wolvesed wolves advise the company. >> it's not clear to me the world was crying out for this product. >> i do like -- i tried to make it myself. you beat the egg -- it's very hard >> a chef friend said there are certain things you don't have to go beyond store bought >> i'm relieved to hear it that does it foreclosing bell today. "fast money" begins right now. "fast money" starts right now. live from the nasdaq markets i'm melissa lee. former pimco ceo and chief economic adviser mohamed elevator-erian is here a about yoburrito blow-out and moments ago ibm, united airlines, csx all on the move. we'll bring you the very latest.

first we start off with a battle for the ages netflix soaring to an all time high after an earnings report. facebook and amazon trading at an all time high very different story for bank stocks goldman sachs and bank of america following the foot steps of their peers and dropping. the question is do you buy this dip in the bank stocks or stick with the winners which is tech stocks >> i think you have to -- where your looking year-to-date or one year performance? that tells a bigger story that we're looking at right now if you look at tech, obviously the runaway leader if you look at financials versus tech on a year ago basis financials are up 32%. i don't think anybody knows they beat tech on a year ago basis because of the pop coming out of the election so it's not as if they really

lagged fms, that is. so i do believe you buy tech now. as the underperformer to the financials because netflix reported up 10%. >> it's a tough trade. what steve is talking about year-on-year basis it's up we have a lot of the tech stocks that make a disproportionate -- most indices are up so much. facebook making so highs google is up 25% they are really accounting for a large part of the performance in the major u.s. indices we look at the bank stocks i think you don't buy them here because they underperform since the market actually topped out or since these indices topped out or sectors topped out. carter talks about it all the time, underperformance in 2017 of the bank stocks is glaring. a lot of people buy them and they are cheap yet no reason to go in and buy

them at this point it's hard to decipher these quarters and say you have to buy them >> well i disagree to me i look at what happened to technology today it seems ridiculous that netflix puts up 5.2 million subscribers and facebook and amazon and google trade really well that doesn't really -- the fundamentals of those businesses are different. they haven't changed at all. money flows into the sector. i i'm long facebook and google that's great but for the banks which is more of the issue today, to me we saw the bank of america report i thought it was fine. they were a little ahead of themselves going in. i think that a lot of the reason that it rallied is still relevant still valid. we want to see rates move higher maybe that will take longer. that's okay. i don't think we've seen a lot of the buy back yet. and i really do believe that a

rerating of bank shares is -- >> why i disagree with everything you just said. >> let me finish >> every single bit. >> let me finish what happened to the bank stocks for years they have been in the penalty box. it's not fantastic but it's there. they are healthier than they have ever been you have an administration that won't put more regulatory burdens on them. they are now able to use their capital for good, which is buying back stock and dividends. and i think they are out of the penalty box. this 50% discount or 40% discount multiple -- >> that's clearly not out of the penalty box. there wasn't a sector that i.t. was more excited about you're not getting tax reform or health care reform >> the market is trading at a

multiple and the banks are trading at an enormous discount. >> you have to believe some things will change, make it more attractive when you see the round trip in the there are, in rates, in commodities, these are things -- then you look at this hard versus soft data these are things the bank sector needs happen to. that interest margin situation is a big one we see the 210 collapsing again here >> it's a red herring. 210 is not -- >> that interest margins in general we expect it to be a bigger addition to bank of america's earnings and it wasn't it was disappointing >> the margin was -- expenses coming down. they hit that 60% number >> when you look what's going on here those five stocks you mentioned are trading independent to anything going on in economy they are secular stories that's why they are trading at all time highs or will be. >> the question for boston these sectors what is priced in at

this point what is not priced in and what is priced in for the banks maybe not enough good news. the $90 billion in buy backs that will happen at some point is not priced in the tech story maybe everything is priced in i don't know >> obviously this comes on the heels of goldman sachs earnings relax. dan was spot on yesterday. he's been pretty spot on the banks. but i'll say this the goldman quarter, you look at the goldman quarter very good. when they reported, the knee jerk in the stock was to trade higher briefly but hire. why did it sell off? because fixed income currency commodities put up a billion dollar number. the worst in the history of the company. everybody took that as oh, my god goldman is collapsing. the reality is the currency in the commodities business which globally used to be $25 billion or so businessish for everybody for the whole pie is now a $5

billion business goldman the 21% or 22% of the overall business that's still pretty good the rest of the quarter by the way was outstanding. it comes to me and somewhat to karen's point, goldman is $177 what's the right multiple? it's not one i think it's closer to 1.8 which gets you close to $300 name jpmorgan, you can make an argument that maybe jpmorgan is priced correctly but i still think goldman sachs is cheap >> the problem with goldman as you very well know trade cigarette 40% of their revenue on the call they wanted more disclosure they didn't get it that's not going away. goldman is down 6% or 7% year-to-date bank of america and citi outperformed what used to be jpmorgan that's a rotation. when you look at it as a whole

tech is not priced in. nothing is priced in there that's where your growth is. when you say you think it's odd, there was a re-allocation of funds. energy was down. that's your real underperformer. you have to roll the dice on energy when you look at banks versus tech, tech is your real growth >> the backdrop too is people are looking at interest rates are back, the ten year is back at june 30th lows. if you're searching for that growth, go to areas of the market that have been the leaders and banks are in there but not as strongly as technology >> right >> that's playbook in this sort of low rates, stagnant growth kind of market environment >> for me, okay, it's not the whole playbook

i feel no need to be all tech or all bank or anything like that >> are you more tech than bank? >> well, probably about the same but both very big. my single biggest position is google and facebook is a position jpmorgan, citi and bank of america are big as well. they have different risk rewards also i think more upside and more down side. if we get a technology route which we saw not long ago, we saw a few of them. that's going be more painful mohamed el-erian is joining us technology or banks? >> technology. it's a fascinating discussion. could you have had this same discussion if you were talking about the dollar, u.s. treasuries versus german bunds

in the last three months there's been three distinctive rallies one is policy. the trump trade. that favors banks. two, is global reflation third one is liquidity and that favors tech. so right now we're in a situation where liquidity is in play but the policy trade and inflation trade is not that's why it's a better environment for tech than for banks, better for euro than the dollar and better environment for the bund than u.s. treasuries >> we don't necessarily know what will happen to the policy side of it or even perhaps the inflation side of it we have a pretty good idea what will happen to the liquidity side of that and that it will tighten, it will be pulled back. a few weeks ago we had four or

five central banks in the world being very hawkish your concerned that it's just going to take a whisper from an ecb official or friends our own federal reserve and that liquidity will be perceived to be at risk >> we think more than a whisper and the reason why it's because this market has been conditioned to buyingon dips so you need more than a whisper. you need a very strong statement. ecb critical and we'll get some information this week. the fed, i think the market is right in saying that the probability of a september hike is low and the probability of a september hike is not more than 50%. however, however, be careful because if the fed starts worrying about financial stability that probability will change really quickly. >> i'm sure you know the phrase that liquidity is a psychological term not a financial term when you're talking about liquidity, your talking about in

the equity markets or talking about the debt markets around the world or all of them what your talking about? >> we have three very powerful sources of liquidity right now we have two central bank, the ecb and bank of japan that are pumping a lot through their security purchase program. we have corporations with very high profit sharing of gdp that are generating record profits and putting some of that back into the market. and remember what income distribution does to households. it puts more money, more income in to the hands of those that invest more in the market. these are three powerful source of liquidity but, liquidity is part of a journey. it's not the destination can it be a very long journey and enjoyable journey but fundamentals is what matters for the destination. >> we get a budget passed in a timely fashion which would arguably pave the way for some sort of tax cut then would you be more positive on the banks? >> i would

because that would have two effects. one is it would change the psychology about policy is back, the trump trade is back and, two, it would make the fed feel a little bit less uncomfortable about rates. so you would see also the curve react. so, yes, i would if we see signals out of washington they can move on tax reform i would be more positive on the banks >> great to see you. thank you. >> make sense? >> yeah. it makes a lot of sense. that in turn what makes markets. i'm more in karen's camp you're asking us to choose but to karen's point i don't necessarily you have to chioose >> what did we do today? >> so i actually have been

holding monsanto i don't like news headlines about lawsuits are actually out weighing the deal news i sold 85% of my position and then i rolled more into avis budget that's a name that we'll talk about at some other time not as sexy as the other name. i'm just looking for more opportunities. get my home builders rolled out of a long term position. i feel you have to trim something. >> karen >> i didn't do a lot today bank of america i owned. i didn't change my position at all. i'm not selling any of the tech stocks that's rallying i'm hanging on to what i got >> two trades i got. i think you'll see a retest of 23 by the end of september i think xrt, sell it on rallies. we have days like we had yesterday where you see these short squeezes in department stores and i think generally will be short-lived until we get

more m and a or strategic transactions that indicate they may be out of the woods. xrt is short we talked about netflix up 21 bucks today driving up these other much larger names. at the end of the day today you need to see some sort of sell off like we saw in june to take some of the fear or put a little fear in the market the complacency there and willingness to buy these stocks is a little nerve racking when you have a vix at 10 >> a couple of deals in there. not deals, stories vertex, ibb. coming up, united airlines getting hit on its earnings report it battled what's an endless list of nightmares the ceo of discovery communications saying media must disrupt or die

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yeah, and i can watch theetion. bgame with directv now.? oh, sorry, most broadcast and sports channels aren't included. and you can only stream on two devices at once. this is fun, we're having fun. yeah, we are. no, you're not jimmy. don't let directv now limit your entertainment. xfinity gives you more to stream to more screens.

. welcome back united airlines sinking despite an earnings beat phil lebeau has all the details. why is the stock moving lower? >> you look at a couple of things some people will focus on the passenger revenue for available seat mile. guidance is between negative 1% and positive 1%. many people believe once they swing to positive for the second quarter we would start to see things grow from there the third quarter and fourth quarter are different than the second quarter let's look at those q2 numbers margin of 13.2%, most analysts were expecting it to be in that range. that might be slightly above what people were expecting passenger revenue is expected to be around 2%, coming in at 2.1%. pacific revenue down 5.5%. there are some challenges in

china both in terms of the newer markets that united is going to as well as the competition from the chinese network, those carriers in china, the established carriers, chinese carriers as they continue to broaden their network reach come over to the united states a little bit more. as you take a look at shares of uniteed a couple of other things to keep in mind with regard to where the company is headed for its fleet going into this year and 2018 and 2019. they are delaying four airbuses. deferring those deliveries while the company negotiates the full order that is initially placed with airbus on those don't forget we'll be talking with oscar munoz, ceo of you nighted airlines tomorrow morning on "squawk box". we'll talk to him about numbers for the second quarter but with the company's outlook for the third quarter, and some of the changes that have been made following what was a very, very

rocky start. april was a disaster >> how important is china to you nighted. that competition is not going to abate any time soon i would imagine. the incident with the doctor, there was that chatter on chinese social media really condemning united airlines alleging they did this because he was chinese >> little hard to know how much might be a spill over. there's greater competition coming from china and that is the lucrative market where everybody wants to go. it helps that united was one of the first airlines to be over there and has an extremely strong network to asia-pacific and to china but as it establishes some of these newer destinations inner china there's a little bit of lumpiness. we'll talk with oscar munoz about that i wouldn't say what happened with the doctor and social media in china there's a direct

correlation. some may draw that conclusion but i think it's hard to say we have anything dede -- definitive growth is bigger that's my projection at this point, but having said that increasingly when i go over to china, karen, i'm increasingly hearing more chatter about the strength of the chinese airlines and when i talk with folks in the airline industry, they are talking about the growth and the aggressiveness of those chinese airlines as they are trying to establish more routes not only within asia but also asia-pacific over to north america. >> phil, thank you we look forward to that interview with oscar munoz tomorrow on "squawk box" >> so tough to trade the airlines because when you look, you think lower oil should be

good for their bottom line but then you have more capacity so that hurts. if you look at the out performer used to be spirit airlines down 10%. luv is up 23%. stick with delta, had a more smoother path up 9%. ual gave up a third of its profit for the stock right there. after hours print. up 8% coming in, loses 3% after hours. a little too volatile. >> the session lows on ual and we should note all the other airlines, major airlines are trading lower in the after hours on the back of this. >> they will be aggressive on price and then start to hit margins for all of them. i'm long deltax long united, long american. i want to hear the call

tomorrow one thing that doesn't factor into my thinking the issue they had in april i don't think that matters at all. >> seems very rear view mirror >> second quarter i thought was fine guidance was not great not awful either how do you trade the stock valuations are not concerned all airlines trade sub10 i think that deserves a higher multiple how do you trade it? 2015 old all time high was about 73 bucks good chance it trades there, holds. i would buy it off that bounce one thing we said and but for that one quarter five or six months ago priceline made an all time high again. >> but -- >> i thought it was a joke what is the butt for >> what? >> sitting >> so bad.

i'm going to move on still ahead ibm falling in the after hour session as the conference call under way as we speak. we'll get the latest numbers and headlines right after the break. you're watching "fast money" on cnbc

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welcome back to "fast money" we're live at the nasdaq markets. record day on wall street as nasdaq and s&p close at all time highs. the nasdaq is now in its longest winning streak in more two years. ibm is down more than 2% after posting it's 21st straight quarter of revenue decline plus another burrito blow-out for chipotle as reports of illness at one of its stores gave investors deja vu and sent the stock into a tailspin. how much worse can it get. busy day on capitol hill on what cube devastating loss for republicans as the health care bill seems to be dead in the water and gop leaders scramble to keep the trump agenda on track. let's go to eamon javers for all the details. >> reporter: busy day on capitol hill stormy day i apologize for the noise. a lot of disappointment today as you say for republicans on

capitol hill and here at the white house. mitch mcconnell the republican leader began the day by throwing in the towel on the repeal and replace. >> it's pretty clear that there are not 50 republicans at the moment to vote for a replacement for obamacare. consequently sometime in the near future we'll have a vote on repealing obamacare, essentially the same vote that we had in 2015 >> reporter: mcconnell saying some time in the near future they will have the vote but not clear exactly when the numbers will realign for them on that. here at the white house the president was careful not to dump too hard on his fellow republicans up on the hill but did express some frustration that they had been talking about repealing and replacing obamacare for seven years and

ully werenul -- ultimately not able to do it here's how the president phrased it earlier today >> we're not going to own it i'm not going to own it. the republicans won't own it we'll let obamacare fail and then the democrats can come to us and say how do we fix it, how do we fix it or how do we come up with a new plan so we'll see what happens. there are some other things going on right now as we speak but i am disappointed. >> reporter: so that's where it stands the president saying he's not going to own it. he thinks the democrats will take the blame democrats calculate a republican president with a republica senate and house who let obamacare fail on their watch will take the political blame for that right now a stalemate. i'll send it back over to you before we blow away in the storm here >> quite a storm and not the political situation.

wow. stay dry eamon javers in stormy d.c what is the likelihood of a budget getting passed and tax cuts >> doesn't seem anybody cares. we've had karen started off the show -- >> what asset class you look at. bond market, you look at the dollar, gold they seem to care equities seem to care. >> there's a lot of inflation expectation and other markets you talked about as far as the equity markets they care more aboutlack of deregulation versus anything new that's coming on the docket. so i think that's a win for bulls. how it ultimately winds up >> i actually believe that this rally, the expectation of the agenda getting done has gone down every single day with good reason so we've seen the republicans are really willing to go to -- they are willing to drive off the cliff. you have such a diverse thoughts

among the conservatives and the middle of the road republicans i am very skeptical we'll get any kind of meaningful tax deal done i don't think the market has much priced in for it. if we get anything it's a positive >> i don't think the equity markets are pricing anything but the much bigger markets the credit markets, mining markets are pricing a lot. as we get into september we don't have health care, we don't have tax and in 2017 we don't have some sort of retroactive tax. that's something that will likely work itself into markets in late q3 and early q4. i think all this winning or lack thereof causes trump to fire the special prosecutor and i think that is the thing that at some point between now and the end of the year that cause as whole heck of volatility in this market >> you think it's pricing in -- >> what happened --

>> you heard what larry finch said they are tracking lower. when you think about what happened after the election. rates rallied. commodities rallied. all in sync. only thing that keeps surging higher was this liquidity thing. the money is flowing into equities globally. we underperformed fairly dramatically >> i think tissue of the dollar, the dollar was as much about u.s. raising rates as it was about weakness in europe that situation, weakness in europe has started to change and so to me that would be -- >> when you think back to may of 2013, the ten year yield was at 3% wouldn't you think at this point we would have higher rates than we do now? we've had two rate increases this year alone. markets are pricing about 40% chance of an increase in

december and they don't budge that's more of a reflex on expe growth >> at one point the s&p was down it closed up one day is not a big deal. it closed higher because the markets said wait a second they push past this health care thing and go tax reform they can jam that through >> how can they do that? >> the risk, though, what's scary text markets are right around or at all time highs. if they get one thing done, you're looking at 5% to 10% to the upside >> worse case scenario in your view is flat for the markets >> every volatile issue,

everything that sold off in this marketplace has been less of a sell off and a shorter duration in time. it's been bought every single time >> would you buy >> you think the back stock is nothing. getting nothing done >> in the last six or seven years every sell off has been bought in spades sell off get lesser and lesser and volatile is still with the ten handle i do think we should sell off in a meaningful way 100% yes die learn the hard way that doesn't happen yes. i think we grind sideways to slightly higher unless something meaningful happens >> worries over the trump agenda faltering hitting the dollar today. the dollar falling to its lowest level since last september our next guest says you should stay clear of this move.

what are you looking at rich >> making it rain. i'm making it snow when it comes to the dollar. charts are going, low low, low low growth, low inflation, low crude. here's your playbook the dollar index you are down 9% off the top and you are making a bee line for those lows we established in 2016. the euro europe is the big lowers you see this multi-year base of support. now we're staring at a break out. the last time we broke out from this multi-year base happened to correspond with august of 2015 next month being august. that's the flash crash zo u7b% in the s&p, devaluation of the yuan in europe two worst months for the dax, august and september. now let's bring it home to the

u.s. a couple of names. now this chart isn't uniquely sinister this looks like ten year yields. a big boost coming out of the election and we moved lower here as crude has moved lower, yields moved lower and inflation expectations moved lower what i want to you focus on is this island reversal here. call it a ur island reversal up into the pattern here get down the pattern here. now this has become key resistance, this gap here on that island on this little bounce we've seen. yields and crude goes lower as charts suggest this is a stock that will false terrify and underperforming relatively this is a metaphor for a bigger theme. s&p energy worst performer down 13% year-to-date chevron you got your 4% dividend yield

which is nice. but the stock keeps going lower. you don't want to fight it with inflation expectation and crude and yields and dollar all moving lower. what's on the other side of this trade? obviously we talked about it every single day here. it's the nasdaq. it's technology. in a world of low growth and low inflation and low volatility and low interest rates what do you do you push technology stocks with price momentum to the highs and you just keep buying them day in and day out. we did see a little bit of weakness back in june we talked about it on this show. that weakness corresponded with interest rates moving higher but once again the second those rates backed off tech gets right back on the horse and trying to push out here. once again in that world if the down trend in yields and crude and inflation is going to persist the uptrend in technology is likely to persist. until, of course, it doesn't so with that as we enter that period of weak seasonality not

just in europe but here in the u.s., august and september two worst months for s&p volatility at record lows. dollar collapsing. some of which for me still dictates more defensive posture here in the short to intermediate term. >> again unilateral decision >> he is the master of the strategy over there. he's the best. >> joust so you know carter was on and he called hog lower big call from a technician there. did you see it >> looks like a challenge. >> i want to see which one will crap out >> we're all from the same fraternity >> these charts match up with fundamentals if you are to believe that inflation is going lower then you don't don't in

any of these stocks. oil is going down. all of that. >> to that point some of these stocks have played along with that playbook. we talked about airlines other cyclical stocks have been strong airlines are surging transports are pushed out the a new all time high. some sectors of the market which lead you to believe you have this great is cyclical rotation. so i think we have a situation here where we're rotating into a highly cyclical group when some of the macro backdrop suggest do you. >> translator: and a lot of that explains the strength we're seeing in technology you're running out of places to go in a world with these type of charts >> when you look at the etf and it's down 13% as you said. you go back a year still down 3% on their performance still laggards with netflix that doesn't then

case of rotation your waiting for an indication where crude has bottomed what your waiting for? >> you need see a lot more every time you say it's a bounce not a bottom people write back why is it just a bounce why saint bottom think about energy we've been below that 50 day moving average that's not a powerful moving average. very well define down trend. you can't even get above the 50 day moving average let alone crude. that's with the dollar coming off which has a hint ever inflation which should be propping up those commodities. that reinforces that bearish move >> you've been in uri. >> i have. in and out was short and i covered. to me it's interesting in that the infrastructure play which i don't think is happening and

really been the beneficiary of that and also energy improving, more production that's better for them a great company. i'm not long >> your call is troubling in terms of the overall outlook for earnings on the s&p 500. energy makes up about half of expected earnings growth for the s&p 500 for the second quarter if we don't see a bounce -- >> it's just one of those other yellow flashing points not red. things we're looking the other way at because technology is helping to push higher in getting us excited as it should to a certain degree. we're looking past washington and energy and past the decline in the dollar and inflation. a lot of things you want to see going the other way are not. you're asking technology to don't carry the mail here. >> thanks rich >> genius. quickly because i know we got to go to break he mentioned the dax

it was down 1.25%. one of the better performing markets since the beginning of the year that's a pretty big move why do i mention euro is strengthening. 12,500 has been the line in the sand dax has closed just below it ecology up ibm is falling in the after hour session company posted it's 21st straight quarter of revenue declines ibm isn't the only old tech stock reporting. microsoft is out with earnings uld hursday and trader says now cobe the perfect time to buy the stock. we'll break it down when "fast money" returns could book a fli, then add a hotel, or car, or activity in one place and save, where would you go? ♪ expedia gives you the world in your hand,

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811 is available to any business our or homeownerfe. to make sure that you identify where your utilities are if you are gonna do any kind of excavation no matter how small or large before you dig, call 811. keep yourself safe. >> ibm sinking in after hours session. let's get the latest on the conference call. >> reporter: that conference call is still going on so far to concussion on how ibm is going to fulfill its full year guidance, also ibm cfo was on cnbc just after the numbers crossed earlier today and he was asked to respond to venture capitalist who called watson a

joke a few months ago. here's what he said in response. >> if he was dismissive he wouldn't bring us up we're obviously getting to his clients already or getting to a place in the market where people are starting to see how effective this can be. >> reporter: we should note that he was asked about his views on legacy tech companies. he didn't bring up watson or ibm himself. additionally it is not just him that expressed skepticism about watson's capabilities. watson and associated revenue is at 3% of projected earnings, 5% in bull case barclays is saying the narrative has become tedious ibm does not break out numbers related to watson. what the ceo has called a silver thread that runs through a lot

of things at ibm watson and cloud lots of talk on the cloud on the call it's called its strategic imperative the problem is that that is still not enough to make up for its declining legacy business and patience may be starting to wear thin among investors. thank you very much. i think patience has been thin you take a look at the cloud revenue up 17% revenue line is 19 it's just not a lot even though that part is growing >> got to be half -- for ibm to make the turn it has to be half. this is a theme we've been talking about on this show not like we're breaking any ground here. ibm is now closer to a 52 week low than a 52 week high. justifiably so when you see quarters like this you realize how quickly microsoft made the turn and how

slow ibm is to revolve >> watson is not big enough to turn the concern this is old tech this is my secular short continues to be my secular short. it's down and continues to go lower. >> warren buffett got out. >> the stock is cheap but really should be cheap. this stock should not be expensive. >> this is get ready to say good-bye to the ceo. she's gone this is a company that will get split up like hp was since hp split up, hp has really outperformed the broad market. that's coming in 2017. >> soothe sayer, dan >> look at you microsoft reports after the bell on thursday the options market implying big

moves. mike breaks down the action. >> the average move in microsoft is typically a little over 4%. that's approximately what they are expecting in the options market we have for the entire month now seen bullish floss culminating last friday with 164,000 call-up. people reaching out to the 76 strike that's 4% upside >> is he in a tanning booth? he's working it. look at the side-by-side >> son's birthday. spent time by the pool >> darker than i am. >> for more "options action" check out the full show friday at 5:30 p.m. eastern time. still ahead, chipotle has a new alheth scare we'll have a special report on "fast money" right after this.

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welcome back to "fast money" less than two years ago chipotle faced food safety crisis that had teen most loyal customers

running. just as that had blown over the chain now faces another food scare at one of its locations. >> reporter: so we should be clear that it is only isolated to one location in sterling, virginia multiple reports of customers getting sick after eating at this local chipotle. chipotle then issuing a statement to us this morning saying they are aware of the illnesses. the reported symptoms are consistent with neurovirus which chipotle says does not come from their food supply and the restaurant will re-open later today. memories are still fresh from the end of 2015 when e. coli and norovirus kept customers away. that resulted in a sell off from the stock price which was cut in half the stock used trade at $720 a piece. long way away from that. as a result the co-ceo having to

step down in december. march said there was a credit card hack. interesting 18 months for the chain. now one positive for chipotle has been bill ackman buying a 10% stake. chipotle still trading below those levels now for its part chipotle has been trying to win back customers with free giveaways, loyalty programs but sales still have been slow to recover. there are still believers, those that includes one analyst who just upgraded the stock. >> norovirus not all uncommon in restaurants. when a separates this from 2015 is that was caused by problems in the supply chain. norovirus, that typically is not the case >> chipotle has some new menu offerings which has generated some buzz. queso and their first-ever

dessert. let's trade this wasn't good news for bill ackman >> they never figured out what happened the first time around, right? they never figured out where in the supply chain or -- i don't know if it's a spoiler alert or if anyone saw the show "billions. maybe there's a short seller who knows what i don't own it >> does it make you more nervous they can be this easy of a target >> this analyst just upgraded the stock thought this queso offering, which means cheese can be a catalyst. >> you look back at chipotle, a month or so ago they said some good things. they seemingly turned the corner i don't know where this cat setting at that norovirus is a

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