a few seconds. melissa lee joining us with what's on tap. a whole hour now, melissa. >> a whole hour with commercials, but still uncensored. we're going to take a look at the threat scape out there with bank of america analyst who put out more than 100-page research report on where the vulnerabilities are. we are going to trade that. the topmost breached industries, defense and health care. >> well, i think you should do the freestyle commercial breaks online. >> well, we'll explore that. we don't want to blow our cover. >> have a great show. >> thanks. "fast money" starts right now live from new york city's time square, i'm melissa lee. we are back here on the big screen that we did have a lot of fun on the interweb. if you missed us online, we'll have some of our favorite moments later on in the hour. emerging market turmoil in both the ukraine and venezuela, dennis gartman will bring you his top three trades coming up. and the s&p 500 hit a record

high in today's session. so is the u.s. now becoming the new safe haven? now, we had a pullback not too long ago and everybody said, you know what, we're destined for down 10%. >> everybody, no, i don't think so. but, listen, i'm stunned by today's market move. i think what you have to think about after this reversal we had, we're up 200 in the dow, you look at the s&p up over 1,850. we had that reversal. it's a one-day trade here, but some people will start saying, was that a false breakout? because we close below the highs we set in the back. now, for me, i think there's plenty of problems in china as tim knows about. i think it's a huge problem over there that nobody's paying attention to. but for now, until people pay attention, the market keeps going up. >> well, if you look at europe, too. this is their economic -- their forward-looking economic index, a measure of the economy, and we're at july 2011 levels over there. in other words, very, very bullish. europe, i think, is reemerging.

part of what's going on around here. and i think for everybody that was trying -- is trying to sell the top here, these are the same people trying to sell the low. people that are looking for at least some big conspiracy theory. we've got 2,000 pages of fed minutes that came from the 2008 event. that to me tells me janet yellen, the more we read about her, she was in there saying, this is a bad deal right now. we need to be aggressive as possible. they're reading that into this market, assuming weakness in the u.s. >> it's interesting where the leadership was today. google, tesla, facebook, also biotechs continuing to hit a streak of new highs. >> biotechs, remember, they got whacked a bit when the markets sold off. i think a lot of people were using the source of funds, whatever they're using it for, they've come raging back. i still like that space we've been pretty steadfast on that. my concern is, listen, earnings growth, 8.5%, 9% for this quarter, that's good. revenue growth, though, is about 3%. you have a pretty -- in my

opinion, pretty wide divide there. one of them's right, one of them is wrong. tim was spot-on, two weeks ago when he said this is your opportunity. i think we're sort of in areas now where you have to start thinking is this the levels you want to start taking profits? >> i do. just to his point. i do want to start taking profits. we'll look at selling out of the money calls. not just 52-week highs, all-time highs. that's the way we've been playing the consolidation without having to take specific bets. >> what sort of inspirations are we talking about? >> for tax purposes, you have a long-term hold, you've got to go out more than the current month. we'll look at april's and it has to be out of the money to not hurt your holding period. we look at things like that. so we'll look at just slightly out of the money. this run has been extraordinary. and i don't know -- >> haven't you been selling down a little bit, as well? >> had i just held on to the whole thing, that would have

been the only thing i should have done. all the other stuff was noise. that would have been the best thing to do. we've been selling in the rally. >> makes sense. >> in terms of at this point, what do you make of the momentum we've seen in this market when it comes to some of these pockets which are really high-momentum stocks? >> well, i think what you're seeing are people are chasing after all of these hot stocks. if you look at the market for tells on the economy, take a look at what steel stocks did today. they talked about a dramatic slowdown happening there. so when you put that in context with stuff like a google that's just flying. everybody's piling into the 10 or 20 different names that have momentum. ultimately that ends. >> the thing about this for me, though, china has been between 48 and 52 on the pmi for two years. there's been nothing coming out of china that's been that positive. this debt bubble has been there. they're trying to address it now. to me, ultimately, that's relatively positive. we know the housing numbers we're going to talk about. i don't think we've got new news

in this week. >> well, we did with the chinese currency. that's been weakening dramatically. and not only in china, but also offshore. which means there is a capital flight coming from china. >> start connecting the dots. we've talked about m&a being a driver. blackstone is one that's obviously one to that. it's been tremendous. i think fortress, dead now for four or five years, that looks interesting, as well. what is the rfmd? the micro deal? what is moved on the back of that? and you look at nvidia which has done nothing now for a long time. that stock seems to be breaking out. i think there are trading opportunities and we'll see what happens with home depot tomorrow. does that number mean anything for home depot? i think it might. >> let's hit some of today's top trades. netflix hitting an all-time high after striking a deal with comcast. netflix continues to launch original content and access to

unlimited streaming. joining us now is laura martin entertainment and internet analyst who just raised her price target by $100 to $525 on this deal. great to have you with us. >> thank you. >> it's not a net neutrality deal, in the end, isn't this the same effect? if it's not, could netflix be on the hook to pay more to some of these isps for net neutrality. >> so in the case of netflix, they were paid in cogent to deliver their content into the comcast systems. and cogent has put a lot less in the pipeline. and the press is reporting that verizon and comcast had slowed their netflix throughput by 20% to 30% in the last six months. we don't think netflix is paying any more, but they're paying to comcast and will hook up directly to comcast or closer to the comcast edge of their network. so the speeds will be a lot faster, no middle man, and it doesn't cost netflix anything extra. but you're right, they are going

to have to now go pay this money to verizon, et cetera. but the point is, comcast, we understand from our sources, really cut the price because they're under washington, d.c. scrutiny. but netflix now takes this deal, which was negotiated a good price and uses it for a template across every other broadband provider. and they're going to get it at a better cost had not comcast trying to buy time warner cable right now. >> it's three to five years, according to your sources. after that, they could be on the hook to pay even more. that goes away because the comcast/time warner deal has already cleared. >> i think three to five years, you should step up to netflix. i think this encourages netflix to start tiering the pricing. people should pay higher prices to watch at peak hours because it's 30% of broadband usage. i think this is all good because it drives netflix to start tiering pricing, which is in -- and i think that's why it's hitting new highs today.

netflix undercharges for the consumer value. and now, i think, we're going to start see price tiering which is a good thing for the income statement. >> are there other things we're not seeing that would be meaningful? >> right, i think that's quite possible. like there's a netflix app or postage stamp and i think that absolutely could be on the x1 platform. i think that is quite possible. >> well, you know, i think people are saying this is how you get around 60 times forward earnings value. she's adding 25% to her price target, she's probably not going to be alone. trading it, though, i don't think you can pile in here. i do think at some point, we

have to retest sort of that $385 level we seem to hold and break out of. i love the story for a while, hard to initiate a long side trade here. >> and i think the fact they were going to pay higher prices, almost a bit of a relief here. but yeah, higher prices across the board. let's face it, the user experience is going to be very good. i think this may be a wake-up call for regulators to really look at, you know, how big of a change there is in the internet for people. you have to be careful about the size of this lock-up, but i wouldn't touch it here, wouldn't touch it. >> laura, it's karen, can i ask you a question? >> of course. i respectfully disagree with all of them. >> all right. if you or they -- in the past they haven't done a great job allocating capital, they do have debt, why not do an equity offering here with the stock at this price, you could do relatively modest equity offering and really address some of that debt in, you know, when times are flush. >> i mean, you can, so far what

reid hastings has been disciplined about doing, he takes the cash flow coming out of america and out of his profitable international markets, and he spends just that on the next market. he said he's going to enter france and germany this year, i think wall street likes that discipline, he's only spending the cash flow he has to enter new markets, and i think netflix is a big international story, that wall street is underestimating. you have a lot of losses in the early years and international, but every time you add a subscriber, it's worth probably $2,000 lifetime value we calculate. >> we want to talk about facebook here. speaking about the $16 billion acquisition of the mobile congress in barcelona. take a listen. >> whatsapp is the most engaging app we have ever seen exist on mobile by far.

about 70% of people who use whatsapp use it every day. we've seen it's on the path to connecting more than 1 billion people and there are few services in the world that can reach that level. >> zuckerberg working to convince the purchase is worth it as the ceo introduces a new voice capability for the app. laura upped her price target on the stock at this point. laura, in terms of the value you see for whatsapp. on paper, they pay $45 for monthly active user. you say that will drop down to 23 bucks within a year. at this point with the voice services, how do you factor that in? >> that's a new revenue stream. i think what we need to look at, there's information incumbent in market pricing. so today, facebook is valued at $ $160 per monthly active user.

if you roll that forward a year, it only paid $23. so because it's growing at 1 million subscribers a day. so we think whatsapp probably has 300 to 500 of revenue to facebook's top line next year. and an important point is not every dollar of revenue is equally valuable. a different revenue stream that's not ad-driven, bethink facebook gets multiple expansion on that revenue coming from whatsapp, it's a different source. it's consumer. and voice would be the same thing. any incremental revenue above the 500 that comes from voice would also not be ad driven. again, multiple expansion plus higher top line growth for facebook. >> thanks so much for your time and analysis. we appreciate it. >> thanks. >> let's trade facebook here. again, another stock driving to a new all-time high. >> well, analysts are saying facebook is wise beyond their years here. this pivots the business model. and these guys are entering into

much purer revenue streams. i think this is very accretive. one of the things i believe throughout the mobile space. facebook is the largest and scaleable matter. people have been investing in the concept. they're starting to get out of the pack. this is truly a global franchise and nothing touched whatsapp out there. >> new high here, twitter was down to flat. is there some sort of rotation maybe happening? >> well, you've pointed it out before, i thought trading facebook was to buy it off the earnings dip. up to 58. and i think it's going to head back down in the high 40s. i think facebook sort of trends higher. i think we're going to put in a 67, 66 1/2, i think it's too much, too fast. >> trends back to the 40s. pretty aggressive. >> well, but we were -- we just had a 40 handle week, week and a half ago. i think mid-40s. but i think you can see them for sure. >> ford plans to drop microsoft and pick up blackberry software and implement a hardware and

software system developers are more comfortable with. b.k., interesting given alan mullaly had been the top contender. >> maybe it's sour grapes, probably not. it's probably actually -- i think it's a great move by ford. first of all, the software that blackberry owns they bought several years ago is in already in every single new ford. so imagine not only that it's in every single, what do you call those things? parking meters. yeah, those. so imagine -- imagine your cartels you, hey, there's a parking space two blocks around the corner. that's the value is -- the value that blackberry has. not only that, you have the blackberry messenger that's somewhat in play because what app we were talking about. and i think at 983 you can buy blackberry. >> unless you -- >> especially in new york. >> stands there and wait. >> you could put a garbage can there, too. >> all right. >> rightly so.

>> you were involved, i'm sure. >> cybergeddon. plus, solar city shares falling after it delayed its earnings report. (announcer) scottrade knows our clients trade and invest their own way. with scottrade's smart text, i can quickly understand my charts, and spend more time trading. their quick trade bar lets my account follow me online so i can react in real-time. plus, my local scottrade office is there to help. because they know i don't trade like everybody. i trade like me. i'm with scottrade. (announcer) ranked highest in investor satisfaction with self-directed services by j.d. power and associates. you want everything.orks an expert ford technician knows your car's health depends on a full, complete checkup.

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welcome back to "fast money," solarcity, the designer of solar energy systems moving lower. revenue came in at $47.3 million. delayed the earnings results until march 3rd citing accounting issues related to acquisitions made. it's currently trading down 4.5% after hours. >> thanks so much. and, of course, after a 3.5% gain in the regular session along with tesla had strong gains today and a record-setting day. where do we go? tim, you like solarcity, would you be inclined to pick it up or cautious given this delay? >> not yet. and what they did do was reaffirm their 2014 megawatt deploys. this is a place people want to see the demand and you take advantage of the weakness. >> karen? >> i don't know. as a shareholder, if something delayed their earnings too much after i'm not a shareholder, not my kind of thing, i don't want

to see that. they've had two months to get their arms around it. they're trying to give you some comfort, but i've got to wait. >> you have a 43% short interest, i think, boldelm bole the shorts. to me, it's a no touch, but i'm curious to see what happens tomorrow. >> high-profile cyber attacks, neiman marcus, snapchat and others. and a massive cybergeddon scenario is on the table. joining us now, the equity strategist of bank of america/merrill lynch. a lengthy report here outlining all of the risks in the different sectors. great to have you with us. >> thank you. >> obviously, you think of all the consumer breaches. but it's really some of the other industries that have had more breaches, more damaging breaches like energy and pharmaceuticals, for instance. >> that's right. it's incredible how the nature of the threat is ramping up over

the course of the last couple of years. you've now got anywhere from 91% to 95% of companies which are facing at least one external threat. you've got up to 122 successful attacks on companies every week. and increasing by 15% to 20% per year. and what we're seeing is that cyber is increasingly morphing into a national security issue. one of the fastest growing areas for attack has been critical infrastructure. the energy grid has been coming under attack, critical manufacturing has been coming under attack. >> the knock, though, against trying to invest this for a long time. it's one thing to invest in companies, it's government spending, but for private industry, the reward isn't necessarily there because you can't say shareholders, we spend x amount of dollars on this and haven't had a breach. it's only when you have a breach when it hits the news. >> i agree, it's often after the fact that companies are starting to move. you take a look at the percentage of i.t. budgets which are being allocated to cyber security. and despite the fact it

increased to 40% to 50% last year. we're only talking about 3.8% of i.t. budgets being allocated. >> 3.8%. >> drop in the bucket. you've got 1 in 8 companies spending less than 1%, the total i.t. budget in the space. unfortunately, the focus on cost-cutting over the course of the last five, six seven years has meant that cyber security has suffered off the back of this. >> about four years ago, intel bought mcafee. people say they overpaid. in retrospect, would that go for twice that now? is the space at play at all? it hasn't moved at all now with the great tape. and the stock can't get out of its own way. what's the problem with the stocks? >> i think we're seeing an increasing focus where people are trying to buy specialty actors or players. they're focusing on things like as we move toward the internet of things, 50 billion devices being connected by 2020. how do you protect the whole network?

including big data. how do you do things like search, analyze big data to detect compliance issues, to detect national security threats, et cetera. and some of it's just the basic stuff. you've got to think things like credit card fraud accounts for about $4.5 billion of losses in the u.s., $11 billion globally. yet we've got 1.3 billion debit and credit cards that use a magnetic strip rather than a chip. >> correct me if i'm wrong, even though the threat is obvious now, and people are very aware of this and the importance of investing, if you've invested in the stocks, hasn't necessarily been a good investment. >> i would say you've got to focus on the areas that are exposed to next gen cyber security. the nature of the threat is changing. we're focused on persistent threats. investing in spaces rather than focusing on signatures, you've got to focus on the behavior of the traffic and that scenario

where we have seen that companies are willing to pay a premium for acquisitions in this space. >> thanks so much for coming by. we appreciate it. >> thank you. >> all right. just last week, i think, two weeks ago, we talk to the ceo of fire eye, for instance, that company deals with apts, for instance, but a different way of investing as opposed to sort of detecting bugs and things like that. >> i think fire eye is the way to play this. the other thing, the achilles heel, it's a centralized data base. you have to decentralize those databases. i think oracle actually benefits from this, as well. companies are going to have to decentralize their data bases and spend more with oracle. >> still ahead, move over twitter. china's hottest microblogging site might be looking to make the u.s. debut. what that means for the social media trade as a whole and how to play it. that's next. there's this kid.

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♪ turning now to some big news in the chinese internet space. very similar to twitter, here in the u.s. for an ipo in new york. looking to raise more than $500 million for the deal. also in the headlines today, sohu being removed from the conviction buy list to neutral citing worries over new mobile initiatives as well as games. of course, seen as a big stake, i should say, but also. >> you can read through to yahoo, there are a lot of people -- there's crossover in the trade. if you look at sina, they disappointed, missed consensus, even though their ad revenues are part of the story. they're monetizing.

it's certainly record for them, record for what we're seeing in the space. and i do believe they're starting to monetize and we're seeing that throughout china. i'd watch some high 60s two weeks ago in the middle of this not only global selloff, but concern about the chinese internet accounting standards, and i think this is what you have to watch. but there's absolutely going to be takeovers and m&a in the space. there's going to be some merger there. watch these guys, and again, be careful because you should never chase these stocks, you will always get their prices as far as i'm concerned. you might get that after hours here. >> and speaking of chinese internet stocks, we'll hear from the chairman and ceo this thursday in a cnbc exclusive interview after the bell. you won't want to miss that one. time for pops and drops. big movers of the day. got a drop for 3d systems down 5%. >> merrill lynch pointed out some things about the company, jpmorgan at $50. the numbers are so extraordinary out there, this is a stock that a lot of people want to take the other side. the short interest is phenomenal. you can't borrow it. i would not be in this space.

>> pop for joseph a. bank. >> yes, get another chapter in this very long, interesting saga. i think this offers $2 more if they get to see data, it's really interesting. we bought some stock, sold some april calls against it. i think the pressure on joseph bank is really almost unbearable. >> pop here for delta airlines, up 2%. guy? >> we've been on this $40 price target. i don't know if it gets there, but i think it gets to $35. i think the momentum is there in the space. >> ebay? >> yeah, carl icahn out today talking about ebay. >> the carl icahn? >> that's who it is. he's had the hot hand, the carl. he's been doing very well. and in this, i think he's right. paypal will not be able to compete in a couple of years. unlock that value. i think he's right, at 56.30, you go along and buy. >> wow. i wouldn't have guessed that. that's for sure. >> no, not from bear suit man.

>> taco bell's breakfast menu. the mexican fast food chain rolled out -- mexican fast food? really? nationally starting march 27th, it will be available until 11:00 a.m. half an hour later than rival mcdonald's. menu items including the waffle taco, cinnabon delights. >> juevos ranchos. >> you dancing, that was the best part. did you see that? >> wait until the camera's off. >> after the break -- >> the commercial break. >> dennis gartman's looking to ukraine and venezuela as he lays out the emerging market plays. we may be back on your tv screen, but that doesn't mean we can't take a look at the best moments from the "fast money" freestyle show the past two weeks. from arm wrestling to b.k.'s

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spooky. what is that? i don't know what that was. >> welcome back to "fast money." it's so telling, you have a grimace on your face like disgusted and karen is snapping -- >> katy perry. >> somebody told you in your ear. >> no. >> anyway. new arrest warrant out for ukraine's ousted president as the country seeks to recover and rebuild after weeks of violence. it's not the only hot spot in turmoil. fears of an economic slowdown mounting in china. joining us now on the fast line with the top emerging markets play, dennis, gartman who joins us now. great to speak with you. >> good to speak with you from blisteringly cold winnipeg where it's 15 below zero today. >> oh, wow. you beat us here in new york. 30 degrees. let's talk about ukraine. because in the context of ukraine, the assumption is nat gas is the impact. you're saying it's not nat gas.

>> no, i don't think there's a great deal of impact on our nat gas production or prices. nat gas is simply not that exportable, crude oil is exportable. nat gas tends to be national in orientation. anybody that wants to be bullish of nat gas, there might be other reasons why, but being bullish because of problems in ukraine, i think, is illogical. there may be reasons to be interested in what's going on in the wheat market because ukraine is a huge supplier of wheat to the world export market. used to be the world's largest supplier of wheat at the turn of the 20th century, needs to be back in the market selling wheat. there might be some reason to put downward pressure upon wheat prices. but i think predicating some kind of movement on natural gas, which is really not that exportable yet. predicated upon ukraine i think is illogical. >> what did you make of the huge swing in nat gas? volatile session. >> well, when you have -- 55 or 65 contracts of march still open. you have somebody, i don't know who it is, who is short and dire

straits. any time you get this situation where this much open interest in a frigid environment where demand is high and short is under duress and that short may try to get himself out by selling more to hope to get him . is playing a mug's game, a suicidal tendency. >> you think a china slowdown, dennis, you think copper, we have seen weakness in copper. >> yes. well, i think it's the weakness in copper that tells me something about china. i'm not as terribly disturbed about chinese slowdowns as some other people are. but any time you see copper tipping over the edge, which copper has done in the past several days, especially when copper has weakened relative to gold. you have to ask yourself what is this telling us about china. and clearly it's not telling us something manifestly bullish. i think too many people are bearish. i think, perhaps, that might be a bit illogical. nonetheless, that's the case you draw when copper falls off the cliff as it did friday and

today. >> in your view, dennis, is there a trade on oil? or is it simply too early? >> no, i think there's -- clearly, it is bullish of the near term supplies of crude oil. chavez was a communist, but at least a smart communist. the new president is a stupid communist. and he -- he's doing damage to that market. he's doing damage to the crude oil industry there. it's going to constrict supplies and that will tend to put all things otherwise being equal. that will tend to put a bit into the front month's wti crude oil futures. i would like to be short of crude oil, but i won't sell it under this environment. venezuela's a bullish circumstance that probably is going to get worse down there and probably more supportive of crude oil. >> great to speak with you. thanks for your time. >> thanks, mel. >> stay warm. dennis gartman. copper/china? is that where you're going? >> in other words, i wouldn't be going short copper. it's been trading around 3.30 a pound for the last two years.

the talk this morning they're coming in, tightening lending standards. the real estate market down year-over-year, but prices up 9% year-over-year. my point, i would not be running scared of china, at least in the copper market where ultimately i look at the u.s. housing market as a major driver. still in deficit. and this is not a place i think you're getting short. i don't think china is going to help any of these commodity standards and that's where you have to be worried. >> you had been in the trade, hit it before it hit the five-year high. and now what? >> i'm with dennis. it's a professional's game beyond my pay grade. it was up 6% at 6:00 this morning and then down 11%. that's a crazy place to trade. >> all right. oil-drilling stocks soaring today. some predicting a bigger move. scott, what did you see? >> that's right, melissa, chesapeake put the entire space, the oil-filled services in space in play when they said they might spin off their division. so we saw big call volume,

specifically in weatherford, the swiss-based oil field services name that reports after the bell tomorrow. saw call volume five times average daily volume. national oilwell varco, saw 11 times their average volume. and xop, the exploration and development. it kind of puts it together. saw call volume 60% above average. >> but you like the trade in weatherford? is it earnings that really caught your eye? >> weatherford saw a big trade. really stuck out. 9,300 calls bought. they were the january 2015, somebody bought 9,300 of those, paid 55 cents, that means the break even is 20.55. they see weatherford back above that level. hasn't been above that level since 2011. back above there by that january 2015 exploration. this would require 33% increase from here. so that's quite a move.

if the whole space is in play thanks to chesapeake and if oil rallies, that's entirely possible. >> scott nations, thanks for that. and of course, more "options action" every friday. and we're back because we've been replaced by curling, as well on the big tv, check out optionsaction.cnbc.com. let's get a news alert on a collaboration with samsung and paypal. >> that's right, paypal and samsung announcing consumers can shop and pay using fingerprint authentication on samsung's new galaxy s5 smartphone. basically means users can shop password free while mobile or in store with merchants that accept paypal. what's more, paypal will keep data in the cloud. no personal info on the device. that's the latest. >> thanks so much. a number of retail stocks struggling today on the back of poor earnings and more cold weather problems. could the spring's warmer weather help bring the consumer back to life? we'll talk to the ceo of tanger

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a handful of retail names getting taken to the wood shed. higher markdowns leading to its earnings. sears and jc penney also sliding here. in sympathy, they were each down about 6%. karen -- i mean, the assumption is it'll be much worse for sears and jcp. >> yes, they've had a lot of negative data. not about them, but enough to make you think it's going to be bad for them. sears, we looked at again and again and again. and after a fair amount of time, sears is not about the retail business, which will be terrible. i have no doubt. there's all kinds of other stuff going on, asset value and very, very complicated structure. i wouldn't short that for a pure retail play. i'd much rather be short jc penney because it's going to be bad for them. i've got to think. >> as cold weather freezes retail sales nationwide, are e tailers have high hopes that spring will bring a flurry of customers back to the malls. joining us now is steve tanger, president and ceo of tanger

outlet stores. thank you for joining us. >> thank you for having me. >> we've been talking about a heavily promoted season. how did that translate? good or bad? are the markdowns even deeper at the outlets then? >> well, in good times, people like a bargain, and in tough times like these, they need a bargain. the outlets are where you go to get the best brands and designer names at the best price every day. we love when our customers and our tenants who are customers give a great value to the consumer. and that's what they've done this past season. >> in getting ready for this interview, a surprise in terms of the average household income of your shopper. $93,000, that's the average, correct? >> somewhere in that area. >> so your demographic is the super high end. what are you seeing? there's this thought out there that the higher income folks are not feeling the pressure as much as the lower income. >> well, i think in a bad economy or a recovering economy, everybody feels the pressure. but the upscale and the more fluent customers love a bargain.

just like everybody else. the people that are not in that demographic profile want to aspirationally shop. they'll reach higher for a coach bag or for a polar garment that they might not ordinarily buy. but at 40% to 60% off, it's a great value. and then they learn how wonderful the brand is. >> let me ask you again, the last five or ten years, there's been a monumental shift of outlet stores carrying excess goods. now, there are many, many lines that create, especially and only for -- exclusively for the outlet market. where are we in that evolution? >> well, you're correct. when the outlets started, and we started the outlet -- centers about 33 years ago. when we opened the first one as a ground-up development in burlington, north carolina. they started as a clearance store, where if 2,000 size 2

dresses didn't sell, they put them in the outlets. and if you were size 2 and light green, you got a great value. but 10 or 15 years ago, that changed. the outlets so profitable for our customers that they decided to turn them into a retail store. they build product, same factories, same fabric and the same label. as in every one of the products. if you want to go to nike, got the nike label. underarmour, got the underarmour label. so the quality and the brand name is assured. and the consumer gets a broad assortment of colors and sizes every day. >> steve, we'll leave it there. thanks so much for coming by. good to see you. steve tanger of tanger factory outlets. karen, i'm going to go to you on this. i'm wondering because coach, a while ago, their outlet strategy was praised and now having trouble. a cheapening of the brand is what some people have perceived the problem to be. >> yes, i think you'll see they

get blamed for that. but there's so many other companies that have done such a tremendous job. a ralph lauren, i think is a huge outlet business, yet able to maintain the brand. i think it might be coach specific. >> guy? >> the stock was a monster for three or four years. last 2013 traded -- >> stock meaning coach? >> skt. i think with the dividends nice, the earnings were good, i think the valuation is reasonable. i think a decent tape, the stock goes higher. >> in a decent tape. and how about the tape for reits? >> i was going to say, that's certainly where people are looking on a relative value within the space and there are -- i think there is relative value there, even within the reit space, somewhere around 29 times. i think it's a stock you can stay in this space. not only a 3%, but return on equity of over 20%. that works. >> did you miss "fast money freestyle"? well, we give you the best and craziest moments from our uncut and uncensored version of the show. can't miss this.

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liberty mutual insurance. responsibility. what's your policy? if you tune into cnbc in the past two weeks, you may have noticed that curling was on at 5:00 p.m. instead of "fast money." well, we were streaming live and

uncensored on cnbc.com throughout the olympics and things got pretty wild. here's some of our favorite moments from "fast money freestyle" in case you missed it. let the break roll and you will see what we actually do. we're going to play charades, we need teams. >> football. >> oh! >> pete najarian. >> pete najarian. >> bear. >> angry panda. >> bear. >> angry panda. >> yes! >> oh, my gosh. we're tied. we've got to arm wrestle. come on. yes! victory! >> welcome back to "fast money freestyle." you guys, the break is -- >> he's got it on camera. that's what i'm talking about. >> i'm just getting my toes done by grasso over here. >> oh, no. >> guy, look at this.

>> getting my toes done, it's the commercial. >> one, two, three -- >> great! >> hold on. >> i know. >> nothing about the rules. >> good times. well, that's our default pastime. >> the twitter engagement was fantastic. keep that up, folks, we love going back and forth. and we can do it on-air, too. >> did you like getting a pedicure on the interweb? >> no. but it was nice to be able to do the show without my shoes on. so -- >> bonus. >> do his hands now. >> who is the better charade player? >> me. >> don't en even start. >> b.k. was pretty good. >> i was awful. >> the pete najarian dance, that was classic. >> there was no question what he was doing. even though it wasn't our team's

time to answer. >> exactly. b.k.'s panda was terrible, too. >> i was an angry panda. >> i loved that. i didn't know what you were doing. >> angry bear. that's an angry bear. >> played it very well, sort of. >> well, maybe we'll resurrect that. that's what we do during the breaks, maybe we'll show it some time. you tweet it, we trade it. this one's for guy. >> yeah. >> groupon, i shorted it, looks attractive for a long play. what do you think? >> clearly a fan of the show because when they came out, trading down to nine, we said, don't be fooled. it's going a lot lower. you probably have wednesday of next week. wednesday of next week is wednesday of this week, that's when you grab it. i think maybe 7.25, maybe 7.50 handled. >> karen, your thoughts on walgreen, what level would you buy? >> at the level it is right here, i'd be interested in buying cvs instead. you know, walgreen is okay, i

think cvs is much better and i love that they stopped selling cigarettes. >> there you go. >> tim? >> yes. >> by the way, your charade, your clue -- >> was awful. >> "wolf of wall street." >> you want to do that the rest of the show? point out how poor i am at charades? >> sorry, i didn't mean to continue ragging on you. that was terrible. you kept doing this. this is not helpful. >> i got stuck. >> i won the arm wrestle. it was a brutal contest. we dug in. >> i thought i had it, too, and i got a little cocky. >> i owned you. >> pull that tape again. pull the tape. >> we'll do a rematch. maybe later on. tim? >> yes. >> what's your take on first solar? >> going into the numbers, this stock is at a big run. if you look at the move, this is something i'm not sure i need to gamble going on the numbers. they're expected around $2.28 a

share. big run in solar. >> does the demand increase outway the high p/e? >> no, we had the ceo on a month ago and all those contracts are already set for this year. now you have to make a bet that next year's going to be just as cold and all those contacts, they'll get a little bit of a bump, but not that big of a bump. no, it does not. >> next on "mad money," stocks have gone on a bull run, can they continue to do the distance? cramer's releasing his list at the top of the hour. again, he's back from the olympics. you won't want to miss that. stay tuned. [ male announcer ] these days, a small business can save by sharing.

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sharing's never been better for business. a 401(k) is the most sound way to go. let's talk asset allocation. sure. you seem knowledgeable, professional. would you trust me as your financial advisor? i would. i would indeed. well, let's be clear here. i'm actually a dj. [ dance music plays ] [laughs] no way! i have no financial experience at all. that really is you? if they're not a cfp pro, you just don't know. find a certified financial planner professional

who's thoroughly vetted at letsmakeaplan.org. cfp -- work with the highest standard. time for the final trade. let's go around the horn. tim seymour? >> first solar, 108, is expected. sina, buy weakness. >> brian kelly. >> short manicures and long holly frontier. >> with all the drilling services doing well, i'm surprised -- i like north atlantic drilling. >> i bet people didn't realize how much you hate feet. and so that segment was particularly painful to you. >> i've never worn those

mandals. >> or flip-flops. >> yeah. that's well done. you have to give him a shout. >> nvidia. >> i want to trade. there we go. all melissa lee. we see you back here tomorrow at 5:00. it is great to be back. thanks for watching. don't go anywhere. "mad money" starts right now! my mission is simple. to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere and i promise to help you find it. "mad money" starts now! hey, i'm cramer! that's right, we are back in action! >> hallelujah! >> cramerica. so welcome to "mad money"! welcome to cramerica! or welcome back! other people want to make friends, i just want to make you a little