do you want to laugh at them? >> i just want to see if there's sustainability >> i don't think next week, earnings are going to matter that much. >> disney. priceline? macy's i'm excite d about that one, to. sfwl nobody's pechting anything good >> maybe that's why it could be interesting. we got to do >> fed chatter believe it or not. that's going to matter more. have a great weekend "fast money" starts now. "fast money" starts now. live from the nasdaq market side overlooking times square your traders are -- tonight on fast, the green back having its best day since january rebound iing from its lows of te year and one trader thinks the rally is just getting started he'll ek plain. plus, justice for the pharma bro. he gets slapped with guilty charges on three of eight counts will he end up in jail and

later, two of the highest ipos of the year are on deck for earnings next week, but stocks are getting crush ed this month. will this be a buying opportunity or nail in the coffin but first, the dow closed at a record high every day this week, tech stocks are closing out after jumping more than 6% in the last month and despite a huge move from apple the question is simple it time to sell technology and wait for the second part if it is, what do you buy next in. >> i don't think it's time to sell technology. couple of them stick to me micron you say to yourself, is this the beginning of a move lower or the opportunity to buy i would submit $27 was a level back in may. i think that's a level again another name is western dij, which pete has mentioned it's had a drop from 95 to 81

both these names are xhottized product, i don't know if that's worthy of a conversation now getting back to the original question, there are places to buy and to me, they fall in these, people are spending money, clearly it's manifesting itself in names like priceline although the airlines have been b sideways to lower. names like royal caribbean, rc lrk. >> the most interesting thing i saw was the transportation index bounce off its 200 day moving average average. if you're rotating, you buy all transports wait for the bounce, it's going to happen again. >> what would you say to do? >> putting my feet flame i am in tech i don't have cash. so i would have to sell it to your point, i don't think i'd be selling tech, but if you're sitting on cash, i'd be a buyer.

>> do you stick with what is working, with what has brought us to these record highs or is it time to go to the underlove, the value names as opposed to the growth names >> there's tactical trades and they've been back and forth between tech and industrials steve talked about the transport bounce very important, today's payroll number ma small cap got a boost. a big move in the dollar all those trades were oversold and i, we had fantastic earnings from airlines, ups was very, very strong and had not a great look, so transports should be bouncing when they get extreme, got close to being extreme the flows into treasuries and to bonds which meant that was a defensive. so as much as markets are at all

time high, it was a defensive when we talked about how boeing was a big part of that back to your question. sorry i took so long to give you an answer. i think transports rally reflation rallies and yields have a room to move higher everybody you talk to talks about the fact the market just keeps grinding higher. i look at the qs, do they'll come off a little bit. that's been the winning rade so express a view on this mentally if you break it down, you look at it, a company like apple or amazon apple, maybe it's okay to take a little money off the table i think the risk reward is probably better served in some other names within technology. i think the trade larger cap names, and say i think money's

going to come off. >> stay with the stocks specific b i say you can trim apple and be okay. look at yelp grub hub there's some structure that was put in place grub hub should do very, very well and i look at amazon. i loved long-term, but i think it trades sideways a little bit for the near term and a facebook b is probably one i would say in the space. >> absolutely. >> look, i hear everything you're saying. i just think this is a week where apple, which is 12% of the qs, had as good of a report as they could have had. the qs did nothing you can make an argument it was disappointed and so heavily

weighted should have lifted higher and didn't. >> did the fed confirm we're going to be in the same environment for the foreseeable future >> that is been the environment in which people favored growth like technology and health care. >> i think that's the, i think that's the mission they're on. i think that's the word they're, the statement they're trying to get out there in their place >> he's the guy who created it the bubbles, his federal reserve created 25, 30 years ago, to answer your question, i think the federal talk that mantra, not sure -- >> the xlf, you go back to '07 i think it goes back to the '07 levels that's if everything was removed

from dod frad frank. we haven't seen that so i don't know if the upside other than rates increasing. talking about retail stocks, amazon coming in, ripping down the pants of these names look at ralph lauren at the cost of looking at starbucks. it's starting to break down. and obviously, there's news there as well. but ralph lauren looks tasty here, actually a name i might take a stab at. >> sounds like we're talking about the fed. >> we've got an earnings alert here on berkshire hathaway way courtney reagan has details. >> berkshire hathaway way just cross, 4.11 billion. that is below last year's 4.607

billion. the result why it's lower is that there was a small loss in insurance underwriting investment income from insurance also lower than last year. railroad utility and energy however stronger than what we saw last year book value for berkshire hathaway way up 6.2% to 182,000 per class a a share. >> thank you very much take a look at the slight dip in the after hours session on berkshire. not trading too much volume here >> if waer going to talk about berkshire hathaway, the stock is what it is you would be remiss to talk about that without mentioning what part in wells fargo today i thought that was a significant headline many thought all the bad news was behind them. now, we find out that maybe six or seven years ago they got into other interesting activities let's leave it at that, where the reserves they have put away for potential lawsuits will be exceeded

you look at wells fargo, you're talk iing about a company who's book value is $30. it's trading close to 1.9 times, what's the right valuation for wells fargo in this environment when they should be now a bull's eye on their back. this should be a $45 stock and it would be interesting to hear from mr. buffett on this next week >> thank you for turning your ringer off ahead of this. >> they expanded the window which they're going to investigate the sales practices, which could mean there are more cases of fault accounts. >> it underperformed >> also underperformed my point is if you own the stock, months ago and six months ago what have you when all the other headlines were hitting, you get out. i think people in the stock are comfort bable with the fact

there could have been another shoe to drop they understand those risks. >> citi is up 15% bank of america up 12% they're going to go into the winners. why take the risk? to guy's b point, if you have another shoe to drop, we thought it was -- >> i agree >> i think it's sticky am i -- >> no, i would not >> i think in an environment, it's a less onerous regulatory environment. my view is therefore, citi and bank of america, the two most troubled players in a differentdifferent era in a different way i think people are not going to let go of this and i don't think they should. speaking of the banks, they were the best performing sectors. they say the charts are pointing to a major breakout.

plus, it seems to keep getting worse for snap and blue apron. will it be the final nail in the coffin or a buying opportunity and later, it could be a big weekend with dark tower hitting the silver screen, but there's something that may be holding back even the biggest blockers much more "fast money" still ahead. stay with me, mr. parker. when a critical patient is far from the hospital, the hospital must come to the patient. stay with me, mr. parker. the at&t network is helping first responders connect with medical teams in near real time... stay with me, mr. parker. ...saving time when it matters most. stay with me, mrs. parker. that's the power of and.

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one that keeps you connected to what matters most. welcome back a verdict reached today in the pharma bro trial th meg? >> that's right, melissa martin shkreli has been convicted of three of eight count, two were securities fraud, one was conspiracy. the first two having to do with former hedge funds he ran and the third having to do with retro fin. he was found on five of those eight counts this was a six week long trial, including almost five full days of jury deliberations before the verdict coming down about 2:30 this afternoon u now, of course trk the question will turn to what his sentence could be. when he was arrested, the government said he could face up to 20 years, experts say it will probably be less than that because he has no prior record

and his attorney suggesting perhaps no jail time saying that martin shkreli is beneficial to society and he's likely to develop cures to help childhood diseases i was going to try to ask mr. shkreli and his attorney about his potential future in the pharmaceutical industry when they came out of the courthouse earlier, but i was quickly cut off. >> no, no questions from cnbc. i'm sorry. next question. >> so, not taking any questions from cnbc. attorney ben brafman also referred to prejudice against mr. shkreli coming into trial. he said he didn't always make it easy for him >> there is an image issue that martin and i are going to be discussing in the next several days martin is brilliant young man. but sometimes, people skills don't translate well so, we will have some good

substitutio discussions, but at the end of the day, martin has more than held his own in this case. >> so, those discussions apparently not to stay off social media apparently leaping right on a live stream on youtube the second he got home from the courthouse he has been talk with reporters and other followers about the trial and what he expects the sentencing to be so we have not heard the last of martin shkreli have you attempted to ask him the question why this youtube live stream? just wondering if he would shut you down on youtube? >> the track record hasn't been good in terms of him wabting nto take questions from cnbc >> you shouldn't feel bad. >> i'd say congratulations, meg. you clearly got under this guy's skin in a way that i think a lot of people are happy about. i know i was >> and yours wasn't the only question she shut down he chose not to answer a

question which was do you have a preference in prisons. so, you weren't alone today. >> that's right. >> great try >> thanks. >> brooklyn courthouse you guys had choice words. we're still awaiting sentencing. we don't know if he'll spend any time in prison >> just think the audacious swelling the brew with marshall amp in the background so well staged like he can play guitar the fact these guys are not on the same page and making references to a sentencing where there is so much leeway by the judge is something that i would have stayed away from. but there's a lot of things i would have done differently. >> he may be brilliant, but he's a criminal it's disgusting to me. a shame and i think the industry does a lot of good and this is a sector that will continue to outperform >> the street's got a close eye on the year's two biggest ipos

reporting on thursday. blew apron has tanked 41%. lost $770 million in market cap while snap has fallen 24%. also about 5 billion or so in market cap what a start check out the stock moves today. snap was wall rallying, but lieuilieu i losing begans on reports that google is developing for snap like content google on conflicting reports of layoffs, there are none. instead, the company is transferring many employees and in that, some may choose lead. either way, the stock did finish first. are this year's ipos turning out to be the biggest losers >> well, in snap's case, i think google that rumor, not rumor, that google put out, basically a $30 billion market valuation on it, i think that got a lot of bulls in the name that are look ing for the bounce it got them excited, but the fact there's no barriers to r t entry, a negative. blue apron, we don't know what amazon's plans are, so negative.

>> yeah, real quick on snap. i thought the price action today after that google headline they're coming out with a snap like product, stocked sold off 25, 30 cents i think that's good performance. i think it continues to rally into earnings. >> still ahead, the dollar staging a major comeback today jumping from year to date lows and one trader is calling for a bigger rally ahead we've got the details. you're watching "fast money" on cnbc here's what else is is coming up on fast. >> you like me right now. >> well, not so much this year as the box office blues continue and now, there's something else that might make it worse we'll explain. plus, the vix may seem calm. but beneath the surface, things are down right terrifying. 'lexplain when "fast money" returns.

they say a rotten apple spoil spois a barrel, but in hollywood, a few rotten tomatoes may be spoiling the summer box offices. >> the scores seem to wield more power than ever as negative

reviews in bad movies have dragged down the summer box office down 8% from last year. now, just last year, rotten tomato's ticketed parent sta startingistarte featuring scores and amc theatres shows the scores. it used the show negative ratings. now, negative reviews can sting, but two-thirds of moviegoers say they'd be less likely to see a film with 30 to 60 and this weekend's releases will really be a test. the dark tower has been panned with a 17% rotten tomato's rating and kidnapped has a 42% so there are plenty of can examples of bad movies bombing, some films do seem immune. the emoji movie overcame the

worst reviews of the year with 7% and brought in more than $34 million in its first week in theatres one strategy studios have been b taking to mitigate damage when they anticipate criticism, embargo reviews until just days before a movie opens it worked with the emoji movie >> i guess if it worked for emojis i do check rotten tomatoes and oftentimes, the scores are bad >> sometimes, there's how can an emoji movie be critically acclaimed? as far as my kids are concerned, it's a winner. zwl. >> it depends on the movie, but when you see bad reviews, do you go >> no, yoi don't want to spend 0 bucks for you know >> i'm more inclined not that i am familiar with this, no, because i think sometimes, it's

tim's point, it might be a counterindicator like i am on this show often. >> amc announced, then had worse earnings >> i go to the movies and they're empty. a 14-year-old and 18-year-old, they never go. >> probably something to that. the tvs are better they come out quicker. you can see them streaming >> more germs at home. >> i'm not a germofoeb are you? oh, please, go to commercial please oops >> what's the trade off? >> netflix and obviously, netflix, $11 off the high. steve's put on this. given you the opportunity to buy

the stock one more time. people were hanging out at home watching netflix in their pjs and ordering dominos which is not a great sign for society. >> but there's a multiple in which you can pay too much for these things i think that's what happened to dominos. even though the stock gets back to two hundy the multiple it's. >> let's take up the silver screen our traders are thriving because in lieu of final trades, they've got four blockbuster picks tim. >> the last time emerging markets were around, blockbuster was a company and i think it's get tog that place, but ibn is the best bank in india get in there you can buy here >> we talk about fang stocks and whether he recollected take profits. facebook is the only stock i think it was a 200 by year end. >> we saw in the jobs number, hospitality added a boat load of jobs marriott up stay with mare jot >> guy

>> this is pete singing. doesn't he sound great juno theer putices reported after the bail it's not as bad as we think. juno >> that does it for us on fast don't move options action starts right after the break. i love you, couch. you give us comfort. and we give you bare feet, backsweat, and gordo's... everything. i love you, but sometimes you stink.

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hey there, we're live at the nasdaq market site and look who's back cart er, we missed now. while carter and guys are getting ready, here's what's coming up on the show. >> the only thing we have to fear is fear itself. >> well, maybe not because the vix doing something really funky and it can spell trouble for the market we'll explain. plus -- ♪ that's what bank stocks are doing and there's something in the charts that suggests it's about to get