trillion-dollar man. >> you could add up the deals, and i think if you did the math i'm not sure there's a person on wall street in the past generation that's done nearly the number of transactions, but more than that the relationships. >> andrew and kate, thank you so much this afternoon. our thoughts with jimmy lee's family. and "fast money" begins right now. indeed, "fast money" does begin right now. we're live from the nasdaq marketsite overlooking new york's times square. hello, everybody. i'm mandy drury sitting in for melissa lee tonight. cnbc has breaking coverage of three huge stories at this hour. oracle out with earnings just moments ago and the stock is tanking. the call getting under way now. our own josh lipton will bring us those headlines in just a matter of moments. also the protests in greece just concluding but will there be even bigger ones tomorrow as a crucial deadline looms? plus we're awaiting the price of fitbit, which could be one of the biggest ipos of the year,

and kayla will bring you the details of that as they break. but first the story of the hour. oracle falling 8% on a massive earnings miss. cnbc's josh lipton is live from san francisco with the latest. hi there, josh. >> well, mandy, year to date oracle's stock was basically flat heading into this print, now down hard in the after hours. a miss on the bottom and the top. oracle really pinning that blame on the strengthening of the u.s. dollar knowing that total q4 revenues were down 5%, they would have been up 3% without the strengthening of the greenback. total cloud revenues up 28%. they would have been up, oracle saying, 34% in constant currency. of course those young cloud business lines is a small part of total sales but critical for investors that oracle continued to scale those cloud businesses quickly. this conference call is just now getting under way. we're going to want more color about the quarter, the cloud business, and of course guidance. beyond that call and bringing

you headlines as they come. mandy, back to you. >> it's tanking about 7% in after-hours trade. it's blaming the strong dollar. it is an easy thing to blame. a lot of people blame the strong dollar the way they've blamed the weather for bad earnings in the past. is this a good excuse or a bad one? what do you think, guys? >> i don't think it's a good excuse at all. the dollar's been the story for the last six months. to use it this quarter to me is a little disingenuous. operating margins not nearly as good as the street was looking for. software licenses not nearly as good as the street was looking for. i thought the stock would continue to go higher. i was wrong. 41 3/4, has to hold the march low. i believe it was 41. if it gets there on big volume you buy it. >> anyone else? >> as josh just said software as a service platform, as service revenue, less than 12% in their sales in the quarter. basically close to 30 pirs year over year.

so they talked about new sales in those categories to be between 1 1/2 and 2 billion. they're expected to have $40 billion in sales this year. i think they're floundering a little bit. and you have to remember these guys are locked in a bat well salesforce.com who's expected to have close to $7 billion in sales. i actually was positively inclined in oracle. i think at $42 like guy says it's really got to hold. it's traded within a very tight range over this whole year. and it's got to face 42. >> to what degree is it facing company-specific issues as opposed to a sector thing? >> it seems to be somewhat of a company specific. i think what investors are going to be doing is trying to look through these numbers. we know from other companies like adobe when you switch to that software service, when you switch to more of a subscription model you tend to hit the sales in the beginning. so as this is down 7%, that seems to me to be a little aggressi aggressive. with guy he says $41 is probably your stop out level. but down at these levels i think you buy it on the bet that people are going to look through this poor quarter.

>> when i'm looking at this right now, they are transitioning and that's what everybody's talking about. and yes, it's a very small percentage. but they're at least going in the right direction. this is very much like the story that when intel was trading in the middle stwents and suddenly started to make a comeback, microsoft as well before this big move up to the mid 40s. oracle right now you've been waiting on the sideline, i've been one of them. i think this does create an opportunity. i think the overselling of this thing down 6, 7, 8% maybe by tomorrow morning, i think that does create something because looking ahead, looking forward, what's the direction? as you mentioned dan, 30% in terms of the growth, they expect that to be 60% going forward. >> you look at it this week. earnings declined a couple percent. sales were flat. and they're not expected to be a whole heck of a lot better. if you look at the expected growth for next year, it could be too high at this point. >> 280 a share. >> especially if the dollar stays here. to guy's point, the dollar

strength is here to stay. so i think that rerating a stock like this, it trades slightly below a market multiple, makes a little sense. i suspect it stays rangebound between 41 and 45 bucks. >> and it was rangebound between 42 and 44 for i don't know how many months now where we've just stared at this stock and it's never given us an opportunity. i think this does create the opportunity because broken through that range to the down side. i think in the 41s this thing's a buy. >> let's get another view. managing director dan ives. he has an outperform rating on the stock but nonetheless you reckon it's an ugly print and i see you're giving this earnings result a c-plus. >> c-plus would be generous. excuses whether it's currency or whatever they're going to say, that and two dollars gets you a pretzel. everyone knew currency was an issue. this was an ugly print on the licenses side. i do think this was more company specific. really feels like a lot of oracle's sales magic is gone here and i think a lot of

investors really throwing in the tow towel. there was a lot of optimism especially going into the seasonally strong quarter and this is one where investors were hoping for a single or a double. they came up and basically struck out looking. >> what do you think is next for oracle? where is the growth going to come from? >> it has to come from one thing and it's not internal. it's m & a. that's the only thing they can do right now is get aggressive on m & a. that's been their core dna over the last sir, seven years. they stopped doing acquisitions, now they've missed five of the last seven quarters. if they don't get aggressive on m & a, the stock could be a rangebound $40. >> m & a with who? salesforce? >> it's really those cloud providers that look at a company like net sweep. you look at a tableau on big data. even if you get big on a name like workday. they have to do something big. otherwise, this could be a $40 stock really for the next year. if they do not prove this. investors are tired of excuses

and turnsies. not going to take it this time. >> dan, brian kelly. you mentioned they have to do some m&a. they've been rumored to be possibly a buyer of salesforce crm. who else is in competition with them to buy salesforce and could this put a tremendous bid on crm? >> if you look at a lot of the ksh i'll call them the big ug ugli uglies. microsoft, hp, ibm, you're seeing a bipolar spending environment. these are companies growing 1%, 2%. i still think it's really microsoft is the one dead center that would go after salesforce. oracle now after this quarter, they could say what they're going to do on the conference call. it comes down to this was a game changer, shook it up. it's a jaw dropper quarter. and now they need to get aggressive on m&a, otherwise there could be some dark days ahead. >> we'll hear from you very shortly again, dan, but just hold that thought. coming up next as we noted the oracle conference call officially under way. so the stock is tanking hard in

after hours trade. we're also going to be hearing from larry ellison along with co-ceo safer katz and mark herd laird in the show. protests just concluding. as the countdown to the latest deadline looms over the markets. we'll tell you why it's going to be a positive development for the markets here. then later the other big story we're all over tonight, awaiting the pricing of fitbit. will it explode like gopro or turn into a one-trick pony like candy crush? all that and more ahead on "fast." (dad) i wear a dozen different hats doing small gigs, side gigs...gig 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!

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protests heating up today in greece as the deadline for default looms. michelle caruso-cabrera is actually heading there right now going to the airport and joins us on the "fast" line with more. mcc. michelle. >> hey there, mandy. the anti-authority protesters are back in athens. they are supportive of this government taking a very hard line against greece's creditors, who want the country to reform their pension system so not as many people retire as early as they do. that would save a lot of money but so far the government doesn't want to do that. we're getting down to the wire. june 30th is when greece has to pay the imf more than 1.5

billion euros. and if they don't pay it they're going to be in default to the ipf and they're also going to have their program expire officially and that's going to force the ecb to make some decisions about whether or not they are going to be giving a financial lifeline to the banks about giving them more cash, even as people draw more and more money out of the deposits and the system there. what we'ring watching for, big meeting with the finance ministers tomorrow in luxembourg. the finance minister of greece says he doesn't expect much to happen because he's not going to budge at this point. there could be an emergency summit over the weekend. lots more meetings, lots more talking, lots more finger pointing. but nobody's expecting a conclusion to this anytime fast. june 30th appears to be the quee date. >> and looking at all that fervor on the streets it really feels like politically the government of greece can't back down or compromise right now. even if perhaps they should. >> that i think is absolutely the point. they don't feel like they can budge because they were put into office based on the promise that

they weren't going to raise taxes or cut pensions or do other things. so they're really boxed into a corner here. >> okay. michelle, thank you very much. have a safe flight and we'll hopefully talk to you on the other side. so the question now is will greece keep the fed's rate hike off the table? to what degree do you feel that the problems with greece and the potential for even bigger problems down the line is staying the fed's hand? >> so first of all, we do assume there's a good chance that they do finally come to some kind of agreement before the end of the month. we think there's a 60% probability of that scenario in which the fed would be in that position to hike in september. having said that, we acknowledge the risks are obviously high. we think there's a 20% probability of a grexit scenario. but we highlight even if there is a grexit it would not happen overnight. they would have to negotiate the terms of the unwind or the exit

and during that time the ecb would continue to provide funding to the greek national bank and ultimately to the greek banks. go ahead. >> i was just going to say, bring it back to what it actually means for us here in the united states. what would a grexit actually mean for the u.s. economy? >> so our channels or linkages to the greek economy are obviously quite low. fairly non-existent. it's really about global financial markets and any contagion as well as a flight to quality and potentially pushing the value of the dollar higher. those would be the main contagion risks. clearly it would depend on the magnitude of any tightening of global financial conditions. it's actually quite difficult to figure out the degree of that tightening that would result from either exit or default. but clearly that would have the potential of delaying the fed. >> it's all a big experiment, isn't it? thank you very much. so what does this all mean for your portfolio? let's go around the horn here. b.k. >> i think you have -- i would

put the odds of a greek exit or some sort of accidental, let's call it that, much higher than 40%. i think it's at best 50-50. but think about it. it's political suicide if any of the greek leaders actually succumb to some of the demands. they'd be going into a deeper depression. nun two, it's going to be economic suicide if they do that. why would they ever do that? i think the biggest risk you have here is if actually they come to a deal and greece gets some debt reduction, then you have the potential where italy and portugal and spain all ask for the same thing. so that's the risk. >> it's a precedent. >> it's a big, big risk. even janet yellen mentioned it today. i was actually surprised in her press conference when she was asked that question and she specifically said that the greek accident or exit would have an economic impact on europe and that would spill over here to the u.s. i think that's big and i think you have to pay attention to it. >> and i think it's important to think about because when we had this crisis in the ukraine last year there was an economic effect that spilled over to

europe and we saw things slow down. so i think if you think about it in that context there's clearly the situation. so let's bring it back to the u.s. here and what do the feds say? it was a pretty dovish statement. u.s. equities generally felt pretty decent about what they said but they're going to do some sort of symbolic rate hike and i don't think our market really minds. we're up 2% on the year week, down a couple percent from the highs here. i think if you have a confluence of events at some point in a very poor liquidity period this summer we could see maybe into the fall that 5% to 10% correction that's been pretty elusive. >> i think there would be impact, some kind of impact but i just don't think it's a long sustained impact to the u.s. economy. for that reason i think that does create opportunities along the way if we see something -- >> what are those opportunities? >> i would be looking at the names that are absolutely going to get hit right away and i would think whatever's been performing best going into that, and so far it's been the financials. some of those types of names are been really moving to the up side. i think they get hit 5%, 10%. >> but don't you think the financials are challenged? look at the way they traded today. the fed basically told you

they're going to do one and done. that means the yield curve is not going to get any steeper, which is what the financials have been trading on. for me i think the financials are take profit here. >> you've got to remember it's fees, not just about rates. it's rates and fees. and those that have fees are killing it right now. look at the performance out of goldman sachs, jpmorgan, morgan stanley. >> deutschebank. pete talked about it at the beginning. from 21 to 36. is it going to be a quef sell the rumor buy the news. db. >> tesla hitting a year-to-date high and soaring more than 3% in the session on very little news. is this all the start of an even bigger breakout or should you be taking profits sneer in the meantime, here is what else is coming up on "fast." >> announcer: as details of the fitbit ipo trickle out, some traders are asking a tough question. is it gopro or candy crush? >> that was way harsh zbrp numbers you need to see. plus why is one trader betting nearly $8 billion that rupert

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pier one shares up about 7% in the after hours trade. it's about 425,000 shares have traded so far. the home goods retailer per share earnings were in line with expectations. 8 cents a share. revenues missed at $432 million. analysts were expecting $434 million. but there were some interesting points. they did point to some better growth trends in the current quarter versus what they'd seen toward the end of the last one. some maybe sales trends that are moving in the right direction and that's helping to propel the stock up by 7% you can see there mandy back over to you. >> thank you very much, dom. guy, what's the trade? >> we talked about this a week or so ago. wicker will get you done. epir. remember that? there you go. against 12 bucks we said stay long the stock. guess where it held today. 12 bucks. now it's closing in on $13. 17% short interest. i think it actually pushes up toward 13 1/2, 14 bucks. go figure. >> go figure. go wicker. a massive move in tesla today kick off our tough trades tonight. the stock rallying more than 3%

on barely any news. could this be the beginning of a much bigger breakout? >> i don't know if it's a bigger breakout but we've been talking about this for a while. all-time highs, i think that comes in the form of 290. the stock tengly has done everything absolutely correctly. i think it continues to do everything correctly. there are tailwinds in terms of the stock price. i think it pushes toward 290. 225 on the down side is not far away but that's your critical support. >> agree or disagree? >> i agree. we talked about last night 260 be k that line in the sand where the stock needed to trade above 260 to get that momentum. considering that it's come from 180, 190 up here. so now we've had a close above 260 that's going to pull momentum players in. i think this breakout is for real. >> next up is fedex missing on both the top and bottom lines. the strong dollar and falling fuel surcharges were the result. the company's guidance essentially in line for the current fiscal year. what do you make of this one, dan? >> listen, expectations were kind of high when you think about it. the stock made a new all-time

high. it sold off a couple bucks, down 3% today. stopped on a dime at the 50-day moving average, and i suspect you probably see some more selling every a couple weeks. i think you probably see the stock test 170. if it holds that's the level you get nrk trades at a market multiple we know they have at least that in growth. that's the spot, 170. >> a bit more down side. what about you, pete? >> i looked at what some of the converts were that added up to part of the miss today and i think that i lot of that has to do with the acquisition they made, some of the profitability within the company itself. the ground shipping numbers are outstanding. 19%. i think this thing as you said hit the 50-day i don't know that it goes much beblow that quite frankly. 175's your line in the sand. i think that's the opportunity to buy it. hits that again tomorrow i think you've got to step in. >> they're going to keep on with acquisitions. ted x just the latest in a series of set backs for the transports. that sector has been sounding the alarm for quite a while now. rich ross is at the smartboard. should we be concerned? >> planes, trains and automobiles, they're going the

wrong way. i think they go lower from here. let's go to the chart. i'll show you exactly why. this is a two-year daily chart. now, look. we're going to highlight the death cross here. it's overly dramatic. it's overused. but it's useful in this case for one reason. it's held for the last 2 1/2 years. we've got the buy signal back in 2012. the transports surged over 70%. we now get that sell signal. it's an early signal. it's a timely signal. and when we zoom in on the short term you can see trading range breakdown, that's clearly bad. however, different from the october breakdown on the 200-day. that's a v-shaped reversal. that sets you up for a run to new highs. in this case we've broke anne that 200-day and we've stayed there. that tells me we're going lower. in terms of the broader market, mandy, let's not overplay the transport weakness. it's a 2% weighting in the s&p 500. in 1883 when they invented the transports it was 100% of the market. so once again, don't sell the financial. don't sell a health care stock just because of weakness in the transports. >> okay. that's a sell, then, for you, the transports? >> transports are a sell. >> let's trade this, guys.

what do you make of this and do you also buy into the dow theory? >> it hasn't worked. the dow theory, as richard just said, has not worked for a while. the transports topped out effectively in november. they bounced up around those all-time highs for a couple months. and have sold off since earlier this year. has not dragged down the bottom market. nor do i think it will. the low we made was about 138, 140. i want to say back in october, november. i don't know if we're going to get there but this 150 level that's been breached has to recover and has to recover by the end of the week in order for this thing to try goat out of its own way in the next couple weeks to the up side. >> i look at this as this continuation of rotation and the range of the market itself. you blindfold yourself, we're looking at s&p somewhere near 2100. now all of a sudden you look at these transports. yes, they've been getting hit but then others are picking up. you see health care, financials, certain areas of technology. so it continues to be this rotation. at some point in time when we see them rotating out of some of

those areas we'll get into transports. >> you've been on the financials, the health care trade. i think health care it's in this massive m&a boom here and it's obviously somewhat defensive here. i think financials have kind of moved up with rates. but when you look at some of the stuff that should be very economically sensitive obviously the transports not a huge weight but look at industrials. also down on the year. the xli. so to me i think you have sectors that should be acting better at this stage of the economic recover. >> i they're not. and that's kind of troubling. >> let's just look at what's happening right now with fedex. they missed earnings. i mean, that is essentially a transport. right? then you look at the rails. and i know recently they acted fairly well but the last couple months they've had earnings warnings. they haven't done that well. so whether or not the dow theory's working today or not, the signal coming from it is that is economy has stagnated. again we saw that with the federal reserve today. very, very dovish. i would take it all in a big picture and say things are slowing down, things are not as good as everybody out there -- >> even though they downgraded

the 2015 gdp forecast they overall upgraded economic assessment. mind you they haven't had the best track record -- >> exactly. and they will admit they don't have the best track record and if you look at their projection from back in 2011, 2012, they were supposed to be at 1.3% fed funds rate right now. they are so off. all i know is i'm looking at some of the indicators and things are slowing down. >> okay. coming up next, the other big story that we're awaiting tonight. the price of fitbit. it is said to be one of the biggest ipos of the year but will it go the way of candy crush or come out swinging like gopro? back after this. when you're not confident you have complete visibility into your business, it can quickly become the only thing you think about. that's where at&t can help. with innovative solutions that connect machines and people... to keep your internet of things in-sync, in real-time. leaving you free to focus on what matters most.

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there's still plenty of fear in the markets but four names are poised to deliver big returns. we'll be hearing where he is putting his money later on. plus is rupert murdoch's media empire in jeopardy? we'll tell you why one trader just made a multimillion-dollar

bet 21st century fox is in for a big drop. but first, fitbit, we're expecting the pricing for what could be one of the biggest ipos of the year any moment's time. let's go to kayla for the details. kayla. >> we've only had a handful of tech ipos so far this year. box is the one that most investors were watching. this is the most highly anticipated since box. fitbit's sector raised up to $655 million and be valued at nearly $4 billion. when that company prices its ipo. we're awaiting that price any moment. but just this week the company upped its price range to $17 to $19 a share. that's up from $14 to $16 a share. they also increased the number of shares that they would offer up to 34.5 million. there are questions over how sustainable this health tracker craze is and whether there will be more devices like the apple watch that fold these functionalities into them but for now fitbit's fundamentals

look strong. it's a profitable company. and it's said to have strong demand from wall street at least as of now. we will get you that price, mandy, as soon as we have it. >> okay. we'll be looking out for that and get back to you very shortly if indeed it comes out any second now. but thank you, kayla. here is a look at some of the other companies that went public with really only one product. a little bit like fitbit, right? so zinga had its farmville game. that stock is down 70% from its ipo price. then we got king digital with its hit game at the time candy crush. and that stock is down 36%. next, gopro. fortunately a much different story, at least so far. the stock is up about 144% from its ipo price. when it went public with its hero camera. so what do you think fitbit's fate will be, guys, here? what do you think? >> a couple different things. one, fitbit valued at $4 billion is a bite size acquisition for anybody in this space. and and we know the space continues to grow even with apple watch.

that's one thing. number two, if we look at those other names, it's difficult to say. most ipos are one-trick ponies. when amazon came public it was an online bookstore, that's it. when you're looking at ipos, you have to say there's going to be more to this company. in this year ipos have been overpriced. you shouldn't buy them on the opening. but i think in 90 days down the road you absolutely take a look at fitbit. >> and you're also talking about a company that really has like you just said one product and they have a ton of competition. we know apple is really petering -- they're just getting their new product out here. >> just getting started in the space. >> and we know apple's going to be the dominant player in this space too. so i think it's a competitive thing. i don't think these guys are going to be around here. i don't think they're going to be able to compete. if apple ever goes down stream from what exists right now and really focused just on this band they're going to just destroy fitbit. so this is not something i'd be looking to buy -- >> but maybe that would just be an acquisition target. >> i doubt it. i just don't see it. there's a lot of these things out there right now and one thing we know is they would have been acquired before they went ipo. >> fair enough.

>> they're profitable but i still think the sustainability-k they keep that? the competition is fierce. when you look at gopro, they might have start out as a one-trick pony but then suddenly everybody starts to say hey, they're also a media play. you look at their year over year, youtube, the videos up 93%. their earnings, their revenue up 50% year after year, quarter after quarter. this is a company that's growing because they're not a one-trick pony and they keep investing in themselves. fitbit, they've got to show us a lot and i'd stay away from fitbit probably the first 60, maybe 90 days before i consider it. even though i'm wearing one. >> i have to say -- >> and i love the product. i just wonder does everybody else want to pay up for this on their wrist to be able to track -- when you've got the apple watch and all the competition that exists? this is two years old. so i'm old school. >> i'm just going to break in here, sorry, guys, because we got some news on oracle's guidance here. josh lipton, what have they told us?

>> well, on the conference call saffir katz, oracle's ceo, now giving guidance in constant currency. oracle saying q1 eps guidance of 56 to 59 cents. analysts mandy, were looking for 61 cents. a miss there. investors disappointed from this report but oracle's executives sounding a note of optimism on the call. saffir katz saying oracle was in his words delighted with results. she said they had overcheeachie in the cloud. jumped to $419 million. going to hop back on the call here, mandy, bring you more headlines as they come. back to you. >> adding guidance to their line-up of disappointments. >> i think we're all in agreement in terms of how you trade the stock. i think we're pretty much saying the same thing. i don't know if it gets down to the 41 level the level it traded down to made the level below got back up to 44 but i think if it gets up to 41 1/2 tomorrow on big volume, two, three times normal volume i do think you teague a shot at this stock. it has been in this range.

i think it's going to give you an opportunity tomorrow, comes in the form of 41 1/2. >> it's a transitional stock and we have to keep that in mind. the dollar head wainds, i know that's an excuse. we all talk about weather, talk about the dollar. but when you look at where their exposure is, that's why they're impacted as much as they are right now. in terms of the growth, they did show growth if you strip out some of that dollar pressure. i think that things are going well for them, not as well as they'd like. and that's why i think it's a buy. i'm with guy. you get down toward 41 where we were earlier, we're down toward 41 1/4, now it's 42. you get a shot down think think that's a buy. >> two buys. what about you, dan? >> i think down there, yes. i don't think you buy it right now it's trending at 42. dan kind of mentioned this. this is a company that doesn't grow organically, they buy growth here so, who are they going to buy? if they pay up to the number that microsoft walked away from a salesforce deal i think this stock is going to be in the house of pain for years if they do that. okay? if they look at workday which would be a much smaller acquisition but again only expected to have $1.2 billion in

sales this year they're going topher yo pay for that. they're going to pay 13, 14, 125 times sales and i don't think that makes a lot of sense. they have a lot of things they have to fix internally. >> b.k. >> the one positive you can take ute of this is potentially they have basically lowered the bar for earnings now. they're below street estimates now. that's a good takeaway. 41 1/2 i'm a buyer. >> um coming up, oracle tanking in after hours after its earnings report. the call is still under way as we speak. we're also going to be hearing live from the chairman larry ellison and co-ceos mark herd and saffir katz. they're going weigh in on the report, and that is right after the break. you probably know xerx as the company that's all about printing. but did you know we also support hospitals using electronic health records for more than 30 million patients? or that our software helps over 20 million smartphone users remotely configure e-mail every month? or how about processing nearly $5 billion in electronic toll payments a year? in fact, today's xerox is working in surprising ways to help companies simplify the way work gets done and life gets lived.

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shares of biotech biomarin surging after hours. meg terrill. what's happening? >> some highly anticipated results of a mid-stage study just coming out after the close from biomarin. that's on its drug bmn 111 for achondroplasia which is the most common form of dwarfism. those results hitting some expectations of about a 50% increase in growth velocity. dwarfism is characterized by short stature and also some other medical issues. mark schoenebaum at evercross says that 50% peg is a lot mar than some investors were

expecting. so you are seeing those shares spike in the after hours. now the company's saying they're planning to move at that highest dose into the next and last stage of clinical studies to potentially take this drug to market. it is for a rare disorder. about 24,000 patients. they say may be the addressable market. and analysts say this could be a billion-dollar drug in peak annual sales if it's successful. again, having to go through phase 3. but looking good in the mid-stages, mandy. back to you. zblafr hours up by over 5%. thank you very much for that. meg tirrell. let's trade the biotech space. guy. >> biomarin, this is phase 2 studies, number one. this stock has gone from -- right now it's 130. it's done that in seven or eight months. i think if you've been fortunate enough to catch this right you have to take some money off the table. listen, they might whip through phase 3. that might be great. but there are a lot of hurdles still to get over. i would be taking profits here. >> what about you, pete? >> i love these big cap bioteches and there's a couple small ones throughout as well that i think have gotten more and more intriguing that have

been moving around. i bring up something like a zilp, entrexon, xin. very interesting names that have been moving without much coverage. but i think if you want to be in these names you've got to be in the big cap names because they're far more solid they trade literally like pharma names these days, the amgens of the world, celgene with the big buyback they announced. those names still -- >> with those little guys it's a lot of trading. >> a lot of fun. >> let's get to another big after hours mover but this one's in the opposite direction and it's oracle. the earnings call is still under way. in fact, it's now well under way. cnbc's josh lipton has been monitoring that call. what more have we heard, josh? >> well, mandy, on that oracle conference call executives trying to sound a note of confidence. here's what mark herd, oracle's co-ceo, had to say. take a listen. >> we're now growing faster than both salesforce and workday. and we expect revenue growth next year could be as high in fast pass as 60%.

we're doing what you very rarely ever see happen in our industry. we are getting bigger. and our growth rate is expanding. we will be the world's largest enterprise cloud company. >> ellison saying oracle's cloud business will grow faster than workday. things are good for oracle in the cloud, he said. mandy, back to you. >> okay, josh, thank you very much for monitoring all of that. let's bring back now fpr capital's managing director dan ives. dan, going into the earnings today you had an outperform rating with a price tag at 48 bucks. but you know, you were very dispointed in what you saw with the result and you've i'm sure been listening in to the conference call as well. is there anything that's made you change your mind? >> yeah. management, i think they might be looking at a different press release than the actual earnings that came out. they're trying to paint this rosy picture. let's be clear. this is one of the uglier oracle quarters we've seen the last few

years, and you feel like it's a managing team that doesn't have their arms around what's going on here in terms of execution and the cloud focus. it does come back to a valuation call. if the stock gets overdone at 40, 41 area, given cash flow, given some potential for cloud you can get a little more optimistic on it but net net i think the call from an investor perspective makes you feel a bit less comfortable given you'd rather them come up look in the mirror and say mea culpa, this is what we're doing wrong rather than trying to paint a picture of a company that doesn't just have a significant miss on top and bottom line in the seasonally strong q4. >> dan, i've got one quick question for you, though. it seems as if actually many of the metrics, they did much better than people are reading right now because of the fact of that currency headwind. do you not factor that in? is that something that's being overplayed right now? >> i think some of the cloud metrics and some of the growth areas, they had a good quarter. the problem right now is that

that's bread at the restaurant. the meat and potatoes, the core data base business, that's where the issue is and a lot of it comes down to this 12-c cloud platform. you're not seeing the growth that you want to see at this point in the cycle. it comes down to there's some green shoots you're seeing, guidance is conservative, clear the decks a bit. i think that's where you get some value buyers buying this tomorrow. but if you're thinking large cap, much rather own microsoft and oracle given those two, given the cloud transition, nadel and nod having rose colored glasses like we're seeing a bit on this conference call which i think is a little disappointing. >> dan-s that part of the issue? are there too many cooks in the kitchen right now? we obviously know the cto wlarson's still there and we have catz and hurd. we know hewlett had decided to split up here for a lot of these reasons, to simplify the business. would they be getting a better multiple if people could focus on this 30% year over year cloud growth and not some of this legacy hardware business? >> it's a great question.

maybe you can find me a co-ceo situation in tech that's worked out the last decade. i'm all ears. i think that's part of the problem. a lot of cooks in the kitchen. a little of that oracle magic starting to be lost. and they really need to focus on the cloud, the 12-c platform and it needs to be m&a. investors now are having less confidence with the pilots on the plane here which historically was always the confidence. i think mark hurd in terms of what he's talking about, a little disappointing to investors. you'd rather own it. how are you going to correct it rather than trying to make that this was a home run quarter where i'd say calling it a bunt would be a positive. >> okay. dan ives, good to talk to you. thank you very much. the question now is does oracle make a deal? deal or no deal? what do we think? >> i think they almost have to at this point. clearly their core business is not doing as well as they expected. i'll go back to a couple different things. one i think crm you're safe

buying it. two, dan likes microsoft. the other thing you get with microsoft obviously is that dividend, right? now in this environment where the fed has said to you hey, we might not -- we might do one and done, microsoft becomes a little more attractive and the chart looks actually great on microsoft. >> you mentioned earlier is it oracle specific or is it about the environment? we're going to find out tomorrow. it's going to come in the form of red hat after earnings which trades probably twice the valuation of an oracle. a little bit different business. very similar businesses. that red hat quarter tomorrow after the bell is going to be really interesting to see if it is oracle specific or if it's the space in general. >> okay. great, guys. coming up next, one trader making a $7.5 million bet against fox after rupert murdoch says he's out the door. why does smart money think the shake-up in the c suite could shake down the stock? more "fast" straight ahead.

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oh, thank you,i like your place. make yourself at home i'll be right back. hm. she's got x1. alright. huh, hm, ohh... monster? she seemed so nice at dinner. i'm back! ahh! uhh, hi... heyyy, whatcha doing? ohh, just... watchin' law & order. unless you want to watch something else. awww, you're nervous. that's so cute. ♪ welcome back to "fast money." jabil circuits down in the after hours trade. the contract electronics maker, it reported third quarter sales that missed analysts' estimates while profits did come in line with estimates. the company post aid weak revenue outlook for the current quarter and for the full year. remember apple and a lot of other large tech companies use their outsourcing services to

make their products. also want to bring your attention to one item from silicon valley that our own scott cohn is reporting on right now. a judge in the ellen pau gender discrimination case against venture capital firm kleiner perkins has tentatively ordered the former junior partner at kleiner perkins to pay more than $275,000 in court costs to her former employer after she lost that case in march. now, the ruling, which disallows some of the costs kleiner perkins already sought, is subject to final approval following a hearing tomorrow morning. ellen pao is we want to say here appealing that verdict and had challenged kleiner's cost claims as excessive. but the california superior court judge harold kahn largely disagreed. a new development in the ellen pao case. >> a double whammy for her. thank you very much with the breaking news there, dominic chu. this morning billionaire investor ron baron joined "squawk box" with some of his top stock picks. one man in particular is very popular on our desk. baron thinks the company's ceo

has perfectly positioned the stock to go much higher. take a listen. >> this guy has a monopoly. this is like microsoft and intel. they've got a 90% share when they went public. now they have a 100% share. they're doing business with 23 out of 25 automobile companies. you can't get this data from anyone else. >> baron mentioned a few more of his top stock investments as well. manchester united and tesla. okay. what do we think of those picks? tesla, manchester united. >> tesla to me was the one that kind of surprised me. i like it but for ron baron to get into it i think it's interesting. again, you have to think about it as a revolutionary type of company. in terms of mobileeye, that's a company we've talked about an awful lot. it is again going back to that connected car and back to one of my favorites, which is blackberry which is also part of the connected car and you can find out more about that on the behind the trade. >> didn't notice it at all. thanks, b.k.

guy. >> out of the three names you mentioned i like tesla the most. i'm with b.k. i'm surprised baron picked that name. mobileye you wonder if it's that proprietary that somebody doesn't come in and scoop these guys up. too volatile a stock for me but the story is pretty compelling. out of the three names tesla's the best. >> the tesla name i think it shocked all of us it sounds like but at the same time here's somebody who's willing to go out there and he's looking past, he's looking at growth but he's looking at past the fact that right now there's not profitability. that's out in 2020. that's what everybody keeps talking about. he's willing to actually be in this stock because he sees that 500,000 number that they're talking about in terms of the cars that are going to be producing and so forth. the model 3 and everything else that's going to be coming out soon with the $35,000 price tag. but i like his thoughts on under armour as well. >> what did he say about under armour? >> he thinks under armour is pretty solid as well. in terms of their direct marketing of the e-commerce side of it and the growth they continue to have, trades at a

high multiple but their growth is absolutely outstanding. >> okey-dokey. let's move on to options action. 7.5 million bucks. that is how much one options trader spent on a bet against a 21st century fox today. dan is at smartboard with the action. what does the smartboard tell us, dan? >> we know there was a lot of news in 21st century fox this week. we know rupert murdoch is passion the baton over to his sons. this was a really interesting trade today when the stock was 32 1/2. a trader bought 54,000 of the january 217. that's almost a year and a half away here. of the 25 puts. putting $1.40 to open there. $7.5 million in premium. those puts break even down 27% in january 2017 expiration. i suspect this is a way, way out of the money protective play against a long position here, and i want to take it over to the chart. obviously all that volume today was in that one trade. it traded ten times average daily volume. here's the one-year chart. it's been very range-bound.

we know these guys have been considering acquisitions here. if you look at the five yoo-yea chart, this is where these puts break even january expiration. this is the range the stock has been in here. to me when you think about it this could be a function of options prices. this is short dated options prices. they're at the 52-week lows. if you look out that far out, they're a bit more expensive here. but i think this is likely protection against the long position. i don't think anybody's making a bet right here that the stock is going to drop below 25 in the next few months. >> what do you think of that trade? >> listen, if you're long a stock i think it's a great trade, particularly when you're talking about the volatility. it makes the options much cheaper. in this particular case $32 the bottom of that range that dan pointed out is huge, huge support. if it breaks through there, a 27% drop would not surprise me in a year and a half. >> big drop over a year and a half. for more options action you can check out the full show at 5:30 p.m. eastern on fridays. but also coming up on "mad

money" tonight, cramer's got exclusives with two hot biotechs, the ceo of allergan on its recent takeover of a company taking on double chins. plus the ceo of alkermes on how their new schizophrenia drug could revolutionize mental health. you do not want to miss those two interviews. that is tonight on "mad money." your first move tomorrow when we return. more "fast money" coming right up after the break. here at td ameritrade, they work hard. wow, that was random. random? no it's all about understanding patterns like the mail guy at 3:12 every day or jerry, getting dumped every third tuesday. this happens every third tuesday. we have pattern recognition technology on any chart, plus over 300 customizable studies to help you anticipate potential price movement. there's no way to predict that. for all the confidence you need. td ameritrade. you got this.

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not now. that's the word from the fed. i'll tell you what it means for your money. plus a stock up nearly 50% this year. the ceos of allergan and alkermes. and whether you should take a bite out of -- it's that time of the night. final trade. let's go around the horn. i'm told i have to go clockwise. i'm start wug, pete. >> reynolds america. today we saw some folks going out and buying the july 75 calls in there. i think the stock goes higher. i bought some of those calls. keep an eye on this great acquisition of lorillard. >> and you, dan. >> fedex, pete was saying 175. i think 170. that's where i take a look. the 200-day moving average. fedex the next couple days. >> beaks. >> started off the show talking oracle. i think the buy in this space is salesforce, crm. >> and guy. >> glad to have you back, mandy. hope you're enjoying yourself.

proofpoint. the whole stock breaking out to the up side. pfpt. >> i'm mandy drury. catch "fast money" 5:00 p.m. eastern same time tomorrow. "mad money" with jim cramer starts right now. my mission is simple, to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere and i promise to help you find it. "mad money" starts now. hey, i'm cramer! welcome to "mad money." welcome to cramerica. my job is to not just educate teach you. call or tweet me. only in this stock market would a statement from the feds saying that things are kind of okay inspire a rally.