by the way, on that espn plus place form, they're going to show the content they're not airing on the tv show. >> complementary >> interesting, that turnaround in disney shares we'll continue to monitor the moves after hours. we have to hand this over to "fast money. that does it for "closing bell." "fast money" starts right now. "fast money" starts right now. live from the nasdaq market site overlooking new york city's times square i'm melissa lee. tonight on "fast," a big night for earnings, nvidia and disney reporting moments ago, both conference calls under way stocks are volatile in the afterhours session disney shares climbing back after initially selling off. and james stewart, "fast money" friend, will be here with instant reaction, and how likely he thinks the at&t/time warner deal is to go through. first, the dow is sinking as much as 250 points at the low of

the day before climbing back, still the worst for the dow and s&p in two weeks let's get to ylan mui in d.c. for a breakdown on the details that moved the market today, hi, ylan >> reporter: hi, melissa the big news in the senate plan was that it delays the corporate tax rate cut by one year it won't take effect until 2019. and then it will go down to 20%. the house also passed its version of a tax bill out of committee. there were some significant changes to the way that it addresses the corporate tax code as well. the house version of the bill would raise the repatriation rate from 5 and 12% to 7% for noncash assets and 14% for cash assets it also would implement a new lower rate for small businesses that have income less than $75,000. on the individual side, there are also some significant

differences between the two plans as well. the senate version of the tax bill would include seven tax brackets for individuals the top rate would be cut to 38.5%. the senate bill also totally repeals the state and local tax deduction. and it also would keep the estate tax but double the individual exemption from $5 million to $11 million before that tax kicks in. so these are some of the flash points that will be debated over the next few weeks republicans are making some real progress here on tax reform and taking victory laps this afternoon. >> ylan, thank you, ylan mui in washington what do you think investors heard today that had them so spooked and then later buying the dip? >> ultimately we needed to get more detail. playing around with the estate tax, there's some big numbers at work there, especially when you're willing to project. it's a very emotional issue. the market, i would rather talk

about the other side, what the market was doing going into that it's not to me just about taxes. i think you also have the midterm elections, i have you have a lot of dynamics with earnings seasons you have fed uncertainty when you layered in the tax numbers, that gave the market today every reason to pull back. and why not? bullishness is at an all-time high >> i don't think it had anything to do with anything other than tax today. the market wants to see literally two hours ahead and behind itself. the corporate tax being pushed off to 2019 was something that they focused on. they sold the market off on that news then the market said, you know what, we're still getting something in this tax bill, and hopefully we can get it passed it's not passed yet. it's a big "if." that's still bullish >> progress. that's the word i took away. there seems to be progress there were a number of reasons why the market could have continued to go lower today, it didn't, why? because they seemed to be

pushing this thing forward and it seems to be working with a finer point towards things that's the takeaway. the vix was close to 10 1/2. for all the things that could have gone wrong today i actually thought it was a pretty decent day. >> what spooked the market is 2019 none of us i don't think were looking for a number like that somewhere in 2018, great, not such a big member. >> you mean retroactive. >> all of that but i think what happened is, as we're down 240, 250, people started saying, okay, now what it's back to the facts and fundamentals the facts and fundamentals so far in the earnings season is we've got global growth, a lower dollar, money being spent for the future we see an earnings season which has been pretty spectacular for the most part, in my opinion across the board, industrials, financials, housing, you name it, that's been strong from the facts point of view, people probably were looking at

certain names saying, you know what, i'll buy that. >> are you ready to buy the fact that they get something through, i'm not saying tomorrow, but you're talking as someone who says they're going to get something done and the market is going to be fine the other stuff you mention is very important but steve's saying the market was struggling with taxes. do you think this is a buy >> if they're getting punished enough, it's a buy i don't know that we saw enough punishment in the market today when we were down, we're down 1%, that's a down day. 3 or 4 or 5% -- >> but it felt like it was 3 or 4 or 5%. >> we're not used to it. no, but the question is, is it a reason to buy the markets. is there a reason to sell the markets? if we were baking in, and strategists on wall street were breaking in, 2018, a corporate tax rate of 20 or 25%, doesn't that add to their eps estimates? don't we have to strip that back out? doesn't that put precious on multiples to come down >> how about some of the growth we're seeing

tony dwyer called it sanford and son market >> one of your favorite shows. >> fred sanford was reaching for his heart all the time but it was always in jest that's what this market is >> you have to decide, to melissa's point, you have to decide how much is in the market >> right >> all the taxes, tax reform was not in the market already. so you have to strip out -- >> i never felt like much of it at all was in the market >> so you're happy buying the market down whatever it was today, which felt like 5%, and it was 1%. so to tim's point, you can buy this market, to pete's point, on fundamentals, when tax reform doesn't give you that bang for your buck, literally but if it doesn't pass, you're going to have a knee-jerk reaction to the downside it will feel like 3 to 5%. >> you can't tell me it's not in the market somewhat. when i look at what's going on with the transports, which are down 4.5% since mid-october, when i look at retails,

financials, the iwm which is down 4.5% -- >> timmy, they've fallen flat on their face, from health care to tax reform >> that's why those things have all pulled back. >> how can tax reform be in the market if you have -- >> what is in the market has the market risen to reflect the expectations or the other way of looking at it is, mathematically, have strategists plugged that into their eps estimates for next year earnings we've had plenty of -- right there, who said there would be this much eps. >> if it's already baked into the market, if tax reform is, and if it's as big as catalyst as i think it is, why are we down a half a percent? i don't think it's baked into the market at all. if some, maybe there's a -- >> we don't know what -- >> we're down a half percent

when we pushed out another year, we pushed it out a year. >> i look at a rampaging >> ram panelipagrampaging. >> the iwm was on a tear it was clearly representing the greatest focus and the greatest recipient of what would happen from a tax bill. it's the small business in this country. you can't tell me that the iwm, where the earnings were not necessarily racheting higher, should have been trading like it was. we don't know that it was all in there, because we don't know what it all is it's clearly a disappointment if you don't get everything >> the iwm, the russell was 130-ish -- >> rampaging >> it printed 150 the other day. the russell was anticipating something. and i would submit it probably comes in the form of all the tax talk that's been bandied about over the last month and a half, two months it's in there somewhere.

you know my concern would be the continued flattening of this yield curve, which is happening in i'll use the word alarming rate the fact that the utilities are stubbornly high. again, we talked about it last night. the utilities are telling one story, i think, and i think the economy is telling you a different story. >> what we know about tax, we don't know a lot about tax, what we do know about tax in terms of the impact to the markets is that it has been a source of volatility every single time there's been something on tax, right? a delay of the corporate tax rate, we heard that before, that caused the markets also to pull back at this point, how do you trade these markets, what are you doing, knowing that tomorrow a headline can drop, could be down 1% >> i think we will get that headline i don't know what it's going to take to push the market down 3%. but a 1% move to the downside on the lows only to finish down less than a hundred points lower, i don't think there was many opportunities out there you could look across. the opportunities that were out there really weren't opportunities because those are the stocks that have missed on

earnings those aren't the ones i'm talking about. i'm talking about the companies that have come out, they've crushed it, and going forward, and this is not baked into those numbers going forward in my opinion. you could look at the financials, the industrials, go across the board you're going to find stocks, if they were punished, i think that's an opportunity. but i didn't see that. >> what did you do today >> if you think this is a market that's possibly going to go to the tax reform, at the very least we're talking about the global economy, the u.s. economy. these are financials getting punished by the yield curve. if the fed is going to be raising rates, just be clear, net interest margins for banks are going higher they'll make more money in this environment. i would be buying weakness in transports, especially the blue chips, especially fedex, especially ups >> what did we hear from the house's bill, racheting down the mortgage interest introduction from $1 million to $500,000. so pulte is up 70% year to date. i'm still long it. take another look at pulte take another look at the

homebuilders, they're attractive now, they were sold off wrongfully >> on the week they're up 2% >> last night they reported, one of the things we said is, if the market is unable to sell this stock off on this quarter it's going to continue the trajectory look what it did today, opened effectively on the lows, closed effectively on the highs i want to say it made a new all-time high today, if not it was pretty close a name like that is getting ready for its next leg higher. coming up, a huge night for earnings we start off with disney, shares of the mouse house climbing back after initially dropping after hours, the stock is now up about a percent, call it the magic kingdom. jim stewart will be here shares of nvidia on the move something in the charts makes this a screaming buy, even at these levels, we'll hear why that is. judgment day after earnings from maky's and kohl's sent the

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welcome back to "fast money. nvidia shares higher after the earnings report. let's get to job lipton in san francisco for the details. hi, josh >> reporter: melissa, the company's executives are calling out data center revenue more

than doubling from a year ago, a growth of about 20%. they called out aws and oracle cloud as key customers gaming revenue, 1.5 billion in accord, they mentioned esports fan base now 350 million also nintendo switch console continues to attract momentum which depends on nvidia's gpus automotive grew 13%. with intel recently announcing they hired amd's ex-graphic head, it will be interesting to see what that means for nvidia's competition. back to you. >> thank you, josh lipton in san francisco. what did you make of it? >> i continue to watch this incredible earnings season >> it was the the area that got pummeled when the nasdaq was getting pummeled >> right 32 1/2 was the high, they couldn't get through there once it broke we watched micron

move to the upside, intel move to the upside. the names in the semi area have been able to beat, they've been able to raise, they've been able to give great guidance going forward. nvidia is tough because you get that multiple. they've got incredible growth. >> 92% >> the growth is incredible, it's like an under armour, though when that growth starts deceleration >> wait. that is quite a comparison >> when you have great growth, it's fine, as long as that's accelerating growth. once it decelerates, look at aunder armour from 52 to 10. >> they didn't collaborate with nvidia because they were worried about nvidia nvidia was too strong, up 92% year to date if you want to play a beta move, we all know they have that blockchain ability but nvidia is truly the beast in the space and i think you stick with it. >> let's get to chris varrone.

>> the stock bottomed around noon, drifted higher, back to the high of the day, 208 we have to put this move in context. when we look at nvidia longer term, one of the big compelling aspects here, every time they've tried to sell it, what happens it comes right back. the 50-day average has been great support all year that's 189 on this chart we think ultimately 220 still in play by the end of the year. i think when we put this move of semiconductors here, we look all the way back to 1999, finally bumping up against 17-year highs. the nasdaq was here this year. it paused for a few weeks, resumed higher we think the semis do the same thing. why is that important for us because the semis are a great bellwether this is the s&p over the last

ten years. every decline in the s&p has been predated by weakness in semis. we saw it in 2007. we saw it in '11 as well decline in the s&p semis rolled first semis haven't rolled yet you stay bullish on the group, you stay bullish on the market >> chris, come on over chris is in the pantheon of top guests that we've had on thank you, chris pete made a daring comparison between nvidia and under armour. i'm wondering from a technical standpoint there's a validity to this comparison. >> under armour has been on the softer side, but what he said is absolutely right market action around the world is not about tax reform. why are japanese stocks at 25-year highs? why is hong kong at ten-year highs? that has nothing to do with what's going on here it's about global growth

tim, you're right on banks as well banks have been the weakest spot in this market over the last week use this weakness to be a buyer of bank stocks use this weakness to be a beyer of semis >> my point on this under armour thing, just to clarify once and for all. it's not that difficult. what i said was, when you get a company that has incredible growth but starts to decelerate, that's when the punishment comes in look at the valuation level of nvidia right now it's because the acceleration has been off to the races. when we see that decelerate, people will say wow, look at the pe in this company that's now starting to slow down. that's my comparison with under armour >> i understood that, pete >> i didn't mean you the rest of you. >> they tried to sell this four or five times this year. every time they try to sell it, right back a week later, two weeks later, new highs until that pattern breaks, we have to stay long. >> on some level the robust move

momentum-wise for nvidia may be -- >> the rampaging move? >> the rampaging move, thank you very much. how about intel, would you rather, in a relative value i know i would rather, and i am being in intel >> let's think about the sector away from some of the names that we all talk about every day. intel just broke out of a ten-year base. this stock has been dead money for a year talk about neta, how about cisco, is that the next one that follows? >> away from semis >> away from semis, there are some really good charts under the surface here >> how do bank to think stocks ? >> until they break, stay long the strength of amazon, the strength of facebook the last several weeks. >> how about apple >> people were negative a few weeks ago, the stock comes back and makes a new high until these hurt us, you have to

stay involved. >> chris verrone >> he's in the pantheon. >> is he in the column of pantheons? >> that's parthanon. >> what do you do when you put the mitt on? >> fast pitch. >> the power pitch >> it's "fast money," fast pitch. we said look at the stock about to break out above the old hyatt made it 2015 now you have a great risk reward in terms of cy against 16 bucks, just reported a very good quarter. that's how i would continue to play it. still ahead, correct out shares of disney bouncing back after hours, erasing losses. the ceo bob iger said something interesting about espn, we'll hear from him. i'm melissa lee, you're watching "fast money" on cnbc, first in business worldwide

meantime here's what else is coming up on fast. >> it's done >> yes, mr. frodo. it's over now. >> that's what some traders hope is true with shares of retailers which surged today off earnings. will the bounce last plus steve grasso is bringing the heat, pitching one stock that tumbled 20% in the past week. he thinks the stock is now on double for the next year the name, when "fast money" returns. i've always wanted to create those experiences for others. with my advisor's help along the way, it's finally my turn to be the host. when you have the right financial advisor, life can be brilliant. ameriprise directv has been rated #1 in customer satisfaction over cable for 17 years running.

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welcome back to "fast money. disney higher in after hours sessions ceo bob iger spoke to cnbc just moments ago. julia boorstin has more from los

angeles. >> reporter: iger has been talking about how they're investing in the future especially in those over the top options. he said the disney app in 2019 will cost less than netflix, saying it will have less volume than netflix, and their intention is to attract a large base for this disney branded app, and before then they'll have the espn plus app, giving it a name now, which will launch in the spring. take a listen. >> we believe creating a direct to consumer relationship is vital to the future of our media businesses and it's our highest prior to this year our decision to acquire control in bamtech enables us to launch robust dtc offerings and allows us to stream video in scale, to acquire and retain customers, to greatly enhance our advertising opportunities on digital platforms, and to use consumer data to provide a better user experience >> reporter: despite the media division's shortfall versus expectations for the quarter, iger said he is bullish on the potential for espn he also said he's pleased with

the success of new ott players out there such as hulu tv, of course he does own a percentage of hulu. he noted that overall subscriber losses weren't as bad as in prior quarters the company said it would not comment on media speculation by disney's interest in buying fox's entertainment assets of course there were a number of questions trying to get around that, some questions about whether iger thinks that disney could make more money on tv, of course an allusion to fox's tv assets he says there's an opportunity to monetize tv programming he also was asked whether there is the potential to make more movies >> i don't think there's ever such a thing as having too much quality or too many strong franchises when it comes to films. we do not feel right now that we have a great need to add to the film slate that we have, because as you cited, we're doing just fine it doesn't mean there isn't room for more we just don't have a significant

or urgent need for that. >> reporter: iger also weighing in on acquisitions in general, saying acquisitions have been a key driver of disney's achievements of course saying that marvel and lucasfilm have totally transformed the company and now he expects bamtech to transform the company. no word on fox back over to you >> thank you very much, julia boorstin who is in los angeles monitoring that call it is amazing how disney has been able to change the narrative. >> totally >> it seems like it's overnight. because we started off this earnings release with a miss and espn cuts. by now, between that time and now, an hour and a half or so later, now the stock is up, because everybody is focused on the streaming service. disney says it's going to make tv series that will debut on its streaming service based on its properties, high school musical, monsters inc >> the top three >> in the pantheon of ceos

>> not the parthenon >> before we left the show, it was a $97 stock, it was off to the raises this is the exact same thing why? they missed. they missed on eps and revenues. this is not the first time but he changed the narrative that's exactly right he said what people want to hear i'm not suggesting it should be off to the raisces from here. but that's why he's the guy he is >> the fox deal showed he's ready to do something very aggressive this is a company that could pull it off and integrate it when you start talking about your streaming service and you say you're going to price it substantially cheaper than netflix, that's what it says on the tape right now, that is something that to me not only should make netflix very scared but itshould be very bullish for people who want to believe these guys will get the distribution they just signed a trillion trie

trilogy deal on "star wars." >> would you disney or netflix here >> it's interesting. i think netflix is going to take weakness on the chin and i think that they should not, because we're talking about a deal that's going to be happening, potentially 2019. that's a lot of runway, a lot of green between now and then when tim talks about, when you talk about how much cheaper it's going to be, it's very amazonian of them to start pricing everybody out. i would not believe it's going to be as cheap as they're saying it's going to be you're talking about years out >> why not >> don't wait around until 2019. >> you want to talk about what's in the market or out of the market, there's no way to price it in. there's a lot of hurdles they have to overcome >> analysts are projecting out to 2025. it's crazy >> if they price it so much of a decrease over netflix, people will just buy both people are not going to walk away from netflix. >> you can have over the top

let me get into why a netflix should go down, not necessarily whether analysts are pricing stuff in 2019 now, which they do >> netflix -- >> netflix is not a content plan, it's a distribution plan >> disney is a trading range stock, it goes from 95 to 110, there's a lot factored in. kudos to bob iger. >> you don't believe in this whole changing narrative thing >> i do believe in it. but i didn't hear anything about fundamentals i hear the story changed >> if there was a mistake made by bob iger, it's not buying netflix years ago. i like this name, i continue to own this name. i sell calls against it, i get a dividend yield he's been kicking the tires on twitter, on 20th century fox the fox things makes the most

sense, it gets him involved with hulu and gives him an opportunity going forward. the streaming world is where they have lagged, that's where they need -- >> why can't espn plus be its own animal >> oh, it can be there's no doubt about it. i'm not arguing against that i'm saying he's late, he's late and that netflix should have been the buy >> let's bring in "new york times" columnist, fast money bff, jim stewart, great to have you with us. what's your take on what's going on in the quarter? >> i was fascinated that the earnings immediately plunged and as iger starts talking, it goes up, up, up you have to attribute that to his persuasive skills. you're absolutely right, he's changing the narrator, he wants to be seen as a netflix, he wants the netflix multiple he wants to be seen as an amazon, wants to be given the time investors have given amazon forever to produce giant earnings he's investing in the streaming. he did not want you focusing you on the quarterly result. looking at those briefly, cable

networks not great, but not bad. it's not falling apart he's got some time to work there. studio entertainment, really weak, but they didn't put out any movies in the quarter. they had some tough comparisons, the movie business is volatile it was steady as it goes but that's not the growth people are looking for. the key will be streaming. how big is that addressable market, how much more revenue can they get and how much more profit by eliminating the middleman and going directly to consumer if they can pull that off, it's a pretty big number. i like this idea of pricing low. netflix is there, amazon is there, absolutely disney is late, they know they're late how do you get on to people's screens? you make it really easy and cheap initially and then see if you can get, you know, some price increases out of it. >> what would you like to see bob iger buy, if anything? do you think he needs to do any acquisitions to make the streaming service a success? >> well, he bought bamtech >> right >> that is supposed to be --

>> in terms of content, studios. >> in terms of content, again, the box deal is fascinating because it's not clear to me how much content is there. he did some international distribution, probably he's talking about shall we be doing more movies. does he need another movie studio they've got facilities there, they're not being fully utilized now. they're doing a strategy of fewer releases, blockbusters there are only room for so many blockbusters in a season, you can't have 20 in a year. disney already has a huge percentage of that market. are they going to go down into the mid-range? nobody makes money at that that doesn't impress me. their content for marvel, there aren't many of those out there, i don't think there are any left >> at&t/time warner. randall stephenson spoke today addressing reports that the company would be forced to sell cnn as part of the deal with time warner. let's take a listen to what he had to say

>> i have never offered to sell cnn and there is absolutely no intention that we would ever sell cnn >> so what's the truth here? somewhere in between >> this is a totally fascinating story. i wrote a column when the deal was announced saying this is not going to sail through. there's a new antitrust wind blowing which is the vertical merger is going to get more scrutiny, especially in the media space. i think the comcast/nbc deal may be the last one of those we see sail through without some substantial structural relief. so i'm not surprised they're challenging it that they would single out turner cnn as something that they would have to divest, every antitrust expert i talked to today is scratching their heads over that, why are they picking that asset if the problem is they've got too much content that they're tying into their distribution platform, then why don't you go after hbo or the warner studio

they're bigger than, you know, cnn, which competes in the news space and has plenty of competitors. so the elephant in the room of course is trump's blatant comments about cnn and the idea that if you had to sell them, who is going to buy? a sinclair broadcasting or somebody like that you get it out of the hands of an owner like time warner which has let cnn do its thing, you'll get it into the hands of somebody who will slowly but surely make it into fox lite >> the other option is to sell directv. >> that's the other side, okay, you want to keep the content, then you've got to shrink your distribution platform. i think most people feel that's a nonstarter, because the cost to at&t of that is really -- that's hitting them in the business that they now have. but it is -- it is at least theoretically consistent but again, if what doj is concerned about is scale and

size, why don't they say, look, you choose the assets, but they've got to add up to x amount, so why don't we negotiate. that's what's surprising to me now, the alternative is if you really think this is too much power in one company, you just block the deal you don't go saying, cherry picking assets and i don't think the government should be in the business of telling any company specific which piece of this you should get rid of, that's a business decision, i don't think that should be a political choice >> thank you, jim stewart, "new york sometimtimes. >> i think the cnn deal is clearly politically motivated. i do think when you add up some of the parts in time warner, the problem is now we really don't know what the value of those parts is anymore you could do this premerger and i think some of these assets have been impugned by this deal. bottom line, i think at&t trading at five-year lows here is very interesting because there's a lot of upside here

ahead, nordstrom bouncing in and out of negative territory. plus this one top stock is down 17% this week alone steve grasso over here says the y me is a screaming buy, dare i saa double much more "fast money" still ahead. trust #1 doctor recommended dulcolax. use dulcolax tablets for gentle dependable relief. suppositories for relief in minutes. and dulcoease for comfortable relief of hard stools. dulcolax. designed for dependable relief.

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reagan >> reporter: the retailer beating analysts' expectations for top and bottom lines and posting lower than expected comparable sales, down 0.9%. analysts were expecting them to be down only 0.2%. guidance lowering the high end of the range by five cents noting an expected six-cent hit from hurricanes to that full year range nordstrom rack division, that's the stores and the site combined, comp sales there grew while the regular main line sales saw comp sales fall year after year co-president blake nordstrom said when you strip out the effects from the hurricanes, the sales trends are the opposite. consistent with recent trends at the full price business but the rack business deteriorated blake nordstrom said that rack had a too much merchandise, the retailer was overly optimistic

over what it could sell and that impacted the store's ability to offer new merchandise, leading to softer results. the retail says it's fixed that going into the fourth quarter, melissa. >> thank you very much, courtney reagan pete was talking he fusiv effus last night >> this quarter was up 14% that's a little bit concerning i would have expected to see the online be stronger than that that made me start to say, ah, maybe they've got to wait a little while and build it up higher >> final trade last night. >> it was up 4% on the day it was either side of unchanged, i think eats doit's down a percr so now inventories were up $2.4 billion, that's up 1% year over year sales growth was up 2%

what does that mean? i think next quarter their margins will improve i do think a lot of this is due to the weather there is a huge short interest still in this name the risk/reward still sets up well for nordstrom's >> going into the back end of the year, if we can miss another selloff of 1, 2, 3, 4% in the overall market, you're going to see money going to the retail space as a laggard and everyone is betting against it but if you look at going into christmas, i think this is going to be a huge tailwind for a lot of these guys where they were thrown out across the board. jcpenney pummeled, i still own it kohl's pummeled, macy's, look at these names. >> the sentiment here is awful those are good numbers i would trade that one for the long side. >> you're out of those macy's calls you had? >> felt good

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welcome back to "fast money. check out car rental company hertz, soaring more than 9% on

an earnings beat if you remember, back in august our very own steve grasso made an extremely bold call on another big rental car company, avis this is what he said >> i'm holding on to it because when you just asked where is it going, how about this, it's a double from here >> we'll mark your words >> we did mark his words, since that call avis jumped as much as 22% before erasing most of those gains, falling 17% in just the past week. so what now, steve >> i wasn't aware that we were recording these shows, that's number one >> imagine that. >> let's take a peek at what we're seeing on the action right now in the stock so if you look at what we've seen prior to the hurricanes, hurricanes were a huge mess for these rent-a-car companies you had favorable used car pricing leading into the

hurricanes, not as a result of the hurricanes favorable fleet costs. so they were lowering their overhead, lowering their costs and facialvorable pricing trend pricing was going up this was a double already. it traded up, basically up 105%. yes, this is a little troubling. but i think the stock got ahead of itself. i'm still long the name. we started talking about this stock on air, in the lower 20s this is an incredible move you have to remember, deutsche bank, jpmorgan, a day after this collapse, said their price targets are 47 and 48 respectively this stock has a lot of room still to the upside. i remain long it and if you're looking for someplace to have this type of a gain, going forward, car is the place to be. >> steve, first of all, it actually has been a really good call and the pullback is certainly something that because of that run, you shouldn't be

totally surprised by kudos on that. but it gets back to the multiple and why should you be chasing a stock right now, i realize pricing is starting to return to these guys, but to say these guys can be trading on a multiple of their yesteryear, let alone where i think you think they're going which is well in excess of that at a time when the entire industry has been disrupted, is confusing for me >> sure. so let's just break that down. i'll do it backwards the disruption in the industry people are worried about uber. uber and the rent-a-car companies don't overlap. uber are quick trips and the rent-a-car companies have to be in excess of 40 miles. the market has gotten that wrong. if you look to november, this is where the pricing mechanism really collapsed tim, the easy comps going forward in the next couple of months will be these comps right here these guys will blow it out of the water. i think they were extreme to conservative in their depreciation values. you had a mix,

corporate/leisure. that hurt them on their margins. you won't see that going forward. they kitchen sinked it, that's what they use, that's the term going forward you'll see this stock at 40, 50, and 60 and ultimately 70 bucks. >> let's vote, buying or selling steve's fast pitch for avis. guy? >> the fact that it traded from 40 to 32 leads me to believe steve's onto something i'll say car buy, if it breaks 40 then you're really in business there, folks. >> tim >> steve's had a good call it's had a big pullback. i don't see why you have to chase it here. there are structural issues there. fleet costs are going higher i'm sorry, i'm a seller. >> split the tie, pete >> i would be a buyer, i like the pricing. the folks at home can see, the thing we always talk about, and

steve addressed that, is uber and it not being as big a competition as a lot of people think of it. >> it is your turn to vote now are you at home buying grasso's pitch on avis? log on to cnbcfastmoney and vote right now. one trade certificate betting the pain might be over, we'll tell what you it is and what it means for the market much more "fast money" straight ahead. for your heart...

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welcome back to "fast money. jack dorsey speaking to cnbc's andrew ross sorkin about president trump's twitter account being deactivated. >> the account was not removed it was not suspended it was deactivated, which is a very different state than what you would assume so it was not deleted. it was put in a state waiting for the owner to come back to it and reactivate it, is what happened >> did the owner, otherwise the president -- >> yes >> he came back to it? >> he came back to it. and he reactivated it. >> and did they call you >> we have conversations we have conversations, yes

>> what kind of conversations, jack so twitter did buck the trend today, up a percent for the year >> i remain long it's benefiting from increased user attentiveness, let's call it that, and the fact that snap seems to be having a whole lot of problems. it makes them look like the adult in the room. >> jack dorsey looks like he has the ability to hypnotize you when he speaks to you directly >> i was hypnotized when he was speaking right there >> unbelievable. buy twitter. >> how about the 280 characters, though have you noticed you can now tweet a much longer -- >> you can be especially windy on twitter >> you are windy >> double the character size >> i'm a -- i'm a 140, whatever it takes i like the little circle thing that goes round instead of the characters counting down

when they reported october 26th, the stock traded 20 1/2. that proved to be right. if you buy it now on a breakout above 21 the market isn't the only thing selling off today. one of its leading indicators, the hyg high yield bond hitting the lowest level since march the options market is implying more pain ahead. mike khouw is here at the plasma to break it down >> we saw well over three times the average quit volume. by the close it traded four times the daily put volume what is interesting though was one of the trades that i saw that suggested perhaps that this might be almost over what we were seeing was a big sale this is a pretty big institutional product, actually, of the 86 puts in january and the 87 calls i should probably be using a line like that so basically they're expecting it to be range bed, closed just below 87, but they collected $1.85. that essentially means they're expecting it to be within this

range, just about the yearly high and just about last november's low is the range they're looking for. this is basically a bet that most of the damage is probably done >> all right, thank you, mike, mike khouw check out the full show of "options action" tomorrow, 5:30 p.m. eastern time. >> special guest >> you up next, are you buying or selling steve grasso's pitch on avis 'lrealheestsftwel ve t rul aer the break. well, it's earnings season once again. >>yeah. lot of tech companies are reporting today. and, how's it looking? >>i don't know. there's so many opinions out there, it's hard to make sense of it all. well, victor, do you have something for him? >>check this out. td ameritrade aggregates thousands of earnings estimates into a single data point. that way you can keep your eyes on the big picture. >>huh. feel better? >>much better. yeah, me too. wow, you really did a number on this thing. >>sorry about that. that's alright. i got a box of 'em. thousands of opinions. one estimate. the earnings tool from td ameritrade.

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cue the drum roll, time to find out whether you bought grasso's pitch for avis. i like to listen to toni braxton, "unbreak my heart," america has passed big time on his pitch. 69% said no, i'm not buying. >> it's not the most popular, it's the most profitable trade we're concerned with >> by the way, the stock is up in the after hours that will help you feel a little better final trade, pete. >> tpx, this name is going higher >> we've had a 15% correction in brazil, ewz will get you done as guy says >> what are you feeling, america said no. >> i'm having the time of my

life final trade, overstock.com, another one that might be up on that screen, start talking about this one around 22 bucks >> cypress, back to you, mel >> see you back tomorrow, "mad money" with jim cramer starts right now. ♪ [ cheers and applause >> hey, i'm cramer, welcome to a veterans day edition of "mad money," from u.s. military academy at west point. other people want to make friends, i'm just trying to make you some money my job isn't just to entertain you but to educate and teach you. call me at 1-800-743-cnbc or