grassroots campaign to convince the treasury to just do that because i have yet to come across anyone that thinks -- >> evan's going to lead the charge. >> i'm a big hamilton guy. >> really appreciate, it guys. everyone's got to go see hamilton if they haven't, by the way. that does it for us on "closing bell" and "fast money" begins right now. have a great weekend, everybody. all right. thanks, kelly. "fast money" starts right now. live from the nasdaq marketsite overlooking new york's times square. i'm sarah ivan in for melissa lee. our traders tonight are tim seymour, steve grasso, dan nathan, and guy adami. tonight on "fast," one gopro supplier is falling hard and fast. shares of ambarella tanking. could spell trouble for gopro. plus june has been the best month for ipos since back in 199 but could that actually be a bad thing for the market? but first, to the developing story in greece. after years of negotiating lending and worrying, could this finally be the weekend the greek drama reaches its final act? our michelle caruso-cabrera is

live in athens tonight. michele, midnight in athens. what is the latest and where do we stand ahead of this key weekend? >> the latest is the banks here are under incredible pressure and really waiting to see what happens on monday after a couple of key meetings and key events that are occurring. reuters reports more than a billion euros in deposits were withdrawn today. a billion yesterday. twice this week the european central bank has had to extend what's called emergency liquidity to the greek banks. so that way when greeks went to the atms or to the tellers they could actually get cash or move money out of their accounts if they wanted to. we understand that the ecb's going to make a similar decision on monday. that's going to be the first key test. what do they decide to do? they're already on the hook for more than 100 billion euros' exposure to the greek banks, and if this all goes to pieces and greece ends up leaving the euro that's going to be a big bill that all the other european taxpayers are going to have to

face. the other big events on monday are two different meetings. the eurozone finance ministers are going to meet yet again despite yesterday's failed meeting. there's almost no hope that anything's going to come out of that. maybe the greeks will come forward with the new plan or proposal. maybe the creditors will budge on some issues. we'll have to see. in the evening there's a meeting of the eurozone leaders. one level up the prime ministers, the presidents, et cetera. the gentleman who called this meeting, donald tusk, he's the head of the european council. that's the official name of the group. he made very clear that this me meeting isn't necessarily about solving the problem. it's about making sure that everyone, and i think he means the greeks, understand the consequences of their decisions. >> the game of chicken needs to end, and so does the blame game because this is not a game and there's no time for any games. >> that was a pretty ominous video statement released by

donald tusk. we'll see if that shakes anything loose on monday. but monday could be pivotal. i should warn they could kick the can. they could say we're going to meet again later in the week and that might take the pressure off for a couple of days. but we're certainly getting to the end game. june 30th, the day the greeks have to pay the imf or be in default and the day the program officially expires, which could force the hand of the ecb ultimately on the banks. sarah? >> and i know there's another key deadline when it comes to the ecb debt repayment. curious, michelle? you're there. what's it like? how are the greek people reacting to the potential that this could actually be the end game? because as i understand it, they don't want to leave the euro. what would the political backlash be? >> i think the political backlash would be huge. right now, though, the streets are pretty calm. when we tried to approach people taking money out of atms or coming out of banks, on ao. indication there's tension. why are you talking to us about this? there's nothing wrong. et cetera. trying to calm the situation. clearly, though, the numbers

tell us they are incredibly worried. still i would say it's calm on the streets and calm about the situation because alexis tsipras the prime minister of this country says repeatedly as he has for months, we're close, i want an agreement. he sounds very positive about the situation even as the creditors on the other side say we're not close at all, we've never been close and we're not close now. >> right. we'll see what happens, michelle. get some rest after a very long day. i'll see you again on monday. michelle caruso-cabrera live for us tonight at midnight in athens. so what does all 9 the turmoil in greece mean for our markets and what should you be doing for your portfolio? saw some dollar buying and treasury buying. >> welcome to the desk, sarah, nice to have you. and as we look at what the markets were doing here, i think a lot of people 114.350 on the euro is a level that's a key technical level. it started to sell on that. the dollar bounced off the 93 level. if you're playing from the currency side which i think san interesting way to do it, the sentiment going into this weekend, into monday says you that actually are buying the dollar. for all those people that have

been in the dollar, the dollar's been under a lot of pressure, it looks like it's broken. i don't know that it is. i think 932 held. euo's a way you can trade the euro. i think ultimately monday afternoon in the u.s. because this is after the meeting obviously. in our hours and our afternoon you have a lot of volatility ahead of you. i'm not sure you need to do a lot ahead of that because there are a lot of details. >> eup also dollar bullish. another etf. how are you protecting your portfolio? >> on the other side of that i think the fed is going to keep a lid on the dollar. janet yellen was dovish. that statement this week was definitely dovish. that means there's going to be a lid on the dollar, means there's going to be a lid on rates, means you have to hunt for yield someplace. you do it with utilities. whether xlu with capital appreciation or southern or duke or one of these names for 3% to 5% yield i think that's where you have it. >> so you think treasury yields go down? >> i don't think there's much competition. even the dancing around the fed if rates are going up i think that people are really looking at the fed rate. so if those are going to be topped off so to speak i think you have to search for yield

other places and that's where you find utilities. >> dan? >> here's a trade i did a couple weeks ago. it was in spy puts. that's the s&p 500 etf. i was looking out to june 30th because i know we have that date. option prices were really cheap. and if you look at it between now and june 30th there are quarterly options. they're pricing less than a 2% move for the s&p 500 between now and then. we have a 2 1/2% range just this week from the lows to the highs. they're pretty cheap. so if you want to hold on to your stocks and you're not particularly worried about anything here domestically over the next couple weeks and you think that there's not a whole heck of a lot of risk being priced into what could happen to greece -- >> sx 5 e or the euro stocks 50. euro vol is expensive, already over a 40 vol for next week but in the u.s. it is cheap. >> guy. >> if you want to go on the offensive with the stock ground zero's been the dax. 10,500's been the line in the sand. deutschebank is in the middle of ground zero. $28 has been support. that stock has been grim for the last four years. on any outcome, negative outcome on the sell-off you buy it at 28. positive outcome if you get a pop in the stock i think you

stay with it because you can see a significant relief rally. >> i think people are tired of talking about greece. but the bottom line is we have no precedent if they have to leave the euro. nobody has any clue what that means. >> but i'll say this. there are a lot of companies in europe that don't necessarily care. and so i would also be a buyer of the fez, which is the euro stocks 50 etf. as much as i talk about the the vol being high i think a lot of these companies have priced in a lot of pain and there are very strong multinationals. siemens, daimler, totale, all these names. i think they benefit. >> bold bet. now to a major buzz kill in today's session. shares of gopro supplier ambarella getting taken to the woodshed on a bearish report from citron research which actually specializes in short recommendations. kate rogers has the details back at headquarters on what was an ugly report for this stock, kate. >> that's right. shares of ambarella took a hit. closing down nearly 6%. the maker of computer chips and systems that go into digital cameras is the target of a negative report from short selling research firm citron. the firm cites headwinds like

increasing commoditization of the product as well as pricing pressures among other things. their target price for the stock is $60 in the next 12 months. the stock has seen a lot of upside momentum, up 135% just this year. the move has put it around 11% above average analyst target prices. sarah, back over to you. >> some of the air went out of that trade. >> this was a $70 stock in may, traded up to 129 or so. now it's obviously given some of it back. can it give more back? yeah. but if you want to be aggressive with this thing there's a chance it trades down $100. that's a 50% retracement. you buy it there. gopro is obviously the second derivative of this. that stock has seemingly been some tailwinds behind it over the last couple months. i think the way to play it is buy any weakness in gopro. >> are you buying? >> to guy's point, fib levels, retracement levels, everyone plugs their algorithms -- >> fibonacci? >> exactly. >> phibbs. >> they're all shooting off the same volatility here.

why risk it? >> today was a massive, massive volume day. the largest volume day ever. you've had a mania here. this stock was 60234 march and it got as high as 130 or so later today. so when you have this sort of volume reversal i think no matter how much you like the story you have to really respect the price action here, and i'm with these guys. i think there's levels probably closer to 100. >> except for citron it says 60. that would be it. >> it's got to get to 100 first, though, before it gets to 60. just saying, good point by me. >> that's why we have you here. up next twitter on fire. the social stock soaring on renewed takeover talks. could a deal for twitter be closer than you think? plus the biggest week for companies going public kicking off on monday. with 12 potential ipos on deck. but could that actually be a bad sign for the rally, a top? we'll explain why. and later, the big airlines flying high tied for a change lately. could one of the best reads on the market be signaling that we are in for another breakout

ahead? all of that and more ahead on "fast." leave early go roam sleep in sleep out star gaze dream big wander more care less beat sunrise chase sunset do it all. on us. get your first month's payment plus five years wear and tear coverage.

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a rough day for chinese stocks, kicking off our top

strads tonight. shanghai composite officially entering correction territory tanking to the tune of 13%. worst performance since 2008. >> overnight the shanghai composite was down 5%, 6% here. and most other bourses, equity bourses didn't care in europe. in the united states we were down 50 bips. that was more i think related to greece. we're not really paying attention to the volatility on the way up, we haven't on the way down. i think at some point we will see that sort of equity volatility seep into you are markets, especially if you do have a continuation of this pattern and you see 4,000 on the shanghai very soon. >> that is if the double continues to pop. but what if they swoop in and help the economy? >> there's a lot of rumors there could be another triple r cut this weekend. that's one of the things we had last week which started the volatility this week. you didn't get it last week as part of this 13% correction. correction for now. i don't think it's anything more. china's closed on monday, by the way. people expecting -- or sunday night we're going to watch this thing trading up. you have to wait till monday night to watch it trade.

volume very low. nobody was stepping in to buy. interestingly, foreigners buying a shares, buying the hong kong stocks. maybe that's the opportunity or maybe that's the next place to sell. >> it has been a little bit of a roller coaster. next stop a familiar story for twitter playing out today. unconfirmed rumors of a takeout by google sending shares higher by more than 3 1/2%. grasso, is it going to happen? >> we've spoken about this a lot and dan has spoken about it a lot as of late in the last couple months. if you look at who it k. take them out it makes perfect sense for google to take them out. it would have to be a $30 billion deal. i'm not sure they would want to do it more than that. i really don't know. >> it would have to be more than -- those investors are not coming out at 30 billion. they got up to 30 billion earlier this year. we've been talking about who makes sense as an acquired. there's a lost goofy rumors people are throwing out to get the stock moving. that doesn't make sense. there are some very smart people, preipo people. chris saka is on the case here.

you guys have a fairy godfather here. he's going to keep pressure on these guys. but they need to ar fikt better -- >> it's not going to work at that price. saka even talks about he's in the single digits on his investment. and you're not even countering into it. when you have negative news on monthly activation. >> this company was still -- this would have an uper valuation. >> i would love for them to get taken out up 30%, 35%. that would be a home run. i'm long actually a third of what i originally was wrong. but to say -- >> who do you think it's going to be, google? >> google makes the natural fit but i don't know. it's an extremely expensive deal for them. >> i don't think google. we could probably talk about this all day but there's no reason to assume google has to be a buyer. if anything, i think twitter. how about twitter taking themselves private? there's a lot of things that can happen. i actually think you can own twitter because there's a lot of changes in the business. >> we want to move on here. next up brazilian steakhouse

chain and guy adami favorite fogo dechao debuting in its first dave trading. $20 per share this morning. had a good day. speaking of going public. next week shaping up to be the biggest week for ipos of the year. roughly 12 companies slated to go public and they could raise north of $2 billion. the biggest one of the week will be transunion, the giant credit analysis company along with three cloud computing names. four health care firms and two biotechs. al are all of these ipos a good thing or a bad thing for the broader market? >> a couple of things. i had a big fogo lunch today so i'm feeling a little sluggish. it's tremendous. the gauchos and everything. i don't think it's a sign of a top. i think three cloud companies coming public next week may be a sign of the top for them. look at the box earnings a couple weeks ago. that stock had a huge spike up to 20 bucks. has sold off since. i think these companies are becoming commoditized. the more companies that get into publicly traded companies, the more and more pressure it puts

on the names. i think box goes lower next week. >> usually you'll extrapolate all this ipo activity and you'll think about investment banks. i'm looking at this fogo deal. there were seven lead managers. and this was a 4 1/2 million share deal. that's not a lot of revenue there for these bankers. so if you're trying to extrapolate all this activity in the banks i think pricing has been very competitive and that shows you why there are so many guys on that deal here. i don't think you take it the next level to the banks. this could be a last ditch as these companies are trying to come to market. >> it seems like especially if you're in the food business, now is the time to go public. all of these restaurant stocks. it is time for pops and drops. some of the big movers of the day. a big pop for kb home up 9%. >> it's surprised everyone. up 33%. on orders. so if you're looking to still play this, phm didn't have that big jum than kb homes did. so maybe you play phm, wait for kb homes to settle in just a bit. household formation maybe at an inflection point like the ceo of

kb homes said. >> pop for conagra. up 11%. >> huge double top in the stop at $30, $31. back to 1997. blew through on news of the huge volume. i think you stay long this stock on the breakout. $38 is your line in the sand. >> all-time high. >> it is. >> drop for hershey in the other direction. 3%. >> some downgrades in china. this company's been trading 150idways $90 support it's not cheap at a time when the whole food and packaged food deal is alive and hot these guys don't have a lot to go on. international for them, though-s a very strong area they've got to get it right they don't have it right now. >> pop for zillow up 4%. >> here's one that's been down a whole heck of a lot. we know they took out their competitor trulia. it's down 30% from the highs in februa february. i've got told you i gave their ceo spencer raskoff on air the other week a hard time on twitter. i apologize for that. i think this stock may be oversold here. if they can articulate the story

a bit better about the combination of these two companies i think you can probably own it here with an $80 stop to the down side. >> spence will be happy to hear that. here's what is coming up on "fast money." >> announcer: grounded no longer. >> we have lift-off. >> announcer: the major airline stocks flying high as crude prices sink. we've got a look at why this space could be set to soar to new highs and which names may be your best bets. plus an explosive report on how traders are making a fortune using options for takeovers. >> no way. >> yes way. >> and we'll unveil just how they're doing it later on. ly knx 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

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it has been a rough stretch for the airlines this year, but those stocks actually topping the tape today helped out by a big drop in oil and also some positive sentiment from the street. we're talking about wolf research upgrading delta to outperform today. also jpmorgan putting out a note saying the airlines could be oversold. are they? after double-digit declines so far this year. >> jamie 59 jpmorgan and walter kay at hunt these are the best we have on the show and you had to expect eventually some of the guys that are so bullish on the

sector. hunter downgraded delta back in october. this is a case where you have guys that have not necessarily been riding the crest higher but what they're saying is enough, enough, we're starting to see some pullback in the asm growth. the available seat miles. a lot of the concerns people are is on capacity creep. they're also seeing in delta case some faster return of capital. so buybacks may be happening better. they've done a deal with the pilots, which was an overhang for the stock. there's reasons why individually all these companies are better than the market has priced in. the third quarter looks back but prasm could get better in the third quarter. that's really the call here. oversold, good valuations, stepping up. >> and higher fares which we're all feeling as well. wait a second. where is guy adami? did anyone see him go? did he somehow find his way out to times square? >> where's guy? >> what is he doing out there? guy, what are you doing? >> sarah, here i am. and guess what? i'm out here with john. and he's got a question for the traders. >> what do you think of apple?

>> great question, guys. what about apple here? >> never heard of it. >> guy adami. with a great question. on friday night in times square. >> i tell you what. we talked about apple yesterday, how it's missed out on a lot of this rally. apple to me is of the mega tech stocks is in the best position of real growth -- >> didn't they get that growth this year? they got 25% earnings and sales growth and analysts expect 7% next year. so if you're telling me the stock was cheap with this huge bump in growth this year, is it going to be really, really cheap next year when growth is much lower? >> that's the thing. i think it's very up side. i think it's very cheap x catch. 13 1/2 times earnings. i think there are drivers. you yourself are advocating, one of the few guys i know that actually wear this watch. it's a case where the company still has -- they're still in the middle -- this is not the peak time of the refresh but there's more coming. software. i own it. >> we're trying to follow guy adami. where has guy gone now? is he running around times square? >> there he is! >> sarah. i'm right here. and i just found hannah, deena, and mina. and they've got a question for the traders.

>> hey, guys. we love shopping. should we buy urban outfitters? >> what do you have to say? >> tina and mina. >> i don't want to let them down. this stock had a huge dip a couple of months ago. it seems to be building a base right at these levels. it's flat year on year to date. i would say if you want to buy it maybe go in there with a 20% position. >> dan, there was some concern about anthropohl jie. >> there's some concern about the whole thing there. that gap on the last quarter was really bad and it hasn't been able to get going here, so to me i think you have $35 as a big, big support level. i suspect it's going to break here. none of these teen retailers have been doing well. i don't think you buy it here. $30. that was the low last year. that's where you step in. >> any retail trades? >> look, macy's has gone from 63 to 69. we know there are catalysts in the stock which are not only when the com rpz low and they look better. but the monetization of their land bank and their release, some of the most attractive real estate in the world it's undervalued. people are look at that. >> we know hedge funds have been knocking on that door trying to get them to sell off real

estate. any other retail -- it was interesting that consumer staples were the best performing industry. >> i'm actually long deckers. deckers is counterintuitive. nobody thinks about them in the summer. everybody thinks about them in the winter. of course. the ones you gave me. for me i think it's actually a takeout story. i brought bought it around $70. >> it is that time, for the final trade. let's go around horn. tim? >> put on steve's deckers, put on his uggs and go by the fez next week. there's a big pullback and a lot of people have priced the stock downward. >> grasso. >> k.b. homes popped huge today. pulte homes didn't pop but it's going to. >> dan. >> if you're long a lot of large cap u.s. stocks and you're not particularly worried about things over here but you do think things could flare up in europe, spy puts is one way to protect your portfolio. you don't want to do this very frequently but when we know we have a deadline of june 30th it

could make sense. that's why i'd look for spy at the money puts. >> guy, you came back. >> like i never left. deutschebank will get you. that was a lot of fun. hi, sarah. db gets you done in the weekend. >> thanks, guys, have a great weekend. "options action" starts now on cnbc.

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question. is there a better place to be than right here, right now at the nasdaq marketsite on a quadruple witching friday evening? the guys are getting ready behind me. while they're doing, that here's what's coming up. >> let's make a deal! >> that's what traders want one big company to say to twitter. we'll tell you which one and how you can make a profit. plus, the markets are doing a dangerous dance with greece. we'll tell you the one sector that could get hit hardest. and talk about instant riches. some traders have found a crazy way to make millions in seconds. we'll tell you how in a special report. the action starts right now. all right.