it's green on the market today. what a volatile week we have had. one more day in it, but who knows what will happen next. >> who knows what will happen next, but it is interesting. s&p finishing at 5319. and a strong day for the russell 2,000, too. does it hold into the final day of trading tomorrow? that remains to be seen. that's going to do it for us here at "overtime," though. >> “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. out of the woods? markets rallying hard on the back of better than expected jobless claims. did the data really take the recession off the table? and can stocks finally hold opt their upside momentum? and love for lilly. shares soaring after sales of its weight loss drugs trounced expectations. is there any stopping this red hot trade? plus, zillow renovation. bit count bounces back. and earnings from paramount, expedia, and capri.

the moves coming up. i'm melissa lee, coming to you live from studio b at the nasdaq. on the desk tonight -- steve grasso, karen finerman, dan nathan and guy adami. stocks jumping across the board. the s&p up more than 2%. its best day since november 2022. the dow gaining 700 points. the nasdaq up nearly 3% for its best day since february. the gains comingafter weekly jobless claims fell more than expected last week. helping to ease concerns that a weak labor market could push the u.s. into a recession. but look under the surface suggests that not everything is sunshine and rainbows. check out the mag seven names, while all were up today, they were mostly down for the week and far underperformed the broader market. the s&p only down half a percent after today's big rally. so, what is holding back the trade that has been working so well this year? the really hot trades that everybody was all geeked up over, as dan likes to say, dan. >> it's interesting. i think some of the air was coming out of those big trades, too.

and it's not gen a.i. until lilly had the move today, i think people were worried after looking at novo. and there was the banks. jpmorgan had a really bad day on monday and selling off a little bit into that. so, again, i think that the idea of this rotation, we saw it into small cap banks, we saw it in the russell 2,000. you have to think about what sort of investors have been buying this sort of stuff. the fact that the russell retraced that entire move, and then you have to go back to, where is the market if it's going to get back up to the highs, it has to be from the mag seven. it has to be from that prior leadership, and i'm not sure that some of the things that we heard from these companies in the q-2, or the q-3 guidance, are going to justify a move back towards those highs. >> but what is so curious is the underperformance of nvidia, compared to the nasdaq, compared to the s&p 500, and for nvidia, the bottom line is the same. these companies came out during their quarters and said, we're going to spend what we forecasted before or maybe even

more. and so, for a company like nvidia to not get a bid is really curious. >> bit of a cautionary tale. you snickered when you said jobless claims. >> never -- >> ever. >> no. >> country of 350 million people, when this number, 7,000 better than the street was -- i mean, it's an aboutsurdity ther. the reversal from yesterday, i thought that did not auger particularly well for today. but here we are, to answer your very specific question, i think valuation is starting to get on people's radar screen. when you see the numbers out of supermicro, you see their margins contract. you see a stock that's at least at its trough a day or so ago, was down almost 60% from its prior all-time high, i think the market's taking, i think, a parented look, relook at things. >> so, i think we're in this information vacuum from nvidia, right? and it's going to be this way for -- not really a long time, three weeks, but in this market, that's an eternity, right? it's a whole eon of trading.

but this jobless claims number, okay, that was fine, good, continuing claims in line. but it just made me really think more about these incredible swings on relatively minor pieces of data, though last week's employment number was a more relevant piece of data, but the more i thought about it, in hindsight, looking -- that yen carry trade unwind was already happening and i think that's what was hitting the market and exacerbating the response to the -- yes. so, i didn't think about that at the time, but in hindsight, that that seems like what's happening. and the wake that that left behind was pretty dramatic. so, i feel like really not that much has changed in the last week. we'll see when we get more -- what i think is more relevant data coming up, but nvidia just seems to be a wait and see, or a drift lower and see. >> so, i think we went from -- you know, dan pointed out the russell. so, the russell was a little bit

of the trump trade, deregulation, and moving into the financials. but they've underperformed and they've lagged for so long, and everyone's really waiting to see when they're going to be a real trade, versus just a head fake. it turns out it's another head fake again. but you went from large cap into russell into the yen trade into, are we going to another recession? and we're sort of rinse and repeat. so, i think -- i'm in the camp of, it was a reason to rally, and we wanted to see, okay, maybe the yen trade is 75% over, like jpmorgan says, and maybe we have at it again for a little bit, but -- if you think about where we came from and where we're headed now, we really, to dan's point, need the maga stocks to rally. if we don't have them, this market does not move substantively higher. nobody's buying this bounce right now, because they think we're going to go right back down to those lows. >> we might not back down to the lows that we saw on the selloff,

because if a lot of it is technical and yen carry trade, it's mostly unwound, according to a lot of people on wall street, so, there's a finite amount. there's a finite downside, if it is caused by that. >> and the mark on the yen carry trade is much better than it was three days ago. things have -- both sides have moved in the right direction. >> and by the way, kudos to carter worth. during that day when there was a selloff, he was on another show -- >> what? >> yeah, i couldn't believe it myself. and he saidthat he thinks that it was enough of a drawdown for now. so, everyone was looking for a little push, he said that it was enough of a drawdown. >> well, think about the speed in which it went down 9.5%. that's basically equivalent to what happened from july 2023 to the lows in october 2023. so, it all happened in a very short manner. just want to make a point, guy said val wags valuations, think. fact set consensus for this year, 2024, for earnings, s&p earn,s to be up 11%. 14% next year.

and so, if all this talk about a recession is going to happen, we're going to have an earnings recession first, right? so, you're going to have to see companies start to guide down a little bit, strategists start to kind of, you know, move their estimates down. i don't mean it has to happen that way, but it's very likely that you see that first. and that's exactly what happened in 2022. and everyone was convinced that the lows in 2022 that we were going to have a recession in 2023 and it never happened. so, i want to take it the other way and say, until we see companies starting to guide down meaningfully, i just think you push out the recession fears, especially with some of the data we're seeing on the consumer. it just doesn't feel like the bottom is about to fall out. >> it's very rosy. you are not even going -- that's the most positive i've heard dan. >> well, part of it is -- i got it very wrong, and most people got it very wrong, what the market was saying in 2022 and if you think about how wrong, how late they were to the inflation game. >> right. >> and how people think they're about to make another policy

mistake, i just think it all augers for maybe we're all just going to be wrong and just buy the dip. >> when you see wall street economists trip over themselves to revise what they think the fed is going to do in terms of rate cuts, the probability of a recession, based on one data point and maybe some others, but you know, all the other data pointed existed before friday. but on friday, that was the day that they decide to change everything, and it happened across the board. >> you were in -- am i doxxing you? >> no. >> leslie picker was in kansas city, sat down with jamie dimon, he said, i think he's correct, people like us, the market in germ, puts way too much stock in what, not only what the fed says, but what they do, as well. he doesn't think it's as important as the market makes it out to be, and he's probably right in that assertion. flies all over the place. but there's no denying that if you read all these reports from all the different retailers and all the different restaurants and a swath of industries, things are slowing down. i mean, it's absolutely

undeniable, and to me, rates going lower is not because we won the battle of inflation which is still being fought, it's because there's been a decline in things. >> yeah, sol you had a list. did you buy anything? >> i bought a little crowdstrike, which is sort of a different animal. >> yeah. >> wasn't really -- >> story-specific. >> not market related. missed lulu. >> uh-huh. >> that was basically what was on my list. i bought some citi before the -- not well. >> and you bought nvidia, right? >> i bought nvidia. i'm long, 2 1/2 times what i was long prior to it. and that wasn't on purpose, i missed the sell at 108 yesterday and then it just fell out of bed. so, i wound up, instead of selling that piece, i bought more yesterday and then i bought a little bit more this morning. so, i'm longer, much longer nvidia, i'm much longer that bitcoin minis, i'm much longer the ethereum minis. >> do you think we're going to look back and say monday was a time to buy? >> it was clearly a time to buy

things that were just marked down so dramatically. nvidia traded $91 on the opening and it didn't see a downtick for the rest of the day. and you brought up the point, the underperformance, even in the face of what we saw from smci, super micro -- i think the bounce in that ecosystem is not particularly exciting. if that group can't get going, i mean the chips, the servers, the data centers, the memory, you know, so, all those sorts of names, they're all down 30%, 40%, 50%. nvidia is only down 25%. i think it's important to keep an eye on that whole group. >> where as meta has been outperforming its peers, out performing the indices, et cetera. >> and you look at their quarter, it makes sense they did. they are seemingly able to monetize, or, at least get the margins on the back of this whole a.i. craze, better than seemingly anybody we've heard from. and that makes sense. so, good on them. but the other side of that

equation are, i think, the slowing margins on this entire a.i. trade. man any festing itself. throw up a micron chart. tim talks about this. this stock has been cut in half in a very short period of time. amd has been an abject disaster. i mentioned supermicro. dell has not been much better. some of the pillars of the a.i. trade, x nvidia, which is still down significantly since july 20th -- >> june 20th. >> june 20th, are still significantly lower. >> now to eli lilly, soaring 9.5%, after q-2 results. the pharma giant reporting a massive beat and raising guidance for the full year, thanks to its glp-1 weight loss drugs. angelica peebles has the details. >> all the glp-1s is the story. mounjaro and zepbound beating estimates in the quarter and lilly raising sales outlook by $3 billion. and you're starting to see lilly's manufacturing investments pay off.

last week, the fda took tirzepatide off the shortage list and lilly's ceo says the company is on track to increase production by more than 50% last year. and lilly is getting ready for the launch of a glp-1 pill in a few years. >> if, in the end, we need to shut down our injectable sites because the pill is so successful, so be it. is our job is to cannibalize ourself. that's what innovators do. but there's no, you know, the pill is still in testing, so, we don't have the final clinical profile, but assuming it hits its marks, i actually think there will be a place for both. >> and that's one reason why jpmorgan today calling lilly one of their favorite pharma names. melissa? >> angelica, thank you. for more on lilly's big quarter, let's bring in david risinger. thank you for joining us. >> thank you. >> a key part of this story is b meeting the tremendous demand for these tracks. they are on track to increase

production by a significant amount. how do you think about that increase of production, given that it seems like the total addressable market is constantly increasing with every single new application, new -- new ailment that this drug could possibly treat. >> well, look, they -- they have been spending dramatic amounts of money. they've been increasing their capital expenditures at a tremendtre men tremendous rate. you see that in the numbers. the company reported a blowout quarter. they raised revenue guidance for the year by 7%, they raised eps guidance by 19%, and that's paying off in terms of it. they're actually just getting started, and you can just imagine the global demand for

their products. they have approval in china, but it's unclear when they'll be able to launch in china, right? so lots of runway ahead. >> right, and the x u.s. growth talked a lot about on the conference call. how do you price that in and what are you anticipating the payer outlook x u.s., the reimbursement outlook, x u.s. how does that all take shape in your view? >> sure, well, you know, they don't break down their specific guidance in terms of how much the $3 billion revenue guidance increase for this year was driven by u.s. versus x u.s. and indeed we expect both regions, u.s. and x u.s. to drive upside to numbers in the future, with respect to europe and asia, certainly prices will be lower than in the u.s., but obviously, you know, there are billions more people in those markets and so they represent an

incredible opportunity. >> it's karen, thanks for being on. if i were the ceo, i would put out a conservative revenue growth number. where are you on that? >> well, look, the company has been conservative in the past. we haven't updated our model for today's results yet, but you know, the fact of the matter is that the world is their oyster, right? so, it's tremendous opportunity with injectable mounjaro, with injectable zepbound, and as was mentioned earlier, you know, they're looking at a potential oral launch in 2026. >> how do you model out, david, average selling price going forward, as supply comes back online and -- or increases, i should say, and there's increased competition out there? do you expect to see asps go down over time? >> yeah, that's a good question. so, i guess i'd step back and say novo nordisk talked about selling pressure in the u.s.

yesterday. when of the issues for knonovo nordisk is that the company's product for obesity is priced at a 20% premium to its product for diabetes. so, wegovy is priced at a 20% premium for ozempic. that's not the case for eli lilly. so, we're not expecting significant price pressure in the u.s., because it's a duopoly between these two large companies. and so, when we think about the u.s. market, you know, we think prices are going to remain, you know, strong in coming years. once again, there's greater demand and supply. it wouldn't make sense for lilly to be cutting prices. with respect to looking further forward, certainly when competition enters the market late decade, there could be greater pricing pressure, but we're not going to see meaningful competition enter until possibly 2028, 2029, starting in those years. with regard to the oral that

lilly has, the first phase three results will start to be reported in the spring of next year. that's going to be an oral chemical pill that is far cheaper and easier to manufacture, and we're looking forward to them rolling that out and blanketing the world with it. >> you mentioned cheaper to manufacture, but in terms of margin, will it actually be a lot better, you know, you think about the pill and he talked about cannibalizing themselves and that's the oal, but in the end, do they actually make ress revenue in a pill firm if they are cannibalizing, unless it's another way to reach another audience. >> yeah, so, with respect to the pill pricing, it's possible that they offer it at a slight discount to the ininjectables, right? but i would just highlight that with respect to this chemical pill, right, if it launches in 2026, as we expect, it will be three years ahead of the next entrant, so, the next oral chemical pill would not be

launching until 2029. so, we wouldn't expect any material discount to the injectables. we think the demand will be off the charts, right? and they'll have that specific market that i described to themselves for three years. so, we're not really worried about, you know, pricing pressure or lilly undercutting its revenue opportunity with pricing any time soon. >> all right, david, thank you so much for joining us. appreciate it. >> thank you for having me. >> david risinger. >> two things happen. i think what we learned this week, lilly separated itself from novo. i think we can all probably agree on that. and this is one, listen, the whole way up from $800 to $960 completely caught me offguard. lilly is a name we've all liked, but this move low er actually made sense. if you put p a chart, you'll see that this low we just made two days ago, seemingly, was the same prior all-time high made in the beginning of march. and when you have an eps beat of a magnitude of 40%, i think, in

the old days, you would have preannounced a positive quarter. so, this should give the stock some tailend with, i think, to take out that prior all-time high. >> david say they have a monopoly for four, five years, and there's another one coming with the oral version of it. they've outperformed novo on a year to date basis by 2 to 1, and novo's out before amgen by 2 to 1. i was trying to game when i could sell lilly. sounds like i'm not going to be able to, other than where you could have sold it for the last month or two. >> and by the way, they have a whole other pipeline of drugs coming. they have an alzheimer's drug, which is basically the only game in town, with ka essential la. >> i don't know -- it's like a -- >> i was told by the scientific officer it's pronounced, is kis sun la. >> kis sun la, yeah. >> i was like, okay, that makes it easier to think about it that way. >> okay.

>> but they're very positive on that, because the fda was very positive in their discussions about how it's a finite amount of time that you take this. you take this for 12 months until the plaques are cleared and then you stop. and so, there -- it's not a forever drug, and so, it's more likely it will be reimbursed. >> that's the multibillion dollar question. >> exactly. >> but to me, you were -- you and i were talking about this today. >> when -- when? >> just, you know. casually, chitchatting, you know. >> we weren't included? >> we'll conference you in next time. >> no, you won't. >> yeah. >> okay, one year, we're talking about one-year delay of the onset for early stage alzheimer's, i don't know what cms will say about how -- how much they'll reimburse for that one year. $40,000, you said? >> i'm not sure, don't quote me on that. >> i thought it was interesting what he said about the premium

for obesity versus diabetes. okay, so, if half the scripts are being -- are not being covered by insurance, i mean, this is a big, heavy load, right? on a consumer that, you know, is -- maybe it's seasonal, maybe are doing it to fit into the bathing suits in the summer, but you might start to see that a little bit with that price differential versus the ip. >> every big pharma ceo is saying, we need to do something. and we need to do something is, we need to make an acquisition. and, you know, viking is one of those names. watch over the next month, month and a half. my sense, the calendar is going to fill up really quickly. coming up, a huge slate of afterhours action on deck. paramount, expedia, capri on the move. and do not look now, but corporate real estate might be turning a corner. what a new report says about manhattan's return to work efforts, right after this. this is "fast money" with melissa lee right here on cnbc.

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with speeds up to a gig in millions of locations. and right now, get up to $800 off the new galaxy z flip6 and z fold6 when you trade in your current phone. get the fastest connection to paris with xfinity. welcome back to "fast money." an earnings alert on paramount. shares higher after the direct to consumer business reported a profit for the first time.

julia boorstin has the details. hey, julia. >> well, shares of paramount are up 5% in afterhours trading. this after the company just announced in its earnings call that it is cutting its work force by 15%, saying these layoffs will be largely completed by the end of the year. they cut redundant jobs. this is part of the execution of the half a billion dollars in annualized cost cutting that they've previously disclosed. this comings after paramount missed on the bottom -- a miss on the top line, excuse me, beat on the bottom line, and took a $6 billion impairment charge on the value of its cable networks. the company's streaming division reported a surprise profit for the first time, even as it lost 2.8 -- lost 2.8 million subscribers. and the company said it would lose money in the third and fourth quarters. so, profit this quarter, but it's not going to be consistent until next year. paramount, like warner brothers discovery is dragged down by its linear business. tv fell 17% in declines s in

licensing and ad revenue. the ceo said it was business as usual until the deal with sky dance closes, which is said to happen in the first half of next year. melissa? >> is it premature to think that based on paramount, based on warner brothers, based on disney and the streaming results specifically that the streaming business is improving or, at least, they're able to cut enough to make it look better? >> look, across the board, we are seeing progress in the streaming space. all four of those companies that you just mentioned, nbc universal, our parent company, as well as disney, warner brothers discovery, and paramount, all showed some growth in streaming. i have to point out that of those, warner brothers discovery is the one that showed more subscriber additions than expected, though it did lose more money than anticipated. so, it's not always a sort of a linear line here, but what we are seeing is they're managing to make more money. we did have that surprise profit for the division in paramount, but also, this was the first time that all of disney's

streaming assets, the dtc division and espn+, managed to turn a profit, as well. so, there is progress there. >> julia, thank you. julia boorstin. what do you think? >> sky dance. $2 billion, they identified in efficiencies. going to cut 15% of the work force. you really can't cut your way to -- >> greatness. >> greatness. you can cut your way to get the stock price higher, maybe from $9.50 to $12, but at some point -- karen talks about this all the time, it's sort of meating ice cube and it continues to melt. if you want to play a little stock market here, you probably got back on this move what we lost today and maybe it's got a little more left, but i don't see really anymore upside than 12 bucks or so. >> is it really -- i mean, maybe they can cult -- they can buy enough time until overall the -- it improves, the business improves or no? this is it? >> well, i don't know. to me, the stock is all about the deal, right? and if the deal doesn't happen, then there's downside. think it's most likely to happen, but it's not what i want to play. >> you're only playing m&a on

this. just an option on the stock. if the deal happens. but if you look at in the space, you can't get excited about any name in the space, even netflix, which was king of the hill, has sold off here. when you look at disney, look at the collapse on that stock. it's back to, and i'm sure you talked about this this week, it's back to the covid levels. so, these are names that you sort of get in, and you're buying them, disney you're buying for streaming and then you have the parks on top of it, now they're telling you the parks are no good but the streaming is good. and people don't care. >> netflix sold off based on what? based on the yen carry trade? that's nuts, right? i mean, what has changed? i don't nope. >> it's actually a mini series on netflix right now, the yen carry trade. >> mel, you missed the show last night, we had a guy who is a stud -- >> tom rogers. >> oh, yeah, i know. >> for years, he's been coming on the show and talking about these very themes and he's just been pointing at netflix. when you look at a netflix, trading 27 times next year,

expected to grow earnings 20%, 12% sales growth, flat margins, and they don't have mparks and they don't have linear tv. so, i guess this is kind of the story, as all that other stuff is getting so trounced on any given day. it's a different headline for those. you know, you just have to buy it when it sells off, i guess, because they're the undisputed champion. >> real quick, before we get out of there. >> you're looking out the window, why? >> that's what brian did last night. apparently -- what's that show called, brellis? they were doing a whole thing. >> they're out there right now. >> season four, this is it. >> today. >> there you go. that's a limited series. >> just one thing to point out, netflix has been cash flow positive and earning money for several years now. >> right. >> they are years ahead. so, the eli lilly of streaming. >> yes. coming up, more afterhours action coming your way. we've got our eyes on capri and expedia after their reports. the inside scoop next. and later, bitcoin bouncing

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welcome back to "fast money." we have an earnings alert on

capri. falling after hours on the top and bottom line. total revenues for the quarter falling 13% for a year ago. versace sales decreased 13%. the second major headline for capri last week after green-light capital disclosed it re-established a company in the company in the second quarter. what do you make of all that? >> not surprising that the earnings weren't great. the backdrop wasn't great. and you can imagine that many of the executives there are thinking about other things, like what will happen to them if the merger closes, and in the merger agreement, i think they're pretty well set up in this scenario. looked like -- we have a lot of inventory, and so that is what the markdowns were about, i think, not quite sure, but i think this really -- it's all about the m&a. will they win in the ftc suit, september 3rd or 8th, i forget. >> i was lucky enough, timing, that i caught that pop and then i rode it for a little bit.

i'm out of that one. i was in tapestry for a little bit. sold that one. capri, the problem is, sales are falling, and they're not cutting costs quick enough to catch up with that decline in sales. so, it -- the whole space is going to be challenged going forward, if the economy starts hitting a wall. then definitely luxury, where they point to for jimmy choo and -- >> they slashed inventory down 20% year over year. you hope that helps margins. if nobody is buying anything, doesn't help. so, you know, it's a challenge -- it's not just them. it's now across a swath of retailers, as well. coming up, more afterhours action on expedia. the travel company is trading up by 8 % afterhours. the numbers and the latest commentary right after this. plus, office space is back in demand. the details from a new report that says the commercial real

estate market may be in for a big rebound. more "fast" 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.

welcome back to "fast money." stocks rebounding in a huge way today. the dow jumping nearly 700 points. the s&p up 2.3%. its best day since november 2022. and the nasdaq surging for its best day since late february. all three averages still on pace for a weekly loss. delta jumping more than 5% today. the company saying late in today's session that last month's crowdstrike outage will cost $380 million in revenue. delta saying it will pursue legal action against crowdstrike, as well as microsoft. and zillow zooming higher after last night's blockbuster earnings beat. beating estimates by 44% and revenue estimates by 6%. it also announced that the ceo has stepped down and will be replaced by the coo. karen, you listened to that call, you liked it in. >> >> yeah, the ceo switch is seamless. but there was a lot to like here. the beat was very big, the

guidance, i think, was modest and sort of sandbagy and i think people thought so. one of the really bright spots was, their rental business. and this is, like, 20% plus of their business now. so, as we sort of wait out the residential market to come back, i mean, this thing is just poised for, if we get any kind of increase in volume, you know, the margins here could really be great, so, very happy with it. sticking with real estate, new data shows that the number of people coming to work in manhattan has hit its highest level since early 2023. meanwhile, office space leasing has been rising in new york city and other large markets. diana olick has more. diana? >> yeah, melissa, several new reports point to improvement and a potential bottom in office demand. manhattan office buildings in june had an average visitation rate of 77% of 2019 levels. might not sound like a lot, but that's the highest monthly total since the real estate board of new york began tracking early last year. now, visits were up from 72% of

those levels a year ago. class a-plus buildings saw a 91% visitation rate. also the highest since tracking began. and some b&c buildings, particularly those with prime access to transit, registered improved vezation. now, looking at a national picture, in q-2, the office market posted its first quarter of positive net absorption since 2 2022. leasing activity improved year over year, and space offered for sub lease declined to 4.2% of total inventory from 4.7% a year earlier. manhattan leasing was the third-strongest in the nation, right behind atlanta and d.c. and finally, the bts office demand index, which, of course, measures the amount of new square footage requested by employers each month, it rose 17% year over year in q-2 and has now seen annual growth for one full year and the experts at bts say that with a year of growth behind us, we can now say that office demand, at least,

reached a bottom last year, melissa, that doesn't say anything about all the mortgages that are in trouble on office buildings. >> no, it doesn't. and just sort of a technical question, what is visitation rate? what qualifies as a visit? >> when they count you coming in the door. you visited the office. you came into work. >> so, let's say last year, i didn't go, and then this year, i go once a week, that's a big -- i mean -- >> the counts on the visitation. >> all right. >> it gives them a visitation of one more. >> diana, thank you. diana olick. so, hopeful, but diana mentioned, there's still a lot of potential -- >> right, so, at least maybe one headwind is abated a little bit. and so, what does it mean? well, i don't think they've all abated, but you want to start connecting dots, maybe it gives the banks a little more reason to be optimistic about potential small, medium-sized banks. maybe. but i think that's more anecdotal than anything else. >> yeah, thanks for the visitation rate thing.

third of those are doordash guys. let's be very clear on that. let's tamp down the excitement on that one. >> so, you're saying it's -- how many doordash per office worker? >> yeah -- >> lunch and dinner. >> should be buying doordash. >> uber has a nice run on uber rates. >> doordash had a nice run. >> in terms of the new york specific, are you still in new york community bank corp? >> i am. it's an option. i mean -- as diana said, that side of it, that's good, that's a positive indicator. however, if you had cheap debt that's rolling over now, even if the fed's cutting, you're going to be paying a lot more in interest expense. >> talking about the debt, you have $4 t$4 trillion that's goio be rolling off. that's where this thing becomes less of a crisis, or a cnbc markets in turmoil event for cre loans. you need to have those rates coming in and we have about -- i guess $1 there that are resetting this year, and then it

leads up to $4 trillion. unless we start to see rates come in, there's going to be a problem for commercial real estate. >> that's what so curious about when the market rallies on the notion that the fed is going to cut quickly, we're still awfully high, so, you know, you cut 50 basis points, it's not going to help all the people that have the small businesses, right, who have variable rate loans, right? debt, in terms of debt. >> well, that's better. >> it is much better. >> right, but it's -- >> no, listen, again, i said it before, i'll say it again, i don't think rate cuts are this elixir that everybody thinks they are. with that said, it's coming at a time, i also think, when you're going to see unemployment tick up in a meaningful way. so, any tailwinds created by rates being lower are going to be abated by, i believe, the headwind of unemployment rate going higher. coming up, exbey's latest quarter. we'll dig into numbers in the report. what's behind the travel company's move. and bitcoin closing back in on the 60,000 level. we'll have more on that and the rebound, whait cldt ou mean for

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top and bottom lines. seema mody has the very latest. >> melissa, shares turning arothe new ceo saying expedia removes homes that have a low rating. expedia did say softness in july. customers trading down to lower priced properties and airline ticket prices remain soft, the company's reducing its full-year guy dance. now, for many quarters, travel remained resilient in the face of economic headwinds, but that narrative is changing, with hotel operators hyatt, hilton, marriott, among others, signaling a weaker leisure customer. expedia's direct competitor airbnb said long-term bookings are down, as americans opt for shorter trips. expedia, though, is reining on cost. airbnb said in order to grow in new markets, spending is going up. goran's first interview as ceo

will be with us next monday. >> just curious in terms of airbnb versus vrbo what is your take in the difference, as how they see the market now, and marriott entering the space with marriott homes and villas, if increased competition is eating into airbnb. >> i think you are exactly right. we know airbnb is the leader in home rentals, and expedia certainly put more capital towards growing vrbo, but because of pressure on the its margins, it has taken a different step in sort of focusing on north america. but that may be working towards its advantage, given the acceleration that it saw in the second quarter, which is what is helping the stock here. >> all right, seema, thank you. seema mody. interesting commentary about trading down to lower price points. we're seeing it, you know, not just in chips and soda, but also in airlines and hotels. >> it's good for expedia, but how do you trade it? maybe it is airbnb, which traded down to the november low, was a lousy quarter and the stock

acted in kind. but if you look at the average price target now, which all got slashed, it's about $140, so, for a trade given this level, i think airbnb is pretty interesting right here. >> off the back of airbnb, they said slowing demand. expedia beat and has softer demand. marriott vacation worldwide is down the same amount as airbnb year to date. to me, it just tells the story of a consumer not only trading down, but that's the next step, and what's the next step? not taking a vacation. so, i think this is all challenge. you have to sit back and wait to see if we do avoid the recession, wait to see what people do. this is a leading indicator. >> yeah, and, you know, throw the airlines in there, what they had to say about this. and you guess you could take it a step further and listen to disney and nbc universal, what they had to say about parks. that kind of post-pandemic surge about doing experience, it feels like it's coming to an end. >> i was just wondering, like about parks and the food things, if the price hikes at parks was

enormous over the last few years. same for some of the food, you know, just -- every time they could, they would make packages smaller, higher priced, if the consumer is just pushing back on that. >> like, enough. >> feeling strained, for sure, but enough. >> yeah. coming up, bitbitcoin's big bounce. surging above 60,000, taking a host of related names with it. we'll debate if the space is worth a buy. and jim is chatting exclusively with the dutch brothers ceo. catch that full interview, top of the hour on "mad money." more "fast money" in two.

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website, and they say this level of support led delta board member -- one of the board members, to publicly state on linkedin that the team was doing an incredible job working through the night in difficult circumstances to deliver a fix. they say it's a huge credit to the crowdstrike team and their leadership and many woke up to a fix already available. it comes after an earlier statement from a layer calling the apology vastly inad inadequate. >> kate, thank you. how do you -- it doesn't seem like -- delta lost $380 million in the outage. >> right. well -- to me, the uniqueness of delta making such -- >> right. >> okay, maybe they were -- say they did have the biggest financial impact. let's say crowdstrike were to pay that amount. i'm not saying they are -- >> every penny of it. >> yes.

it's still very -- i mean, still the stock is down. should it have been at $369 or whenever it is, but it's 240 now. so, i think this, too, shall pass. all right. bitcoin surging 10%, topping the $60,000 mark in the last few minutes. it had been trading just below 50k on monday. so, six-month lows on monday. you're in eth minis. >> yeah, and the bitcoin minis. this is -- you nailed it the other night. this is -- it's not trading uncorrelated. it's core related to the overal market. it's also a 24-hour market. you can sell these and they're pretty liquid. i think we're going to get back to focusing on the undisciplinary nature of monetary policy. i think that will be a tailwind. i'm still long. i get longer every time it dips. >> coinbase was up a lot today. it was a standout, guy. >> and it's been trading almost in lock-step with what's going on. we didn't talk about it.

gold hangs in there, like a champ. obviously had a big down day on monday. makes sense, but it's recovered most of it. i think gold is a trade on the back of this, as well. >> up next, final trades. m anim] ♪♪ meanwhile, at a vrbo... when other vacation rentals aren't what they're cracked up to be, try one where you know what you'll get.

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final trade time. steve? >> servicenow, good friend of mine, bill mcdermott, tremendous operator. >> karen? >> and he's very enthusiastic all the time. bill. >> oh, and me, yeah. >> anyway. crowdstrike. we just talked about it. i think the selloff is way overdone. >> dan? >> yeah, expedia is up a lot on this print. they guided the year down. i just wouldn't chase it here. >> guy? >> we missed you yesterday, but it's great to be back tomorrow,

right melms? >> oh, tomorrow -- i'm not here tomorrow. >> see, the audience should know these things. >> i'll see you on "squawk box," though. >> you and andrew tomorrow, right? >> yes. >> that's must-watch tv. wynn resorts. >> thank you for watching "fast." adon" ar rhtow. 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 help you make some money. my job is not just to entertain but to educate you. so call me at 1-800-743-cnbc. tweet me @jim cramer. we can bemoan the economy. we can worry about housing. we can fre