starts in moments. >> have you noticed the move in edison, not today's 25% decline but down 47% since it's announced deal with vivid solar. we'll go behind it. >> wow, 50% of the value. all right. straight over to you guys. thanks. "fast money" starts right now from the nasdaq overlooking times square. tonight on "fast," three different sectors, three major sell offs. a biotech break down and media stack massacre. behind the carnage in these three areas telling you whether any of these stocks are worth the buy. the sell off of the street, major averages seeing heavy selling pressure. the nasdaq dipping 3% and dow near a six-month low. here is what made the today's sell off different. it was the winners that took us lower, starbucks, home depot, disney. are we in that market, steve ross, where people ring the

register on things working? >> i think so. the biggest take away was the iwm. this is the first time we closed below moving average. confuse yield. crude falling, you have a step back and see where the smoke clears. >> yeah, are we seeing a rotation, do you think? >> you had a major, major move higher in energy stocks and some of the weaker places, not the integrated names and names you can rely on with balance sheets but drillers, minors bounce on a day when the dollar was weaker but wasn't really about a weak dollar story. is this rotation? yes. there are no touch. emerging remains no touch. to say this is a place to dive into the names, i'm not so sure. to say it into a payroll number, what happens tomorrow? does that weaken the dollar? you can get a bit of an over

sold dollar. i'm probably one of the few that think commodities are near the bottom, if not having or started a bottoming process. simply single stock volatility very interesting. the industry, nasdaq had a big, big down day but the single stock moves are extraordinary and it's still relatively cheap. >> you were noticing the turn around in the oil stocks today. >> big, three and change percent when you have the underlying that wasn't great. so it does seem to be a rotation but oh my god, the rotation out of other sectors of which i sadly do hold. >> retail. >> like solar and, you know, the i bone, for a long time that was painful today. >> well, so we've talked for the last month about volatility and other asset closes, whether it be foreign return scurrency andt come to the u.s. stock market? it's here there is a lot of global flows going on that have

nothing to do with u.s. stock fundamentals but impacting u.s. stock fundamentals. somebody might be trying to get a higher yield in the u.s., it's not working out for them on the currency front. they come in and smack down names. maybe even the biotech and things that exacerbate the move. you wait for the dust to settle and wait for tomorrow morning's employment report. that could be a game changer. >> let's drill down into sectors that solve it. biotech, let's take a look at the buzz kill in today's session. the ibb, one of the hardest spaces hit within the nasdaq down more than 4% here at low. karen, what are you doing here? you're a value investor that's been in the etfs for a long time. how do you think about it? >> these have had a great write up and when you step back and look at the magnitude to have a move like this down today isn't that big of a deal. it's painful. i'm not going to trade around it

but i wouldn't be surprised to see more selling. >> it's up 27%. it's really hard. >> one of the instances where people ring the register on winners. >> it's just definitely but i just think that ibb will probably be the last one to crack and i think maybe it's just the nature of the whole space where you never want to miss out on that one that's up 25, 30% post close on some type of a drug so i think people hide in the ibb. that will be the last one to crack. >> we were talking to the ceo of a biotech ipo today working on a treatment for peanut appellerga. there is a great hope within biotech that is where you get the beta. >> there is an enormous funding. until the markets dry up, it's alive and well and looking at demographic trends and the capital committed to this long term, money locked up for a long

time. this is stuff that continues to have a buyer. to say the ibb is not going to fall probably harder than most if the snp breaks back, you can bet the ibb is down to 340. if the nasdaq breaks and heads -- >> i just think it will be the last one to break. the last one. >> but we've been saying tonight is people are cutting the flowers and possibly keeping their weeds. if you think that a lot of people sitting in commodity stocks, it's an important term. >> have to think about it. [ laughter ] >> a lot of people say hey, i'm in the green whether the things they are down on and feel much worse about hold onto the stocks. >> the thing with biotech and plenty of analyst say there are biotech tourists in there, getting into the space because it's hot and so if you're a generalest and see things going down, the first thing to do is get out of the sector. that's not a knock but just how they react. that's what you're seeing here and that's why you see the extra volatility. >> off the charts with rich ross

because the s&p 500 did something interesting today, rich. >> clearly we had a rotation today or this week from the winners to sinners. we're taking out the generals, apple, tesla, bio again, disney and started to hit health care and discretionary after a summer spent pummelling. the energy space and today as karen eluded the to the problem if the strength and energy at the expense of those winning sectors. keep in mind, i think this chart is a bullish diverging. you threw everything you can at the market here we are clinging to critical support at the 200-day moving average and seems like every time we touch it, you have me on the show. i think history repeats itself here. got a well defined trading rates. 2040, that's your stop. you're done at 2040, absent to break below that, which i think we hold ultimately retest the high end at 210 and trade 2220

by year end. stay the course. let me show you the weekly course. a way to define your risk and manage this trade here. we've tested and held the 50-week moving average four times now going back over the past four years. i think history repeats. you test and hold and all this consolation is likely to resolve, stay the course, august, see a lot of volatility, trading, traders on the beach. this market goes higher. >> see strength in the market leadership, individual stocks and we've seen sell offs so sharply. >> we do see a sector rotation in the short term. let's not make too much of this and suggest we're seeing a secular shift out of health care and discretionary with very strong, longer-term up trends into energy where we have reinforcing cycle, the stronger dollar that weighs on commodity and energy. you know that narrative.

doesn't seem like we have catalyst to break it. health care, discretionary, the tokenolo technology. financials look great. if you can see through the volume the 'til volatility, stay the course. >> rich ross, thank you. do you buy that? >> no, he made a lot of points and every point is a counter point. if the strength of the financials has been driven by a steepening of the yield curve, that curve is flattening and will continue to. you don't have slack between the ten-year and fed funds rate and health care, we started to see cracks in hospitals yesterday, so i think those were priced to perfection off the supreme court. >> rich, want to respond? >> that's a great point and a key concern here. you see yields remaining punching and yields on the ten-year are punchdrunk resulting in a 210 spread flat on its back and essentially higher rates and slowing global growth is no way to go through college. i'm watching that.

i think that surf steepcurve st retest the highs around 248 and the fears over the flattening are over done. it's a great point if the curve continues to flatten. >> and your premises that we hold, my premises is that in october when we dip below the 200-day moving average, we weakened and now we've done it four times and flirted three times on top of that. it's weakening versus strengthening. the truth of it is in the next month we'll see resolution based on your chart and my premise. >> yeah, all right. >> and some i would say i believe we go higher but i respect the fact that we can go lower. that's why i've mapped out the key areas of support where i'm done with the trade. >> rich, good to hear from you. >> thank you. >> break the tie. >> i tell you what, i would just take a slightly different tack and say i'm watching the nasdaq and russell because they are much more important. the nasdaq so much room to plow backwards and to me, if you go after anything, you look at the move of the nasdaq, biggest in

six months and a place where you'll still within 3% of the all-time high. the russell is broken down through. a name we talk about on this decemb desk. >> one retail bright spot that brought the down trend. if it's worth a look plus the solar implosion that hurt some of the biggest names in investing. we'll tell you the stock and who is losing serious money and later, media stocks getting slammed again today as court is scarring investors into netflix. one large shareholder say there are bargains in the blood bath. which names he's thinking of when "fast money" returns.

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welcome back to "fast money." let's get you up to speed with monster beverage. shares down by 2% and down by much more earlier right after the earnings release just to bring you up to speed, an earnings miss and a sales miss, as well, however the conference call is on going. it started ten, 12 minutes ago so we'll monitor for headlines but for right now, whatever is happening, we do see monster off

and it is on relatively heavy volume, 400,000 shares traded so far. back over to you. >> thank you. tom, what is your trade? >> monster is a very high multiple, a place where people think they get growth and coke relationship and people thought this is where you went and found growth and when you disappoint in this tape, very difficult. >> apple kicking off the top trade today. the company saying just one month after unveiling apple music, the device locked in 11 million trial members. the internet software service saying china having particular momentum in terms of the stock. morgan stanley defending apple saying now is the perfect chance to buy the tech titan at a discount. do you agree, b.k.? >> give kudos to morgan stanley to come in and say buy because a lot of people wait for them to rally and say buy or up, but in

this case, i think technically you're okay, 112, 115 is your support. the long run, i'm concerned the story is breaking in apple in that they don't have a lot of invasion and have an l music, 11 million viewers but converting trial to the a paying customer, different story. they do have an upgrade cycle coming, so i don't think the stock gets completely killed. for me, it's a trading vehicle only at this point. >> how do you interpret the move given the stock was basically flat to higher on a day nasdaq was off. >> as b.k. said, a couple levels, i go back and come up with 114, 115 for it to hold or it loses another ten points but on a technical basis, everyone talked about apple breaking its 200-day moving average to 2013. it spent 2012 to 2013 basically under the average. do you believe we'll see that?

i don't. >> you think you should be buying it. >> i believe it, yeah. >> the argument, people are playing is this is a 2012 moment for apple. i do not think it is. 2012 people worried about margins. whatever you want to say about china, they are buying $300. apple is taking market share from samsung and all the other players. just because china stock market, by the way, which stabilized, there is a correlation to apple stie stabilizing believe it or not. >> next up, a bright spot in the retail space and the markets in general. michael kors bucking the down trend beating the top and bottom lines and weaker than expected outlook but a much better report than expected, karen? >> i didn't take it as weaker than expected outlook. maybe people do. i thought, you know, there was a ton of pessimism going into the announcement and things not as bad as people thought but okay relative to coach, relative to

kate, ralph, but people say kors, the brand, it's a coach. you know, so no touch. at this pace, it is 60% cheaper than coach on eps basis, 60% cheaper, so i would rather own kors today after the move than yesterday before the earnings wondering if there would be a big miss because it was up $4 today, i don't think should have been here in the first place. they are aggressive with the buy back. they are, i think, as good operator as any of these others and yet, the valuation is low. i understand there is a knock on the brand but is there any point where someone would buy it? yeah, i would buy it here. >> that's an excellent point for the stock. when you look technically, back to 2012 levels with consolidation and breakouts. you have technical support, value players looking at it and a stock down from 100. this has gotten absolutely crushed so sentiment is clearly way, way too negative on this

stock. so i agree karen. let's call it 36 as your stock, you can own the stock for a lot. >> still ahead, planet fitness looking flabby in the ipo and fit bit tanking on the earnings. have we just witnessed peak fitness. you're watching cnbc first in business worldwide. in the meantime, here's what else is coming up on "fast". >> one solar stock in the midst of a major melt down and could get worse. >> you scare people. >> you said it, david, and you reveal what it is that has the street freaked out, plus, that's what the street is saying about netflix but a top shareholder says that's flatout ridiculous. that's what "fast money" returns.

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call now, request your free [decision guide] and start gathering the information you need to help you keep rolling with confidence. go long™. ♪ welcome back to "fast money." check out the solar stocks. down 25% and the ceo has been on "fast money" a couple times in the past year talking about the company's growth. he's been bullish. here is what he said in november of 2014. >> our markets and solar is growing at 17% on average for the next 72 years and we have

our share during that time. so doubles the available market, already our solar market is healthy. we want to super charge the company. >> he also joined us a few months ago on february 24th. >> in my view, we're 25, 30% under valued at this moment. >> shares have been on a nasty slide down 40% in the past month. what is wrong with the stock? he's on the fast line with a neutral rating on the stock. ben, great to speak with you always. >> thanks for having me on. >> you made a great call and downgraded it the day after it acquired vivant, you said because of a complicated capital structure made more convoluted.

we're 46% from where we were that day they announced the deal. >> it requires investors to sharpen pencils and step in. it is more difficult for that to occur when the company is difficult to analyze because of different capital structures. it's debt structure is nothing i've heard on today's call, though, wouldn't make me believe they are in a liquidity crisis, so i do think the sell off is over done, albeit, i think pressure continues and we're not recommending stepping in at this time but i do think it is over done. >> ben, it's karen. let me ask you something. one of the things about this company that i think was really causing investors to freak out in the last month is that they bit off more than they could chew. capping it off with a pretty big vivant solar. they seem shareholder friendly, yet on the call when people say why don't you slow it down, they

didn't want to do that. did you have a different read on them? >> you know, i think they did a pretty good job of answering one of the toughest questions, are you going to continue at this pace and investors want to hear growth but then they also, there is a thin line with too much growth and what we've seen, you know, over 11 acquisitions over the past year. i thought they threaded that needle well, but, i think that you had some people upset with the answer. i think you had some short-term investors hoping for a pop on the stock that sold off and shorts piling in and that just created more selling. >> ben, it's tim. it seems to me also listening to the stuff today they have plenty of liquidity to fund 2016 growth and the margins, to what extent do you think this is weighing the stock down and how much is realistic and if they are being pushed down, is that compensated by essentially the funding structure? >> yeah, i mean, i think that

that is a question mark on the margins but still, the selling much over done just with that. i think the difficulty here is with the valuation is finding the buyer to step in when the stock is falling like it has been over the past two weeks. >> ben, just a bottom line, you think it's over done, the sell off to the downside but you say that it is not time to step in, correct? >> yeah, i think it's over done. it's just, i'd like to see it settle out a little bit before stepping in and getting more constructive on it. >> ben, thanks so much for phoning in. appreciate it. >> thank you, guys. >> ben kallo. we should note of usually, there are a lot of big hedge fund holders, green light, york. this is as of march 31st and that could be adding to the sort of downdraft that we're seeing in the stock right now. >> we know from some of the letters and some news that some of these hedge funds are hurt in

general. they could be liquidating the name to raise capital. in terms of sun edison. we were talking before the show, this is not necessarily a break of the story, it's just that investors are having a tough time understanding how the company is structured, how it's financially structured. so not like, it's just like tesla where they aren't having a demand problem but internal problem. for me, i prefer long tan, which i'm long and tsl is a play on smog and china, essentially. >> karen, right after the vivant deal, you said that conference call made you scared because amad the ceo used the promise word. we have part of that chance str. i promise you will be larger. talking about mega watt deployment. to promise as a ceo and that far out, interestingly on the conference call, they didn't give q 3 a full year guidance

but they are willing to say by 2017 we promise we will be bigger. >> i promise. i bought the stock yesterday or two days ago, you know, i thought the promise was -- i don't want to hear a promise. i thought it was discounted enough. if guy were here, 78 million shares on a stock normally trades 10 million. a quarter of the company traded today. someone really wanted out. >> i think there are major liquidations of the stock. the ceo is probably overly confident. when he said the stock was cheap by 25%, and so to be clear, the stock went up to 32 and $25. so a lot hedge funds holding gate are guys that at that day again, the stock 24, $24.50. a lot of guys cut profits or

were in the last couple days before today and today obviously a lot of people under water. i think today is a washout. i sold stock two days ago and i took the paint of a lot of that and couldn't explain the price and i can't explain it. >> at the same time you bought a little bit more. >> today at the end of the day i w was sick, i said i could throw up. >> we should note we invited sun edison's ceo on the show tonight and he declined. he said the sun edison business model is built on delivering high-quality long-term contracted renewable power assets to our vehicles and provide a predibble and growing stream of cash flows back to sun edison. in the second quarter we outperformed guidance and well positioned to hit targets in 2016 within the existing capital

structure. >> one more tiny thing, wasn't a miss today. >> no. >> the stock would trade up on the back burner. >> obviously, changed. >> well, yeah, tremendously. >> coming up next, call it a case of media, a big-name media company but is one large shareholder using the sell off to buy? you won't believe how low a stock is going, the trade the stock in the pits when "fast money" returns. 3w4r5 p it took serena williams years to master the two handed backhand. but only one shot to master the chase mobile app. technology designed for you. so you can easily master the way you bank.

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. welcome back to "fast money" a day of red, the biggest losing streak since last october. stocks drags down the s&p 500 to the fourth down day. here is what is coming up, watch out below. why there may be more pain to come plus, is the fitness stock fad over? it could be time to slim down your portfolio. >> wow. >> come on, now. >> the slam and planet fitness makes the market debut, which turned out to be flabbily. >> of course. >> first, the media stock blood

bath continuing, weaker than expected revenue, stock down more than a13% skband started o disney's conference call. >> melissa, this week investors seem to have decided that cord cutting means media giants will never look the same and ceos turned a corner and on the defense. media moguls are insisting on earnings call they are well-positioned. >> we are being extremely proactive in taking all measures that are necessary to address the changing media landscape and it is a changing media landscape. i think we'll come out on the other side in a stronger place. >> investors focused on vie come's accelerating declines in ad revenue. viacom leading, at one point was down 24% ending the day down over 13%. fox was the second worst media

giant, shares falling on lower profit expectations and declining revenue and earnings, despite $5 billion buy back. the company's management insisting there are new opportunities and following though not as much, disney that kicked off the melt down with comments this week about the modest decline in espn subscribers. timewarner also fell, although those fears were moderated by the ceo talking about potential in selling content straight to consumers with hbo now. cbs after being down as much as 5% earlier today ended the day up 3.5% on untheenthusiasm but companies also plummeted hit by those concerns about subscriber declines, the big winner this week, considered to be the winner from shifting viewer trends, it seems to be netflix. it's up over 2% today, trading at around an all-time high.

melissa. >> thanks. tim, in terms of disney, were you surprised by the follow up decline? >> if you look at apple and the same approach, these things traded down to 200. people suddenly are listening to this whole skinny bundle argument and frankly, it is surprising people are paying attention now but not in the market. i wants to focus on app and will china when people didn't want to focus on the that. so i think the media space is very interesting for opportunities, three weeks ago, a month ago, everyone was saying higher multiples, all these companies deserve. they have fallen after the bell. a lot of people made very, very good gains in the stocks and i think are ready to say enough is enough. >> is the worst still yet to come for the media companies? the associate portfolio manager of the trust, which is $270 million under management and owns a number of the stocks hammered. he joins us. it's great to get your

perspective. >> hi, melissa. >> can you wrap your head around where netflix is valued? it seems to be the winner. investors are taking away from the likes of the traditional media and putting that money into netflix and not dollar for dollar but in terms of valuations evolved, can you wrap your head around where netflix is valued compared to a cbs or disney or viacom? >> that's one thing you can say for certain, you know where you are now. netflix right now, i don't what the exact number is, disney is around 12 months trailing. the market says if you put it in math terms, this is an emotional market and doesn't care about math but sometimes it will. netflix has to grow eight times faster than disney, which grows pretty fast, especially with "star wars" waiting to come into the barn. eight times faster and

investment horizon, three to five years. the thing that is problematic about that, melissa is the top line is growing 23%. so it's very, very hard to make the numbers work. >> sure. >> second problem is that netflix is a band with hog and maybe the folks that own band with are going to be somehow or other if the government and the band width for netflix. guess what else they do with the marginal capital dollars, buys content from these companies where the stocks got more or less killed in the last couple days. they may decide they have special prices next time around. so you have a company with a high valuation, uncertain cost structure, it's a fabulous, fabulous consumer product. >> sure. >> guess what also? rates will probably go up in the next 12 months.

>> larry, in term thes of the flood bath we're seeing in the session the past couple days, did you use this opportunity to add to the positions in any of the stocks that have gotten beaten down? >> we have a policy, melissa, we only comment on what we're actually doing after our quarterly reports are written. but suffice it to say that we're all pretty enthusiastic here that the valuations are just extraordinary. i look at the companies and they are able to borrow the commercial paper rate. disney has $15 billion of cash flow and i think they are trailing a quarterly earnings, or interest expense if you annualized it around $60 million. so the cash flow coverage of interest is basically close to infinity and it could go to probably five or six. so they can buy a lot of stock. it has a marginal cost of under zero to finance the purchase. the return is very, very high and the ceo learned the art of

sharing purchase -- >> larry, sorry, we got to cut it off. we have breaking news. let's get to dom chu. >> the liquid gas term, carl icahn report add north of 8% stake in shaneer earn knee gee in the belief, in cheniere and may seek board senation if appropriate. the management and the board of directors and it will the talks with chenire, big name in gas is part of the portfolio and just

for context big holders already stand at viking global investors bow post group among hedge funds and van guard a big holder there. carl icahn joining the big group of holders. back over to you. >> dom chu, thanks so much. >> i looked. a little unusual. they are very shareholder friendly. they really want to have their stock do well, the executive part, i'm not the least bit surprised the that would be a focus. i find horrible that executive compensation, the guys paid ridiculous amount of money. i don't know what else he wants to do besides seek board representation. they are trying to make money. i mean, he's done a great, the ceo has done a great job of that, carl said he has not had discussions with them yet. they do have a non-staggered board and are a delaware corp that could make them vulnerable to what i don't know.

doesn't sound like he wants to. >> carl icahn up 5%. planet fitness debuting, fanfare and fit bit falls after the earnings report. could we be seeing the fitness bubble burst before it's a bubble? details after the break. check out biggest after hours movers. details on a number of stocks that just reported. much more "fast money" straight ahead. this summer, challenge your preconceptions and experience a cadillac for yourself. take advantage of our summer offers. get this low mileage lease on select ats models, in stock the longest, for around 269 per month.

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welcome back to "fast money." let's get a check of zynga, well off of the aftermarket lows. they did peak in the green at some points. 1.7 million shares traded so far this after the company report add narrower than expected loss as well as sales that beat estimates. however, however, again, monthly active users or maus are down 30% from the same time from a year ago. push and pull with zynga and any details will be key. calling your attention, melissa. >> what games do they have now,

dom that are popular? >> the farmville and then empires and allies. >> sure, that one. >> yeah -- >> that's farmville. empires and allies, the game of wars. >> that's your game, right? >> yeah, i play that. >> bigg gamer, late night. >> like chutes and ladders. >> candy land. >> i don't play. >> the fact this company is still around is astounding. what they do is sell you virtual farming and pigs and cows. >> it's a business model. >> i don't know. not b.k. to play. i don't play the games or stock. moving onto the fitness trade that is the rage. planet fitness looking flabby at $16 a share. speaking on squawk on the street about the company's growth. >> what is most important, cardio, circuit training

equipment and continues to grow. the average members five years ago with 5800 and we're getting more people. >> how many women? >> over 50%. >> and that wasn't all when it comes to the healthy trade. cnbc viewers got a real workout today when the ceo fit bit spoke on the back of his company's earnings report that sent shares lower than 13% today. take a listen. >> it's important to net on the gross margin side it was well within guidance and three contributing factors to the gross margin decline. one was effects that companies experienced and the other have to do with increasing capacity for best-selling product and the higher asp product. >> we've got to ask the question is the fitness bubble bursting? these are two very different companies. >> it's not bursting. the wellness and fitness played through apparel makers or what not is alive and well. if you're in an environment

where the consumer is contracting, you'll have issues and may have been one of the first places to hit. we talked about nike, under armara armor i would watch. this say this trend is by it, no. fit bit has issues because the product and that's the case where people are very concerned. a hot, hot ipo and very interesting time and great company but why can't apple do that? that's the view. >> you like footlocker, finish line. >> you don't want to go to the gym but -- >> look like you do. >> i think that trend has a ways to go. >> good for posers and athletes alike. >> exactly. >> exactly. >> listen. >> athletes. >> i go to curves, that's where i workout. >> it's working. [ laughter ] >> well, listen, the two the way to play this, nike and under armor, stellar performers but i'm with tim, in this

environment, it looks fantastic. look at that. real pull -- >> oh -- [ laughter ] >> that's awful. >> that's down. >> so in this market environment where people are selling their winners, you need to be careful of under armor and nike, the way they traded today, big reversal days. i'd be taking profits. >> fit bit isn't going to be commodity. this is the only pure play -- look at morris. >> you're wear one. >> this is not a fit bit. i have a fit bit. three revenue streams, three different angles. they will be able to increase margins going forward. there is a lot of one-time cost they experience. different product mix but this is day one of my three-day rule. you have to look at where it's at on monday and needs to hold. >> not holding hands. >> it needs to hold today's low of 43 -- >> 56. that's the key level. >> what's on his wrist? >> coming up, we'll tell you how one trader made a major bearishment on the market. you're watching cnbc first in

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welcome back to "fast money." let's call your attention to

nuance communications, shares down by 5.5% on light volume, 11,900 shares traded so far. this for nuance. check out with nvidia posted an earnings miss and sales beat. they also do come in with a forecast for q 3 revenues that is above expectations. those shares up by 8.5% on 1 million shares worth of trading volume and we'll finish off with the mini hmonster reversal. right now the stock turned around and you can see a sharp move to start, it's reversed all of those, losses, rather and more so now monster up by nearly 6% in the after hours trade. melissa, back over to you. >> thank you, dom. who wants first pick? >> invidia. stick with them.

generally don't like to buy up 5%. with this, with this new news, you go long video. >> behind nvidia, the integra chip, i think finally you get chr disclosure and get the pop. >> mike, what kind of action did you see in the s&p etf? >> two times as many. above average volume but one of the institutional trades that really stuck out to me was a purchased of 45,000 of the august 207.5 puts for $2.10 and actually, what is interesting is they were rolling down from a prior bearish bet. so they bet it would be below 210 and below 207.5. so farther faster seems to be the bet and the size of the trade $1 billion notionally. >> what is your take on the move today and where do you see the

s&p going? mike? >> oh, sorry. [ laughter ] >> right now, look, things are looking very, very weak but one bit of good news that i think we spotted, obviously, today was a little strength in energy which was one that's exceptionally weak and i like to see strength there and a lot of the stocks are looking cheap to me. so, you know, for my perspective, seeing rotating out of the strong names and maybe into some of those that are really hard hit, lately. >> were you surprised at all that tit wasn't higher. >> the vicks will move up. actually, the move we saw today is pretty much in line. when you start to see the vicks move much more. that's a real sign there is panic and concern. the move is in line with the s&p decline. >> thanks, mike for that. for more check out the full show friday 5:30 p.m. eastern time. coming up on "mad money," the major media players taking a

serious hit this week but could part of the reason be traditional advertisers are moving to new platforms? that's what jim cramer is asking. >> more than 30% of our advertising sales promotion dollars today are in digital and social media and in fact, today, this morning, we've announced that we're forming a new strategic marketing relationship with google and google will help us send the right message to the right consumer at the right time and measure roi because we're very roi driven company. >> catch the full interview tonight at top of the hour on "mad money". in the meantime, the first move tomorrow when we come right back. stay tuned. i'm here at the td ameritrade trader offices. ahh... steve, other than making me move stuff, what are you working on? let me show you. okay.

our thinkorswim trading platform aggregates all the options data you need in one place that lets you visualize that information for any options series. okay, cool. hang on a second. you can even see the anticipated range of a stock expecting earnings. impressive... what's up, tim? for all the confidence you need. td ameritrade. you got this.

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reflexes faster than the speed of thought. can a business have a spirit? can a business have a soul? can a business be...alive? and finally tonight's fast but not least, canines recently took the waves at the surf competition in southern california wearing life vests, the four-legged friends unleashed skills. the surfers were judged on overall talent, duration of ride

and canine confidence. this year's winner, a 15-pound toy american eskamo. >> they have four legs. i can surf like that with four legs, too. maybe it's sour grapes but i'm not that impressed. >> what do they need the -- >> come on, you can't surf like that. >> i can't. that dog is in the green room right now. >> exactly. >> dog paddle. >> shredding. >> time for the final trade. tim? >> okay, if i was a surfing dog i would be buying at&t because you have a combination of a defense sieve stock but the acquisition important. you can own the stock on its own let alone defense sieve and a big dip. >> approaching a 5% yield, safe to get back in. >> karen finerman? >> i like the september 45, 50 call spread. >> brian kelly? >> tomorrow morning we have jobs reports so if you see the dollar

weaken the way to play it, you buy gdx. >> wow. i'm melissa lee, thanks for watching. see you tomorrow at 5:00 for more "fast money." in the meantime, don't 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. i promise to help you find it. "mad money" starts now. hey, i'm cramer! welcome to "mad money." welcome to cramerica. other people want to make friends. i'm just trying to save you money. my job isn't just to entertain but to teach it and put it all in context which you need right now. call me at 1-800-743-cnbc. or tweet me @jim cramer. sometimes we get days like today. where people just say, i have had it. i want out of here. >> sell sell sell sell. >> and that's pretty much