dissatisfied with the board handling of the sales practice scandal and they showed their anger, not just in their vote, but in pointing fingers at the executives of today's meeting, take a listen to what one shareholder said. >> all we'd like to know if why you didn't see snit and if you did see it, why didn'tp didn't you answer is it so why is it so must have much to ask. >> reporter: that anger is emblem attic of hair shoulders alike. guys. >> what a story. i guess we should have seen the texter. oh, look at the time. that does it for requests closing bell." >> on borrowed time. >> we'll all see you tomorrow. >> a record day on wall street as the dow closed more than 200 points and crossed over 21,000 before ending slightly below that level, making it the best two-day rally of the year.

everything is awesome. it wasn't the dow surging. the s&p is ten points away from the all time high, nasdaq topping 6,000 nor the first time ever. the record closing at a record high. thigh outperform again today. it was earnings that were really behind the wheel. caterpillar, mcdonald's are surging, after their reports lead the market higher. after all the talk about tax regulatory reform, could earnings justify the moves we have seen. >> earnings matter, absolutely. it was far superior from caterpillar, they moved better. because people were hoping they play catch-up. they will grow into their valuation. you absolutely take money off the table. mcdonald's on the other hand, i thought was outstanding. we talk about the potential to go to 160 t. markets are at a

point just like the headline looks better, people buy and ask questions later. >> we talk about how long it is being long, seeing the earnings play we have this morning? can the caterpillar to me was the biggest teller, this was good. remember yesterday, caterpillar aim e came out with 51 months of negative sales, they came out finally. right. now, this is before stimulus, infrastructure, before anything has happened here in the u.s., if you have any belief that might happen at some point in the future, then this is obviously very positive for caterpillar. it should be enough to keep the markets. >> if you think, we are getting a look at what could happen with tax reform. mcdonald's, first of all, 4% global comps t. same store comps are driving it. to me, that's allege allogory on what is going on around the

world. caterpillar, interesting enough, what's good for caterpillar is brad for oil. because north american oil and gas capex was a bill big part of this number. it's getting better and better. they are recovering for caterpillar, if you are a bear on oil, you got some message in there. you have earnings, lack of regulation or any new regulation. will you have some tax reform then the market gets pulled out underneath you. i believe we are set up for a 2%, a 3% drop. >> how do you position for that? >> you go to record high, that itself the hard part, right? >> just a handful of days. we were sort of kissing up to the 100 day. we can be down pretty quickly.

a 3% move could take place. when you position that, i'm long on home builders. i'm long by monsanto. i think that's a defined upsize strategy. any time that trade happens, it comes off the table. >> every time we get a sell-off, it bounces right back. >> true. >> it's lashed to thread the needle. i want to make a clip. of course, i don't want to break. i try to clip those when you can. >> goldman sax, guys, right, back to the level before the bad earnings report. >> the goldman quarter was hard. it was awful. it was more awful when you look at what morgan stanley did and j.p. morgan did. goldman rallied on the back of everything else.

i get it. in terms of what steve just said, i think you will know that move is coming on the day the vix is higher when the market goes higher, you almost had that today. vix is coming on change. steve talked about it moved 2 to 3% lower. i think the move is on a horizon, on a day when the vix should be down, its higher, we have not seen that just yet. >> the two things are how much is cut into this market, folks? if you think the last couple days remember largely about europe and taking that risk off the table. i don't think you have a on the of downside in the short run. i don't think anybody expects a whole lot to be delivered. i think the fact that. >> i think you priced it. >> i acknowledge they've gotten the double barrel of a tax cut, but look at that. >> you priced into a move down to 25% in the corporate tax bracket. >> that has to be priced in. there is no way, i don't think he gets better than 25% and now

he threw out, we don't care about revenue neutral. he threw that out. he knows he can't get the caucus. >> do you see a eng tomorrow? >> no. >> i think they hinted. the market does. >> every time your market has gotten. >> didn't we sell off with health care? >> that's a natural vote. >> we sold off and i do believe that you will see the market sell off again and then after a while, when he runs into the wall. >> are you talking about 21st c-- 2% constantly? >> two to three can lead the eight to ten, that itself the difference. >> they floated today the idea that they would pass these tax cuts through. llc, single operator companies.

>> that is not priced in. >> that would have a major. i think that's the catalyst. whether or not that gets done, i don't know. if they say it, that's the good. >> here's the question, what to buy and also what if we get nothing, are fundamental also enough to keep us higher? >> today we had new home sales. 1,000 short of a cycle high, folks. yet, still the good news is that it's still relatively off these crazy numbers from the bubble feed. you had consumer confident, despite these failures, it's down a couple points, six-to-seven year global bmis. this is the one place that people said was really the trump trade gone bad and in fact 245i gave me some of the best earnings so far. >> that is left to do. >> dovetail on that, i still think that names mike

massachusettsercard and visa are teflon in this environment. especially if the consumer is in better shape. those stocks win, games we talked about for a long time. look at the move in home depot. american express seems to get its mojo back. there is still some individual names that still make a lot of sense on this day. with the nasdaq passing the 6,000 milestone, you can still buy. let's go off the charts. robert wymer, he has three names he says are still worth a buy, hi, robert. >> thanks very much. let's look at the nasdaq, in a day it's a hurricane, it's sitting here, north of 6,000, really the important number on that 5100 level, that's where we were back in the beginning of the end of 2016, 5200 or so. so those are the levels that matter. take a look at the relative performance the peak was back in 2,000. we are well off the highs. it doesn't mean we will go up to

those levels. let's take a look at the in effect chart. zoom in on the max, look at this performance. it's going sideways. pretty much through most of 16 into 17 and the top end of the trading range. so this move we just saw is actually not that big. however, it's clearly about the stocks that we have been seeing that are driving that leadership. look at the relative performance to the nasdaq. it's just coming out of that big trading range. it's still a positive side. again, talk about the stocks. take a look at the name, think about the semi conductors. how far those stocks have run. they're up very far again everything rallies in the strong tape, they're not where you would be putting additional tabloids. there is risk in those names. let's look at google. yes, it's a part of fan club. here's a stock where that relative performance hasn't moved very far, for two years ago it's been in the trading range. we think that group makes a lot of sense from a large cap growth

perspective. what also looks interesting? let's look at the next chart. expedia, it hasn't run as far. it's lagged considerably. real prices lag, it's not an extended name. you are not reaching. it's done nothing for the last three years. we think that will emerge. some of these biotechs come down a long way, here's cellgene down to its weak four-year moving average. sorting to base out. i think this doesn't look like the rest of the market. it's starting to emerge that relative performance you saw from the upside. there are a few names on the market that look attractive. robert, when you do relative performance vs. the s&p. i guess it wouldn't be great. it's a huge drive for another names, like an expedia, would you go against the positive? at what point do you make that decision? >> i think the s&p is a major

benchmark, everybody is benchmarking it. i think the s&p 500 does matter, when you run up against the nasdaq, obviously, that's a lot of leadership. i don't know too many portfolio managers benchmarking against the nasdaq. i think s&p still is trump. >> robert, got it. you like any of these names? >> i think robert has done a good job of being defenceless. we saw google and cellgene, we talk about highly accomplished companies that give you the evasion are great. goog wela 15 to 17% free cash yield, i expect at least as much for the next five. >> that is value territory. at least relative to its pierce. stay in that name. >> i like google as well. it's because of the tax reform. potential tax reform. if you get some kind of repatriation, which i think will be one of the easier things to do in my opinion, any of those companies that do business overseas and cash overseas, that will help people.

>> i think google is definitely the safety trade. it deserves a spot in everyone's portfolio. expedia is up 20% year-to-date. charts are a lot more choppy. i do believe it has more headway to make. >> expedia is up. the reason it has not performed well is priceline is eating their lunch. i would push back and say absolutely continue on priceline. we said is that a while. it looks expensive because of the price tag. i agree it very quietly now is back above this 290 level. it has to move up. >> coming up, a busy night for earnings, we have conference calls happening right now. julia boorstin is live in l.a.. susan lee is watching clip ottley. we'll get all the latest headlines from the dream team straight ahead. plus, president trump gearing up to unveil his massive tax cut tomorrow. we are moments away from a key

meeting. we'll bring you the very latest. and netflix surging today having its best day in more than six months. after doing something wall street wasn't sure it would be able to ever do. you got those details. much more on a very busy "fast money" still ahead.

♪ whoa that's amazing... hey, i'm the internet! i know a bunch of people who would love that. the internet loves what you're doing... ...so build a better website in under an hour with... ...gocentral from godaddy. type in your idea. select from designs tailored just for you and publish your site with just a few clicks-even from your... ...mobile phone. the internet is waiting start for free today at godaddy.

>> an earnings alert on chop oug chipotle. >> melissa, the conference call is ongoing. as you mentioned the stock has fallen down some 5% from the rally peak in the after hours. we were up as much over over 6%. higher by 1.5. the stock started falling after chipotle called an unauthorized activity on its payments system. >> we immediately began an investigation with the help of leading cyber security firms, law enforcement and our payment processor. we believe actions with ehave taken have stopped the unauthorized activity and we have implemented additional security enhancements. our investigation is focused on car transactions in our restaurants that occurred from march 24th, 2017, through april 18 jt, 2017. >> okay.

so it's important to know, so they didn't use the word "breach." they didn't tell us if data was actually stolen. they said they would not take an questions on this issue until the investigation was complete. so they said they would be notifying the affected customers. it really dampens a stellar earnings report card for chipotle. earnings came out well ahead of estimates, same store cells. earningsing a seg rated by 17% in the quarter last year. ahead of high expectations for the first quarter. promotions that are weather helping them. in the quarter so much so they are so confident now they have raised their confidence 5% on averageant a fifth of their restaurants. chop ottley announcing they will start testing and using these preservetive tortillas. tij tal is a focus for the restaurant chain. they said digital use is up over 50% in the quarter. finally the announcement that got my attention on the

conference calm, chipotle announcing it will start testing its first desserts. the mexican dessert. fried tortilla strips, honey, cinnamon and sugar. served with apple caramel dipping sauce. back to you. >> that sounds delicious. thank you. >> guy doesn't make a move without a pretty tortilla in his life as well. >> a delicate contribution. >> first of all, it's ha, ha, ha. when you get to my age, you don't have a delicate constitution. >> wah, wah. >> levels not seen since fril april of last year effectively. it's rallied hard going into this. so what do we make in the turn around in the after sessions? >> i tell you what, the question you have to ask is what is the multiple trade in an environment post all the food scandals? you get to a place i think 30 times is probably fair. investors are probably less optimistic than the management in terms of where earnings

should be over the next couple years. therefore, i think the stock stays here. you couldn't have rallied much on these number, they were very being numbers. >> if someone gets a case of the hiccups walking into the cng, chin ottley the stock sales are dramatic. people are soiching on the trigger. i think it's up 25 years to date. i'd much rather -- >> the chart is much smoother with mcdonald's and a dominos and a young china -- >> would you rather with a bunch of names here? >> i would rather do anything but the chipotle, even for the short-term gains. hey, kudos to you if you played chipotle right. i would not be playing. >> this non-breach sounds different. >> they figure it's a reason to sell it. >> i'm selling it. >> i'm telling you, the stock

hasn't sold off as well. you are saying there is an everyony trigger finger. >> the breach they wanted was flat. it came out to be something totally harmless or reads harmless, the stock rallied back 2%. so people would have waited on that, if that had a bite. which it didn't. it would have sold and went off negative. >> i am going to would you rather you. >> i love this game. mcdonald's which has done quite well, two upgrades -- >> how do you say it? >> cng. >> you would say consuelo. >> say on fire then? >> i'm going to say on fire. listen. you look at this quarter. margins are better. you can almost justify the ford earnings. the point i think steve says as well, if they don't silt on this

data breach or whatever they call it. >> not a breach. >> it's a non-breach then. >> whatever it is, if they don't sell it off the stocks go to 525. >> another earnings alert. u.s. steel tanking after hours. let's go to dom chu in the newsroom with more. >> we're down 19% on nearly 6 million shares of u.s. steel down after posting disappointing first quarter results. they are pointing to operating challenges preventing it from bengals in the industry overall, 2017 guidance come income light of analyst's expectations. you have steel makeer's stocks dropping as well. take a 'look at ak steel and nucore, steel dynamics in the after hours trade on relatively heavier volume for this time in the afternoon. we will learn more by u.s. steel when they come to a conference

satcom. >> that happens tomorrow morning. u.s. steel one of those big beneficiaries on that infrastructure trade on the heels of the election. it peaked out around mid--late february. it has been trending lower ever since. this isn't hurting matters. back over to you. >> there is some interesting inter-day action on this along with the other steel makers around 11:00 today. a big dip in the shares in u.s. steel. so i don't know what was going on. maybe they got a live of what happens happening tonight. what do we do? >> i don't think you buy it in the after hours. you have to wait, here's the thing, they did talk about an improving environment for steel. so what really cost? it sounds like an operational thing. for me, bk, he has to have more information on this, i don't think you have to buy there as all. >> this is another one the ceo was out, mario longy talking about buying american the pipeline, infrastructure. all of these things, they headed

to capitol hill. >> i think the steel sector has gotten a on the of support already. i think we're at a place with steel companies that it's really about the macroenvironment. i don't care as much as operation a.. this company will have 1.3 billion in free cash flow on this 2016 year. i think things have turned at u.s. steel for the better. i agree with that. this is an stunt u opportunity. challenges that are flat rolled facilities, prevented us -- i'm reading, they should have been positioned in my opinion. we are holding as well as any other steel company, i understand what tim is saying. i have been dead wrong. last week when wilbur ross was talking about the deem, they called eight wilbur ross put. quite frankly, i don't know what to do. >> still ahead, moments away from a key meeting on capitol hill, gary cohn and steve

mnuchin will have an unveiling of the tax cuts. we got those details next. in the meantime, here's what else is coming up on fast. >> we'll tell you where he sees value right now. when "fast money" returns. go to protect your vehicle?

i'm on it. ♪ ♪ ♪ weathertech. made right, in america hey ron! they're finally taking down that schwab billboard. oh, not so fast, carl. ♪ oh no. schwab, again? index investing for that low? that's three times less than fidelity...

...and four times less than vanguard. what's next, no minimums? ...no minimums. schwab has lowered the cost of investing again. introducing the lowest cost index funds in the industry with no minimums. i bet they're calling about the schwab news. schwab. a modern approach to wealth management.

we've done well in life, with help from our advisor, we made it through many market swings.

sure we could travel, take it easy... but we've never been the type to just sit back... not when we've got so much more to give when you have the right financial advisor, life can be brilliant. ameriprise a used car,

welcome back to "fast money". we are live at the noxious market site. it was a record day as the nasdaq crosses above 6,000 for the first time ever, the dow hit 21,000 for the first time since march, the s&p came been points of its record high. here's what's coming up in the

second half of the show. at&t on the move in the after hour session. we have full team coverage. julia boorsten is live. we will bring you the headlines moving the stocks later this hour. but first, we turn to a developing story as steve mnuchin and gary cohn are arriving as they push to work out the final details of trump's big tax cut plan before his days in office are up. >> mellissa, the meeting will be with the republican leadership, that includes speaker of the house paul ryan and/or rin hatch and ways and means chairman kevin brady. this meeting comes saying the administration dropped the border adjustment tax. this was a critical component for the gop tax plan.

i spoke to brady a bit ago. he emphasized tax reform is permanent. it gets hard to do that if you don't have a way to pay for it. that's what the border adjustment tax was supposed to be. mitch mcconnell told reporters his priority is making sure businesses big and small are treated the same way under the tax code. >> regretfully, we don't expect to have any democratic involvement in that. so we will have to reach an agreement among ourselves, which will require using a recreational vehicle. >> the white house is looking for a big win ahead of the president's 100th day in office. politifact had been tracking 103 campaign promises president trump made on the trail. they found he has cut six promises, including putting justice neil gorsuch on the supreme court and withdrawing with the transpacific partnership. 14 of his promises they rate as stalled. the majority of his promises he

has get to get voted on. >> thanks so much. let's discuss the tax plan and how it could impact the markets here. yesterday, we had chris krueger on, he said, you know what, if this goes through a repatriation, 15% corporate tax rate, it will not pass. how do you think the markets will unveil it tomorrow? >> it will look as a failure the same way health care. >> right off the bat. >> i think they can make not right off the bat. i believe when it comes out with 15% as you said, all these other things that you said lab wish list. the market is smart enough after we saw with health care, we're not getting the freedom caucus. we will not get the guys revenue neutral on board. his own party. >> why is it taking to tomorrow to get do that? >> i hear you saying the market is going to sell it off as opposed -- >> i'm not saying anything. >> that has already transpired. the same thing happened with health care. we let up on the vote.

they said they weren't going to get it approved. >> steve mnuchin comes out, the markets come. anybody comes out utters the word tax reform or tax cut or corporate tax, whatever, it's usually a positive thing. >> when they come out, it's a score for the gdp numbers. they say we will do a tax cut for corporations, llcs, small businesses as well and that's going to result in 4 to 5% gdp growth. then you can get to that revenue neutral t. point is, that would be the upside if they have into supported, then i think the markets rally. >> what you are saying, we talk about this yesterday, it's not tax reform, it's a tax cut. when you talk about growth, paying for all these tax cuts, no good. but she told me they were going to announce 15% flat tax. the market would go bananas. >> 100%. >> i don't think the market cares about a ten-year clip.

>> don't you think they have a shot? we're talking fantacy land. i think the market is smart enough. educated right now to learn there is not a shot. >> do you think this is fapt ate land? everything we talked about is fantacy land. >> right now, mnuchin said they favor debt and deficits over revenue neutral. that's the last legwear. the market sed says, you know what, screw it. they will come up with an infrastructure plan or stimulus. you know what, at a certain point the marks get tired of it. >> you say the markets won't buy hit the time? >> 15%. >> you think there is a shot? >> i don't expect what the number s. you are saying the market is not going to fall for another ill-advised -- >> definitely not. not an erroneous tax cut that has no shot at passing sflchlt. >> it's scary. >> it's scary when it's at all possible. you don't want to take that risk t. guys have been rolled over so

many times before. they don't want to take the risk. >> the market lhas believed it. >> that was an as a result tote. as long as chipotle is alive -- >> no one is alive with a 15% tax cut. >> that's the opening sell. 15 sponsors where to start. let's say it goes to 20. >> no one is buying that. >> that's exactly what this guy does. >> guy. >> i think the repate -- i know we talk about, repatriation, you we heard mnuchin talk about a million dollars repate yichlths i don't think he threw that out there willie nilly. i think that to me is the extraordinary bullish. >> that alone? >> i think tech has already rallied, though. >> i don't know if it's in the entire market. i hear you. sticking with taxes, we are now joined by cnbc contributor dennis gartman, to talk about all this. dennis, good to see you.

>> good to be seen. >> do you think the tax plan will be a news kind of event? >> i hope not, one always worries about that sort of thing, guy brought up a good point. i think when mnuchin brought up repatriation of a million dollars, historically, we think 17 to 19% of gdp, a trillion dollars coming back is $170 become in a one time one off circumstance. >> that has to be supportive. i would like too think if we got a 15% business tax cut or tax number, the market would take that as being optimistic. it would still move higher. it's still a bull market. until you get to vote on it and it's finalized. i think the markets still want to go up. >> let's check the trade. this is what trump tweeted today, dennis. canada has made business for our dairy farmers in wisconsin and other border states very difficult. we will not stands for this. watch! so when it comes to nafta, what

-- is trump's approach flawed? are we starting a trade deal with canada? >> it is unbelievable. i like the president president. i like most of the things the has done. his stance on trade is absolutely utterly incorrect. to pick a fight with your longest standing closest allie over the course of several hundred years makes absolutely no sense. i understand why he's upset. he has, there is some discussion over the problems with dairy farmers, but to pick on canada and then to put into effect a tariff on lumber, which is going to do nothing other than drive housing prices higher is nonsense cal. i like most of the things he's dodge, calling for a 15% business tax is wise, standing down from calming china a currency manipulator was wise, picking a fight with your best allie makes absolutely no sense to me. you have done enormous dodge, and in so doing, you did enormous damage with the canadian dollar, i think picking

fights with your friends is something you shouldn't do. >> picking a deal about protectionism and wilbur ross getting on track, they called eight wilbur ross put for the steel sector. you see what is going on in u.s. steel on the after market. what are your views on the sector? >> on balance, look i came in this morning long on u.s. steel. when i saw an outside reversal day, i trade only from my own, when i saw a mid-day shaping up, i sold my. >> steve: i did not know what was going on. i have to say i am stunned by the earnings number u.s. steel reported this afternoon, given the fact infrastructure is still on the table. given that steel is absolutely incumbent in infrastructure spending. giving a $25 u.s. steel thed instead of a $31 u.s. steel, i think i'm a buyer in the morning. >> dennis, thank you. >> thank you for having me on. >> dennis gartman of the gartman letter. let's look at the tariff

situation. are you concerned thing will heat up? >> i don't think so. these are minor types of things, particularly with canada. the lumber tariff, this happened in 2006. there is some difference with the housing market. also, lumber is not a big part of the total cost of the house. so i think these are just kind of warning signs. i wouldn't worry about the dairy as much as well. maybe that's good. >> what do you think of builders specifically on the thought that lumber would be more expensive? >> it's every day. >> all you guys. >> we have anticipation at a time when we are worried about building a wall an having somebody play for it. why not play tough with the guy up north. you can save face by not going after one thing. it looks like a non-starter. there is no way you get this budget passed with the democrats with this wall. maybe you pick a fight with the canadians, they will pick it after the short run. that's what i think is going on, it's not far fetched. ? you saw the builders in the last week or.

so maybe the head line risk was the tariffs. few look at pulte, it's down 12%. in the last week. that's a buying opportunity. i think the housing recovery, the story has not changed. still constructed. kb home down 51st. both are still buys. at&t on the move, we'll hear what the ceo has to say about everything from the waterless wars to trump's tax plan. later, a 52-week high in the market. the top and bought tomcat line. we will hear from steve w cnn, himself. much or after this.

>> welcome back to "fast" shares are basically flat, julia boorsten is leave. >> reporter: randall stephenson addressing subscribers in the quarter. contributing it to the rise in unlimited mobile plans. saying at&tee response, that tren was probably a bit slow, since they paired unlimited with their advantages, the friend has turned around. >> combining our limited was a significant discounts on tv and free hbo. and as these offers are narrow

to market, our subscriber met risc returned to the same levels as these unlimited offers began. >> stephenson saying he is confident that at&t's acquisition time, time, time warner will be approved. they are working on their review under way right now. he says he sees a huge opportunity in using customer's data to better target ads and grow time warner's ad revenues significantly. he also praised this administration's approach to regulation of the internet. >> it's obviously been an amazing few months in our industry. and there's clearly a return to a lighter touch pro-growth regulatory philosophy. it's not only in our industry, it's across all industries right now. we think this is incredibly positive for our country and it can catalyze economic growth all of us have been looking for. >> he's been in talks quite a bit on the call of corporate tax reform, saying he believes the pro growth philosophy can be a great catalyst for corporate growth. he says he is confident some

sort of tax reform will be enacted this year. he can't guess the timing or the magnitude of the changes. >> how do you trade this one? >> if you look at at&t, it's down year-to-date. if you look for growth, verizon is down 12% year-to-date. the old guards so to speak are not the way to play this space. t-mobile is up 17% year-to-date. have you sprint up 6% year-to-date. few want to buy those, if you are a value guy, you will search those and take out the dip you can buy sprint, t-mobile. that's where you have to go in this space. >> a great call. >> i know, a trade for a while and i'm just saying, yes, can you lock in some profits. >> my point is. >> a land grab.

have you 100% post-positions. good for them. to say that's not an evaluation. i'm not doing it to be combative. i'm not a combative guy. i don't like to fight. forget about you saying it. you could have said it generically and said it was over at 40, 45, 50. the stock still gives you legs. we want to buy at&t. buy time warner. >> that one has an established price. if it goes through, you still have % time warner. >> i want to get to a tweet by john linkediner. >> you mentioned his tweets. >> right to at&t. you tweet that, #at&t map. they forgot to count the 2.3 million 2 g customers this quarter. #, shifty. >> i thought this was something else. >> i thought that, too. but it's safe for children. >> shifty.

>> you know what, this gives it so much latitude in terms of he can go ever a at&t because it was an abysmal quarter. you talk ten straight quarters of postpaid losses. >> that number is real. i think valuation makes sense on at&t. i know what tim is saying about t-mobile. a couple things about t-mobile the momentum is still with the stock. they're probably going to be a victim of their own success. it's a point where nobody is going to be able buy them. the market cap is too big. this way t-mobile will go. it will be a $70 billion deal. it's not happening. they have to stand on their own two feet. >> that will be a challenge. >> soliciting gear, netflix have been a spent day since october of last year. variety reporting the giant cracked into the elusive market using a deal with unof the largest distributors. >> which is on craws platform and one of the great streaming

performs there. the question is, does this move the needle for netflix? reed hastings basically said, we continue do business from china. this is a jb that allows them to get access. that's a very positive thing. especially for a company who is trying to sell content. at the end of the day, they're trying to prove the content is global. it's not going to move the needle on revenues. it's a great story. back to the price. netflix i will acknowledge, i have been wrong the last $40 bucks on this thing. i i don't think i will change my view. i think it's expensive in an industry where the barriers to entry are tiny. amazon will destroy them at some point. that's not the point. >> maybe. i would agree there continent the story. it's not going to move the needle. it moves the story that netflix is growing. they were expanding globally. translator the kind of the first people n. i would say, if you look at netflix, it doesn't cost that much to keep. right? yeah, there hasn't been

competition. i was wrong in saying competition matters. i think people keep it and add another day. >> let's check on shares with you, actually. >> with me? >> let's check on shares of w cnn resorts. stocks hitting a 52-year high. you won't believe what they said on the conference calm. first in business world wide. gh. she said the future freaks her out. how come no one likes me, jim? intel does! just think of everything intel's doing right now with artificial intelligence. and pretty soon ai is going to help executives like her see trends to stay ahead of her competition. no more sleepless nights. - we're going to be friends! - i'm sorry about this. don't be embarrassed of me, jim. i'm getting excited about this! we know the future. we're going to be friends! because we're building it. with e*trade's powerful trading tools, right at your fingertips, you have access to in-depth analysis, level 2 data,

and a team of experienced traders ready to help you if you need it. ♪ ♪ it's like having the power of a trading floor, wherever you are. it's your trade. ♪ ♪ e*trade. ♪ ♪ start trading today at etrade.com ♪ predictable. the comfort in knowing where things are headed. because as we live longer... and markets continue to rise and fall... predictable is one thing you need in retirement to help protect what you've earned and ensure it lasts. introducing brighthouse financial. a new company established by metlife to specialize in annuities & life insurance. talk to your advisor about a brighter financial future.

your insurance on time. tap one little bumper, and up go your rates. what good is having insurance if you get punished for using it? news flash: nobody's perfect. for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. and if you do have an accident, our claims centers are available to assist you 24/7. call for a free quote today. liberty stands with you™ liberty mutual insurance but we've got the get tdigital tools to help. now with xfinity's my account, you can figure things out easily, so you won't even have to call us. change your wifi password to something you can actually remember, instantly. add that premium channel, and watch the show everyone's talking about, tonight. and the bill you need to pay? do it in seconds. because we should fit into your life,

not the other way around. go to xfinity.com/myaccount

ways, buying cars and backs for bribes. i mean, it's the corruption

crackdown, the effect is waning. >> if anybody is going to make money is steve w cnn. >> we said it since the beginning of 2016, i think the first headline of him buying shares, it might have been xooep cheaper than that. this was a great quarter. not justmacaw, by the way. >> two days the most leverage are w cnn and mmg. the first quarter was, it kicked it, from a macaw struggling. you got it. i think it's consumption trends. i'm not that worried about big brother in china. stay long. >> las vegas sands, you know,derived 7 with a winner here.

i think i'd lean w cnn's way. >> speaking of casino, mgm is implying pretty big moves. >> hey, mike. >> sure. las vegas sands are expecting a 4% move the next day they expect a move. normally you expect the leverati leverative, las vegas sandssh steve was pointing out 80% of the revenue, versus 20% for mgm. we did see bullish activity as well. >> thank you very much, mike ko. the other part of this in terms of the comments about corruption and so on is ma eb the luxury trade is returning, it's getting better? >> it could be. you talked about buying luis vuitton bags, if you look at w cnn, we were talking about how it is in the after hours.

i don't think you necessarily have to buy it. 119 level broke through. >> chris said on that luxury in carolina was down last year. japan is the only place where luxury is action. >> for more "options action," check out the full show friday. up next, a materials breakout. much more "fast money" straight ahead.

back nor the final trade, tim. >> we were at breakout levels, european banks eufn. >> for me you want to look at dr. copper, that looks interesting here. got a great opportunity to buy it with a nice risk reward. >> steve grass so. >> square is in the process of breaking out. it has to hold that 1820, 1817, to be specific. jack dorsey crushed me, he's really killing me in a good way on this one square. more upside. >> 2007 there was a miserable movie hate mail call with jennifer garner. juno. >> oh, yes. >> but the stock is very viable

n now. >> well, that's the thing but and ben affleck. >> i'm melissa lee, thank you so much for watching. see you back here tomorrow. don't my mission is simple. to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere 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 just want to make you some money, my job is not just to entertain you, but to educate and teach you. any time we zoom, any time stocks take a real leap, we have to wonder if we have come too far