paychecks and micron. and then on thursday mccormick, walgreens, boots and nike. so, of course, all of that and i will continue to be on nvidia as it's become such an important weighting in this overall market. for now, that's going to do it for "overtime." "fast money" starts 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. wilting in the summer heat. we all are. this week some of the market's hottest momentum stocks, nvidia, chipotle and costco started to lose a little of their mojo. is this a bad sign for the health of the bull market. we'll debate. swooshing higher. bold call from an analyst on nike. traders set to weigh in on what they aren't buying what he's selling. >> gearing up for results from fedex and micron. rough end of the week for the big banks what is behind the beating of bitcoin right now. i'm melissa live from studio b

at the nasdaq. on the desk, tim, karen, vanno and steve. i'm not losing my voice. not a peter brady moment. >> you've been on the network. this is your third hour. >> that's an aside. start off with a handful of high momentum stocks suffering heat stroke in the sun. nvidia hitting an all a time high yesterday morning and down 10% since then. technically puts it in correction territory and drops it back to the number three spot on the market cap lebenthal leaderboard. chipotle down more than 7% from its tuesday record and negative for the week. eli lilly and costco also pulling back from their best levels, hit just in the last few days. is the fever breaking after these stocks' massive run? we asked last night and did see follow through today. mole hill or mountain or in between. >> apparently give too much information about moles, but i was referring to the varmints

that live in my yard. again, the question was posed whether this is good or bad for the bull market. isn't this good? don't we want to see these runaway trains slow down a little bit and start to broaden. doesn't mean they will broaden, but the parabolic move in nvidia is something that has a lot of people uncomfortable. the fact depending on which surveys you're looking at and there's different graphs, look at momentum, the fund manager survey, bank of america was out this week, i participate in that, clearly overweight equities as it's been or near a range where it's near that level. so i look at where the participation of look, we want to see transports and industrials. they've been under pressure. we've talked about sectors that don't seem to matter like industrials, sorry, excuse me like, energy, industrials do manage, energy, utilities so to speak to the broad market. i actually think this week was interesting because on top of what we had in terms of maybe these blow off tops for at least some period is that we've had

economic data that continues to show that i think the economy is slowing a little bit. that's the part of this that's the most interesting to me because i don't think the market wants to see a lot of that. everything else in terms of the price action, look, we were due for this. i'm not -- i am not going to go into the weekend and say this is the beginning of a major pullback. >> i tend to agree. i don't think this is definitely a mountain either. i'm with tim i would say 99% of the way. we do want to see the breadth. i'm not necessarily convinced we're set up to see that breadth, however. if you really look at earnings growth, what we've seen over the last year, i would report the last two years, it's really been concentrated in call it 5 to 15 names, and i'm not sure that the balance of stocks in the s&p really have what it takes to kind of fill in the gap from an earnings growth standpoint. that doesn't mean that we can't continue to rally, but now we're predicated on having a p/e expansion and i think this late in the cycle, expecting to see that multiple expand with more

stagnant earnings growth, i think that might set up to be a bit more troublesome. >> i agree with you very much on the p/e multiple being part of the driver. it has to be earnings and a beat. the bar is already so high, though. that's the problem. and i mean, you know, if we look at the chart and squint, they haven't topped. they're back to where they were wednesday or tuesday of last week. but that feeling of sort of frothiness that was there just yesterday morning. >> yesterday morning. >> yes. with nvidia hitting a new high. >> new high. i don't know. that just seemed like we just have to be in it like a panic buying kind of we have to be in this name and so a 10% pullback is nothing in this. i wouldn't actually be surprised if it did a further pullback which still would be warranted. i know tim was saying buyers that want to buy it down 20%. >> you got -- >> 115 level on the charts people would love to buy nvidia and they will. >> i was talking to santoli on

"squawk on the street," and he referenced the outside reversal day in march which guy talked about last night. pull up that chart what happened outside of that. we had a breather. >> came in at $200. >> that was a buying opportunity. >> it was. as long as they hold 80, 85 share in ai, all of these selloffs are going to be buying opportunities. i feel like you started a new game, mountain or mole hill. i think it will be mole hill. >> just because i use the word or doesn't mean i'm setting up a game. >> i get excited for games. >> it's friday. it's a game. yeah. i'll play the game. i'll play my game. i think it's a mole hill on all of these and to karen's point, as she said, if you squint, these things are right where they were. lilly is the holy grail, seems like the holy grail right now. chipotle, splitting next week. tuesday i believe it is. 50 for 1. you're going to see a little bit. maybe get a better entry level here if you are not included. day of record was the 18th.

does anyone think you're not going to see international growth out of chipotle? i don't think so. so is it factored? definitely not. mole hill. costco, renewal rate 90%. mole hill. this is going to be for them -- >> all these fundamentals are great, doesn't mean the stocks are not overvalued, though. >> over valued is speculative on a daily basis. it could be over valued, under valued. nvidia, there were analysts that thought when nvidia was trading at $900, 1350, oh, my gosh so high, that stock would still be cheap. it turned out it still was cheap. are you going to see these pullbacks? yes. nvidia is on the mountain with a mole hill on its feet. >> what. >> conflating. >> mole hill on its feet? go with me here. >> twin peaks. thank you. if you think that as i said before, they're so far ahead of

everybody else, there's other ways to make money in ai, but until further notice, nvidia is still the king. >> lower by $11 or so? >> maybe. yeah. i mean i think the valuation is defendable. if i look at the charts there's a context. if you want to own the market long term you're looking for the opportunity to buy. for clients that i have that want to own nvidia, you're going to start to lag in the trade. where do you want to be underweight or overweight. the fact that nvidia even after a heroic run over the last two years in april gave you an opportunity to buy it down at 65 or $70. the question is, how do you want to tactically get to the place you want to be in terms of your position size? i would say this week was also very interesting because you saw the nasdaq, you know, kind of reassert itself in terms of fresh relative out performance to the s&p. the nasdaq hadn't done that. we talk about semis. they had done that.

the nasdaq jumped back into the fray. i look at, again, the market that we have this week, there's a fly like talk of moles and wildlife here, anyway, sorry, i keep getting buzzed by a fly in the studio. it's tough. i think we have a case here where there's nothing that happened this week that isn't surprising and there's nothing that happened this week when you consider where the positioning in the market is. this pullback to me is very healthy. not even a pullback. we're talking about 18 hours of price movements, 36 hours. it's the peak of yesterday intraday session. i understand outside reversals can be powerful. the only reason we're having this conversation because the move was so extraordinary to the upside and it was 13 days in a row we saw nvidia go higher and kept coming in every day and the fact that it's not and given some back. >> 2% selloff in 333 days in the s&p, so this is a long time coming and people are waiting for it so we're hyper sensitive

when we're going to get the crack. as a trader, you don't ever think you're right when you make that first purchase. that's why you don't buy 100% of your position the first day. youactually get accustomed to hoping you're wrong with the first purchase, dividing it up in 20% lots or a third, so if you're haggling over nvidia, a great buy at 126 or waiting for 115, just buy it, buy 20% of your position. >> not to mention that today we've had rebalancing, option, future. there are definitely things under the surface nothing to do with valuation while having buy and sells and perhaps mismatches there. >> do you think that expiration is contributing to the decline in nvidia, though, or momentum stocks in general? >> i don't think it's immaterial. >> okay. >> sure. i think there's an argument to be said and i've always said, you should expect some volatility in something that has, i don't know exactly what the data is, probably 175, maybe

even north of 2. you're expecting this. what i'm saying is that when you have positions roll off, maybe, i don't know how many options expired in or out money today specifically, but that couple days with the rebalancing and all of that buying momentum you had going into the print today, it would make sense perhaps to take a bit of a breather. >> i see 167 but they're partially responsible for the beta. i feel like. but i very much agree with steve's point. you want to be wrong at the beginning when you buy something and i kind of want to be wrong for having sold some and having, you know, want to be wrong for buying puts. >> selling more today? >> i was not. i got puts, sold calls and stock. i still have a lot of exposure to the space between dell, amazon, meta, google. >> right. >> big position also. so -- >> i get back to where you could pull back to.

great we're about to have carter come on the show because this is what he does really well. look at the semiconductors or the sma etf that tracks that, see that pull back to 240 and that would be another, i don't know, 10% from here and you'd still be holding that trend, an uptrend from october of last year. one more thing, we give good useful information on the show. moles less dangerous than vols. i have vols in my yard. moles are just eating grubbs. voels are -- >> less dangerous than what? >> vol. >> there's a difference. >> a terrible looking rodent and it's blind. >> never heard of a thing. >> what were eye sockets. >> don't have eyes. >> we have to remind ourselves we're on air. >> yeah. >> vols eat plants. >> we're not in break? they can take down a mature rhoda den drum you won't know it until it's too late. >> i don't know if it's useful. >> the more you know. >> let's bring in carter, the chart master to tackle whether the stocks have lost their mojo.

what do you see? >> i'm stuck on rhododendron. okay. nothing happened, right. most sectors are up this week, tech one of the ones that was down. almost every sector up at some point. we're all waiting, right, when does this getting to be parabolic over love crowded expensive run pause. i would point out if you look at the top five holdings in the momentum etf, three of them were down for the week. we know that breadth is terrible and this has been the case. the nasdaq 100, the equal weight nasdaq 100 has not made a new high. but these are the top five holdings in the momentum etf, and, in fact, nvidia was down for the week. meta was down. the one that jumps out, we'll

look at charts, is meta. look at a few charts relating to this etf compared to the market and compared to other aggregates. meta of all of these, it peaked on the 8th of april. every other stock at the top five made a new 52-week high this week. and so meta's the one that i would cite, looking at certain semis struggling for months, amd, for instance, just a quick reversal on mu or nvidia, that's day-to-day stuff but meta about to break trend here to my eye, and worse, is its relative performance the final chart we have to the momentum etf. now you're getting into some correlation, but it's a pure exercise. it's one of the parts juxtaposed against the whole. meta relative to the ishares momentum. it has broken trend.

this is the one i would say keep an eye on. we know that salesforce has cracked, intuit has cracked. this is a bigger name and any further weakness from here will start to mean something. >> i almost feel stupid we've been focusing on nvidia and broadcom so much of the show and you're saying take a look at meta the one in danger. the terms of reversals and how reversals go don't they signify something in the charts or no? do you just not really -- >> sure. i mean down one day. say again it's -- 18 hours or something. if a stock is going up 30, 40, 50% in the course of several weeks it's entitled to drop one, two, three, four, five. what nvidia has done is nothing. now, can it turn into a route? maybe it crashes monday. the point is we can't come to that judgment or i can't. if any of you can i would come work for you. but the point is, yes, i see the cracks. semis were the most steep, most loved. they're the ones that sort of

got hurt today. but one can impute from the small bit of data further down other than to say they should all be a lot lower in the sense that they're all over owned, over bought and over loved. >> so does that mean that you would not recommend buying them? i'm asking is the up trend intact even if we see dips. >> the market or nvidia. >> for semis. >> for semis. yeah. you have to put it in the context of the breakout. the semis were break out and broke out nvidia being the contributor, and now you have a two-day giveback, wouldn't call it a dip or selloff or certainly not a correction or a draw down, two-day give back in something that just broke out. i would say you should get more than just two days, but how much more before it becomes an opportunity. i wouldn't read all that much into it. >> all right. carter, thank you. kaerts braxton worth of worth

charting. karen, are you worried about meta now that carter has alerted us to the break in trend happening. >> i like carter's work and i don't love it when he has something feels destined to trade down. i look at the meta evaluation or nvidia evaluation or some of the other one, amazon, microsoft, it's a different stratosphere. the nvidia stratosphere is higher. meta at 24 times earnings, that doesn't include the cash, i don't feel like there's a tremendous amount of downside. i want own it and have not sold any. >> dig deeper into the drop in the ai darling closing out its first down week since april but option traders are piling in on the bullish bets. mike has the action. mike? >> yeah. i mean this one is, of course, the busiest single stock option by a good margin. it actually traded over 8 million contracts, which

exceeded the etf. we saw puts 5 to 3 and exclude those contracts that expire today the busiest contracts expiring next week were 130, 135, 140 strike calls. 130 traded almost 130 contracts, buyers buyers paying for those. it could be a substitution and see people deciding they're going to take profits on their shares and buy a little bit of upside just in case it actually regains its mojo. >> mike, thank you. mike co. >> you have -- i mentioned it before at peak corporate buy babb in mid-june. you have yourself a little over a week because then you run into real strong seasonality strength in july. the 15 best days for the market since the inception of markets. if we're going to see weakness and weakness in meta and nvidia, you literally have a week or so to really absorb that weakness

or don't be too cute looking for bar begins. >> i agree with the seasonality one of these dynamics i think especially with the fed out waist and i would argue that fed is a nonfactor until december. they could go in september but the fed is out of the way and so with earnings kind of coming a couple weeks away, you do have different periods where markets can focus on where there are flows and passive flows that want to take this higher. when you had the move that nvidia has had, look the fact that micron is treated the way it is when a year ago if you ask me about micron, this was a truly xhots is tooed company that was trading six, seven times and people felt like that's where it belonged. after the move you've had some of the seasonal stuff doesn't mean all that much when you consider just how overdone we are to the upside in many people's view. again, i think there's so many people that want to own nvidia lower that i think there are a handful of places where it will be very well supported. >> you have a position in nvidia still.

what are you doing with it, if anything. >> i'll probably add if we get another 10%. i don't think that's outside of the realm of possibility. especially given where sentiment is or how quickly sentiment might change. with that said i still don't think you have another ai growth story where i have zero concern in the short term. every time they are presented with a challenge, each and every earnings they knock the cover off the ball and raise guidance. until i see that reverse, i will continue to look for entry points when i think the panic has started to set in. >> coming up, analysts lacing up on nike. should you swerve on the woosh. why traders aren't just doing it. a pull become in bank stocks. regulators flagging major issues for the money center names and why they are sounding the alarm and what banks need to do to fix it. "fast money" is back in 2. >> announcer: this is "fast money" with melissa lee, right here on cnbc. business.

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from market perform as a top mega cap pick saying it is poised for a gradual rebound. analyst brian nagle told me on "squawk on the street" this morning that the market for athletic shoes is expanding nike lagging on holding and hoka deckers this year. do you believe this call? do you think this is, you know, worth believing or do you just sell this one? >> i think the analyst, i think it's great to get out and make a call, great to get out on something like this that's had a big pullback and respect that. but what i heard from this buy was nothing emphatic. i don't see a catalyst. it trades cheap relative to its 1.1 to the market multiple as something it rarely does. but what i heard is, at some point it's going to break out. some point the stock is going to move and blah-blah-blah. that, to me, isn't overly compelling even though i hear you. i still think that we have headwinds on the consumer and the multiple could get cheaper. the market multiple is a little

extended. so that's not -- this outperform is not a reason to buy it to me because there is no catalyst to go, say, other than earnings they'll tell us something different. >> he did mention the olympics have been a catalyst, but i asked him, i said in -- what is the context in the world in which you describe where nike reasserts itself as the leader in athletic wear and shoes, where is hoka, where is an in that equation? do they lose market share to nike? he said no, they're still there, it's because the market has expanded because more people are wearing sneakers. >> right. >> sneakers. by the way. if we were in the uk we would call them trainers. >> but, you know, more people wearing sneakers now and they're not winning. i don't know. >> sets up similarly to lululemon. right. a similar thing. high-quality company that has done great job for years and seemed to have lost its way a little bit and for the first time started to face competition

in biori they hadn't before, and sort of losing its mojo and the setup is about an assem metric risk of expectations aren't that high, right. and if, if they put up a good quarter the stock will really do well. >> i think it pops to the upside because technicals it's working on an ascending trend line as well and if you look at the bottom there, zoomed in on the lower right where you're going to see it. and you talked about it with the olympics. it's going to be a marketing and branding campaign, unlike -- there's not hoka there, not an there. all nike all of the the time. i think you have an opportunity here for nike, so to the upside run into resistance, maybe 5, 10% higher. that's where tim is talking about. that's the prove me state at that point. >> i've -- some shares over the last month and been wrong. got in a little bit too early and started to average in. but with that said, i don't

think that the -- i'm mixed on the call. i don't think it's a call to buy shares ahead of earnings. they even argued they expect nike to guide down and come in less. their numbers are lighter than consensus numbers. over the long term sentiment has swung negatively and taking market share becomes an incrementally tougher game for an and hoka and all the others. and great read, shoe dog. this is a company that is committed to marketing spend. now that doesn't always translate into additional top line growth, but you are not going to out present the nike product and that's worked over the long term and i think it will continue to work in the long term. >> a lot more "fast money" to come. here's what's coming up next. >> fed raising the warning flag has some major center money banks don't make the grade in planning for the worse case scenario. the names in need of some changes. next. plus, another big boom in

biotech. sarepta surging on the latest approval out of the fda and the ceo is joining us to lay out what's next for the company. you're watching "fast money," live from the nasdaq market site in times square. we're back right after this.

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welcome back. banks under pressure goldman sachs down 2%, bank of america, citi and jpmorgan pulling back. the latest move after the fed and fdic identified waekzs in the so-called living wills of these companies plans for fwoonks unwind themselves if there is a crisis or failure. ahead of stress test results released next wednesday. i thought this was interesting. tim thought this was a snooze story out there and karen thought this was very interesting. is this the reason they pulled back? >> yes, it's the reason they all pulled back. overdone? absolutely. the letter they sent to each of those four, maybe another one as well, so i'm like okay, what are they saying? it said m diamond. i kind of got a kick out of that. a letter directly to him. they were pointing out the

derivatives book i guess -- needed more i guess more definition, more something. i'm not even quite sure what it needed as well as how would the european banks deal with it. the whole exercise, i actually find if they failed, right, then how are they going to deal with that failure? i sort of think if they failed -- >> we got bigger problems. >> we have gigantic problems. also they have until september i believe of this year, september 1st, to put together a plan that will be accepted, hopefully, by next year, so i kind of think this is a big giant nothing. >> it feels like the exercise should be on the part of the u.s. government how will they bail out the banks. >> yes. >> if they fail. that would be what happens if these banks face the failure. but that's -- >> so that's why the exercise i find kind of -- >> why do you think it's a snooze? >> would you rather talk about vols or living wills for banks?

i think it's snoozy because this is not in any way why we are either rerating banks higher now that some of the pressure might be off of them to the extent we are concerned about commercial real estate, still concerned about dynamics out there in terms of capital flight, but when you talk about the money center banks the ones we're talking about, i mean go to citi bank. the story here is about efficiency. the story here is about -- they just had a services investor day and they talked about services revenue for citi bank has been 90% of the revenue growth of this bank since 2021. it's higher margin business. now you say, aren't all revenues at bank services, they're not growing anything and building anything. but ultimately the core parts of their business that allowed them to expand that roic and, you know, the dynamics that i think of citi are still very good r getting better. so that's the dynamic. by the way, ai plays, i mean why shouldn't banks benefit from this too. so i like citi bank. it's of the money center banks i own bank of america, i own

jpmorgan, my bigger position is in citi coming up a huge move in sarepta therapeutics, shares surging 30% after its muscular dystrophy drug gets the green light. what's means for patients and next for the biotech company. >> catch us any time on the go follow the "fast money" podcast we're backig aerhi rhtft ts.

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welcome back to "fast money." stocks closing out the week with a bit of a whimper. the dow squeezing out a small gain on a four-day winning streak while the s&p and nasdaq ended in the red as nvidia lost recent momentum. shares of zealand pharma jumping to a record high, positive results from its early stage weight loss drug study the drug may produce similar weight loss results and a better patient experience than glp-1 based treatments like ozempic and week ago wegovy. sarepta therapeutics surging 30%, the stock hitting the highest level since january 2021. the fda granted expanding approval for duchenne muscular dystrophy therapy paving the way for walking and nonwalking

patients 4 years and older for a gene mutation to access the drug. joining us is sarepta's ceo duchenne muscular dystrophy ingram. >> thanks for having me. >> this expanded label mean more sales. bank of america said that at peak sales number they see it as $4 billion up from 2.5. does that sound right and incremental $1.5 billion in sales? >> it's an enormous opportunity provided a lot of detail on the particular sales, but this is a massive opportunity. first and foremost, a massive opportunity to -- for the duchenne families living with life limiting and life ending disease and waiting a long time for this moment. it's an enormous opportunity for the field of gene therapy. this is a bellwether for good science. finally to your very good point, this is a momentous day for sarepta, for all of our employees who have fought so hard for this, but also for

those who have invested in us and have taken the risk of investing on a therapy that might bring a better life to families living with this devastating disease. >> absolutely. i mean this drug potentially would cover everybody in the united states with duchenne muscular dystrophy. huge step forward when pfizer pulled the studies of its drug just a couple weeks ago or so. i'm wondering, though, if the approval -- if the controversy around the approval could actually impact the sales of the drug if you just follow me, you know, peter marks, who is the fda director of the center for biologics evaluation and research overruled three review teams and two top lieutenants to get this drug across the finish line here, duchenne muscular dystrophy -- doug, and some are with wondering if payers are willing to pay for this expensive drug or become the next drug that also had a sort of similar controversial

approval process and ultimately the payers limited access to this drug and it was discontinued? >> so a couple thoughts. first, the science that supports this therapy is brilliant and in the words of the decisional memo that supports the therapy it was compelling. to anyone curious about all of the wealth of evidence that justifies this broad label i would ask them to spend some time looking at the science and understanding the decisional memo. the second thing to know is that the opportunity itself is massive, both to help patients, to your point, this is a broad label that can help the vast patients with duchenne muscular dystrophy and their families. the third question, of course, the third big issue is whether we can execute and the short answer is i think undoubtedly. i don't think there is many that will disagree. no organization better prepared to execute and make this therapy a success than sarepta.

i would remind folks we have been duchenne this for a long time serving the duchenne community, our therapy, we've green, going to focus on revenue as a market with the success we've had. we've grown since the beginning of 2017 at a compound annual growth rate of about 115%. we launched this therapy in a narrow group of patients, just very, very narrow, last june, and in the first six months of launch, we did $200 million. we served that community brilliantly. in fact, we almost doubled, all of the other gene therapy revenue in that same period that have been approved in the last few years combined. so we are well prepared to execute. we have a great relationship with payers. we've had great conversations with payers and they've actually done a very nice job of giving these kids access as they need

since this disease is killing them. >> yeah. and you made that point clear on the conference call that you held this morning with analysts that your company is ready for this commercial launch. there's many infusion sites ready to go. you've manufactured the drug and that you would have no need right now to raise any more funds. but a 30% pop in the stock seems like a great opportunity, doug. >> we said the classic playbook you get this and use it as the basis [ inaudible ] and people do that, the reason biotechs need money. they are usually most of them are in a stage, we're in a verified position. we are a profitable organization already both on a gap, nongap basis and often on a gapf quart. we have very robust revenue. we have a lot of cash on our balance sheet and we simply

don't need to raise money right now. we're really just focusing on deploying the resources that we have right now and making sure that this launch is maximally successful. we feel an enormous amount of opportunity here, but we feel an enormous obligation to these patients. >> thank you so much for telling us about the drug and thy -- doug ingram on this groundbreaking approval here. what do we make of a stock like this? it's interesting if you look at the move in the stocks, the analyst community how they follow through and whether it was what doug said or everyone has need the fda tenor about as strong as you could have in terms of what they said. the analyst community, i see jpmorgan upgraded their target of 15%, td by 20%. piper. the question is what do you do with this move when the stock has responded. but this is a company on 25

numbers if i'm looking at td's report, that they're going to be, you know, make $10 a share by '25 and that this is, you know, 17 times. so you can do that math and it's a pretty interesting dynamic, but has the stock priced a lot in. >> we've got a news alert on the cd k hack. deirdre bosa has the details. >> hey. that's right. new details in the hack that is affecting thousands of car dealerships across north america. bloomberg reporting this according to a person familiar that a group that claims to have hacked cd k global the software provider to the car dealerships has demanded tens of millions of dollars in ransom. bloomberg reports that cd k is planning to make the payment according to that source familiar. also adds that in the early days of any ransomware attack discussions are fluid and the situation could change at any time. that is the latest and that cd k hack we know according to bloomberg it's ransomware. >> thank you.

deirdre bosa. coming up a rough week in crypto where bitcoin could be heading and how the proxy players are holding up. that's next. "fast money" is back itwn o. (vo) what does it mean to be rich? maybe rich is less about reaching a magic number... and more about discovering magic. >> university of maryland global campus is a school for real life, one that values the successes you've already achieved. earn up to 90 undergraduate credits for relevant experience

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money." time for our chart of the week. tha that is weak with an "a." nearly down 9% since june at the lowest level in more than a month and second straight weekly loss. the crypto proxy coinbase, seeing steep losses in sympathy. grasso, what did you make of the move? after the halving mthe miners have to be more efficient, half amount of pay for the same amount of work. that's where it started. you had gensler coming out with the ethereum approval for eth and pushing it into the end of summer. i think people thought it was going to be coming sooner. i think it was going to be people thought it was going to be around june. you have ibit which was the etf for bitcoin. a lot of people wound up buying it and you're leveling off here. i think it's all pretty much expected. i think you'll wind up seeing these all around on the bottom here and wind up ticking higher.

>> still in ether. >> i am. >> in coinbase. >> own ether. it's interesting how ether is outperforming here and again, you know, my view is that you're seeing broadening in the sector and so that's been an argument for the on ramp with coinbase. you've heard me say that a thousand times. i'll point out that what you have seen across the spectrum this week is that there are other tokens that are actually rallying and i think as long as we have the market froth that we talked about, i think they're going higher. >> you think that. well, you would think that when the markets were in better shape even earlier this week that bitcoin will be performing better. >> i don't know why that is. i don't know if it's that inflation is coming down or if that was sort of the sort of tough talk from the fed from jay powell. i don't know. it didn't seem to me to be panicky or super heavy. i don't know what to make of it, though, why it was trading down. >> big names on deck to report results next week. an actual game not a made up

game. to see how the traders are positioning ahead of earnings. trade it or fade it. "fast money" in two. tamra, izzy and emma... they respond to emails with phone-calls... and they don't "circle back" they're already there. they wear business sneakers and pad their keyboards with something that makes their clickety- clacking... clickety-clackier. but no one loves logistics as much as they do.

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welcome back to "fast money." some big names ready to report earnings next week. carnival, fedex, micron and more on deck. how should you play these names ahead of the numbers. let's find out with a game of -- trade it or fade it. >> that's right. america's favorite game. >> america's favorite game. >> it is america's favorite game. not steve grasso's game. america's favorite game. kick it off with micron, results due out wednesday. shares up 63% this year. >> steve. >> mole. i would trade this one. can't be factors in. you need for ai, you need d-ram and d-ram is over 70% of their revenues. i think we're just at the beginning stages of this story. people didn't come around to knowing that micron was even an ai name. now they are. i think you can't be over yet. trade it. >> i'm going to fade it. i get it, and the question is,

often, is what's the multiple you want to pay for this stock. if you read the analysts, it's near term conditions, but it's also a combination of they think eps is going higher and that actually you're getting 20 bucks of eps by next year. if you put a ten times multiple on it you can get to a big number. i'm not sure you're supposed to do that. once commoditized, why doesn't the same stuff become somewhat commoditized. i don't want to put that multiple on it. >> karen what do you think? >> first of all i have a problem with the definition of the game. trade it means sell it. >> get rid of it. >> but for this game, trade it means buy it, i would because i do think -- i know this used to be a cyclical business and still is and multiples used to reflect that. one day they still will. we're still at the part where earnings go up a lot, and multiple actually hangs in there. so trade it. >> up next, fedex reporting tuesday. shares virtually flat for the year. >> i'm fade things one. or maybe trading it according to

karen's definition. i'm selling it. >> okay. >> i'm not buying it. listen, i think that a lot of the positive catalysts from the stock has come from cost cutting and yong that's a long-term strategy. you can't cost cut your way to profitability or earnings growth and won't be deploying capital for that reason. >> karen. i found they actually did cost cut their way to some growth or less bad, actually, but i do think also, i've looked at this company for several years, 14 times earnings, seems to kind of be the bottom where they're -- that's just a big enough discount to the market where i would trade it, i guess. so yes, trade it. >> yes. all right. and finally carnival. the cruise line stock is down 14% so far this year, steve. >> revenues at record levels, free cash flow is -- are near record levels. they've recouped everything after the pandemic. this was one of the businesses that was taken down to a zero

during covid, so they had a lot to recapture. they've recaptured a lot. everyone is worried about debt with this one. what people are looking at vacations, it's still probably the most efficient vacation you could possibly do. you get on a ship, plug and play. i know people hate it. it's binary. i'm going with trade it. >> i tend to agree with a lot of it. listen there was -- they have added a lot of leverage to that balance sheet, but to steve's point they have been able to turn around that free cash flow and operating income story which lets you either delever the company or operate as a going concern with higher leverage. they've been executing on that, and i'm glad this thing pulled back because it had quite a run prior to the selloff. >> the next cruise i go on will be my first as guy likes to say, and i don't know if guy has taken a cruise, i never taken one and i doubt i will take one. what these guys are doing they continue to beat and raise the dynamic that these guys are talking about as well. i think the leverage issue is overdone, given where they have actually seen pricing power and

they've been starting to pay some of that down. i think they will beat and raise. >> up next, final trades. [thunder rumbles] ♪ ♪ ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ ♪ [thunder rumbles] ♪ ♪ ♪ there was a tree, down in the woods ♪ ♪ the prettiest tree, ♪ ♪ that you ever did see... ♪ ♪ now the tree has roots that need water to grow ♪ ♪ grow jobs, grow skills ♪ ♪ make the whole world go. ♪ ♪ make the green grass grow all around all around. ♪ ♪ make the green grass grow all around. ♪ at jpmorganchase,

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time for the final trade. >> i think xle is bouning with oil pressures rallying in the face of a higher dollar. energy. >> karen. >> yeah. so i don't love to go against carter because i like his work but meta i like. if i own none i would absolutely get started here. >> bon know win. >> i think nike will find a way to do it so i'm sticking with them. >> steve. >> the great interview with sarepta and made me think about

what their headwind was, drug manufacturing. they used cat talinn, catalent's biggest customer is sarepta. final trade catalent. >> we'll see you monday at 5:00. "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 is always a bull market somewhere and i promise to help you find it. mad money starts now . i'm jim cramer, welcome to mad money, i'm trying to make you money. my job is not just to entertain but to teach you and that is what we're doing tonight. call me at or tweet me. letting you in on