>> if you're going to bring a lawsuit for not being able to order with ice, you shouldn't be allowed to spend $5 on a beverage. >> that does it for "closing bell." thank you. "fast money" begins right now. that's right. fast mope starts live from the nasdaq market site overlooking new york's times square. i'm scott walker in tonight for melissa lee. our traders are tim seymour, karen finerman and steve grasso and ryan kelly. the worst slide in two decades. is tim cook worried? we'll hear what he said to jim cramer exclusively moments ago. plus, missed a rally? we've got three stocks making 52-week highs. a top technician says we're going even higher. we'll see if any of them are worth buying. wells fargo says the s&p 500 could rally 10% this year. the bull behind the call makes his case in just a few moments. but first, we start out with the

markets. the dow, nasdaq and s&p firmly in the green. it came down to one thing. a weaker dollar. the dollar has fallen for six straight days sitting at its lowest level since august. is it really this simple. >> it's been weaker are dollar and stronger oil, too. they go hand in hand. i'm still in the camp that we're in a correction in the dollar. for the last month or so, i've been wrong on being long dollar. when i look back at the longer term, we had 18 months from 2014, to the peak in 2015. where we had a 20% run in the dollar. now, over the last 14 months, we've dropped 7.8% or so. to me that's a correction. so somewhere around here, i thought it would hold 94. when i talk about the dxy, i thought it would hold that, but it hasn't. i think somewhere around here i'm going to be looking for a turn. >> it's very significant that the dollar does keep on this decline. for the market? >> i think significant for a lot

of different reasons. first of all, i think there's been a bit of a lending mentality. central bank differentials, or really the strength of the u.s. economy, the bears, or the people negative right now are the people that think that the economy has no legs. frankly, data has not been great. i think if you think about where we are right now, the dollar's probably playing into where it should be. and when you think about the efficacy of central bank activity right now, the boj is poster child for it's really not working. back to trades, am i worried oil is off 3% on a day when the dollar was weaker? absolutely not. do i think oil is going to 90 bucks tomorrow? absolutely not. >> you should be worried about the oil trade, though. i think it's more of a fact of global growth, or lack thereof. oil signifying weakness against the weaker dollar appears to be troublesome. >> the hundred percent move off the bottom, it can't go up every

day. i think people are looking at the weaker dollar. the oil, dollar, credit, bank trade is breaking down. it means that people are no longer seeing it falling apart. >> at these points, are they going to come back together again? has the underlying fundamentals changed? not at all. the oil suppliers roughly the same. we don't have any more demand. the u.s. economy and the global economy is not as strong as it was before. so you have to be concerned -- >> in fairness, it's not as weak as the most bearish people say it is. maybe you included, i don't know. >> i don't know about that. i think it's pretty weak. we're looking at a global recession, if you define it 3% global growth or below that. u.s. economy's running half a percent gdp. that's not very strong. we're not in recession yet. >> everybody thought johnny yellen had a hawkish slant. people thought that's what they

took out of the last comments. you cannot find anything hawkish in the dollar's move from yellen's speech. >> look, the fed has really so much to do and so little they can control at this point. the fed's not going to be right or wrong. the fed to me after the last statement last week, and i think the fed was the most important thing that happened last week, is that they are trying to thread the june meeting. two hikes to go this year, and right now fed funds tell you they're not going to do it. i think you guys are right in terms of the trajectory of the u.s. economy is nothing to get excited about. relative where you think the dollar should go, the dollar shouldn't be any higher than it is. think about the trades that were ambushed on the back of that principle, not the principle, look, spot commodity prices, demand in china are not things that changed in the last six months. those were things priced in two years ago. those are trades that absolutely can be unwound if the dollar is meyered in the mud like it should be.

>> i thought today was impressive. two days we had going into the weekend, looked like it was going to set up for just an awful monday. then you had the china news over the weekend. which wasn't bad. i thought it actually hung in there pretty well, considering the run that we've had for the market to have a day like it did today, i think it's impressive. i'm scared, i'm not a buyer here. it's gone up so far, so fast. >> in a short period of time. >> down to 18.10 was a pretty big number. >> in january we did that, too. we've had this incredibly volatile market. >> if you look at the average dxy, it's much lower now. we have a little bit of a tailwind for multinational earnings. >> but my point would be, isn't that what the rally from 18.10 up to here is about? isn't it about the weaker dollar and stronger oil? that's what's changed. >> it's also been about value

investors taking a look at stocks that nobody wanted before these dash for trash type names, whether it's industrials or -- >> i don't know. i don't think the value -- >> there are those -- >> there's no way karen's buying freeport. >> some of it may be short covering. >> industrial space, there are those people who thought that value was coming back in vogue for the first time in however many years, in a long, long time. >> apple, is it a value trade or value trap? that's a legitimate question. but it doesn't replace the fact that people were buying value stocks for the first time in a while. >> i don't know if they're buying value stocks, that's what i'm saying. >> we're talking about materials and energy and the catch-up trade of a beaten-down market. it was a reflation trade. >> we're talking about the financials, buying caterpillar. get the fed right and you'll get the market right. what's the call on the dollar at this point? >> i think the dollar is going to go back higher. i've been wrong over the last month or so. but as the economy weakens,

you're going to get all these -- you're going to get that global debt trade. all the money's going to come back to the u.s. again, it goes back to that. have i been wrong for six weeks? >> this isn't about right or wrong. >> but my point is, this is a correction. >> yellen has to thread the needle. i think she's going to be back to where she was in december, and they're going back to raise. ultimately i do believe of the dollar strengthens from here -- >> i think it was a function of global instability and for every strong dollar fan there was out there, there were some who said china was about to blow up. the weaker dollar has taken an enormous amount of pressure off of china, and off the credit bubble that, you know, in some level exists and some level is not really, is even there. i think that's really the key here. i think if you removed some of these global systemic risks, those were the reasons. not earnings, not the u.s.

economy. those were the things that took the market down to 18.10. and frankly, they're not coming back anytime soon. >> we're running with the bulls. since the february lows, the s&p 500 is up 15%. and wells fargo believes stocks are heading even higher. the firm just raised its s&p year-end price target by 10 brs. now stands among the most bullish banks on wall street. scott joins us now live from st. louis. scott, what is your thesis based on? >> here's the situation. valuations are an absolutely no way stretch. right now, we saw lousy gdp first quarter. we're seeing a lousy earnings season even though it's better than expected. but the thing is, it's going to improve over the balance of this year and in my opinion the market forgot about the first quarter a long, long time ago. probably forgotten about the second quarter. is really focused on the back half of this year and more and more on 2017. when you have valuations that

are not stretched, even though you have a very slow growth economy, the ball's moving down the field. at a slow pace. that's going to continue. and so i think that over of the course of the next year, at least through the early part of 2017, you have a good chance to see the s&p 500 between 2190 and 2290. and the middle of that, that's good return from here. >> that's been said by the smart folks i'm sitting around tonight. we have come a long way in a relatively short period of time. >> we have. you know, it's noise and consolidation right now. one day the s&p is up 15 or 20 because the dollar is weaker. next time it's up 15 or 20 because the dollar's stronger. commodities are down. it's up. commodities are up. it's down. so it's a day-to-day. this is consolidation noise. you know, 2010, 2015, big technical support. at least in my opinion. in the s&p 500. clearly the record high is

resistance on the upside. if we just bang around in here for a little while, before we head higher, that wouldn't surprise me at all. >> scott, what happens to your cal ku louse if energy takes another turn south, like probably most market participants think will happen? what does that do to your overall thesis? >> i tell you, i think that energy earnings, we were looking for 90% in the first quarter, it's down actually a little bit more than that. really, the first three quarters of this year, you're going to have some really nasty earnings comparisons in energy. for me, and i think for the equity market as a whole, the line in the sand is still probably $30. if it looks like we're going to break through 30, the market's going to be very tightly correlated with the price of oil. and it's going to go down. but i think as long as we're stable above the low 30s, $35, i think the price of stocks and the price of oil can decouple here and stocks will head higher. if energy broke below 30, if oil

broke below 30, that would be a bad thing for stocks. >> some might say the line in the sand is mid-june. that's when the fed could raise rates. if they move, does it upset the entire thesis of yours? >> well, it does not. i think that, you know, myself, really, if you're growing 2%, does the fed funds rate need to be where it is right now? absolutely not. but a prior comment that you guys made that one person interpreted janet yellen's comments as hawkish, you know, when i read that statement, i was like, june's off the table. i really thought the probability for june dropped after that statement. and i think that the highest probability is in december. you know, if the fed hasn't learned by now they need to prep the market by two or three months, i mean, if they were going to do june, they should have started talking about it -- they had the opportunity last week. and they didn't do it. so i think the probability drops there. then we're looking after the

election. our estimate is for one hike this year. >> i got you. scott, thanks for the time tonight. >> all right, guys. >> i go back to this sort of fed question. market's not prepared. people aren't ready. >> if you told me today exactly what the fed was going to do, i'm not certain that i would know how the market would react. a lot of people would say the market's going to sell off. other people would say, it's a sign they see something in the economy that gives them some room to do this. i think that it's so data dependent. how many data points to go before she has to make a decision. >> i think people look back on december and say what happened in december when they raised. they'll try to use the same play book, and look at what the market did. >> do you think it's priced in? >> i don't think anything is priced in. i have a hard time -- whenever someone says it's priced in -- >> you can see the market reaction. >> i agree with you guys. i actually think that the fed is -- the biggest factor for

markets and i think there's not enough volatility in place. i think it will be a volatile moment for the market in june. >> i agree. >> but i think ultimately people are going to come to grips with the reality of what 25 bips mean. >> the market goes down. >> and they're playing the market. so again, as long as central banks are on my side, this market's not going to get that far away from me. i don't agree with scott. they take global markets out of the mix. >> you'll hear a lot of noise between now and june from the various fed speakers out there. as we learned from janet yellen herself in the economic club of new york, her voice is the only thing that matters. she's the boss. coming up, apple shares having their longest decline in two decades. what did tim cook tell our jim cramer about that sell-off? we'll hear the exclusive comments right after this break. plus, stocks at 52-week

highs. a top technician said they're going even higher. charlie munger calling the actions of valeant demeant. what did big ackman have to say to that. we'll play the clip from the interview that all of wall street talking today. we needed 30 new hires for our call center. i'm spending too much time hiring and not enough time in my kitchen. (announcer) need to hire fast? go to ziprecruiter.com and post your job

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welcome back to "fast money." berkshire hathaway vice chairman piling on to the business strategy earlier today. take a listen. >> they raised a heart drug. he said, i'm correcting underpricing. you raise the price, is it absolutely necessary, 500%, and say you're correcting on it. underpricing, he's like the joan of arc. i would call that demented. >> munger calling valeant a sewer. bill ackman joins me in a rare and exclusive interview and said this. >> company's made some mistakes. i think where munger is wrong,

it's wrong to indict an entire company on the basis of a few mistakes, and a leader that is no longer with the business now. >> so who is right on valeant and can that company turn itself around with a revamped business model that doesn't rely on increasing drug prices? that's the central question. not only the drug prices, but the rollup strategy that many people have criticized. >> it's clearly a huge question mark, can anyone do it. other businesses facing the same issue. aside from that, though, there is a tremendous amount of potential litigation here that we haven't even begun to see yet. we've had two more states piling on. so that's also big potential overhang in this country. that was a great interview, by the way. asking everything that one wonders. the part where he says, you know, to, you know, the ceo to put it on the ceo who's not there anymore, yes, but he did really craft the heart and soul

of this company. 11 years? ten or something years? it's not like this was a rogue trader that took down valeant. this was the dna of the business model. >> anybody buy it at 32 bucks? new ceo. >> it's hard for me to -- >> incredibly attractive. >> he's pointed out there will not be any asset sales. >> no core asset sales. >> no asset sales. and that it's trading at three times earnings. i think the problem here is you need to wait to see where earnings start to settle in. and $30 billion of debt, people still don't really know where that's going to weigh on the numbers. i thought it was very -- kind of clever to use the goldman metaphor, quite actively in this whole interview, which i don't think is fair either. just because goldman sachs was part of the financial industry, and granted, there was a lot of things that suddenly the rules changed around the industry later. and so i don't know, that to me

was, i thought clever. but not the reason why i think you give these guys a brushoff. >> stock down 67% year-to-date. >> it's down like 86%. >> oversold on an rsi last month. and you had a $6 pop. granted, coming from where it was, $6 on a relative basis is a pretty decent pop. to play it now, be need to be extremely disciplined. i don't think many people should be playing it. you have to use the $27 -- i'm out if it breaks that. >> munger later said he thinks ackman is right on herbal life. that was interesting, too. the back-and-forth as well on coca-cola. ackman has been critical of coca-cola. munger at the annual meeting called it immature and idiotic that it was unhealthy. >> two different type of investors out there than these two guys. munger's very measured, ackman is the home run hitter type of thing. i think in that sense, decide what you are.

in terms of the vrx, in terms of this space, for me the problem is, you still have the political overhang of what can i charge for my product. and so for me, this name, or the biotechs in general are sells on rallies into the election, or maybe after the election. icahn sold after news on china. but here's tim cook. >> two years ago we had enormous sales. last year we did even better, 80% better. so we grew 80% over the previous year. this year, in constant currency in mainland china, we were down 7. if you look at it on the two-year basis, apple grew 70% in china. it's hard pressed to say those aren't good results. >> you can see the rest of that great interview tonight, so rare to hear from tim cook, but it's

certainly worth checking out. what do you guys make of this? you had ica hshlgs n selling it and saying -- >> you have to put pressure on it. >> he was worried about china's relationship with companies. >> i don't -- i think he sold -- for me, the reason why he was bullish -- >> not to mention he made $2 billion. >> you ring the register. >> on the capital return plan, i never heard him mention china ever when he was talking about his bullish thesis. so for me to hear that that enters into his bearish thesis, it's not that he's lying, i just don't see it. >> i would think, look, i would say there are several companies out there that are trying to figure out the whole relationship with china and where it's going to go in the future. i don't think anybody really knows frankly. there's always some kind of a risk when you are doing business of that magnitude in a place

like china. >> look at the headlines today with one of the golden geese of the motherland. i think it's crazy. if you look at operating on the ground in china, and other developing nations, there's that much more political risk. there's going to be that much more protectionism. these guys know how to navigate it. if anything, it's an dun opportunity. i bought apple today. >> bought it today? >> the stock is oversold. and ultimately it's a valuation. but i feel very comfortable with it for the next few quarters. i don't care what happens to saturation of the iphone market. i care about a balance sheet and a stock buyback, and things to me that are still executing. that includes china significantly. >> what happened most oversold that apple i believe has been -- >> on what basis? >> it had an 11.6 nine-day rsi. total momentum, people. as we all know, those things can change pretty quickly.

so some of that oversold condition can actually be worked off of. and something you're left with the stock. you better be happy oeng it. just to talk about how the momentum is so poor, this is the lowest it's been since 2008, september 2008 when the stock was getting royaled with the rest of the market. >> i bought it twice since this. i've added to mine twice since this sell-off. i do believe you're going to -- >> let me throw this out there. >> be careful when the stock gets over $100. it may be difficult to trade. >> you have limited experience trading things over a hundred bucks, we learned that last week. let me raise a ser yours issue, though. what if the upgrade cycle to the 7 is not as robust as everybody is thinking? is there more -- is that more likely that we could be surprised by a inventolower upg

cycle? >> everybody on wall street, every analyst out there says you buy it. 7 will be a home run. >> i think there's pent-up demand. if the 7 is a bust -- >> you think it will? >> it's gotten lower and lower in the last two weeks. three weeks. >> right. >> estimates have been cut. again, we talked about 44 buys, 2 sales, 4 holds. guys are coming down. it's interesting, because a lot of guys still have a buy on the stock. >> do not miss jim cramer's full interview today, tim cook on "mad money," tonight 6:00 p.m. eastern time. wrapping up an incredible day on this network. we have a top technician who has three names at 52-week highs that he says are going even higher. in the meantime, here's what's coming up on fast.

>> dennis cartman is excited, because gold is doing something it hasn't done in nine years. and it could spell more gains to come. he'll be here to explain. plus, the traders say one of these buffett stocks is a screaming buy. >> i concur entirely with him. >> we bet you do. and they'll tell us which one, when "fast money" returns.

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welcome back to "fast money." the s&p is less than 2% away from its all-time high. but if you missed the move, our next guest says three stocks are about to break out to new highs. let's go off the charts now with rich ross. rich, thanks for being here. >> scott, my pleasure. these stocks have three things in common.

they're blue chip stocks with strong charts and a macro kicker. let's start with colgate palmolive. blue chip stock. a bullish breakout from a 14-month fresh all-time high. defensive staples have been on the offensive. this stock is outperforming the group, up 9% versus 4% for the staples. when we look at the weekly, you can see the decisive breakout from a two-year trading range. i think the stock has another $10 of upside. we like the macro kicker. keep in mind, 19% of revenues here in north america, that means 81%, if my math is correct, come from overseas. nobody likes the weaker dollar more than this guy. now, bristol meyer squibb, on the fundamental basis. we rated a hold. a good chart is a good chart in my opinion. you can see this double bottom here. much like the last chart. big base of support. and a fresh breakout here. you're saying who buys drug stocks? health care and election year, not a great place to be. here's the kicker, bristol up

5%. strong stock in a weak group. i like that. when i look at the weekly chart, look how the stock rides the 100-week moving average. you held it since the financial crisis in '09. you have a nice double bottom base of support. bristol, nice buy as well in a tough sector. finally, chevron. i'm a believer in the energy trade because i'm a believer in the weak dollar trade, which means you're buying commodities, buying crude and buying energy here. you're up 50% off the bottom, i've got it. you've taken out the two-year down trend and 200 day and also this resistance. the stock is up 14% year-to-date and you get a 4% dividend. play the weak dollar, and the strength in crude and energy. >> rich ross, thank you so much. let's take colgate number one. dollar play. we like it or no? >> very, very expensive. on a current basis, 45 times

earnings. next year you're in the high 20s. the multinationals, let's wait to hear from the companies. this is part of the formula. for every guy that talked about the strong dollar, you had probably a handful of them that talked about how it was actually affecting their business. it will be nice to see what the tailwind actually means. we're in a weaker dollar environment. i don't chase it here, even though it should be trading at a premium. >> that's the issue with colgate. a lot of that weak dollar may have been priced into this. this could be a false breakout. if you're looking for that breakout, i'd use a very tight stop on it. if we get any type of dollar strength, even if you get a weak dollar but have a correction here after six, seven, eight days, colgate could -- >> but these have been pretty much, i don't want to say bulletproof. but a lot of the names are yield plays. you can't search for any yield anymore. if you look at utilities, up 12% year-to-date. i play with alshire group. 8%, 3.5% yield.

better than colgate. it's also a staple, but a hidden staple. i think people are buying this one instead of these. >> i think clearly it's up a lot. obviously as oil rallies, so goes chevron. but i think in some ways, you know, trouble in the oil patch is good for them. because they're going to be one of the stronger ones and survive, even though it would be difficult in the short term. i like it as a relatively low risk/reward plan. >> gold hitting a high. dennis gartman joins us. what does gm, american express and ibm all have in common? warren buffett owns all of them. even some of his biggest losers could wind up being big winners. this clean was like, pow!

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keep those sweatpants on! order another pizza! and watch on! [ cheering ] don't wait a whole year for xfinity watchathon week to return. upgrade now to add the premium channel of your choice so you can keep watching. call or go online today. . welcome back to fast money. gold is shining this year, breaching a $1,300 level for the first time since january of 2015. but cracks could soon appear in

that rally. let's turn to deidre with more. >> hey, scott. if history is any guide, hitting that key level could actually be a bearish signal for gold, and a bullish one for stocks. $1,300 has been a tough threshold for the precious metal to stay above. one month after breaking it, gold, gold atf and gold miners have often fallen slower. the big guys are the best relative performers. stocks, though, are entirely different story. historically, the major indexes are higher after gold breaks the $1,300 an ounce level. the s&p and dow industrials have traded positive in every instance but one. get this, guys, tech has led the way in every instance, nine out of nine times, returning more than 3% on average. so if this holds true, this time

around, we could soon see some much-needed relief for the sector which has been beaten down over the last few months. they say this time may be different. top performance is no guarantee of future results. remember back in 2010 when gold surpassed the $1,300 level, eventually breaking $2,000 an ounce. since falling back below a few years later, it has struggled to regain the $1,300 level and stocks have been a much better bet according to history. >> deidre, thank you so much. not everyone is in the bearish gold camp, though. dennis gartman joins us with the bull case. dennis, you don't put too much stock, so to speak, in the $1,300 an area where you would look for some selling? >> you can look for selling at 1 $1,100 or $1,200. after all, scotty, let's be

honest, we've moved gold up $95 an ounce in the course of the last, what, 20 trading sessions. very extreme move on gold's part. nonetheless, i think it's a bull market. i think you're supposed to own gold in euro terms, i think you're supposed to own gold in yen terms, and i actually think you're supposed to own gold in u.s. dollar terms at this point at any correction you can get. can you take it back to 1,275? you could do that tomorrow. but i think there will be strong support for it. i think the monetary authorities around the world with the exception of the united states are continuing to err on the side of monetary policies. even the japanese have no choice after the mistake they made last week to continue to do so. >> what happens, though, if stocks start to take a leg higher, as one of our guests suggested this evening, that they could? >> well, i've been around long enough to remember seeing bull markets in gold when there was a

bull market in equities. i have seen bull markets in gold when there's been a bear market in equities. so normally, one must think that a bull market in equities gives way to weaker gold prices. that's not necessarily true. if the monetary authorities are in fact easing -- erring on the side of aggression, that could still make the case for stronger stock prices and for stronger gold. i'm not sure that a strong stock market necessarily begets weaker gold. i just don't believe that. >> dennis, appreciate the time, as always, the commodities king. what's the trade? >> i still think on pullbacks here, you buy it. when you look at producer hedging, that's starting to increase. producers are net short. producers are notoriously horrible at hedging. that's one more fuel for the fire. i like gold. >> isn't this gold rally a function of a weaker dollar?

>> it is. but it doesn't have to be. because the dollar and gold have rallied in tandem. they've done it a bunch of times. when they've done it is when inflation is rising and when the fed is raising interest rates. >> and also, when you're correlating -- nothing means anything. when you look at what we're long, i don't know if you're long, but i'm long gdx. the miners outperform 4-1. the gld is up 21% year-to-date. the junior miners are up 100% year-to-date. >> but i'm thinking as you say that -- >> if you think gold is moving higher, it outperforms. the miners to. they outperform to the down side as well. >> the trader that you are, if you were pointing out another that would ha that much of a gain, you would think it would ring the register a little bit. >> it could. if you think the underlying metal is moving higher, they

could still outscore 5-1. if you think the run is over in gold, then you have to really -- if you hit the register, run for the door in the miners before the gld. >> i got you. i say this about gold. i think about gold not necessarily in financial terms, but i actually think about it with a lot of other commodities -- >> we're not yet of dollar or euro terms? >> that's too complicated for me. i'm a simple man. i think about production. i think about how much gold production has been eviscerated and taken offline by either perceived bankruptcies or cap x, but new projects. not a lot of gold coming online. there are industrial uses for gold. there will be actually this crump, and i think that's what drives gold higher. that's a commodity call that i think we're seeing across that complex. >> still ahead, why is warren buffett still holding on to ibm and american express? we'll hear from him in his own words. time warner, cbs, and fox reporting earnings this week. we'll tell you which one traders expect will have the biggest

move. we're back right after this break. believed leadership is about vision and integrity, confidence, inspiration, and passion. ♪ pitching wedge. thanks phil. and always having the courage to take your best shot. see the best of the best at the kpmg women's pga championship

we will not sell businesses except for the reasons that we lay out in our economic

principles. we want anybody to buy berkshire to understand how we think. so we have a section in the back called the principles of berkshire hathaway. it says we will not sell controlled businesses unless they either have major labor problems or promise to eat up cash. >> that was warren buffett speaking to cnbc earlier this morning why he's not letting go of some of his biggest losers. ibm down 17%. american express, down 15%. wells fargo down 9%. and general motors down about 10%. wondering if some of these laggards in the portfolio are worth buying. >> you know what, i actually would buy one of them. it's going to be a shock to most people. ibm, i actually like that one. here's why. we talked in the beginning of the show about whether or not you want to buy valeant. this is a turn-around that is happening. so i feel like i have a much

better probability. not only do they have watson, but i was in a bit coin conference, but they're into bit coin block change. they have two growth drivers. plus i get a dividend. i got it at a low price. yeah, i buy it. >> i tell you what, the gm story, we talked about ford and gm, and companies that are trading record margins, record cash flows, top of the cycle in terms of sale, yet they probably haven't been cheaper with the exception of -- actually, they were cheaper, but almost getting out of bankruptcy. it's a place where this is a 5% dividend yield. a company i think there's a lot of perception that these guys will not survive a technological kind of disruption factor in the industry. meanwhile, they've made more investment than almost anyone other than tesla. gm to me is one you ride through here. there's so much negativity around these guys. i think i've seen nothing that can tell me that the margins are slipg, or they're changing their game plan. >> wells fargo, i see it down the last year. this has been a home run for

them. ibm was late. that's a relatively new position for him. i don't really get that one as much. wells fargo has been a home run, great company, well run, not expensive. >> we talked about gm before. the issues there. what about xp? >> i think axp -- >> the costco thing. stock's not been the same since. >> i think you go mastercard, visa, i'd rather go over american express. i don't think it will ever get back to that level. i think they're expensive. i think millennials, even my age group does not want to spend money on credit cards like american express. >> you still have the black card, right? >> i was grandfathered in. nobody even knows what the black card is. >> you got that from dave and buster's right? >> exactly. >> we do have a news alert on david einhorn.

lets gee people who probably have black cards. >> hey, scott. look at shares of yelp popping. david einhorn's hedge fund capital revealing a new stake in the company. they have strategic value in that it has been approached by multiple potential acquirers, and should yelp's board ever decide to auction the company, a bidding war could emerge. stock up over 5% in extended trade. keep in mind, still down about 40% over the past one year. a lot of that having to do with disappointing earnings. aside from that, unlike a majority of hedge funds out there, green light capital returned 3% in the first quarter of 2015. some of its winners including consol energy, bullish position in gold michael koris. and sun edison. >> seema mody, thank you so much. rough year. up 3% in the first quarter. what about this yelp play?

>> everybody thought yelp -- there was no barrier. they thought everyone could go what yelp was doing. yelp has a niche. when you go someplace, jump off a plane, you want local information, yelp has that market cornered. so i do believe it's a great entry point for him. it was oversold back in february. bounced back nicely. but i do believe the risk is to the upside. >> your thoughts? >> i'm surprised. >> again, this to me is one of these names where, first of all, i think the barriers to entry are significantly low. i think the valuation is way too high. but i would imagine the fact that they have a black card list thing on there, steve, for the heavy hitters -- >> how come they have it -- when you say the barrier is down. that's what the argument was. you would think they would have been -- not taken out, but taken out of business by the likes of a google, or maybe even an amazon, or somebody else. >> it's down from a hundred. >> but it's still there. >> the point is that's probably

been priced in. the entry, anybody can get in. >> that's probably priced in from a hundred down to 20. >> let's go back to your comment, karen, that your "surprised. >> i would have thought something what i would

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it is time now for our final trade. around the horn we go. tim? >> i bought apple today as a trade. ultimate investment, but for now a trade. >> value girl, value stocks, footlocker. they'll report earnings later this month. >> i added to my apple, both for trade and long-term investment. >> talked a lot about gold going

higher. copper hasn't quite had the run that gold has had. i think you buy. >> it's been fun. it's been real. see you again tomorrow night. stay tuned, jim cramer's interview, the exclusive one with my mission is simple. to make you money. i'm here to level the playing field for all investors. there is always a bull market somewhere and i promise to help you find it. "mad money" starts now. hey, i'm cramer. some people want to make friends. my job is to. short term versus long term. hedge fund manager versus lifetime share holder. when you contrast big name manager carl