jane wells, thank you so much. appreciate it very much. >> good story. >> larry kudlow, carol roth, thank you for joining us today. and for behaving yourself the last 15 minutes or so. hard to do, i know. >> could have done a little fracking on the hearst ranch. >> that does it for "closing bell." >> "fast money" is up next on cnbc. >> and it starts right now, "fast money" does. live from the nasdaq market site. overlooking new york city's times square. i'm in tonight for melissa lee. our traders are dan nathan, brian kelly, karen finderman, and guy adami. the stock for micron moving lower. we'll tell you what today's report means for the rest of the chip space. and dividends, buybacks and stock splits. apple tends to make big announcements in the month of april. what could happen this time around? we've got the analyst who just added the stock to his focus list coming up.

we start with a move in the markets today. april, a historically good month for the markets. one of the best for the year. today, equity showing signs of weakness. bonds and commodities stealing the show today. oil up more than 4%. gold nearly 2%. and a tlt is up more than 1%. you know, guy, i heard you earlier on cnbc. you sound a bit cautious about where we are. some of the economic data that came out today was disappointing. the pmi was weaker as well. and look at what yields are doing. >> i think at best, the data has been mixed. even the most ardent bull would admit the dow has been mixed. so we'll agree on that. the market's been unbelievable. the bond market, nobody has thought yields will go to levels that we've seen now. i still think they continue lower. that's the point. at a certain point, the disconnect between the bond market and the equity market has to take hold. i think 2025 in terms of the s&p is a line in the sand.

i think the thing you really need to watch is the transports which have now been weak for a couple and trading 155 now and the russell needs to remain above 122. every selloff in the s&p, you know it, you do it every day, has been a huge opportunity. >> why do you think yields are going to go lower? >> i think it's a global deflationary leader. nobody will say that. if you look at all the things out there, what's happened in steel prices, baltic dry index, copper prices, crude oil being cut in half over the last six months, everything to me leads to global deflation. >> so if you look at what's taking place now, i say okay, we've seen this movie before and we saw it a year ago. we had a really tough winter. the economy laid an egg and we came out of that rip roaring, and why wouldn't we do it again this time? you look at the auto sales numbers. better than a lot of people

thought they were going to be, so why not? >> we're much higher than we were a year ago. so we're faced with a lot of the same issues, but we're also faced with a situation where we're grinding. some of the performance that we're getting are not specifically from sectors that are screaming growth. when you look at the best performing sector in the s&p, it's health care. let me tell you, the ibb is down about 9% in the last two weeks, and this has been a monster, monster performer for a lot of investment pools here, and it's not acting particularly well. so my little thing right here is that you have to look at where the performance is coming. i think breath is waning. i think the momentum in the market is waning. we're grinding here. the s&p is only 3% off of those all-time highs. micron is a name you just mentioned. here is a stock with a massive gainer in 2014. and now it's down 25% from the recent highs. that's troubling. >> someone want to take the other side of this? all right, is everybody on the desk negative? >> there are three things that are very different than last year at this time.

first of all, we have the federal reserve, which is now out of qe. i know they were winding it down at that point in time. but this has caused a big rise in the dollar. not only that, taking out that qe has also increased real rates. what that means to companies is the hurdle rate for projects are much higher, so you have that. then, finally, you also have this tremendous drop in oil. and to me, the scale of the drop in oil suggests that there's something else going on in the economy that perhaps it's getting weaker than it was in the past. so for me, this is a different time than it was in the past and i'd be very, very cautious here on the market. >> i'm more bullish. i'm always bullish. i'm a long, biased investor. i think there's a few things you can hang your head on. i think the ecb plan i think is instilling some confidence there. whether or not you believe it, it's happening. >> look, the data suggests you should believe it. >> right, that it's bottoming. and i think that is a big positive. i know that we have headwinds for multi-nationals that have currency issues.

i understand that. but if you also look in the u.s., we have a very improved employment picture from a year ago, so that's good. and for the consumer, you have oil prices that are half. so that's a good thing as well. >> earnings, expectations at this point could not be lower. don't you think that there's a good possibility that the companies come out, they report, they beat, the economy picks up because of coming out of the winter, and then all of these fears that i'm hearing on the desk from three out of the four people here are misguided. >> it's not fear, it's just caution. you think about what's going on with ternings picture, you just mentioned that earnings expectations are down dramaticism i think q 1 expectations for for a growth of year over year. to me, you have a lot of headwinds, and when you talk about it, you just mentioned ecb. the whole world is debasing their currency against the dollar here. so when you talk about multi-nationals and where they get half of their sales from overseas, this could be a massive headwind for earnings for a long time. and what should stocks trade off

of? they should trade off of corporate earnings. qe is gone. so that's the fear here. and we're starting to see a lack of leadership. >> shares of micron -- i want to call your attention to those. trading lower now after hours. the chip maker on both the top and bottom lines, but weak guidance hitting the shares right now. let's bring in the managing director who has a buy rating on the stock. alex, good to see you again. >> thanks so much. >> i think a lot of people thought the sky was falling heading into this quarter. that doesn't appear to be the case. but what's the story with the guidance? >> that's right. i think the stock had priced in a miss that didn't come and that's why the stock was initially indicating higher. now, they did guide a little bit light on the outlook, down low single digits sequentially. however, what jnp would call that is a relative victory for a name. let's not forget the train wreck that intel was earlier in the quarter. the train deck that twreck.

this pullback here, if it holds into tomorrow, is a buying opportunity in our view. >> what is straight ahead for micron? new products coming up in the next three to six months. that could be a good thing for the stock, yeah? >> absolutely right. first and foremost, what we've got is their 25 and 20 nanometer transitions. that should improve the economics of what micron is putting into the market. but more importantly, they've got a 3-d nan product line. 3x improvements in the density over what exists today. so a real positive catalyst. and that's really structurally what can go right for micron. seasonally, let's not forget, we're moving through a relatively tough winter, as you were just pointing out on the program. so once we get through this, we're back to talking about the iphone 6s in the back half of the year that micron should be in. we're talking about cloud storage as well as acceleration.

micron very well positioned for that. and then nextgen coming online, too. >> when do you think you'll see something from the 3-d nan? >> they're talking about production in the second half of this year. i think that was much faster than people were looking for, and so in market products, i don't know if this year is too early, but early next certainly on the table now. what they're doing in collaboration with intel is unique to the market. it is industry leading. and if they can execute to this, it's game-changing for the company. >> alex, good to talk to you, as always, in realtime reacting to these earnings. thanks so much. what about you guys? >> i'm long. i'm going to stay long. it's not a disaster. >> that's what people were thinking was coming. >> and it's already the stocks reflecting the coming disaster being down. >> the guided sales down 8% below consensus. so to me, i actually don't think it's particularly great. i think you're going to see a stock down 10% over the coming

weeks. we're just going to explain this away while it was versus low expectations. they just guided down sales 8% for the current quarter. so we've talked about it. i think we fought about it last week or did we discuss it. >> i can't remember what we fought about last week. >> right. the point is this is one of the most commodititized companies in the world. we know what apple does to their suppliers. they put them out of business sometimes. >> $25 is where we broke out from early last year. resistance at the end of 2013. you just sat down 10%. close enough for government work. down 10%-ish from today's close is about 25. i think you buy the stock. valuation-wise, it is cheaper, despite what they said about nan pricing. >> getting in on go daddy, the newly public company surging in its first day of trading. is it too late to get in on the action? that story is next. plus, wal-mart pressuring its

suppliers to cut costs. are wal-mart's problems a warning for the consumer staple trade? plus, technical difficulties. that's coming up next on "fast." ! vectorvest mobile is here and it's free! make faster, smarter, better trading decisions with vectorvest mobile. the most powerful app or managing your portfolio from the palm of your hand. only vectorvest mobile analyzes, ranks and graphs... ...over 16,000 stocks worldwide, everyday,... ...and gives you clear buy, sell, hold recommendations... ...on every stock; anytime, anywhere. vectorvest mobile comes free with your vectorvest trial. get it now! visit vectorvest.com/mobile to get started

welcome back to "fast money." check out those pictures in our news alert now. take a look at this. it's cell phone video out of mexico where a fire on an oil platform in the gulf of mexico has killed four people, injured at least 16 others. as many as 300 workers have been evacuated from the rig. the platform is owned by mexico's state petroleum company pemex. not immediately clear what caused that blaze. we'll keep following the story and bring you new details as we get them this evening. how about go daddy. soaring in its first day of trade. the stock opening this morning at $26.15, ending the day higher by some 30%. ceo blake irving was on "squawk on the street" earlier today and had this to say about the scrutiny over his business model. >> we're running a great business. on a cash flow basis, it's very clear to me that investors understand it, understand this type of business, and have been

dealing with it for a long time. they're not new in the market. they understand it. and frankly, as long as we are running our business the way we have been, the way we've been servicing our customers, we've been very smart on balancing even expansion with revenue growth. very strong conversion to cash flow. we're going to be just fine. >> so, guy, scrutiny over the business model. scrutiny over the fact that they don't have any earnings. they're losing money. >> they've done a great job getting their name out there. but jim cramer is cautious on the stock. i listened to a lot of what jim had to say. i get it. 800-pound gorilla. 12% of all domains have been registered by go daddy. >> that means 75% haven't. >> good point. that's fair. but 25% is a pretty big number. look at what quad ws have done. wwww. since these guys announced they

were going to have an ipo in july-ish. stocks have gotten crushed. it's not rich on valuation. you have a big shortage. maybe it's one of those situations where sell the rumor or sell what's going to happen, buy the news, the news being the go daddy ipo. i think this stock can give you some beta to the upside. what do you guys think? >> ipos this year have done very well for a week or so and just fizzled. so i think this seems to be fitting that same pattern and if we get any marked weakness, you want to have a company that actually has some earnings, otherwise it's going to trade lower and lower. i think you wait on this for at least three months. >> would you take a piece of this? >> no. it's a lot expensive for me. next up, wal-mart falling 2% on the day. this after the big box retailer anunounced it's upping the pressure on suppliers in hopes of boosting its u.s. sales.

>> wal-mart squeezing their suppliers. that's what they have to do. i think you have to extrapolate a little bit more. really it broke out from a very long base. it was obviously long considered the ugly redheaded stepchild of target for years now. and they seem to be doing some things right late last year. well, like you said, scott, the sales here in the u.s. are flat. the thing got to about 18 times earnings, which was very expensive, way above a market multiple. they buy back a lot of their stock. technically when you look at this thing, 80 was this massive breakout level. it's almost all the way back here. if you're correct, if i think there are green chutes in the u.s. economy, this is a stock you want to own here and i think you could use it as a stock to the downside. i know that's pretty tight, but that's a level, it's also the 200-day moving average. so look to play for a move back up to the 80s if you are bullish. >> it's also about a 7% discount from when they announced the hike in wages. the stock has pulled back consistently since then. >> that was actually interesting to me, because one of the big

knocks on wal-mart for a long time was employee issues, and even though they were cutting costs that way, i think it really did weigh on the valuations. so to me, the mcdonald's thing is sort of a new era now. >> right. so your point is raising wages as well. >> exactly. and that was important. so i kind of agree with dan, much to my surprise, that wal-mart is expensive to itself sort of, but it's not a crazy valuation, and with oil down, their customer really is the kind who feels that benefit. >> all right. how about simon property group, dropping its bid for mall rival macerich. karen finer explained why she was shorting macerich last week. take a listen. >> everybody knows 95.50 is not enough to get it done, so april 1st, which is the deadline they put out is going to come and go, we are not going to see macerich engage. we are not going to see negotiations. and we will see simon drop. and we know this because simon

took off one of their most useful weapons, took it out of their quiver in that they didn't nominate directors. >> good call. >> thank you. >> it worked out. >> yeah. coming up, trouble in the financial space. we've got one name that's been range-bound for more than a year. it could break down soon. she'll tell you what it is in our technical difficulties segment next. citi laying out five reasons why the tech titan will keep going higher. the analyst behind the calls just ahead. >> the great thing about "fast money" is you're getting multiple perspectives. >> my specialty is watching u.s. equities. >> i am a long-term investor for sure. >> i've always looked at technicals more than fundamentals. >> i don't just look at one entity, i look for unusual options. >> i'm a global trader. i bring the global perspective. >> our investors want to make their own decisions. >> we deliver dozens and dozens

of trades. that's what we do. >> "fast money" weekdays 5:00 eastern on cnbc.

american express having a bumpy start to the year, falling

more than 15% in the first quarter after ending its exclusive partnership with costco. our next guest says when it comes to the stock's charts, am ex could have more technical difficulties. joining us at the smart board is louise yamada. hey there, louise. thanks for coming in tonight. >> my pleasure. my pleasure. i think i'd like to really start here by saying that a top is not a place, it is a process. and it's particularly important in this environment, having been up now, going into the sixth year. this stock has been in a topping process for one year, and 95 was the resistance, and each time the price got up there somebody was there to sell. and the support has been at 83, and for a period of time, people were willing to buy at that

level, but there was a little dip here, and now you've seen not only another break of this support level, but you're starting to see a break of this 2009 up trend, which is a much more structural profile of deterioration. we got a monthly momentum sell signal around here. and that break of support really suggests that somebody out there's perception of the company has changed, so they're willing to accept less to get out. wall street doesn't like to accept less to get out. so it's a significant happening in the price of the chart. now you're going to get rallies no doubt over time, but we would take advantage of it and use any rallies to lighten positions, and as a down trend initiated, well, very minor. lower highs. followed by lower lows suggest

that you do have the beginning of a down trend, and when you get to the point where you can answer the question, has a chart initiated a down trend or a stock, and you can answer that question yes, you want to be out. so we would use rallies to start lightening positions in american express. >> louise, thank you so much. the point, guys, is selling to any strength. and look out below, the stock could go down to 70 something according to the charts and what louise sees. >> it also looks like one of dan's triangles. >> there you go. >> which would be you sell any rips on this. and it's had a tough year. i think right here at 78, i'd wait for a rally into maybe one of those down trend lines before i tried to short it or sell it, but it does not look like a great long-term play here. >> it's funny, the costco thing sort of started the schnide and it hasn't been able to get out. >> well, on top of that, the costco thing, which i think is a

significant event, not just for costco, but just more broadly, at the same time they talked about lowering the growth estimates. it's a great company, but i wouldn't buy it right here. >> the stock typically roused off that. didn't do it this time. louise is typically always right when she says these things, so i mean, i think you're playing with fire right here. >> sell the riffs by the dips. >> if you have a well-defined stock, everything's worth a trade. but it's not performed on what's been a tremendous take. the costco seemed to be the last straw that broke the camel's back because it wasn't performing six months prior to that. so the stock has been trying to tell you something. still ahead, april a historically big month for apple. we'll look at what investors might see this time around. that's next. plus, dan nathan's got the 411 on why mccall's pain could be shanghai composite's gain. stick around.

still ahead on "fast money" live from the nasdaq in times square, apple's big month. the company's been known to make

big announcements in the month of april. so what could be coming down the pike this year? bad news in macau could be good news for another area of the market. we'll tell you how to play it coming up. david einhorn's micron trade. we'll break down what it means for the hedge fund giant's portfolio coming up. let's start with apple. thought we were going to break there. i like that. april has been a big month for the company in the past few years. in 2012, apple launched its dividend. last year, in april, apple increased its dividend again. plus, the 7 for 1 stock split. citigroup kicked off this april, reiterating a buy rating. joining us is jim suva. good to see you again. >> great to see you again, scott. we think it's going to be an

exciting month for april coming up in the month of april. >> all right. what are they going to do? >> first of all, earnings are on the 27th. as people start to do their due diligence in field trips, we think they're going to take a look at the due diligence and see that the iphone 6 is selling great. in fact, the higher configurations of the 128 gig and 64 gig are selling so much better. big margin improvement. big asps for apple. everyone's talking about the problem apple has. too much cash on hand. >> what are they going to do with the cash? are they going to do a buyback this month? >> we think on april 27th, which is a very pinpointed date, they're going to announce a 10% increase in their dividend at least, and increase their stock buyback from 90 billion to 120 billion, and investors we think are going to welcome this. this is still going to give them plenty of cash left over for m&a and future investments for their big headquarters. they're hiring a lot of people.

but a dividend increase of at least 10%, and a stock buyback going from 90 billion to 120 billion. >> you say the 27th. is that the earnings reporting date? is that why? >> exactly. monday the 27th after the close. >> what do you make of -- if you want to say there's been any difficulty in the stock technically, the stock today was below its 50-day. >> that's exactly right. that's why we're adding it to our highest list of what we call our u.s. focus list. for our nearest term highest conviction stocks, we maintain our buy rating and $145 target price, but the stock has come back. we're taking advantage of this opportunity. you know it was up into the mid 130 range, and now it's fallen down into the 120 range. we expect them to beat and expectations to go higher. the headwinds, which you correctly asked about, are foreign exchange has not been good for apple. and in fact, when we adjusted our iphone units higher, we took the opportunity to lower and reduce our estimates on average

selling prices due to foreign exchange. to the magnitude of about a minus 6% fx impact year over year. that's been a challenge for apple as well as apple pay. i use it a lot in the united states, but it has not rolled out to canada or europe or globally yet. these are some of the challenges that apple is going to have to work through. >> how much in your model do you build in for the watch? >> great question, karen. actually for this quarter, nothing, of course, because it launches on april 24th. the quarter outlook, looking ahead, we are building in three million units for the june quarter, and then four million for the september quarter. and thereafter, the run rate is closer to 20 million. consensus is closer to 30 million. we're a little more on the low end side because we believe a one-day battery life isn't great. we'd like to see more. but we do expect it to sell out on the first weekend. but again, the numbers are three million for the june quarter, four million thereafter, and a

run rate of about 20 million apple watch units. >> real quick before i let you go, so 30 million is what the street is expecting. if they come in at 20 million, you're telling me the stock is not going to get hit hard? >> what matters, most importantly, the units on the apple watch. what really moves the needle for apple is the iphone. in iphone, we're projecting 59 million units this quarter and consensus is at 54. so we are meaningfully above consensus on the iphone. what moves apple is iphone today, not necessarily apple watch. >> an enthusiastic jim suva joining us tonight from san francisco. thanks. >> thanks so much. >> we'll talk to you soon. who wants it? >> we talked about you don't trade this stock. that's been the right way to do it. >> i don't understand that.

>> there's no rhyme or reason for the moves from what i could tell. >> it was a great trading stock in 2012 and 2013. >> that's a long time ago, dan. >> i know, but the stock moves. it's tradeable. trade it. it's "fast money." you want to go to slow money, then you can own it. and we all own it. it's in our 401ks. every mutual fund owns it. >> talk about trading out of apple? >> why not? every stock that we've talked about tonight is tradeable. >> let me ask you, do you think that you can trade in and out of apple and do better than just owning it? it's a question. than just owning it over the last several years? >> it's the same question of why would i invest in your hedge fund or your mutual fund. look at the performance of all the other really high priced vehicles. i can trade whatever i want electronically for $8 a contractor. >> the question is, can you trade effectively versus -- >> isn't this why we're all tuning in? isn't this why we're all doing this? we're all trying to beat that benchmark. so i think to put apple in some

special place is totally ridiculous. have a ball, people. trade it, buy it, short it, do whatever you want. >> i think dan makes a fair point. my point is i haven't figured out the edge in trading apple. like there's been no -- there's no rhyme or reason to the moves in apple, from what i can ascertain. >> you mean it goes up? >> it has gone up and down, but i have not been able to figure it out. there are other stocks that make sense in terms of trading it. apple's not one of them. >> time now for "pops and drops." sarepta therapeutics. >> this stock has been very difficult to trade. when the ceo resigns and it's up 7%, maybe that's telling you something. there's a big shortage, about 33% probably further to the upside. >> michael kors down 3%. >> this is a name i really like. down on a report today talking about slower north american growth. i would say that with the stock having moved from 100 to 64,

that that is already priced in. >> why do you like this stock so much? it was a great performer. and then it sort of fell out of bed. and the momentum's gone. >> the momentum's gone, but the valuation, it's never been remotely close to a valuation like this and it's got a huge amount of cash. the rate of growth is slowing, but growth is still there. >> drop for delta, dan. airlines got downgraded today, too. >> listen, i don't like this trade, the long trade here. obviously, they've been a huge beneficiary of oil here. oil up 4% today. delta was down 4%. i'll just tech you, technically, there is a situation where you have weighted momentum. a series of higher highs and lower lows. i especially don't like united. >> go pro. >> this is a controversial stock. down today because still on these concerns that there's going to be competition from xiaomi and from other places. i still maintain the only reason why you buy the stock is you believe that nick woodman can

make ketchup, and by that, i mean he can build a brand. >> he already has, hasn't he? >> i think so, absolutely. look at what he's doing with the nhl. to me, that's a transformative deal that you can have this live streaming with the nhl. that can change how we watch sports. so for me, that's why you buy go pro and you do buy it on this down. >> let's do our chart of the day. macau casino falling nearly 40% in march, making it the tenth straight monthly decline. dan nathan says macau's pain could be the shanghai composite's gain. >> yeah, we have a couple charts here. let's look at wynn, a u.s. listed equity here, primarily u.s. investors. this thing's been cut in half in the last year from its 52-week high. when you look at the shanghai composite, it's almost doubled in that same time period. and so really, this trade is not that connected. but what i'm trying to tell you here is that i think if i'm trying to gauge the health of the chinese economy, i'd much

rather look at possibly a u.s. listed stock that has a lot of exposure there than let's say the shanghai composite index, and i'll tell you why. we know they just did the shanghai hong kong connect here. they've seen a huge spike. i think we have another chart in the last couple months of new securities accounts that are being opened. i think given the regulation that's been put on macau and the smoke bands and the corruption busts, i think you could be seeing people leaving one casino and going to the next, which is the stock market here. so basically freed up the ability to get in there and trade shanghai shares here. so i guess the point that i want to make here is that i wouldn't look at this rally in the shanghai and say wow, things are better in china. it doesn't matter what a stock market's always doing. we know that they're easing. we know there's a lot of things over there. i wouldn't take it that way to run in and buy china on better expectations. >> i guess i would agree, but i would add to the fact that remember the housing market is slowing down. a lot of people taking their savings, putting it into different type of products, wealth management products that

were in the housing market. so now that money's coming out and it's not going to macau and it's going into the stock market, so i agree. i wouldn't look at china's stock market as saying oh, there's great value there. it is simply just, you know, running up because everybody's opening accounts. coming up next, "fast money" madness. we head back to the payment space for a second-round battle between intuit and paychecks. which stock will hit pay dirt and which will go home? the debate is on right after this break.

time now for our "fast money" money tournament. 16 tech names compete for the title of "fast money" champion. throughout the competition, we'll have exclusive previews each day on cnbc.com/pro. tonight we head back to the payment space with a match-up between turbo tax maker intuit, which beat out western union in the first round, and paychecks, which bumped out e-bay. both stocks outperforming the market year to date, each up more than 5%. don't forget, your vote counts as well. log on to twitter. use #fastmoneymadness. tell us whether you prefer

intuit or paychecks. the viewer favorite will count as one vote. each trader gets 30 seconds to make their case. the shot clock is up. we kick it off with b.k. >> both of these stocks to me are kind of meh. the charts look exactly the same. the only way you can distinguish these two is on valuation. so when i look at the two, it's a slight edge towards paychex. it's not anything i get very excited about. i would give it to paychex here. typically, i would go with death and taxes, but only on the slight edge on valuation. i'd take paychex. >> all right. guy? >> intuit. intuit, my man. quick look. >> you are into it. >> i am into it. everything happening here with dan, the angst. i love it all. but intuit -- >> fired up. >> growth up 50% year over year last quarter. valuation, it's pretty much identical. and, you know, over the last couple months, the stocks have been similar.

but going with the last four or five years, intuit a much better performer, and there's a cyber security aspect that nobody's talking about. so for my money, intuit gets you done. >> all right, dan? >> listen, this stock trades at 38 times earnings that are declining 10% in 2015. i just don't get it. i don't know what you're paying for here. to me it's paychex by default. this thing trades at a better multiple. it's growing. it's got better growth. trades at 26 times here. also pays about a 3% dividend yield. >> karen, bring us home. >> it comes down to valuation for me. they're very similar companies in a lot of ways, but at the end of the day, valuation for paychex is better. and the margins here are really good. not that they're not for intuit, they are, but this is sticky product for customers. >> we've got three for paychex, one for intuit. on twitter, you said paychex as well. we should note it seems that a number of paychex employees actually tried to stuff the ballot box. >> really? >> seriously? >> that's what they say.

>> i appreciate that. i'm glad i went with paychex. >> if they wrote it, it must be true. >> they tell me it is true. >> the folks at paychex -- i guess you can vote for yourself. >> it's an illinois company, so it all works. >> so paychex advances to the next round. tomorrow, the final match-up in our exceptional eight-round, a big tech battle between apple and cisco. the winner will go on to face intel in the next round. again, be sure to log on to cnbc.com/pro for exclusive previews ahead of each match. we have a news alert here on transocean. >> here's what we've got. transocean has said they have announced plans to scrap or dispose of in an environmentally responsible way two rigs. i'm not going to go through the names -- well, the two rigs are basically going to scrap or environmentally responsibly get rid of. these are already a part of announced rigs that are going to

be shut down or scrapped. these are part of the total of 18 floating rigs that they have identified as ones that they are planning on scrapping. the company continues to evaluate the long-term competitiveness of its fleet. additional rigs may be identified as candidates for scrapping, but here's the thing. they will take a non-cash charge of between 90 to $110 million, net of taxes, because of this current quarter. so again, some charges about as high as $110 million worth net of taxes, non-cash in this quarter because of these scrapped rigs. scott, back over to you guys. >> dom, thank you so much. i don't know, maybe not such of a big surprise? >> right, not a big surprise, but this is a good thing because first rates get lower and lower and lower. utilization goes down. then ultimately, you've got to see the fleet get smaller. and it's good for everybody. >> guy? >> it is good for everybody. in the long term. in the short term, they scrapped their dividend. now they're scrapping rigs. the stock clearly has not traded

well. i still think there's another drown draft in crude oil. >> still ahead, hedge fund heavyweight david einhorn clocking in a rough first quarter. we break down what micron's quarter means for his port foam owe next. plus, oil taking a turn to the upside, but one trader is betting the bottom's not in yet. we break down the trade after the break. more "fast" just ahead. i was determined to create new york city's first self-serve frozen yogurt franchise. and now you have 42 locations. the more i put into my business the more i get out of it. like 5x your rewards when you make select business purchases with your ink plus card from chase. and with ink, i choose how to redeem my points for things like cash or travel. how's the fro-yo? just peachy...literally. ink from chase. so you can.

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micron is moving lower after hours on guidance. hedge fund green light capital reporting today. we have kate kelly with those details. >> thanks so much, scott. micron brought bad times to david einhorn's $12 billion hedge fund green light capital this quarter, falling more than 25% since their recent high last december, and leaving greenlight down about 1.8% for the quarter. einhorn benefited from that fourth quarter run-up, part of a huge rally that was propelled to some degree. having requested a brief period

, this was the time he was buying those shares, einhorn later took an investor blog to court for reporting the fact that he was amassing that position during that anonymous period, saying word of green light's position cost it extra money. the suit was later dropped. that's just a bit of interesting history on this position. elsewhere in the portfolio, there was some encouragement. and there was definitely encouragement for rival money managers like dan lobe, whose offshore flagship rose partly on long holdings like activist and phillips 66. finally, steve cohen was up 7.5% net of expenses for the first quarter. with the s&p having been relatively flat, those are notable performances, scott. and based on late march returns from others, including passport, maverick, we don't have march 30th quite yet. but it looks like those guys are going to outperform probably by a significant degree. >> yeah, and it's a reversal

because of the hedge funds that have had a really tough go of it the last 12 months. off to a better start this year. >> i suspect that these hedge funds that massively outperform the market were actually trading stocks. do you think so? maybe it was a stock picker's market? >> absolutely. >> where they made directional bets on some they thought were beginning to go up, and traded some and shorted some and bought some when they came in? >> you're absolutely right. i talked to a hedge fund today that looks like they're on track for some great quarters. they were saying, look, it was our best ideas that really got us places and they had some very counterintuitive thesis. they were looking at things like the dollar and the impact on u.s. countries as well as offshore countries. looking at emerging markets where you might see pockets of strength. so yes, i think it's actually a stock picker's market. fundamentals are starting to matter again. idiosah >> this goes back to a conversation we had 15 or 20 minutes ago about apple, and my point about me and apple is i

haven't figured out what makes the stock go up and what makes the stock go down. it's a very difficult stock for me to trade over the last few years, so i've basically given up. i think a lot of people feel that way. maybe some people feel like they have an edge, i don't. >> i'm confused. because i think what kate's saying is confirming the value of stock picking. not trading. >> correct. >> and i thought dan was interpreting that as yes. this is an endorsement for trading. >> those names that she just mentioned, those hedge funds -- i mean, they trade. they own things, they have core positions, they trade around them, they tack profits, they overwrite for yield. they trade. that's what trading is. and so you're going to take what the stock is giving you. you say this all the time, karen. every night that you go out, you're looking at it as a new trade. isn't that how you think about it? >> there's a difference between professional investors and the average investor, right? >> right. but a lot of these investors are paying very high fees to outperform the market. so what kate's kind of saying is some of the very best outperformed the market and probably did it by stock picking

and trading. >> if i may, i mean, karen, you're right, i was sort of endorsing the fact that fundamental stock picking is working, but i also think people are trading successfully. i think people are doing some contrarian short-term trading, some fading that's working for them. speaking of apple or micron, david einhorn, although he's a long-term value investor on the long side and he also does a lot of short trades, is somebody that pairs positions when it makes sense. micron and apple are both still top positions for him. he sort of moved in and out of size with them in recent years. so i think you're both making good point. >> kate, thank you. >> thank you. >> crude oil rallied 4% today, but some traders are still betting big on a drop. dan making his way over to the smart board now to give us a look at the actions. >> let's talk about the uso, which was traded today. wti was up 3%. brent was up 4%. and one trader actually used

that strength to put on a bearish trade. when the etf was 17.60, there was a buyer of 66,000 of the may 16.5 put spreads. that's about $3.5 million in premium. if the etf is below 16 and 14.5 on may expiration, they can make up to almost $10 million. when you think about this trade, it's kind of interesting to me, because here's the etf, the uso here. it's trying to put in a little bit of a bottom. it got down to almost 15. it was 17.60 today. and this trader is really looking to take advantage of a move to the lows. i'll just make one other point. when you're trading an etf that is as active as this one where option prices have lifted, one of the reasons i think they probably bought a spread, this is implied volatility. this is the price of options. look at the ramp as the price of the commodity has gone down. to make directional bets, you need to probably look to offset some of that premium. >> for more "options action",

check out our live show, 5:30 p.m. eastern, you can see dan and the gang every friday at that time. coming up on "mad money" tonight, cramer is seeing if natural pet food freshpet can be your portfolio's best friend. it's an exclusive interview with the ceo. plus, meet the pharma company looking to shake up the women's health market, when jim interviews the ceo of therapeutics m.d. all that less than five minutes away on "mad." your first move tomorrow when we come back. more "fast money" is up next. when the world moves, futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market.

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it is that time, believe it or not. we go around the horn for final trades. dan, kick us off. >> if you're bullish on america, second-half trade would be a long wal-mart trade. obviously there's a big pocket between 80 and 75. >> all right, bk. >> the commodities were quite strong today. i think there's going to be some money flowing into that area. i brought gsg a while back. i think it's still a great buy now. >> karen. >> yes, i like whole foods. hasn't had a great month, down from the high-ish 50s to where it is right now. 51 and change. i like it. there's growth here to come. >> guy. >> glad to have you again, judge. way to go.

quad ws. >> you guys were so welcoming. >> come on. was that sarcasm? >> no! >> oh, okay. because we are. >> four ws on the short covering rally. >> catch "fast money" again 5:00 p.m. eastern tomorrow. i'll see you on the half tomorrow at noon. at noon. "mad money with jim cramer" begins right now. my in addition is simple to make you money. i'm here to level the playing feemd for all investors. there's always a place to make money somewhere. i promise to help you find it. "mad money" starts now. >> hey, i'm cramer. welcome to "mad money." other people want to make friends, i'm trying to save you money. my job is not to just entertain you but et ok'd aducate and tea. call me or tweet me.