the dow jones, 14,973 is the new report high for the dow and it did smash through 15,000 before ending just below that with a gain of 142 points. inside nasdaq up 38 points. s&p 500, new record high there, 1614, up 17 pointspoints. have a great weekend, everybody. i'll see you monday. live from the nasdaq market site in new york city's times square, i'm melissa lee. reaching records. both the dow and the s&p 500 crossing milestone levels, making it a historical day. are the bums turning another corner or getting tired here? casting call. bob iger and disney gets ready to release earnings. and the popular restaurant chain adding patron to its menu. we're tack.

ing the postgame analysis and set up for tomorrow with stephen p. grass sew, brian kelly, karen finerman and josh brown. first, to our top story, the great rotation. for the first time ever, the dow and the s&p 500 today simultaneously crossing all-time records. 15,000 for the dow, 1600 on the s&p 500. so, josh brown, do you now buy into this notion of the rotation, because we've had a couple of head fakes before -- >> second rotation. first we did cash into stocks -- >> right. >> and everyone got confused. and now what you are seeing is the situation, we went into the beginning of the week where defensive, cyclicals were trading at this huge discount to defensives and now that's starting to shift. the best performing group on the week is tech. cyclicals up there in terms of basic materials, things of that nature. so, we started to do that. i talked about it last week. we're nibbling at an investment called eed vaw, which is the b materials etf. what this gives us is 65%

exposure to chemicals, which have started to rock and roll and 35% to miners and mining-type equities. and i have to tell you, if this is for real, this is going to be something that continues, i think it's got a lot of legs. >> so, i feel like this is breaking news, because you've been in the bear suit all zipped up, nice and tight and now you are willing to shed it? >> yeah. well, i covered my short today. i had to 1605 in the s&p 500 was my stop. i covered it around 1611, let's call it. but it's about housing and jobs. that's what's driving this market still. i thought that the weak economic data globally, the weak manufacturing data, would hurt the job market it was wrong about that. had to cover. i didn't go long, though. i can't say that i can be terribly bullish up at these prices. >> that's why there's still room for this market to go higher. we bumped -- sorry to -- finish -- >> it's a half hour show. get in what you got. >> we bumped against 1600. we've been banging our heads up

against 1600. then you finally break through. that's why you are more powder here. he's not long yet. >> i want to say one thing to agree with that point. i've watched this kind of chain reaction since the beginning of the year, where the perma-bears have said, all right, everything is still terrible but you kind of have to be in stocks. so, that's one part of it. let's keep in mind. this market has fought all the way up with one hand tied behind its back. we have not had the participation of about a third of the s&p, when we're talking about those cyclical sectors. if they're going to play now, and the defensives are going to take the backseat, that could respect another leg higher. won't be quite that simple and instantaneo instantaneous, but bear in mind. look at a chart of those risk on sectors have done in the last three years. they have done nothing. >> right. karen, what did you do today? >> well, you know, we're looking -- i like what i'm long. i don't want to sell it and yet the move here makes me -- gives me some pause.

i have to buy some protection, especially as volatility index comes in, protection gets cheaper, helped me sleep at night so we can do that on a broad basis in something in the xrt. so, especially with oil ticking up as it has, that does make me a little nervous for the retail space. >> all right, so, on this special day because we do have many records here in the books, let's play a little who would you rather. for this particular day, we match up some of this year's high flyers, so we ask you, which one is a better bet. first up -- we have dupont versus pock or the and garactic gamble. grasso? see the benefit in both. i'm going to stay with procter. i'm a little too afraid, still. >> afraid? >> i need to yield -- i want to segue back into it. this is for me to have a little bit of exposure where i get a 3% yield where i feel a lot more safe on their chart versus dupont. not that it's the right thing -- >> you know it's an identical

yield, though, right? >> not the identical chart. so, for me, i need a little more smoothing out. that's why i finished that sentence before you interrupted -- >> i have to go the other way and i have to tell you, if you are going to try to do that cyclical trade, dupont's probably one of the more low risk ways to do it. it a dow component. it's the biggest chemical company. it's marked time for three years and change. think about it this way. you know, they talk about the comparative earnings multiple. procter and dupont both in the high teens. here's the difference. you want to buy cyclicals when they have high teens, low 20s yields because that's typically closer to a trough in earnings. on the other side, you do not want to buy something like a procter when it is trading close to 20 times earnings. that's very richly valued to its and it's not sickly kachlt you are not going to see earnings growth. >> that would have been great if you were investing ten years ago. it's not great now. people are buying these stocks

on a different method now. they rush in and they buy -- >> whenever i hear that, i get very -- this time, it's different makes me very nervous. this time is the same. >> we have a couple other, so, we have to get to them. google versus at&t. karen? >> yes. for me, google. by a fair amount. >> we missed -- >> i would rather google. for a lot of reasons. i mean, i think it's -- it's much -- there's growth there, is the bottom line. much more excited about the growth in google and at the multiple, i don't think you're paying a ton for it, so, google. >> and that's a problem, even analysts who cover at&t make the case that at&t is richly valued against itself. >> it is, i mean, and, again, at&t has this kind of, it's both a yield and a bond proxy, as well as a play on the mobile space. and i think at these levels, it's a little dicey. i would much rather go with google, especially if you are

going to get some kind of change in the economy. >> you're going to say google. >> how would you know? because i bought it. >> yeah. exactly. >> bought it 801. i ridden this stock awhile, since 700. i've been in and out. there's ten different reasons to buy google. the biggest one is probably the youtube. youtube is being monetized. >> the youtube? >> and the internet. >> both of those things you want to buy. >> everyone thinks it's all about search. it is right now but one day it's going to be about youtube. >> all right. finally, xle, which is the etf that tracks energy, versus the xlu, the etf that tracks the utilities. w >> out of all these pairs, this one, to me, kiss of death, but it seems to be the no brainer. >> wait, so -- neither is your answer? >> no, i think it's a no brainer to pick energy. >> okay. >> and i got to tell you, when you look at something like the utility sector, trading at this 30% premium to its long-term price to earnings ratio, as a sector, it's kind of ridiculous.

you know why. it's all about investors seeking bond-like equities. that's adorable for now but not a great place to enter. something like an xle, here's a sector that was one of the worst performers in 2012, really didn't participate in the rally. crude is knocking on companies, of them, could be bought out, so, i really like the xle much better than the ewe till tips. >> when josh brown says adorable, i think of it as c condesce condescending. >> i think it was meant that way, too. >> it's kind of -- these people plowing into utilities because think they they're buying bonds -- they're going to get a volatility wakeup call. >> of these two, i'd much rather be in the energy sector. i'd be careful -- try to stay away from the names that get their money off the price of the oil and stay with some of the names that are with the drilling, with that. there's plenty of oil out there. we're not going to see a spike in oil, i don't think, famous last words, but i would just be careful. >> 15 bucks in crude in a week

and a half. >> breaking news here. i want to check in with kate kelly. kate? >> hey, melissa. sac capital just out with their april returns. for the month, they were up 1% and that brings them year to date for external investors to 5.2%, 5.3% in some cases depending on the terms for their main fund. so, that's not also strong as their historical performance tends to be, relative to their peers and it's certainly an underperformance of the market. >> it raises questions about whether s.a.c. is keeping cash on the sidelines. as you know, melissa, they have a redemption deadline coming on may 15th. a lot of concerns about the legal issues facing them and if steve cohen is going to be charged with the ongoing insider trading cases. there may be clarity on that at the end of july, but at this point, investors remain nervous and i've heard that s.a.c. may be keeping extra cash on the sidelines in anticipation of redemptions, melissa. so, that may be a factor in

diminishing the returns a little bit in the sense that they have less capital to put at work an leverage. unclear as to what went wrong for them in april. >> kate, thank you very much. and the back drop of this is some questions -- >> well, yeah, you just have to wonder what's happening at s.a.c. capital and -- i don't know if there's upheaval there now -- >> right. >> and certainly -- i don't know. i think they've got to be absolutely certain to cross their is and dot their ts on everything. >> 5% nothing to write home about. coming up next, the biggest movers of the week, plus, apple sees its best two weeks in four years after the company finds a new way to reward investors. is the stock finally bottoming? and a new addition to chipotle's menu is giving the stock new buzz. literally. find out how it could impact the stock, coming up next. i turned 65 last week.

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apple topping the tape this week. it is having its best two weeks in nearly four years, up 15% and it has reclaimed its top spot as the most valuable company on the s&p 500. has the company's plan to return more capital to shareholders finally put a floor in the stock? karen, what do you think? >> ah, i think it has, actually. i don't know if it's sentiment. i think the capital allocation plan and apple themselves may be out there buying stock, as well. so, it was a very nice two weeks, but it was an awful seven months before that, so, they're really only right back where -- >> this is the equivalent of don't short a dull market. when you look at apple, there's a lot of closure, a lot of unknowns that are still there. but when you luke at the stock around $400, we talked about it on the desk, it was trading up.

the big level is $415. it took that out and it's the slow creep back to $500. >> one other thing on fundamentals and the story is, they have said, do not expect a new product. >> right. >> and they've told the market that, very clearly, do not -- so, i think the earnings for next quarter will have some report lower expectations about a block buster -- >> they said -- >> you're going to get a new softwa software program in ios 7, that's this summer, available in september and supposedly this one is done completely by johnny ive, and that could be indicative if innovation has returned to the story. there's no new product but that could be a really, really positive sign for people who are waiting for apple to get its mojo back. tony stark, back on the big screen. disney's "ironman 3" hits thee terps today. it's already broken opening day records in china, expected to be the run away box office winner

this weekend. is it big times ahead, big profits ahead for disney? time to take your position ahead of the earnings which are out on tuesday. what do you -- i mean, the reviews have not been good but that doesn't necessarily mean that people won't go. >> yeah, absolutely. and with disney, it's all about the content producers at this point in time. and while this is a big movie for them, this is not necessarily, obviously, the whole franchise there, so, i actually like disney here. one of the few names that i've liked. >> i like disney, i like all the parts of the business, though, which is are really humming. i hate buying into a box office weekend. it's a classic buy the rumor, sell the news. >> totally about streaming. that's the reason why lionsgate works. so many hours that need to be filled now, with streaming, that's why you have to buy all these content providers. >> and the unyoutube. >> that is big. >> watch them change the website. next right here, nothing marks the beginning of summer like cinco de mayo and our next

guest as the recipe for success. his company recently partnered with chipotle. we're joined by john mcdonald, the president and chief operating officer at patron spirits. great to have you with us. >> thanks. >> first of all, the friday before cinco de mayo. is this a big weekend for sales? >> this is a huge weekend. we have three peak times of the year. christmas, obviously, july 4th and cinco de mayo is one of our biggest. >> what is the financial relationship between you and chipotle in terms of getting the te keel la into the restaurants? how much do you expect this to be a benefit to your business? >> well, the benefit to our business is, we're going to be in 900 new outlets across the united states in 33 states. so, that is going to, you know, drive our volume up and hopefully chipotle's profit as a result of this margarita. >> i want to talk about this trend about flavored liquors, because we talked about it in

beer, we talked about it in whiskey and we actually have one, but we have the old straightforward silver and then we also have the patron kof key. how popular are these and is this going to be the next big thing who are you trying to appeal to? is this the women demographic, some of the other flavored liquors appeal to? >> let start with the patron coffee. that brings more women into the patron family. when you think about coffee, it's the third largest beverage in the world. and that gives people a good entry point. when you look at patron silver, that attracts your vodka drinker. you think about the oppoity in . one out of every three drin you cans is vodka-based. so, patron silver is a great launching pad for those consumers. >> and in terms of the agreement with chipotle, i'm wondering, they were kind enough to send over some margaritas to the set, which some people have already started sampling. but did you --

>> delicious. >> yeah. >> on the ground research. did you actually sample the way they're going to make the margarito to make sure patron was nicely highlighted in this drink, that it wouldn't detract from your brand? >> oh, there is always a collaboration between the two parties but ultimately, chipotle made the decision on how much juice and triple s.e.c. and agave syrup to put in it. it think they did a great job. >> john, great to have you with us. thanks for your time. >> thanks. have a great weekend. >> john mcdonald of patron spirits. did you guys sample this? i mean, chipotle has been a pretty good stock. would this be something -- >> i don't know. does it drive more people to spend more time sitting there and maybe order more food? you know, that's always the idea. >> i think at the margin it's certainly a help. i'm not sure i would go out and buy the stock just because there's going to be margaritas in them now. >> but you wouldn't short it. >> probably not.

>> is this what you need to sit there and order more food? is that what you're waiting for? >> don't need excuses? >> let's go to pops and drops. the biggest movers for the week, since it is friday. we kick it off with a drop for p pitney bowes. >> this had a huge drop earlier in the week. up 6% cetoday, so, rebounded a bit. i still don't like this name. they make prints machines for stamps. nobody uses stamps anymore. >> that's not new economy? >> it's not. >> drop for chemed. karen? >> pretty much all today. when you are in the health care field and you have hospitals or hospice car, that kind of thing, you get investigated by the federal government and sued, that's not a good thing. that's what happened today. >> oh. pop here for amd, down -- oh, up, excuse me, up 36%. josh? >> yeah, this is incredible. here's the situation where there's no one left to sell the stock. there's no one left to downgrade

it. you had some shorts in there and the company's now per suing the tablet business and the smartphone business. so, i'm not sure this is one you want to fade, but you probably don't want to chase it, either, at this point. >> pop for tenet health care. grasso? >> this is all about reimbus reimbursements. it's trying to claw its way back. i think you take profits here. i wouldn't be establishing a new long position. >> all right, so, those are some of the biggest movers of the week. now, let's look back at the best moments of the week here on "fast." this is my first tweet, which i literally just sent out. this is the real melissa lee. >> how did you come up with that twitter nature -- >> contrary to popular belief, i don't hate apple. >> young lady us or something, it sounds like you live a pretty boring existence. are your folks watching this thing? you got to get out, man. >> they might be. >> we wanted to see what dan would look like with a soul patch.

>> oh, there we go. >> that looks like john wilkes booth. >> i always thought that guy looked like his brother stu. that better be in the friday wrap. >> what a great week. coming up next, berkshire hathaway, plus, we're trading viewer tweets. find out which ones made the cut. much more "fast" straight ahead. tdd#: 1-800-345-2550 gives me tools that help me find opportunities more easily. tdd#: 1-800-345-2550 i can even access it from the cloud and trade on any computer. tdd#: 1-800-345-2550 and with schwab mobile, tdd#: 1-800-345-2550 i can focus on trading anyplace, anytime. tdd#: 1-800-345-2550 until i choose to focus on something else. tdd#: 1-800-345-2550 all this with no trade minimums. tdd#: 1-800-345-2550 and only $8.95 a trade. tdd#: 1-800-345-2550 open an account with a $50,000 deposit, tdd#: 1-800-345-2550 and get 6 months commission-free trades. tdd#: 1-800-345-2550 call 1-866-294-5411. [ agent smith ] i've found software that intrigues me. it appears it's an agent of good.

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berkshire hathaway making a big bet on the housing recovery and it could be the best way to play the housing market. trade school, now in session with josh brown. >> yes, i'll keep this very quick. berkshire hathaway has about 20% of the float of wells fargo which itself has 35% of the mortgage business. this is one of the best pure plays on housing. all the private companies they own, from benjamin moore to acme brick, to shore industries, the list goes on. it's all levered to housing. and by the way, for those that say, you might as well just buy the market, i'm happy to tell yoince summer, we were talking about berkshire hathaway on the show right here, it's up 32% versus the s&p up 16%. you have a double over the index by owning an old, boring company. we're sticking with it. we think it's got legs. so long as the underlying

businesses stay strong. >> all right, so, you fwetweet we trade it. this one is for beekers what do you expect from the fertilizer names, the ag names this week? >> actually think they do pretty well. i bought some corn, soy and wheat today. i like all these names coming into this season. i think you should do all right. there's some flooding, so, we'll see if the crops get to the field too late. that's what i'm betting on. >> grasso? >> yes? >> facebook. se peop seems to have a hard time breaking out $30. >> it has to prove itself here. it's stuck 2002 two moving averages there is always a place for it, but i wouldn't be a buyer right now. >> time for the final trade. your first trade for monday morning. grasso? >> quietly macy's has slipped through the cracks. look at it again. >> beekers? >> i just mentioned ag, i like jjg. >> karen? >> i want to buy some xrt puts, let me hang onto the stock but

guard against high gas. >> josh brown? >> ease slowly into the cyclicals with vaw. >> all right, i'm melissa lee. thank you so much for watching. i'll see you back here at monday at 5:00 for more f"fast money." meanwhile, "options action" begins right after this break. at farmers, we make you smarter about insurance. because what you don't know can hurt you. what if you didn't know that weeping willows have invasive roots? what if you didn't know that a trampoline... could affect your liability? and what if you didn't know that most cars... get broken into when the weather warms up? here, buddy. the more you know, the better you can plan for what's ahead. get smarter about your insurance. ♪ we are farmers bum - pa -dum, bum - bum - bum - bum ♪ with the innovating and the transforming

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