they make that call. >> i was looking at something earlier, all this stuff is going to get more and more important people trying to game out when you should get in front of it, figure out what they're going to pick. >> a lot of dogs being wagged by tails. >> i like contessa's doggy paddle joke from earlier >> we'll see you tomorrow. thank withdryou very much, michl that does it for "closing bell." "fast money" begins now. >> sure does "fast money" starts now with breaks news. you're looking at a live shot of the white house where the ceos of some of the biggest companies in the world are meeting with president trump, everyone from apple's ceo tim cook, to the man with the biggest news in the last week, amazon's jeff bezos microsoft's also in attendance combined, these ceos represent an astonishing $3.5 trillion in market cap these tech lead erst have been participating in breakout sessions at the white house throughout the day it all comes as technology surged today tech posting its best day of the year the dow and the s&p closing at

record highs take a look at the percentage gain in the nasdaq more than 1% let's start with the meeting of the minds in d.c as we await comments from president trump. eamon javers has the very latest >> reporter: it is as you say a glittering collection of ceos at the white house today. we're waiting for the president in the east room we expect he's going to come in and participate in a roundtable discussion the ceos have been here all day. take a list at took at the listf prominent names. i was brought into the indian treaty room in the eisenhower executive building the other day to listen to remarks from jared kushner and watching the ceos mingle with each other, interacting here in washington, including you saw eric schmidt of alba bet aphabet and google. talking at the whouite house. cross pollen nation of ideas that's what the white house is looking at ideas from private sector executives on how to improve government from every way from

its i.t. to its services to its performance for the citizens jared kushner opened things up earlier today with remarks including rare remarks in washington, d.c. from, in braise of government bureaucrats. here's what he said. >> before i came to washington, many warned me the bureaucracy would resist any change we tried to implement so far, i have found exactly the opposite. >> reporter: a rare opportunity to actually see and hear jared kushn kushner, he's a powerful figure inside this white house, but rarely interviewed on television, rarely appears in public a lot of people hadn't heard his voice before today's appearance. so, this is an opportunity for him to showcase what he's been working on all year. which is this gathering of brilliant minds in the private sector to try to solve some problems in government we'll wait and see what the president has to say, and whether they can come up with any of the solutions that they're looking for. back over to you. >> eamon, there was talk that there might be some of these meetings might be contentious because a lot of members of silicon valley are on the

opposite side of issues with president trump. do we think that happened at all or has this all been focused on making government work better? >> reporter: well, it's all been behind closed doors so far, so we don't have any reporting what's been going on inside the sessions, themselves, but, look, eric schmidt is here he campaigned aggressively for hillary clinton last year. i asked sean spicer during the off-camera briefing today, you know, what the president's message was to eric schmidt, and he said, look, our message is, come help us, come help us with the problems we have in government and spicer saying, going out of his way to say that they're not so focused on what these people's political positions are, but more on what they can do in terms of solutions. now, a lot of these ceos will come loaded for bear they're going to bring their own agendas here the white house is expecting there's going to be some political points made here by some of these ceos >> got it, eabon, thank you. all right, guys and lady, is it a coincidence that tech had its best day of the year as all these ceos met with president trump? guy adami?

>> great to have you on board. we love to is you here get that out of the way, it's very important i don't believe in coincidences. i do think it's a bit of a coincidence. the two encouraging thing for me today, you saw the monster selloff in tech, but had a commensurate move somewhat in financials and energy. so now you have the broader market doing well, tech basically all the way back, and you have financials holding on to their gains to me, that was the most important part of today. so is it coincidence i don't know i think tech was a one, two-day event. a lot of these stocks are right back where they were the fact financials held in there is encouraging. the s&p is at an all-time high once again. >> safe to get back into these tech names you have a face. >> well, the face i have, i look at the selloffs. i mean, when i look at what we've had all these selloffs, it sauce seems to be around the same sort of a deal, very short term, very short lived and suddenly everybody wants to buy them back again. so, to me, that looks like a

algmarithmic trading when you look at the tech names, michelle, the last earnings cycle, they were financial for the most part, talking about chip, cloud, wherever you want to go, facebook, the numbers were strong. the fundamental numbers are there. they're growing into earnings. when you look at these eps, depending how you value the company, what is apple anymore just the hardware? i know the desk, we all disagree opinions on that however you look at those companies, they are growing and because there's growth there right now, that is the opportunity when they get sold off, it's the opportunity to buy. >> okay. is that the lesson here, if you see that one more time, you see that again, and when it's so scary to see that kind of move in a single day, that's the precise moment to get in >> i think you need to be careful. >> is it time to go back >> i think pete's point is really important about atrading. i don't know if you noticed this, apple was up almost 3% today but closed on the dead lows of the week last friday week on week, it really had a

bad week when a lot of stock, large, mega caps, got hit hard, apple closed on the dead low. it made a lot up today here's the thing, if these things are still in down trends, don't kind of retake the prior highs any time soon, you're setting yourself for another similar sort of move no matter who's pushing the buttons, whether it's algos or fundamental long/short people. when you think about it, it's a wait and see >> don't algos have a shorter term timeframe the reason i say algos -- yeah, is it going to be every single day the algor is pushing it down >> are they related to certain inputs as far as volatility is concerned? i just don't know. nobody knows you know what i mean we haven't had a good old-fashioned selloff in months and months and months. i think it was pre-election. at this point, we don't know everything is unprecedented. every time we hint at some sort of market period of volatility i just don't know. >> were you picking anything in this area? >> no, i wasn't selling anything last week, so last week, you know, alphabet traded down

sharply, that's painful for me i'm a longtime holder. but nothing changed. absolutely nothing in the fundme fundmental story changed the valuation maybe was out of line but the reaction i think, you know, and the algos -- they pile on and you start to see things trading down, in the case of the very expensive stocks by tens of dollars at a time. something else is going on beside fundamentals. and since i thought the fundamental story hadn't changed at all, i'm going to ride it out. that has been the right thing to do every time for the last i don't know how many years including the november selloff, techs got absolutely annihilated, and then earlier this year, again, so until the fundamental story changes -- >> what is the fundamental story with alphabet as you see it? what couwould make you get out >> improving, the revenue growth on a company that side, to be in the mid 20%s is extraordinary. so the multiple trades -- back out the cash, it's even cheaper.

to me, is not a crazy valuation at all and i'm a valuation-focused investor. >> i mean, alphabet, 19% eps growth, revenue growth is actually better than that which i think is really important. i think it's fairly valued out of all the stocks we mentioned, you know, dan might disagree, probably right, but i think that valuation wise is the most interesting pu ining one. we have to mention this, did exactly what it should have. we mentioned the day the big selloff, traded down to 142. we had flagged potentially going back to 120s then on monday traded down to 142 again and bounced. said there's your opportunity, folks. you have a great tradeable bottom now here's the stock back at 157. these are trading vehicles for the most part and i still think the room for the upside, nvida -- >> see skepticism on your face. >> started off the block asking us if it was a coincidence. >> i was going to ask if the meeting today has any impact >> when you think about the ceos at the white house right now, we can't e dondon't know what happ

they're there because they have a fiduciary responsibility as a shareholder. they have hundreds of billions of dollars of cash overseas they want rebapatriated. i think to me we could see a lot of people did not see that amazon/whole foods thing coming. >> nobody saw it >> but at the enend of the day u may see blockbuster deals by companies that may not make a heck of a lot of sense that first, especially for guise who ha have ten-year plans. >> our next guest, john scully, ceo of apple from 1983 to 1993 joins us on set. good to have you here. >> hi, michelle. >> did you visit the white house when you with apple? >> many times. >> we saw tech surged today. we started off the block, any coincidence they would all be meeting with the president and we would see this rebound today? do they go together or just coincidence? >> the way i look at it, michelle, i think that we're living in exponential time most of us are conditioned by linear time.

days, weeks, months. no exponential times, incredible technologies adopted by the private sector, not yet by the public sector, we're going to see the private sector companies, these tech companies, i think continue to show great momentum i don't think this is a fluke that we have a hot day today i think it's going to go on for months, maybe years, because exponential time, we're getting the reinvention of industry after industry and now the tech guys with all this capital are going to go in and they are going to go buy big positions in nontechnical companies and continue to enable them with the incredible power of high-tech. >> jared kushner was hoping they wou could hep them make government exponential. he talked about how their floppy disks still being used by parts of the government, some systems that are 50 years old. >> yeah. >> can government ever adapt

>> first i'll tell you how far they have to go. in the private sector, cloud computing is about 77% penetration. in the public sector, it's 3%. 3% just think about that. they're still living, as you pointed out, with technology that is many decades old the way you get it to change is that the people who are writing the rfps, the requests for proposals, if they write them in the way that they can only be responded to by doing the old self, out of the $80 billion the government spends, two of thi-ts for maintenance. if you write the rpf for maintenance -- >> you're going to get the same old thing. >> if they write the rfps, starting to look at what's possible, how do we reinvent health care, how do we reinvent a lot of other industries which if you wrote the rpfs correctly, you'd see solutions for the government, much like you've seen imaginative solutions that are working in the private sector it's that simple >> so, one of the things,

though, that is i think most pressing, of course, efficiency's important, but cyber security seems to be the most pressing issue to me. is there any hope of anything real coming out of a meeting like this? >> i don't think so. first of all, cyber security is really hard, and while we think we have solutions, every time we think we have a solution, someone has a breach somewhere else so, practically we have a long ways to go but policy wise, think about this, let's say you're talking to the companies making mobile phones and the government says i want access through the fbi back into those mobile phones because there's serious risks to the country for potential terrorists now, that's a real consideration for the safety of the country, bull but imagine if you're sitting over in china and you know that that mobile phone can have access through a back door by the fbi. are you really going to want to have, you know, an american company selling products that could have access by a government agency?

so, these are very, very tough questions. there's no easy answer to that i gave an easy answer on the rpfs there's no easy answer on the cyber security. >> john, what do you think, so we have hardware companies there, know ibm, cisco, they're all big contractors of the government that sort of thing when you look across and look at a jeff bezos of amazon, he has companies that could be a contractor of the government, that sort of thing you know, in the campaign, there was some rhetoric about busting up this monopoly we know what amazon's going to kind of really destroy a lot of jobs near term, maybe not in the longer term. do you expect -- is there a difference with the hardware and consumer-centric companies like, you know, is the administration going to take it easier on the hardware guys and maybe some after some software guys who don't do a heck of a lot for the government >> i don't have an insight as to what the government is going to do i have such admiration for what jeff bezos is doing. he goes into industry after industry and, yes, h e goes out and says i'm going to buy whole foods, by the way, i'm going to lay people off, but the same

time, you can be sure he's going to grow that business, he's going to put in smarter supply chain, lower the prices, he'll put in 360 degrees experience for the customers. he'll go to high-frequency shopping which means fast delivery, within an hour or two. and there will be more jobs. the net/net, i think jeff bezos will actually create more jobs even though some of the existing jobs may go away. >> great insights, john. always great to have you john skulculley, former apple c >> karen mentioned cyber security it's shocking to any the stocks have not done better than they've done you think about the heyday potentially of cyber security, we're in the midst of it now and they can't get out of their own way. a name like fire is an interesting name here. the risk/reward setting up well. palo alto is my favorite name in the space but the stock seems mired in the 130s. >> anyone convinced about amazon, seems very convinced that whole foods is going to be

a great investment. >> i mean, when you're trading at that price, i mean, use cash, i think it will be for sure. i totally get the strategy behind it. i think part of their complete dominance of the consumer. stock is expensive but it's consumer -- >> all right >>. coming up, we'll have much more coverage of trump's meeting with the ceos today. the american technology council event. cnbc is in the meeting with the latest details don't move ready or not, here i come.ek.) ♪ anyone can dream. making it a reality is the hard part. northrop grumman command and control systems always let you see the complete picture. and we're looking for a few dreamers to join us.

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welcome back to "fast money. goldman ceo lloyd blankfein sitting down in an exclusive interview with "mad money's" jim cramer moments ago jim joins us from the "mad money" studio. jim, glad to have you on what was the most interesting part of the video? >> lloyd's been tweeting, michelle, that's kind of oddi oddity that's not been the style of lloyd. take a listen. >> commented on immigration, on lgbt issues, commented on o the environment more recently, spending on infrastructure and the reason why i do it, it has to fall, in my mind, in one

of a couple of categories. either it's something that is kind of in our wheelhouse of expertise, like for -- so i commented it will be very, very bad to let the u.s. government default. that's in our wheelhouse before twitter, i did those things by press release. the other thing i'll comment on is when things really affect the ability of our people to be who they are, and to do their job and be effective as professionals. >> i mean, to me, what he's saying, michelless, is basically like president trump, he's not going to let someone else define the narrative of goldman sachss. he wants to define it, himself i snowknow the great recession a wake-up call you really got to define yourself or others are going to dedpfine yourself for you. >> i heard you guys had a scoop on janet yellen also related to him. >> i think people should take a listen to what he has to say, because it's quite contrary to what most people say on our air. let's put it that way. >> okay. that's the deep tease. you got the watch the interview on jim's show. >> of course, michelle thank you so much for having me

on your show. >> always great to have me, jim. catch jim cramer's full interview with goldman sachs' ceo lloyd blankfein tonight 6:00 p.m. on "mad money." talked so much about tech, but how about the banks today? anybody trading today? >> breaking out to the upside for a while. last week we talked about all the option activity. in the xl, goldman sachs, citigroup, also been bank of america. heavy, heavy paper so it's telling us that people are expects sort of a break to the upside ever since the xlm broke out of the financial etf from 23 to 24, when we broke above 24, it's been off to the races since. moving up toward the high. in my mind, i'm looking at a bunch of banks that have done extremely well regardless of where we're looking at rates in this point in time if rates ever work in favor of the banks, only imagine that's a feather if their cap they're doing well without that now. >> i was just going to ask, yield curve is flat. we saw some hike in the ten-year yield. not appreciable. still, these stocks are managing

to move even without supposedly the most important thing. >> not really move they moved off of the low. goldman sachs is still 11% from its 52-week high i mean, obviously, it could break out. you have citibank breaking out i know bank of america is pretty well i think in general i don't think the banks act particularly well. i think when you think about some of the guidedowns we've already gotten about their tr e trading activity, okay, q2, think about this flat year, i'm not saying it's going to be a disaster but it is harder to make money that environment. >> this rebound, would you have solde sold stoedtoday? >> i believe these banks bounce, not because of any fed policy or anything like that or anything fundamental to their business, but it did have to do with the fact that deregulation got a little head of steam the last couple weeks and i think that's why they bounced. >> glr $23 was the line in the

sand the xlf held that. many termterms of the yield cure two years, ten years is not nearly as important as people make it out to be. i'm typically guilty of that it's 1 it's 15s, 30s. i'm not sure the yield curve matters as much as we want to make it out to meratter. i think a lot of financials will go to 1.8 times price to tangible book. in the case of goldman sachs, that makes it about a $304 stock. >> we got one potential catalyst coming up this month, though i think we're going to see a lot of capital go back to shareholders, citibank, bank of america, would be good for them. >> okay. still ahead, the ceos from some of the biggest tech companies in the world are still gathered at the white house right now. meeting with president trump we're going to bring you the very latest from washington. i'm michelle caruso-cabrera and you're watching "fast money" on cnbc because we are first in business worldwide. in the meantime, here's what elses is coming up on "fast.

>> biotech is breaking out yeah just like that but if you missed a move, a top technician says one name is ready to join the party. we'll reveal plus, no profits no problem blue apron is still gearing up for a $3 billion ipo >> you worry too much. >> we'll tell you what the bulls see in blue apron, when "fast money" returns and connections and connections to make everything work better. i call it the internet of everything, but it's really the internet of everyday life. ♪ the partnership between dell technologies and sap helps make the promise of the internet of things a reality for our customers. we know how powerful live data can be. we use sap at dell to run everything from finance to procurement to travel expenses. and that's the same kind of live insight we can now

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welcome back to "fast money," we're live at the nasdaq market site. the s&p and the dow closing at record highs today this as technology posted its best session of the year take a look, the nasdaq higher by nearly 1.5%

here's what's coming up in the second half of the show the ripple effects of amazon's bid for whole foods still being felt in the markets today and could be creating some bargains for your portfolio we'll break it down. plus blue apron kicking off its ipo road show today, but before you sign up, there's something you need to know we'll explain. first, though, we start with buy wroi biotech, having its best day in four months and hitting year to date highs meg tirrell is in the newsroom to break down the biotech rally. >> reporter: hey, michelle, let's start with the big st mget move of the day. clovis having data out on its ovarian cancer drug, saying they plan to apply for expanded approval of the drug within four months and showing you tesaro, it did regain losses earlier in the day, this morning it was down as much as 10%, that's because these two companies are really competing in the same space. analysts coming out today saying these data from clovis really imply these drugs look nr similar than different

this is a potential m&a story, both names have been talked about as potential ramping up te about clovis along the similar vain, we're looking at exelocis. expanded approval of one of their cancer drugs the stock closing the day up 12%. also mention biogen getting an upgrade from ubs today only to neutral. had a sell rating on the stock which you don't see too often. biogen up. contributing to a move upward for the day in the biotech ebf closing up 2.4%. before we talk about health care today, i have to mention valiant. that having positive news today. as shareholder john paulson joined the board closing up 6.4%. they've been on a roll of positive news lately we'll be waufing closely to see if that can continue. >> they finally overcome the hillary clinton tweet that they

had suffered under for so long >> reporter: yeah, you know, another reason i'm hearing ivb was potentially higher today is because the potential executive order we're hearing about from the trump administration on drug pricing might not be as bad as everybody had feared going back to the hillary clinton tweet in 2015, michelle. >> got it. thank you very much, meg tirrell. let's trade this anybody? >> clovis is a fascinatie ininge this is late stage i get it a run on this magnitude of 13 times normal volume, if you're fortunate enough to catch this move, get out of it and look for greener pastures i think biotech is breaking out to the upside. i still think there's reasonable valuations in the space. when you get a move like this, you have to be a i belieble to advantage of it otherwise you're not playing the game right. >> valuiant she touched on, it' nice paulson is on the board i don't see that changing the story much i am long. i do think you have an option now, very, very debt laid.

en laden. they have enough time. equities value, a tiny sliver. i think it's an excellent risk/reward. >> they have one real core business >> they a couple core businesses and have time to let it play out and hopefully right the ship. >> i'm waiting, i'm in gilead, going nowhere, most ln been going down it's been one of the big hanging on the boy yiotech industry. if it were participating, we would have gone through the 52-week highs. i'd rather have that as my beta name maybe they're going to wake up and make the acquisition everybody says they need to make and use all the money they've got to get something into their pipeline merck and pfizer, they have such investments in bio similars and so forths it gives them the opportunity to be there. >> pete, i'm going to agree with you on gilead. >> oh, boy. >> just made me feel uncomfortable. >> this thing cannot get out of its own way. you talk about that balance sheet. got $35 billion in cash.

it is burning a hole here. pays a dividend that yields 3.3% the sentiment is horrible on the name people just left it for dead you have the indices that are getting ready to break doubt that sort of thing that one looks really interesting to me. as you turn the page into the second half of the year, you start thinking about these earnings and sales decline, moderating a bit to maybe high single digits off 30%, 20% respectively this year, you have a stock that i think people will start looking at from a value perspective and think about -- >> the other interesting thing, michelle, dan saw this as well, may 11th in clovis, somebody bought the 5570 call spread. the $4 they paid is now worth $15. unbelievable what people are seeing in biotech. we're seeing more and more paper flows going toward biotech names. our next guest says biotech is set for a bigger breakout i misspoke they have not recovered from the hillary clinton tweet, the btk was at 3994. now it's at 3774

i was off by a year. they have room to run if they scan ever get going. >> that's the hope let's talk about it. can they finally catch up? i want to start with the health care sector, itself. i think the reference point that meres is exactly two years ago in june of '15, what we know is even as rates hit a low of 210 last year, seven-month low, crude 44, tech cracking, but quietly without fanfare, health care finally made it two years later. let's look at charts and get to biotech. whether you draw the lines this way, head and shoulders, bottom. what's important here, for the first time in two years this seconder has finally made a high think the s&p is up 16%, 18% since thence look at it another way, call it a cup and handle people like to draw whatever they like. the prince tl is, this is a heck of a setup and has all the elements of what should be not the end but the beginning of an important catchup. all right. now, on to a long-term chart and, again, there's so many ways to do it, bullt there's a lot of

tension in this kind of thing where you consolidate and finally start to come out after two years of pausing, resting, consolida consolidating. on to biotech. look at the spread, of course, between the sector, health care, and biotech over the past -- so, again, unchanged just now making highs. biotech. that's the opportunity i think now, here is the biotech chart let's put our line in. again, back to june of 2015. we are way down here we have so much to go. if and as this comes to life, it's starting to, there's a lot of good eating to be had draw the lines like this a multiple, multiple bottom. it happened actually for the fourth time right there. you can draw the lines this way which is to say a lot of tension or you approach a high again and again and again and again. and then finally you ultimately exceed that high it's quite a setup i like it. i want to be long biotech.

compared to almost any other part of health care which, itself, is just now breaking out to new highs >> all right, carter, come on over to the desk you guys convinced >> come on over. >> come on over. >> what are those names? you guys are listening to good names. >> mcc, did you hear the music >> i heard the music. >> what does it mean to you? >> means led zeppelin, doesn't it >> damn impressive right there. >> are you impressed by carter worth's analysis >> for ten year i've been impressed. he's saying a lot of things we've said for a long time look at ibb quickly, that's a stock, etf that's gone sideways now. all 2016, $300 been the upper end of this range. the risk/reward to me is the upside pete said it, if gilead ever catches a little hint of a bid, this is going higher cellgene poised to take out the levels we last saw in 2015 i agree with carter. i think it goes higher. >> best performing area of the market today, better than the recovery in tech

but if you think about the biggest of all, i mean, amgen is as well positioned as any stock. it hasn't made a move in three years. it's a big name. >> can we assume the pricing pressure is over when itle tos to congress and people getting on their mantle? >> who knows what we do know, in a tape that has a lot of no mmomentum, a lof money flothrown at equities, pee double back and find things that lag. that's what this is. little downside risk it's asymmetrical. you might get a big move or you're probably stuck where they. >> it's interesting how far down -- you step back further than that, how far up they were going into that. >> that's right. they were the best performing area of the market '11 lows, the debt downgrade to the peak in '15, bar none even better than tech their giveback is in relation to that proceeding very strong advance. after this much time, i think that consolidation is an end and now you can have a reassertion

of strength. >> real quick question, you talk about people looking for bottoms, right, and is there upside we talked about gilead you know that specifically >> i have it very much in my mind. >> where does it sit >> okay. if you were to look at gileagil it's making new lows every week, every month. if the definition of a bottom is something that starts going down, actually starts to go up, it hasn't done that. >> go around the horn. buying any specific biotechs >> amgen can't get a much better stock. i still like some of these immuntherapy names if you can look at a company that potentially gets taken out, i think juneau is interesting. >> the chart the way he sets up all the tension, they look like they're going to break out, if you get an executive order that's less than the worst-case scenario, you're going do have a breakout and get the snowball effect and want to take a shot on names like gilead that have really been left for dead. >> in the health care space, you

weren't as vanguine on. >> look at the angle of unh, e humana, aetna. if health care makes a high after two years, it's going to be all of them that do it. >> anything beyond gilead, pete? >> i love humana, i tell you what, i look at biodwrgen, wantt break out. >> has turned. gilead continues to mack make new lows. we're going to head back to the white house, the world's biggest tech ceos just sat down with president trump we have the latest details. plus blue apron gearing up for a $3 billion ipo could amazon's dive into the food space derail the coans mpy' future profits we'll explain. much more "fast money" still ahead.

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call now, request your free decision guide and start gathering the information you need to help you keep rolling with confidence. go long™. ♪ welcome back to "fast money. the hangover for amazon's whole foods bid still being felt across the market. big box retailers continue their dive today costco and target dropping almost 2%. while walmart did manage too recover some losses. on the flip side, a number of grocery stocks jumping today roguer bounced more than 1%. this despite getting analyst

downgrades today you guys buy any of these names? >> no, i think kroger -- i saw jim cramer this morning, he said he wouldn't touch kroger i understand what he means the bull's-eye is squarely on their back right now i'll say this, you had two monster days of volume in a stock, valuation, i get it, the margins are being constricted. valuations at some point becomes comp compelling kroger is worth a look on the long side. >> i agree with that you see a move in the next few months at least it to the mid 20s. whatever amazon is going to do with whole foods, it's going to take months if not years. >> i was going to say, anything they do isn't happening tomorrow >> the deal isn't going to close until the second half. maybe has a standalone whole foods as 2% of the u.s. grocery -- >> isn't that high >> it's just 2%. >> i'll say this, i think you want to get away from the grocery stocks, think about what amazon did with whole foods, think of a company like macy's, distribution, the brand, the potential to monetize some of that real estate close a lot of it down maybe use it as logistic

centers. >> are you suggesting they could also buy macy's? >> i think somebody will buy macy's, do a strategic sort of thing. >> only as distribution, though, right? >> it's a phenomenal brand there was an article in the "wall street journal" this amongsti morning, alibaba implement e-commerce, partner with bricks and mortar retails and implement their logistics and distribution and let them sell more 14% of retail sales was online. >> what's the draw -- >> in china last year, we have less than 10%. if you're a brand, an ex po t-- >> they're losing traffic numbers. the rchb i think costco survives this whole thing, they got the traffic numbers. they've actually been going up, they've actually been growing. same-store sale in temprms what they're doing with the traffic numbers. i think the way they're doing it, a part of it is gasoline people are going there, getting gas, suddenly going there, getting their gas that's less

expensive. it's a great opportunity it's like prime. they have to have a membership to be there. >> i don't doubt any of that however, to me it seems the competitive advantage of amazon, they run everything better in the backroom if you're at costco right now, you're thinking really hard about your distribution system, how can you make it better an more efficient >> they got private label, all kinds of things. there are all kinds of verticals at costco. the home depot thing, when people are doing the bulk, i'm not sure that's actually the guys that are getting hurt as hard amazon had a really difficult time. >> every single -- >> i tell you what, i bought krogers on friday. the reason i bought krogers on friday, i love jim, i disagree with jim trade is at 11 p/e look at krogers, small percentage, 1%, 2% of the whole u.s. they got with whole foods, i think there's plenty of time there. i agree with you, i actually think we see a bump-back in krogers into the mid 20s which won't be that bad. huge call buying in there.

makes a lot of sense why people wanted to put money back into a name like that. >> i actually am long whole foods. i think it is not unreasonable there is somebody else out there who makes another bid and we enter into a bidding war i know you think amazon ends up with it. that is absolutely -- the high is likely. you stop at 42 the chance of amazon not closing on this deal is very, very slim. and you could get into a bidding war. it's not a crazy price here. it's a very valuable customer base. >> let's stick with food despite the growing competition in the grocery space, one popular meal kit service made a bigplans to go public later this month. however, buyer beware. leslie picker is back at haurs with t headquarters with the latest on blue apron. >> reporter: they say, michelle, if you can't stand the heat, stay out of the kitchen. the same could be said about investing in ipos. blue apron which sends a box of gree gree greechbt ingredients to your home, with

many of these brand-name ipos, expected retail investors will also buy a significant chunk here's what the smart money will be paying toen ining attention o they'll like the revenue group and blue apron taps into consumers' resign for fresh sustain sustainably grown food blue apron insiders are maint n maintaining 98% control. the real question mark is the potential for competition from amazon and its planned acquisition of whole foods just today, michelle, blue apron added this line to i, it said "business combinations and consolidation in and across cities in which we compete could further increase the competition we face and result in competitors with significantly greater resources and customer bases than us. blue apron needs to show

investors it has the barriers to entry to keep amazon at bay. there's plenty of competition in the meal kit delivery business as it is hello fresh, green chef, home chef, chef d., purple carrot plated, the list goes on and on, michelle. >> yeah, martha stewart has gotten into the business by the way, i use fresh direct a lot. they're doing the same thing now. i don't need a week's advance notice to cancel i can do it before a lot of competition in that space, leslie. >> reporter: we won't go hungry, michelle. >> no, thanks, leslie. let's trade this if you get offered an allocation on blue apron, anybody taking it >> you just said it, leslie as well, too much competition in the space. blue apron added a whole few sentences talking about exactly that, so i'm not smart enough to know it's going to come out at price x and be up 20% that day i'm telling you what, this will be a very difficult stock valuation wise to get your arms around i think. >> i think this is a company doing what they should be doing with venture money, losing a lot of money to require customers to grow fast. to me, this is probably not

something that's ready for primetime and i don't think it's something retail investors should be interested in at this moment in time if all these people are doing it, there must be something to it to your point, who knows how the amazon/whole food things is going to work out. for me, it may be a little premature. >> you want to be positive >> and they had a grammatical mistake. valuations crazy really what we're in still ahead, we're going to head back to the white house where the world's biggest tech ceos jt ussat down with president trump. we've got the latest details don't move hey gary, what are you doing? oh hey john, i'm connecting our brains so we can share our amazing trading knowledge. that's a great idea, but why don't you just go to thinkorswim's chat rooms where you can share strategies, ideas, even actual trades with market professionals and thousands of other traders? i know. your brain told my brain before you told my face.

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money. technology ceos representing nearly 3.5 trillion in market cap met with the president today. kay kayla was in the room. >> reporter: yeah, michelle, they were talking about this desire for the trump administration to be, in their words, the innovation administration that's what jeff bezos specifically said. talked about the need to use commercial technology wherever

possible and to also prioritize the development of artificial intelligence so the u.s. can remain a world leader in technology the president made some remarks off the top, when the press were in the room. he expressed his condolences for the family of otto warmbier and announced to the room that he had, in fact, passed away. as we learned this afternoon he talked about the fact that there had been more than $3 trillion created in stock market value since his election and joked that that was more than the market cap of the ceos in the room joking that he and his administration had, in fact, created more value, perhaps, than the companies that were there today. but the discussion surrounded exactly how private enterprise and the government can work together to pursue initiatives that are mutually beneficial to each of them safra catz of oracle talked about this being a powerful combination. ibm's ginni rometty said in all the meetings she attended, half a dozen by my count, can see as

an eyewitness to the policies taking foot, there is progress being made, it may be slow, but she did say she believes there's progress being made. there were a couple moments of levity the ceo of akamai claimed his company protects websites from si cyber attacks notably whitehouse.gov the president said maybe they could have used akamai overall, a very congenial reception by the ceos and the president. tim cook, ceo of apple, urging the president to consider making coding a requirement in schools and make the u.s. government the most modern in the world he said today that is not the case so, certainly the end of a seemingly robust day with some of the leaders of the very largest technology companies in the world here at the white house. and we'll see if we get anymore news about specific directives that will result from this meeting today. michelle >> yeah, that's going to be the key thing to see what actually gets done. this went longer than expected,

right, kayla i mean, is that a good sign, a bad sign are we getting any indication? >> reporter: well, it did go longer than expected but it was the president who was actually late in coming into the room the executives were all assembled in a state dining room and when he came in and he made those remarks about otto warmbier right off the top, there is some expectation that, perhaps, he was being briefed on that or being briefed on another situation before coming into the room so, we're not sure exactly the reason for the delay -- >> yeah, makes a lot of sense because that news broke right about the top of the show. and that would make sense because that was about when he was supposed to meet with them so, okay, yeah what happened -- what would happen if we could finally get a modern technologically-driven government i can't even imagine a scenario that includes that >> isn't it possible -- >> let's say it could. >> not sure it's possible. >> occasionally you see -- we were talking there about the -- you know, which is that -- >> trusted traveler. rapid entry into the united

states. >> that's great technology efficient, fast. love to see it. >> president talked about the tax savings potentially being $1 trillion over the course of i don't know how many years. >> ten years >> significant i don't know if it works or not, but you have to get into the 21st century at some point >> listen, i applaud him for at least taking a stab at something that nobody seems to want to take a stab at for decades. >> listen, it actually fits into a lot of things if you think about it fits into tax, fits into infrastructure spending. there's a lot of things if they could get this right and actually do some good. if part of repatriation has to do with, you know, upgrading infrastructure, getting contract, you know, corporate contracts or something like that over the next ten years then you maybe get some stuff done that's sorely needed. >> a lot of happy talk, right? when jared kushner says, we have parts of the government that still use floppy disks, you think president obama was happy they're still using flopfy disks, think george w. bush was happy -- there's a reason why progress doesn't happen within the government when it comes to -- >> isn't it great we agot a

president, like him, hate him, actually reached out and is bringing these guys in and creating this council? i mean, this is something that, you know, happens in the private sector all the time and we're seeing it now in the public sector and maybe we'll see -- like guy says, trillion dollars nothing to sneeze at i don't care if it's a ten-year plan or whatever it is we're talking real dollars. >> kayla, how does it work i'm not convinced -- i'm convinced that there's something about the way the decisionmaking happens which is why there are some parts of the government still using floppy disks there's got to be a decent explanation as to why there's no progress made. >> reporter: well, i mean, it's a pretty disjoint eed process, michelle some banks of the government use lotus notes, uses microsoft outlook from the early 2000s one thing tech executives have raised a couple of times is that there is very little leadership at the office of science and technology here at the white house. there is not a nomination for the chief technology officer that is a role that is vacant.

despite the fact there's been this creation of the office of american innovation, there is supposed to be the streamlining of all the technology initiatives that goes up to that office and to jared kushner, but there's still some head scratching out in silicon valley about whether the administration has the intention of filling those roles, what those roles will look like now and who exactly they should be dealing with within this administration. jeff bezos specifically emarke about having a discussion with ivanka trump about apprenticeships and a program amazon currently has undergoing but it does seem like these technology executives are still trying to figure out exactly who they are working with at the white house and exactly how to get these initiatives under way. >> john sculley was on earlier, former ceo of apple. he gave one good explanation i think which is that the request for proposals, the rfp, the official government thing that has to go out to say we're going to -- we want to bid on this project, is that the vast majority are for maintenance so if you're maintaining a system, eventually it gets pa say,

technology moves on, nobody leapfrogs. you need a leapfrog moment at this point in order to get the government up to date. >> reporter: michelle, to that point, specifically, a senior administration official told me 70% of the government's technology spending is on what we calls band-aids -- >> hold on, kayla, we have to finally go to the tape that came in let's listen >> just wanted to pass onward otto warmbier has just passed away he spent a year and a half in north korea. lot of bad things happened but at least we got him home to be with his parents. they were so happy to see him even though he was in very tough condition, but he just passed away a little while ago. it's a brutal regime and we'll be able to handle it but i want to thank you all for being here special people

i'm really thrilled to welcome many of you for the first time and certainly the first time meeting as the american technology council -- >> all right you've been listening to president trump in the white house meeting in the state ni roo room with the ceos of some of the biggest tech companies in the world. 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 am just trying to make money. so call me at 1-800-743-cnbc or tweet me @ jimcramer. this market's winners simply refuse to die.