>> yeah we want to get what he's expecting from the fall back to school as well as the holidays. that's all in there tomorrow. you can watch the entire interview tomorrow 3:00 p.m. eastern on "closing bell." have a great night, everybody. i'll see you tomorrow. thanks for joining me. "fast money" begins right now. stay with cnbc. >> live from the nasdaq market site in new york city's times square i'm brian sullivan in for melissa lee tonight. we are at the focal point of the biggest story of the day across the country. the nasdaq shutting down as a major technical glitch halted trading for hours. what does this shutdown mean for the structure of the market and most importantly the safety of your money? we're hitting the story from all angles from the exchange the stock market to the fallout to etfs, investors and the role of rapid fire trading, high frequency trading in the markets themselves. we have our traders, you see

them. josh brown, karen finerman brian kelly and john najarian and mike khouw. i want to take you through the time line of the shutdown and get our trader reaction. 12:14 p.m. eastern time today technical issues first impacting what they call quote dissemination on the nasdaq. a few minutes later 12:20 nasdaq halted trading due to equity processor information exchange that's coming from the nasdaq itself. basically they can't figure out prices on equities. next up nasdaq trading halted in all tape c securities. tape a at new york stock exchange. b is the american exchange and c are stocks controlled by the nasdaq. effectively tape c is the nasdaq composite. next up trading of nasdaq securities halted across all markets. there was nothing wrong with the nasdaq itself. the problem was in quote

dissemination on stocks listed on the nasdaq. if you can't find the place, you can't trade a name. that's effectively what happened. next up the s.e.c. issues a statement. it is working with the nasdaq to understand the trading issue. that's if of course, the nasdaq understands it itself. then nasdaq presumes trading limited-wise at 3:00 p.m. eastern time. american is the first stock to trade. they traded in a small name just to get it tested. then we saw full trading resumed 3:35 eastern time. shares of ndaq when they resumed traded down. there is your time line. let's go around the horn guys, because there is a wide variance of opinion. john, i'll begin with you today. especially on social media. some people say a big deal some people say a glitch. the nasdaq deposit had one of

its better days in weeks. what do you believe? it's a big deal. the goldman sachs es ka paid on tuesday was. these are not things that ingender investor confidence. to dismiss them i can't do that because i feel with investors every day. this is something that continues to erode investor confidence. you and i have been talking about it with josh all afternoon that i think this is something the s.e.c. the cftc needs to get their arms around quickly and get that confidence back. it certainly didn't help that the nasdaq was, like gone on vacation. even though i like a lot of folks that work here at the nasdaq, i just can't -- >> we were having trouble getting information. that's fair. >> it's a real problem. >> karen, do you believe it does impact investor confidence? stocks were higher etfs continued to trade. a lot of people are saying i'm

just as confident as i was. >> i am in almost every stock but ndaq. to me that's the story. we've seen them have a major glitch before. we're talking about facebook. that was a disaster for them and then this happens and their response not good. if you are going to pick a day to have this kind of glitch an upmarket in august is probably one of the best days to do it. but to me i would be worried about them as a stock. as an investor none of my companies i felt really changed in value between lunch and 3:30 so i didn't feel i had to do anything. to me the story is nasdaq itself. >> i think karen makes a good point. it's very very important, i think, in this situation, to separate whether or not this is a technical glitch and there is a change in your investment value. there was no change in your corporate investment values today. nasdaq had a problem, it's a bad

problem. i don't mean to belittle it by any chance but the safety of your money didn't change because nasdaq had a glitch today. nasdaq has a huge problem. they need to tell us what happened. it's amazing to me that they don't have a backup system. i'm a small firm and i can run the whole thing by this thing here. >> the value of equities didn't change. if anything they went up. let's say this was a fed day or a major earnings day or let's say it happened over a period of 48 hours where there was a impact moving event, you're sitting on stocks and you can't sell them. we were lucky that it was a relatively slow news day in the middle of summer. >> i think if you have an expiration days -- >> should we play russian roulette. it's no big deal because it wasn't a fed day. let me tell you something. if you speak with regular investors who have just in the last year or so been coaxed back off the side lines after fours

years of being scared to death and this is what you give them? i'm not saying it's a disaster or changes the fundamentals of companies but let's not underestimate the fact that we have seen a 70 percent increase in stock market multiple. the multiple is a direct desen dent of what our confidence is. it doesn't come from magic or from the sky. we pay 16 times versus 11 times earnings because we feel that much better. when you have these episodes it's not that it changes things if you are a long term investor but that it absolutely affects the way people think. please don't take my word for it. go to the newsstand tomorrow and look at what's on the cover of every publication. >> my point is you shouldn't be scared. listen, you should be outraged that we don't have infrastructure that has backup systems but you shouldn't be scared about investing, about the value of corporations. there is a huge difference. when you see it on the front page of your paper, don't be scared to invest, be outraged.

>> we're going to go to mike khouw now. i don't think anybody is saying be afraid -- >> it's not a fear thing. >> the value of the corporate earnings at whatever it is tesla, lululemon, is not going to change because of this. it's just a frustration. mike khouw what's your take? >> it's probably not reasonable to say there isn't some form of system redundancy. one of the issues we encounter with technology problems in trading isn't there isn't a backup system but it's hard to have a backup system for every possible type of problem. if a server breaks surely they have a failover. my guess is that they might some data issue here and those are a little bit harder to track, but still, the other thing i would point out is that people shouldn't be comparing problems on the exchanges to really what are accelerated human error issues like what happened at goldman sachs and the flash

crash is not is not indicative of the same kind of problems. technology is going to break from time to time. there were trading errors and problems before technology and now that we have it we're going to see them. it's going to shake confidence but people should be cognizant of that. >> i want to go to better that kooms in a second but joe and his partner, sal are probably the guys who have been out there the most and they know the market dynamics. here's his tweet. dear dr. frankenstein what do you think of the monster you created, u.s. equity market structure. this is not some random guy sitting at home. he knows how the market is built and he's saying we have built it in a bad way or not the right way. >> we have accommodated all these fast trading firms, not co accommodate karen finerman or

brian kelly or josh brown. >> the answer is there wasn't any damage. i think what's key here the way the market opened in that last half-hour of trading and zoomed in to the close speaks volumes about current investor confidence. if this happened in 2011 we would have been looking at a five percent decline. you saw tesla make a new high and everyone resume trading as though nothing happened. that should be people's take away. >> we're going to get more on tesla. what a move that way. let's get more on what went down during today's widespread shutdown and the latest news from somebody whose been here all day reporting on it better that? >> not much news from the nasdaq itself. they have been basically forwarding what the systems operators put out on the

publicly disseminated nasdaq trading site giving us those updates as they happen. the interesting thing is if you look at what happened with nasdaq stock, karen talked about that obviously we all remember what happened with facebook. once again, the nasdaq folks on that ipo when things were not going well did not get out in front of it. to a certain extent that may be their corporate culture. they would rather wait to have the facts before they say something. since the facebook ipo, the nasdaq stock is trading higher. at the end of the day today it was only down about three and a half percent. market participants look at this as a glitch. that's part of the reason why you couldn't trade on the nasdaq but you couldn't trade on any system. all of the dark pools shut down because you couldn't get that price information from the price information system that the nasdaq operates. whether this will have a long

term impact on nasdaq one analyst says he's not sure on a pr front it will but as far as operating earnings not really. he thinks maybe a $600,000 loss today on the trading revenue that they lost overall. we'll have to wait and see if there are any regulatory ramifications but this is a different problem than what we saw with the facebook ipo. the facebook ipo the s.e.c. fined them $10 million because they felt they should have anticipated the big volume and how big the demand was going to be on that day. this parentally, at least at first blush appears to be just some sort of software glitch or some glitch that happened in the data system and the data feed. and those things do happen. >> maybe we're getting sang win because everybody keeps saying these things happen. better that good stuff. let's go to bob pa sanny.

listen, i sort of described this as man one, machine zero. flesh and blood, the actual human being got a bit of a lift today. i know the new york stock exchange is certainly not one to crow when there are problems with its competitor but at the same time did we prove today again that there is actual value in a real life human being? >> there is completely independent of this story i totally agree with you. the problem is the nyc had software problems of its own. we're not going back to horse and buggy. it's a problem of figuring out how to make the software better. there has been speculation about what happened. i have heard people worried about a hack. i don't think so. i think it's a software problem. these companies have legacy software. the new york stock exchange has it. nasdaq has it. you pile new software upon the old software you get problems and you try to make it interact with all the other exchanges out there and multiply the possibility for failure.

number one, what can be done to improve the trading technology. there is a reg that has been floating around but you can bet that's going an an issue. what can be done to simplify the trading systems. do we need 13 exchanges, 40 dart pools. you guys i think i'm aligned with you my answer is no but good luck trying to change that. there is a lot of interest. one more point about the technology. we used to have systems called the dot and the super dot system. pieces are still behind me. this allowed traders to put orders to the floor electronically. i was here at that time in the 90s and it went down but you didn't hear a lot about it because the system was fairly opaque. my point is there is always been system failures but now there is

a lot more transparency and i think that's a good thing and things are now so inter connected and complicated we need to figure out a way to test these systems. >> bob, the former vice chairman himself, david wield said he thought the markets were overly complex and that it was, quote, ridiculous. the last point is this. i understand software glitch. we're glitch guys. ask night capital about the price of a software glitch. >> that's a good example. that was purely a software glitch and look what it cost them. >> it cost them everything. bob, thank you very much. before we head to break let's check on after hours movers. arrow pos pal down after hours.

auto desk company's third quarter guidance well below expectations expectations. we're going to get more on the nasdaq shutdown. an army of what it means. we're going to hear from a top analyst who follows the exchange. carl icahn taking to the twitter again today with a very interesting update on some plans with apple's ceo tim cook and his timing of his tweet also got some attention as well. we'll get you that story, more on tesla, more on pandora, just more, dog gone it. coming up. [ male announcer ] come to the golden opportunity sales event and experience the connectivity of the available lexus enform, including the es and rx. ♪ ♪ this is the pursuit of perfection.

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and ct hybrids. ♪ ♪ this is the pursuit of perfection. >> welcome back to "fast money." i'm josh lipton. we are watching gap here in the after hours. reports 64 cents on revenue of 3.87 billion. same store sales rise five percent as previously reported driven by its largest global brands. also tends to boost the annual dividend and now raising full year earnings 257 to 265. that is below what the street wanted to see. they were looking for 278.

brian, back to you. >> josh thank you very much. let's bring in an expert on the exchange. richard petto. he's been on the air with us helping us make sense of what happened today. i guess the question now as the situation appears to be resolved is this. is this a story that goes away or is there any longer lasting meaning to what occurred today? >> i agree with what's been said. the one important thing that was brought out earlier is it doesn't appear like there is a direct damages and liabilities from trading losses like there was with facebook and night. the way nasdaq did it everybody shut down. it doesn't appear at first glimpse that that's the case. so it is a matter of brand. i agree, this is going to shake

people's confidence in the markets. >> rich if i'm -- i'm just going to use twitter as an example of a company that is considered or sniffed around as going public. if i'm american corporation a do i then avoid the nasdaq go to the new york stock exchange or perhaps worse look for other exchanges, london hong kong who can say we haven't had these well public sized problems? >> it's got to be a thought in their head if your deciding where to list your company to go public i think nasdaq is going to have to overcome that but it may not be -- glitches do happen but it's a consideration. >> let's bring in david greenberg. he's the founder and president of greenberg capital. your take on the events of the day? >> i can't tell you how many times we were in this situation. we had a data problem, the systems went down and you always survived the next day.

the real question is that worries us as traders, this is just a reminder of how vulnerable the exchanges are. we wonder are the exchanges since they're for profit organizations able to put money into their systems to protect the systems when their competitors, countries and companies who want to go against them have more money than they do. that's a real question and a big concern. >> how is this any different than in the 1980s at&ts phone lines going down. they didn't put enough money into infrastructure and you can't conduct your business. >> at&t made the choice to put the money in to make sure that never happened again. the one problem now, when at&t had that problem, he didn't have a lot of competitors going after them like they do the nasdaq. >> isn't that what capitalism is all about? >> yes. the question is will they put the money in.

the bottom line is i had somebody that flew out to chicago because they were complaining they were 200 milliseconds slow. they have a pipeline with a tremendous amount of data and everyone wants to be first. it's getting bottle necked. >> let me ask you a bigger picture question because you've obviously been at this for a while. in your mind wouldn't it be better to preserve the exchanges as they were for 200 some odd years and institution that the traders and society at large all benefit from? wouldn't that make more sense than to have them eeking out a profit, selling data a millisecond before someone else? why are we doing this at all and can it ever be walked back? >> i'm the only board member in the world that's voted against electronic trading. >> everybody else was in? >> yes. i was worried about the massive amount of title information and money going into one place at one time. i think when the exchanges, all the exchanges went public, there

was a divergence because look at the global situation. your biggest customer do you look at them more carefully or step back and say this is going to hurt our bottom line? that goes back to me saying can the exchanges put the amount of money in to keep the software to where it needs to be. >> that is a good point. you've probably flown international airlines versus domestic airlines it's a 30 year difference in quality. what do you think about the goal of competing globally but maintaining a bottom line that's going to please your own investors as an independently traded company? >> these exchanges are pouring money into technology, let me tell you, and they're doing it from a competitive standpoint. this is a point that hasn't been brought out. what failed today was a price dissemination server. it's called the utpsip.

it's something that nasdaq operates for the entire industry. they are responsible for that. the nyc operates it for their stocks as well as the etf and am ex stocks. that operated fine. from a competitive standpoint it was something that nasdaq operated. it wasn't its own system but the system that nasdaq is fully responsible. they're going to take the hit but they operate it for the entire industry. that's why the other exchanges couldn't trade the nasdaq listed stocks well. if it were just nasdaq the nyc and direct edge all would have traded the stocks after nasdaq went down. >> all right, rich and david. great discussion. today we learned utpsip. guys thank you very much. amidst all the trading something interesting happened. carl -- i should say lack of

trading. carl icahn decided to break some news on apple. during the halt carl icahn tweeted, spoke to tim, tim cook of apple. planning dinner in september. tim believes in buy backs and is doing one. what will be discussed is magnitude. of course the only problem with this is nobody could trade apple but maybe that's the good time to put out the tweet. >> he's certainly able to play us play the financial dissemination. the utpsip is a different thing than cnbc which is disseminating a lot of what carl wants to buy and the fact that carl has put his chips in on apple and is saying i'm going to be out there having dinner with tim, we know he's a buyer of his own stock and he's going to -- the magnitude is what josh and i were focused on. >> you know you're a baller when you can move a market that's

halted and when apple re-opened, i don't know if it would have re-opened at the same price without having seen that tweet in the gap. that was cool. >> let's not forget there were a number of stocks that were high. the nasdaq itself had a good day. >> the bar was low. >> the bar was set low. the nasdaq limbo. much more on the closing. what is the financial industry doing to protect itself from cyber security threats, no indication that's what this was but it's on the minds of people. plus individually shares of pandora trading lower because of poor guidance. the latest fresh after market call after the break. as we head to the break we're keeping on eye on s&p futures following today's volatility news day and they're indicating a potentially higher open tomorrow morning.

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>> let's get a check now on pandora. there were individual stocks moving after hours. guidance coming in at the lower end of the range. julia boorstin monsteritoring the call. >> the outlook for the earnings for the third quarter, the company's revenue earnings for the second quarter beat expectations largely driven by mobile growth.

total revenue grew 92%. outgoing ceo calling it a turning point. i want to point out a relative piece of information for consumers. it plans to expand its 40 hours listening. that means you can listen as much as you want in september. it plans to extend the period between ad breaks so you will be able to listen for longer but it's going to grow its inventory. it grew mobile monetization. that's great because it's up from $22 a year ago but lags desktop listening. the comparison there is about $60. mobile still has quite a ways to go to catch up with desktop. the company also addressed acquisition costs. they have declined from 59

percent to 51. progress there. the company is stressing that it will continue to invest in technology and growth. it sounds like the focus will be there rather than profitability. back to you. >> let's trade the pandora story. it should be noted this is a stock that was 8 bucks back late last year. now it's 20 bucks. >> it came public in the high teens and right out of the gates there were rumblings that think apple is going to compete. apple has not exactly been executing. they have announced flawed things. they put out ping as a social network and quietly buried it. just because they get into streaming doesn't mean pandora is a disadvantage. this company now has 200 million users, 70 million are classified as active. they have 70 percent share of streaming radio and 7 percent share of all of radio and the

market cap is only 3 billion. i think there is a lot of room here. if you are patient you can ride out sand bag quarters like this one. it's a home run. >> i got to go to mike khouw but for you you can play that adele album because they're eliminating the 40 hour listen cap. mike khouw, what's your take? >> increasingly one of the things that's going to drive apple on mobile as people begin to become familiar with using blue tooth on mobile devices in the car, for example my wife listens through her iphone. but valuation here is something people should be concerned about. josh alluded to the 3 billion dollars cap, this on a company that did less than $600 million on revenues and had no earnings. there is a lot of upside here and i expect you're going to see some material earnings per share, maybe 32 cents a share in 12 months from now is still pretty rich. i would be surprised if you

don't get a better opportunity to own it than right here. >> well said mike khouw. thank you very much. let's get to our big story of the day. it's a national one and it's the question that remains unanswered. what exactly caused the glitch at the nasdaq? could the problem with cyber security related? paul tiao joins us from washington. paul, we can speculate until we know exactly what happened. some people of course will lean to the worst and say hack hack hack. do you have any kind of an early read? >> brian, we have no indication at this point that it's anything but an internal technical glitch. so from a cyber security standpoint this is a good day for the market. the nasdaq was only down for three or four hours. they're back up. the markets are up in general, and there is no indication whatsoever that a cyber security threat was behind this. >> all right, so let's talk about protecting your money though because this perhaps

maybe just a bad software glitch, something happened it didn't work out, whatever. how do we though guarantee people whose money literally is on the line that we are protected from any cyber security threat whether it's here whether it's in hong kong dubai, singapore, how do we assure people that's the case and can we? >> based on my experience with the fbi and representing financial service companies and other companies in the critical infrastructure sectors, no industry is doing more than the financial services industry to prevent a significant cyber security incident that undercuts core systems or that undercuts confidence in the market. they're putting in best of breed information security policies. they're working across the industry to share information in a way that many other industries are not to make sure that they've got the best information

that they can use to protect their systems. they are doing significant table top exercises with other industry sectors and with the government to make sure that they're able to respond quickly and they're working with the government, with the fbi, the secret service, with the homeland security department and the treasury department and other parts of the government to make sure they've got the best information out there to make sure they're protecting our ability to use the markets, believe in the markets and rely on the markets to make our investment decisions. >> thank you very much for joining us on "fast money." we appreciate it. >> my pleasure. >> paul was saying this is probably the safest of all industries but does that make it rock solid? >> of course not. there is always a threat out there and you can never protect against everything because somebody is always trying to come against you. if you want to bring this back to trading and things you can do look at symantec today. looks like the gap stayed. we talked about waiting three or

four days and making sure the gap holds. i think you can go long this, use 2580 as your stock. >> or hang out with john mcafee. he's back now. much more to come. right here from the nasdaq market site. we're going to talk more about this idea of man versus machine, the blade runner market perhaps and the role of high speed trading in the markets. plus the latest numbers out of arrow postal not looking good. is there any reason at all to own a teen realer seriously? we're going to talk about it coming up after the break.

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an agent of good. ♪ ♪ [ agent smith ] ge software connects patients to nurses to the right machines while dramatically reducing waiting time. [ telephone ringing ] now a waiting room is just a room. [ static warbles ] >> welcome back to "fast money." i'm josh lipton. we are watching arrow postal dropping in the after hours. revenue dropped six percent to $454 million.

same store sales down 15 percent. forecasts a third quarter loss says it's going to close 30 to 40 stores, that is more than previous guidance. >> let's trade aeropostale. does any of us shop there is the question? >> no. my kids might. >> is it cool? >> my kids might not be cool. i don't know. i think they're cool but maybe they're not. tomorrow we're going to see the stock, it's already trading so low we're going to see it a lot lower. at some point there is a revenue base there but i think you got to wait wait wait. it's cheap enough at some point, maybe 6 bucks. there is a bunch of cash there. >> here's what's going on with these teen retailers. they're a really tough space. at a certain point you could step in but there is real business deterioration. teenagers want to buy t-shirts

for $4. they're not interested in walking around with corporate logos. people say why is the gap able to side step this. the gap has a multi-generational customer, has moms and dads has 20 and 30 somethings. the teenager is tough to cater to, they don't want what the stores are selling. >> it's like north ever 25% for teens right now. any additional cash they are probably making their money stretch. >> they're big technology with the money they do have. >> it doesn't sound like any of you are saying to buy it? >> no. definitely not. >> this is a hard space because the trends change so quickly. >> the best one is american eagle but even that one not yet. >> let's get back to our top story, the nasdaq halted trading

earlier today for three hours. cnbc mary thompson giving us a history of the electronic trading problems we have seen. >> it's a bad history. in this age trading glitch is becoming more recollect, last may's -- >> bertha coombs just got a statement, our first from the nasdaq. what is the nasdaq saying? >> here's the first official statement. earlier this afternoon nasdaq became aware that price quotes were not being disseminated by the securities industry processor or the sip. responding to the sip issue in order to protect the integrity of the markets, nasdaq omx issued a regulatory halt for any trading and nasdaq listed securities. in the first 30 minutes technical issues with the ipo were resolved. for the remaining period of time other exchanges, regulators and

market participants coordinated with each other to ensure an orderly re-opening of trading. trading resumed. nasdaq will work with other exchanges that are members of the sip to investigate the issues of the day and will acknowledge the platform. they acknowledge that they seem to have figured out what was causing it but they don't tell us. >> two things came out of that to me. number one, they never said what happened. >> they said glitch. >> listen to this the market was effectively shut down from 12:20 to 3:20. three hours. the nasdaq says in the first 30 minutes technical issues with the sip were resolved. for the remaining period of time the nasdaq other exchanges

coordinated with each other. from what we can gather, the problem was 30 minutes. so what? the discussion on how to resolve it was two and a half hours? >> they're ruling out hacking, any kind of terror. they're saying something. they're saying it's a glitch. >> they're not ruling it out actually. they're saying they resolved the problem. they aren't saying what the problem was. >> they said the word glitch. they didn't say anything other than that, right? >> they said price quotes were not being disseminated by the sip. >> they're saying technical issues were resolved. it doesn't say what exactly caused it. i would imagine if they had been hacked they would say that and say regulators were also involved in this investigation. >> if it took them three hours to come out with this statement, why would you think that they would -- >> five hours. >> why do you give them the benefit of the doubt in that they would say if they got

hacked they would come out and tell everybody they got hacked? >> because if you got hacked in essence it's not your fault then. it's an issue where you were attacked and then it would become an issue for the whole market so it would be something that you would need to raise a red flag on. i'm saying that's what i would think would happen if they had been hacked, that's something you need to raise a red flag on. obviously if someone hacked the nasdaq other markets would be in danger as well. >> what do you think is happening in terms of crises management there that it would take them this long to address a problem that for them is a very, very big problem even if some of us on this desk don't think it's a big problem for the financial markets? >> it's a problem in the way they've handled it certainly but again i think it's just their corporate culture not to get out in front until they absolutely have it all worded down. that just seems to be the way it comes down from the top here at

the nasdaq. you go to other places and they will respond much more quickly. but that may be something that they're going to want to look at. certainly after what we saw with facebook and certainly after this situation, that may be something that their board is going to have to revisit. >> they basically just laid out the time line of what happened, and they didn't tell us anything else. so in other words -- >> maybe they don't know. >> this is five hours of complete crap where they have either no idea what happened yet or they're covering something up, one or the other and both of them are bad. >> i don't think they're covering up. it may be that they may not know at this point. >> that's the same as don't know. they either don't know or they are covering up. >> perhaps they don't know and obviously there are always going to be regulatory and legal issues involved so the lawyers will sit there and say -- parse information.

it's not the only case where this has happened. i reported other stories where we knew ahead of time something was going to happen you give the company plenty of time for example on an indictment saying this is coming down. you want to be able to respond to this and at the end of the day two hours later they say no comment. it's one of those things where people are very careful these days and for the nasdaq that is their corporate -- >> they may be saying they don't know is worse than saying what it was. bertha coombs, thank you. coming up the closing of the nasdaq for three hours time more of what we just heard as well, the first officially from the nasdaq and as we head to the break let's look at the nasdaq's parent company stock a couple of minutes after the trading was tough. could it be another tough day for them? we'll talk about it coming up.

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>> let's talk about buying the nasdaq itself the ndaq after these glitches whatever you want to call them. i know we had to jump in an mary thompson. mary, if you are listening, we

apologize. john, would you buy the ndaq on a bounce tomorrow? >> no, not tomorrow. i would give this one into the high 20s, not here at 30 plus. >> remember may 6, 2010 was the flash crash. there is a little bit of history. that was a little more severe because of the tanking of prices. this was a halting. karen, what do you say? >> i agree with dr. j. no need to jump in tomorrow. >> that seems to be the consensus. jump into our final trades coming up right after this short break.

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>> welcome back to "fast money." been a heck of a day, a day to forget for the markets. just to recap the news 12:23 eastern time there was problems in quote, dissemination. the nasdaq because of price discovery problems halted trading of all nasdaq stocks for the better part of three hours. they figured out the problem. we resumed trading with about a half-hour left in the session and the nasdaq composite itself team rose and had a solid day. some people are saying, not a big deal because it doesn't affect the prices of microsoft, whatever. what's your take? >> there was some relatively

good economic news. jobless claims weren't terrible. the market should have gone up today. >> it had a boost from apple with the icahn comments and tesla. both those stocks made a pretty nice lift to them. >> by the way, not to be a conspiracy conspiracy theoryist, josh you pointed this all earlier, huge drop in apple right before the market stopped not saying they're expected. >> that was weird. a lot of people noticed that way before i did. why would the biggest stock on the nasdaq drop before the system gets halted. people are pointing to that $500 level as having some significance. >> we're still waiting to hear exactly what happened. final trade, josh? >> avoid ndaq because i have no idea if this happens again some

time soon. >> i like freeport. >> i still like literacy citibank. >> slca. it's a nasdaq stock. >> thank you very much. very fluid hours. josh thanks to you. street signs 2:00 p.m. tomorrow with me and mandy as well. "mad money" with jim cramer begins right now. you have a wonderful night.

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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. 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 friend, i'm trying to save you money. my job is to educate you, teach you, call me, 1-800-743-cnbc. come on, guys. get it together l will you? the markets are too important to have a backup plan an emergency plan when trading is halted which is what happene