growth story for the economy. with the federal reserve still firmly in place providing stimulus and this market in a stage of fear, i would have to that buy on the dip mentality rules the day. we certainly saw an example of that once again today. have a great night, everybody, thank you so much for being with me. i will see you on friday in washington tomorrow with axel weber. "fast money" begins right now. live from the nasdaq market site in new york city's time square, i'm melissa lee. here's what "fast" is following tonight, yahoo and intel start their conference calls this hour. monitoring them for their quarterly results and trading it. fool's gold, the precious metal closing higher after falling 14% in the prior two sessions. is this a sign of a bottom? we get answers from the commodities king himself. and land grab, why the rising housing stocks may be deceiving investors.

a real estate investor gives us her bearish take. our traders tonight, tim seymour, guy adami and mike khou at the options desk. take a look at shares of yahoo, they are down here in the after hours following the first quarter earnings report. jon fortt has the latest from san jose. jon? >> hey, i can tell you that yahoo call hasn't started yet. they're playing the preconference call music, which melissa myer has criticized in the past. not up to the standard she would like yet, but it's getting a little better. on those earnings results, looks like the worst year-over-year decline in display advertising in at least two years actually search revenue was higher than display for the first time i can remember and yahoo did make a change in the way they're reporting pro forma eps. they're excludeing stock-based compensation from that. they spent less on stock-based compensation than they did a year ago. that probably accounts for quite a bit of the eps beat.

it'll be interesting to see what they have to say about that. also, other revenue at 263 million. that's higher than any quarter in the past two years, except for the holiday quarter, it would be interesting to see if they break down further what all they're including in that. why it's been so healthy and whether that's going to grow into a significant category down the line as display declines, melissa. >> what is the music they're playing on the call now, john? >> i don't know, it's kind of like maybe banjo-ish sort of thing. >> oh. >> guy, that's your stuff. >> it's like skinnard? >> it's not classical. it's not exactly rock 'n' roll. >> all right. jon -- >> it's moving into mumford and sons category a little bit. >> we'll check in with you a little bit later on. let's trade yahoo for just a bit here. keith, what's your take on the quarter? >> well, i don't know anything about yahoo other than looking at the charts. obviously people are long the

stock, but this 21 1/2 is the trend line. what you see here is under attack is the trade momentum. that line is inside of 23 and that's specifically where the stock's trading now. so, again, this will be an interesting reaction tomorrow morning. >> yahoo at such a big run coming into these numbers that the bar was so high. and relative to the s&p which everyone is talking about yahoo, doubled that. the one thing about yahoo that gets me excited has been the only thing that's gotten me excited which was ali babba. it will ipo and something people are looking at. >> let's quickly touch on intel, as well, moving in the after hours session. it was a mixed bag for intel. once got the numbers on the pc shipments and the sia numbers on chip sales, we were expecting not too much. people are looking for a

disasterous quarter. it wasn't what suggested it was. i think the stock is doing what it should. people were looking for a disaster. didn't get it. the trend since february of 2012 or so has been lower. and i think that trend probably continues. >> the capex, they cut that back significantly. stacy smith was on the air about an hour ago talking about that's why you invest in intel is for that capex down the road it's going to pay off. so i think at this point, the only reason to buy intel is for that dividend. i think it's almost close to 4% at this point in time. >> it is. >> that's why you have intel. probably not going to get that hurt and you're going to get 4% in the meantime. >> all right. let's get to our top trades for the session. it was an interesting session followed -- following yesterday's session. guy, let's start off with you in terms of your top trade. >> we said for a while. the social network space. to me, the only stock to own has

been linkedin. and that stock had a tremendous day today. obviously the tape helped a lot. but the stock has been doing everything correct. got an upgrade today. i think the price target was 215 or so. i think linkedin looks like a stock nobody thinks can go higher because of valuation, but a stock that continues to defy gravity and logic. >> tim, your top trade today. >> we were looking at, first of all, the way the dollar traded told me we should start to see a little better recovery in the inflationary part of the spectrum which has gotten so destroyed. ultimately, yesterday's move in things like the iwm and even in some resources was an opportunity to take profits where you were short protecting yourselves. the iwm we play puts, sold our puts early, rolled them out at the end of the day, had a great run yesterday and you have to take these ops when you get them. >> day like today, i go right back to the playbook. i want to be long consumption when commodities are for sale. i want to be long the other side of it, which is the commodity pressure.

so starbucks has been one of our favorites. you'll want to be buying that any time you get at least some level of comfort that the world's not going to end. >> why do you feel comfortable about the fallen commodity prices isn't telling you something about the consumer and the economy. net net -- >> i mean, really, for more it's the study of history. if you go back the last 40 years, the reality is that the commodities have underperformed drastically when the dollar is strong. when you go back to the 1980s and 1990s, very strong pro-dollar governments under reagan and clinton. and that's the period i've isolated myself in. and been outside of consensus, but this is a bubble, in the middle of popping and that's a big piece of upside. >> the economy's a very different economy when reagan was president. we hadn't gone through deleveraging. i don't know, is that the correct study, the period of study for this? >> evidently. this year's been a fantastic call if you really think it through. at the end of the day, the dollar upside bias is really, i think, you think of the upsidedown of that.

thede -- we're coming out of that, just like the late '70s. now we have ben bernanke who is the modern day of the same. and i think the dollar going up would be a brand new thing that most people aren't much used to. >> debauchery and wazoo in the same sentence, never done in tv. >> i sold all my bonds today, not because the bear suit's off, not because of anything except -- >> it's on, right? >> it's definitely still on. >> bonds have been outperforming over the last six weeks or so. i would either buy them back on a pullback. >> like what? >> let's call it 121 1/2, maybe. and if we had a breakout, i'd be right back in them. the finger's on the trigger. >> let's talk gold here, rebounding after a

record-breaking one-day drop. have we seen the bottom? let's welcome the commodities. dennis gartman. you have not seen a move in gold like we have seen over the past few days in your entire career. no offense, pretty long career. >> it has been a rather long career. i've been very fortunate to be at this for about 30 years. and honestly, i don't remember anything like we have seen in the gold market in that time. i'm sure that there will be academics out there who will tell me there have been periods of time when gold moved in in a larger percentage move than we had yesterday. but i don't remember about percentage moves. when you move $150, when you move $200 in gold from friday morning to last night, i think that is -- if it's not unprecedented, there are few precedents near it. it's unlike anything i've ever seen. i suspect that probably last night, i hope last night we

might have seen the low. we're going to go down and test it. markets do that after they have this sort of rally we had today. i bet we go back and look at what last night's low looked like. but i bet gold gets very quiet right now. a lot of people are tired. >> you wouldn't necessarily be on the side of goldman sachs. because goldman last tuesday issued a note to clients, said to short gold. they said stay with the short on gold and cite lots of things like the improving economy. but you're not with them on that trade, are you? >> well, i've not liked gold in dollar terms for a year and a half. i have had no interest in it whatsoever. i have been enamored of gold in yen terms for that period of time. and until friday afternoon, gold in yen terms was making new all-time highs. the last 48 hours were somewhat disconcerting to say the least. i don't think that gold in yen terms has seen its high. i suspect it's probably going to hold right here. the chart is a wonderful chart.

it looks like it's held that trend line. i bet we make newer highs. i'm going to like gold in yen terms. golden dollars, i guess i'm on the side of goldman sachs. they may well be right. >> dennis, gold in dollar terms or gld. would you buy it or sell it on the bounce? >> gld, i don't trade it. other people do, i trade gold futures, i don't care about gld. you can have it. >> one of the things that's interesting. is the correlation between dollar yen and gold? i think this has a lot more to do with the currency moves than anything. i think central banks are going to be defending the price of gold. these have been the ones that distorted this bubble in the first place. they have a lot to learn by putting a floor on this. >> not recognizing this is a bubble is tremendous risk. you think about first of all when dennis says he's never seen it before, that's true. at some point, an alarm bell has to go off. is this the end of qe?

>> it's -- there are some, and sri lanka has said -- not that it's a huge mover of the gold market. >> when it speaks, get out of the way. >> it gets in the way of using this dip in order to bolster the reserves. >> i think people -- >> go ahead. >> i think what people are forgetting here is that the fed, the ecb, the bank of france would like to see gold prices lower, bank of china on the other hand, i suspect would like to see gold prices trading higher. the monetary authorities in the west would much prefer to see a much lower gold price. it would send a signal good, bad and indifferent that their policies are doing the right thing. they're not going to be sponsors of stronger gold prices, sri lanka may be, china will be, southeast asian countries will be. but the major monetary authorities, the ecb, the fed, they will not be. >> dennis, thanks for your time.

mike khou, i want to go to you. see any interesting activity on gld today? >> dennis was talking about the futures. it is actually a decent proxy to trade gold for those who can't trade the futures. and when we take a look at what the options market has been saying, puts were out chasing the calls on gld almost 2 to 1, that's unusual. trading about two times the average put volume. i think people are feeling it could go a little bit lower. and vis a vis, gold i would be bearish here. >> let's take a check on the afterhours movers we haven't talked about. still trading lower after the back of the first quarter. beat earnings estimates but missed on revenue. the stock is down by more than 3%. intel is higher and first quarter results earnings in line with expectations. our own josh lipton is monitoring that call. we'll be bringing you the top

headlines later on this hour. why one leading real estate investor is not buying the strong run in housing stocks. but first, two traders clash over coca-cola in our street fight after the beverage maker soars to the highest level since summer 1998. back right after this. welcome to the new new york state, where cutting taxes for families and businesses is our business. we've reduced taxes and lowered costs to save businesses more than two billion dollars to grow jobs, cut middle class income taxes to the lowest rate in sixty years, and we're creating tax free zones for business startups. the new new york is working creating tens of thousands of new businesses, and we're just getting started. to grow or start your business visit thenewny.com ♪ [ female announcer ] you're the boss of your life.

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welcome back to "fast money," i'm bertha coombs. i want to update you on the latest update from officials in boston on the boston marathon bombing. fbi special agent in charge says they have sifted through some 2,000 tips so far. he talked about the bomb. what went on in the making of those explosive devices. he said they were encased in pressure cookers and he detailed what they have gathered so far from the forensic evidence. >> among items partially recovered are pieces of black nylon which could be from a backpack. and what appear to be fragments of bbs and nails possibly contained in a pressure cooker device. we have expediting this evidence to our laboratory in virginia for a complete and thorough analysis.

>> they're also appealing to the public saying that someone did this and someone may know that person. they are saying if you know anyone who had -- set a suspicious interest in targeting the marathon or whether you heard any noises of explosives in the last few days, those may have been rehearsals. and whether you saw someone carrying a heavy bag at the marathon site themselves. they say that the public is going to be very instrumental in all of this and they are asking all of the businesses in the area, melissa, to also alert them to any kind of surveillance video they may have. back to you. >> all right, thank you very much, bertha coombs. shares of coca-cola reaching a high. the soft drink maker announcing a new u.s. bottler deal, but not everyone believes a bull is still lurking in this stock. you're going to do coke in a street fight.

tim, kick it off. >> 50 cents from all-time highs. the reason this is happening is because em is where all the growth is. china is not where they have to do it. the operating income, $791 million last quarter from latin america, $491 million from north america, latin america is blowing away the core business, which is great, which is exciting. the evolution of refranchising the bottlers is about making this a more efficient company. margins are getting better. coca-cola is running itself like they have never run it before. you've got a company that is growing, company paying you a fantastic dividend, company that's proven it can execute over and over and over again. the multiple is something brian's going to attack because he's right at the top of its range. but it's right there in the five-year average. and they deserve a premium to the sector and they're not even trading at it. >> go ahead. >> well, i was going to go with valuation, but valuation, you know, we all know that valuation can get stretched, it's very difficult to short a stock on valuation. let's talk what tim talked about

dividend. that's the easiest one to go at first. there are a lot of people that are bond buyers have bought coca-cola as a bond proxy. stock is up almost 4% today. it's straight up. if you're a bond buyer, you don't care about fundamentals, emerging markets, you care about whether or not you're going to get your 2.5% dividend plus your 4% gain today. why wouldn't you take the profit. number two, let's talk emerging markets. china, certainly probably not their biggest area, but china's a concern for me. china is tapping on the brakes. whether or not that leads to a credit crunch, we're not sure yet, but i can't buy anything that is in that area. >> well, they said china's sequentially growing, actually. people expected china to be weak. the comps year-over-year were really tough. >> this is o.t. now. >> overtime. >> yeah, we're in overtime. >> it's close. >> all right. guy adami, call it. >> i love a fanta like the next

guy -- >> they don't make -- >> just because -- >> they do make fanta and i'll tell you, mel said it at the tease, it's trading at 98 highs, i believe. you're looking at to me potentially for a classic double top and 18 1/2, 19 times earnings, more expensive than pepsi, i'm in the beaks camp. >> keith? >> i go long coke. that thing's ripping. this thing's up on up volume, higher highs. the only part i disagree is on emerging markets. i don't like emerging markets. >> it's most of their operating income. it's actually north america's only 21% of their operating income. >> the buzzer rang. >> yeah. >> a while ago, by the way. so we've got a tie on the desk in terms of who won the street fight. we want you out there to tweet us who you thought won. using either #bull or #bear. let's go to jon fortt, yahoo off the lows of the session.

what do you have? >> well, cfo talking now, interesting commentary about display advertising, saying they're on track to show improvement in display of the second half of the year after that 11% drop. the product investment would be key to reversing the decline. they plan to improve inventory and optimize pricing. part of the reason why display was lower, they remove ads from the home page and to the highest traffic pages in order to improve engagement and otherwise investing in people's quality of experience hoping they'll stay with yahoo longer, but taking a hit in the near term on revenue, melissa. >> thanks for that update, jon fortt, meantime, still ahead, still monitoring the intel call bringing you the latest news, plus we take our position ahead of the next batch of tech earnings. why one top analyst says this major tech company will fail to impress. and later on, how gold price volatility is affecting main street. acceler-rental.

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take a look at shares of intel in the after hours on the back of the mixed earnings release. it is just off the lows of the session here now and positive territory. but certainly looking for the impact, the ripple effect across the pc sector. for more on the read through, let's bring in brian marshall of the isi group. he covers a number of names that could be affected by these intel results. always great to speak with you. >> thanks, melissa. >> what is the read through from intel to some of the other coverage including hewlett-packard, dell, ibm? >> the major exposure to intel is obviously pcs and so we cover

the i.t. hardware and data networking spaces. mainly falls into the impact to our pc coverage. dell as well as hp. at the end of the day, this area is under secular decline, a lot of challenges out there, still 400 million plus units of market a year. i don't think there's a lot of good hardware in the space. >> they said their data center was down about 6%, capex down i mentioned before. and they talk about ibm being a bell weather for the market. i'm trying to get to ibm, can i go from low capex, low data center billout to a problem for ibm's earnings? >> well, we do have a cautious rating on ibm. i think ibm -- they've done phenomenal with respect to expense management and revenue mix migration to the higher end

software and services. there's no revenue growth. this is roughly $110 billion annual technology company that on average for the last five quarters have declined about 1.5% year-over-year. so there simply isn't more revenue growth in the high end. and at the end of the day, we think tech investing is all about growth. a lot of people want to prematurely forecast the death of tax. we're certainly not in that camp, but we would not go with ibm technology here. >> let's talk about a space that may be becoming commoditized. at least the stocks may be saying they are. emc, i think f5 next week. given the huge run-up the stocks had a year and a half ago, where are you now on some of the cloud names, f5 specifically? >> well, we do have a buy rating, i would say it's more of a lukewarm buy. you know, we've uncovered some data over the past couple of months that some of the big web t 2.0 companies like facebook have migrated off the f5 platform,

that presents a 2% head wind. emc actually is our top for the year. most people think that cloud storage and other technologies are going to deflate their market. we take the opposite view. we think it's much more of an enabler of cloud storage as opposed to being deflated by it. and there's phenomenal opportunities. i think there's value there. >> all right. brian, great to speak with you. thanks for your time. by the way, he sees emc, vm ware, and juniper to posting upside to earnings estimates. did you see this move down 13% today on concerns it may not get fda approval for the new muscular dystrophy drug? mike, you saw interesting activity here. >> we did. we saw sellers of the may 33 puts and the 36 calls together. it was a big block institutional trade. i think this trader believes that the stock is going to be range bound in the near term,

probably hold above 30 and below 40, which may sound like a wide range, but for a biotech, maybe not. also interesting, longer data, august 40, we saw some call buying out there. and i think there is also a camp here that believes that this news was viewed too negatively and that the fda may yet with a little additional data allow them to proceed. >> thanks for that, mike. let's hit pops and drops. pop for united continental up 6%. >> this is a pop for a whole sector, on low oil prices, a pop for a day after the boston tragedy, people are debating what the terrorist threat is to revenues. these guys have never been in a better place at least in terms of matching their expenses near where their market is. probably going higher. >> green mountain coffee roasters up 4%. >> yeah, yesterday the stock got hit on news that there was aggressive discounting of the starbucks k cups at grocery stores. but i think investors were digesting that news and thinking it might not have as much of an impact. that said, i think that the real growth story of this company is over when the stock looks a

little expensive to me. >> in the nut space. >> huh? >> 1% drop. >> if you look at this, you might think it got shelled. it actually bounced off 14 pretty well. what do you think? not bad. pretty good stuff. that might be it for me. >> you might get roasted. >> good. anyway, it bounced off of 14 quite well, actually. so, you know, i would -- if you want to get into this name, use 14 as your stop. that seems to be the support. >> tesla, up 5%. >> look at these stocks, just just ripped. up 43%, is what the actual short interest is. and this kind of stock, betting against elan musk. >> and down 1%, guy? >> book value 148, probably where the stock should be trading, i think the stock is trying to tell you something, has been trading lower for the last month, month and a half, i think it's a no touch to a sell. >> all right. coming up next on "fast," what

could be the biggest risk to miners if gold prices fall even more. and jane wells reports on a different kind of gold rush. jane? >> it's very shiny, melissa. this is more valuable today than it was yesterday, but less valuable than it was last week. what will it be worth tomorrow? nobody cares more about that than the people here. we will talk about that next. [ indistinct shouting ] ♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ] ...you'll bust your brain box. ♪ all on thinkorswim from td ameritrade. ♪

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welcome back to "fast money," we are live at the nasdaq market site in new york city's time square. let's trade csx quickly. we are seeing a move in the after hours session. they came out with earnings and, of course, we were expecting to see weaker coal shipments. what they also did was take down their operating ratio which is a measure of efficiency. they took it down to 60% or so from 65%. and that was a problem. >> that's a railroad in the background. hear that sound? >> choo choo. >> i mean, what we could talk about train train later because that's one of the greatest songs of all time. the operating ratio is where you want to look. they'll tell you they raise the dividend eps beat, i think the operating ratio hit the nail on the head which is why the stock was lower in the after hours.

man, that is unbelievable. >> that is -- >> ask and you shall receive. >> could you marry that with the banjo? that would be an awesome combination. >> i want to not even say anything. >> let it play. let it roll. >> who is the deejay. >> we'll keep track in the afterhours session. we want to gok b back for an upe on yahoo. >> interesting stop, melissa. yahoo saying in the quarter they saw 300 million mobile active users. now, that's a good number, contrast it with facebook that saw 680 million in its quarter, but facebook made $300 million off of them. the challenge clearly for facebook to monetize those 300 million users. and that's a lot of the direction the call is taking right now, talking about increasing engagement and down the line being able to translate into revenue. >> thanks for that again. yahoo down 4.25% in the afterhours session. we've been talking about gold

here and we saw a relief rally in the miners. but there might be some more trouble ahead for the miners if gold prices remain low. and this is something that tim and i were talking about on the conference call. the show conference call a little bit earlier on. a couple notes out there flagging some miners out there who might be at risk of a credit rating downgrade should gold remain low. so they did price sensitivity analysis and found -- >> we've had gold ceos, did a great job pointing out his cash costs around $830, $840 an ounce. has to break even around 1450. if you look across the miners, a lot of people think if you can hold long-term prices here, i mean down here, this is a major, major problem for gold miners who had the tar kicked out of them. >> so to speak. >> and it wasn't just ubs, rbc capital also had a note out saying if gold is below $1,400, which it is now, there's a chance it could get a single notch downgrade.

if gold falls below $1,300, could see a moderate chance for single notch downgrade and could get downgraded to junk. and they go further below $1,200, they could see a single notch downgrade in barrick gold and kinross. >> look, at the end of the day, where were these calls when gold was at $1,500 and $1,600, i assume the credit risk was the same. >> they were upgrading spots. >> now gold miners are down 37% for the year. it's an absolute train wreck. they're playing defense, trying to tell you what they should have told you higher. at the end of the day, if you have a commodity oriented company, and the commodity price wrong, you are naturally going to have a lot of credit risk. >> i think the key here is, do you believe that gold will hit 1,300 or 1,200 where they are at risk of a downgrade. otherwise, this is all buck, right? >> two days ago, i would have

said that's a far way away. today, technically 1,200's probably the next area of support. >> really? >> yeah, it could get there. >> gold could go to 600. >> 1,200. >> could go to 600. >> i want to know what is the credit risk at six eight and 1,000. if this commodity is crashing, if that's crystallized yet. if you're long gold, i think it's crystallized in the p & l. people haven't shown you the asymmetry to the credit risk and the gold price. i think this is pretty obvious. people don't want to p name and number on this at this point because a lot of people didn't make this call. and again, i think we're getting started in terms of the back pedaling work. >> well, as wall street reacts, how is main street responding? jane wells is on the story joining us from los angeles. where the heck are you, jane? >> i'm in engelwood at the california investments, where

remember $1,000 gold was a lot? they're letting people in one at a time here. and there's probably a line outside of about a dozen people. this place has been hopping since the end of last week. >> this is gold. gold coins. ken edwards is a partner. it's conveniently located down the road from l.a.x., says he has a regular customer that flows in here from new zealand. up until now, most people have been buying. more evenly split between buying and selling, though buying picked up again today. look at this, when we were here late yesterday afternoon, a guy who didn't want to talk on camera, but was talking to me offcamera, he was selling more than 1,600 ounces of gold. he was back selling more today. says it's only a portion of his stash, and the more volatile the price, the more traffic in the store. >> when the market's flat and not doing much, you can postpone it. you can delay it, you can procrastinate what you eventually want to do. but when there's big moves, lots of volatility, that tends to get

people toll act right away. they don't want to wait until friday because the market might be completely different. >> now, in this store, they're currently buying, they'll buy off of you your american gold eagles for about $25 above the spot market price. they'll sell them for about $75 right now. they're buying them for about $1,406 and selling them for $1,456. they'll also buy silver, but at the moment, they don't have a whole lot of silver left to sell. >> are those people waiting in line? are they looking to take advantage of dips or offload gold? what's your sense -- are people willing to buy this dip? >> they're traders, yeah. >> buying has picked up again today. yesterday there was a lot of selling. the bulk of the selling today, at least the time when we've been here has been the guy who came back again to unload a huge portion. well, maybe not a huge portion. i don't know how big his stash is, but a large amount of gold.

>> how do you carry a stash of gold? >> are they bagging this stuff, jane? >> you know, he came in with two friends and it was very heavy. i mean, they were carrying. >> yeah. did he have a -- >> because i'm just borrowing it. >> put it in your pocket. put it in your pocket, jane. >> nobody's watching you. >> we won't tell, promise. jane wells, thank you. so sell low, buy high. it doesn't quite -- >> yeah. it's a commodity. you could also call it a giffin good, you buy high and try to sell higher. when that stops, the reverse happens. this is how things crash. if you can't see the ridiculousness of that video in terms of how people are interacting -- >> redonkulous. >> to me it's clear, maybe it's not. >> no, it's ridiculous. and here's a trade --

redonkulous, first cash, trades on the new york pawnshops. >> yeah, big market cap. >> people thinks this hurts them. no, it doesn't. it hurts them. they're buying and selling all day long. great play on the mexican consumer, but this is a great play of what's going on the last couple of days. >> i don't know why you're laughing down there. this is all trouble -- >> times are tough, man. >> all right. >> you've got to -- >> coming up next, why the recovery in housing stocks may be misleading. we turn to a top real estate investor for insight. more "fast" straight ahead. but we can still help you see your big picture. with the fidelity guided portfolio summary, you choose which accounts to track and use fidelity's analytics to spot trends, gain insights, and figure out what you want to do next. all in one place. i'm meredith stoddard and i helped create the fidelity guided portfolio summary. it's one more innovative reason

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welcome back to "fast money," i'm josh lipton. listening to intel's conference call. it's interesting intel's fifth ceo will be stepping down in may. this is his last conference call. he's done about 80 in his career. fielding some questions from analysts, for example, analysts talking about capex wondering why do you need so much capacity analysts ask when pc units where they are, the company responding that capital spending as a percent of revenues in the low teens. coming down from previous years, very comfortable with their positioning. also talking about full-year

revenue guidance. how much is related to tablets and smartphones. company saying smartphones don't really move the needle for them. but the data center is 20% of revenue, but giving them a couple points, their growth rate there. fielding questions about their use of cash, buybacks, the company saying, listen, the priorities are one to invest in business, second for the dividend buybacks. companies saying they're comfortable with their cash balances. melissa, back to you. >> great run down of that conversation. new home construction, the highest level since june 2008, are there hidden risks beneath the better than expected numbers? let's bring in the ceo of the real estate consulting firm representing more than 5 billion in investor dollars. she also works as a consultant for the national association of realtors. great to have you with us. >> thank you. >> the housing starts numbers, a lot of people are picking that apart. is that why you're cautious on the industry? >> absolutely, one of the reasons. i'm also cautious because the same time the numbers are released in tandem, our new

permit starts. it's been flat for the past several months. also the builder confidence numbers are still declining for the third straight month. >> what's your sort of big picture view of the industry then considering the home building stocks are high, everybody talking about the strength in housing, the economy strengthens. >> yeah. >> do they have it wrong? >> i think they do. i would rather be caterpillar than lennar in this market. the numbers released today, we had a 7% overall gain, right, of that, we had a 31% increase in multifamily and a 5% decrease in multi family. it made up 40% instead this time. >> if you look at that, i heard that a lot today. if you go back, the are statement on the single family homes was very high, running at very high levels, obviously, down 21% inventory, prices are running up 10%, you have birthrates up 2% and household formation is going up. how do you fight all that at the same time with one data point? >> it's not just one data point.

if we look across the country at where housing starts were, they were decreasing in the northeast, we know they're increasing in the midwest and the south and small increase in the west. if we look at that and job numbers and the fact that from not only anecdotal evidence but also data points, we see we have record low interest rates and low inventory out there. and we know that consumers are waiting on the sidelines looking for a better price before they put their home on the market. when that hits at the same time all of these rentals hitting the market and a year from now when there's a ton of housing available, i see it great for stocks, but not as a housing recovery. >> how important is the employment number in this equation? i've got to believe it's extraordinarily important. if it starts to trend back the wrong way, which i think it will at some point, maybe they do take a bath. >> i agree with you. i personally short housing stocks right now. i maintain that for that reason. >> where are the opportunities? what are you telling your investors? >> multifamily listings. and off market. and also, single family flips. we're seeing a lot more people

purchase in bulk and -- >> the last time you were on, we were talking about the investors, the funds that are starting investing in single families homes and you're highlighting the potential of a mass exodus once the time hits to sell. >> absolutely. i think that's the case. >> you still like the space. >> in the very short-term. three to six months, not new construction. buy to flip or buy to hold and rent out over the long-term. if you can get something 20%, 25% under value in some -- >> between -- >> go beyond the exit? >> yeah. seven to ten years. absolutely. >> great to have you with us. >> absolutely. coming up next hour on "mad money," cramer's got an exclusive, plus, what do the charts say about the move in gold? cramer has more answers just ahead. meantime, still ahead on "fast," stocks hitting 52-week highs and lows. our traders weigh in on some of

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welcome back to "fast money," i'm jon fortt with an update from the yahoo conference

call. questions about microsoft's search guarantees. yahoo saying the gap between what they would be making and microsoft's guarantee continues to be $50 million to $60 million annually. but if that goes away, not a huge deal because the gap is narrowing somewhat. those gains in search not entirely because of guarantees. guys, back to you. >> thanks for that update. guy, you've been a yahoo fan in the past. i was wondering if you use this as a buying opportunity. >> it's got to hold 22 1/2. keith talked about it before, to me the line in the sand is there. it's been a tremendous story. the stock has been unbelievable the last year. >> if it holds 22 1/2. >> pull the trigger? >> 22 1/2 to me is the level. >> i don't want to hear it. >> what? what don't you want to hear? >> because i don't want -- >> 22 1/2. >> that's pretty clear.

look, nothing against the company personally, but why do we spend so much time on a company that's decade old news? >> a lot of people like yahoo. >> it's not anywhere in the top five of the field anymore. >> i'm not going to get into this. >> so much time. >> let's trade the tweets here. get to some of your tweets to traders today. tim, on yahoo. >> is the selloff an opportunity to buy $24? >> i don't think so. i'm more in the danny camp where we've seen quite a run in all of these home builders, all of these material stocks. and i just think they're a little bit ahead of themselves. it had about an 18-month run here. it's only sold off for a month or so. so i would give another couple of months. i'm not a buyer here. >> guy, how about joy global? >> in terms of what? a stock here? the space has been -- >> it is a stock. >> thank you. the space has been decimated. i think if you look at the space, caterpillar is where you have to look. and that stock has been grim death for 18 months. i think the space is broken.

>> #groomdeath. >> #bigcoin. that big coin part of the question -- >> he dropped it. he doesn't know what big coin is. >> aig, i like that. if you're bullish, i'm bullish on the market. i think it's going to 41, i think it's clear. >> tim, do you think baidu is a buy do? >> i think baidu put an interesting trading base around 83, 84, i think the street is all over the place. this is not a company growing at 75% a year anymore. this is a company where you hope they're getting 30% growth, a company trading at value, valuation territory. so would i dabble in here but use one of the famous terms -- >> tight stop. >> a very tight stop. >> there are so many great terms. >> that could be -- they could add that to the games they put on twitter. >> the drinking game and you can drink any beverage of your choice, by the way. we're not condoning -- at the end of the day -- >> at the end of the day, the

reality is grim death, tight stop, spot on. the list goes on and on. redonkulous. coming up next, we name the winner of our street fight. you are the fifth trader tonight. >> that's right. >> you'll determine who wins. plus the first move tomorrow when we return. stay tuned.

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i've been dying to find out who won. we had a tie here. and by a slim margin, like one vote, literally, b.k. won. >> yay! >> at the end of the day, b.k. won. >> there's always another street fight, you'll have your opportunity tomorrow. >> i like the way you're trying to point out it was just -- >> slim margin. slim margin. >> just a little. >> you were close. next time, keep trying. >> hit the final trade here. keith? >> i like consumption, starwood, h.o.t. long. >> tim? >> the mexican consumer, eww. >> b.k.? >> i would sell the german

consumer ewg. >> guy? >> this linkedin has mojo. lnkd. >> i'm melissa lee. see you tomorrow again here at 5:00 for more "fast." don't go anywhere, "mad money" with jim cramer starts right now. i'm jim cramer. and welcome to my world. >> you need to get in the game! they're going to go out of business and he's nuts! they're nuts! they know nothing! >> i always like to say there is a bull market somewhere. "mad money." you can't afford to miss it! hey, i'm cramer. welcome to "mad money." welcome to cramerica. other people want to make friends. i'm just trying to make you money. my job is not just to entertain you but to educate and teach. so call me at 1-800-743-cnbc. sometimes in my old visitful days as a general assignment reporter for newspapers, you would get a story that was frankly too fabulous to check out. you didn't want to find anything wrong because