>> thank you, pleasure. >> yes, we we heard all the tweets yes like it's 1989 all over again back towing again. we'll be on "nightly business report" tonight as well. >> that does it for closing bell. "fast money" begins right now. >> "fast money" starts right now with breaking news. we are all over the two big stories at this moment t. polls closing for the uk election just now and former fbi director james comey with explosive testimony on capitol hill earlier today. eamon javers has the latest on that. wonderful bur ross is in london with the very first poll results. >> reporter: wow, this is getting the numbers in, 314 for conservatives. that is a very poor result for the conservatives. they missed the majority t. pound has fallen to 128.

it was at 1295 before this. this is a hung parliament. this is an extraordinary result. teresa may's poor company has played a huge role. jeremy coleman captured the number for labor there, significantly better than what they were on before. they were on 229. they're up to 226. the pound falling further. why is the pound falling off the back of it? no goody has a majority. therefore, there will need to be coles discussions. we will in uncertain phase, this is the exit poll. the result is right. we do not have a clear government. coalition discussions will have to gin to work out who will be prime minister and who will return to downing street? teresa may calls this on the 13th of april. the polls have her lead. the possibility of a triple digit -- bubble is correct.

>> that is not enough for a majority and wow i mean a terrible campaign she has played out. mel lisa, back to you. >> in the past as i understand the exit polls have been pretty accurate when it comes to these elections, when it comes to teresa may, though, are the election results so stunning where her days in power may be limited? >> reporter: 100%, melissa. first to move on to your next question last year's brexit poll got things wrong. it wasn't an exit poll, it was telephone polls carried out during the date of the vote. no polling company felt confident in what was a national poll. a single big vote with no history that they could get it

right. with these exit polls, year's worth of history they do it individually. the results came out the next morning. so marks responsive, as we said, they have missed out. what does it mean first and forepost-? her party has a majority and she will be asked if she wants a former government. will she try to do that without a majority? we don't know. usually this means the coalition, another party to join forces with them. as for her leader position as the leader, 100%. she called this as strength. everyone has been pointing the finger and her mps as much as her supporters and voters will be hugely disappointed with her, 314 seats short of the '02326 feed. >> basically the next step in

terms of whether or not we see political stability to see whether or not a party will join a coalition with a conservative. is that correct? and when can we expect that, if that happens? >> reporter: well, the first step is to let the results come in overnight and see exactly where the seats ends up. this exit poll is not to be exactly correct. she is short, maybe ends up being five or six short in play. the difficulty for teresa may is who can she form a coalition with? back in 2010 they formed a coalition with the local democrat. that was coming out of the back of many, many years of labor. government and it was easy for those two parties to decide, look at times we mover away from la bomplt the conservatives criticized unanimously by the party in the campaign. also the party that really represents a significant move to

brexit, it's almost inconceivable any of the other decent size parties would form a party. they just about could help them get over the line the scottish national party certainly wouldn't form a coalition with them. what we look at do they try to form a minority government, where they have to get by vote by vote or do they stand back and allow labor to form a coalition because labor does have the ability to form a coalition easily. >> all right. wolford thank you so much. the first exit polls i should say out of the uk elections. stunning reaction in the currency market. this is a move we rarely see, a move of as much as 2% with the british count hitting the lowest levels since may 31st.

127, 45 for u.s. dollars, we are seeing a decline of 1.6% immediately on the back of these results. >> we talked about and the back of these notes, for the first time in a long time, current volatility is higher. i said i don't know, i'm not pretending to know what that means. what i do know is this, currency like the british pound should not move a percent-and-a-half in minutes let alone over the course of weeks. these moves used to take weeks if not month. now it happens in days. you know what i hate to use this term, you know what trumps all this? the fact that mario draghi used to say significant amounts still needed for you're. they can have all the elections they want. that's the deciding factor. >> to go back to the dow, in the day, overnight, this ended up being a very good thing for the uk economy. >> for that that's. >> at the end of the day what

this does is obviously push out any clear choice with brexit. for the week. >> the pound, shoot first, ask questions later, i think the way investors are looking at this, the positioning in that i think is completely overdone. i agree, it's probably a buying opportunity for the pound, as far as we seen it before, they could come in overnight and improve. again, that itself way i see it. >> where is the liquid? right now you look at this move, it's not an exaggerated move because of lack of liquidity in the time of the day in which this is happening. >> in terms of the markets, we have seen a weaker pound help the footsie, it's got so many exporting companies on the footsie. in terms of the u.s. markets, is this another source, you are already shaking your head? answer the question. >> this was obviously not expected. i don't think it will have an

impact. it's not brexit. brexit is inevitable. this is determining the path and i look at it and say i don't think stocks in the u.s. will be impacted by this. >> i agree, i tell you what, all you have to look at the volatility t. fact that it was down 5%. it did rally back. we are right at 10. we are in a very low volatility in terms of the market. it will be interesting to see if we get a sustained move, longer than a couple of hours, where the volatility index goes and can that last any period of time whatsoever? >> we actually had 12007.04 if terms of the currency trading. that's the lowest level since april 18thing. by the way, s&p futures. hush. >> there you go. we had this conversation so we talked about a non-event. volatility and nexus is basically telling you we flag the frnlgs at least for one day.

>> let's turn our attention to the other big story of the day. wall street took collective sigh of relief following testimony from former fbi director james comey. eamon javers joins frus walk. if you were looking for a smoking gun, nobody got that huh? >> reporter: didn't get a smoking gunl. james comey was offered the opportunity to say whether or not he thought the president's behavior in this case amounted to obstruction of justice, he effectively punted on that question and said that's a question for the special count sell robert mueller. meanwhile, today's testimony really boiled down to a question of trust. do you trust the g-man or the president of the united states? that's ultimately where this goes. comey was asked, why should we trust you as opposed to the president? here's what he said. >> i think people should look at the whole body of my testimony. because as i used to say to injuries, when i talked about a witness, you can't jury pick it.

you can't say i like this but on this he's a dirty rotten liar. i tried to be open and fair and a really significant fact to me is so why did he kick everybody out of the oval office? why would you kick the attorney general, the president the chief of staff out to talk to me if it was about something else? and so that to me as an investigator is a very significant fact. >> reporter: and comey flat out said today what the white house said about the fbi being if disarray because of his leadership was nothing but lies. >> that prompted a response from the white house on this issue of trump, sarah huckabee sanders issuing a statement in an off camera gaggle today, she said, ki definitely say the president is not a liar. so a tough day for president trump, absolutely. but his lawyer came out and said he feels vindicated because comey backed up certain piece of

what president trump has said. ultimately, thatly fight this, the white house said they don't think the white house said the things that comey said he says, now we're down to a he said, he said. >> that seems to sway in the favor of the trump administration at this point. thank you. so is this now the all clear to keep buying stocks? the market selling with a vix below ten with records on the dow, records on the nasdaq. you know what, you just keep buying? >> i don't think so. i'll tell you why, he said this is not a great day for trump. i think there will be other people at this desk that took a different view. i think the fact that he said it's up to mueller tells you there is more to come of this. let's be very frank, donald trump launched his political career on one of the worst racist lies ever about birthism. he continued with silly little lies how big his inauguration crowd was and another big lie about the obama administration

that they were wiretapping him. what i'm saying -- all the people that surround themselves to defend him is a liar. i think comey was specifically taking notes on each of these six to nine events because he knows he's a liar, mueller will get down to it. >> the stock market, you can leave ballistic i politics and break out the stockmarket. stockmarket one thing tax reform and regulation reform. and spending. right. obviously spending. the stockmarket is focused on those poor events, right and they're getting the path to the market basically to q1 '18th. basically, it doesn't matter, liar, whatever it is, impeachment is probably off the table. it will take to move a mountain and a holehill to get that done. investors don't blink when they watched the comey hearing. bonds are up, stocks moved around more. investors didn't really care. >> for more on today events, we

are joined with jim vandehi. it was a great day for trump. why? >> i think it was a very good day for trump. long term, listen, it's an investigation, unless you dig deeper. if you think of what happened today, there is nothing new that would say he is impeachable. i think you saw republicans ramally around him. they were careful in isolating the people arnold his conversation with flynn which is one sentence. it's exactly helpful to him. if you think of the approach he has, fake media, fake media. comey says the bomb still story in the campaign is wrong.

so now republicans will say, look, here's evidence of fake news. there was a moment. have you as to watch it, it was amazing, steve, it was jimmy stewart, a performance unlike things we rarely see, but there was a moment where he talked about last year, he said, listen, this is comey talking, he says, i felt like clinton were trying to align their campaign with loretta lynch, the attorney general at the time. trump will say, look, they did it, i did it. so short term the markets are reacting correctly. there is nothing new to point to impeachment. the impeachment, by the way, obstruction of justice will be assigned by krong congress, controlled by congress the threshold here is way up there. so it will be really, really hard to hit that and now what you will see republicans do is try to swing into action and see can they break loose on health care, if they can't move it out of the way and move to tax reform. the president knows his numbers are sinking, they got to do something with all republican

rule, because those numbers are record numbers in the markets. that's his saving grace. if you can keep saying that a year from now, he'll be fine, republicans will be fine. if you can't say that, he's in a heck of a lot of trouble because he doesn't have a tremendous amount of support out there. >> to that.the pivot is on dodd-frank. what do we say getting rid of it. tweaking it. that's the next thing on the horizon. >> again the question will be in the senate whether or not you can stick together to undo it. but they feel they will at least be able to get marginal changes to.frank. there is dusting more optimism about health care. trump was talking to mitch mcconnell. they think there will be a vote. i am super skeptical, it can be approved by the house. few think of health care i will assume it doesn't get done. then they will think in more realistic terms about taxes. it's a little delusional. but there are things they can do, repatriatation, they can do

a corporate tax reform, a cut in the rates, that would have an effect on the markets, even though it feels they have factored in success on tax reform. >> so in terms of the view through the market lens, yesterday versus today. today was more optimistic the trump administration will push the agenda or be more successful than a day ago? >> i think you have to be arc do i agork they assume a felony might be committed. the testimony was compelling. it is not damming for donald trump in a legal context or a political context when you think whether or not republicans are behind it. find me a republican more critical than 48 hours ago on capitol hill. you can't find it. i see people like rubio, no friend of trump. senator cotton who is, both had dinner with the president and come out and do questioning in a way that i think helped the

president. so if anything it brought them a little closer together. that's what trump needs. he needs to somehow bring the republican party through, there is not a democrat in town that will get through the trump bill. >> are you on the opposite side in terms of the market view events. >> i agree with all these guys. i do think we're in a be19 sort of environment where the mark is going up. we had none of this legislative agenda push through. i think jim is correct. there is low hanging fruit there. they can get winds on repatriation or other things. i don't think dodd-frank speexz to his base. they are focused, they want to speak to tear base. they want to do things that kind of resonates to the base. >> his base versus the market? >> i would think so. >> if dodd bank gets through, you saw the reaction. >> it's all about perception, right? whether or not it gets through is whether they enforce singer e

certain things. just the idea that there will be reform. >> that's just been the idea of all this stuff for six months now. the idea is why the markets are fully pricing in reform right now. right? smr no, it's pricing in a little expectation. if we get anything points on the board, we will see the financials rip. look at the yield curve and what's happened to them. >> right. >> we seen that flatten out, it's starting to seep in. the fact is, we are seeing a rate rise, an rse of a lot of these financials basically in the toilet by the financials here, it will look like the trump trades is back on. just because of the bad positioning and oversold nature of a lot of these factors. >> do you believe in the markets more today that you did yesterday? >> do i believe -- >> do we get an all clear? >> yes. the reason i say that, you started this whole conversation off with the idea that this was a bad day for trump. i agree with jim. i think when you look at the testimony today, it sounded like a win for me for trump.

if you look at volatility the direction in the mark, we were up 80 points, we ended up with the volatility back over ten. when you look at the real strength in the mark, the financial, other areas. >> the market, you mean underlying? >> it's one of the clearest. >> that record high. >> we're holding it flat, record highs and if he had such a bad day today, you would have thought this would have gotten sold off, right? >> you think for a second this issue will be done an dusted on june 8th. >> okay. >> special prosecutor. >> on that point. yes. please. >> can i come in? you think i'm right today. you could be right long term. deep forget just because today wasn't devastating. you still have mueller is the real deal. he's got real lawyers around him. he has comey who is a master working the press. he has the intelligence community aligned against him. you have these threads they're

pulling at on jerry kushner, in particular, that has the white house really nervous. if there is ever going to be an oh my goodness now we have a crisis moment, it's going to be because of what you happen when you dig deep into the investigationer, when you look at context. why are you meeting with a russian bank sfwher why are you meeting with the russian ambassador with the whole world watching you? i want to see what you do in the business world. once you start pulling there, it's not tomorrow, it's probably months if fought years to get to the bottom. >> we have runway until that investigation is complete or near completion. so this could be a year of just putting your head down on capitol hill and trying to get the agenda done. >> this is dominating. it is definitely going to slow every single thing down and think about the white house has not brought anybody new in. it's very difficult when you are managing like a company, the white house, to deal with a scandal and deal with wins. so they only have a couple of

staffers. they don't get along that well. somehow they have to manage trump and a scandal and try to do legislation. even if they have republicans working with them or for them, it's still going to be a harder slide. so i would expect lots of volatility in terms of volatility. did you see there? it will be a long time. >> thank you for your analysis. jim sprand vandehei. for the purposes of this show at least, whether or not i think he's a liar and that doesn't matter the fact is, the market is here, the market is within a whisper of an all time high as you said. it's had every reason to sell off. it has not. what does that mean? i'll say it. it wants to continue to ratchet higher. xlf against 23. >> that held umm. we talked about nvidia, tesla. look at those names, again,

whether my feelings for the president for my purposes doesn't matter. it's what the market is doing. the market wants to go up. >> the exit polls project teresa may's conservative party. a company may go private. why they may not be able to separate the beaten down retailers. the snap is getting hit. we'll explain why it might be about to get worse for shear holders. much more "fast money" still ahead.

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hey you've gotta see this. cno.n. alright, see you down there. mmm, fine. okay, what do we got? okay, watch this. do the thing we talked about. what do we say? it's going to be great. watch.

remember what we were just saying? go irish! see that? yes! i'm gonna just go back to doing what i was doing. find your awesome with the xfinity x1 voice remote. >> welcome back to "fast money". nordstrom's retailer announced it is going private. if you think other retailers may follow suit you may think twice. >> reporter: hello, nordstrom is a bit of a special place, members of the nordstrom family still own substantial shares in the company. take a look here. the top five insiders are all nordstrom family members. anne gettinger, the 2nd is the granddaughter of john w. nordstrom's. he founded it in 19101 in

washington. those five collectively own about 25% of the stock. what's the reason? the company is very profitable. they will likely earn close to $3 this year the family members likely think there the worst is more value in going private within they can continue to make investments in the business about dealing with the depressing overlay of a publicly traded retailer. they believe they may be able pair what other sources of private capital to affect a purchase. two key points about this company. they have a very diverse revenue stream. first, for example, e-commerce is now 22% of revenues. that's very high, a discount is 31% of the revenues. secondly, the company pays a substantial dividend. at least for a retailer, 3.2%. high family ownership is unusual, it isn't unwe heard of. wal-mart family members own 51%. gap family members own 41%.

urban outfitters 30%. amazon, 16 percent and fossil finders own 10%. unusual, not unwe heard of. >> thank you, bob dasani. >> i don't know if this will hold, the stock was up $8. it came down. i think exactly what bob is talking about. they have incredible cash flows. they have growth in certain areas. when you look at the online space they're doing well. so they're making.. that's not the issue. it's the way they're trying to interpret how they will do in the future. if they take it private, they won't have to go quarter and quarter, listen to everybody on the street, tell them all of this stuff. >> there will be a train wreck. >> yes. >> i thought this stock traded

horribly today. the xrt closed down on the day. i thought it was a disastrous day for retail. before the comey hearings, i was talking and earn was so giddy. >> no, i was up. it closed up a half on the digital day. >> take advantage. >> i think the xrt is a train wreck waiting to happen. the department stores are done. you look at this big box stuff, a handful of names are doing it. costco, wal-mart all this stuff with any mark cap is doing retail. >> the ting to be concerned about is nike. you talk about the market share. i tell you, they report, reporting in a couple weeks, that stock they have to bring numbers down. they will probably guide numbers down below 50. it's probably a $47 stock. >> you were traveling the world, i don't know what you were

doing. but restoration hardware reported, it was a disastrous quarter. we talked about it on the desk. here's the stock rushing out from 25 to 66. my sense is if it holds 42 or so, it's absolutely wore atmosphere look on this flush. guess what, june 1st to low, it was 41.5. so the point is they must be 100% right. xrt must be an absolute train wreck. in the context of that, there are trades you can make. by the way, i still think there is more room on the upside. >> still ahead the story of the after hours session, polls show teresa may's conservative party lost to the majority. we are on the ground with the latest. i'm mellissa lee, first in business world wide. in the meantime, here's what else is coming up on "fast. >> hey, a snack. >> you can say that again, snap shares are singing. they're right near that ideal number. a big event is coming up that

can spell more trouble. we'll explain. plus with the house moving dodd-frank, here's how investors and bank stocks fell today. >> and there is something in the charts that suggest now is the time to buy. we'll tell you what that is when "fast money" returns. >>

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our 18 year old wase army in an accident.'98. when i call usaa it was that voice asking me, "is your daughter ok?" that's where i felt relief. we're the rivera family, and we will be with usaa for life. . welcome back to fast money. banks in focus today as the house votes on a key bill aimed at dismantling the bill. kayla. >> mellissa, the house voted to pass the financial choice act 233 to 186 t. positive development is the regulatory agenda in the face of all the other head winds. all you have to do is see the

sharp move that investors view that as being the case. i'll tell you what we got a few moments ago from the senate banking committee which will now take up the mantle of until reform t. cramer calling the passage of today's bill a significant and thoughtful effort to improve our financial regulatory system. a positive move away from fost micromanagement and returns to bake principles of safety and soundness and market-driven principles. the chairman passed the passage it is expected to win 60 votes in the senate. here are the changes that the industry is expecting right now and also people that i've talked to that have had conversations with senators are expecting. they think there will be scrutiny for the banks of larger size, all tow, there will be friendlier treatment of the community banks and the mid-size regional banks. the senate doesn't necessarily want to undo this consumer

financial protection bureau. they want to ease eight little and perhaps change the structure in the house. then way want some changes to the stress and not wholesale changes. finally, they don't favor a repeal of the department of labor fiduciary role, perhaps some partnering with the fcc possibly on that rule. we will see when they take up exactly what the senate decides to do. there will be a north star for congress' discussion about financial reform. >> that will come soon t. treasury department is about to put out their report and certainly lawmakers on capitol hill are going to want to follow that to make sure that the white house, the senate and the house are all on board. mellissa. >> all right, kayla thank you in washington for the latest on that. we were talking about this. you said it didn't matter if it happened or not. >> look, regional banks, they're

definitely the beneficiaries of this, at least the perception of it. again, it's a perception trade. it's through the house, it will get through the senate t. chances of that occurring are very, very low. again there is a sentiment trade. i think this is oversold, meaning the panks in particular. >> what will actually happen most likely is a fed rate hike. what will happen is the result of the speed car results which could prompt banks to increase dividends or buy back or both. that's all coming in the next few weeks. >> they have the balance beat. jamie dimon brought this up time and time again. there is all kind of reasons, you see far more upside tan down side. i see et to hold. i'm sure there is stuff on the carts. >> you think? >> now once that had mission of games. he thinks there is a buy. let's go off the charts. >> hey, when it comes to the banks, i'm telling you we want

to tap the financials. there are carts in the group the private equity names the insurance companies the banks have been the big laggers and this first chart is the big reason why. we're looking at ten year yields. just like energy, you can't expect energy to out perform with crude catering. you can't expect banks to out perform with yields the way they do. we broke out recently. that's bad. and today, yeah, we get a little sign of life. but we that ill to reclaim that 200 day on the bounce a. key failure up 221. so interest rates in a down trend. that's a problem. you see the next problem, you talk a lot about it on this sew. for good reason as it pertains to banks, the 210 continuing to get flatter. you can't get behind this chart. we are staring down an interest rate hike. >> that will bring up the 2s. the 10s are being weighed down. this will go flatter. that's for banks, one bank which has seemingly rised above it

all, we will get to that in one second. first we will look at the bks the etfs, we are rainn bounds here. let's call it 94 on the high end. we will call it 89 on the low end. we have been in this remarkably. we broke out, a well defined trading range. until you get that breakout, it's hard to pound the table in one direction or the other. especially with interest rates on the curve. we got a little ahead of ours. citigroup, you can see this textbook breakout. this is the then-year high in the stock. this is the best looking bank cart. we like citi. one more, maybe not a household name when it comes to wall street. stage street. the behemoth as guy might say a. decades long breakout. that's a big base of support so it's a great name to buy here. once again, financials. the sector is going to lag, though, until those interest rates start going up. the carts tell me that might not

be any time soon. so a little good, a little bad, plenty of ways to make money. >> i think he comes however e over what do you think? >> come to the desk. sydney will bring the chair in. thank you, sydney. >> so in terms of, we need to see rates improve eventually, for the overall bank trade, correct? >> that seems to be what the charts very telling us what history would tell us given the strong correlation. >> i asked the question because the bull from the bank trade overall, yoefrl all is not the specific names, we'll see, we don't necessarily need to see rates increase that much. they're better than last year. the banks can make money. it's okay. >> the banks are not a pure rate trade, in order to out perform it. you will need some help here. those charts are trending in the wrong direction here. it looks like 204 is more likely than 234. that's not the case.

i like rates coming in. they've got trade down, they've under performed. until we see a little more out of that interest rate dynamic, they're a much stronger place. >> a lot of people push back, i bring up 210, 1030ed. 15, 30s. i hear what you are saying. my per spec would be it seems like banks want to get back to some historic norm of where they were in some price tangible book. does that make any sense? >> it makes a lot of sense. people that are long banks they want to sweep et under the rug. we all cherry pick our data points. the fact remains, there is a reason why regional banks are the weak ling. the bkx is four-and-a-half on the year. clearly the direction of the curve is an issue for the bank stock. the level of yield is a concern for bank stocks. to expect this rip roaring rally given those stocks is overly

optimistic. >> here's something fun to do you go through the list a few, right? handful. see what he says about him? >> goldman sax. they had that pull back in the high teens to the 200 day moving africa. >> banc of america. >> look, it's 22, 24, until you break out of that range, it looks like that. >> they are buying the call the they roll out to buy those, holy smokes. i tell you what, 100,000, look at july, banc of america. there is a lot going on. >> we will break out about 24. you pound the table wee learned it's better to wait than anticipate within it comes to rates. >> rich, thank you. by the way i know you fought to go. what do they call the thing with the mitt?

>> i said that. >> what did citi do the other day? >> i said that, follow along, guys. >> good job. >> the pound getting slammed after uk exit polls, we are on the ground in london. we will bring you the latest headlines as they break. plus, snap, sinking for the second straight day, investors see the growth prospects and a big event coming up that can sell even more pain. we'll explain when "fast money" returns.

welcome back to "fast money". the big story in the after hours, that is the pound on the heels of the uk except poll. hi, will. >> hey mellissa. if this exit poll is correct work reheaded for a hung apartment. nobody gets a clear majority. 326 is the number of streets needed t. conservative forecast, that's 12 short of a majority. why is the pounds down some 1.5% because we are headed now for a weak deposit and with it uncertainty t. conservative versus no clear coalition partners to help them get over the line. we know that short of a majority t. labor party the big gain is adding 34 seats to a total of

266 could reasonably be expected to form a deal with the scottish nationalist party, the liberal democrats and the greens, even that core text grouping only totaled 315 seats. again short of a majority. so you could say that the predictions made by this exit poll are a sort of perfect storm of uncertainty for markets and the uk government in the short term, thus the pounds down 1.5%, melissa. >> thank you, wolford frost oak in the london exit polls. we see this reaction. it wasn't a knee jerk reaction. we are down 1.5% a pound versus the u.s. dollar. so in terms of tomorrow's session, what do you think we should look for? >> look, i think you buy the pound on the weakness, we will not see a hard brexit if you will. so i look at it and say, look at all intents and purposes from

growth. you don't get the growth. i think from the near term shock to the system. i don't see a lot more down side risk here. >> the european prime yields, i think the dax obviously 12,500. germany has a filter through europe. again, i say what with everything that rises above everything we talked about is the fact that mario draghi said guess what, folks,eseing is here to stay for a long time. that's what overrides the marks right now. >> still ahead, hovering around the ipo price, a key event in the next month that can cause more pain for snap. we will give you all the details. you are watching cnbc first in business world wide.

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. welcome back to fast money. shares of ali baba 13% the benefit day ever after they said the revenue could grow as much as 14% in 2018th. investors are piling in to see the stocks, some of coin tech stocks have given that group a run for their money.

it rallied this year alone, ali baba is up 62% so far, buy view behind the chinese counterparts have rallied lean% in 2017. we live in an acronym 140 character world. we are calling those stocks the stab stocks. they're trying to take a stab at the stocks we're calling stab. >> if they under perform relative, ali baba relative to those results the guidance is breast taking. it has been under the radar relative to the ones here. it's interesting when you think of the things pfizer is doing, under performing let's say ali baba, obviously the dominant search player if china. they're making big, big news in ai and things that will pay off in the longer term. that one seems interesting. it's been very range bounds for a year. it didn't trade particularly well today. >> we're always talking how this

crowd is. i bet amongst the u.s. actively funded managers, they're not crowd crowded. does that matter? >> by the way we do a quick transition of would you rather? >> i'm going with the china mark right now is what these guys have produced, especially baba's earnings. >> you hit the nail on the head, someone to stab you by it. >> stab or fang? >> pete is out on twitter real quick. have you kudos, tim seymour both have been on this baba thing quite some time. well top. i'll say fang to take the other side. why not? >> it will probably get it right. >> lucks on my side. >> you are right t. other positioning, i apre, the u.s. investors are on the way, they're not getting guidance if facebook or these other things. i got it at baba. >> how about rents and stocks?

snap. >> oh. >> that's the texter. it's down 12 ', this week as investors question the options market, implying big moves ahead of a key event next week. a big, big event. >> listen, you know one thing investors, i will go to the board. >> they're looking out to their 150 day lockup expiration here. so when the company went public march 1st. they were financial to have a pretty accelerated lockup here, 150 day, a 180 day. one of the issues here is that lack of liquidity at the expense of the borrow. if you want to shorten the stock, a lot of people have been pessimistic about this story right out of the dpaet having a 30 billion or so mark cap. because of that small flow and because of the expense to borrow the stock, it's been really hard to short the stock. so the week we had some under writers, j.p. moroccan lowered some numbers there and a few other investment banks talking

down the story a little bit. if you look out in the options market between now and august operations that will catch that lock of expiration, it should put pressure on the stock and also the second quarterly earnings, the options imply a 20% move in either direction. that's not so crazy when you think it came down after that first quarter after a publicly traded company. it's difficult to short the stop t. put premiums are so elevated here. so from the time being. unless it gets done on the down side, it seems like the charts today. >> catch the full show tomorrow. up next, guy is playing one beaten down biotech stock for a bakeout. we'll give you the they'll when we come right back.

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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. time for the final trade, pete. >> last night, spot on. >> did not. >> they were coming if, buying the other day, they bought today. >> are you on that train? >> snapchat will be selling.

looking to buy ahead of the corner. >> i think you sell. >> leaving on that. >> you made the therapeutics. it's breaking out. >> thanks, for watching. see you back here at 5:00 tomorrow, "fast 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 make you some money. my job is not just to entertain but to educate and teach. so call me at 1-800-743-cnbc or tweet me @jimcramer. you need to stay focused here! you may think this market