more affordable is mobl one good way. i will add one of my favorite episodes of the great show "west wing" talked about making college tuition tax-deductible for the average family. that's not a bad idea either. >> great to see you. that does it for us here on "closing bell." and "fast money" is up next. over to you guys. >> here we go. "fast money" starts right now. live from the nasdaq marketsite overlooking new york's times square. i'm simon hobbs in for melissa lee. our traders on the desk are tim seymour, steve grasso, brian kelly, and guy adami. tonight on "fast" greece hangs in the balance. but the commodities king has a way to make money no matter what the outcome. dennis garman is here to reveal his special trade. plus retail's new reality. why the gap's massive store closings and layoffs could be just the start of many more retailers to follow. we'll name names with a top analyst. that's ahead. but first to our top story. stocks soaring today ahead of tomorrow's all-important fed meeting, begging the question

should you buy stocks ahead of the fed? brian kelly, we'll start with you. >> i don't think you necessarily have to buy stocks tomorrow morning on the bell but today's rally was fairly interesting. we got a rally that happened in europe. europe has been driving these markets. despite what seem to be worsen k situation in greece, europe rallied, u.s. market rallied. what do you tomorrow morning? the fed coming out tomorrow afternoon just after 2:00 and you have a meeting, a press conference after that. for me it's all about the financials. if yellen comes out and they come out hawkish at all, you want to buy xlf, i'm a buyer on a breakout. last week my final trade on 23ri was to take profits in xlf. i'm waiting for some momentum here. 25 1/4. that's my level. you buy on a breakout on a hawkish bet. >> first of all, welcome to the detection. it's a pleasure to have you here. always a big plus on the desk. >> good to be here. >> we look at where stocks have not priced in enough of the fed or greece or volatility. and i beat the same drum, which

is that small cap stocks have outperformed going into this fed meeting. they are showing way too little volatility. the spread between vol and large cap stocks and small cap stocks hasn't been this low in years. it's crazy. especially when you consider the credit ramifications, you consider that small caps don't like higher rates. i would be a seller of iwm just to get some protection. the implied vol is low enough where you're getting a bargain rate, a way to protect your portfolio and you can be tactical here. small cap fund flows are starting to fade. >> the only problem is with the small cap space is that there's going to be dollar strength, you're going to continue to see that outperformance with iwm. so they've outperformed basically 4-1 over the s&p. so if you believe it's going to be hawkish that's going to continue. you want to stay where brian is. you want to be a buyer of xlf, a seller of xlu. that's the trade that's worked. look at the divergence in the two since february. >> do you think they're going to be hawkish, guy? >> i do. welcome back, simon. it's been a long time. i do think they're going to try to talk hawkish. i don't know if they act that way. i don't know if they necessarily

control the back end of the yield curve but they clearly can control the front. the way to play it and we get a little more -- i think you go to the insurers. paper jaffray initiated the insurers on june 1st. pru was their top pick. trades about 8 1/2 times forward earnings. i think the insurance could do well in this environment prudential being the best one. >> i just want to pick up that point. it's interesting because bill groce was on the network last week suggesting that vice chair fisher and indeed mario draggi of the ecb had deliberately stoked the long end of the bond noorkt protect the busiest model of the insurers. >> which have lagged for quite some time, now are finally starting to karch. aig sort of outside that norm. but you look at pru, met, these stocks finally seem to be catching a bid. i think they can outperform. i'm not sure if that's relate what's going on. it could be. but i think that space outperforms going forward. >> that's an interesting point. we've talked about that. the fed now, not only do they help the insurers out but the fed replaces their buying in the

bond market with the insurers buying in the bond market. so that's kind of a brilliant move. a genius move that happens. the one thing i wanted to pick up on is we're talking about a hawkish bet. if the fed comes out and they're dovish, i think the market has real problems and then you definitely want to be in tim's trade of being short iwm. >> i think that's right. if they come out dovish there's a couple things that to me are disappointing trades that you have to consider. you have to go back into resources. you have to go back into materials because it will be a small reprieve. ultimately, for a typical environment where the fed is hiking it's because the world is getting better. because you have global growth. is that what we have here? clearly these guys do need to normalize. but i do think either way, i think the pain trade into the third quarter is probably to be long materials and resources, which probably won't do well even on a hawkish fed but on a weakish fed you can jump in there. >> the fed decision comes tomorrow on "power lunch" on cnbc at 2:00 p.m. eastern with brian sullivan. "power lunch" has an all-star line-up including pimco's scott mather and bill groce of janus.

that leads to fed chair janet yellen's news conference at 2:30 eastern here on cnbc. let's get to the chart of the day. steve grasso begins his tv walk. you're looking at the s&p and whether it's about to break out or break down, steve. >> that is correct, simon. if you look at this chart right here, this is the last time over here we had a break of the 200-day moving average. and i said i wasn't going to do that but i got right back. this is the last time you see the break of the 200-day moving average. this is your 200. this is your 100. so if you see this, this hasn't happened. prior to this it was about almost a two-year event before we saw this break. what's happened subsequently after that is this. you see a lot of congestion in the charts right here. we've broken, this the 100-day, nine or ten times. depending on how critical you are of this break. prior to this underneath the same term, so basically going from october to this level here,

we only broke it twice the prior year. here we've broken it nine or ten times. this tells me there's confusion in the marketplace. guys don't know whether to buy the market or sell the market here. there's a couple levels you want to be cognizant of. here's your 100-day. that's 2088. and here's your 200. 2048. i think the risk of the marketplace is to the down side. we keep making a series of lower highs. that means that guys are losing their momentum. they're losing their ability to buy this market. and they're confused. right now i'd be a seller of this market. >> what's interesting, steve, is that that's happening at a time when the volatility is declining in the market. we haven't had a 2% move for a huge amount of time. you see that in europe. you don't see it here. >> that's right. and what does that do? that makes people get complacent. i'm looking for another 2% to the down side. just to kiss this level. this would confuse the market because we hadn't seen that for

such a long period of time. if we do it again, guys are not going to want to touch this market for a long time. and i think that people think that the market has to be up every year. people are looking for that 10% correction. what happens when we get the 15% or the 20%? are people willing to step in? >> and i think what steve is talking about, we're in a place where i don't think equity markets and i don't think credit markets -- we see it more in credit markets, you've seen credit spreads start to widen out. i don't think equity markets are pricing this in. there's a lot of complacency out there and there's no reason why equity investors should be this complacent when you consider whats going on here. i am someone, by the way, who thinks the world is not a bad place. i think the u.s. is going to have 3.5% gdp growth in the second quarter. the fed is moving because the data is better. but ultimately you can't tell me there isn't a shock in it for stocks and i think the first test is probably down to 2,000 on the s&p. i think we've tested so many times what steve's chart shows me is that it's now time for that chart to break and i don't think that means disaster but i think think of all the things we're digesting right now. >> i was going to say that would

be quite a small move. no, it wouldn't, down to 2,000. >> ultimately it's a 5% move. that's the kind of move that we're waiting to see. we haven't had any. i don't me what the numbers are but we know the s&p hasn't move more than 120 bips up or down in over 120 days. >> 2039 to me is the line in the sand. what i thought was encouraging today, tim and i differ on a couple things. i think the danger is to the up side in the s&p and i don't think the data is nearly as good as the market suggests. look at the reversal on the dax today. we talked about it last night. 10,500 sort of being the line in the sand in the dax. it obviously didn't get there but the reversal was pretty strong. the s&p has been managing to rally without the transports. at a certain point i do think it catches up. i think so many people are believe hg that we're going to have this flush to the down side for many of the right reasons, which is why i think you look at the aaii survey recently. optimism is at a two-year low. >> and that's a bullish survey -- >> bullish indicator in my

opinion. >> i agree. there's a lot of cash. portfolio managers have moved to 5% cash, they haven't been that high since january. they're prepared. >> b.k. >> again i go back to -- i'm more in tim's camp in that i'm surprised the equity market has not reacted to the volatility we've seen in the bond market and the currency markets. i still think that volatility is coming. whether it's up side volatility and you get this fear of missing out type of rally, the fomo rally i've talked about and you break down, i don't know yet because the market hasn't given you any sign of that. currency and bond markets in play. >> up next on the program tesla's lofty ambitions. elon musk wants to put 1 million cars on the road by 2020. but even if his pledge turns into reality, is the stock too expensive to buy? plus, fitbit getting ready to go public. but did the fitness band company miss its chance to ipo with

apple already out with its watch? a stern warning from one of our traders. and later, as greece hangs in the balance tonight and the fed begins its meeting tomorrow, dennis gartman is here in the house with a special greek trade that can protect your portfolio no matter what the outcome ahead of the weekend. all that and more ahead on "fast." checking out the listing on zillow i sent you? yeah, i like it. this place has a great backyard. i can't believe we're finally doing this. all of this... stacey, benjamin... this is daniel.

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welcome back to "fast money." i'm josh lipton. year-to-date adobe stock had been up 10% now edging lower in after hours. adobe reporting 48 cents on 1.16 billion. analysts had been looking for 45 cents on 1.16 billion. so a beat there on the bottom just in line on top. in terms of q3 guidance adobe guiding just below expectations of 1.24 billion. on the conference call just now adobe's ceo talking about how the company is accelerating the pace of innovation, he says, in cloud offerings. he talked about key customer wins in the quarter including saks and gap and he said net new creative cloud subscriptions jumped by about 40% year over year. simon, back to you. >> thank you very much. josh lipton in san francisco. guy, what's your take? >> forget the guidance. they always sandbag guidance. look at the net subscriber adds which are up significantly. look at the operating margins

which were much better. the pattern in this stock and tim has this view as well, every time they report they semithe stock off, a week later the stock is making a new all-time high. i think that pattern will continue despite the fact they trade close to 25 times forward earnings. >> i agree with some of that but i don't think the stock can continue higher here. 130 times earnings. i think you do put focus on the creative side, not just the subs. a lot of stuff priced in stock is headwind on comps. >> tesla kicking off our top trades this evening. the electronic car company run by elon musk saying it has plans to put 1 million cars on the road by 2020. the stock of course has rallied 30% in the past three months. steve grasso, what do you do now? >> elon musk always sets these lofty goals for themselves. but i do think adding to that platform of cars that he has is obviously going to aid him in his 1 million car goal by 2020. guy has done an excellent job at picking this stock technically. and if you look at, it the golden cross, many of you know what that is. it's the 50-day moving up

through that long-term average. 200-day. it looks like it's building a base right now. i would wait until you close above 260 to establish another position. but it's really doing very well here. >> b.k. >> i'm not in tesla. but i do like the name. i think it's one of these longer-term names where at these valuations you have to believe that elon musk and tesla is going to revolutionize and disrupt the electric grid here in the u.s. i think it's more than a car company. how do i trade it? right here i don't buy it. just because it's bounced, guy did a great job saying it was 181.90, buy it there. it's had a frinlds teak a little off the table, wait for a pullback and i think you get through 260. >> next up jetblue rallying as much as 2% earlier this morning on plans to launch new long-range flights to areas in south america in an attempt to further expand operations. jetblue might also purchase new commercial aircraft from airbus to achieve its long-term goal, guy. >> and this stock until recently had a huge run-up. the last month or so with the rest of the space, it has sold

off, but i do think this is a name that's going to give you the most beta in the space. i don't like the way that it traded today. but what i do like is the short interest is close to 15%. those shorts will cover, especially if the transports can finally catch a bid, so despite the fact that the stock didn't trade well today on a good tape i still like jetblue here. >> i tell you what, you really have to get nervous if you're a holder of delta and some of these airlines, technical levels that have broken. 40 on delta for a company is that the valuation is extremely attractive is a technical place you don't want to touch the stock. the stock is struggling with long-term issue on capacity creep. whether it's not a short-term headwind but long-term the way these guys are running their business when things were getting good. i don't own delta i think it's interesting at these levels but you need to see 40 hold. >> you need to pick the premium name in the space and jetblue is that. up 23% year to date. to get this on a pullback where the whole space has been damaged, all rest of the group is down a like amount for what jetblue is up. i would stay in jetblue. >> the airlines to me seem very,

very challenged at this point. whether or not you get oil going higher, at least perhaps oil has based, now there's some capacity expansion, it just seems a challenged space. if i were forced to be in aerospace i'd look at boeing. holding 140. like the aerospace area in particular. that's my pick. >> shares of the gap climbing today as the company held its special investor day meeting. it comes of course one day after the retailer announced that it's closing 175 stores and laying off 250 work waters its hq. in a rare interview with cnbc's courtney reagan earlier today, gap ceo art peck said the moves are part of his new strategy. >> i think we streamline the organization and we frankly eliminated some of the complexity in the fleet that wasn't getting us very far to get back to a fleet we're proud of and we can do business in front of our customers. >> does gap's decision signal a new reality for retail? top analyst brian tunic follows the space for rbc capital markets. he has a sector perform rating

and a $43 price target on gap itself. welcome to the program, brian. is this a new reality for retail? >> it definitely is. keep in mind this is the 15th year of parallel deflation. so selling clothing in the u.s. is brutal. the operating profits are at 15-year lows for specialty retailers in the u.s. and we still have yet to see trimark open from europe and eunick lowe from japan and h & m is only halfway to its growth plan. it's brutal. gap needs to take these actions now because while you have old navy on the low side you can't survive in the middle, which is what gap has really been in the last ten years. >> how do you make money? what are the investments here. >> >> yeah so, from our portfolio side right now we have acena retail group. ticker is asna. and what that company is doing, they're actually rolling up retailers. they recently announced a deal

to buy ann taylor. and they're looking at it to make money on the logistics side and the leverage side. we think the aechlt thleisure trend has a lot more legs to go. lululemon doing something very interesting really with the brand mode they have and now lululemon is going internationally. a name like urban outfitters which is again a unique brand from urban outfitters and anthropologie and 29% of their sales are online. so again, getting ahead of where the consumer is going. because we think 25% of retail sales are going to come online five years from now. so the people that have a lot of stores and a lot of infrastructure, minimum wages are going up. i mean, there's going to be a lot of pressure on profitability for retailers. >> but i guess, brian, let me push back a bit. isn't that the price on gap and isn't that one of the reasons the stock has struggled where it is? the valuation for these guys reflects that. they also have international growth initiatives that some of these other guys don't have. just curious how you view that,

then. >> yeah. we think $35 is probably the down side. you have a company like fast retail who has made, you know, announcements they would buy the gap. i think the mid 30s is a decent risk-reward perspective. they have a great balance sheet. they return capital to shareholders. but in order for the stock to really break out above $40 the core gap division, which is 40% of sales and 30% of profits is going to have to start to put up better performance, and they're saying spring 2016. so we think the down side piety be two to three dollars but we really don't see it getting well above $40 potentially until we get into early next year, which is a lifetime away for retail. >> brian, it's good to see you. thank you for sparing the time. have a nice evening. brian tunic from rbc capital. grasso, what are you making of the moves? >> first of all, just to talk about what he just mentioned there, lululemon up 20% year to date. and if you look at that stock, he mentioned it. they have tremendous opportunity for international growth. they can knock the cover off the ball. so everyone -- they've had their

issues. but it seems like they're getting a lot of that behind them. let's switch gears. you look at a name like macy's, macy's up basically 4% year to date. they are masterful at worrying about their supply issues. they can haggle with any provider. anybody that comes into their store. we talked about the lease back idea with macy's. that's a catalyst going forward as well. just the conversation is a catalyst going forward. but in this space also, target. >> you know, gap i don't think you get hurt in at these levels but it's a turnaround story at this point and you're going to have to wait a while. you have to say talked about athleisure wear. they have the athleta brand. that doesn't seem to be replacing anything that's being lost at the main gap stores. for my money i go to under armour. ua looking like it's going to break out again. has great momentum, great management team who gets it. but the new my fitness app, that's where it's going. >> still ahead on the program, share of avalanche biotechnology fall 50% today. they halved in value. so is the ceo of that company buying more of his own stock?

he'll join us for an exclusive next. in the meantime, here's what else is coming up on "fast." >> fitbit. we may have a problem. the fitness band maker upped its price range ahead of tomorrow's ipo. but with the apple watch lurking, could fitbit be unfit for your portfolio? plus, going for the gold. literally. >> i love gold. >> one of the nation's largest endowment funds is hoarding gold. yes, real gold bars. so we're strapping on our cowboy boots and heading to the lone star state. to go behind this bullion vote of confidence and tell you whether gold is a good investment now. all that and more ahead on "fast."

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it was a previous range of $14 to $16 apiece so it gives some indication maybe more investors want a piece of this at least for the time being. at the mid-point of the new 17 to 19 range, 18 bucks, fid fitbit would be valued at $3.7 billion. the maker of popular fitness bands is profitable. reporting about $100 billion in net income on $745 million in sales on the most recent calendar year. again, the company is expected to price its offering tomorrow probably after the bell and begin trading on the new york stock exchange, simon, on thursday. back over to you. >> looking forward to it, dom, and an interview no doubt. with the apple watch out did fitbit way too long to actually do this? steve grasso, do you think they waited too long? >> it does feel like a little bit of a lag for me. dominic just said the keyword, profitable. this is a real company. people pay for profits and people actually tay for lack of profits. they're paying for perceived growth in the space. this name is definitely a product. it's a real product. it's a real company.

and i would say that number they just talked about for the ipo you're not going to see it trade there. i think you'll see this stock trade probably high 20s, maybe $30 when you actually see the stock open up on thursday. it's going to be a head fake for a lot of investors. but there's a lot of hype around this. there's a lot of enthusiasm around this. but if you had to ask my opinion i believe they came a little too late because the next iteration of apple watch is going to steal a lot of their market share. and i think the question isn't where does it trade on the first day if you can get in. it's where is it in three months. >> it's a stand-alone entity. not apple, not nike, all these other people in the game, to come public. it's a very hot time. the wearables market to me is probably not anywhere near its peak and i think it's a time when people really want to own this. they could be a takeout candidate. a lot of different things. yes, we know there's a ton of competition out there but to say these guys are coming at the wrong time they have the best balance sheet of any tech ipo we've seen in a long time. stronger than where they were two months ago, profitable now.

i'm not a guy that chases these things. i don't know where the multiple is right now but i can tell you if we're asking whether these guys have missed the boat, no. it's a very interesting time. >> it would have been a better time if they came prior to apple watch. >> if anything this market has heated up in the last two months. people because of app many have set the stage to show the potential of the market and i think these guys are dedicated to it. >> embedded in that is can you still take advantage of this hot ipo market and i think the answer is yes. and you do it within a name you talked about for a while. look at the performance of goldman sachs on what's been a lousy tape till recently, good tape today. pushing toward this 52-week high. i think it pushes up toward $240, the all-time high we saw a few years ago. >> coming up on the program, take a look at this video because it basically describes most the name and the price action of one biotech stock that was met with an avalanche of selling today. avalanche biotechnology fell by 50% in moments we'll hear from the ceo live in an exclusive interview and ask him if he's planning to step up and buy his

own shares in the company. plus the commodities king himself is in the building. yes, dennis gartman making his way on set with his boldest call yet on greece and of course gold one day ahead of the fed. all that and more ahead on "fast." in the us are caused by weather. but utilities can now predict where the power will go out, within a few city blocks. working with ibm, they're combining micro weather forecasts with detailed data from local sensors. to predict where outages are likely to occur. and send crews exactly where they're needed, when they're needed. ibm analytics from the internet of things is making energy smarter every day. (dad)side gigs...gig gigs.rent hats doing small gigs, quickbooks self-employed helps me get ready for tax time. to separate expenses, i just swipe. it's the one hat i don't mind wearing. (passenger) thank you! i work for me.

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welcome back to "fast money." all three major indices in the green today. the dow jumping more than 100 points. that's its third triple-digit gain in a row. consumer staples were the day's best performing sector whilst the industrials lagged. here's what's coming up in the second half of the show this evening. oracle earnings are set for tomorrow, and one trader is making a huge bullish bet on the stock. we'll reveal why, later in this hour. plus, when biotech goes bust. the ceo of one biotech stock that got absolutely crushed today, losing more than half its value in an avalanche of selling. the ceo will join us for an exclusive interview. and we'll reveal if he is buying more of his own stock. but let's start with what looks like a modern-day gold rush. texas is bringing nearly $1 billion worth of physical gold bars back ought state. potentially. kate kelly is in austin with the

details. hi, kate. >> reporter: hi there, simon. you're right. texas officials are hoping for a gold rush that will materialize here. but it may be a little bit of time before that's able to happen. the texas bullion depository, which is a bank and a vault established friday after governor greg abbott signed the bill into law, will accomplish several objectives. one of them is to establish gold as a little bit more of a currency for regular transactions. another of course is to establish a storage facility here that will bring in revenue for the state. of course there's also the fear that the federal government would theoretically come in and seize gold if we ever had a future economic crisis. and under the tenth amendment texas thinks it can protect against that by being a state-run gold bond, which makes it in a unique position. however, one big hope, and you mentioned it about the $1 billion, is that big investors, for example, like utimco, the university of texas investment management company, will repatriate physical gold they now store out of state back to texas. in their case about $645

million. but that's not a sure thing. partly because comex membership, which is not guaranteed, has certain benefits. >> the whole idea of the depository being part of that system is you know you're getting real gold, you're not getting chocolate bars wrapped in gold tinsel. it's asai gold, you know you own it. and so that's what the system provides, both that liquidity going between physical and financial and that assurance that you own what people say you own. >> now, one issue that the texas lawmakers may encounter is that there's a 150-mile radius that comex requires that a vault be located from new york. they're hoping there would be a workaround with modern technology and transportation. that remains to be seen. one other issue, simon, utimco says they may not hold on to their gold forever. it was a meaningful hedge-b 2 1/2% of their current assets.

but they may not want to keep it forever if things change. >> okay. kate, thank you very much. kate kelly there on the texas gold rush and looking remarkably dry in the circumstances. curiously, gold traditionally a safe play has barely budged off growing concerns about greece. in fact, it's down nearly 4% this month and flat on the year. so why isn't greece moving gold? dennis gartman, editor of the gartman letter, is here with us on set. still a lousy trade after all these years, dennis. >> they still allow me to trade, still allow me on the show. >> gold is a lousy trade. not that you're a lousy trader. >> it's been a terrible trade if you've owned gold in dollar terms. no ifs ands or buts. it's been an absolutely wealth-destroying and psychologically destroying trade over the course of the last almost decade. if you own gold in other currency terms it's been a great trade. but in dollar terms it's been a terrible trade putimco is making a very smart move, taking delivery of their gold and moving it back to texas. i think that's a wise move. >> why? >> well, sitting on two

endowment committees, one north carolina state and the university of akron, this is unusual for an endowment to make this kind of decision. i think they're doing the wise thing. they're a little concerned about -- >> the active decision. >> i think it's a very active decision. and usually endowments do not make that sort of activity. >> i'm not sure they're wholly there. i think they're saying they might do it. >> given that carl bass is the one responsible for it and he sits on utimco's committee my guess is it's going to be done. zbluf a great trade for us on greece. >> i think the way to take a look at greece is a currency trade and a gold-required trade. i think what you want to do is you've wanted to be -- or i've wanted to be long of sterling, short of the euro over the course of the last several months. it's been a wonderful trade. it continues to work. i also want to be at the same time long of sterling, short of yen. that's been a great trade. it's been working on a consistent basis. i think money at the margin has been and will continue to move away from europe because of the circumstances prevailing in greece. if you did those currency trades, you're way ahead. it insulates you, it isolates you out of a concern about what

greece does. and at the same time i do think you want to own gold predicated in euros and yen which also i think eliminates a concern about what happens to greece because greece i think, if i were the greek prime minister, i would have told the europeans -- >> where to go? >> where to go. he certainly came very close to saying that today. >> he has a lot of leverage by subtraction. you've talked to us about grexit. you've told us that's a euro positive event. it sounds like you want to get back into the euro assuming this is something that happens. >> i think what's going to end up hang is when the announcement comes the euro gets clocked hard, no question about it. and then i think people are going to start to realize as soon as that happens what would you rather own? would you rather own a euro with greece in it or a euro with greece out of it? >> but dennis, that won't be the choice, will it? do you want the euro with spain in, it with portugal in, it with italy in it. >> so much better economically at this point than is greece. demonstrably so.

their unemployment rates are beginning to fall. greece continues to get worse and worse. and i suspect the french and the germans are far more amenable to keeping italy and spain in. they don't really care about what happens to greece. >> who's trading this? >> i tell you what, one thing i would do is i think in the short run i agree. i want to be short the euro, at least for the next three weeks. and the way you play that is euo, which is an etf which gets you even some levered exposure. i've said this many times. don't get married to etfs because i think the value erodes every day you own them but if you're making a call, not through parity, through 106 1/2 to 107 is the level that you test. then i think you bounce. >> dennis, great to see you. >> good to be seen. >> dennis gartman there. time now on the program for "pops and drops." the big movers of the day. big pop for coty up 19%. >> this is a name more often than not you want to be selling these charts. but i would say with the headlines involving procter & gamble and some other brands you can stay in this name a little longer. >> a pop for box.

up 5%. >> they're teaming up with microsoft today. that's where the 5% came from. what's interesting is the market cap on box is very small. so it would be a small buy for microsoft. i think that means it holds about $17. >> and a pop for monster beverage, up 4%, guy. >> stock bounced off 125. ubs upgrade $155 price target. plus you've got that relationship with coca-cola. all those things despite the volatility points. you have to stay long this name. >> and one more pop for sun edison, up 2%, tim. >> yeah, a name i stay long. i still think the risk-reward is in favor of moving higher. the stock is basically touching back to all-time highs. the story here is that the advanced acceleration to the gp structure, all of these spinouts, these asset spinouts, these yieldcos are going ton ultimately value drivers for the company, stay long. >> shares of the biotech firm avalanche biotechnology getting met by an avalanche of selling. after the company released trial results that disappointed

investors. we will talk to the ceo of that company, thomas chalberg, and he will answer one simple question. is he buying more of his own stock now? we're back after this. you used to sleep like a champ. then boom... what happened? stress, fun, bad habits kids, now what? let's build a new, smarter bed using the dualair chambers to sense your movement, heartbeat, breathing. introducing the sleep number bed with sleepiqtm technology. it tracks your sleep and tells you how to adjust for a good, better and an awesome night. the difference? try adjusting up or down. you'll know cuz sleep iq™ tells you. only at a sleep number store where you'll find the best buy rated mattress with sleepiq technology. know better sleep with sleep number.

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$375 million. analysts were expecting 379 million. the company says it is, though, optimistic about its growth prospects but warned that current quarters -- the current quarter results will be its weakest of the calendar year due to a seasonal slowdown in sales. apparently during the summer months people don't buy as many of those signature reclining chairs. simon, back over to you. >> i guess they wouldn't. >> if we had those on set, by the way, i think we'd be more relaxed. >> i'd be taking a nap. >> b.k. >> $26. that's your line in the sand. that's where the stock has trade add boff and below for the last six months or so. if it breaks below 26 you pull the rip cord on this one. otherwise, you're fine. >> speaking of pulling the rip

cord, shares of avalanche biotech plummeting 56% today on study results from its lead candidate to treat chronic eye disease that causes vision loss. whilst the study did meet its goals, investors were wildly disappointed to sate least by the lack of conclusive data. meg tirrell is cnbc's biotech reporter. she is joined by thomas schalberg, avalanche's founder and ceo. meg, take it away. >> thanks, simon. dr. chalberg, thank you so much for joining us. >> it's a pleasure. thanks, meg. >> so clearly the market looks to be disappointed with the data you guys presented yesterday although you did say that it met its top line goals on safety. however, it did look a little mixed on maybe the secondary efficacy end points. do you think that the market has misunderstood this? are investors not getting something here? >> i think from our perspective this was a phase 2a study that was really designed to evaluate safety and of course inform our future studies going forward. from that perspective it met both of those objectives. i think we're disappointed in

the market reaction and clearly investors had high expectations from the study data. i think probably more than this trial may have been designed to deliver. >> can you help us understand some of those secondary end points on efficacy? because you did see an improvement in visual acuity. however, you saw conversely a thickening of the retina, which israil a marker of disease. and people would have expected that to go in the same direction. can you help us understand that? >> so we did see an improvement in vision in the study versus the control group. and as you mentioned, the retinal thickness stayed about the same, increased slightly in the treated arl. we're looking at the otc to try to understand that data better. and we look forward to sharing more information when it's available. >> thomas, my question to you, and i'm told you lost $24 million yourself in the rout today. my question to you would be really are you buying your own stock here? will you increase your stake in the company that you founded? >> you know, simon, thanks for that question. as a co-founder and a ceo i'm

one of the largest shareholders and obviously disappointed with today's stock movement. i continue to be committed for the long term and continue to be a long-term holder. we believe and the entire management team believes in what we're doing, which is gene therapy for ophthalmology and continuing to develop these products and bring them to patients in need. >> that may be well and good, sir, but that's not actually, with respect, the question that i asked you. are you increasing the stake in your own company now? >> simon, at this point i'm fully committed as one of the largest shareholders already and i'm going to continue to hold that position long term. >> i mean, it has been a wild ride. i think you ipoed last july at $17. just talk us through the points at which you did buy. are you committed on a calendar basis or is there a price trigger for you? >> so you know, typically there are these preplanned -- preplanned sales for management, but that should not be taken as any kind of a commitment, as any kind of indication that we're not fully committed to the long-term vision of the company.

in fact, we are. we're excited about what we're doing for patients. and we're going to continue to do that as we advance therapies forward, including ava 101 as well as other products in our pipeline. >> i want to ask you about next steps with ava 101, as you're kind of informing what you're going to do in the next trial. is there a group of patients you think for whom this therapy might work better and are you trying to define them as you go into the next later stage of studies? >> certainly what we saw in the phase 2a data is that we enrolled a very hard to treat group of patients and we saw some patients respond well. other patients didn't respond as well. and we're going to look into that data to try to understand what were the characteristics of the responders. and that's going to be really helpful as we move forward to design future studies. >> okay. guys, we'll leave it there. nice to meet you, sir. thank you very much for your time. avalanche ceo thomas chalberg and meg tirrell. guy, it's important when -- because we don't understand the science the way that guy would. so the question about whether he's buying his own stock would buy his own stock to many people becomes -- >> that's a fair point.

does the company have the balance sheet to buy more stock? which i don't know the answer to that. but what i will say is this. biotech, there's two categories. binary biotech which this falls in and biotechs that have a tremendous pipeline and drugs out in the market which this does not fall in. last night we said it was imperative it held 25. did not come close. opened at 19, spent the rest of the day trading lower. did trade tremendous volume today. and they have another trial coming out that regeneron has to make a decision on. how do you trade it? well, listen, this is a lottery ticket at this point, but given the volume you saw today, shorts piled in. i think ahead of this new trial coming up with the regeneron decision sort of hanging in the balance i think you can take a shot on the long side. >> and i don't know why you would be short after this move. and despite the fact that the company still has a lot to prove, i don't think that the ceo stepping up today and saying i'm not going to go buy my stock is any indication of anything frankly. and i think it's tough to put a guy on the spot and say hey, are you going to buy your own stock on a day when the trial didn't turn out in your favor? because first of all, don't we

say on this show ceos are not supposed to be talking about their stock price, they're not supposed to be necessarily gaming, and so i feel as if that announcement was not necessarily something that indicates we should be concerned about the commitment management has to this company. >> you know, i look at all this as binary incidents. i look at the whole space as binary. i still stick with the ibb. i would say it's up 20% year to date. you get gilead, you get amgen-u get biogen, regeneron, get all of them and you get inside lailted to a certain sxent to these binary events and that's what the retail audience should focus on. >> coming up on the program oracle earnings on deck. the tech giant is supposed to report after the bell tomorrow and some traders are betting big that the stock will move higher. why? perhaps they had history on their side. and we'll explain that when we come back. you probably know xerox

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ahh... steve, other than making me move stuff, ces. 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. oracle shares rising 2% today ahead of tomorrow's earnings. so how does the stock usually trade after it reports? well, we asked kensho, and in the last ten years oracle beat expectations 26 times and traded positively the next day 85% of those times with an average return of about 4%.

and it's missed expectations only seven times in the last ten years. and when it does, it trades negatively the next day more than 70% of the time, with an average move down of about 3%. so now it's time to take your positions, panel, on oracle. who's first? >> i'll go. i think it's a company that constantly, as kensho reaffirms, is always hitting the numbers. it's a company that continues to grow and reinvent itself. cloud momentum very good. 15.2 times earnings going forward is very fair for this company that continues to grow and tons regenerate and develop themselves. >> if you look at oracle, it looks like it's building a base. and what do they say about the longer the base the higher -- >> higher in space. >> louise says that. i love her. >> i think on that basis it looks like your down side risk is pretty much limited right now. if you wanted to dabble in the name it's a fair bet. >> b.k.? >> generally i don't buy stocks ahead of earnings the day before earnings. but in the space i'd much rather be in cl.

potential oracle takeover. >> maybe shu listen to kensho more. >> he's got a lot of stuff in his head. >> the fact that you're here tonight, simon. this has been fantastic. and i did what tim and steve are saying, i think you get long the stock. it has been going up very slowly, very consistently since 2012. i still think it's a fair price here. >> do you have a question for kensho? kensho performs market data analysis on -- >> look at that guy. how can you not? >> economic reports and stock price movements. if you want a question you want us to answer on the show, tweet us @cnbcfastmoney using t the #askkensho. or find us on facebook or send us an e-mail. we will be answering top questions, kensho questions later in the week. a big week on "fast money." options traders were also focused on oracle as well today. mike kuo is in boston with tonight's option action.

hi, mike. >> so it seems that the options traders are going along with kensho. there was about two times the average daily volume there. and the bulls outnumbered the bears about 2-1 in the most active options, with a weekly 45 1/2 calls, over 7,000 of those traded for about 50 cents. so they were making bullish bets that the stock would be above 46 by the end of the week. and that actually is less expensive than you would normally have options going into earnings. so i think if you want to make a bullish bet that's probably the best way to play it. >> thank you very much for the advice, mike. for more options action check out the full show, of course, at 5:30 p.m. eastern on fridays. coming up on "mad money" tonight, cramer's got two hot exclusives with the ceo of horizon. i had no idea what i was going to say. 150% rise this year. plus the ceo of dunham bradstreet. yes, dun & bradstreet, the market leader in commercial credit information that has employed four u.s. presidents. all that and more tonight only

on "mad money." your first move tomorrow when we return. more "fast money" coming up. coca-cola, apple, salesforce, greece, a stock up nearly 150% this year, and the company that used to write abraham lincoln's paycheck. i've got it all tonight, plus your stock calls. when you're not confident your company's data is secure, the possibility of a breach can quickly become the only thing you think about.

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here we go. time for the final trades. let's go round the horn. kicking off with tim. >> i want to clarify i don't think the market is going down hard. i think the market's too complacent. iwm gives you very good protection for your portfolio. sell iwm. >> i do think eventually the market is going down hard. eventually it could be debated though. deckers, that's my final trade right now. down 18% year to date. i think you're going to see a lot of positive news out of this stock going forward. that's my pick. deckers. and happy birthday to b.k. >> whoa. >> it was on sunday. but thank you. you were the only person to send me an e-mail. >> did kensho send you one? >> well, besides kensho. >> final trade. >> so for me it's under armour. that's the way you've got to play this particularly with the fitbit ipo coming up. >> simon, it's been a while. >> thank you. >> it's been about three years. >> three years? >> feels like yesterday.

>> tim and i disagreed on adobe. i think adobe goes up on the back of this. you buy the weakness. adbe. >> okay. thank you, guys. i'm simon hobbs. catch "fast money"adbe. >> cat"mad money" is up 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 trying to make you a little money. my job is to educate and teach you. call me at 1-800-743-cnbc or tweet me @jimcramer. every day we wail and moan about greece and how we're hostage to this nation of 1