morning. >> things look busy in hotlanta today, kelly. >> oh, boy. yeah, it was interesting to hear big comment frs the atlanta fed president, from home depot's ceo, especially, guy, so that's the view from here. >> thanks for yoining us. "fast money" starts now. see you tomorrow. >> "fast money" starts now. live from the nasdaq overlooking new york city's times square, i'm melissa lee. your traders are -- tonight, something happened in the market a. plus, one of them for the market. we'll tell you why some major ceos are concerned and late e. can't buy them, beat them. facebook taking ape at smap chat, but is mark zuckerberg going down the wrong road in there were major moves in

consumer related stocks. check out shares of ford and gm, both sinking. plus check ott the retailers like nordstrom and macy's getting crushed today. is the stock market telling us the consumer may be tapped out? >> i don't think so. i think first of all, retailers have all bounced since may, so maybe the sell off, it's often oversold condition. we had a nice bounce, but the auto stocks have been lousy for three years. think about it. you have in my opinion, the best vir environment in the last maybe 50 years. the stock market is basically tripped. if these stocks have gone sideways to lower over that period of time, you have to ask yourself when is the right time the own these stocks. we've had this conerer sags for a while, so i think the autos tell one story. the reteailers tell a story, bu i don't think you can say the consumer is dead.

>> well, i'll tell you, the auto sector is the most concerning. i look at auto nation. mike jackson was on cnbc back in january. said 2016's not going to be a good year. he's the ceo of auto nation. he was going to restructure the country. down 6% today. autos have been a major driver of the economy. so, when i look at all these thing, i will put retarials aside, the consumers buyi ining sweaters and hats. i look at the autos as a broad economic spectrum. this is just part and parcel. >> the guys point out these stocks have been doing lousy for a long time now. are they a read on. >> i was fixing my earrings, by the way. when i look at the retailers, they've been under pressure tr different reasons.

when wie look at spentding, two days ago, the consumers alive and well. keeping the u.s. economy alive. if you look at auto, it's a function of did we pull forward so much sales, the fact ford is trading six time, gm, tells you that even if the worst of time, these were eight, nine, ten times multiple stocks. people think there's no way 17.5 million will happen soon. i don't agree that. we've gone so far on the other side on auto sales, where we are now is about normal. maybe we pull for some sales. i think these guys have never run their businesses efficiently. i stay on these stocks. my average on both gm and ford is from three years ago where the numbers are a lot better. i enjoy the dividend and i like the valuation. i'm not going fight this i think this perception because i think the reality is that the sector is okay. >> right. in terms of pulling forward, if

you pull forward sale, now, the consume who has bought a car could have money to buy something else. >> sell off today is very overblown. we'll start to see earnings come out next weeg on a number of them. i think department stores do face a secular issue, but i think what happened today was looking at those personal spending number, i think those are accident. get started probably now, probably has started in many places. i'm much more optimistic. this market in general, i think, people are just throwing out. anything that's rallied in the last few weeks. >> in terms of what happened in today's market. the s&p was down, then parroted its losses. at this point, what should we make of the market the day after we hit a new record all time intraday high. >> here's some of the things

that concern me. the resiliency of the s&p we've talked about for a long time. the transport weakness was alarming to say the least. there are a loft different reasons for it. but the transports were definitely alarm iing to the downside. the fact crude oil, we can talk about whether it's going to bounce, but the ovx suggesting there might be another length low e in this move we've seen from 50 down to 40. i think there's certain names in the oil space. on a valuation basis are rich and we had this conversation last week, are you concerned one of these big oils, the not probably exxon, comes in and cuts dividenddividends. yields are going higher because stocks are going low. >> there's a precedent. they cut it a couple of years ago. they absolutely will do that again. i think murphy is going to do that. i think you get to a place where big cap oil though. we're getting the levels where the big integrated things look

fantastic. they outper fomed in a way they don't deserve. $96, i want, no way. >> what if we get 20. that doesn't seem that unusual to me. we've seen this move before. what they did last year and oil tanked. if you look back to the 80, you had a ten-year period where oil traded a massive range between 20 and $40. if you have a five year period, average of $40 per barrel, even exxon's going to believe able to afford their dividend. is there a trade? certainly. i would not be buying exxon here at all. >> first of all, is it 30, 20, you know, you're talking about major move. talking about a 30% move down to 30 bucks. being cut in half again. to me, this is after we've had a big move and the muentals havent

changed. demand is up 1.6, 1.7%. supply side, come on, this is an industry that has faced the aby abyss. they're not going back. >> why? >> because they're not going bankrupt. zbr situation room has a $10 per barrel marginal cost. >> straight capacity in opec is maxed out. >> they can sell at a $10 a barrel. >> but can't sell anymore than they're selling. >> $10 barrel. so, tell $10 a barrel. fwl this is a supply issue, not demand. zwl say the truth is somewhere in the middle where companies won't necessarily go brumt, but the middle. say -- at $40 a barrel, do we see the credit concerns that gripped ut come back? because that was a real problem in the mark. >> hyg, when oil was 28, hyg was

telling a much different story. not a lot of fear, so at $40, i don't think you can say heir going to there are going to be the same credit concerns. what does concerns me is ta continued lousy performance of european banks. zpl stocks saw their biggest one-day drop since early july, but something is happening that has dennis gartman nervous. what's got you so nervous. >> a number of things had me nervous. i watched the cnn fear and greed index, which has gotten to extremely greedy levels. i love the terminology they use. that has been bothersome to me. the has become somewhat more involved than they have been in the past. i'm a little concerneded about earnings. i'm a little concerned about the fed possibly beginning the move to tightening monetary policy. trz i'm a little concerneded about the political circumstances here in the united states. i'm a little concern about the

political circumstances overseas. add those all together and it got me enough yesterday to and remember, i trade only from my own account. what i say is what i do. i bought a little bit of vix to protect myself. felt good. i walked in this morning, was quickly ahead on the trade and the only thing i've learned is do more of that which has been working. that was working. seems to have worked through the course of the day. i took it home then at the end of the day, i thought it was very important to notice that you u had a rare circumstance where you had an outside reverse tall week already. where you made a new high and then taken out the previous weeks low, already in a mere two days period of time. those sorts of things have in the past been very indicative of important tops. so a number of things came into it. but at the end of the day, it could be negated. this is only tuesday we've gone

through. you have wednesday, thursday and the employment report coming out and perhaps it will be op vated by the weekend. i suspect it won't be. i have to respect that outside reversal and gold keeps going up. t telling you something unhappy taking place. so put those together. got me quietly a little bit bearish. enough to be slightly tilted to the bearish side. >> we are just a few dollars away from year to date highs. you bought volatility. you think stocks are going low, but not willing to short the markets. >> not yet. i bought volatility. >> what got dwrou switch from buyer volatility to a short of the markets? >>. >> if i see that volatility doesn't p pick up dramatically and in the weekly reerer sal that i talked about kobt continues through the course of this week, you'll see me buying sds, selling stocks short.

buying u puts. that will end up happening over the course to have next several day, but for now, the fact that the volatile index picked up from its bottom, had an outside reversal. if by the weekend, we have an outside reversal week and a good employment number an the market is trading poorly, i'll get more bearish. >> dennis, thank you. outside reversal. >> dennis made the point it's tuesday, you have three days left, so a lot could still happen. we talk about the potential for an outside here in the s&p and that's still in play. i will athis in terms of he mentioned gold. got to talk about newmonte mining up 4%. these mining stocks continue to work, so does gold work in any environment? had this conversation for months. i say yes. i'd still think gold is break out to the upside in a meaningful way. >> i followed the volatility index a lot. guides me on how to hedge the portfolio. it's up a little, but has a fair

way to run for me,oday is an awful day, but i'm not inclined to sell and hope i can fig yaur out when to get in. keep my hedges on. maybe add a little to them. some of the things i'm looking at just got ripped today. i'll look at probably buy a little bit tomorrow. some of the airlines and the retailers. i'll look at that. but i think that to try to get in front of this volatility and trade around it, with your whole portfolio, to be all in or out, eems difficult. >> if you want to buy volatility like dennis did, i wouldn't use the etfs and all these crazy things. but you can do what karen does. buy puts. you're buying puts cheaply. it's the same thing as buying volatility. >> simply put, volatility's way too cheap and we've had this dead zone. there's a reason we're here.

the it's options. >> up next, biotech breaking out higher today on deal chatter over biogen. plus, fit bit is urging after hours. how is the company compete wg apple watch? and the cdc issuing an historic travel warning over zika in the united states. could it become the next black wan event fstocks? i'm just a guy who wan

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at a great price with over $500 in savings. call today and ask how to get these savings plus a $250 prepaid card. comcast business. built for business. welcome back. huge day for biogen. the stock surging to 9% on reports of allergan and merck. we were talking about this yesterday. sitting at pretty much yesterday was six month highs. today, seven month highs and whether the next leg would kick in the keep it higher, being a m&a. >> it's been a part of this torre for a long time and was mussing for a listening time, too. when we had a loft news from political. but this deal makes sense. and again, you've gotten to a place where moving the needle for some of these companies and big pharma is very, very difficult. they are no longer one big drug and therefore, the lines are a lot less.

could it be a knack for a bigger player? yeah. they're drugs are -- whether the ceo is leaving is anything to do with real change going on. i don't think so. they've said that's not it. whether it's happening. >> next. >> biogen, ivp point, we've talked about from the beginning of the year, crude had this rally to quote dennis gartman. one of the things we said was ivb will trade down to 240. then rally back. that's what's happened. nobody's talking abt and i think there's room to trade up to levels we saw in the fall when we broke down, which is 3040. no longer talking about bio tech. missing the fact these stocks are still cheap.

>> in terms of ivb, it's made up of mostly large cap biotech companies. this move could have moved it a little bit. whether it ends up at, 75, 20%, that validated valuations other companies or is this just a biogen story. >> i think it's more specific. the size of the story, it's enormous. to do a deal for merck or allergan, it's expensive. i don't know why this story came out today. i don't know if it was leaked by somebody to sort of test the waters. it was odd in that it was preliminary. nobody confirmed it, as far as i know and i wouldn't be chase in it here if you really, if they're on the hope of a deal. the way the news is -- it was the dow jones report.

9%, then halted for volatility. it was a little weird. >> you know, aisle kind of indif rent. i've said the whole year, you seal the ivboxbi. you sell them on any strength going into the election. i've got maybe 5 to 10% upside. down to 240. so it's kind of in man's land. >> biogen specific. >> is this would you rather? >> you better wait for a while. >> i've played -- yesterday. >> chair, you snooze, you lose. >> this story is biogen

specific. you've mentioned gilead. they have an unbelievable balance sheet. we talked this this a week, week and a half ago ch look for them to make a move into these cancer xaeps. gilead has to do something, especially if this deal goes down, it will force companies like gilead to make a move. >> still ahead, searching more than 9% and you won't believe mow high some see it going. you're watching "fast money." here's what else is coming up on fast. >> zika is spreading and it's got some companies running scared. we'll tell you the names in a special report. plus, facebook has a simple message for snap chat. >> don't let me destroy you. >> but the facebook fighting a losing battle?

fit bit is surging on earnings. josh has the details in san francisco. >> well, melissa on this call, james park talking to analysts saying this later quarter in his words demonstrate continues growth of the company, the positive impact it's having on consumers. he said retailers are showing in his words, an early positive response to ul ta and blaze. the company's newer products. confident about the future park saying in a sign of the confidence, he will not be selling stock through the end of the year. neither will a number of executive, inclouding the cfo. he also talked about competition. top of mind, park making the argument that the number of rivals in this space doesn't matter, just the impact does. park saying this is not a simple market. to succeed in. that the company's nine-year history con if i weres it has in

his words, a hard earned understanding of consumer needs. spinning ahead, he said they'll expand their feem in an effort to confirm and straighten their competitive position. fit bit looking to roll out new products during the holidays. back to you. >> thanks so much. let's not sugar coat this. this has been an awful stock. down 55% this year. it's nice they are not going to sell shares through the end of the year, but does that make u yo any more confident about its future? >> no. it get to a point though, there's obviously some anxiety in the company. probably a place where it's a cash generated company, but so much competition. not a stock i'd short. just a takeout or bolt on to somebody else. i don't think you need speculate here. >> agreed. i liked the stock last year around this timish. seems inexpensive as it does

now. they are cash flow positive. >> good money there. >> that's sort of impresive, but more likely a takeout. down the road than becoming a giant on their own. >> what do they say, it's darkest before the down. gl i would say it's darkest right after -- >> that's true. >> it's these two. >> actually, you guys did. the challenge. you haud one. any way. >> bk, we got to go to meg. >> i don't know, but she's got news on biogen. >> that's right. of course, the news came out"th journal" sayingal aller again and merck have made approached recently. i've learned today it's unlikely that allergan at least will be interested in biogen.

biogen has a big risk reward, particularly in its al -- program. doesn't sound like it's going to be a likely target. now, i reached out to aller again and merck, both companies declined to comment as well as did biogen on "the wall street journal." >> thanks so much. before you go, in terms of allergan droppinging out, does that make merck more likely or that a deal, period, would be less likely? >> it's not totally clear. i'm not clear with merck's thinking on this. they are invested in the pipeli pipeline assets themselves so, trying to dig on that. it's not that aller again dropped out, it's not clear they did make any serious approach in

the first place. >> thank you and of course, we are watching shares of biogen in the after hours. you're seeing some gains being taken off the table. the shares are down by about 2.5% right now. and ticking lore. zpl it was pretty clear, conversations have been had however. this may have been in the last two years for that matter. the fact this is supposed to inspire a move tomorrow, i don't think so. >> biogen's headquartered by your neck of the woods, harvard, cambridge. and merck has been making moves in terms of what they're doing with office space in boston, massachusetts. no, no, jus pointing out facts. merck is working on something in theal simer space as well. does it make sense? >> up next, facebook taking a direct shot at snap chat in a bid to win more users. could it be good news for shareholders? and volatility rallying more

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welcome back. dow falling about 90 points for a seventh day of losses in a row. the north america dac is having its worst day since june 27th. here's what's coming up the second half of "fast money." zika spreading, we'll show you what that is and why it could mean a black swan event is coming. plus, bob iger sparked fears that spread throughout stocks a quleer a year ago. first, the social media space. instagram owned by facebook taking a page right from snap chat with the new stories feature. allowing user to add photos and videos to an album that will disappear after 24 hours. it features extremely similar to

nap chat's feature. the format was worked for snap chat boasts 100 million active users. not the first time facebook has tried to take on nap chat. room and slingshot, they didn't last, so how much will the new future help? making a rare nasdaq appearance, the executive editor. great to have you onset. can they possibly take on snap chat? >> being so kind and borrowing from them. fantastic steal. good looking. nice app, but an utter steal right down to the name. they have to because i think the core of instagram is getting eaten by snap chat. the it's clear especially among young people. i don't know how many of you have teenagers, they love snap chat. they use those stories. they use instagram, but not in the same way. >> we like to make out wars.

one person wins or one company wins, the other loses. maybe not necessarily one wins and one loses. >> that's what's happening. >> it is clear. >> sfap chat really is doing well among a demographic that facebook need to keep. and instagram has been a super popular thing with teenagers and well used and a good, very fantastic app, but it really, snap chat has captured their imaginations, stories. my story app and so they're trying to add on. they try all kinds of things i they all steal from each other. twitter fwrabs stickers. snap chat doesn't steal. it does a loft its own stuff, but a lot of people are stealinging from what is the trend setter. >> you mentioned twitter. where does that leave twitter? does twitter with a shot? >> at what? they have a great shot at getting sold. no, it's not exactly the same space. they've been trying to do things live streaming with the sports. that's where you've got to look with twitter.

sport, live streaming, news. anything that could be streamed in a certain way, you're going to see them there. so that's an interesting thing. sort of a news app more than anything else. you don't think about what the snap chat. and a facebook has a different thing going on. it's not that live watching. >> how important to facebook do you think is instagram for what it does with the stock? >> i think it's very important. all their assets. like the ok las purchase, all the others. but you know, the core is snap chat is really hitting at the core m i think a lot of investors think so. this is a real, they probably should have bought it if they couldn't, which they couldn't. if not getting it, they have to innovate within space and see if they can hold on. >> in terms of the format, facebook seems to be garrneringa

premium valuation because their formats are working. >> facebook live is great. >> is it in a place where facebook is going to be able to steal it any way? maybe not a my space facebook. >> live video is per scope, right? twitter. looks like a car. everybody gets a cup holder. make the first cup holder, who cares. i think on some level, you can't steal what snap chat's doing. whatever you think of the ceo, who's really, he's really brilliant in terms of how people want to consume, especially young people. want to consume stuff and as they start really ramping up in other areas and television, i bet they'll have a live stream, snap chat very soon. it could get really interesting. it's really, people keep thinking snap chat's a flash in the pan. i don't think so. it's a really important company that's innovating ahead of everybody else. >> bad news --

>> do not use anything else. ablgd so, they don't use facebook, they use facebook properties like instagram and teking and some other things, but it's mostly snap chat and -- good. but you know, it's an interesting and creating platform and so, adding things on, live streaming. get the news thing right, the advertising right, the it's a really terrific property. >> do you think people felt this way about twitter back in the ta? think didn't think -- >> that's really the story there. i keep saying product, product, product is the key thing. that's what happened to yahoo!. twitter did not innovate, even though it's a wonderful platform, they didn't make it accessible or change with people

make it understand nlable. i love it, you may, donald trump loves it obviously, not sure if we love donald trump on twitter, but there he is. >> it's a great platform for new, but they didn't move to the next thing. >> what do you think of the space? >> i think you make a great point ability facebook. i think analysts are looking for any reason they could find to downgrade the stock. that might be one. look at facebook live though. they, that's doing incredibly well. you could see them moving into lot of other entertainment areas. facebook is doing great. >> they've got a handful they haven't monotized. user franchises and first mover scale to me. >> i think i can -- >> they're not first movers. they're fast followers. >> it can work. >> my question is can they dwroe in a weak economy in.

>> facebook? it's a utility. mark has always talked about it. when i first met him, he kept using the word utility. i kept thinking gas company. it's become a eutility for people. remember when aol was the utility? they didn't innovate again. he's incredibly good. another great entrepreneur. mark is is really great at innovating and he has a team around him who are innovating and advertising. question is, can can publishers feel great on that platform and help monotize it. that's their challenge, is helping monotize and stay on the platform. >> thanks for coming by. you're always welcome. where you stand on facebook? >> i like it. long. disappointed where it is relative to the fantastic earnings. there was the irish tax bill issue, but i like it. i think there's i hear what she's saying about snap chap and she's very, very knowledgeable about the space, but they have so many other things and i think zuckerberg is really a bill gates like leader.

>> they are levers yet to be pulled. >> it scares me. i'm never going to buy anything near the all time highs. that being said, there are a couple of ceos and properties that i don't want to bet against. facebook of them. starbucks, under armour, kevin plight. those people are different type of ceos that you never want to bet against. if you're in it, i say hold on and let it ride. >> interesting you mentioned those sort of culty ceos. i think mark zuckerberg is a tremendously talented guy. i wouldn't think he's the reason why an investor is necessarily investing in stock. especially when you have a cheryl sandburg. >> i think facebook's proven, it's a multidivisional team. this is the guy who's out there with instagram copying snap chat and doing it shamelessly. you've got a great team of entrepreneurs. i think so much good news is in the price and it's priced maybe

not to perfection, but the comps are ridiculous. think about what this company has done in the last year. >> you're worried about facebook. >> my point was you know, analysts that have been a bunch that have tried to downgrade. unsuccessfully. the quarter was great. now, it's back to where it was prelast. which is an interesting level, but if you can see more news about nap chat taking over instagram, then again, you can see analysts come out with the next wave. i think the stock goes higher. i'm sort of in karen's wacamp. you know why she's so mart? >> why? >> georgetown. >> might have something to do with the blue and the gray. >> might have a lot to do. >> okay. smart. >> 50% georgetown representation on this desk a few minutes ago. >> now what's the percentage in. >> not nearly as close. >> still ahead, zika hitting florida. could the spread of the virus be the next black swan?

we'll tell you what the -- of delta and royal caribbean said. one thinks the trade is back on in a big way. how to protect your port foal yell when fs munz returns.

the cdc issuing historic travel warning in miami after several cases of zika have been reported. mek has more on this story. >> that's right. the zika virus has arrived on our shores and the reason we're paying attention to these cases is because they're the first locally transmitted via mosquito in the continental u.s. the department of health in florida is now looking at 15th case. that just came out this afternoon. as a result of this local transmission in a small area, known as winwood, about a little bit north of downtown miami, the cdc has issued that travel fwins particularly for pregnant women. we want to look at the impact this might be having on companies. we talked about the health care companies in this space, but what about the others ch we took a look at the trpss of calls from the most recent quarter. some are seeing a boost and some that are maybe seeing a hurt from zika. start on the positive side.

spectrum brands saying that the talk around zika is helping their home and garden business. another company is rollins, they own orkin as well as other pest control companies. they are seeing a boost in their small mosquito business as well. on the negative side, we heard from marriott in our last quarter conference call saying this is affecting occupancies ch here's a quote. they said occupancy declines in caribbean and lateth latin america are due to weak economic conditions and a impact of zika virus, but some other companies you might expect to see a bad impact aren't seeing that. take a listen to the royal caribbean ceo today. >> we've been a little surprised at how little impact we've had in terms of call, cancellations. it really has not proven so far to be a big factor for us. and i think people are taking the right kind of precautionary

st step. >> what about airlines? the ceo of delta. >> rereally haven't seen any impact. last weerks we set a record high in terms of passier volumes. last thursday. carried over 600,000 passengers, so people are traveling. demand is very strong. >> is there any indication it's weakening in the future. >> no, we haven't seen it and zika's been out for the better part of the year. >> of course, now that it's here and spreading, at least in the maul area of florida, people are really kshed about it and as you can see, they are searching for it. just a peak in the last few days. >> thank you. those comments aside, the last time we saw a health scare like this was in 2014 with ebola.

all begging the question could zika be the next black swan. >> i don't think so. could the panic get worse? yeah, it could, but if we go back and look at these, time and again, ebola disapated rather quickly. before that, swine flu. sars. so, you know, sort of getting bullish on these panics has worked the last several times. >> but your point is could this be a you know, the lynch pin and the catalyst. no, because this alone is not a black swan event. is this something that when coupled together with risk, markets, brexit, whatever we're dealing with and we're dealing with a lot and we know volatility, no. i agree with karen. if you're going to sell off carnival cruise, it seems like a floating petri dish. this is a company that seeps to be the focus when there's a

travel ban or disease and it's recovered every time. and i think this is really a if you think of really when it gets down to it, we've solved these terrible diseases very quickly. >> but i would say that this could be a black swan for disney. the way i look at it is zika is in florida. has to move up a little bit to get to orlando and if upg about the customer that comes to orlando, families that are have young kid, thinking about having more kid, thinking about expa expanding their families. if you see an outbreak of zika in orlando, it could be negative for disney stock. >> royal caribbean's ceo. >> taking on a cruise last year. >> china. he was sitting with his people, eating a cookie and having a cup of coffee. i did. i'm one of those people. >> i don't know. moving on. >> china concerns in the quarter. foreign currency.

>> it's down 33%. not all zika. this is exactly where ill held back in january. $65, rcl. valuation doesn't matter. i don't know, but on valuation, nine times forward earnings, if you're looking for an entry point off the stock that's been bludgeoned for the last six month, royal kerin yan might be interesting. >> still ahead, it was a year ago that bob iger set off a immedia media bombshell. is anything different a year later in plus, while stocks fell today, the volatility index soar and one trader thinks this is just the beginning. all the details next. you're watching "fast money" on cnbc. first if business worldwide. i'm just a guy who wants xrcç&éíuv8f95]dxw[í[b4t>

your business needs better technology to drive better performance. so you need it to be reliable and fast. really fast. introducing the comcast business summer savings event. fast internet speed to drive performance, plus cutting edge wifi for your employees and customers, and voice mobility so your calls find you wherever you are. get some of our most advanced products at a great price with over $500 in savings. call today and ask how to get these savings plus a $250 prepaid card. comcast business. built for business.

welcome back to fast money. it was a year ago bob iger sparked fears. hey, julia. >> hey, melissa, since he made the comments about espn shrinking subscriber base sparking concerns about the health of the tv business, all the traditional content giant stocks with the exception of cnbc parent comcast are lower, but now, they're adapting.

and their core tv business sz don't look at bad as many feared. take discovery communications. that stock shot up about% higher today after better than ek pechted earnings on its performance of u.s. cable networks. the ceo saying he's focused on building content apps in europe to sell to consumer outside the tv bundle. we've seen an explosion of options outside traditional tv. skinny bundles from sling tv and verizon's custom tv. hulu is working on its own live tv and media giant's over the top apps seem to be gaining traction. cbs showing i ining apps are ah. meanwhile, cord cutting is slowing with subscribers falling just 8% in the first quarter. a third of the rate a year earlier. and thins are looking even better in the second quarter.

comcast posted its smallest losses in the second quarter in a decade. and discovery as well as cbs and nbc have given a bullish outlook for advertising as well as the return of digital add dollars to television. now, we have to see what disney says a week from today. melissa. >> thanks so much. so, what's going on then if things weren't as, are batd for the tok. really, the fears haven't materialized. >> wu haven't gone away either. >> still kind of hanging out there. i think it's more of the uncertainty out there. we're not really sure of how this is going play out. a lot was switching to facebook, to mobile. all these things so now, here you are a year later. you still don't have clarity on it. i think that's the problem. >> repriced price, talked about it for a while now. i think disney deserves a premium multiple.

i think it's about 16. they're going to earn a little over $6 next year. that's where it should be. they report a week from today, but the real interesting one to me is later this week, wuf viacom, i think on the fourth, there's a lot of news surrounding them. stock was lower today. i think valuation on viacom is too cheap. >> it has a premium multiple, i agree with brian. i think there's still the secular trend is not over yet and the it's yus getting more competitive. it was just netflix and now, there's so many others. i'm afraid still. >> well, they have so much more going at their studio. their studio ip versus media, they have such a better valuable franchise to bring to the table. the if nothing else, you own disney or cvs, which is a lot cheap er. >> speaking of netflix, have you read they're going to start offering the series what was in norway, where you can watch events, ordinary, like a woman

knitting a scarf or a train ride? i know. apparently, in norway, it's a huge hit, but this is going to be a new thing that netflix oufr offers. this is what their offering new. >> netflix new content is watching an old lady knit. >> among other thing, obviously. >> i'm not a content executive. but that sounds like a loser to me. >> i watch tim stewart playing the drums with his rock and roll guy. >> netflix, i will sell you that content. but we can do this. people will care. that would be hot. >> up next, the traders tell you what they're watching for tomorrow. stay tuned. hey gary, what are you doing? oh hey john, i'm connecting our brains so we can share our amazing trading knowledge. that's a great idea, but why don't you just go to thinkorswim's chat rooms where you can share strategies, ideas, even actual trades with market professionals and thousands of other traders? i know. your brain told my brain before you told my face.

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big unit. >> karen. >> facebook. >> an. >> keith. >> happy anniversary, ivb, breaking out. >> happy anniversary. nice. >> see you tomorrow at 5:00. "mad money" starts right now. my mission is simple. to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere. and i promise to help you find it. "mad money" starts now. hey, i'm cramer. welcome to "mad money." welcome to cramerica. other people want to make friends. i'm just trying to save you some money. my job isn't just to entertain but educate and teach you. call me at 1-800-743-cnbc. or tweet me @jimcramer. they're back. yep, the inputs that gave the market a beating before are upon us once again. hence why the dow