center retail owner of anne taylor really disappointing news after hours. under $2 a share. >> it seems like it's really at the epicenter of what's going on at the mall right there. the market's saying, really not seeing too much of a future necessarily. >> wal-mart in the morning a. lot happening today, michael. thank you so much. as always, mike santelli. >> that does it for "closing bell." "fast money" begins right now. >> "fast money" starts right now with breaking news on the markets, the dow sink about 375 points losses accelerating into the close, ending the day near session lows as the d.c. drama rocks the stockmarket status. they are having their worst day since september. the nasdaq down more than 1.5% haveing its worst day since june last year. all of this as volatility surges in about a month. the utility sector managers ends the day in green. the banks crushed, turning negative for 2017.

all of this as the political turmoil in the white house over the events surrounding president trump's firing of fbi director claims just a momenty seem to have reached a fever pitch. eamon javers is live with more on this story. >> reporter: hi, melissa. right now the white house is trying to find a new fbi director. the president behind closed doors to my left in the west wing is interviewing several candidates for that position. former oklahoma governor frank keating emerged from the west wing. he said he is a public servant and loves washington, if he had the opportunity to come here, he'd like to do that. no indication whether he has been offered the job or not. here are the other candidates the president is talking to, including the acting director, andrew mccabe, frank keating and richard mcfeely and joe lieberman, the independent senator is a candidate. meanwhile, on air force one this afternoon, sean spicer the white

house press secretary was asked about the report that the president asked fbi director james comb my not to continue the investigation into his national security adviser mike flynn. here's what sean spicer said on air force one today. the president has been very clear that this is not an act rat representation of that meeting. the white house put out initially a backgrounds denial, this is the first on the record response we've had from sean spicer on this topic. meanwhile, vladimir putin continuing to stir the spot in washington, d.c. with this offer today regarding the meeting that the president had last week in the oval office with russian leadership in which the president is said to have passed on sensitive intelligence to the russians. vladimir putin saying it wasn't the case. he's happy to prove it. he said we are ready to submit a transcript of former minister lavrov with trump and congress if, of course, the u.s. administration would want this. you can imagine, mellissa, the

administration would absolutely not want vladimir putin to present a transcript of what happened inside the oval office. the administration would not. the president of the united states beholden to the president of russia for a political defense here. they will feel very much they can go in on their own with it. >> what is the rhetoric? what is the talking amongst republicans about this event? we we heard senator mccain saying trump's troubles are watergate size effectively. does it reveal fishiers -- fissures behind the party? >> reporter: i think you have to point to the speaker of the house paul ryan today who came out and said he doesn't worry about things he can't control. he was asked if he has confidence in the president. he says he has confidence in the president. he says also that he wants congress to get the facts and get to the bottom of this. several congressional committees are investigating all of this around washington, d.c. we are told the senate

intelligence community reached out in a bipartisan way, both democrats and republicans asking for a couple things. one asking the fbi for copies of that comey memo, in which he wrote down everything that the president told him on the they that the president told it to him. so that's one thing they want. the other thing they want is director comey, himself, to testify both publicly and privately. we will see about when that might happen. >> right. >> that could still be a he said, she said situation,ee mon. so getting to the bottom of it may not be satisfying for anybody involved. >> contempt prayerious notes have been used time and time again in criminal investigations as evidence and courts tend to take them on their face. when are you dealing with an fbi director versus the president of the united states, it might be a different issue. historically, those notes are solid legally. >> thank you, eomon javers. >> it looks like wall street may be catching up.

it has been mostly oriented today. it was like whack a mole, it was punch after punch, the markets still came back or didn't react. all of a sudden today, bam! what happened? >> you know, when you start getting to a place where trump may not have the support in his own party that he had, there is always zero question about who is pushing on the other side of the aisle. i think to me what was different about today is, first of all, the market behavior was very different. as we said, the markets closed through the 50. this is not what happened on the first day after the health care bill. the monday morning after, stocks had taken back all those losses, so ultimately changing character for the market. the changing character is to stall on tax reform. it's are we actually going to be running the risk of having a different administration at some point or will mid--term elections be a major issue for the republican party. >> is it a different administration, a risk? as we wake up there is a problem. >> i'm not talking impeachment. we have a place where

republicans have the clean sweep. they have the entire board to their favor and yet within the -- >> on average mid--term elections the parties, which is in the house. it switches by 30 seats. the democrats only need 24 seats. that's historic average on how many. >> you are pricing in a change. >> i think the world should be pricing. because historically. when a president wins and he has all of congress. mid-determine elections, historically. they lose to the opposite party in the house, on average, 30 seats t. democrats need 24. so this is not a hidden story. this should have been out there. >> yeah, it gets back to the new sheriff in town with the whole e whole story, actually. i don't think the markets. we said this, i don't think markets were necessarily half baked in, a whole lot of the way of tax reform in 2017. do i not. this is about where you have a new administration, life touch. whatever you want to call this, pro business at every turn, taking short cuts, do whatever

it takes. people like that enthusiasm is high the business xupt has been fired up about this. if you start to say, hey, guess what, not only is there a risk that maybe that guy is not going to be there anymore. clearly the party which had come together is not together at all. >> to me, there is some of that. that's probably why you get this correction we are looking at. in the big picture, think about it. is this going to stop people from buying from amazon? are you going to can sell your netflix because of this? are you going to stop searching on google because of what's going on here? this is a temporary phenomenon, in my view. this is probably the least of which, the market seems to be concerned about it. so you get some kind of correction. i don't know how long it lasts. maybe it's a week or. so i think at some point, we have a president whose score card is the stockmarket. i would exsome tweet or signing. >> i think it will go away, by the way. >> i think we shouldn't be so quick to jump to try to fix the six. >> that hasn't worked out so well so far. i think it's more thoughtsful. to me, we talked about the

feeling that something has changed. this rally was not only the trump agenda. but it was also this sort of atmosphere, it's businesses feeling like we are in a better environment, seeing some strength around the world. all of those things helped this rally. as maybe all of the air comes out of the trump agenda part of this, i mean, it seems now very difficult to get anything done, certainly before the break for sure, a month ago. i think mnuchin was hoping to do something before august. >> that seems impossible. maybe, right now. so i think that we could see another few days or another, who knows, a little more back to where we were a month ago. its not that big of a deal. i'm looking to brian's point, what is going to clang? interestingly today, retail didn't do that badly after being absolutely pummelled for months. >> deep get excited about that, karen. it's an alert. >> so there some things that are

so beaten down that, you know, that i think are probably worth a look at balance sheets in great shape. expectations have been so low. it doesn't matter how much more bad news is out there. they're still fought trading down. so that's some place to look. y uri has come in a on tton. banks which i also like today awful. awful day. another day like this, i will probably buy some citibank. i own already. >> banks are a little different because you think that there's -- it's not about dodd-frank roll back the major things like that. if it's a light touch on regulation, that theoretically exists, at this point if we see a bit for bonds the yield curve picture could be different. is that going to be the fundamental am impact on the bank picture right now? >> the biggest rally for bonds since breck et. you have gone from 242 to 241 on a blink on the ten year.

yield is now below 100. we all know this story. i don't think bank stock lives and dies with the yield curve. i think the fed will continue to do what they do. own e i don't know if there is complete chaos in washington, that takes the next phase from here, fine. but without anything from here the fed's going to do their job. they're going to hike one or two maybe three times this year. that's good for banks. i go back to first quarter earnings and banks. there was very little wrong there, other than the loan growth. i think a bit anemic and seasonal. you look at j.p. morgan. their names grew by 11 bits. all the franchises are working. i totally agree with karen. a day like today, if you look at where we are the key is now tactical. i don't think the market gave you the same setup as it gave you on the selloffs. morgan stanley, they closed on the lows. those are not things you can be buying right now. ultimately, you look at goldman 212. they have to hold. >> back to a himson, really they

take it on the chin. these are sort of the atms. so were you expecting it? >> no, not yet. i think there is a couple more days. maybe a week, i'm not sure. you look at amazon, google. those are going to be easily sold. you will have to wait a week. what i'm looking for one of those days where it looks horrible. we are down 500 on the dow in the morning. we get that reversal back. >> that will be the day that bk is in there. i would even buy the banks. then you get bonds ripping back and there whole thing reverse again. >> sticking with the political turmoil as the legal and ethic cal questions about the president seems to be growing. our next guest says this is the tip of the iceberg for our next commander-in-chief. mike, it's a pleasure to have you on "fast." >> thank you, likewise. >> we want to for you to walk through the spectrum, if will you, in terms of the in back this is all happening on the trump agenda. at the very minimum means this, at the very worse it means what? what do you say?

>> at the very minimum we are seeing the markets today, which is anxiety. at the very worst, which is what we are seeing behind the scenes in washington today is anger. people on capitol hill, people that interact with this white house and this capitol, behind the scenes saying they are not sure this president is up to the job. they knew it was going to be on-the of job training but there is no signs that the president is learning. >> that has been the frustration over the last eight days. that's why these last eight days, starting with the firing of fbi director going through the week to russia and then the comey memo, comey's revenge. real questions about whether this white house is going to be able to push anything that with the distractions, with the band width, that's going to be soaked up by these investigations. >> right. >> and the conversations you are having there about the house flipping. you get it. democratic house. nuggets done because there is such, so much investigative power, they're going to use the

playbook of what republicans did. to president bill clinton. >> that means going through the until accounts, any piece of paper in that white house is suddenly a risk of being discovered. >> george, this is some time between now and the mid-term elections. is the anger so palpable, so deep that you have republicans saying, you know what, forget it? i don't care about past. i don't care about anything, any of the major trump again e gage. i'm so angry i will pull my support from this. >> this was the connector. on cnbc air i saw speaker ryan basically taking up for the president. >> that is as angry as d.c. is, as anxious as the markets are, there is no sign this is affecting the trump base and the trump voters. all those polls at 100 days, 95% plus of trump voters say they can do it again. this can help trump when he's the victim of the establishment, when he is seen as, once again, facing down the enemies, the

people don't like in trump country. which basically includes all of us. they don't like the media. they don't like the elites of the financial or government world. and president trump is going to play that up. so we saw him yesterday e-mailing his entire base of support with the subject line, sabotage. saying, we knew the fake media was out to get me. now we know the i am elected government is out to get me. he is going to play that up more and more. because that is the one trump card that he has left. as long as he is strong in his states and districts, you are not going to see many profiled encouraged on the house and senate. they will speak with him until he is strong at home. >> we watched the markets today sell-off. i guess because people started throwing off that word impeachment. it's a long way off. it's not going to happen with the republican house. so this is something the markets are probably worried about. and it's not going to happen right now. and even in the mid-terms. if the house switches, if the

house flips, markets love gridlock. and the markets were very kind to a president clinton. so are the markets, i know this isn't your area, but these are things that the market probably should not be concerned with, would that be an act rat depiction? >> what we pick up is the uncertainty. who is going to be the white house team? and what are they going to be focused on. what can they move? and how distracted are they going to be? now you may have to have staff members learn up like you may have to have people who are supposed to be working on the agenda. worried about whether they have liability in addition to impeachment. you have the whispers of obstruction of justice. either one is a very, already have long shot. a it is white house deals with them, that's capital that would have been used elsewhere. that's why we will see the president building a booinggy isman with his -- boogyman with

his base. >> that makes it harder to work with anything here. he was already in a tough spot getting any democrat to help him even down the road with infrastructure. i agree with you guys, it will be a while for sure. he needs to counts on democrats with that, with every day that goes by that he amps up his attacks on the democrats, it makes it even less likely he will be able work hess rubbic's cube. >> thank you. co-founder of axios. what next for the markets? >> i think the markets need to get through the possible subpoenas and hearings next wednesday. we are through earnings season. we had a lot of reasons to take the markets where they got and i -- >> but the markets didn't -- i don't mean to interrupt you. the markets in my head didn't rally on all the trump initiatives. basically, it was a big run-up

right out of the election. >> i didn't say that. >> i'm not saying you did. they need to get through what, though? i think if they sell off -- >> a big buying opportunity. we've gone from a case of uncertainty as related through whether we get policy through or not. we established this administration was in charge. i agree with you what we talked about five seconds ago the time line could be a worst case scenario. but that's been introduced. now we can see this president doesn't have the same power base. so you what it at least to see -- >> you are saying there could be more buying opportunity? >> i think there will be. again -- >> so what was not a bad place before this guy took opposite, in fact, things were getting bettert. we said that, this was a place he picked up on global trends. i think they can continue. >> i think you get a catalyst, scott, let's say it's next wednesday, it comes out, some horrible things comes out t. markets go if reverse. that's when you buy. it will probably take working through that. it will take maybe this

international trip trump is going on. he givers up presidential sounding speech the market will rally again. >> that itself the pattern we have been in, until proven otherwise, you have to go with that. coming up, moments ago cisco, we will hear from their ceo after this break. amazon getting ready to disrupt another industry. we will tell you what that is and what it means for those stocks later. wall street the chart master sees something more troubling in the charts. he'll tell us what that is later this hour. much more "fast money" still ahead.

welcome back to fast money. shares of cisco dropping as much as 8%. weak guidance for the fourth quarter. revenue also declining for a sixth straight quarter. cisco announcing it is extending its restructuring plan to include 1,100 employees, this in addition to the previous 5500 cuts announced last august on the conference call, cfo kelly cramer explaining what's behind the company's disappointing outlook. >> we got the new macro-issues in areas like public sector and u.s. fed space and things like that. so assuming we feel q3 will

continue in q4. we hope it will accelerate through the tune of 1.5 to 2 points. the combination of those are driving it into the minus 4 to minus 6 range. >> on that front, cisco seen the region. on a separate note, cisco has been investing heavily to offset the declines in this mature business. last week announcing an artificial intelligence company. look at a one-year chart of cisco. will you see stock is up 1% or more. >> participanty much inline. what is your trade on cisco? right? cisco is in this restructuring. you have this dinosaur of a tech company doing this restructuring. they laid off 5500 people in

august. it doesn't look like it's going as fast as they would have liked it. at 31 bucks, if you want to take a stab at it. i think you have to wait a few quarters to see this trends reverse. >> this is emerging the middle east and affect. people wonder whether they're getting real demand the recurring revenue progress is something people need to watch with this company. after a 30% more, this should be a big surprise, frankly when people are questioning global sicyclical cyclicality. >> they gave their year-to-date in this after hours. so it's more often than not compared to juniper. juniper spiked higher maybe in a month or. so if you look at the longevity of this business, amazon web services is going to steal their lunch, eventually. so can it spike higher on a restructuring play? of course. can it rally back? is it wore atmosphere stab here? i agree with your level on a technical basis.

longer term, i don't think it's investible. >> they are reporting sort of off, off the tech cycle. so with their guidance on this quarter. >> that could impact the tech trade. >> it used to be cisco is the bellweather proxy. not so much anymore. it's a sad day to announce a 4 to 6% revenue. still ahead, headlines crossing on the biggest drug makers. bristol-myers down. we'll bring you those details after the break. in the meantime, here's what else is coming up on "fast." >> that's what wall street looked like today t. chart middle easter says it could be about to get a lot worse. we'll explain why he's so worried. plus -- >> the wrong look at the right price at wal-mart. >> well, maybe not the perfect price. traders are betting the big box retailer might be headed for a bumpy ride. we have those details.

much more "fast money" straight ahead.

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>> welcome back to "fast money". we are live at the nasdaq markets. it was a bult day as a turmoil rocked the markets t. dow dropping and the s&p saw their worst sessions since september. meantime the nasdaq saw its worst day since the brexit. here's what's coming up in the second half of the show, brand-new data, hitting those stocks you see there. our own mech terrell is monitoring the mood. plus, victoria secret parents l brands surging in the after hours session. could this be the zbening of a

retail resurgence? we'll explain. the d.c. drama was felt in all markets of the area. bob. >> hello, melissa. the broader stockmarket has held up. but there have been cracks developing long before today, for example the transports are at their lowest level this year. the truckers had lower prices for services and used trucks. the ten-year bond yields are at their lowest levels in a month. wait a minute, they have been dropping since march. that's when the bank stops popped out. j.p. morgan closed today at $84. it's already down almost 101st from its high t. dollar is at the lowest level since the election. it spiked after trump's victory. it began dropping way back in january. normally, that's positive for commodities. gold has rallied, oil and most base metals like copper, they're

naf not rallied. today, despite the weak dollar. all the loyal stocks, hess and chevron were down as well. again the oil stocked popped out in january. they've declined as oils have not rallied as anticipated. the market can withstand a little drama from donald trump. most of his tweets in the past though maybe odd were not actionable. this is actionable. talk about obstruction of justice or worse impeachment fight. it's a new level of uncertainty. here we are faced with the prospects of a president de railed potentially by months of fighting t. risk even if he survives, he loses so much political capital the only thing he can get through everybody agrees on infrastructure. corporate tax reform could be in trouble. this is what the markets are reacting today. >> thank you very much. i think here is a question a lot of people at home are asking

themselves at this hour, after seeing the sell-off today, we saw the vix surge 45% in one session. at this point if you want to be more defensive, you want some insurance, what do you do at this point? >> i'm long gdx. few look at it on a chart. >> gold miners. >> if you look at it on a chart against the s&p. it's inversely correlated. even if you go back three-to-six months. every time you hear a lodging on capitol hill or the president. gold miners rip. underline lying commodity. i'm staying. >> this is where i say with all due respect, because to me gold is the biggest farce. gold in the last two years, we lad the dollar be flat to sideway maybe even slightly weaker. you had your political tsunami, all the reasons to buy gold and gold is flat to down. gold is at stake here. i realize golds can go a little higher. to me, i agree the gold miners

have had their moments, it's a good trade. running into gold to me are a panic. people are putting too much into gol. today is not a time to panic. the dollar moved. certainly, everybody is weak the dollar. everybody is saying sell the dollar. it's the same people that were bullish on the dollar t. dollar is probably oversold here. if anything, i think you step in and buy a little dollar. the max is at 100. >> gold is interesting. gow to that in a political crisis. when you have a political crisis in the world reserve country, where you want to be. what concerns me is exactly what tim said is the dollar. we've had this weakness in the dollar. it's been going on a while. we have been flat-to-down. now all of a sudden everybody is saying it's cracking. it's over, this is it. to me, it simply look also like a correction within a larger up trends. we are up 31% from 20 23r50e7b percent /*% on -- 20% on the dollar. i'm concerned about a dhar rip. how i'm playing it, you get that dollar rip and gold sells up a.

>> i will raise tim's all due respect, i do respect that. >> wow. >> 13 days gdx is up 13%. so you will be hard pressed -- i'm not saying it's a long term. if you look at the trends line, it's definitely down. it's definitely towards the lower right end of the screen. but if you look at every time there is any type of head wind coming out of d.c., this thing jumps and it jumps aggressively. >> again, we've had ahmed kind of headlines. we've had brexit. all these -- it's like coming out of -- >> 12% in 13 days. you can't argue with that. >> i'm not arguing. back to what you said, you have three times a high beta move. i don't think gold has a lot of room to run. >> if question was did it go higher? >> how do you hedge the s&p or how do you hedge your portfolio? >> first of all -- >> tray. >> i think the s&p goes down, gdx goes up. >> that itself way to hedge.

>> karen. >> yes. >> what would you do? >> what would i do? i wouldn't jump in and buy s&p protection here. i'm not selling puts today. maybe tomorrow. we see another spike in the 5vi. i probably will sell them. will you want to hold them the most is probably the time to let go. so i wouldn't jump from and buy them today. i don't know. i'd try to step back and think, all right, what do i want to own? what am i willing to own that i don't think should be caught up in this noise like we said at the beginning of this show. google would need to convince me more. 22 bucks, it's painful, i'm long. i hate that. >> they're terribly defensive after a strong run. these are the ones that, on a day like today you feel pretty good about. >> great. she's waiting before she buys more is the bottom line. >> i'm waiting before i buy more, that's the kind of thing to do. i wouldn't be rushing out to buy protection. >> could all this be signaling the market is in a pullback?

let's check out with our chart master. do them, carter, where do you see the charts? >> needless to say i know a thing. i'm one man with a opinion and some tools. let's try to physical out togethe -- figure out together. agree with some, some not. so a yield chart and sort of what my eye sees is the following. i think you have a pretty well-established downtrend and a move above trend. what we know after breaking above a down trend. you will get some form of checkback. just one. a checkback here will take you to about the 1, 9, 2%. hold that in context of a longer-term chart. here chart 2, going back a decade, we know that happened. after that shoot you will get a little of a checkback. so the thought is we will go to 2.

so that's the bet from my point of view in terms of yield. let's keep going. all right. the dollar. now, a perfect standoff. the question was, was that a real breakout or not? i want to focus on this very tight two-year range. now, all we've done, really, is fallen back into the range. but if you put this two years in context of the longer-term chart, what we know is we had something of a massive, right, bearish-to-bullish reversal. you have the prospects that that's what's going on. let's put it even more perspective. put this in more perspective. let's go all data. now we got the chart going back to the plaza core. in new york. we hit this level. we hit this level. and what we know this time is we were able to stick our landing. not back away, but stay right here. i think we're fine. my hunch is the dollar is consolidating and so forth. let's go to the stockmarket.

all right. this is sort of the problem. right. in the sense that today the really weak stock small cap and large cap tech. stocks are down four, banks down 4%. but the key is this. here we got -- this is the s&p away, so google and amazon have the same way as a pending woes or lululemon. it's going up absolute. it is making 12-month relative lows. we are back to the brexit low on a relative basis. that's the problem with clustering when things are weakening under the surface. now the s&p, itself. how do you draw the lines? here's one way. f 5%, 5%. these are actual. right? 47 sessions, 52 sessions. just to get a 5%, we're only down 1.8 that's nothing a. 5%

would take us to let's say 2280. perfectly normal. the only problem with that is this. were we to get that, a 5, here. instead of being on trend, we would have broken trend. and so that's does that end implications. let's go a little further. ultimately, i think we have the risk of this. right. it's a little more than 5%. not a garden variety. more along 7 or 8. back to the point of a breakout. technical information. when you break out, like the dollar, then come back. you are looking at something more like 8. then finally, long-term chart. long-term chart, since the entire bull market. we're up near pretty much the higher range here. you want to be cautious. you want to bet on there is or . >> carter las to come over. come on over, carter. >> hysterical today.

>> 1.8%. why, what's happened? >> nothing has happened, but if you break that trend you say it's an 8% draw down. >> meaning we had 1.8. why wouldn't a 5% be normal? they are resting, consolidating higher. the question is all 50%, so i'll start with five. so we don't know where it ends. the record points is 8% bears support. when you come back to the long-term channel it's something along the lines of 15 to 18. we'll see. >> we can all agree upon higher marke markets happen after these lows, at least in our history, the market has moved higher as a whole. >> 70% of the time. >> you do have any sector now? is it buying those big names that got us, got us here? is it buying the big tech once again off the bottom once we do get down that 7% draw down or 10% or does the market finds new leadership and you buy the

lagers? >> do you finds losers and play catch up or stick with it? after one day of selling. look at the percentage decline, they were almost as bad as small cap. i think you want to be defensive by theme. which is not so much market. it is health care. it's staples and so forth. one thing, you know, you were talking about gold. gold is first. okay. that's fine. you won't e don't minds gold. >> the next one -- it's not a panacea. >> that, too. do you know that gold has beaten stocks on a 20-year basis with dividends reinvestedch so not just price, with dividends reinvested. it is a real asset. so is bitcoin. this is the bite coin champ right here. i'm with you on the gold. >> that gold move is what central banks were amassing at . that was one off. >> one off? >> i don't think they need to do so. >> you say so. >> the one and only carter.

all right. we have to go to a market flash here, chrysler is peaking in the after hours. seema mody is here with the details. >> reporter: chrysler down about 4% in an extended trade that the u.s. government is readying a lawsuit over fiat chrysler's diesel emissions. keep if mind there has been an ongoing concern. in fact, in january, 2017 the e previously accused fiat of using soft what irware to alter emiss. they tend to work with the incoming administration to resolve this matter fairly. again the stock down as much as 4.8%. mellissa. >> thank you very much. i believe that we got headlines a couple days ago saying there was going to be possibly an investigation in europe. we saw the markets react at the time for that. you know, we have these

headlines. i feel that stocks usually will recover after that. >> this stock has been very, very offensive within an auto sector under fire, 1050 on this thin sheet, trading up there. i think it's a thin sheet. anyway, it's at a key level. i don't think you need to get in the way of this. i'd get out of the way. >> let's see, if it holds 950. maybe. look at the environment are you in with what's going on before, what is going on with used cars. so i don't think this is lemon, if you try to buy the dip on it, there is what, 4,000 other stocks to pick. don't pick this un. still ahead, pharma stocks on the relief of brand-new data. we will tell wlou the winners and losers will be. we will tell you what has wal-mart nervous. much more "fast money" right after this. tar legend just by playing air guitar. the baby's room won't build itself. and her paw won't heal on its own.

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released ahead of this conference that starts june 2nd in chicago. the big move you need to look at after hours is incyte, unleashing the immune system to fight cancer up almost t10%. bristol-myers huge blockbuster immunotherapy. you can see bristol-myers is trading down a little in the after hours. i have been trying to figure out exactly what people might be disappointed with. kind of different answers, they are trying parce the data. they are trying to get better cancer rates. >> thank you. meg terrell. biotech in this environment when people are looking to reduce risk in their portfolio. >> i think you'd be careful. if you are trading the etf, i

think you have to be careful wit. because it's such a haidah that type of thing. it's also tied very much to the political environment. so it is subject to tape on. i would be careful. i would reducepy risk on that. >> on the flipside, it's a good thing. >> exactly. one of the things that was popular about trump's tweeting was drug prices are too high. you know that plays well, if he's not going to be able to get that done. does that give them some tremor? >> it's up 11%. it's outperforming the overall market. i'm long valiant. tim is long valiant. that's specialty pharma. these are plays where you have to have an iron clad stomach to be able to play. >> last week, two weeks ago, when you came out with that. >> now it's time to sell. >> i appreciate that. >> so why did you buy? >> two weeks ago they didn't

have to play down some debt t. enterprise didn't move too much. it's a sliver of equity underneath a mountain of debt. when you look at the maturitys, that i have some time now. this is a very turbo charged option with life. you get that volatility, life can go zero. >> absolutely. >> this is a stock on a day like today it got thrown around a bit. this is a story. this is obviously a special story and you either believe in it and i definitely believe in what karen is saying. you have a place where they pushed maturitys back. they took 6 billion out of the way. they don't have to di vest. they can generate free cash flow, which they are doing with an alleviated debt load. i think there is value here. >> ahead, l brand surging in the after hours session, we'll bring you the latest headlines from the quarter. traders, ahead of the earnings report tomorrow morning could have big implications on the

broader market. we will explain. you are watching "fast money" on cnbc first in business world wide. looking from a fresh perspective can make all the difference. it can provide what we call an unlock: a realization that often reveals a better path forward. at wells fargo, it's our expertise in finding this kind of insight that has lead us to become one of the largest investment and wealth management firms in the country. discover how we can help find your unlock. you get to do the dishes.ed... bring 'em on. dawn ultra has 3 times more grease-cleaning power. a drop of dawn and grease is gone.

the shlike a bald penguin. how do i look? [ laughing ] show me the billboard music awards. show me top artist. show me the top hot 100 artist. they give awards for being hot and 100 years old? we'll take 2! [ laughing ] xfinity x1 gives you exclusive access to the best of the billboard music awards just by using your voice. the billboard music awards. sunday, may 21st eight seven central only on abc. welcome back to "fast money". i'm courtney reagan. l brand slayers hour after hour, the company beating profits for the first quarter, thanks in parts to lower than expected tax, despite what the company calls a particularly challenging february. now the parents of victoria secrets and bath and body works are raising the forecast range.

comeps fell 9%. but investors knew that from the monthly sales report and the exit from swimwear and apparel had a 6 percentage point negative impact to total company comp sales. swim and apparel are 400 million all of last year for the ab accepts of those categories is expected to have a three to four-point negative comp sales impact for this year. now, ugly after hours for a scene of retail groups. shares shed a third of their value in the last hour now under $2 a share significantly slashing its full year earnings guidance. expect comp sales to fall 8%. that's twice what the street expects. they have 400 stores for ascena, lane bryant among others, the ceo david jaffe says it no longer believes it is appropriate to expect a stabilization of normal comep sales and specialty retail is in a period of unprecedented

secular change that is disruptive to traditional business models. whew, quite a blow and quite strong words in that statement. back over to you. >> did he say anything about how he plans to fight that? >> he did not. just those guidance big guidance slashes. he did say the savings will be more than expected. but there was not a lot of thoughts of strategy outlined there. so this is a tough one. >> thank you, courtney. now we know why it's down 33%. karen. >> this is a flipside, leverage, they have some maturitys. it's a very leveraged company now t. parents of the dress barn. only worse than athletes foot. but anyway, private equity, i think not it's falling apart they don't need to keep the same capital structure. it seals to be in disarray. wait, bids also if disarray maybe wait. >> target shows signs of life?

>> target did show signs of life. have you to look at five years down the road, two years down the road, less square footage and department stores. if i want to take a fly around on the company, i will take a fly around on j.c. penney. >> mike ko joins us with the action. >> reporter: hi there wal-mart is implying about a 2.9% move. that's larger than the 2.7% average. three times the volume trading today. most of the opening acisttist was occuring in the 73 puts that expires this friday. they were paying 75 cents more than 100 happened, those are bets that i could fall, maybe that stocks did fall today on target strength. >> that would be a decline of 3% by the end of the week. >> check out friday at 5:30 eastern time. coming up next the final trades. stay tuned.

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and we will be with usaa for life. the worst day for stocks this year the dow down 1.8%. s&p down 1.8% as well. as we go around tonight, it's not the final trade. what do you do tomorrow? tim kick it off. >> this is boring. you don't have to do a lot. they are ready to defend yourself. my final trade is starbucks him we'll are getting stressed. they will be drinking a lot of coffee. this is a portfolio stabilizer. >> if you are a short-term trader and you want to put money some place xlu if next while. if you are longer term, play work on your golf game for a while. >> don't panic. united rentals under 100. i'd probably buy some and bank america city. i will look at those as well. >> you are a buyer.

>> oh, no, i'm not a seller, a buyer south of 100. >> all right. >> you will get a couple more days of headlines saying impeachment. buy gdx and things you believe in. monsanto, 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 is not just to edntertai you but to educate and teach you. you mean stocks can go down too? you mean they can actually g