p.m. eastern. thank you for being here. really appreciate it. that does it for us on closing bell. "fast money" coming up. melissa lee, what's up. >> they might have a new drug to be the best catalyst. >> straight over to you. >> "fast money" starts right now. i'm melissa lee. traders are dan nathan, brian kelly, karen finer man and steven bros so he. tonight on fast, go pro revealed their new product. we'll hear from the ceo. plus, google and show me are making moves into google's core business. we'll ask the top analysts who might be on the fence there. first, the developing story on general motors. morgan stanley has some comments having some investors wondering if a mega auto deal is in the works. phil lebeau has the story. phil.

>> it is the chatter of the industry, melissa. the comments in italy where there was an event where they were at a plant for fiat chrysler. he was asked whether they might be part of a merger in the future. here's what he said to reporters today in italy. it's absolutely certain that before 2018 there will be a merger in the auto industry. it's my personal opinion based on a gutt feeling. so it brings up the question, is it possible that fiat chrysler and general motors could get together. remember, there was the report in "the new york times" just last weekend that marcionne had e-mailed and brought up the possibility of the two automakers discussing a merger. gm has made it clear it is not ready to make any kind of deal. mary barra has been emphatic saying we're on plan with the gm plan. we're not interested in any kind of deal at this point. still, when you take a look at shares of general motors, these comments along with the possibility of consolidation in

the auto industry and the note today from morgan stanley where they essentially said, look, this stock has gone nowhere and we're not sure what it's going to take to get this stock moving, perhaps if there is a merger in the future, morgan stanley could see general motors shares climb as high as $90. we should point out, melissa, morgan stanley was clear in their note saying they have no idea of timing. they are not saying there's any company that's going to get together with general motors. that chatter is definitely picking up in the auto industry. investors are noticing that's why shares of general motors moved higher. >> perhaps barra may not be ready. could it be the activists that re-engaged in gm and pushes this part of the story? >> it's certainly possible. the activists made them increase the dividend and the share buy back. when this happened over the last couple of months, remember, the idea is this will be the

catalyst to get the stock moving higher. guess what, it hasn't done anything. this stock, the ipo was $33 a share. where is it? >> 36. >> $36 a share. it really hasn't done anything over the last three years which then raises the question, what will it take to get gm shares moving higher? is it going to take an activist to say, wait a second, maybe there should be some consolidation in the auto industry. again, at this point it's just a discussion but sergio marchionne is clearly, clearly stirring the pot for the industry. >> phil lebeau, thank you very much. interesting to look at the players here. gm has a market cap lieization of $20 billion. it would be a merger of equals or some sort of a takeover. >> yeah, i saw the -- i'm sorry, i saw the cost savings that they're looking at. $1 billion in cost savings if something like this were to happen for fiat. this catches a lot of people off guard. i don't think anybody was ever

thinking of a megaauto deal quite frankly. could it happen? anything could happen. right now gm is definitely reacting to this. 6% off the recent lows while ford is negative year to date. so somebody has been whispering about this for a little bit. >> the point that phil was making in terms of the stock going nowhere, those activists were instrumental in getting that $10 million buy back in dividend. since then the stock has not done anything. that was part of adam jonas, the analyst over at morgan stanley. even that can't lift the stock. >> well, i think that just because the stock has moved doesn't mean they should do it -- that they should do a merger, right? it could be the stock is over valued for a while. it could be that this is fair value or that things need to improve. i'm skeptical that doing a merger now is the right thing to do because i feel like she dua actually has some momentum. she has some stuff to go through. it's not easy. it will take a while. i don't get why they would need

to do this. i don't know if the history of auto mergers is filled with absolute home runs. so, i don't know. i'm skeptical of it. >> right. >> do not buy gm stock on this idea that there might be a merger. even jonas said -- in the report he said they couldn't have put a probability on it actually happening. just pure speculation, and not only that, sergio marchionne does not have the support of his board. he's talked about this for several months and there's lots of speculation that he's kind of gone -- rogue is probably not the right term. he doesn't have the support of the board to do this. that doesn't -- so do not buy gm on this. not only that, if you're in gm for other reasons and they get that deal, take the money and run. adam jonas talked about the cyclicality and we're at a peak. it's not a good investment right now. that's why it's not going up. >> let's follow the path in

which gm does not get taken out or is involved in a merger, right? he says the path to a turn around would require up front heavy lifting severely impacting near term earnings. do investors have the patience to stick around for this? >> that's been going on for the last few years. the stock has been trading at sideways action. underperforming s&p. i think jonas has an equal weight on the stock. >> it was an upgrade note. >> when we started hearing things, this could happen, it's a very low probability event, this is pie in the sky sort of stuff. i'll make one other point. if we are near the top of an auto cycle which has been a super cycle when you think about it, obviously has something to do with the credit cycle that we've been in since the low of the financial crisis, we're possibly at a massive secular shift in the auto industry. we've spent a lot of time talking about electric cars and that sort of thing. what is gm's plan for this space. what is the plan when somebody like tesla finally goes into the mass market at some point in

2017. do they have the right, you know, product offering right now? are they able to shift gears fast enough, no pun intended, people. that's really what it comes down to. i think kind of minimizing what they're doing right now, less offerings and focused on the future. that's probably what needs to happen. >> we have some breaking news here out of d.c. >> reporter: hi, melissa. a blockbuster press release from the u.s. attorney's office out of chicago saying the former speaker of the house, dennis haster has been charged with two counts relating to financial improprieties. he's charged with the withdrawal of $952,000 in cash in order to evade the requirement that banks report as cash transactions and lying to the fbi about his withdrawals. the press release goes on to say that in 2010 the former speaker of the house of representatives dennis haster agreed to provide an individual a with $3.5

million in order to compensate for and conceal his prior misconduct against individual a. this document does not identify who that individual is and what this misconduct might have been or why the former speaker of the house might have felt that he needed to pay this individual $3.5 million, but the press release does say that in december of 2014 when questioned by the fbi regarding his structuring of cash withdrawals haster falsely stated that he was keeping the cash himself. this is just breaking into himself. a lot of questions raised about this indictment and we're going to try to get to the bottom of all of this. >> keep us posted. next the plunging stock prices, many calling for twitter's ceo with the head. it send the stock surging and how you can profit. gentleman plus, go pro's stock is soaring. and lehman ceo speaking.

but it's what he didn't say that has this desk absolutely livid. back in two.

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money." i'm kate rogers. shares of gamestop surging. the video game retailer has a 9% increase in same store sales driven by new software. the company lifted its full year and second quarters earnings guidance. now it's up by more than 5.5%. >> kate rogers, thank you. danny, what's our trade? >> it's a tough one to chase. the stock has been consolidating. the stock is at 43%. expectations weren't very high. it's finally found some ground. the guidance looks good. don't chase it. >> squeeze. >> good old-fashioned squeeze especially in a low volume environment in the market. 41 where it was before the close, that's probably a good level to pull back to buy it. >> twitter catching a nice bid. the stock has taken a beating over the past 3407b9 falling more than 12% in the last 12 days. the ceo taking the stage at the code conference and answering

kara swisher's tough question whether he would still be at the helm. >> will you be there at the end of the year? >> look, i have to focus on my job and what i've got ahead of me. i don't worry about like am i going to be working here on this date or am i going to be working here on that date. i focus on my job. >> you feel like you're in sync. >> i don't feel like i'm in sync with my board. i know i'm in sync with my board. the board and i communicate regularly. i over communicate and we're thoroughly in sync. >> what did you think? >> i'm not a fan of his. i think he's a goof ball. i would rather see a pimple face kid with a hoodie rubbing tnnin company. i'm long in the stock. i've been long. if they do not show some sort of, you know, acceleration in user growth, he's done. he won't make it. >> i'm -- i feel very similar to

what dan's saying. i'm long in the stock. i sold a little less than half of the stock recently, yesterday. i felt like there's been chatter of a takeover, there's been chatter about flipping, him leaving. there were a couple of hard swallows from him right there. so i'm not sure where he's going to be year end but i know that i'm hedging a little bit here. >> was it convincing to hear the ceo say i'm focusing on the job as opposed to him saying, i plan on being here. >> i don't know that there's a good answer to the question. if he doesn't plan on being there, he can't say, listen, i've been working on myself rens package. you never hear that. i don't put a lot into it. you know, i thought twitter would be a very interesting takeover candidate for google. it's expensive though. no doubt it's expensive. google certainly has the resources to do it. >> i think based on that response you can buy twitter pure speculation that he's going to be gone. think about it, right?

they have to do something. they cannot continue down this path. either he's going to turn it around or you're going to get a new ceo in there. based on where it is, this is what i would do with options so you know your defined risk, pure speculation that something happens. >> next up, a big day for google kicking off its developers conference. the tech titan adding the buy button. while also releasing its new photos app, karen. >> yes. i mean, there's a lot of things to like about google. the buy button i think is interesting. they have the far reaching google cars, they have android, they have a lot of stuff to like. to me the thing that i like the most is the valuation and the dominance in their main business, and it's a cash machine, and hopefully we'll see something with some sort of capital allocation. i like google right here. >> another thing that they unveiled or talked about at the developer's conference is android pay. >> right. >> seven out of ten current

devices support pay and 700,000 u.s. stores are capable of accepting pay. i would imagine higher -- >> they're trying to get it. >> yeah. >> they have to deal with soft card a couple of months ago. soft card was the collaboration with at&t, verizon, t-mobile. getting them real real estate on these phones i think is a huge win for them and maybe the second time is the charm for them. i've been out of the name since 564, 565, it's not above that. i'm thinking about getting back in. >> we've been discussing a new cfo coming in. apple bought back $80 billion of stock in the past couple of years. google has gone sideways here. they have to do something or use that cash to make a transformative acquisition. hey, twitter. to me it fills a lot of problems that they have. >> next up, a special top trade. would you rather edition. asian market style. china versus japan is a

question. shanghai composite slumping while japan's nikkei extended gains for the tenth day in a row seeing the longest winning streak in years. beakers? >> just because you have to cross the pacific to get to these two countries, they're very different markets, very different life cycles and acting very differently. japan, the real driver there is the yen getting weaker. last friday the imf actually came out which is somewhat of an unusual event to say to a developed country that they need to stimulate more. the yen is deeper. that's driving stocks. you can stay long. chinese stocks, on the other hand, are a pure speculative bubble that are at the whims of the government which is fine if you want to play that. buy japan, wait on china. >> in china in terms of the froth coming off, what levels are we talking about in terms of retracement? >> the problem you have is you

can't trade it technically. what's happened over time, all of a sudden they come out and say we're reducing marge beginnings, we're increasing margins. where they are going is where they want it to be. wait until you get the increased margins, they open up the markets. that's when you buy it rather than looking at technical lows. still ahead, the next billion dollar drug set to set the biotech industry on fire. here's what else is coming up on "fast." it's the words dick fold just can't seem to say. ♪ i'm sorry ♪ so sorry >> a dick fold managed to dig himself a bigger hole. plus, could go pro be making a fatal mistake by doubling down on hardware? the word from ceo dick woodman when "fast" returns.

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to change that. here he did introduce two new products. one is the go pro drone that will launch in the first half of next year. woodman said go pro cameras and drones are a natural fit. >> go pro is already in the drone market whether or not we were officially developing a quad copter. the reason why we believe the quadcopter industry is exploding is because of the content that quads are enabling when they're combined with a go pro. and we see similarities to the viral growth of quads similarly to early days of go pro. we recognize the same trends and when we consider a quad copter is the most available accessory, that's a quarter of our business. >> woodman is looking to capitalize on a red hot market.

consumer drone shipments will surge some 170% this year. that surge continues, it can certainly benefit go pro's top line. the second product that go pro announced at this conference was this six camera spherical array. that will allow users to shoot video and turn that into virtual reality footage. what woodman argues is this new product, spherical array, will potentially mean new partners between go pro and some of tech's biggest players. >> if you look at all of the major players, whether you're facebook, google, microsoft, they're all focused on establishing the platform on which people will view this content and they're all actually talking to go pro about us being the chief enabler. >> all of this news coming as go pro is up strongly from the ipo in june but down hard from the

high in the fall. consumers seeming to applaud the news. it looks like woodman is trying to deliver that, a move he's doing from both a product and content perspective. melissa, back to you. >> josh, it's interesting to hear nick woodman talk about the quad copter as an accessory. will this be as high a product margin as the other accessories? >> yeah, i did push him on availability and price. he was only willing to say availability. first half of next year. not willing to talk about the price at this point. >> josh lip ton, thank you for that. is this truly diversification? >> oh, my goodness. please, keep this clip. there's going to be a time in the next few years when you go back and look at those two products and you say that the stock was up 7% on this one day because of that. this is ridiculous. the quad copter.

the other thing that you have to put six of their cameras in. >> out of the box. >> this is ridiculous. >> josh started off the segment saying they didn't want to be a one trick pony. >> this is what you do? >> yeah. yeah. >> it's still a social media company. >> what? >> he still has other products. if he just had the camera, the camera is one thing. we joked about it you could slap an iphone on your head with an olivia newton john sweat band. >> yeah, you do that. >> but these are a couple different products. i love the virtual reality platform. i love the fact that it's still a social media company. >> you're talking nonsense. the other thing you have to put five go pro cameras in, they're going to sell a lot of those. okay. that's great. it's not a social media company. >> it doesn't expand the market. this caters to a sliver of the market. will they buy a quad copter. >> i bet they do. i don't know about valuation. you didn't expect them or we

shouldn't have expected them to become public and never evolve at all. >> true. >> i think this is an interesting evolution, you know. >> it is a bigger market though. >> media, i don't get it. >> we're not doing that on the weekends, right? now you get a quad copter, you could film anything you want. your sons playing baseball. you don't feel like dealing with it. there are a lot of rules but you -- if you want to send it up there and film somebody, you don't have to be a maniac sports enthuse see ags. >> you buy go pro because nick woodman is going to get content that nobody else in the world is going to get. >> buy into the social media/media company aspect. >> i don't know if it's a social media company or not. all i know is you have a guy at the helm that has a vision that is different than anybody else out there in the world, is creating content you cannot get anywhere else and that's the reason why you buy go pro. >> time for pops and drops. up 5%, karen, express.

>> i see revenue, bottom line. they did a nice job. i think valuation, it's fairly priced but it's expensive. i wouldn't jump in right here. >> pop for imax, up 3%, brass so he. >> this is a stock that fits into the millennials. what's a millennial portfolio. this is one of them. if you're living in your parents' basement, you don't have enough money to get out, you go to an imax. i'm not totally being facetious. the millennials love going to movies. imax is one of those. >> pop chipotle. >> this one got an upgrade. the stock is down 14% from the all-time highs made earlier in the year. i think the technicals are really bad. you use the strength to take some profits here. 600 if you're long, that's what you really want to use as a stock to their down side. >> drop, seadrill down. >> s-e-a as opposed to the c. down today because it has a poor

industry outlook. if you didn't recognize this. turkeys don't like thanksgiving. don't buy the stock, stay away. >> and a pop for the najarians. it appears that john legere wants to be one, at least according to the tweet he recently sent. the tweet came after dr. jay tweeted, john is a rock star. people say t-mobile is in play. i say john legere is a money maker. well, john legere, this is what you would look like. >> the brothers welcome you into their family. >> that's fantastic. najarian. still ahead, former lehman brothers ceo dick fuld speaking for the first time since 2008. it's what he left out that had people up in arms. could increased competition force the hand of one top analyst make a change to his apple rating? find out in a minute after the break.

welcome back to "fast money." a quiet thursday saw the dow, s&p and nasdaq all drop a fraction of a percent. the shanghai plummeted more than 6%. here's what's coming up in the

second half of "fast money." one biotech firm could be on the verge of a billion dollar break through. plus, former lehman brothers ceo dick fuld speaking out for the first time in seven years. there's one thing he didn't say that had wall street up in arms. google announcing its android pay product today at its developers product, service similar to apple pay. on the hardware side, chinese device maker schau me saying they will start selling in the u.s. hugo barra shed some light on this u.s. launch. >> we're bringing our highest end head phones as well. also for a great price. we're bringing our first wearable product which is me band. it costs $15. so we have been buying these on

ebay, amazon. timely we're bringing them. >> so is apple's dominance in jeopardy? bgc partners has a hold rating on this stock. what do you think? >> so if you want to compare apples and the wearables market versus what xiaomi is doing, i have a wear band. i love it. you get your sleep time, multiple days, $15. that's going to be a big segment of the marketplace. that has nothing do with the people who want to own the apple watch. when you see that degree of price compression, what i'm always talking about is the functionality gap is narrowing, right? and the price gap continues to widen, right? the asps people expect to be around $500 versus 15 at the low end. apple will serve the high end market customers. the mass market -- usually apple opens a marketplace and then they start to lose market share over time, right?

like they've done with the phone, right? they had a predominant percentage of the smartphone market. now they're down to 2 out of every 10 phones sold. >> but they're still going in terms of gangbusters in terms of revenue and profitability. what i would push back on is they can have a new entrance in the market but they're not competing for the same customer. does it affect apple if xiaomi wearable band because they're never going to buy apple. >> what happens when this gigantic revenue pool from the iphone slows down or, worse, even turns negative and does this make a vacuum that apple wants to try to layer new products on? can they fill this hole that could be happening? we know the smartphone market is slowing down. it's going to grow 11% in 2015. replacement cycles are going to lengthen. this happens in electronics. >> when you think about the iphone, forget wearables.

in north america they're dominating. this phone cycle has been amazing. if you tell me xiaomi, hugo used to work where? >> google. >> google android has 80% market share. the worry that i would have as a shareholder to your point is as growth is slowing and penetration is going higher, if asp's profitability comes down as an entry here by xiaomi. >> there are very good high quality phones out there. i use the one plus one. $300 flagship phone. you don't need to spend $800 anymore unless you want to buy the apple products, right? so this is the dilemma that apple needs to solve. but right now we're in a super cycle. will the next phone, will force touch continue to drive that demand? once you get beyond the bigger screen, once you have lte, once you have the fingerprint sensor, do you run the risk of the phone cycling? >> you sound kind of negative for a guy with a hold rating on

the stock. the stock has been underperforming in the broader market since the end of february. >> yeah. yeah. >> at this point you sound like you might be tipping to a downgrade. >> what do we have coming up next? wwdc in a couple of weeks, that's going to be a big catalyst. the company is underperforming the market as you indicated. also probably buying back slugs of stock during that period as well. >> so -- >> so they're doing that and they're still resistance that's happening at these current levels. so will a tv move the needle? you know, the new apple tv? $150 -- >> what's going on? are you dancing around the question? are you looking at the stock, again, and re-evaluating your rating? because it sounds like you're skeptical of what they have in store as a catalyst and how the stock is trading. >> we would like to see what happens out of wwdc. this is the part of the cycle if you were an investor your concerns would increase. we do have a buy on google. we like what we saw out of ia. >> you would need to be wowed

out of wwdc to keep your hold rating? >> possibly. >> so coy with that. bat your eyelashes at me, collin. are you worried, karen, about this, xiaomi coming into the market? >> i'm not worried about xiaomi per se. apple. from 100 up to here that would have been nice to have added. i am worried. i am worried about the inevitability of one losing either share or pricing power or something. it just seems to always happen. one other thing, where samsung fits in here. >> all right. go ahead. go ahead. >> so you know who's not worried? carl icahn is not worried. he slaps on a $12 earning. he slaps on the multiple. slaps in the cash. he gets to the 240 price target. >> has he promised to hold onto

it? he won't sell above any levels? has he promised to reimburse investors? his own book. >> maybe he's being a little coy, too. i guess he's vested into this company. my point is he's not worried about anything. he's not talking about apple pay. he's talking about the capital allocation. >> talking about cars, talking about tvs, unannounced product. no idea of -- >> without any of that, those metrics still work to get him at 240. >> collin is sticking around for a reason, because we have a smart watch face-off in store. get ready. we're about to do something you don't want to miss. the periscope right now. we're going to live stream dan nathan with the apple watch and collin with the xiaomi band. this is on periscope. still ahead, the billion dollar drug that's about to hit the market that might -- that you might not have heard of yet. we'll tell you what the drug is

and what the company is behind it right after this. plus, a war is brewing between two airline ceos. the ceo of southwest taking a shot at one of his competitors. more "fast money" straight ahead. introducing the new can-am spyder f3. with a cruising riding position and the most advanced vehicle stability system in the industry... ...you'll ride with a feeling of complete freedom and confidence. visit your can-am spyder dealer and test drive one today. the new spyder f3. riding has evolved.

one biotech name is about to report results on a drug that could be worth a billion dollars a year. it is time for some stock therapy. stock doc, diagnosing the latest trends in the biotech world. what are we tking about here? >> it feels weird not to talk about asco which starts tomorrow. we are talking about biomarin. this might be floating on people's radar screens. two analysts upgraded the stock to 1401, 50 both from 125 price targets. so ahead of a couple catalysts this year. the nearest term one is a drug called bmm 111. it's for a condition called a con droe place yeah. it's the most common form of dwarfism. achondroplasia affects 14,000 people in the u.s. there is a higher rate of infant

mortality among kids with achon achondroplasia. bmm 111 is expected to read out in june. analysts say the drug could drop more than $1 billion in peak annual revenue if it's successful. investors haven't necessarily priced this in. they may not be sure what to expect from these data. and jpmorgan was looking at some of the options saying that they're only pricing in maybe a 6% move to the up side or down side. if these data are very positive, you could see a bigger potential move. >> a billion dollar drug before the cost of a treatment of $400,000, correct? >> it could be up there with all of these rare drug treatments. only a few thousand patients in the united states. >> would there be competition? >> there's nothing on the market right now for achondroplasia

that addresses the genetic underlying condition. this he appear to be in the lead. >> so expensive do you take it for a limited amount of time, life? what's the protocol? >> it's chronic. they're chronic therapies but because they are so rare they can charge that much. and they really have to make a huge difference in patient's lives to command those price tags. insurers typically haven't pushed back against the high price tags because they are so life changing. now that so many diseases are getting addressed, they're chronic, there is a question whether insurers are going to start pushing back. >> how is efficacy measured for this particular drug? what's the end result? >> it's growth rates. so what's interesting is you have to administer this drug when kids are kids before their growth plates close. so basicalliable liy ablnalysts growth rate would restore growth rate. kids with achondroplasia grow

4%. normal kids are 6%. if you restore 50%, you're getting back to normal. 50% will be the threshold of showing it works well. >> phase 2 coming out sometime in june? >> sometime in june. >> meg, thank you. meg terrell with stock therapy in the biotech space. >> i go to ibb. just what meg said. we always talk about binary situations. bmrn, the one she just spoke about, biomarin is up 40% year to date, ibb is up 20% year to date. the chart looks okay in ibb. i would rather not be invested in a binary situation. >> karen? >> i've been in the same ibi, xpt, we did take some off recently. ran right back to where it was. i would take some money off the table. >> that's the point you have to be worried about. the trade in xbi and ibb we've run right back up into

resistance. if i were long i'd be taking profits and i'd get into it on momentum. you have to wait to see if this breaks, especially in xbi, 236, 237 level and breaks it on a closing basis with good volume, then you're safe. coming up, the former ceo of lehman brothers dick fuld breaking his silence after seven years. it's what he didn't say that has everybody up in arms. plus, gold, one trader bet $2.5 million that it would be up in june. back after this in the pits. you, my friend, recognize when a trend has reached critical mass. yes, when others focus on one thing, you see what's coming next. you see opportunity. that's what a type e* does. and so it begins. with e*trade's investing insights center, you can spot trends before they become trendy. e*trad opportunity is everywhere. they become trendy.

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you literally can't mook a mistick. i meant to say that. switch today and get the no mistake guarantee. comcast business. built for business. time for today's buzz kill. united rentals. the stock sinking after the ceo said the month of may will not be as strong as expected. karen, you're an owner. >> it's painful to be an owner. it was a very nuanced sentence of things were a little softer in may. he said, look, we've thought of how we're going to word this. he came out with things are a little softer. they decided at this point it doesn't warrant changing their guidance for the year, however, the stock got crushed, down 10%, which to me fully bakes in a lowering of guidance that may or may not even happen.

i'm long going in. i bought a little bit more. if it comes in tomorrow, i'm going to buy some more. >> terrance, go down on this? >> i actually think this was the story of the day we were talking single stocks because what didn't happen is that home builders and home construction didn't fall on this news, which was a little curious. i know we had good home sales, people talking about a lack of supply, that type of thing, but these guys are saying that things were weak out there and you didn't see home builders, construction stocks, anything like that go down today. so it's a bit of a conundrum, if you will, and something to watch for sure. >> uri was over valued at the point? >> maybe. i mean, i didn't think it was over valued. you know, janna had bought a position recently. they took a big steak. it had outperformed. they have done a phenomenal job with their business. i think the valuation is not an expense on the balance sheet. done a great job paying down debt. i like it. wall street was riveted when

dick fuld spoke after a collapse in 2008. trading volume dropped 13% as he began his speech. most wanted to hear about lehman. what they got was a whole lot else. take a listen. >> i haven't done this in a while. forget this. closer to it, i'd swallow it. there is no inflation at all. except -- except for food and some of the key consumer goods that people need. all of you, please continue to eat. desperate to regain the dominance. political dissertation. we need new leadership. >> the one thing he didn't say that everyone was waiting to hear, i'm sorry. not that. dan. >> i don't think a speech like that, that was a goofy clip we ran there of him. i'm sure it was somewhat substantive. i don't think it's the stuff that re-instills faith in american people and large

financial institutions. >> those were tragic times. i was selling bear stearns. nobody knew what was going on. he could have been uncomfortable. i don't want to toss him a bone. he looked like he was uncomfortable in front of that podium. he looked like he was uncomfortable. let's give him a break. he's had a tough back half. i don't know what he was thinking but i'm sure he's sorry for what happened. >> i think regular americans will look at that and think about what had happened and the leverage that lehman brothers and other banks took on. >> that's the key. >> saying he -- >> it's not he. if he was not sorry and didn't feel that there was any -- you know, that it was his fault, let's say. >> or played some part. >> or role. >> at all. >> if not him, then who? >> right. exactly. >> who -- who -- >> everybody else who was part of the business. everybody else who was part of securitization. everybody else who packaged up the ceos. >> doesn't the buck stop at the top? >> i'm not saying he did anything wrong. >> if you can't afford the

house, don't buy the house. i mean, there's got to be some accountability on both ends. >> i'm not saying he did nothing wrong. what i'm saying is let's not all hang it on his portrayal of what happened? >> gold prices are flat. dan's over at the smart board at the trade. hey, dan. >> gld, the gold etf. 3.5 times average daily volume. calls made up a good bit of it. there was one large trade. gld was 114, traders sold out of 100,000 of the june 120 calls at 13 cents to close and then bought 100,000 of the june 17, 117.5 calls to open at 38 cents. that's a debit of 25 cents. $2.5 million in premium. when you think about it, we're almost at the end of may. we have a few weeks left. here's the one year chart of gld. this is where we started the year. like mel said, we're flat on the

year. the stock has had a range here, the etf. it's been basing here. i'm not exactly certain that if you're really bullish on gold that buying out of the money calls that basically break even at 3.5% out of the money is the way to do it. maybe this trader is looking at this. this is options prices, implied volatility for gld. reaching the lows of the year and almost 52 week lows. options trading. for more "options action" check out the live show tomorrow at 5:30 p.m. eastern time. moments ago southwest ceo gary kelly coming out swinging to jim cramer after the ceo of american airlines for his company's plans. >> we're going to continue to focus on running a great airline, offering great customer service and being profitable and hitting our returns on capital. so we -- our plans have not changed. >> catch the full interview coming up top of the hour on

"mad money." still ahead, it is already burning up the web. we're talking about dan's epic arm wrestle/thumb war with collin gillis. plus, your first move tomorrow when we come back. stay tuned. i'm here at the td ameritrade trader offices. ahh... steve, other than making me move stuff, what are you working on? let me show you. okay. our thinkorswim trading platform aggregates all the options data you need in one place that lets you visualize that information for any options series. okay, cool. hang on a second. you can even see the anticipated range of a stock expecting earnings. impressive... what's up, tim? for all the confidence you need. td ameritrade. you got this.

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welcome back. what happens when you put an analyst and a trader together in a commercial break? well, if you logged on to periscope, you would have seen this. ha ha. you're walking dan take on collin gillis in an epic arm wrestling match. millennial dan has the apple watch and collin has the xiaomi. >> characterizing dan as a millennial is stretching it. >> i thought that when i read it in the prompter. i thought i'd give dan the benefit of the doubt. if you want to catch more behind the scenes action follow us on

periscope. that was the first periscope i had ever broadcasted. >> it's pretty cool. >> it is pretty cool. >> this is one of the first new things out of twitter. i think they're going to get some things right. >> you like periscope. >> i like that and some other things could make it stickier. that's my final trade. >> speaking of final trade. >> this is probably a pretty decent entry at 36.5. you want to be careful at 35 if it gets there as a reason. use that as a stop. >> brian kelly. >> i mentioned uri being the story of the day. i think you sell itb on this news. i think there's a catchup trade to be there. it's good risk/reward. >> catch up not like katsup. >> on the heels of that, uri, i thought, as i did, over done. if it trades down again tomorrow, you buy it. if they do miss by a little, it is in here at low 94 and change.

i bought some today. >> grasso. >> best buy, this is a name everyone bet against. they kitchen sinked it. the stock came in around 33, $34. now if you look at it, it's right back there at 33. >> i'm tomorrow at 5:00 for more "fast." "mad money" with jim cramer starts 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. welcome to "mad money." welcome to cramerica. other people want to make friends, i'm just trying to make you a little money. my job is not just to entertain you but to educate and teach you. call me at 1-800-743-cnbc or tweet me @jimcramer. okay, guys, there is a war on -- a war -- for the insides of your cell phone. a war for the connections to your home or your car or even