for having me. >> before we get to the picks, because we want to get to them, in terms of the rate environment, what do small caps need at this point? >> yeah, you saw a little bit of it in the fourth quarter when the rates declined in the 3.70s. you saw small caps respond very, very positively. i think other financial conditions have eased a bit, which is also helpful for small caps, and i do think a little bit more rate clarity will be a nice tailwind for the group. we may not get that this week, but it's something that we should get more, you know, m more -- more likely in the second quarter. >> okay. let's talk about what you like, and you like the consumer sector. you're all bulled up about the consumer. why? what do you see that is so convincing to you that the consumers will continue to spend? >> i think the consumer has chosen, you know, very, very broadly with their feet in terms of how they spend their money. you mentioned -- we like the restaurant theme a lot.

shake shack and cava are two of them. they're focused on menu and loyalty, and run by management teams that have been very, very efficient on the real estate side of things. shake shack went through its own troubles before they kind of corrected themselves, and we think the new mackment team will be helpful there. cava has learned from the mistakes of the past, and that's one that's set up quite well for the future. >> i worked at shake shack. i have to say that? >> it's true. >> how do you wrap your head around valuation? because it is not a cheap stock at these levels. >> i think there's a bit of underearnings in what's going on there, and i think what you'll see, as we move forward is a bit bigger ticket. and you're going to get a little bit more on the growth side in terms of units that are out there. i think they're a bit behind the curve on units and they wait for the management change to go through. on present numbers, it's not cheap at all, but i think if you can -- you look out two years and you start to see something more aligned with the growth rate that we -- that we're looking for. >> greg, we obviously spend a lot of time talking about,

debating, about inflation, inflationary inputs and the like here. when you think about your sector, there are obviously, you know, a bit more sensitive, the larger cap stocks, especially with higher rate environment and the like here. what's your outlook right here? and obviously, you pick small caps, you put them in your etf here. we look at the russell 2,000, which is 2,000 stocks here, but are you optimistic, like, about a broader swath of stocks? >> yeah, i think that what we try to look at is, you know, within the russell 2,000, you have a lot of stuff that you probably don't want to own. there's a significant amount of unprofitable companies. you have a large number of spacs in there for a long period of time. that's starting to drift away. you have a lot of rate sensitive companies that we don't really kind of get into in the reits and the utilities. so, if you look at some of the names that are not necessarily at the largest part of the benchmark, but in the sort of -- the $2 billion to $5 billion range, companies that can make their own weather. we like the semiconductor space a lot. i do think that some of the areas in health care, some med

tech names that we like. these are companies that have gone through an earnings recovery that started a couple -- that started to go down two years ago, before the large cap guys. so, i think these companies have respond favorably, you know, as some of the dur some of the tailwinds and headwinds balance out. but you have to be sloektive in small caps, bau things can go down with great velocity. >> do you need to see the nvidia story slow down in order for that specific sub sector to do well? i mean, are these -- a.i. sort of semiconductor stocks, a.i.-adjacent? >> a.i.-adjacent. there's a company called astera labs that we invested in. we knew the company before they went public, so, we were eager to invest in that one. and other companies like kohu we think can benefit from a large recovery in chips and high bandwidth memory. you need that memory to make those a.i. machines hum. >> greg, thank you for stopping by. >> thank you for having me.

>> karen, where are you in small caps? >> well, i like them. i've been surprised they haven't done better, right? there was that false dawn, maybe, it's still somewhat dawnish, but shake shack is interesting. cava is interesting. crazy, great management team, i mean, ron shake is, you know, a big holder, and the chair of the board, but oh, my god are these stocks expensive. >> red dawn was a great movie. >> tremendous -- one of a greatest movies. >> i'm sorry. small caps. i've gone out there and said, first of all, greg and the team, they do great work, so, i -- i just point out that a lot of times i feel like we pay more attention to small caps than we should, in an environment where i think actually there is some question about growth. and so, i've also mentioned that i believe sometimes small caps are a great hedge in a world where you actually think growth is under some question. and i've used that iwm on the short side in a world where i think we're worried about macro. >> i know we have to go.

>> you're going to say it anyway and you're going to laugh while you say it. >> to tim's point, i'll take swayze jennifer gray in red dawn over swayze jennifer gray in dirty dancing every day of the week. >> i forgot about jennifer gray in there. swayze is a legend. but -- >> 100%. >> lea thompson. >> underrated. >> i don't know what you're talking about. going to go to break. coming up, department store downer. macy's dropping 8% this week, but one trader is still holding on. plus, con glp-1 drugs treat parkinson's? new clinical trials suggest it is possible. dr. kavita patel will break down the surprising new study that could help shape the future of this space. go deeper with thinkorswim: our award-wining trading platforms. unlock support from the schwab trade desk, our team of passionate traders who live and breathe trading.

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welcome back to "fast money." macy's shares dropping for the fourth straight day. now down nearly 8% just this week. it's on pace for its worst week since november. the department store chain is set to close more than a quarter of its 500 stores across the u.s. despite the problems and the price action, one of our traders still long this retailer. karen, what's the bull case here? >> the bull case is the pressure has been racheted up. so, two days ago, arc house, which has been trying to

become -- they finally signed an agreement, allegedly, to allow them due diligence, and it's going more slowly than we thought. we have a quote here from their proxy fight, it's saying, it's taken months of public advocacy and the launch of a proxy contest to replace a majority of the board to motivate the company to do the right thing. another interesting thing in this filing was, they have to show what purchases they've made and they made three big purchases right before they signed the confidentiality. so, at prices as high as $21.34, something like that. a fair amount of shares. so, they really believe, as recently as that, march 19th or whenever that purchase was, march 15th, that there was upside there, even above that level. macy's now needs to respond. they're in a full-on proxy fight now. they could lose -- they could lose control of the board. >> wow. guy, you were pointing this out, too. >> i mean, the risk out there, like karen -- they have a field day with stuff like this. and just in risk/reward, i think, i would have said this at

$20, to be clear, from the long side, i think you ccan play macy's here. nordstrom has a similar thing going on, as well. so, these companies are in place, so, i think if you have some risk appetite, macy's at $18.50 looks interesting. >> i would have thought the same thing at 20. i did. >> without the activist overlay, with a macy's story in and of itself be attractive? >> probably not. but what's the downside? let's say it's $16. $16 versus $24 or more, that was their latest bid. macy's could respond by, we're up for say. coming up, shares of novo nordisk and eli lilly have been surging on the strength of the glp-1 drugs. could another potential use for the drugs give them a boost? and here's a sneak peek at the cramer cam. jim is speaking with the c oeof c conagra. more "fast money" in two.

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i don't want to miss that. that's amazing doc. mobile savings are calling. visit xfinitymobile.com to learn more. doc? welcome back to "fast money." promising sign that glp-1s may be used to slow down new rog call diseases a new phase two study found that participants with early parkinson's disease taking the glp-1a dlyxin had

less progression. let's bring in dr. kavita patel. great to see you. >> thanks so much, melissa. it is an interesting study. >> yeah. the active ingredient in this particular drug is actually discontinued in the united states. >> right. >> and so, i'm wondering, and it's a daily injection, it was a daily injection, and that's what they did in this study. can we extrapolate the results to the glp-1 drugs that are marketed today by novo and eli lilly? >> yeah, i think it's an important kind of precedent that we need to watch, because we're seeing it's not just in parkinson's, but a lot of the other diseases that you and i and the team have spoken about, cardio metabolic diseases in general. so, i think this opens the door for thinking about linkages. and here's why. i think this is a disconnect. we know there's a relationship

between people who are diagnosed with diabetes and the propencive to demonstrate parkinson's or parkinson's-like symptoms. so, we know there's some biologic relationship between that kind of insulin metabolic access, and that's why glp-1s can be very important. so, while this did not make the cut for being kind of competitive on the weight loss and diabetes race with glp-1s. that kind of mechanism of function in parkinson's and this early promising data, remember, it's not reversing parkinson's, but slowing down the symptoms for 12 months, that can be incredibly valuable to quality of life. and i think this has impl implications for novo, for lilly, and the other glps we've been talking about, the oral ones, the others in the pipeline. >> does this sort of revitalize the possibilities for the drug, it was taken off the market, because it was not competitive, and now, if this is an

application, it's the parkinson's drug. >> yeah, it is a really important application. i'm very eager, look, you don't get an often what we call a "new england journal of medicine" high rigor, kind of a high bar they set for the evidence threshold. this met a number of the evidence threshold and the scientific criteria from the data safety monitoring board, so, this gets not only a green flag, but it points to what i think we've been talking about, whether it's liver disease, cardiac disease, which is why medicare plans are covering the glp-1 space. i feel like we're in this renaissance area. this is going to be the fix it for all of these things? not at all. but again, quality of life, much like we talked about with other degenerative diseases like alzheimer's if you are talking to someone who has parkinsons, you can talk about slowing the symptoms down at least 12 months, that's an incredible amount of quality of life for them so, this is -- we're learning more about this axis of metabolism and all the rest of our body in ways that i had not

even had access to in medical school. >> dr. patel, it's karen. thank you for being on. so, far these patients, how far along were they? were these early symptoms or later symptoms? >> yeah, these were earlier s symptoms. you are pointing out some very good caveats. this is not necessarily -- i think a lot of us are very familiar with a lot of kind of higher profile celebrities, michael j. fox, there's a number of people with parkinson's that we know of in the public sphere at different degrees. these were earlier stage, so, this is not late-stage. and this is really looking at slowing down their symptoms. not a reversal. i think we still have to kind of caveat that here. it's one of these -- it's past that threshold, so, that we saw clinical benefit, and going further, it's that question, can this be a primary indication for parkinson's? >> is there anything out of the study that would make you cautious, you know, the safety profile is good, i mean, that's

a drug that's been on the market for a long time, but it seemed that were a high percentage of ga gastrointestinal side effects, nausea, for example. and you have toell a patient, yeah, you can have a slowdown in disability, but you'll be nauseous, you have a 40% chance of being nauseous. >> yeah, i do think that those side effect profiles, and by the way, this is what the critics of the glp-1 space have said, that critics that -- you talked to them, melissa, people have kind of glossed over the side effects, they are not trivial. they are serious. and can be debilitating enough where people might say, i don't want those side effects, i'm willing to deal with the other side effects of my disease to not have the nausea. so, i do -- that does cause me pause. i wouldn't paint this as, you should take this this is so much better, the side effects are not that bad, people are overplaying them. and i think we've talked about extreme cases, where you can see death and severe kind of gi distress. this is not something i would do

lightly. usually people with parkinson's, going to karen's point, people at later stage, can have other gi effects. that's why you are seeing a more pronounced effect in those patients. so, this will be meant for a very specific patient profile, even though parkinson's effects many people, it's not going to be for everybody for that reason. >> dr. patel, thank you somuch for joining us. good to see you. >> thank you. >> another application here for this quote unquote miracle drug. >> which is remarkable. karen, you've been on the board for how long, michael j. fox. remarkable, without question. and the indications continue to come, which is great. but the questions, i think, we have collectively is, at what point, for lilly, for example is the valuation just too stretched in this environment? that's the question you have to ask into earnings at the end of the month. >> the other dynamic here is where you bring in more medicare coverage. and so, you have a, you know, it just may be a way that the addressable market meets the insurance payment market in a place where the drug companies really have a bigger struggle on

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our page, chloe -- >> currently, yes. >> it's her birthday. we have to give -- >> happy birthday, chloe! >> 23, unbelievable. american bar rick. that comes out gold, melms. >> thank you for watching "fast adney." "m money" with jim cramer starts right now. my mission is simple. to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere. and i promise to help you find it. "mad money" starts now. hey, i'm cramer. welcome to "mad money." welcome to cramerica. other people want to make friends. i'm just trying to save you a little money. my job not just to entertain but put days like this in context because i know how hard they are. call me 1-800-743-cnbc. tweet me @jim p. cramer. we're taught to always look forward because bringing up the past is worthless. that's the first lesson in business wherever you go. and you know