and nasdaq were both up on the day, it was more than ten years ago, speaks to the decouples between apple and the broader market. maybe it's being embraced by nvidia, as everybody so focused on a.i. >> apple got its own government inspired issues in the market today. >> record closes for all the major averages today. "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. bruised apple. shares of the tech giant dropping more than 4%, cutting $115 billion from its market cap just today. the company, the latest target in the doj's anti-trust crackdown. could the government suit mean the end of tech dominance in the market? plus, calhoun questions. boeing's board of directors planning a listening tour with major clients in the wake of several recent plane malfunctions, but the ceo can't on the guest list. what it says about his future with the company. and a big night of earnings that could offer some insight

into the state of the consumer, trade, and the economy, from ed exto lulu. i'm melissa lee, coming to you live from studio b at the nasdaq. on the desk tonight -- tim seymour, guy adami, mike khouw, and julie biel. the dow getting just 111 points away from crossing 40,000. but one longtime tech bellwether not coming along for the ride. shapes of apple dropping more than 4% after the department of justice announced a new anti-trust lawsuit against the tech titan, saying that the iphone maker has a monopoly over the phone market, and that it harms consumers, developers, and rival companies. let's get straight to eamon javers who has the details. eamon? >> the justice department, along with 16 state attorneys general sued today. this is a civil anti-trust lawsuit filed in the united states district court for the

district of new jersey, and alleges that apple illegally maintains a monopoly over smartphones by selectively imposing contractual restrictions on and withholding critical access points from developers. here's attorney general mar rick far merrick garland earlier today. >> apple has maintained monopoly power in the smartphone market simply not by staying ahead on the merits, but by violating federal anti-trust law. consumers should not have to pay higher prices because companies break the law. >> the department of justice alleges apple has broken the law, specifically section 2 of the sherman anti-trust act in five ways. first is blocking innovative super apps. doj says apple fears they could grow big enough to threaten apple itself. doj says apple doesn't want people to get access to high quality apps without having to pay for expensive smartphones.

three, excluding cross-platform messaging apps. garland says apple degraded messaging with android devices so consumers would think android phones are worse. doj said users who purchased the apple watch face substantial out of pocket costs if they don't keep buying iphones. and five, limiting third party digital wallets. apple has prevented third party apps to offer tap to pay functionality. apple responding to these charges today, saying this lawsuit is wrong on the facts and the law, and we will defend against it. the process in the courts expected to take months, if not years, and i asked the doj official today about the selloff that we saw in apple shares after this announcement earlier today, and what the department's message is to shareholders who saw so much value destroyed today. the official said, we are a law enforcement agency and that's how we have to make these decisions. and he also said, we're not out

to get anyone, we don't have an axe to grind. and melissa, i should say, i'm going to be speakingto jonathan c cantor, the head of the an tip trust division at the department of justice, this will be his first interview since the department of justice dropped this suit, so, if you have any questions for him, let me know. >> i will let you know for sure. eamon, i'm curious, you know, merrick garland quoted apple executives in some of these arguments that he's making, particularly super apps, and i'm wondering, were these -- were these executives -- were they emails, were they interviews? do we know? >> this investigation has been going on a long time and it looks like the department has obtained a lot of evidence, including emails. they cite emails including on page one of this complaint today, an email from steve jobs himself back in 2010, talking about how they have to restrict the ecosystem around apple. so, the department of justice making the case here it has evidence from inside apple that's going to show that apple

broke the law. apple saying that's nonsense. >> all right, eamon, thank you. eamon javers in washington for us. was the selloff in apple today because of this anti-trust lawsuit, or was it just an excuse to sell for a host of other reasons? >> i think the latter, and i didn't go to law school, but i think there's a difference -- >> hold on, you didn't? >> no, i didn't. did you think -- you probably just -- >> actually never -- >> expound so much -- >> you would have thought. >> i never thought that, by the way. >> thank you for that, melissa. we won't -- we won't adjudicate that here tonight, but what we will is talk about apple. and again, dominance, monopoly. there is a difference. and again, monopoly, to me, means something entirely different than having 60% of smartphone share in the u.s. that's dominance, not a monopoly. i know there are other issues. but to answer your question, look, that was clearly the reason it went lower today. however, apple's been trading

l lower for quite some time. there are clearly other things here, so, as we said last night, there are reasons to be bearish of apple, personally, i don't think this is one of them. >> i think the legal definitions of, first of all, what a market is, what market we're talking about. are we talking about the ios sma market, the smartphone market? there are views that this will be a long process, it's been a long process, nobody woke up today, said, what a surprise. leaving aside the over 16 ags, what's going on in the european digital markets act. but the reality is, the ios, you know, call it operating system, is something that, you know, there's a lot of arguments and probably some legitimacy to arguments that it is very restrictive and it's -- certainly, they are the ones that control the shots. but when you think about the smartphone market, it's arguably one of the most competitive markets in the world, and apple, while they are a dom manlt plp

dominanting player, they are not dominating the market. the next question that you're probably going to ask, so, why -- you know, or, we ask this all the time, can markets go higher in this environment, and boy, they sure have. more records today. apple's underperformance, to me -- guy's right. the headlines today don't help apple. apple was weakened going into this. 4% down is a lot to do with these headlines. just two days ago, apple issued their own white paper on what they're doing in a.i., with their multimodal, you know, technology, what they're doing with large language models, no one seems to care. and that's kind of interesting, because i think ultimately, apple is in a place with their installed base to have a major, major place here between the context of pictures and text and what not, so -- i just think apple has been struggling. i think we've seen a change in leadership. today's market was all about the existing leadership coming back to life. and that was the semiconductor space. interesting thatmicron was part

of that, but so is the fed yesterday. and semis were back on their front foot, outperforming the market by 2%. >> mike, though, in terms of the apple case specifically, some might say, microsoft, you know, there was a huge anti-trust case against microsoft way back when and nothing actually happened. but the stock did go down significantly, almost by half, in the span of a couple of years after that suit was initially unveiled in, i think it was '99 or '98. >> this really goes to the point that die wguy was just making. dominance versus monopoly. all of us sitting on the desk, when we log in in the morning, chances are, we're operating on a microsoft operating system, and maybe at home, you have an apple ios device, but when it comes to our pcs, a lot of the applications that we use just happen to work a whole lot better on microsoft. it occurs to me that part of that has to do with the fact that apple likes to have everything within their own

ecosystem, and there's a lot of reasons they can actually defend this. and that is, oftentimes, when you have third party applications operating in your environment, it creates havoc and they really want it to be very simple. that said, many of us feel very locked into our apple devices. i have to say, the thing that interests me the most when i was looking at apple today on the options side, the fact that options premiums are still actually below average. you look back two years, three years, options premiums are below the average. about 24% implied volatility going out three months. six-month options on apple right now are about 0% cheaper than they were a year ago, and the stock has kind of roundtripped in that time, so, i think for those people in the stock, wonder what they can do right now, one of the things they could do is hedge, replace your stock with options, because they just aren't that costly. >> but let's go down the path, julie, what if this case in some way is successful, you know, and it doesn't have to be fully successful, maybe parts of it, maybe there is less friction to switch from the iphone, i mean,

the whole value of apple, particularly when it comes to the notion that services is going to be the driver of growth, is this ecosystem. and what if that ecosystem is attacked in some way or doesn't exist to the extent that it does today? >> yeah, i think that becomes a problem for apple and their ability to maintain the dominant that they've had. you know, but the thing is, i really struggle with this concept of the ecosystem is a bad thing, right? if you think about a university, for example, that's an ecosystem, right? they're trying to deliver a specific experience. no one is going to ucla and demanding that x-y-z teacher be able to teach, which is a little bit of the super app situation of saying, i want an entree into your ecosystem and what you're trying to develop here. i don't think there's a lot of standing for the doj here. i know this is going to be a headache for them, and you probably see revenue from the app store, which is where the doj has the strongest case, revenue from there start to gradually decline or get softer, in terms of the rates they can charge.

>> all right, for more on the impact of the doj suit against apple, we are joined by portfolio manager dan neiles. do you have a position in apple right now? >> yeah, it will be confusing to your viewers, we're long apple, but we're short a bunch of their suppliers, because we think apple's got fundamental issues going towaforward. we're looking, hopefully, for a bounce in apple tomorrow, just because i'm sure everybody who has loved this will come out and defend it, and hopefully we get a bounce so we can sell it and short it again, so, that's kind of how we're thinking about it from a bigger picture standpoint in terms of our position. >> you don't think that this suit is in any way something to factor in when it comes to your long position in apple? there are a host of other reasons why apple may have its own issues right now. >> yeah, so, let me be clear about it. we dislike this stock fundamentally. we dislike it over the next year, et cetera. you asked me if i have a

position, it's complicated, but yeah, we bought it thwartowards end of the day today. if you sold this because of the doj, that makes little sense to me, because we've known this was coming for awhile, they've already lost a lawsuit against epic in europe, the app store rates have already come down, if you are selling it because it's a bad chart, totally understand, if you are selling it because the fundamentals have been poor for a year now, and it's catching up with the stock and estimates have been coming down for a year now, totally get that, but if you're selling it off this doj thing, which is going to take years to sort out, that makes no sense, and with the two standard deviation move lower, we'll buy it for a trade, rent it, and if it goes up tomorrow, we'll sell it and short it again. >> strategically, you've been trading it from the sort side, well, by the way, as tim said, it's underperformed for quite some time. so, understanding you're going to look for entry levels and exit levels, what is your ultimate price target on the downside, where if it got there, you're like, okay, this is an entry point for now, being on the long side, and trading around a long position?

>> so, here's the way i think about it. from a long-term perspective, this stock should have a below market multiple. the revenues have not -- if you look at what they guided to for the march quarter, almost the exact same number as three years ago. they have competition issues with huawei, coming back, they don't need u.s. chips to make smartphones anymore, and so, i look at it trading at a 25 pe versus the s&p at a 22 pe, with hardware companies and the pcecosystem, for example, trading in the low double digits, and so, i look at this and i say, it deserves less than a market multiple, given especially that their high margin stream of revenue in services is under attack, as well. so, from the short side, from a long-term view and a fundamental view, it's nowhere near where i would think this is a fundamental long. >> hey, dan, it's tim. thanks for joining us. the market's not a zero sum

game, but we talk about apple as being a critical stock for the market. do you think apple's weakness actually could be positive for the market? i know this sounds obtuse, but to the extent that we're seeing broader allocation, apple certainly derives a lot of passive flows, but it certainly has folks that will be allocating this money to other places that they can find. again, what is apple for people, yeah, it's a market proxy, it's a market weight, but it's maybe consumer staples, maybe consumer stationary. just your thoughts on apple's role in the market. >> i think you're right, tim. markets are never good when markets go straight up or down based on the fed. that's the situation, right? magnificent seven down 47% in 2022, then they're up 111% in 2023. why? the fed had the fastest rate hikes in history in '22, they stopped in '23, and people were at one point looking for seven rate cuts. right now, the market's actually

really healthy, because tesla stock is down 30%, estimates were coming down for a year. apple, estimates have been coming down for a year. but the stock was up 48% last year. this year, however, you've got apple down 10%, you have tesla down 30%, which stocks are performing the best? well, the ones that took up numbers, nvidia, up 80%, meta, up another 40%, you know, and then you have microsoft and google and the others, kind of in the middle, so -- the market is reacting to fundamentals the way it should, versus some pipe dream about, you know, augmented reality is going to be great a decade from now or something like that. this is actually a healthy market. to your point, the money is finding its ways into other area. we own industrial stocks that we like, we own some financials that we like, we own some biotech. and you're seeing the market broadening, and i think that's super healthy, if you're talking about it coming out of apple or tesla, you pick your favorite name. >> dan, great to see you. thank you for your take.

dan niles of the satori fund what do we make of this? the markets are trading on hope for artificial intelligence years out. and yet, for this lawsuit, if you look at the price action, this really means that the market does not believe that this lawsuit will be successful, because if you think about, if it is successful, it becomes basically just a hardware company. >> right. >> and its multiple's got to get crushed in that sort of scenario. mike, what is your take? >> well, i mean, it's not just the multiple that's going to get crushed, right? because if it's success. theoretically, they are deriving, you know, these fatter service margins in particular, and that's going to be the part that's going to be under attack. so, it's going to be a lower multiple on a much lower number, which is where dan is coming from, but you know, one of the things is, you know, we -- as you pointed out earlier, microsoft was similar types of pressures not that long ago. you know, it seems to be in the rear view mirror now, and that could be the case here. so, i think, you know, from my

perspective, just looking at apple, i would probably only be using options at 24 vol, those things are cheap. the stock isn't particularly cheap, even that of the big declines we've seen, so, that's just the only way i would be playing it in either direction at this point. let's get to an earnings alert on shares of nike. the conference call just kicking off at the top of the hour. sara eisen has been listening in. >> nike's ceo just wrapped up his opening remarks on the conference call, and he struck a different tone that we've heard from him in the past few quarters. they're fighting back and clearly aware of some of the growth challenges that they're having. he says nike's not performing at our full potential, but we do see green chutes, for instance, on innovation, which is one of the areas they're investing in. he's put in place all sorts of new leadership to try to turn things around. he said, we're acting with urgency when it comes to things like innovation and the pipeline. so, let's talk about the numbers. they were slightly better than expected. after, remember, nike lowered

expectations last quarter. and they showed improvements in some key parts of the business. certainly on the profit side. margins growing, profitability beating thanks to lower freight kot costs, cost savings from the restructuring plan they've been doing, as well. on the sale side, too. revenues came in slightly better than expected and showed growth, even if just barely. north america was a bright spot, and return to growth, after a number of quarters of negative growth. wholesale business, which is what nike does when it sells to dick's and foot locker and department stores, also growing 3%. so, that was a nice surprise for the bulls. the sluggish growth overall, though, in the company, has driven the stock un underperformance this year. in a statement in the release, john donovan says, we are encouraged by the progress we've been seeing as we build a multiyear cycle of new innovation, sharpen our brand's storytelling and work with partners to elevate and grow the marketplace. nike has been, as i mentioned,

announcing this restructuring. lawoffs layoffs, 2% of the work force, executive changes, including a new head of design. so, investors are keen to hear about the innovation updates as a number of firms lately have questioned the lull that we have seen in growth and in the product cycle, melissa. >> sara, thank you. always good to see you. sara eisen on nike. and that has been the knock. take a look at the share losses to hoka -- >> do you have hokas on tonight? >> you make fun of them. i have two pair, wise guy. and i happen to like them. >> we've seen the top deckers on hoka. julie, your take? >> i think innovation is pretty critical. the long-term outlook, particularly with young people, is really lacking, and they have ceded to other brands. they are really in a situation

where they have to innovate, they have to spending the money there. they can't just kind of cut costs to their ability to find growth. and i think they have the potential to do so, but it kind of remains to be seen, so, i think it's a show me story from here. >> web bush said long-term they are optimistic, but a frustrating lack of innovation short-term from nike, tim. >> then, you know, then you can add it to all the other short-terms for the last two years. this stock has really done nothing. as someone that loves the company and has traded it from the long side and the short side in the last two years, i don't feel the need, really, to do either. i understand best of breed, i understand the innovation, also there's a lot more innovative brands, if you think hocus pocus is one, i don't know. but the pros here, margins are better, comps get easier. there is that story. also, the health, just kind of care, fitness dynamic, not health care. the health/wellness world they are in the middle of, that trend is still going and it's going strong and it's going strong in terms of what people are

wearing. >> look at the double bottoms. we talked about this. october of 2022 and september of '23. 88 bucks. held, bounced. still in a downtrend from the spring of '23. you get a close above 106ish, that downtrend has been broken, maybe you have some room to the upside. coming up, the big night of earnings continues with fedex delivers on its latest quarter. we'll bring you the latest next. plus, check in on the chip rip. broadcom shares surging more than a% 5% today. why investors are fired up, right after this.

if you've ever grilled, you know you can count on propane to make everything great. but did you know propane also powers school buses that produce lower emissions that lead to higher test scores? or that propane can cut your energy costs at home? it powers big jobs and small ones too. from hospitals to hospitality, people rely on propane-an energy source that's affordable, plentiful, and environmentally friendly for everyone. get the facts at propane.com/now.

welcome back. fedex stock is surging after the company reported a big beat on earns. revenue did come in below expectations, the delivery company announced a $5 billion share buy-back program. frank holland has more on the results. >> one metric, it doesn't make a whole report, but with winter weather and softer demand for e-commerce, seeing express revenue in line with a very huge margin beat. it's clearly giving investors confidence, and fedex's $4 billion cost-cutting plan, honestly, the ceo himself.

expectations were pretty low. many thinking it was actually possible for express margins, where the company gets half of margin, to come in negative. if express margin came in at or below estimate, that would be the lowest since bank of america began covering this stock. instead, we saw growth in revenue per package across the board. it's important to note, freight saw 2.6% increase, it did miss revenue expectations. there was a new $5 billion share buy-back, lower than expected ca c c capex spending. u.p.s.'s investor day is next we week. we'll have to hear more about their cost-cutting plans, but before that, we get the fedex call coming up. >> frank, thank you. frank holland. tim? are you in this right now?

>> i'm not in it. i wish i was in it. and, you know, if you're a down theorist, who at least subscribe to the theory that the market is led by surpassing a previous high either in the trance ports or the industries, that's what we've had. and industrials have been pulling maybe transports higher. i think there are operational challenges for fedex on the negative side. frank talked about the margin on express, the yield, the mix. the positive thing is, it's at 12 times. at 12 times, it's very cheap. especially at the mid-cycle, somewhere on this one is closer to 14 or 15. i think it's going higher in the market that we're in, and i don't own it. i don't necessarily chase it right now, but i'd certainly like to buy some weakness. >> julie, are you more convinced about the fedex story at this point? >> i think it has a very big impact when management sets out a restructuring program and you actually see results relatively quickly. i think that gives investors a lot of confidence that, a, they can execute on a difficult plan, and b, that there is earnings

that's on the horizon. that's what is driving a.i. for the companies that it's working for, right? the earnings are right there in front of you. i think that accounts for why we had such a big move in the stock today. >> mike, where are you? >> we have a small position, and obviously, we were just talking about operational improvements. fedex has two sort of initiatives that they've been pursuing, one that they've called network 2.0, and the other is one that's called drive, which is an acronym, don't ask me what it stands for, but it's basically a lot about efficiencies and automation. you cannot cut your way to growth, which is the thing that i think presents a meaningful headwind, but you can cut your way to growth in eps through buy-backs, and that actually represents a pretty big one. and it's actually exceeds their trailing 12-month free cash flow. so, i'm not exactly sure, because i haven't listened to the call, what period they're talking about there. i think it's kind of even money

right here, because i would prefer to see top-line growth if i could. all right, there's a lot more "fast money" to come. here's what's coming up next. >> it's a marathon and a sprint. marathon petroleum putting pedal to the metal on the way to an all-time high today. the red-hot refiner has tripled since our next guest said to buy it with both hands. plus, a new a.i. contender emerges in the chip space. the huge call on wall street that has investors fired up about broadcom. and what it means for your tech portfolio. right after this. you're watching "fast money," live from the nasdaq market site in times square. we're back right after this.

welccome back cback. chips charging ahead today. micron with a beat on the top and bottom lines. the stock powering to an all-time high and its best day since 2011. broadcom surging, up nearly 6%, thanks to an upgrade to td cowan. analysts say they see more upside ahead for the chip maker. raised their price target to

$1,500. that's 11% higher from here, and that's what you wanted to hear about this story, guy, after what we heard about the quarter. >> and that's the one, and we've talked about this, as wrong as i've been on a lot, we've been collectively right on broadcom. this is one you can sort of wrap your head around in terms of earnings growth, revenue growth, and a val wags tuation that mak sense. they tooke advantage of the recent weakness in the stock, good for them. i think it lef stvitates. >> mike, is this sort of re-set action for this stock, in terms of viewing it in the prism of an a.i. player at this point? >> yeah, i think it is a little bit of a reset. i don't know that micron's chips, though, necessarily have quite the same demand as something like broadcom, and actually, you can sort of see that in their operating performance. and i know tim can speak to this, because i've heard him talk about the chips a lot in

that area. but look, the fact is, micron's business is a lot bumpier. broadcom has persistent demand for their products. the forward number is at less than 30 times, probably, and based on the growth that they're seeing, just make it a lot easier play from the long side, as far as i'm concerned. micron, obviously, catches a bounce, but this is a bouncy story. >> i don't know, we love acronyms on the show, right? i don't know what the acronym is for a.i. at a reasonable price might bute, but that's mu. >> ar? >> if anyone is going to come up with it, it's guy. we love acronyms here. i will say what you heard from them was extraordinary, especially in terms of how tight the supply is on d-ram and nan. that's something we haven't heard. so, if you are looking for a company that at least -- and chip plants, wherever we are in the economy, in chipland, guess what, we're early cycle. and you can make an argument, this company is really cheap. that's what's fascinating about

micron. on some level, more than the more high end sophisticated chip companies this is a.i. at a reasonable price and part of where we recognize where they are. lulu issuing weak guidance. the numbers next. plus, marathon petroleum up more than 200% since our next guest said it was time to buy it with both hands. paul sankey returns with another big call in the energy space, right after this. missed a moment of "fast?" catch us any time on the go. follow the "fast money" podcast. we're back right after this. th . british announcer: rose is really struggling. it's something you build over time. american announcer: that's 21 missed cuts in a row. [car trunk slammed shut] for 88 years, morgan stanley has offered clients determination and forward thinking

to create the future... crowd: stop it! ...only you can see. american announcer: rose, back in the winner's circle. [crowd cheers] [music out] every day, more dog people are deciding it's time for a fresh approach to pet food. developed with vets. made from real meat and veggies. portioned for your dog. and delivered right to your door. it's smarter, healthier pet food.

here's why you should switch fo to duckduckgo on all your devie duckduckgo comes with a built-n engine like google, but it's pi and doesn't spy on your searchs and duckduckgo lets you browse like chrome, but it blocks cooi and creepy ads that follow youa from google and other companie. and there's no catch. it's fre. we make money from ads, but they don't follow you aroud join the millions of people taking back their privacy by downloading duckduckgo on all your devices today.

welcome back to "fast money." another record close for all three major averages today. the dow jumping nearly 300 points. the s &p and nasdaq up, as well. reddit priced its ipo at 34, the high end of the expected range. gold's glistening rally continuing. hitting another all-time high today, briefly jumping above

$2,200 an ounce. gold now up more than 6% just this month. the oil rally taking a breather today. crude modestly lower, but one top industry analyst predicts oil will be on a tear again. crude is up 13% already this year. paul sankey is president of sankey research. i believe you are in houston, paul, great to have you with us. >> thanks for having me. >> we like to highlight really good calls and marathon was a really good call. it's up 200% since you said you'd buy it with both hands. where do you see marathon going from here and would you rotate out into another name? >> no, actually, we're luking f looking for a good quarter for them. you can actually relatively easily see how much money they're going to make, and it looks like q-1is going to be great. massive buy-back play. and i think, you know, when people are buying these stocks with the scale of the buy-backs that you see, they act very,

very well, and it's really what we've been saying about the whole of the oil industry. why don't you cut cap ex, and you can do well without trying to grow and everything else, because people want that cash return. it looks good, it looks good for valero, and the exxon 8k will give you earnings for q-1, the first week in april, so, that should confirm, because as you know, exxon is a refiner that things are good for. >> where do you see wti heading? if you saw on a tear what does that mean? >> seasonally, it goes higher, because the refiners have to get ready economy's doing very well, so, they'll be running the refineries a lot higher. refineries had a lot of downtime q-1. not all will have good results in q-1, be careful, but we've

seen a tightening of the oil market in terms of the products, gasoline looking really tight here into summer, assuming demand shows up. down here, we've had dinner with a major oil player saying china is looking good, relative to a very weak end to last year. so, i think oil prices should have a decent run. and saudi continues to keep the market tightening, gently, and that will give us a good run into summer. we like oil into summer, definitely. >> paul, the oih has had this little move. it's been in this uptrend for the last three years. it's a grind. what are your thoughts to the extent you can talk about a schlumberger, a halliburton, a baker hughes? >> don't really like them. you know, we've said that you can't be bullish oil service, and the concept behind that is, you know, we need to see capital discipline from these companies, and as a result, we're not seeing, you know, higher oil prices are not leading to more

spending from the big oil, which used to be the oih trade. back in the old days, not going to call them the good old days, for every dollar a u.s. expiration company got, it spent $1.20. and that was for great service. now the capital discipline is an issue. additionally, you've had saudi cuts in capex, that's been negative to schlumberger. you'll see the stocks act well with a decent oil price, but the sector, we just don't love it. if we do love it, we like the offshores. if you really want to go crazy, diamondback, schlumberger's fine, but watch out to the u.s. onshore, because we're really looking for more spending cuts, especially in the natural gas area. so, that would be halliburton, watch out for that one, you know, some of the other lesser known companies like a pro pfra. >> paul, thank you so much. mike, do you like refiners as much as paul does?

>> yeah, i mean, if you just take a look, he referenced this, if you go back the last few years, i think one of the reasons that you've seen some weaknesses going into the pry summer is because there has just been a persist end bearishness on the general company, on consumer spending, on gasoline demand, and things like that, and we have essentially, for three years in a row now, surpassed the expectations, and i think that's kind of what he's referring to. so, i think it does precept a very interesting opportunity. and a lot of these companies are also, you know, relatively speaking, quite cheap. it's been an underowned sector. and if you look at the energy complex in general, largely going to be led by the exxons and chevrons, of course, but we have basically seen that whole sector rotate from one of the most lagging and sort of improving at this point relative to the rest of the market. all right, we want to get another check on nike here. shares are taking a turn lower here as the company gives weak guidance.

revenue growth for the full year of about 1%. q-4 revenue will be up slightly, reflecting some shipment timing benefits in q-3 and lower digital growth. top of the hour, they were slightly higher, by a percent, here we are, down almost 5%, tim. >> yeah, it -- as somebody that, again, has been on both sides of this trade, i was short nike for awhile, and it's similar -- we may talk about lulu in a bit, but the concept around some of this discretionary consumer spend and some of the difficult dynamics in terms of where some of their end markets are and where the consumer is, if you told me going into this year this is what we were going to see from nike, i would have said, for sure. it's interesting to see it playing out now while we're getting green lights on other parts of the economy, but again, i think nike has these headwinds. you don't need to chase it here. >> and the other players are all up year to dateversus nike's stock. but they are identifying their problems, you know, john donna low was talking about full speed ahead with innovation, that's

hopeful. >> yes. it's hopeful. but talk about an underperformance. this is a stock that made an all-time high in the fall of 21, $180 on a tape that's done extraordinarily well, when competitors have done well, can't get out of its own way. we talked about 105, that trend, so, now that trendline, that downtrend line is still in place and those double bottoms. so, what do you do here? that's the game. where is the trade, 96? no man's land. you look for an entry point lower or buy the breakout above 106. coming up, more action to bring you. shares of lululemon on the move. we'll stretch into those numbers next. that stock really taking a hit. and we are celebrating women's heritage month. here's the cofounder and president of cloudflare. >> for me, a changemaker is someone who forges their own path and makes it wide enough that others can come along with them. one thing i wish i had known when i started my career is that there is a difference between something that is impossible,

and something that is just hard. and the reason why that is important is, people can do hard things. you have to ask you're, okay, is this just hard, or is it impossible? because impossible is impossible to do, but something that's hard may be a self-composed constraint, and people can do hard things. al advice from ameriprise can do more than help you reach your goals. i can make this work. it can help you reach them with confidence. no wonder more than 9 out of 10 of our clients are likely to recommend us. ameriprise financial. advice worth talking about. ♪♪ ♪♪ ♪♪ ♪♪ ♪♪

welcome back to "fast money." we've got another earnings alert. this time, on lululemon. earnings and revenue came ahead of expectations, shares of the brand dropped on weak guidance, slowing growth in north america. julie biel, what do you think of lulu here? >> yeah, i mean, i think it's more a function of the fact in a year the stock is up 60%. i think people thought that the momentum and the ability to drive margin expansion was going to be substantial. and, you know, you can't really do that in a business like this unless you have the strong revenue to back it up there's some disappointment that it can't sustain all of this momentum that it has generated. and i think there's some early fatigue on the trends in terms of how many more pairs of

leggings can i buy. genuinely, how many? >> guy loves leggings. >> i ask myself that question every day. >> there were softer demand trends earlier, that continued into q-1. tim, you were in this name. you were short. >> everything julie just said is why i woke up this morning short lulu. i covered it today, feel, obviously like a moron, ultimately, my sense on lulu, this is one of the names that -- those outlook trends were not going to be this, and, you know, there was some discipline in terms of stop loss, somewhere around 20% down on the trade. not going to die on the lulu hill when i think it's one of the best consumer discretionary companies out there. it's frustrating. nike and lulu are names i've played from the short side at different times, with a view that we're hearing from these two companies tonight is exactly what i think you're going to continue to hear, so, poorly -- poorly carried out, i should say -- that's the story of the

markets. it happens. coming up, boeing on tour. the plane maker planning to meet with its biggest customers next week, but one notable name missing from the guest list. what it could mean for the company's future. and a huge slate of interviews on "mad money." jim is chatting with the ceos of medtronic, five below, and palo alto networks. catch those teiewstoinrv, p of the hour. meanwhile, more "fast money" in two. and this must be the ocean view? of aruba? huh. this listing is misleading. well, when at&t says we give businesses get our best deal, on the iphone 15 pro made with titanium. we mean it. amazing. all my agents want it. says here...“inviting pool”. come on over! too inviting. only at&t gives businesses our best deals on any iphone. get iphone 15 pro on us. (♪♪)

(vo) what does it mean to be rich? get iphone 15 pro on us. maybe rich is less about reaching a magic number... and more about discovering magic. rich is being able to keep your loved ones close. and also send them away. rich is living life your way. and having someone who can help you get there. the key to being rich is knowing what counts. you can make money the hard way as a bullfighter or a human cannonball... or save money the easy way, with xfinity mobile.

existing customers can get a free line of our most popular unlimited plan for a year! not only will you save hundreds but you'll also be joining millions who have connected to america's most reliable 5g network. sure is a lot safer than becoming a stuntman for money. get a free line of unlimited intro for a year when you buy one unlimited line. visit xfinitymobile.com today to learn more. welcome back to "fast

money." airlines ceos are looking for answers amid safety problems at boeing. airline chiefs have requested a meeting with the board of directors, but that boeing's ceo and its cceo of commercial airplanes will not be in atte attendance. phil w phil, is he on the hot seat? >> well, it's not my position to say, but when you have the board of directors, the chairman of the board of directors, larry kilner, and at least one board member, visiting various airline executives headquarters, that will start next week, by the way, it doesn't take much to read into this in terms of, that does not bode well when your ceo is not at those meetings, when the president of the comme airplanes division won't be there, either. we're at one of these points

here where i think we have so much negative news regarding boeing, regarding its operations, regarding its relationship with its customers, that when the customers are calling for a meeting, i th think -- something is going to play out here over the next several weeks. exactly what it is, i can't say for sure. does it mean that dave calhoun is going to be leaving? who knows. he could be staying and they may be saying, look, we're going to make even greater changes, but it's clear, the customers now have the attention of the board of directors of boefing, and that's what these meetings are about next week. >> is there -- are there any executives that come to mind, phil, that could be a future boeing ceo? are there any obvious names to you? >> there are some obvious names out there. i'm going to refrain from saying anything, but that implies that they are looking for a ceo, but look, when you have a company like boeing and you have an industry like the airline and the aviation industry that has a slew of very talented and capable executives, yeah,

there's some possibilities out there, both within boeing and outside of boeing, and again, this is not to say that dave calhoun is going to be replaced. >> right. phil, thank you. f >> you bet. >> all these airline ceos, they want their pound of fresh, i'm sure, mike. is it going to be in the form of dave calhoun's head? >> yeah, i mean, look. he's -- he could very well be the scapegoat. look, i mean, you heard southwest, obviously, they were complaining they had expected nearly double the deliveries of planes. the 737 -7 max is not happening. i have to say, in some defense of the executives at boeing, a lot of the negative news we've had recently isn't necessarily related to the production issues, than's really what's basically got the customers complaining, but they've been this the news a lot, and not all of that is the company's fault, i have to say. but they're in a difficult spot, because if you're not delivering

for your customers, they have another place to go, and they might very well do that. >> tim? >> well, i think it takes some pressure off the regulator. i think there's different places where it's just -- it is easy to kind of move on with a clean slate. i love boeing here. i really do. and it's not just the defense business, it's the other part of the business. >> the headline is dave calhoun is out, guy, stock goes up? >> up. >> yep. >> up next, final trades.

the future is not just going to happen. you have to make it. and if you want a successful business, all it takes is an idea, and now becomes the future where you grew a dream into a reality. the all new godaddy airo. put your business online in minutes with the power of ai.

final trades. julie? >> i was thinking about the transport results after fedex, saia is a smaller, more profitable way to do that. >> mike khouw? >> i'd like to sell some cash

covers puts in alphabet. >> tim seymour? >> close little desk tonight. lyft, the l in blicep. >> crack staff here in ec. miles ross turning 40. 4-0. >> happy birthday, miles. >> my man. >> lockheed martin, "mad money 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 a special west coast edition of "mad money." welcome to cramerica. other people want to make friends. i'm just trying to make you a little money. my job is not just to entertain but to educate and to teach you. so call me at 1-800-743-cnbc. or tweet me @jimcramer. you know why we come out here so