Understanding the Reopening Rally, and Three High-Fliers About to Fall Back to Earth

CNBC's "Fast Money"

CNBC

Business, Investing, News

4.3 • 1.2K Ratings

🗓️ 3 December 2020

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Airlines, cruise lines, casino stocks all rocketing higher today even as COVID hospitalizations and deaths hit record numbers. We explain the confusing action in the market. Plus with the S&P marking another record close, we ask NYU’s Dean of Valuation what soaring stocks could be due for a pullback.

Transcript

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0:00.0	I'm Melissa Lee and this is Fast Money.
0:03.2	Tonight's straighter lineup, Guy Dami, Tim Seymour, Dan Nathan, and Steve Graslow.
0:06.4	Tonight on Fast, the headline that's on stock spiraling into the clothes will tell
0:10.0	you what it is and separate fact from fiction plus Boeing getting a little luck
0:14.1	of the Irish today the big news from overseas that sent this stock soaring and later a
0:18.0	Hollywood ending what Warner Brothers just did that could mean lights out for the movie theaters so we start off
0:23.8	with a reopening rally check out the move in the airlines today Delta
0:27.7	United American all jumping 4% or more and they weren't alone cruise stocks were
0:32.2	up for casinos were Cruise stocks were up, but casinos were up.
0:34.0	Restaurants were up.
0:35.8	But wait a minute, did we forget completely
0:38.0	about what is going on across America with the pandemic?
0:41.0	The US just reported more than 2,800 deaths in a single day, a new record.
0:46.4	Hospitalizations are at an all-time high and America's second largest city, Los Angeles,
0:51.8	just ordered all its residents to remain in
0:54.8	their homes. So as America shuts back down the reopening rally seems to be
0:59.6	raging on. So what's going on here, Tim? Well, the numbers are sad, they're shocking, and they continue to look like that should be all we care about for the markets and so I don't want to be
1:14.8	insensitive but let's be clear if you're buying the reopening trade you're buying
1:19.3	what is probably most likely peak COVID.
1:22.7	And we have inoculations around the corner, thank God.
1:26.7	We have multiple treatments.
1:28.0	We have testing that's now finally becoming orderly and consistent and something people have access to.
	...

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