is the next road trip? bill griffeth, he would know the price of gas >> july 4th. >> good luck with that this was fun >> we need to do stump griffith. see you next week. i think. that does it for "closing bell." we'll see you tomorrow time for "fast money." "fast money" starts now live from the nasdaq overlooking times square i'm melissa lee. your traders on the desk -- tonight on fast, the head of the world's largest bond fund says there's something unusual happening in area of the market. he'll tell us what this is, plus, oracle out with earnings moments ago, the stock surging to multiyear highs in the afterhours and later, uber cofoupder and ceo announcing his departure today add mid mounting pressure from the board who will step in as new leader

first, we start off with the move in health care stocks today. the sector rallying more than 1%, surging to an all time high. this as bio tech stocks continue to break out, tracking for their best week since after the election health care, the best performing sector for june, so did we just witness a major rotation of the market and could health care be the next hot area of growth. >> yes >> to all of that? >> i don't know about all of that your last thing. then i sort of tune out. >> i get that. but now, absolutely. is there a rotation going on i'm not serp, be but i think people are realizing that valuations in health care make sense. maybe bio tech isn't under the mike scope we thought it was and now, you're having some listen, i don't think the pfizer, bristol myers deal is going to happen, but when you start to hear speculation about things like that, it lead to a healthy group for the space. it's led by celgene.

>> look at the performance small u to mid cap names xdi is is up what, 30 plus percent? in general, it's been short covering in the desk and really kind of underweight positioning. there's not institution alibiing in the sector yet. once that cops in, this sector is going to lift off, even more than we're seeing now, bio tech has more legs, but we need to see that vanilla institution >> we're expecting the health care reform bill to be released tomorrow and then also, if you look at the performance since the news across the donald trump was going to put out an order about drug pricing, health care has been up by about 3% and that was about a week ago >> maybe i don't know >> i don't know. but it seems lib it's already started to happen. this move today was a big move but a few days before this, going into this, the it was also

a big move, so, i don't have a lot of exposure in this space at all, except for valiant. it seems to be happening energy, not happening. >> financials was kind of similar in the way there was talk of deregulation since given some of that back, which is interesting they speak to this rotation. here on the desk, we've had numerous technical analysts on the desk in the last couple of weeks. carter werth, rich ross, they've ban been calling if for this breakout it's been in a a range for months and months. if you think about a it from a valuation standpoint, monday on the desk, mel, i think you were on vacation. >> i'm alloweded

if you were to see this m&a speck, i think investors. >> as a buyer. >> i think investors want to see them use that cash and i think that would be a catalyst for stock. >> like i said before, people are understood weight the sector, so when it turn, it's going to be fierce to the upside, but going to take something big like big m and ark. massive m and ark. >> how is the breakout not fierce you've got to short these names. >> what difference does it make? look at remember the energy sector when we saw energy meltdown and get pressed we're starting to see less of

that you need to see the big long onlies get back involved in the space now, they may do that after they look at technology and the moves we had in megacap names, so could there be a rotation out into some of these cheaper names that need to bolt on certain products in order to continue to grow that could happen if i'm buying bigger cap like a gilead >> that would be the ivb as a catch up. >> karen might disagree. i think the space that should be worried if in fact president trump gets through what he wants to get there in these pharmacy benefit manager, that's where these costs overrides are. it's not these big cap pharma names. i see express scripps had a couple of good day, but if i'm these guys and gal, they should have on the bull's eye >> in a passi iive investing wo though, dan, would you be more inclined to invest more in

health care etf or ivboxbi >> i think the xlv is a pretty nice one that is broke ben out of a recent range and the all time hig highs. from i'd rather chase that one because of valuation, but again, if you can pick a gilead, which is down so much and has that balance sheet, to me on a single stock lel, that one is pretty interesting. >> we'll commend that institutional investors are back into bio tech. a move today, where we had extremely heavy volume >> when i see it happen on the desk we saw it in energy. it was so clear. they were completely underweight. had moved out of the sector, get back involved and look at it from a valuation perspective and opportunistic perspective. as far as the shifts that occurred as far as the costs of production and all that stuff. that was fierce. if i start to see it on the

desk, they get back involved and look at it as the best opportunity in the sector and the more of the generalists in particular i'm back in. full force and i think we can really -- we awe that happen in metals and miping and energy names. >> bus is leaving the station. i really believe, not suggesting we're back to levels we saw in 2015 sort of the high flying days we go something between where we are now and where we were then, so to me, they'rest there's still a lot of runway ahead. the majority of these stocks are not expensive and a lot of these bio tech and they'd love to have gilead on the top of that list >> chase energy a couple of weeks ago and now, these stocks look like they're going back to 201 lows, so to me, i think you're seeing same thipg in banks. the banks, people were talking about this bounce off of three, six month lows or something like that, but had this five, 6%

reality. now, it just broke below that range. a lot of people are talking about advanced decline over the last couple of days. that means poor breath today 17 advancers, 326 decliners. this is not the sort of action you want to see as we made a muhao high >> so, you would wait. >> i don't think ths anything to chase, but there's a lot of momentum plays x when they see the carter laid it out monday on the desk when you see the sort of tension, a lot of you guys have been looking for it in a values sector i don't care what you see on your desk or not, david. whether they're going long or covering short, it's real buy interest to me, it could be the thing that draws them in and then what do you do when it's up 10%, you have to make a much more difficult decision i like the idea of playing for the breakout that's what some of the best did. >> our next guest says could the rotation continue, but it could come at the expense of the hottest sector of the year,

tech robert, what are you looking at? >> thanks, melissa it gets interesting now. top panel is is the s&p technology sector. it's run now to the upper end of this channel we stalled out here and here this is the -- the market narrow out. small caps perform we had a number of corrections now, we're back up to that level again. to me, from a technical standpoint, this is not where you want to be discovering technology in fact, this looks like the market we're concerned about the market as a move to the -- technology versus health care put yourself in the shoes of a large cap growth manager you're not buying financials or energy technology versus health care, now the trepd.

something is beginning to happen here i think as a growth manager, so, now we take a look at health care itself. it's starting to break out of this trading range something is beginning to happen here as well when we look at this performance versus the s&p 500, that's starting to tick up as well. so it's going to start hitting a lot of screens a couple of the name, obviously, the bi oirks tech index has been the laggard in health care a lot of med tech leading. but now, you're starting to see movement here versus the s&p 500, so this is going to tart to hit more and more screens. in terms of individual stocks, moving through this big trading range, relative performance now starting to hook up. woops. let's be clear, this is not an

early move from a trading standpoint, there may be near term risk. lastly, when we look at celgene, it's a good chart. you have this big trading range coming out of in relative performance is starting to hook up, so i think the call here is as we move to the summer months, there's risk in the market people are trying to get more defensive. growth managers don't have a lot of places to go, so i think they can start looking at health care >> so, obert, going back to th very first chart you address aed, which was the chart of technology, are you seeing a breakdown in technology or jaus stal just a stahl zpl i think it's a stahl we had the chop, the big move last friday where all the volatility ip creased. a few names moved down 10, 15% just to the 200 day moving average on the s&p 500 technology sector is another 10% drop and probably 20%. i think it will move into the summer and fall.

>> robert, thank you so, karen, take a look at the chart like that. you hold a lot of those big cap technology kind of stocks. is there a concern as we see the strength in health care. >> if you're a large cap growth fund, that growth in facebook and google alpha get beth was fan tastic, so we haven't seen anything to destroy the story. could they trade down? of course. anything could, but that kind of growth, i feel comfofortable owning >> valuation wise, i think they're fine investors are comfort bable with valuations, they see the long-term set up as far as i'd

probably lean toward big cap pharma it's not necessarily the generals back involved >> i'm going would you rather you. >> technology or health care here >> wow, that's a great question. i didn't see it coming >> i should, right it's an obvious one. technology's challenge d a short-term clear things going on. big moves to the upside, to the downside, where as health care is on the verge of a break outso today, health care >> i think it's fan ttastic we'e focused on health care here. it's not that significant. when you look at the tech set up, a hot of the stocks are not making it to the s&p

to your point, there's been nothing fundamental to cause ta breather, other than just buyers then the rotation. two trades that i am sticking with right here, i think we're going to see a redesi of those lows and xrt retail that one to me, the xrt, i think you have tor worried about because when you think about the news of amazon and whole foods, it's permeated throughout lots of different industries and to me, xrts lead the way lower. >> we start the show last night, do you remember? you were good at this stuff. the top of the show last nigh, come on. >> bricks and slaughter. >> and what did i say at the beginning of the show? a lot of crud is is the word that i used. >> hold on a second. >> i said, but dan has been, he said the worst chart out there that he's seen is -- >> xrt >> we said you got to give dan

kudos on that. >> kudo, here you are. coming up, they said you can't beat them, join them nike rallying 2% on reports the company could partner with amazon will this be the next big trend in retail? plus, greg davis says we're on the verge of a major move in the bond market. he manages nearly $4 trillion and later, oracle surging after its earnings report. we'll hear about its biggest competition right now. much more "fast money" still ahead. ♪ we're drowning in information. where, in all of this, is the stuff that matters? the stakes are so high, your finances, your future. how do you solve this? you don't. you partner with a firm that advises governments and the fortune 500, and, can deliver insight person to person, on what matters to you. morgan stanley.

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welcome back nike up 2% today after goldman sachs could be close to selling its items on amazon. reports on shares of finish line, foot locker and dick's tanging today as amazon makes a bigger push into the retail space. karen, what do you make of this? >> sad, is one thing because i'm long foot locker there was an article talking about this deal saying to combat some of the counterfeiting that nike is is seeing on amazon, that was part of the reason they especially terr entered into h deal. clearly, you never want to see amazon making a big push into

your space however, i think valuation is foot locker is discounting the end of foot locker coming in the not so distant future. it seems crazy to me, but things could happen i actually did an option trade today. i did a 50-55 one by two in august for 50 cents. expires on the earnings announcement date of foot locker and i feel like all right, again, the stock might have. i got upside between 15.5 and 15.9 and half. and higher that than that, great, but i don't want put any more money into it here. this, it is valuation that is so -- it is discounting the ice cube melting and being, discounting the ice cube in a microwave. >> it is a a trade it's a trade not a stock you want to invest this that will be a $50 stock within the next day or so no question about a it trade it down to 45.5.

most of the day, there's no question you're going to see the stock rally to the $50 number. within the next day or so. such a short interest in this name and you're right, so cheap from but outside, even the space, this is where your mind will go short. can nike do it, why not ralph laurp. >> macy's need to get rid of half their stores. pay down some of that debt have amazon manage the invent y inventory, lodgistics. that's what's going to happen we're overstored >> nothing, zero >> already own zappos. >> amazon is apple totally different. what they're talking about is is making a branded site on amazon to el.

10,000 pairs of shoes. >> they do a great job they are notover stored. they do a great job on mobile. and then they're going to do a great job working with the best detayliyloil detailer the world has seen. >> i still go to the cobbler on the weekends >> it was nike, right? reports june 27th or 28th. is that accurate you see the stock is not active. however, you want to be short this stock over next week and week half, my earning is probably not >> all right, still ahead. oracle out with earnings after the bell, the stock is up more

than 8%, we'll hear on what drove the quarter. you're watching "fast money" on cnbc here's what else is coming up on fast >> that's what uber's board said to ceo today so what will it mean for the company's ipo and who could be the next ceo of the ride sharing giant? our traders will weigh in. >> plus, energy stocks are getting crushed and there's something in the charts that suggest there's more pain to me 'lexain. (baby crying) ♪ fly ♪ me to the moon (elegant music)

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the ceo of ub er is out. what could it mean for the potential ipo? plurks forget netflix. a major health care company could be the next big acquisition. they'll be here to ek plain, but first, energy stocks and their worst week in six months hi, bob. >> hello, melissa. good to see oil took another tumble bid day, below $43. we're tat iting to see analystso the street throw in the towel an begin to take down 2017 earnings estimates. about time many angel iss and stat gists are forecasting prices around $60. ths clear that's not going to happen the it's about time the earpings started. several firms, mccarry, morgan b stanley. sea camp downgraded over 50 oil names. the new list is littered with

the oil stocks including transocean and apache. diamond offshore, the list goes on an on, the big issue is when will supply come in line with demand more specifically, when will the u.s. shale to boosters blink the price to which the companies break even guys in the basin can make money at $45, but below that, the air gets rarefied. below 40, a lot of these guys are not making money, so will this be the event that causes the shale producers to cut production maybe, but don't bet on it one thing that's asmazed me, thy have the money, they're not going to spend it. piper jaffray said they see no signs. about 750 right now. once we get to $40, at how a barrel, they estimate the industry would need to reduce counts by 200 to balance cash flows ou, so maybe, melissa, $40 might be the magic shake

outlevel back the you >> thank you very much dan, you had mentioned the recent pop i would say. in oil stocks. one manager i spoke to today said that's reason for to be bargains >> i often look at the xlp energy, the weight of that is exxon, chevron, but when i look at the charts, i look at the horrible performance then i see a stock, looks like it's going back in 16 lows and you have 60, i say there's no rush here balance many much better situations trz ipg you're going to get your

opportunity. when cruise really capitulate, then you go in and buy >> do you value here >> i agree with dan. i don't feel a need to rush in i am starting to see, i like the look at the credit markets and see how things are trading here. they're starting to crack a little bit this is nothing cloese to what w saw when oil took its last severe downturn. nothing makes me want to jump in that would be an enormous, enormous production in count prz that would be shocking >> wait and see. ipg that sentiment suggests to the people we're talking, that we're going to see a handle improve. you start to look at 30s, but i would wait because you're going to get lower prices. >> so, the ultimate contrarian trade. >> so, you're looking at me.

>> the obx just north of 33, feels like it wants to put up another handle this is where i would take my cues deutsche bank to me is the name you have to watch. if deutsche bank can sort of get off this 16.5, 17 handle and start to trend up like some of the other banks had been recently, then i think maybe you could say the oil trade could trade to the upside. i think deutsche bank has been leading it down and i think it could lead it back up,al i don't know when it's going to happen >> energy equities may with dragging down your portfolio, but the tlt bond etf at its highest level since the election how long can this trend continue greg davis joins us now. always great to see you. >> great to be on with you upg the bond rallry can continue >> why >> it's one of the things where

inflation expectations have been muted. in that type of environment where the fed is truly in a view of raising short-term interest rates, we can continue to see a flattening of the yield curve. that's why you're seeing continued rallying in the longer end of the curve because expectations continue to diminish >> the spread is quite narrow. 510 spread is the lowest since 2007 does this tell us anything i spoke to richard fisher this morning, he said the flattening of the curve doesn't tell us anything >> well, ik i think it's not convince that had the levels, concerns about inflation are focusing on are driving their policy the market's not convinced that fear is real so, you know, we do expect to see additional rate hikes coming out of the fed oaf the next year or two, but you have this unknown factor of the balance sheet normalization and all those types of factors are still weighing on the market, again, coupled with low inflation, ek

peck tases when it comes to looking at the break evens between treasury inflection securities at the levels we've been seeing, the fed had to start having concerns that inflation just isn't going to be in the horizon short-term >> let me ask you something. probably have a good insight into this. what are you seeing into flow of funds, bonds very equities >> we're continuing to see tremendous flows across the board on the both and equities side on the bond side, in the first five months, we spent about $71 billion flowing in chunk went into index funds. >> i read an article that highlighted the vanguard etf houf money has gone into this etf. you're saying those investors have it right betting on dividend yields over bond yields >> that's not what i'm saying, i'm saying at the end of f the

day, we think investors should be diversified across bonds and equities as well as cash what i would say is the that we always run, we have concerns when investors are buying dividend yielding stocks or things of that nature to try to replicate the types of yield on the bond side, but when you your stocks are reached, they are equities when you have a downturn, you're going to get equity like returns. we think there's tremendous value to stick with bonds and stick with a diverse if fiedded fashion within their portfolios. >> if that's the case, when does the yield curve flattening out become a problem for the equity market >> if you start getting to the point where you know, the short epd of tcurve, the twos start to get flat, it's a sign that the recession could be coming. if you're starting to see economic weakness start to follow up with that, that clearly would be you know, debt

remental to market valuations and you could see a setback. >> last question, greg ten-year yield where does it go >> you know, it's always difficult to forecast where ten-year yields go you know in the short run. you know in the long run, it's one of those things where we still would prefer to have a long duration vice in our portfolios if we see a back up in yields. if we don't put a short-term forecast up there, so again, i would just say that hey, brakes were to back up, we'd be looking to add duration. >> do we see a two three >> given how close we are to two, i think that's a b possibility and it's going to be depend upon what kind of inflation data we see. >> thank you so much >> pleasure being with you >> it's not such a dumb question i mean that. >> you have a nice way about you, dan go on. >> give or take. >> the point is that with if we

think back to the taper transfer in may of 2013, the ten-year yield touched 3% then and we were as low as what, 1, 3, 5 last year at one point, so we've come a long way. i think inability for rates to move, ooefb the two year didn't move a lot i'll sa i this, guy, you've been all over this. the tlt, when it held 120, the 20-year bond, when it held 120 in mid may, it's been a rocket ship and it looks like it's going to fill in the gap back to 130, which is where it was on november 8th i think it gradually goes higher, but don't chase stocks for yield in certain situations. but when they're beaten down, like tanger, that's a 4.5% dividend yield a name that's opinion washed without a lot of names that's a name i'd look at to add. >> let's look at shares of

oracle the stock is now up more than 10%. in the after hours session wow. take iing a leg higher, just a w moments ago, we'll tell you what's behind the move plus, twitter soaring today and one is betting it can continue what has him so bullish when "fast money" returns we created the ripple: the doughnut in a doughnut in a doughnut. right away, it was a success. i mean, it really took off. what people don't know is that it all started with points from my chase ink card. i bought the ingredients, utensils, even custom donut cutters. wow! all with 80,000 points. what will you create with your points? learn more about the ink business preferred card.

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welcome back to "fast money. we've got an earnings alert on or soar ng the after hours session. looks like the stock just took a tick higher. talking about the traction if their cloud business, specifically pulling out revenue growing more than 70% to more than $1 billion for the first time 65%, up 54% a year ago oracle is committed to that 80% target total cloud revenue at 1.4 billion. just looking quickly through, few software licenses, 4.9

billion. that was up 4% making a case. also on the call and taking it to the call, take a listen >> last fiscal year, we sold more than $2 billion in cloud annually recuring revenue. this is the second year in row we sold more cloud arr than sales force.com. we are now well on our way to passing them and becoming number one in the enterprise market >> give me some guidance here, oracle's q1 total revenue guide between 4 and 6%, oracle's nongap eps gap here between 59 and 61 creents tomorrow, we'll ask mark hurd what he thinks about this report coming up tomorrow on sidewaqua alley, live, an exclusive. back to you. >> thank you very much, josh,

and in the afterhours session here, this would be a new at least 52-week high for oracle. what do you make of this they always throw shade at each other? >> yeah, they're going to continue to throw shade at each other f. you like sales force at 54 time, you'got to love oracle he was just saying in the break, if in making the transition successfully, it's something pete has been argue iing for fo quite some time. i don't think he or anybody thought about a 10% move in the afterhour, but here we are, the point is they've made that transition now, valuation is reasonable if not cheap. i think sales force continues to go higher, but oracle is breaking to the upside >> josh brought out the metrics, it was up 66%, but the big take away to me is this is a low to mid single digit eps grow er for years. the options market, you have it

up 10% it's a new all time high >> ryu teenly to give to that. i think this thing has some room to run >> they knocked the cover off the ball as far as i'm concerned. >> moved up a bit in the afterhours >> sticking to technology, with the cash pile of over a quarter trillion dollars is it time for apple to go on a shopping spree? "the wall street journal" says yes with an op-ed making the case for the company to buy netflix, but their next big deal could be in the health care space. darren is citi's health care analyst. welcome to the show, the nasdaq market site. what health care company

>> atheathena last week, there are reports that apple would enter the health care space using the iphone as a repository for health data. we think the opportunity is is much bigger than that, but an opportunity for apple could be athena health for a few reasons. one is one of the applications that they have is that they have access to half the u.s. physician base, which is used on a daily basis, 200,000 physic n physicians use one of the apps that they now have two is they have access to -- 83 records. to the extent of people and then the third case is also intraoperaablety athena is also entering the hospital market, but they have

both proven capability to connect with the hospital systems. able to get expertise as well. lastly, cloud base in health care technology, there's been issues in m&a if it's cloud based, it eases that transition. >> so, let me say we're for sale do you think an ibm or a gm or somebody like that, could look at this as well? >> yes would they be a better buyer than apple zpl what, i'm not sure if it would be better, but just looking back ibm a couple of years ago purchase d a health care into imaging and at that time, it was sort of a puzzling to see what's ibm going to do with this.

data it could be an interesting asset. it's rallying around data. >> what prem yum, what kind of price tag? >> we comped this against ev to sales. it's set up about four and a half times it's a wide range that could be comped at. there's companies in our average, we average a six, but it varies from 3 to 11 we think. >> thank you so much for joining us an interesting note here citi's health care analyst

>> it is interesting my question would be, i don't care if apple knows i like carly simon and carol king, but you get into hippa things, i'm not certain you can get around be that as it may. valuation wise, aathena is not cheap stock. they would be overpaying to a magnitude they haven't before. >> i think it's an amazing acquisition. i think they can do something with it and grow this business they can accelerate the growth of athena health i think the netflix speculation is garbage it's insane. cost them $90 billion at 195 tlrs a share, which is probably what they'd have to say. ip sane. >> i think the most important take away is that the whole foods amazon deal has expanded our scope. so a lot of apple faithful are going to say this is a silly, silly idea but when you think about it in terms of data, of what apple needs to do to use their iphones now as a way to x tract more

value extract more value, apple at some point in the next few year, could do what google did and set up different categories. so it may not be under any q or all these guys or whatever it may just be be another area when you talk about what tald take for them. a rounding error on their $250 billion in cash and all of a sudden, they haven't had tremendous success by their terms with the watch with wearables. it fits right into that. >> it's not a big deal in terms of ewesing up kai cash, but puts them in a different direction. i don't know that i would want the sort of distraction. >> see, think about it do you think that google is to d distracted by the way alphabet, and then think about thart services to do some smart things and lay

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welcome back a major shake up at uber his exit coming amid mounting pressure from investors on the board stem frg a series of scandals including sexual harassment and legal disputes. the giant is valued at about $70 billion making it worth more than 85% of the companies in the s&p 500, so what does this mean for t company's road to the public market who could be the next ceo? karen? the timing of it is very interesting. >> it is very interesting. i think they got to re-group first before they try to do the ipo route. so, you know, clearly, they've had this big pr disaster the ousting of the ceo so i think there was this cheryl sandburg story floating around

i don't believe she would do it. having a woman there woul address many of their problems, so i'm trying to think who could that be. marne levine, ceo of instagram megan smith, chief technology officer of the united states of america. that's another one a longer shot, much longer shot, sue decker then another one, not a woman. but i had heard that carl bass from auto desk was offered the coo job, didn't want it because didn't want to work for travis and had talked about concerns about bringing in a number two and number one person could still be hanging around. that's potentially a thought there. i think it's going to be difficult though i think to, i mean, this is a big squlob and there's clearly some issues that tl that need addressing >> biggest job in the world now. i know karen swisher debunked

the idea that sang burg is going to do it she spent the last ten years of her life doing the getting people to instagram each other really a nonsensical job she's doing now. they've won. go work for a company that's going to change the world for the next 50 years. that's upper and i'll tell you this, i would throw in as coo, the former twitter coo, the street loves him remember what we're talking about here, a company moving towards ipo. sandburg, bane, as a team, this is going to be a $100 billion company. >> i think karen should take the job. they have to address these issues, i think it will juice moral there. the valuation is $70 billion that's come in quite a bit since the announcement of the ousting of him i'll tell you what i think this is a president obamative. i know you can't comment, you're

a little -- shifting gears to twitter. what did you see over here -- of puts and one other thing, the stock is up 6.5% there was a note by cleveland research saying research is going better this stock has had a pop here. there was short buying of calls in the weeklies, near day to 18 strike calls not pay iing a lot. just showing triggers and play the momentum here, but there was 7,000 of the july 18 calls that traded today for about 38 cents. that's playing for a little continued momentum i think we'll see it back towards 19 >> check out the full show friday 3:30 p.m. eastern time. up next, final trades. stay tuned (dance music)

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