others in this market. thank you for joining us on the "closing bell" today. that does it for the show. "fast money" begins right now. here we go. "fast money" does start right now. overlooking new york city's sometimes square, i'm melissa lee. tonight on fast, don't look now, but rates around the world are rising. that could be, get this, a good thing for stocks. we'll explain. plus, one group of commodities are going completely wild. and it's not oil or gold. the commodity dennis will tell you about, and whether they're worth a buy. underarmour star steph curry is out for two weeks. moments of truth. huge earnings with a number of big companies with low expectations. apple, exxon, chipotle and twitter. the common theme here, low

expectations usually equals a good earnings reaction. could this be a recipe for stocks to hit new highs? >> a hundred percent it could. >> think about the resilience. i'm not going to pretend i've been a raging bull, i absolutely have not. think about the resilience of the market. thursday night you heard from microsoft, starbucks, google, disastrous outcomes in terms of what the stock did. yet the s&p was flat on friday and down a few handles today. actually rallied back from being down double gij its. i'm not the steadfast bull, but i think the fact that it's here leads me to believe there's another leg higher in the s&p. the diminished expectations probably lead to higher prices. >> on a day when the vix is at two-week high sgls look where it is compared to the 200 day. barely at 14. vix is very low. volatility in the marketplace is low. look at volumes, guys talking about where we are in the s&p.

everybody says, there's low volumes. in the options world, we're about 18 million per day per average. we're really actually trading at a reasonable. as a matter of fact, right now, that's running ahead of what the year-to-date volumes would normally be. it's interesting to me to see how things are reacting to earnings right now. the stocks have actually ran up in front of earnings and we're near the 52-week highs. they can't do enough now in earnings to be able to hold on to the gains. on the other side of it, we saw it with intel, stock trading $30 in the post-market. not really fantastic, but okay. people had concerns. by the time we opened the next day, it's positive territory and over $31 ever since. i think it has to do with where the market is right now in terms of the individual names and what the earnings are coming out. they've got to absolutely guide strong. it's also, where does the stock come from. >> i think we're still in a range-bound market. these guys started off the show, and i'm somewhat on the same page. if you look at it through the

prism of $21.16, and if you have a queasy stomach, 24.24 cents, if you have risk tolerance, that's where you go to. >> apple, all the things we talked about, i think that's where the market will take its lead from. the volume was atrocious today. i think it all hinges on mid to late this week what central banks do. >> let's talk about apple. got to be a huge weight on the s&p 500. either positive or negative at this point. wild card could be the mixed shift because of the s.e. is that a concern for you? >> a little bit of concern. this quarter is an important quarter. not the most important, but certainly an important quarter. i'm hoping that they telegraph that they were conservative in their guidance. and they should be able to beat this range. a little different this week than two weeks ago, we had the

banks report. they're all going to be affected by a lot of the same things. by the time citi reported, even though it was good, the bar had already been raised. here we have very different names. apple, very different than twitter, very different from facebook. i think in the short, they all may trade together. i like the individual names. to me, in the group of facebook and apple, i'm long twitter. >> let's talk about energy real quick. crude's had a huge run. look at exxon mobil now. does it deserve the valuation that it gets? trades close to 21 times forward earnings. the bulls will say yes, best of breed, you're going to get through this crude crisis, quote unquote. and exxon will be the strongest one left standing. i'll say this, though crude is still $40 give or take, i think there's another leg down. i think people are betting for something that i just don't see. my sense it they'll have a good quarter. i just don't know if you can justify the valuations. >> we go back to the yield

environment with 3.3% yield, i think that's where exxon mobil threads the needle. i think if we go back to the utilities in vogue, and energy, mobil doesn't trade like an energy stock, it trades like a utility. >> the one other thing i would add to it, you start breaking it down, downstream, upstream, and chemicals, chemicals used to be a very small part of their business, now it's part of their earnings. that has to be factored in as well. they've been putting money toward that. >> our conversation is really focused on exxon mobil and apple, larger weights on the overall indices. as far as the market is concerned, karen, energy and materials, they led us to this point. the market's pretty much traded without apple for the past year or so. what is more important in your view? exxon mobil or apple? >> exxon mobil. i think apple is a very specific

story. exxon mobil is also a proxy for energy, which is also a proxy for global growth. i think exxon mobil appears expansive now. when oil price rises, the costs don't rise remotely close to how much oil rises. which goes both way. if you can wait out the storm. >> can you make exxon mobil a true proxy to the market when it's basically trading like a utility? >> closer than average. >> if you look at apple versus crude, i know we're mixing them there. it's not really as apples oranges. >> apples, oranges, ha ha. >> whatever. oh, i didn't even get it. i would rather look -- that's why, see? i would rather look at the overall market in terms of crude. >> okay. >> that's my direction. >> exxon is going to be a lot closer than apple. they have a new phone coming -- >> i don't think so. i think people who want to buy energy -- i think people go where there's a safety bet.

i think apple is the overaveraging event. >> i need an answer to this question. are you buying anything at these earnings? >> i own apple already. i might test the 52-week top levels a little bit closer at $90 a share. i bought a few things in the earnings. for the most part i've stayed away from the earnings because we started to see how the disconnect is. people are looking for the low bar. to your point earlier, i think one of you guys mentioned about citi. by the time citi put out their earnings, it was a completely different set of circumstances than when jpmorgan started it all off. it's all about the reactions to the earnings individually. but actually as a group as well. having to look back, who was the first in the group to deliver, did they deliver enough. if that moved it, has it moved everything too fast. >> news alert on united technologie technologies. >> united technology declaring 66 cents per outstanding share.

3.1% increase. the dividends payable june 10th to share holders of record at the close of may 20th. the stock basically flat after hours. melissa? >> thank you very much, seema mody. utx upping the dividend. guy, defense stocks, in this environment, when people are looking for yield, is this another reason to buy? >> it's not the reason to buy. united tech is a good company. if you force me into that space, the most company -- the company that's most like to me is honeywell. i think honeywell is just a better company. stock performance speaks for itself. pete mentioned a number of times, we've talked about it for years, i think lockheed martin doing absolutely everything right. they're the best of breed in my opinion in the entire space. >> i agree. lockheed martin. if you went away from this point, if you want to talk about difference right now, if you want to just go to dividends, that was this topic about the

dividends with united technology, i go back to certain names, that have been slowly methodically moving to the upside. microsoft is not one of those names. it was actually a rocketship to the upside when you look back. >> microsoft, after earnings? >> out of the earnings. a buy again now -- i think it's oversold based on the reaction. that was one of those names that whatever they said, they had to be even better. cisco, when you look at that dividend yield right now and look at the cash that they have, $12 in cash, $28 stock and getting almost a 4% yield, wow. >> up next, the shocking report that's taking goldman's management to task, and claiming the big bank needs to rethink its strategy after a lost decade. we've got the details. underarmour star athlete steph curry out for two weeks with an injury. this could be a good thing for investors. and later, oil may be falling but there's another group of commodities that are having wild moves in the market and it's got

dennis guardman up in arms. he'll be here to explain when "fast money" returns. ♪jake reese, "day to feel alive"♪ ♪jake reese, "day to feel alive"♪ ♪jake reese, "day to feel alive"♪

♪ "dinner!" "may i be excused?" get the new xfinity tv app and for the first time ever stream live tv, watch on demand, and download your dvr shows anywhere. welcome back to "fast money." another shine the shopping mall is going the way of the

dinosaur. that kicks off our top trades today. according to new research, department stores need to close hundreds of locations if they have any hope of regaining the productivity they had ten years ago. the real estate research firm suggests that could total about a fifth of all anchor space in u.s. malls. karen, we've been talking about this for a long time. >> although i've got to say, the report was very surprising in the magnitude of the -- jcpenney showed 30%, something like that. and on the lower side, macy's. but they make it sound like all the sales will then be had in the rest of the store base. which is not the case at all. not the case. so the department stores will point out, no, we wouldn't do that, we would lose overall profitabili profitability. but for the malls, that is a very scary proposition. the reits. operating on the mall properties. the thing that i had thought for a long time, that those were

short, represents would go down, anchor would go away, blah blah blah. where that didn't work out is rates coming down. these things just trade on a rate basis more than the department store piece, which i thought was very interesting is rates move. these reits will trade down. 3 and 4% yield. and for the ones that are the "a" properties, property group, for example, it's a rate play. do you want to do that? >> the argument is that some of these department store operators, the reits side of it, make the case that they want these big giant tenants to go away. then they could break it up and command higher leases, or they can -- get an apple, for instance, to come in and open a store and increase their traffic. >> maybe. but some tenants say bloomingdale's leaves, and then i could leave. >> when you look at it, i live in a town in minneapolis where you've got the mall of america. that's a great example. it is an experience to go there.

it's not about those big -- jcpenney's and nordstrom's and everything else. over the last couple of years, they've started to realize it is about the experience. it's the mall experience. it is something where you've got to have bricks and mortars, but you have to have the things online. it's a mix. you talk about some of the yields. they're a little bit amazing right now. but it is about the experience. if you look around the country, those that know how to attract and are current, they do well within the mall. >> you go every week. >> i am there almost every single weekend. >> crazy. >> long decker's. target, i would go with department stores. >> next, tough day for goldman sachs after dick taking aim at the bank and the ceo saying it's gone through a, quote unquote, lost decade. speaking on the "halftime report" earlier today. >> the company has underperformed the market by

57%. if we look at the basic numbers, it's pretty easy to understand why. basically, the revenues are down from where they were. the earnings are down from where they were. the core businesses have shown deterioration meaningfully. clearly, they made the wrong decision at goldman sachs. you know, six, seven, eight, ten years ago, in that they didn't see, or understand how devastating the change in the financial sector would be as a result of the government intervention. >> what did bove mean? the stock is up just 1% over the past ten years. guy, a fair criticism. look at the stock. >> the stock underperformance is what it is. if he's criticizing on underperformance, he's absolutely right. but to criticize blankfein, for making the wrong decision seven or eight years ago, not so fast. i think those guys and gals know exactly what they're doing. i would not write off lloyd

blankfein at all. lloyd is the smartest person i've ever met in the industry, bar none. i think to underestimate him is a fool's errand. so in my opinion, still the premier franchise. i think you own goldman sachs. >> it speaks to the government overreaching. you're either on the banker's side or government side. what he's talking about, i think a lot of people will line up. they're not as vocal to say that they agree with goldman sachs, because guy said it's had a target on its back. unfortunately we're all banking on growth coming back, steepening of the yield curve, and that's not happening. >> in terms of bove's criticism, they decided to invest in areas that they're going through a secular decline. versus a morgan stanley, which decided to invest another way, they decided to go wealth

management more than investment banking. >> i think morgan stanley will turn out to be a good move. but you take over the last decade, goldman sachs have actually outpaced the xlf and regional banking, the kre. the only thing they are lagging right now, and dick bove brought that up today, jpmorgan. take out jpmorgan, and this company can't be compared to jpmorgan. they're not a bank. that's not what goldman sachs is. they're essentially, like guy said, a premier hedge fund that happens to be traded out in the world, in my opinion. you can't compare them. they're not like jamie dimon and -- >> they're not a hedge fund anymore. >> that's the core of it. >> that was their bread and butter. >> that's part of the lag. >> when the crisis was there, they had to technically become a bank. that is obviously really hamstrung them. i think it is the premier franchise.

it's a lumpy kind of business. it's not working right now. but i think over time it will. >> real quickly, the advisory business that morgan stanley is involved in, it's been a score. but i've got it tell you something, there's department of justice stuff coming down that will put the cramps on that entire industry. so again, don't be so fast to judge goldman sachs. it may appear -- >> well, they're wrong. >> he's wrong to criticize goldman sachs' lack of -- in the last decade. compared to morgan stanley, it's not even close. >> down 90%. >> you wonder why -- >> hang on a second. anyone's wrong here, dick bove was taking these bank stocks when they were all ten times the value they are. if there's anyone who has lack of planning on this, i think you've got to look to thyself. there were a lot of buys that were all collapsing. sorry. >> wow. >> you pulled it out. >> don't look at me.

up next, under armour taking a hit on steph curry out for two weeks with an injured knee. but the injury could prove to be a positive development long term. i'm melissa lee, and you're watching "fast money." in the meantime, here is what else is coming up on fast. >> i'm shocked, shocked. >> and that's what investors are saying about an emerging trend in earnings. and it could spell big gains for several stocks this week. we'll explain. plus, corn and wheat are doing things they've never done before. and it's got the commodities king blushing over a new trade. he'll explain what it is, when "fast money" returns.

time for a buzz kill.

last night steph curry went down with a knee injury that will sideline the all-star for a full two weeks. but this could be good for investors. careena covers capital market. corinnea, explain. >> i think, obviously, it's not a good thing for warriors fans, who had been hoping for a back-to-back championship. but the number of rings does not necessarily correlate to the number of basketball shoes sold. we think ultimately, you know, this adds to under armour's underdog narrative. we think he'll be even more revered in the olympics in august. if he doesn't return, or if the warriors are not successful in pulling out a play-off win. so we're hopeful. it obviously hasn't been a good day, or a good past month for

under armour sponsors, or athletes with tom brady also suffering a little bit of a headline risk today, too. >> right. steph curry, he'll be, you know, not playing for two weeks, or whatever. basically, you pull them back? people will want more when he actually plays in the olympics? i mean, would that cause a bigger spike in shoe sales than you would expect? >> i think certainly the arena is bigger and the focus will be bigger. i think his inspirational video that they always play during the olympics will probably inspire a lot to get on the court. i think it's ultimately a good thing. obviously we want him to win. but i don't think it necessarily is as impactful to the stock as people might fear. ultimate ultimately, what drives the shares is fundamentals and product appeal. i don't think this has any impact on what under armour has

for curry's shoes coming up down the pipeline. >> this is karen. so under armour, great company. phenomenal job. but these shares are not cheap, by almost any metric. what is it that you're hoping for to see out of this stock? >> well, we'd like to see contin continued momentum. we would hike to see more improvement on the growth margin side which they showed this past quarter. so they are on the right track. they are in investment mode and growing. right now, i think the international growth is, and the footwear growth is what's fueling these shares currently. we would like to see them continue in those two items. >> corinna, thank you, appreciate it. >> thank you. >> "fast money" friend. where do you go -- what's interesting, she mentioned international growth. at one point, people loved under armour because it didn't have international exposure. >> sooner or later, they have to

go that direction. tom brady could be thrown in there as a third player, but jordan spieth, that's golf, that's international, and basketball. but basketball you get the same sort of a thing. because of that, all you've got to do is look at air jordan and what he did. whether he's playing or not. michael jordan hasn't played in the nba for years. it's decades allege. now they win 73 games. steph curry is someone people will be following for a long time. >> i agree on the angle on this. you can't play it with just the players. under armour up year-to-date. the growth seen in under armour, ua is what the kids are looking at, under armour is what the kids are looking at, the clothes, that's it. rates around the world continue to head higher as the big fed meeting looms. surging rates around the corner. a top technician weighs in.

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welcome back to fast money. all three major indices in the red today. the dow closing at the highs today, but down 26%. energy falling at 1%. here's what's coming up in the second half of "fast money." oil has been inching to $44 a barrel. that could be bad for the commodity industries. we'll explain why later this hour. plus, amazon, facebook, linkedin reporting earnings this week. but first, we start with the u.s. ten-year treasury yield hitting the highest level in

nearly a month. the next guest is saying it may not necessarily be a bad thing for the stocks. we've always had tantrums in the markets when there seems to be a hint of a potential hike. >> you know, i think this time around you hit the nail on the head. i think there's room for yields to move higher. not dramatically higher, but i think they can ease higher. it's natural given the 40%-plus surge in crude. we see the 210 curve steepen, inflation expectations move higher. so all of those are good. when you look at the chart you can see the double bottom that we've put in place here. right around where we bottomed last year. and importantly, as rates moved higher, this s&p moves up about 6%. of course, we're 16% off the lows. a lot of that we've already sort of paid it forward. i think we can get a double bottom breakout, which wouldn't be bad. and let me show you why. we look at european banks. back here we talked about

deutsche bank being the next lehman brothers. you see the tight correlation. so it stands to reason that if yields go higher, european banks go higher. and a lot of things can go higher, like japanese banks. once again, just the other side of the same coin here, very strong correlation with the japanese banks which are really at the heart with the negative interest rates and stronger yen. you remember that story. again, strong correlation here. if the yields go higher, japanese banks go higher, too. that supports all of us. now, let's bring it home. goldman sachs you talked about earlier, we're into resistance here. maybe not the greatest entry point for a trade. but you've outperformed the s&p by 10% off of that low. once again, higher yields, better for the banks, better for the rest of us with a 16% weight in the s&p. this is the tlt, just the inverse, bond prices. you can see the lower high in

place here. it tells me you're going to get a breakdown. lower in price, higher in yield as rick santelli might say. finally, if you're a seller of the tlt, you're probably a seller of the utilities here. this is a double top at an all-time high. it's better for the utilities, but it's good for the rest of us. once again, yields can move higher here, but i actually think it's a good thing insofar as it supports that reflation trade and also the resurgence of the banks, both in the u.s., europe and fed. >> at the crux of this, rich, don't people have to believe that the stock market overall can go higher when rates are going higher as opposed to the reactions we've had in the past when people get worried about rate increases? >> i this is those fears are somewhat down the road. once again, a pullback, some consolidation, that's only natural. but keep in mind, we're only talking 1.9% in japan.

these are very low yields. we're not talking about interest rates surging here. only 1 in 4 chance of a rate hike in june. you've got to get past september to get more than a coin flip for an interest rate hike. if anything, they'd rather run the risk of inflation overshooting before they move. let's not worry too much about the interest rates derailing it. >> for the 10-year yield, what do you say? >> if we get above the 2%, if we continue to see commodities move higher, you're going to get a break above that 2% level. could take you to 220, 230 tops in my view. once again, i'm not particularly bullish in terms of yields moving higher. there is room for upside. especially if you get above the neckline at the psychological 2% level. >> rich, thanks. guy, are you a buyer? >> love rich ross. >> not of him, of the thesis

that the 10-year yield could go higher. >> he makes a great point. i'll say this, you led it with can stocks go higher in rising rates. these rising rates, absolutely. you're talking ten year out would be bullish for stocks. steve talked about the yield curve. you want the yield curve to basically steepen. so they don't control it. listen, the fed controls the front, the market controls the back. >> i think that reflation trade that we all need to have the rates go above, i agree with rich, it has to trade above 2%. basically at $4 up to $12, gave some back. i think the reflation trade is coming off the table. so i do think rates are going lower. >> if we get the reflation, let's say we get up to rich's areas, that obviously throws the defensive stocks out of the way for a little while. and suddenly people want to have a little more risk on. maybe it is the banks. look at deutsche bank. it did look like lehman. rich pointed it out, and i was

one of the folks who thought, wow, if this continues, it's going down and it could be a lehman type moment. but it wasn't. it's turned itself around a little bit, following jpmorgan and the rest of the banks here. add in the japanese banks, european banks, ours looks a little better. >> what happens to utilities and telecoms and other dividend plays if we go to 2.3%? >> significantly down. anything mlp-ish also -- >> and reits. >> -- and reits, does go down. but it's not necessarily bad. if the economy really picks up -- >> that is the reason for -- >> you have to believe it's going to happen. i think the target is on the back of utilities, and reits. i think those are the clear plays. when you look at the -- i think they're safer. utilities have the target on

their backs. reits have a target on their back. look for the second domino. >> thanks. let's stick with the sort of theme and get to the move the day. we're talking about the home builders falling today. softer than expected new home sales in march. new home sales declining three months in a row for the first time since 2011. i go to you, because you own some. >> i own kb homes and pulte homes. they want them to be more inquisitory. the market interpreted kb homes to be one of the target. some banks say it's not going to happen. i'm long both. i think they've both been thrown out, baby with the bath water. they both ran up. there's more to go. >> wlaps if rates go to 2.3%? >> that is the real question. is there a scramble for homes? people who sat on the sidelines for so long, they were thinking

it would be free money forever. that's what i think people have been sort of praying on for now. one quick question for you, big run out of kbh, i love those runs. a great run. but can they continue, or is this part of what we've seen, where you have this big run, and then suddenly they start to tail back. >> did you ask why they're not taking profits? >> that's what i'm asking. >> no, i totally agree. it's warranted. but if you look back at where they came from, they were so decimated. on a percentage basis, they've looked like they've moved substantially. but they really haven't factored in anything. if you get any slight tick up, or anything positive, these things are probably doubles from here. >> i would have thought this far into a recovery, we would have seen home builders do much, much better. it makes me think that the millennial shift is very real. they either don't want to own homes, they don't -- >> secular shifts? >> i think so. we should have seen this recover

by now. like uber and rental cars. >> do you know what i did this weekend? >> no idea. in the yard. home depot. spring planting. is that what you're going to say? is it like i'm reading your mind? >> it's like that creepy picture they took of us. remember that whole thing? >> i hope not. >> i was on the self-checkout line and it was still packed. >> this is a problem millennials don't want stuff and it goes back to the conversation earlier in the show, they don't go to the malls, they don't want stuff, they want the experience. >> let me tell you something -- >> apparently you're still talking about it. still ahead, oil on a tear this year. but dennis said the run is over and it better be because his life could depend on it. all you in the twitter-verse

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welcome back to "fast money." crude oil falling more than 2% today. back below $43 a barrel.

good news for the commodities king. dennis gartman said we wouldn't see that price again in our lifetime. dennis, you're well, right? everything's feeling good? >> i am well. a little dismayed, a little embarrassed. but yes, i'm feeling well. that was not a forecast of my health. it was indeed a forecast of where i thought crude oil would be. >> you're pulling back that forecast, right? >> well, we did trade to $44.03, which is astonishing to me. yeah, we traded higher. we were surprised we were able to take it that much higher. there is xleplenty of crude oilr sale. people who have had loans extended to them are having hejs put into place. i have a sneaky feeling the $44 will be difficult to get through. as lord keens once said, when

the facts change, i change, what do you do, sir? i haven't seen the facts change yet. but if the facts change, if suddenly the supplies are diminished, if suddenly demand is increased, if suddenly the contango disappears, and we see the crude oil futures move backwards, i change my opinion. i think $42, $44 is very expensive crude. >> basically you're sticking with your forecast with a slight revision it has to stay above $44 for a long period and we won't see that in your lifetime? >> well, you know, i'm not going to say in my lifetime again. >> thank goodness. >> one has to be careful about making trumpian type statements like that. but i have my doubts as to whether we're going to be able to stay much above $44 to be honest. >> let's turn our attention now, dennis, to the soft commodities, the grains, et cetera. huge moves in the grain market. what shall the implications?

>> weather's behind it right now, mel. this is the time of the year we're getting the corn crop in the ground. we've got to get corn in the ground before the middle of june. after that, the only thing you really put in the ground if you're a midwestern farmer is soybeans. there has been a debate whether there's going to be rain or not rain. it looked like the farmers were going to have ten days of really great weather to plant 24/7. and that's what put the market down hard last thursday and friday. and then over the weekend, that weather report got changed. maybe there's going to be rain later this week. and if so, that will keep farmers from getting that corn crop into the ground. this is that time of the year, planting season, then you get it in june and july when you have drought conditions, or very hot conditions and a lack of rain. but it's all weather related right now, and it depends upon which time of the day you get a weather report and whose weather report you get. >> at what point do you get concerned about the food prices? around whether or not this inflation gets passed on?

>> it's a long way away. as you can see right now, on the screen, corn is $3.81. let's remember, it was only two or three years ago we had corn prices above $7. we had wheat prices above $8. soybeans, beans in the teens. we are so far from those numbers. i doubt there's any possibility of getting those sorts of numbers again anytime soon. you just have large crops, good crops and the ability to get the corn open-the crops in the ground. unless there's something untoward that happens again this year, unless the crop in the second crop down in brazil is damaged, it's going to be very difficult to put inflationary pressures incumbent in grain prices. that's not going to happen. >> dennis, thank you. >> not in my lifetime. >> oh! be well, dennis. dennis gartman, the gartman letter. so you said up to 50. you didn't say in your lifetime. >> i did say up to 50 for the

near term futures. last time i checked, i'm still alive. i like my bet on crude. but i will tell you, all this political jockeying now with the saudis, i think that has the ability to put a bid into crude. but i'm going to stick with my $50 top on crude. >> 44 versus 40. does it make a huge difference in the oil trade? >> i don't think so. 44 versus 28 does. john's been on your show, he thinks it's going down to the teens. you get a hawkish fed, i think the u.s. dollar is spring loaded to go up. rallying the dollar with crude at these levels could lead to its decline in the price. ovx is still 44, which is still somewhat elevated. the nearly $80 level we saw a while back. but i think the next leg is lower. >> oil equities? >> yeah, i think there are names out there. we talk about it, like an exxon right now. if it passes the 44 level, more than 44.03 he was talking about, conoco philips is the one that will outperform.

>> okay. still ahead, could this man, joseph papa, be the right man to head the turn-around of embattled valeant. the details up next. more major earnings on deck. amazon, linkedin, and facebook. andrea sikon. medical doctor from cleveland clinic, watson, let's review the electronic medical record of the next patient.. no problem. it's a pretty huge file. done. sorry for the wait. that was quick. as part of our research, i also compared lab results with notes about prior treatments,

then cross referenced it with thousands of medical journals. and i get the benefit of much more data, and a lot more time to plan the best treatments. i stay focused 24/7 and never sleep. you sound like a lot of medical students i know.

welcome back to "fast money." valeant getting a new ceo. that company issues a profit warning. he'll take the hell am at the embattled pharma giant. can he really turn valeant around. meg? >> melissa, that's right, joe papa is taking both the chairman and ceo roles at valeant. folks who are basically thinking of valeant of turning itself around is taking this as good news. they still think he has a long way to go, that it really isn't enough to fix the problem. papa has been ceo of perrigo, and ceo at cardinal health. he's definitely been around the industry for a long time. the kind of language that

valeant is using about his joining the company is interesting. the current interim chairman saying he's going to foster an ethical culture. all people are hoping it will soothe investors' fears about where valeant is headed. if you look at perrigo stocks, people are disappointed as seeing papa leaving after several disappointing quarters, after rejecting saying that perrigo would be better on its own. now folks are saying that is due to pricing pressures across the pharma industry. a lot of which were brought on by valeant. interesting papa is making this shift from one company to the other. if you look at some other stocks in the pharma bucket, also trading down a lot today. it doesn't seem like the pain is over for the big pharma. can papa turn things around for valeant is now the question. >> thank you, meg.

so what should we make of this? it's interesting, because the focus really was that this guy had been around the industry for a long time and he would be a fresh start. but here we are. more information where maybe his track record wasn't that great. >> the irony is, i think perrigo, news like they had today, plus the writedown of the acquisition, i wonder if people would have been calling for his head. i don't know. i don't know. this was not the kind of -- you know, the reality is, you would have hoped he would have gone out on a high note. bring him over here, he's the right guy. that wasn't a great release to go out on. we always talk about this, when a new ceo comes in, what do they do, kitchen sink that quarter. wouldn't be surprised to hear at all. and whether you have a competitor, like perrigo, and we had, what was it, horizon last week -- >> yeah, down 26% or something. >> a kitchen sink quarter

wouldn't be surprising here as well. i don't think the bad times are necessarily over. >> it's funny, because when the news first surfaced, the "wall street journal" said this is interesting timing. because it was before the scheduled 10k release. he must have confidence in it, that there aren't any sort of surprises in that 10k, or maybe now with fuller information, he was going because of something bad happening at his own company. >> i don't know about that. well, clearly he had some inkling of what they were going to announce for sure. he was there until friday, i guess. but here, i do believe they will get the 10k out. but it can come out and still have a lot of uncertainties, like we are in the midst of an investigation, with the doj, we don't know what the outcome will be. you can have that in a 10k, and i think we'll see things like that in the 10k. >> as much as i would say buy

perrigo today, there's still too much there. you've got to wait on this name. valeant as well. >> from a big ceo change to big moves on earnings, big names in tech reporting this week. the options market is implying pretty big moves. mike? >> hey, we're looking at three big moves for earnings. amazon is the first one expected to move over 8% when they report on thursday. facebook, expected to move more than 7%. they're going to be reporting on wednesday. linkedin expected to move 13% when they report on thursday. collectively when you put these three together, we're looking at a market capitalization change of somewhere in the vicinity of $50 billion. >> which one do you like of the three, mike? >> surprisingly, linkedin. i think the other two have been very strong, but everybody seems to love them. >> mike, thank you. in austin with the action. check out the full show, that's friday, 5:30 p.m. eastern time on cnbc. coming up tonight, a blockbuster stock.

cramer sitting down with the ceo of imax talking earnings. china, the major line of summer releases. a journey through the airlines stocks. and cramer's crowning a champion for the group. at the top of the hour. i'm here at the td ameritrade trader offices. 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 and 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. td ameritrade.

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welcome back to "fast money." we've come across our fair share of pretty strange animals. but this three-horned cow is by far the weirdest. he has two horns on either side of its head and a third one coming out of its forehead. it's appropriately called the unicorn cow. a tri-corn, technically. three horns. >> it's not going to get any dates at the stable. >> i don't think he has to worry about that. final trade. >> the gold miners, gdx unbelievable so far this year. i think it's going higher. >> altria group. you should be long. >> i'm putting my money where my mouth is.

apple. i'm long going into earnings. >> goldman sachs, just because i don't like what bove said about it. >> final trade fueled by dislike. >> i'm