i mean -- >> elon musk or sam altman there are your choices >> either one, i'd rather -- mr. rogers would be great. can we get him back to train the a.i. that would be nice >> yeah, in the meantime, we saw stocks sell off. nvidia held onto gains, finishing the day up 9%. record high for that name. tomorrow, michigan sentiment survey, the final reading. got to watch that one. that does it for us at "overtime. >> “fast money” starts 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 the nvidia divide. the semi stock surging to null heights, but the broader markets didn't come along for the ride how did we shift so suddenly plus, boeing bungle. the struggling aerospace giant says cash flow is going to be even worse than expected this year is there anything that can get the company back on track? we'll stalk to one bull who still thinks there's upside to be had. and later, elf beauty stock gets a makeover.

ticketmaster forced to face the mu music. i'm melissa lee, coming to you live from studio b at the nasdaq on the desk tonight -- tim seymour, karen finerman, steve grasso and julie biel. the do s&p 500 and nasdaq pulling back after hitting record levels in the session that even as nvidia soared more than 9% on the back of an earnings report that few could find fault with. so, why weren't the big numbers from the third biggest stock in the u.s. enough to boost the rest of the market maybe ironically, even stronger numbers on the economy a better than expected read on pmi sent probabilities of september rate cut from nearly 58% yesterday to even money right now. are markets now all about the fed once again tim, what happened today >> i think the fed is the most important dynamic in the market, but i do think you have a case here where that pmi, that composite pmi, the services

component, 54.8, last number was around 51, we're starting to see the services weaken a bit. this was a very solid number for, as we all know, the biggest part of the u.s. economy the part of the u.s. economy that also is very inflationary still. we've seen services inflation, whether it's been measurement in pce and what not, come through on the high side you also had a jobless claims number, i realize this is a very volatile series, if you were looking for weakness out of the labor markets, not there you have jobless claims that are coming back in, you have initial claims that are pretty much sideways you had a fed yesterday, you had fed minutes this week. there was nowhere in there did we hear -- we heard data defendant, data dependent, right now, again you depending on how you looked at fed fund futures yesterday, today, things got tighter, no question >> karen >> yesterday, though, they did -- there was this higher for longer rhetoric, and i know people sort of dismissed it as somewhat dated, sort of like a 13-f, by the time it comes out, maybe it's not relevant anymore. so, this -- i don't know, it

shouldn't be a surprise, really. what happened in the market today, you had boeing, which -- seemed more idiosyncratic than pervasive in the market. but it was just too weighty at the end of the day, took everything down, other than a couple of things >> right, right. i know you're watching the outside reversal that happened today with the s&p >> well, i think we're going to hit the 200-day moving average that's at 4753ish, a rising 200-day moving average, but when you look at what's going on right now, you have the fed, as we kicked off the show, how many times did we say which is the most important thing now we know today, right but i also think that it's a day-by-day basis, where you can have a sell the news event, where everyone was waiting for nvidia we got it. okay, what's next? the fed has been talking forever. they get blacked out in nine days or so buy backs get blacked out in a month and a half, or a month or

so, middle of june, basically. so, i think you can weave that needle perfectly to a selloff late june, where the bottom sort of falls out not forever, but a quick dip, and then a quick bounce-back into year-end. >> julie, were you surprised by this action? nvidia reinforced the whole a.i. narrative that's lifted the market so far this year. it's underscored and reinforced the notion that all these hyper scalers like the microsofts of the world are spending and the a.i. story is, in fact, in tact. what happened today in your view >> it's a little surprising, to be honest. not only was the news out of nvidia good, but it's seeing a broadening out i'd be concerned there was a lot of customer concentration at nvidia, and if any of these guys started to pull back, it would have meaningful results on their financials, but that wasn't the case they're seeing a broadening out which is really positive overall. i think at the end of the day, with the hotter than expected prints, and everyone reviewing

what the fed minutes were, you know, yesterday, a lot of the language was around, well, we need to see kind of three or four good prints before we want to really cut rates, and so, as better prints come out, it just kind of keeps pushing things out, and makes it harder to really feel confident that rate cuts are on the horizon. >> if anybody made a bear case for nvidia, all of those points were addressed in yesterday's print -- >> right >> every single one. from the broadening to the potential air pocket, with the transition to the blackwell later this year. >> wasn't going to happen until it coming on earlier, going to make a lot of money from blackwell this year. so, considering how high expectations were, nvidia ended up not being a buy the rumor sell the news. >> yeah. >> in fact, even on a very bad day, it was up, i don't know, 7.5%, which is pretty impressive, considering where it had been going in, but that just narrowing at the very top of, you know, dell, i guess at one point was only up two bucks, maybe it closed up a little higher, but this was just so

strong, though, for nvidia, that it didn't matter what else went on however, for the rest of the market, it really did. everything started to get hit. industrials, banks, across the board. >> what they told us in terms of blackwell, in terms of the core business, the expansion, doesn't this reinforce capex cycle for megacap tech doesn't this reinforce a lot of the broader economic arguments that we know nvidia is more than that it's fascinating and i thought this was the kind of debt relief to buy. can you do the math, i mean, s&p was probably down 120 basis points if you remove nvidia today, you know, 5% of the s&p, up 10% that's simple math. steve, i'm kind of impressed by the call to the 200 day. that's a cessorrection. that's 10% >> we don't usually just stop at the 100, we rally a little bit and then you wind up -- >> this is past report the last pull-back? >> if you go back a couple of months, we did the same type of

thing, we tested all the moving averages, then bounced effectively off the 200-day. but to think that we're just going to rise up to 5700 going to year end without a substantial pull-back. >> by the way, we respect, you know, getting out there on a call and i think that's interesting, because a lot of people, you get nvidia out of the way, we've had a good earnings season, the fed is kind of benign, yeah, i -- >> i also think that nvidia -- did anyone think it was kind of cooky they came out with the split now? >> why >> we all know that the split doesn't do anything, but right-size splits go up and reverse splits go down, but they don't do anything -- >> economics -- >> the one thing it does do is allow options trading, when $1,000 stock is just too -- it's too big to buy -- >> i thought they pulled a lever of -- >> why pull it now >> why pull it now, versus last time around, versus the time

before that? >> you're so skeptical >> stock's never been this expens expensive. they probably said at 1,000 bucks, we need to do this. and we're pretty much there. >> the last time i was on, a couple days ago, people say they think it's not expensive at 1350 i believe that was the high price target on the street but when you look -- the timing of it is -- yes, i am skeptical, because i want to see -- there's always -- nobody comes across with that idea of splitting the stock, just, hey, what do you think we should do, should we split the stock? >> i think 1,000 buck as share, you have to start thinking -- >> how many thousands buck as share stocks are there >> right >> we -- >> chipotle. no longer, right >> right >> my thought is, maybe -- >> should have saved it? >> save it longer and maybe coming to -- they have beaten guide higher, maybe they're -- >> the flip side is that they've got so many arrows in their quiver that they don't --

they're not worried about expending this one >> yeah, it's -- again, it's an interesting thought. i think they probably, capital markets-wise have some planning that's out there in the future and this number makes some sense. but looking at semiconductors as a group relative to the s&p after a day like today so, the question is, you close really much -- almost in line with that march 7th top that came off the last nvidia so, we're right there. intraday, we're through it and i was saying, wow, semis have resumed leadership against the s&p, this is an important day. maybe this is a double top but again, on a relative basis, if you look at ratios, semis to s&p is a very important thing to follow in this market, and we got to the top, and we stalled tomorrow's another day next week's another week but it's absolutely worth watching >> julie, is the message of today that there's still more gas in the tank for nvidia and the a.i. rally and you should be in that to avoid sort of the broader downside of the markets? >> it's always really hard to feel good about any kind of rally when it is so

concentrated, and, you know, the broadening out is great, but again, if we're this dependent on this much capex from only a handful of companies, it doesn't take much for those companies to say, oh, it's the year of efficiency, we're going to pull back on our spending and people act like that's impossible, that could never happen, but we don't really know, it's not written in stone, and i think the biggest challenge we have is the business models and the business use cases around a.i. is still pretty nay sent. i think, for now, investors are like, sure, if you're going to do a.i., i'm going to bid up your stock but there has to be an economic business model around that and investors will need to see that. >> all right, well, our next guest says nvidia's breakout is just beginning, and even with today's bounce, it is still cheap compared to other chip names. let's go off the charts with lpl financial chief technical strategy adam turnqvist. how much higher? can you answer that? >> i don't know if i can answer it, but the technicals can give

us some guidance here, because that's the quest on investor minds right now in the latest breakout we're seeing a breakout from what we call a bullish lag formation. if you measure that out, you look at the flag pole back from january to the -- and then the flag formation down to the lows, you can get an upside or minimum upside technical price target right around 1350. the technicals suggest the past of least resistance remains higher stock spent some time in the penalty box earlier, it's been just breaking at to new highs over the last two months after getting overbought looks like that uptrend is going to resume here for nvidia. >> so, 1350 is your next level there. what do you make of the broader action in the markets that we saw today? >> not a good finish, as we can see, a bearish engulfing candlestick, so, we'll be watching to see what kind of downside we get. it's all about follow-through, so, we'll see how the market reacts

if we get more follow-through, i'm not going to go with steve's call, but i do think you could get close to the maybe worst case scenario, 4800, but i think the april lows are going to be the key level to watch to see if we get there or not, and those are around 4850. >> bearish ish engulfing candlestick? you don't want anybody to be engulfing a candlestick. adam, great to speak with you, thank you. >> thank you >> if you are looking at a cheaper way to get into nvidia right now, let's bring in mike khouw for an options strategy on this name. mike, people feel like they missed it, people are afraid of owning the stock up here what do you do >> yeah, i mean, it's -- it's a difficult one, right so, people may have been sitting there, thinking, i'm going to wait until we get some news out of earnings and then when i get the good news, then i'll buy it and they wake up and find that the stock is almost $90 higher and that can be a difficult situation. another difficult thing, and

karen was actually alluding to this, is going out and buying calls, the september at the money calls cost roughly 11% of the current stock price. so, is there a way to get upside participation without necessarily either having to chase the stock at its current levels, or just reaching out and needing the stock to make a big move higher for tow see profits? one way to do that would be to use a call spread risk reversal. i was looking at the september 1100 calls, you would buy those, sell the 1200 calls and then also sell the 900 puts to help financial the purchase of those calls. the interesting thing is, the sale of those two wing options actually more than pays for the 1100 call. it generates a standstill rate of return. if the stock just sits here or drifts lower, goes a little higher, collect a little bit of premium. the downside risk is that you would have to own the stock at the strike or the put that you sold but that actually represents at about 11% discount to the current stock price, so, you would actually buy it at a price lower than where it was

yesterday, before they announced. so, this is a way you can get some upside participation without chasing the stock. >> so, mike, do you put a trade like this on and expect to sort of take off different legs depending if the stock moves or are you holding this until expiration or some big event >> yeah, that's a really good question and, of course, you can trade opportunistically around a trade like this. if the stock starts to rally, one of the things that's going to happen, of course, is, you know, the closest to at the money call you have is going to appreciate, but very importantly, that downside put that you are short is going to begin to go down in value, both asing a function of decay and as a function of the stock's move higher and you would use that opportunity to cover that downside and then, essentially, you're getting a much closer to free ride to the upside, if you wanted to continue to maintain that long position >> mike, thank you mike khouw you are an owner of nvidia, karen. what are you doing at this point? >> you know, i did nothing today.

i looked at calls, we talked on the midday call -- >> to sell. >> to sell i and probably many, many people have a much lower basis. so if you, you know, i'm never going to be great at picking when to sell and when to get back in and the spread needs to be big enough that it is worthwhile for me to pay the taxes and jump back in and hope that -- that's just too hard for me to do, so -- i'm just staying long >> all right. let's get her on the names that can benefit from nvidia's rally. let's go to gene munster from deepwater asset management gene, good to see you. we want to go outside the obvious, so, how are you thinking of sort of the next -- the next layer of trades out >> so, it starts with a little bit of a different view of what happened last night. i think that nvidia's results underscore that this is happening much faster than anyone could have imagined and it really -- to put that into perspective is that in the april 2023 quarter, nvidia's

business owas down 13% the last quarter was up 260% and the speed that things are happening is really underscoring the seismic shift of this transition to a.i. in the midst of what we've talked about with a.i. for the last year and a half, there is just so much buzz words around it i'll just leave it at this the substance ultimately is going to exceed the hype and when you have that perspective, the concept of worrying about inflation starts to fade away, and you focus on what companies, and to answer your question, where do you go below the fold here? it's companies like tsm, asml. i think google and meta are particularly well-positioned, given they actually own the underlying models. that's what we're looking for, kind of this next shift. but this undoubtedly is going to be the underpinnings of a bull market in the next three to five years. >> so, hyper scalers and hardware are you thinking software at this point are you thinking about companies that will deploy a.i. for gains in their business that may be

outside of technology? >> so, most of our investments are not there currently, but that's going to be the next wave, call it a year-plus, kind of the two to five-year. so, eventually, we'll get around to doing that. we invest in private and public companies, and so, there are companies like hugging face, for example, that is on the model side, so, there are other opportunities, i think, so invest in this wave that are not right down the middle with nvidia >> gene, when you look at blackwell, it's about four, six times faster than hopper, and you wind up seeing their integration with their new chips being so much faster than the previous iteration of it do you think you're going to run into a scenario where people just sort of get paralyzed and they want to wait for the newer chip we've seen that a little bit, or, do you think the bandwidth of a.i. currently, people don't need the latest and greatest, or there's a finite amount of

companies? amazon can consider doing whatever they're doing with alexa, and others need the latest and greatest. have you added that into your calculus for these companies >> absolutely. you are getting at the phenomenon of buyers waiting for the next kind of wave, and what surprised me related to last night's call was just the degree that nvidia is going out to its customers and saying, we're going to upgrade these chips once a year. and once you set that expectation, the probability that you have some air pocket before the next cycle declines if they would upgrade the chips every three years, this would be -- you'd see the big boom and busts, but i think they are training their customers, we're going to get new, faster chips every year and i think that does minimize -- that was my big concern going into this quarter, was the osbourne effect. didn't play out. >> gene, at one point with nvidia do you think the growth will not warrant the chase

so, you know, right now, seems like they've put to rest any question that they're not going to grow eps 30% to 40% over the next couple years. makes the stock really quite attractive right here, and at some point, there might be a greater discounting mechanism for this stock based upon the move it's had and how important it's been. any thoughts >> i think into calendar '26, this is going to be wide open. when i say way open, right now, the street's going -- after the revisions last night, is looking for almost 30% growth in calendar '25 i think they can grow 35% plus, '25-26 this is bigger it's not just hyper scalers, it's industrial a.i., there's an aboutfully case layer, there's sovereign nations, these are things that jensen talks about, and i believe that based on that, nvidia is still not challenged, and i think this growth story is going to continue we're going to be saying it's deja vu. >> thank you great to get your thoughts, gene we have breaking news we want to get to the s.e.c. has made a decision

on spot ether etfs >> and it's been approved, melissa, that's the big news coming in. the etfs based on the price of ether have been approved for the nasdaq, the cboe, and the new york stock exchange. potentially paving the way for these etfs to be listed later this year. remember, earlier this week, the -- the agencies themselves had largely predicted, as had many of the experts on our air, that this would be denied based on some of the commentary we heard around the bitcoin etfs being approved, but in fact, you got ark investments, blackrock, hoping to launch these etfs. you're seeing ether up about a percent and a half bitcoin, by comparison, took a little bit of a dip there, but again, that's the news coming in, the s.e.c. has approved etfs tied to ether. >> contessa, thank you and of course, we saw that big climb in ether earlier this

week it is the e in steve's wage acronym. what do you do with it now the news is out. >> yeah, i think -- you could always get some back and fill. and, you're going to see that. even with ibit, i own that, as well, you're going to see a demand, just really accelerate you're going to see institutions go for it. but the road map is what happened with ibit and this doesn't have to replicate it exactly, but to a large extent, you could see a 40%, 50% of the same move that ibit had. coming up, some big moves in health care stocks as we get early headlines out of the asco conference the companies with some key results out of cancer treatment trials, next. plus, shares of alibaba dipping on reports of a possible bond sale. how much the company is looking to raise, and what it could mean for the stock's next move. refa meyernywhe. mo "ston" in two it's truffle season! ah that's okay... never enough truffles.

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welcome back to "fast money. investors getting a first look at the data being presented at the world's largest cancer conference next week, the asco abstracts, just released at the top of the hour. angelica peebles has been sifting through the reports. >> hey, melissa. tonight is a big night for cancer drugs we have been going through these

abstracts, and looking at the data remember, these abstracts are basically a summary of the day t data that will be presented at asco next week so, i want to point to two names that are moving right now. one of those is merus. that stock is up about 16% after saying that its experimental drug given alongside merck's keytruda was well tolerated and showed promising results for head and neck cancer another name that is moving is immunocore the company is saying that its experimental drug for mel anoma was well tolerated but that stock is down 6% right now, but we will note that it's trading with light volume. one metric wasn't as impressive as what investors were looking for, but i spoke to the company, and they're saying that that metric isn't as important with this drug as it has been with other cancer drugs obviously, investors might not agree with that right now, but we're going to keep an eye on that and see how it shakes out

they have already started a phase 3 trial for that drug. we're going to keep going through the results and we'll get back to you with anything else we see. >> of course, the big moves will be seen by some of the smaller, like the biotech names, smaller market cap names, but the thinking of investors in terms of the large cap names is there could be deals to be made. so, from that standpoint and asco, who are the large biotech or large pharmaceutical companies that are looking to possibly do a deal in cancer specifically >> yeah, that's something that we're definitely going to keep an eye on. some of the smaller companies like immunocore and merus are names that people keep an eye on, to see if a large pharma might go after them. next week, we are going to hear from astrazeneca, novartis, j&j, they'll all be presenting data, so, we'll have to see and listen if they have any indications on what exactly they're looking for. >> all right, angelica, thank you. angelica peebles with the asco data dump, is what we like to call it, though, it doesn't

sound very nice. a dump of any sort but in terms of the pharma trade, biotech, we were talking about the smaller names. i don't think any of us are in inverted, but in terms of the larger names -- >> yeah. >> there could be deals. >> so, when you look at the last seven years, the cancer sales in these drugs, so, you brought up who would be looking for a purchase, astrazeneca has increased their cancer sales in the last three years by 3x, so has merck, johnson & johnson, pfizer so, when you look at these names, those are the ones that are aggressive by building out their portfolio and i would look to them. but the biggest takeaway, we're not talking about obesity drugs right now, we're talking about cancer, maybe that leaves a host of other names that could rally. >> gilead is one of those names. looked like they were making big moves, and if you think about investor sentiment right now, as it relates to oncology, it's incredibly low the fact is that the focal

point, and i think there's a lot of competitive dynamics to think about there. gilead is one of these names that has been dead money for a long time and one that i think would -- it would be great to have heard a headline here it's still an hiv story. >> julie >> yeah, i agree as a small and mid cap investor, we get asked all the time, are we investing in the biotechs you really have to be an expert and know what you're doing i think it is a much better way to play it on the companies that have demonstrated and ability to acquire these assets and push them through their pipelines like the larger names. coming up, some afterhours action to bring you. the details from the quarters next. plus, some fast movers catching our attention the trades on a paper company and a chinese tech giant why they're heading in opposite directions today you're watching, "fast money" live from the market site in times square back right after this.

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but there's no magic involved. (dog bark) it's just smarter, healthier pet food. it's amazing what real food can do. welcome back to "fast money. stocks selling off despite nvidia's rally, as expectations for a fed rate cut dimmed again. the nasdaq down about 0.4% shares of international paper

jumping after a bullish call over at jeffries analysts upgrading the name to a buy, raising the price target to 57 bucks, a 30% increase from current levels. alibaba lower today after roberts the chinese tech giant is looking to sale $5 billion in convertible bonds. and afterhours action to bring you. deckers outdoors, the maker of hoka sneakers up after posting strong eps and revenues. intuit lower despite a beat on the top and bottom lines ross stores higher after its own beat and workday dropping after reporting light full-year subscription revenue guidance. hmm. deckers -- we've been talking about the consumer a lot the stores, the retailers and the right sort of demographic are doing well and the ones in the wrong demographic, too bad >> yeah, and that's, again, a wildly competitive space, and a space that actually -- look, they've had some great numbers they've had a pretty good move there, and i think the discretionary spend is coming in aggressively >> so, ross stores, which is most interesting to me, pretty

much similar to what we saw with tjx, right if you are deliver value to the customer, they're there. this is impressive numbers. meantime, starwood real estate trust saying it is limiting redemptions to preserve capital. this after reports earlier this week that the $10 billion fund was hit by a wave of withdrawals in the first quarter, and was running out of cash. the stock, the reit, i should say, is down by 3.75%. "the wall street journal" reported $10 billion real estate fund bleeding cash and running out of options the gist there was that these sorts of vehicles were very popular when interest rates were really low and people wanted that 5% return, but in this environment, if they can't withstand the redemptions and the withdrawals, this sort of product may be a thing of the past >> well, if you were an investor in several of these and one of them is gating you, it does make you think, hmm, maybe i need to pull a lily ttle liquidity fromh one where i can. and it starts a negative cycle for awhile

>> six months ago, we were fielding questions from, you know, blackstone and this was something that, you know, a lot of people thought was something to be concerned about, clearly they didn't think it was, clearly it hasn't been but if you think about where people have been on real estate, especially on commercial, cre, why we pushed around leej nall banks forever. it's not surprising that the stuff is bubbling. >> i'm sorry, just the expectation of big rate cuts, for a little while >> sure. >> and now that hasn't happened. >> and this could be the, you know, unintended consequences. everyone thought that the commercial real estate was going to get back in line, and now, if those cuts are kicked out, you could see this erupt the same way that we did with the regional banks this could be the mine field. coming up, another black eye for boeing shares falling more than 7% as the company warns of a cash burn this year. and deliveries won't be getting any better all the problems facing the company, next. and a lip gloss glow for

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welcome back to "fast money. boeing shares tumbling today, closing near session lows. the plane maker cfo warning that it could burn through another $4 billion in cash this quarter, and would be cash flow negative for the full year. just a month ago, the company expected to have generated cash in fiscal 2024 the stock is down 34% this year, but one analyst still sees opportunity in this name nicholas owens follows boeing from manorningstar nicholas, great to have you with us >> thanks for inviting me, melissa. >> i feel like this has been a series of disappointments, and the very latest is not making the guidance that it just gave a month ago, two months ago now. >> yeah, well, is it too soon to make the charlie brown and the football analogy the -- the big news today, i think, actually, in terms of what's hitting cash flows for q-2 and the plane was actually the china deliveries so, the idea was that even as

they are slowing down assembly, they could be delivering the planes that are 99% done and that would boost the cash flow if you push out those deliveries later in the year, it exposes just how slow they're taking their ramp up on the 737 assembly line, which is the healthy, right thing to do, but it doesn't line up to the expectations for q-2 >> all right, so, how do you get to 221 how do you get to your buy rating at this point in time >> sure, so, i mean, the big -- in three and five years, i think it's plausible that boeing will have its assembly line squared away, the supply line will be stabilized, they'll be purchasing more of the 737s and doing so profitably. i think that's the dominant and most plausible scenario. and 737 is about half the value of the whole franchise so, way back in february, after

the january 5th thing, i look a look at some of the scenarios and the timing of the 737s and took what i thought was a conservative take, and we shaved our fair value at the time, which gets us to this 221. the whole point is, there's just a ton of demand for these planes long-term. i'm using discounted cash flow model, i'm not necessarily benchmarking next quarter's earnings, but that is part of how we get there the -- you know, that's really the bottom line. >> there are, though, a couple of near-term sort of deadline or dates that investors are going to be watching very closely and i imagine you are, too the may 30th deadline to file that 90-day report on quality improvements, and july 7th, the deadline by which the doj has to decide whether it will pro prosecute. how do you see that in the prospect of the stock?

>> certainly looking forward to the faa conversation next week i'm hopeful that is positive the cfo said they've been in dialogue and really only delivering their plan, which they will garner feedback on and move forward with, and i think they're learning as they go here, as they really are digging deep into what's going on in the assembly line for the 737. the doj is a bit more of a wild card, you know, they were found criminally liable, actually, you know, that could present pretty big complications. usually these sorts of things end up turning into just large fines, and, you know, basically with, i think 500 million shares outstanding, a billion dollars is 50 cents off the -- off the value of the company in terms of fines. >> all right nicholas, thank you. nicholas owens

you basically have a buy rating. >> i'm long boeing this is the kind of news that really bothers me. some of the other stuff has been noise. we know there's been some really awful events around the boeing story, but you own boeing for free cash flow, and you push this out, so, if you own boning, you were expecting this to be a 7%, 8% free cash flow yield by 2026 it's clearly being pushed out. 787 production is also part of this, but i think that's actually not too bad, so frustrating, but i think if you can be patient, the view is, eventually this comes on backing and i think if you are patient with boeing, you know, i expect to be in this trade for a couple years. >> yeah, if your time frame is longer, sure, you looep, but how do you -- how do you view this, because i feel like one sort of pitfall in this stock has been thinking about a fine or the financial impact of something, and calculating that into hit to eps. hit to earnings per share, and it's been much bigger, i mean, in terms of reputational issue

it's not just that hit that takes off that amount of market. it's not surgical, in terms of the impact >> yeah, i think that's right, and i think investors have a appre apprehension, what if there's more it feels like we have a daily whistle blower comes out tr trumpeting the problems that are happening here, and to me, as an investor, the regulatory overhang and not knowing the scale and scope of that is pretty scary and it has implications for the rest of their fleets, too, so -- i think for me, even as a long-term investor who is really interested, that's ideal, a good value. this is tough. this is really, really tough >> so, when i heard the analyst talk about this, i kept thinking, duopoly. that's the only reason why the bottom hasn't fallen out it looks like 120 is the level it wants to get there. there's obviously some pockets of support right here. but you have to think really quick. in april, they had the lowest jet deliveries they've had since the pandemic it's not over. coming up, elf's beautiful

day. the makeup company surging on the day, after blowout results woo elle go inside the numbers after the break. "fast money" is back in two.

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money. shares of elf beauty topping the tape today the stock jumping 19% after posting beats on the top and bottom lines last night. the company marking its first billion dollar sales year with revenues up 77% from a year ago, while guidance for the current quarter was less than expected, the company later suggested that the forecast was probably conservative so, is this beauty trade gamed up for future gains? and certainly the analyst commentary, karen, has been they think that the guidance is conservative so, they're looking past it. >> right so, that underpromise, overdeliver thing reputation is a good one to have i mean, this was impressive. i -- i'm sort of intrigued, you had target talk about some ulta strength this, i think, bodes well for ulta, which will report next week, but that move is actually surprising me, the magnitude of this move in elf >> if i was a self-promoter, this would be an opportunity to talk about the blicep. >> but you're not. >> but i'm not, and, of course -- >> you mean -- >> the e in blicep is not doing -- >> estee lauder, not elf, by the

way. >> going to change it to elf >> i just wanted to make an announcement >> right >> no, i -- i think the real question is is you're seeing different -- you're seeing different momentum in handful of names here you are seeing in the aspirational side, in terms of different places where there are strengths, and some brands that are taking market share. so, elf clearly a case where the credibility of the company, of the management team, that people are following through here i like the valuation in estee going forward. >> when target reported, it talked about the strength in beauty elf is a major -- has major market share in target, that was strength, even in the midst of a not good earnings report, julie. >> absolutely. i think this is kind of been a consistent company that, you know, has been able to execute, and the way that it's really doing that is, it's providing value for customers, right it really is delivering on a prestige ability to, you know, give you the glowy skin that we

all want, but at a price that's really right above mass. and i think their ability to do that is unique, the asset that they bought, naturimu um, gives them good value in skin care this is my personal nvidia i haven't pulled the trigger >> tim loves the glowy skin. >> steve is clearly using elf. >> he's got the blow action. >> a little one for the house. coming up, time to face the music. live nation plunging as the doj finals an anti-trust suit against the ticketmaster parent. the allegations and the changers to the stock next. more "fast money" in two ♪♪ ♪♪ book in the hotels.com app to find your perfect somewhere.

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those who are still book iwith us, yes.com app grandpa! what's this? your wings. light 'em up! gentlemen, it's a beautiful... ...day to fly. welcome back to "fast money. live nation down nearly 8% today after the department of justice announced it is suing the ticketmaster parentcompany ove alleged anti-competitive practices. it follows a suit filed in 2022. our julia boorstin spoke with the ceoer year today >> the doj, along with 30 states attorneys general are suing to break up live nation over

alleged anti-trust violations. this is a probe that has been going on for two years now live nation/ticketmaster threatened financial retaliation against potential entrants into the cancer promotion space and threatened to retaliate agains venues, restricted artists to venues, and acquired competitive threats. the live nation ceo responding here is what he told us. >> we believe that the department of justice has spent the last two years trying to figure out how to come to their p predefined decision that they wanted a suit to break us up all they've akccomplished over the past two years is find a handful of unrelated conduct that is very specific business practice that does not establish any basis for overturning the merger >> live nation also saying that the doj's lawsuit will not solve issues around ticket prices, service fees, and the like and that the bulk of service fees go to venues.

melissa? >> all right, julia, thank you julia boorstin with the latest on live nation karen, you have been a shareholder of this. we are actually seeing the stock hit by it. >> it has been a looming issue, and around this level, we talked about it a cup weeks ago, i said, i tonight think anything would happen to the stock price while this is out there, then it proceeded to go to $104. now that this is happening, i think it's still going to weigh on the stock for quite awhile. the business part is doing great. this is a significant overhang now. >> this is a very popular sort of issue, popular, meaning, it appeals to the mainstream. people think, how expensive were taylor swift tickets, why should we be paying this money? >> well, taylor swift tickets were expensive because she deserves it and because that's where the market is, but the fact of the matter is, ticketmaster controls the venue, and they control the whole tour, and no one can get in the way, and as julia detailed, the

accusations of bullying and predatory practices, retribution, you want to go this way, you're not going to do too well in the music industry how do we all feel, how transparent do you feel the ticketing process is you don't. it's totally opaque. the inability to see -- the fact that concert tickets are largely sold the same way they were 20 years ago and yet so many other things have evolved tells you a lot about this i think they should be broken up and i think they will be >> julie >> yeah, i completely agree. this is a much more must ewe lar doj that feels empowered to kind of take this on, and they're emboldened by the swifties that are really upset about what happened and i think there's really no one that's going to defend ticketmaster at this point we can kind of all agree it's not a good service and this is really one of those clear classic cases where monopolies just have a negative impact on consumers. >> i might not be the guy to defend them, but they're taking on a lot of flak, where it's --

it really is the out twists that are setting prices to a large extent there's a lot of fees that are coupled on top of it, no one likes the fees, but i feel like we've been through this already with the government and doing this i think this is a little more political than it's just about the fees up nt,in tdeex falras. and mocked your ambition. but it's not the critic who counts, and you know that. from the beginning, you couldn't be stopped. ♪♪ breaking resistance with every swing and block. ♪♪ your game plan never changed. ♪♪ so enjoy this moment. ♪♪ the one they said you'd never live to see. ♪♪ some would still call it luck. ♪♪

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time for the final trade let's go around the horn julie biel >> health equities core hsa business is very healthy, but they also benefit from higher interest rates >> tim >> i'm long international paper. i think the cycle is finally turning, after ten years in core gaited board c-board, as we call it, but there's an outstanding bid for the company, a new management

team >> karen >> yeah, ulta on the heels of it being down a lot, and target, and elf. >> steve >> the w in my wage trade is westrock, which is the -- another paper trade. i like mine, i think there's a better upside potential. >> all right, thank you for watching "fast money." see you back here tomorrow at 5:00 formore "fast." "mad 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 is not just to entertain but engt, put things in perspective. call me 1-800-743-cnbc tweet me @jimcramer. look, i know it was a horrendous day today. we're going to get to that but it sure was a heck o