guidance, which is note bable and an interesting signal when he talked to josh. >> also, the context at apple, so we'll see >> all right yes, we will that does it for "closing bell." thank you, guys. kelly's back tomorrow. so we'll be watching >> i'll be back with apple earnings hopefully >> next time we have apple earnings "fast money" starts now. "fast money" starts right now. live from the nasdaq market side overlooking times square i'm melissa lee. your trader on the desk, tonig on fast, stocks are at record high, but one strategist sounding the alarm he'll explain. plus, starbucks is doubling down on china as other big companies head in the opposite direction what do they see that everyone else is missing and will it pay off? later, sprint is soaring today after the ce oceo says that a b deal is on horizon, first, the big story after hours.

apple soars nearly 5% to a fresh all time high after reporting earnings moments ago crushing on every metric the company has added $31 billion in market cap just in the post market session. we've got full team coverage gene is here onset, he's deialig into the call. josh just spoke with tim cook, so josh, kick it off >> i had the chance to speak to tim cook let's talk about iphone number 41 million units in the quarter. i asked about that he said demand was greater than the shipment indicated because he did take down channel inventory by more than 3 million units. it was also impacted by the pau. they're seeing these reports andrew man and rumors cook said the noise andrew mors are at a different frequency

than we've had and it's clear because i'm getting different comments from people that there is a pause, but despite that, i feel great about how we did. i also switched gears and asked cook b aboservices business. cook telling me if you look at services, we came in at 7.3 billion. up 22% year on year. really great quarter and we have now achieved our goal of being the size of a fortune 100 company. earlier than we thought. we've now achieved it on a look back basis we are very proud of that. i'm going to hop on the call and bring you more as they come. >> the question is simple. if you don't own apple, is is it too late to buy and what do these results mean for check as well as the markets. dan, to you. a lot of people were focused on the guidance number, so an indication as to whether the iphone 8 will be delayed. >> it speaks to the fact they're seeing a nice follow through what got investors off sides on

this one was the fact they saw this pause they had this in the iphone unit number last quarter. listen, there is nothing to knock b about this quarter nothing to knock about the swagger in which they gave this guidance this is a highly rumored quarter into this device and we've got a, there was a guest on the last hour, it's the silliest thing. $1100 iphone to me, i think it makes perfect sense. they've had a string of releases that have been perfectly evolutionary they've been strong devices. they've been able to maintain margins and so to me, the idea of making an aspirational iphone for die hard iphone users in his tenth year anniversary makes a lot of sense they're still to sell a lot of the wups you have in your hand now. >> we talked eed the about of a phone sold now, is that a new higher phone, the phone that isn't sold after the new iphone comes out.

i don't know to me, the service was interesting. up more than i thought i had thought prior growth was really not that exciting this is more interesting i don't own it i wish i had this isn't the kind of day i would buy now. but i wouldn't >> it's interesting, dan, you're not focused on china which was terrible and you've beaten up the company on that in the past. the thing that gives me solace or not solace, i actually think, get excited about that services number you analyze that, it's a $29.2 billion business you said gets them inside of a fortunate 500 company. the margins are north of 70% if you listen to credit suisse, it's going to be a $22 billion business they were paying attention, but saying low base, but not that interested >> hold on on a sequential basibasis, it wp 2% it would have been growing 18%

the last two quarters. to me, i don't think that inkrecrease is is that exciting especially as they beat on the iphone unit numbers, so there's plenty to think about looking down >> is that what your point is? >> you are actually lauding the company for holding on to this 1100 asp and that's exactly the people, fluent transactional customers, the very wealthy customers this company has are the ones that are dpoipg goigoie up the services. >> spotify said they had 16 million paid streaming subs. apple music has half that. netflix has 104 million paid streaming subs and they don't have a streaming service, so to me, if you think about the f sfs business becoming a great er par of the whole, it needs to be something more >> all right i'm sitting home watching apple up almost 6% new record high. what do i do

i know a big iphone 8 release is coming and i don't know what to do right now >> couple of away. there's a good changs we retest the high of $134 and change. >> we have him on tonight. >> we do looking at him right now that was my view a few weeks ago, so clearly, i was wrong i don't know what happened with ipads, but even crushed the ipad number some people refound the ipad for some reason. to answer your question, listen, i thought it was going to 134. i was wrong. what do you do with this i'm not certain. i'd love to go to the conference call, but i got to believe you'll see a pullback. >> you got out of apple a while ago. what would make you reconsider is this quarter strong enough? >> i'd probably rather by it on weakness we need to hear more about when the iphone is is coming out. i think this quarter is great, but that is still the most important thing. >> i was talking to an analyst

at brdrexel hamilton today, he said if revenue is higher, that would indicate there's a delay >> how much? >> it was for 49.3 and guidance is for 49 to $52 billion. so, that's a pretty -- >> small window of getting in on the quarter. >> you're well ahead of the game that indicates they get the average and they'll get that first week of sales for the fiscal q1 and take them in the last week of the quarter and it's very positive but does it really matter? i mean, ultimately, whether they get this out in september so they can showcase it going into their most important quarter or mid december, they're going to wait until they get out the right product and here we are, all the things we're talk iing about on this stock and no one here is really talking about the quick trade. we're talking about the value of this company, what they are creating in terms of a new use

base or broadening their existing one i don't think it matters >> i agree in terms of does it matter if it's a week or two weeks delays eventually, it will probably be a sale at some point in time but this was one of the bearish cases on wall street this is what caused analysts to take down their mats since the end of the seventh quarter going into this quarter. that's the context in which this stock is now popping >> the one take away i have is that whatever this high-end device is, they're not going to pay above $1,000 is going to be such a small percentage of the sales of the new series of devices, so that, you shouldn't be worried now if it's one the two months that really tripped out. o led, self-charging that's not going to be the driver for this supposed supercycle tim mentioned china that was down i think it's the fifth consecutive quarter that china's

been down double digits. to me, that's probably where the bulk is going to come from the lower it goes, maybe it's not so bad because maybe you start to see a reacceleration of growth in china. not trying to sound bullish, but the stock is at all time highs now. i agree. i think my point is simple the stock has been in trading range. it closed last quarter, may 2nd when they reported at 149. basically, we're in close right now, so it's been flat line for three months >> why did it break out of the that range >> last quarter when the stock was flat after the earnings, we were all look iing at it, like basically flat up or down a dollar. took a took a couple of days, then went straight up. i don't know if we have a chart for may, but it went for like $7 in the days afterwards it was a must own. remember the day in early june when the stock literally fell like 5% in a straight line to me, you have investors off sides here they're probably not going to

sell this thing. >> i think the question is, what does this do for overall market. >> we're looking at dow 2,000. >> and i think it's a tech market that was moving sideways and very positive. >> four bucks. it shouldn't on the downside, but whatever. >> for more, let's bring in gene money center he's with the red iphone how would you grade the quarter? >> so far, it looks like an a minus especially given the number the 41 million unit number adjusting for xhachannel invent down they would have drown it 9%. it was up 1% this is the best iphone unit growth in about two years, so they really knocked the car off the ball despite this head wind they have of people anticipating the upcoming phone

tim cook was just on the call there talking about ar your early discussion, i don't think anybody was talk iing abo ar kit i think investors who have the benefit of owning something for the long-term should take note in augmented reality >> put together the stronger than expected growth in iphone, for just the most recent ended quarter versus the current quarter, is your interpretation that people are just buying iphones and the there is no slowdown ahead of the launch of the new phone and that it will not be delay snd. >> doesn't look like the fophon is delayed i think that's why it's having a higher reaction. but i think again, on this 41 million number, the unit number, that was negatively impacted by people anticipating this i think what it speaks to is this base of 800 million active ios users that apple is turning. obviously, that has a positive impact on the services business.

it's going to take five years for investors to give apple the full credit for the services business, but it has grown between 17 and 26% over the past seven quarters i think that's to take note that this is a steady business should be positive for the stock over the long haul. >> last quarter, you were excited about ar kit explain what that is and why is that something that investors should be focused on is there products attached to it is it sticky for the actual devices, related to services how big of an opportunity is it for apple? >> it's huge because it's going to change how we interact with our phones today, it's a touch screen in the future, it will be a glance a, eventually, a weara e wearable it will be b the iphone for next several years, so there's a cycle. it can charge more i srsps. think of pokemon go go, but a much more rich experience. the services piece as you

mention ed is a gold rush for developers they're going to be scribe scrag to create new applications they win on two fronts asp and services >> we'll check in with you later on we want to trade apple show of hands. who's inclined to buy apple right now? buy over sell? nobody >> buy over sell >> why >> but i'm not inclined to go buy the stock today. >> is it too expensive >> no, it's not. but again, let's process through these numbers. if you look at the tax revenues, details of this. the tax rate is 22.9 versus expectations, there's different things here. i agree with gene's thesis but back to technically. i realize there's investors and traders, but at 156, 157, we get to a place here where the stock could be at that level i would give it a couple of day

to hold the level. you don't need to buy tomorrow >> what do you need to hear from apple, about the stock that will convince you that it's a buy >> nothing we talk about valuation all the time we think it should trade above that and giffin the fact it's got all the profits of the smart phone, too and net cap is 155 billion, but to me, it's not just me. okay, so i've been on the wrong side of this short the stock or anything like that just haven't owneded it. it's not a crime in america. >> wow saying that you know, at some point, the jig is going to be up that's why i ask gene the question about ar. does it mean this is a segway into wearables the air pod is a brilliant device most brilliant since the ipad in 2010 and we don't talk about it. some day, that may be a big business and it may be linked. i'm excite d about the home pod that may come out around christmas. i may buy a few at $350.

>> that's upside omgs al ptionat even in the price. do not get worked up, but why we want to own the stock for its core these core numbers are why the stock is trading where it is and i don't think you need the other stuff. i think people have been trying to, three quarters ago, people were saying apple is not innovating, it's over. something new is going to happen a scramble >> the reason i don't own it, on the surface, it looks cheap. i don't know what the right multiple is. the 16 seems great yes, so if you look at samsung, the multiple is half that. so that's what makes me wonder >> coming up, transports are sinking. that's sending chills down the back of one top stlat gist plus, a major deal is coming, according to one market watcher. which names will be b the first to make a deals? and later, they're betting tesla shares will do something they've

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last week, bougt out the rest of its east china business introducing plans to have more than 5,000 stores opened in china by 2021 and that's just the beginning. starbucks chairman howard schultz tells andrew sorkin that he expects growth in china to eventually surpass the u.s china has around 28 locations while the u.s. has more than 7,000. stock plunged more than 8% last friday, but for the coffee giant's booming growth abroad, will investors, tim? >> the numbers were that china was up 7%. if these guys are going to get their next leg, it's going to be from china i would not own starbucks just because i think they're not executing in the u.s i think the u.s. execution is slow and i think the guidance was terrible but i think they're being realistic. i think the china growth and the fact that china is still a tea exhumie i

consuming culture. doubling down on china makes a lot of sense i care a lot more about china for starbucks than i do for apple. that's the story here. where does starbucks trade after the numbers? there's a lot of downgrades. i think you've got a lot of negativity in the stock. if anything, these guys have a reputation for being overly conservative >> should investors be more concern eed about the north american business? >> comps were up 4%. it's a significant miss, so they should be concerned. there is going to be a tribal down the road. how long do you have to wait to get that i'm not sure what the answer is, but say this as poorly as we did, at least i did with apple, we've done a decent job can starbucks we thought it would rally to make a high before howard left pretty much what happened. double top from a couple of years ago, but now what? this 54 level which we plag flagged is an interesting level to hold. you can make a decent argument, so for a trade, it looks

interesting. >> still ahead, apple is soars after hours. the conference call underway right now. we'll hear what tim cook is is telling wall street about the quarter of the new iphone when we come back you're watching "fast money" on cnbc here's what else is coming up on fast >> let's make a deal >> that's what the ceo of sprint says the company could soon do, so who might be buyers we'll name names plus, stocks are at all time highs, but there's something below the surface that could spell trouble and here's a hint. we'll tell y wouhat it could mean for the market when "fast money" returns medicare options until 65. out r now is a good time to get the ball rolling. medicare only covers about eighty percent of part b medical costs. the rest is up to you. that's where aarp medicare supplement insurance plans insured by unitedhealthcare insurance company come in. like all standardized medicare supplement insurance plans,

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we are live at the nasdaq market site the dow closing at a record high and coming within reach of the key 22,000 level here's what's coming up. the big story of the night apple hitting a new high and adding more than $30 billion in market cap in just the past hour that conference call is well underway we've got full team coverage gene is manning the red iphone josh is in california at apple headquarters they are standing by to give us the latest first, we start off with the autos getting wrecked today. let's get to phil in chicago for all the details. >> melissa, overall, sales were down 7% for the industry when you compare it with july of last year and remember, that was when we were in the midst of perhaps the most explosive months in terms of sales last year when we hit a high of 17.6 million vehicles sold. we're not going to come close to that this year take a look at the major

automakers for july and you see the big three were negative for the month. below expectations with gm down more than 15%. the only one to buck the trend, toyota, up 3.7%. most were expecting it to be down 3%, so it was the bright spot behind the day. what was the weakness in july? fewer fleet sales. not only for general motors an and ford, but we heard this from a number of automakers they realized those low quality sales are not doing anything to help the bottom line also no love for cars. not a new story. it's been going on for several months inventories remain high. as you look at the annual awe sales over the past six years, prior to this month, people thought we would come in about 17.1, 17.2, maybe down to 17 million even and finally, take a look at general motors this stock was under pressure today after the company reported its day supply is 104 days

you want that to be closer to 65 or 70 days now, gm will point out they built up that supply because they're going to be transitioning into new pick up trucks later this year, still, when you have a couple of months in a row as we had with june and july, where the day supply is over 100, that has people worried about that's why shares were under pressure. >> and you add to that, when i talked to you before about this, higher incentives and increase in average transaction price is not commensurate at all with the amount of incentives offering now. >> i think we're going to see higher incentives into the later part of the summer a number of automakers have curbed production already. that will likely continue, but some point, when you have bloated inventory, particularly with some of the slower moving cars, that's where you're going to see them offer the big dealsedeals. >> thank you autos aren't the only ones

getting hit. check out the biggest losers in transports this month. csx is down 11% and their southwest united seeking 10% delta, norfolk southern, down 7% ewan pacific down 5% guy talk about the transports. is this concerning you >> 60 years ago, when the dow theory, but transports obviously, it's a much different world now. but it concerns me because i can make an argument that transports measured by the sort took us out and led the s&p for a couple of months who's not to say it might be leading on the way down by a couple of months iyt. held firm a couple of months ago. right now, we're still in an uptrend in this space. >> i agree with guy in that the tronz por transports not being the tell.

for sure most of my exposure is in the airlines i think we've had a good month for sure but i like what's happening in the industry there the valuations to me are attractive i'm still owning them. been a rough month though. >> be cautious because august is a worst month for transports if you look back august has been the month to stay out. i think you get a case where the rails have underperformed related to the cyclicality there. i like airlines. back to gm, which really falls under industrial, but if you look at 17.3, record highs a year ago, stock was at 27. it's now 20% higher. i think gm is trading better on poor news and i think the expectations are more realistic. >> ups last week, the stock got hit after its earnings were down 4% it's recovered a little bit. it was up mid may. rallied into the print

investors didn't like it this is one i think on some of these single stock stories, this looks like a good press as trade on the short side back towards 105 or below you don't have to take much away from transports in general there's opportunities to press bad stories on the short side or get out of them. >> for more on the trouble in the transport, let's bring in julian emanuel it's great to see you. >> great to be here. >> you are worried about the transports and where they are relative dow >> i agree with everyone, first of all, it is not the tell that it used to be. but the fact is, is that you know, in the market, where essentially, the entire market is as strong as it is, for a broad-based transport index to be approach iing the 200-moving average from the upside low er i a cause for concern. there is a sort of potential explanation hear and again, we've been on in recent months

to talk about it you've had an oil rally. okay and when oil basically went from 42 to touching 50 this morning, it's perhaps natural to expect in a world where etf activity dominates single stocks as we know as it has that these stocks may be pausing as munroney rotas back into energy >> you have been on the trade of energy now in the past month, equities are up 2% there abouts what has oil done in the past? mid 40s, low 40s up to 50? >> 17% before pulling back over the last couple of days. >> why aren't we seeing that on the equities side? >> there is still a general dislike of stocks that haven't worked, which is why again, you know, we see the aftermarket reaction so strong in the last fang name to report. people are following momentum.

for the most part. which again, is perhaps cause for concern for the transports haven't come up because they were quite strong prior to the last several weeks >> so, do the transports mean anything, is it telling about the economy or just telling a story to your point about stocks and etfs and the general dislike? >> it is not at the moment telling the story about the economy. we don't see you know, any weakness, but it's one of those things that say, little yellow flag, let's look we had several numbers this morning this were not as strong as expected. we don't expect the trend to continue but we're going to watch coming into august and september. september being a traditionally weak month for the equity markets. we're sort of on alert here. >> at what point do you say i'm not going to stick with the contrarian trades because the sentiment in the market is just not with the contrarian plays. you've got to go where the momentum is because that is the market, that is with us.

>> if volatility starts moving higher -- >> meaning what, from nine to 11 >> meaning -- sustainable above you know, 12, 123 the average has been more like 11. you know, our view again coming into a period where we're going to have to sort out the budget we're going to have to sort out the dell ceiling and seasonally, you're in a challenging period that's where we think there's perhaps cause for concern. >> so, bottom line is until you see the vvix above 11 or so, th trend is your friend >> it is >> thank you what did you do today, karen >> i sold some upside calls in bank of america. so, as the bank, the whole financial trade has worked, position gets bigger and it's had a lot of positive

momentum it's time to take a little money off the table. some upside calls. >> don't fall off your chair, but i was thinking about this today. i think jpmorgan to 100 right could be one of the easest trades on the harkt. looks like it's going to break out and go to 100. i know you're long >> easiest trades. it could be worse. >> don't sell any upside callsjn >> and it's moved i think the most of citi. >> are you in that trade >> no, but i would consider maybe a spread just saying, it looked really interest iing for a breakout it's like the the whole thing you don't go to the prom whatever right. that, too. >> apparently is -- >> it's the girl you brought to the prom >> fine, whatever it looks like it's going to breakout >> easiest trade out there there's another easy one if you look at juniper, went from 27.5 this month up to 30

back down to 27.5. now, it's 28 risk reward to the long side sets up well >> i'm easy like sunday morning, bought a little bit of european equities today euro stocks 50 oversold you can play this bounce >> still ahead, apple making a fresh high the company crushing results we'll tell you what tim cook is saying about the new iphone and a special project the company is working on, plus, sprint surging today after the ceo said a merger announcement was coming soon and one ss cldpaayitou srk a flurry of yields much more "fast money" right after this tr

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. welcome back to "fast money. check out shares of sprint surging at the company's ceo hinted a major deal is on the horizon. we've heard that before. julia is standing by with the latest hey, julia >> hey, that's right in sprint's call this morning, claure didn't mince words. he said the company's talked with potential partnerships with quote pretty much everybody. shares rising more than 11% today after claure acknowledged that the company's in talks with t mobile as well as its parent company saying he's confident a deal will get done

>> at this point this time, we continue discussions with different parties and i can tell you, that we are incredibly encouraged i think an announcement will be coming in the near future, so we feel very good in terms of the options we have built under potential transactions that we could have >> this comes on the heels of reports that sprint and its chairman had assembled 65 billion this financing to make a deal with charter communications and charter saying publicly it's not interested in buying sprint. claure saying on the call that sprint never made an offer to charter, now, if soft were to make an offer, the cable giant would be required to alert comcast. analysts say t mobile seems like a likely partner, but there are

reports they're exploring with dish network now, any deal made would have to win regulatory approval, but the trump administration is expected to be b more open to deal make ing, so we'll have to see what happens with at&t's acquisition of time warner b and discovery's purchase of scrips >> thank you our next guest says this chatter is just the tip of the iceberg in the media space andy is editor in chief of yahoo! finance so, andy, what makes the most sense right now? >> well, that deal, the sprint charter deal makes a lot of sense, but basically divide up the world into buyers and buyees on the buyer side, you've got to at&ts and comcasts and charters and maybe the verizons then on the other side, you've got the sprints, t mobiles then the content companies like a cbs, disney, netflix the whole thing is basically, that the cable and wireless business is not growing, so they need to either come bib bin or a

media company. consumers and companies want a bun l to offer fcc is is friendly right now then you've got these personalities. right, his son brian roberts. you've got john malone they are all deal makers, right? then on the other side, you've got these ceos that may be coming near the end of their tenures. who are looking for a signature deal and there, you've bob iger les and lowell mcadam, the ceo of verizon i feel like a seismologist looking at all these, i can see the tremors and listen, this is the last opoint i'm going to make over the past four years, there's been $300 million a year of media and telecom m&a deals so far this year, we've only had 100 million. discovery, scrips, kkr, small potatoes basically, it's the sprint guys saying it's going to happen.

that message is not to the shareholders that you better get in there but does it matter though that we don't know what the tax situation will be? how much does that play into anyone looking to do a deal? do we have to wait to see about interest >> right, these guys are all complicated, too, like malone. most complicated and so that's why. i would do something right out of like the cabeli playbook. buy them all buy all the targets because you don't know how it's going to play out and i agree with you, karen, the tax thing is complicated. soft bank is levered, too. they have a wall they can go as well >> is this a smell of desperation at this point because the ceo is constantly talking and we are willing to do any deals. everything is on the table the valuation is a premium to

the rest to have because of this expectation of a deal and there is no free cash flow in the stock, sod stock except there's this payload of m&a. >> for this report today, right? >> it's you're right the it's getting late in the game, i'll admit that. there are premiums and this is not a secret, but i feel like it's still going to happen there's going to be deal premiums and it's so close that the time value money is going to work out for you in this >> all right, andy, dwraet to see you. editor in chief of yahoo! finance. you've been active in this space. >> but it's been my view that sprint and t mobile, if they were to merge, they would get acquired by a cable company. i think time warner, at&t situation while it's you know, not it's wireless in content, i think to andy's point, there's going to be a lot of different combinations and i don't know if we're playing a game of you know, musical chairs, how t

mobile and sprint don't have a chair at the end of it so to me, t mobile sold off 15% from the recent highs last month. i think that stock gets bought every time it sells off like that like andy said, they're going to have a share >> what could the deal be and at what level an we just got to that what's interesting is that a verizon, certainly an at&t, their multiples are going higher they're being traded as if these guys have acquired more higher multiple business and have a more profitable business model while their core business becomes more competitive >> you're buying sprint because of everything we talked about. net adds 61,000. 330 net ads. valuations don't make a lot of sense. to your point, one name we didn't bring up and is is cheap, viacom, it's roughly half the valuation. it doesn't shouldn't be the same valuation, but it shouldn't be half >> all right, still ahead, apple surging to a new high after a big earnings beat the conference call is underway and mr. apple

himself is manning the red iphone he'll tell us what surprised him most about the quarter plus, tesla sinking for the second straight session ahead of its earnings report. traders are betting the stock could do something it never has before we'll tell you what that is. much more after this thankfully, the breakthrough in prevagen helps your brain and actually improves memory. the secret is an ingredient originally discovered... in jellyfish. in clinical trials, prevagen has been shown to improve short-term memory. prevagen. the name to remember.

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welcome back apple conference call just wrapping up. hey, josh. >> well, melissa, a bit more detail about the iphone performance. tim cook saying the average selling price, 606, up from 595 a year ago a a strong demand for the 7 plus iphone sales in most markets in asia, latin america tabd middle east up more than 25%. he did field some questions about great e china. he saw revenue there down about 10%. he said if you pop open the hood, mainland china was flat. hong kong he noted has been a drag, but on a sequential basis. he also did that maybe there could be new products coming in the back half of the year. ones we haven't even discussed yet. take a listen. >> we can't wait to deliver all

of these powerful innovations in months to come and we might even have some others to share with you later in the year. >> so, maybe sop surprises coming later in the year i want to end on politics because i did ask tim cook directly when i met him, about his comments of president trump. president trump you'll recall told "the wall street journal" that cook told him they would build these three big in the president's words, big manufacturing plants i asked cook is the president correctly describing your plans, cook didn't confirm that he said apple is committed to building jobs and does so already through its development community and of course, that new fund to promote advanced manufacturing. back to you. >> thank you very much, gene has been manning the red phone all hour, so, gene, it reminds me of steve jobs, you know, one more thing sort of thing. we've posted this pretty solid quarter and by the way, we've got many more innovations to

share with you in the months to come what do you think those are? >> well, i think there's going to be some subtle just around the, their new alexa competitor. home pod and probably open that up to developers is something they'll really try to etch size when that ships in december. as far as other things, the mac, they talked a couple of months ago about more innovation, so there could be a wild card around that, but i think foundation alley, the majority of the ref revenue, don't expect anything really ground breaking. the content piece, there was a question that came up on the call, there might be new original video content and trying to flex their muscle in that space >> in terms of the other things you heard on the call, what really stood out to you? josh was talking about china apple seems the sort of stem the depth of the damage in china that it saw last quarter with this quarter's results what was your take on the quarter there? >> i think china's gotten

better i think some of the other take aways from the call is just around ai. they have a significant project going on in autonomy, so that's going to kind of stoke the bulls that they're going to do more in self-drive iing cars he said the applications on that are beyond vehicles, so i think you put that together along with content and ar, which tim talked a lot about on the call, you can start to piece together a story beyond the iphone for the next several years. one last piece the question came up about trump and he tweeted out about these three manufacturing facile suggested they'll have announcements later this year. i would have loved to have been a fly on the wall when trump tweeted out apple is good at manage iing their messages >> you mentioned a couple of weeks ago when on the show regarding apple, do you think it goes back to the 134, 135 level given the strength of this

quarter? >> i think it's going to continue to move higher for the next month to two, but i believe it's going to trade off once the phone gets announced in september. there was a question on the call b about what the channel fill is going to be in the september quarter, so that good guidance you saw might not be as good because they might have anticipate d more channel fill. i think that narrative could go a little bit over the next few months more importantly, i think the story is in great position >> all right, gene, thanks so much great to see you luke venture, fast money friend at the red phone what do you think, now >> gene's been pretty steadfast in his belief of the stock long-term and he has been right. i incorrectly thought we would retest that level. it's been a quarter that's not the greatest especially in light of what we're anticipating over the next few months, so i thought there was a chance this was a $142 stock a week and a half ago really felt like it was headed

this if you look at fbi's quarter for example, amazon for example, alphabet to a larger extent, these stocks all gave you another opportunity post earnings to get back in i think apple is going to give you that shot >> we were talking about dow 22 thourk at the top of the hour. with these gains, we are within a whisper. we have a shot of that level right at the open. >> i think of where from a market perspective, we've gotten through some of the zaniness of washington apple could give it a reason to move higher. >> tesla reporting tomorrow. options markets implying a big move dan? >> so, the options market is implying a 7% move in either direction. over the last four, average about 3.6%, since its 2010 ipo a 10% move in either direction the stock is down about 15%. it's sitting on a really interesting uptrend line i suspect all the good news is in the stock

i wouldn't be surprised to see this thing test 300 in the near term >> you said 285 were the prior high >> about $24 if my math is correct, so it gets you within whisper of that level. that 285 level >> so is the thing it's never done before that it hasn't moved as much? >>has a tnklot. >> final trade >> appreciate that hey gary, what'd you got here? this bad boy is a mobile trading desk so that i can take my trading platform wherever i go. you know that thinkorswim seamlessly syncs across all your devices, right? oh, so my custom studies will go with me? anywhere you want to go! the market's hot! sync your platform on any device with thinkorswim. only at td ameritrade

welcome back to "fast money. take a look at shares of amc entertainment holdings plunging, predicting a steep loss in the second quarter it's also predicted a very challenging third quarter unveiling cost cutting measures and promotions and reductions in operating hours. >> thank you very much of course, we have heard about the box office being disappointing, so a tough space here other movie chains are trending lower. time now for the final trade tim, kick it off >> let's see >> are you serious >> wryeah >> karen >> time to take ali l bit of money off the table. a nice run i sold calls in bank of america. >> do you know what it is yet? >> dan >> wonder woman. i loved it jpmorgan, i think it's going to 100. >> tim's

>> primigen. juniper. needs a hold >> all right, thanks for watching see you back here tomorrow at m. "mad money" with jim cramer begins right now my mission is simple to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cramerica other people want to make friends. i'm just trying to make you some money. my job is not just to entertain but to educate and teach you so call me at 1-800-743-cnbc or tweet me @jimcramer. i'm willing to toot my o