they really don't have much choice there's a lot of capacity in the banking industry for lending it's kind of a -- it's a scale business. >> do you think they would be rewarded if they pulled their horns in probably not >> oh, you should have been more prudent. something to watch thanks as always, mike good luck tomorrow morning that's it for "closing bell." "fast money" starts right now. >> "fast money" starts right now overlooking times square the traders are pete najarian, tim seymour karen finerman and -- and if history is any indication there's even more games ahead. walmart is striking back at amazon with higher online prices, and the stock is on track for the best years since 1999 that might be a bad sign for the

market, at least court to one of the biggest bulls on wall street jonath jonathan golub. ge announcing a turnaround, but it fell 7%, hitting the lowest level in five years on very heavy volume. morgan brennan was at the investor day in northern she joins us with all the highlights. >> >> that is right. >> it would been expected. the updated guidance is what was largely to blame a new e.p.s. target, $1 to $1.07 per share. by flarchry did say 2018 will be

a recent year, and he expects both earnings and cash flow to grow after that. his vision is simpler company. one focused on three core businesses including transportation, and lighting, and ge's majority stake in baker hughes. new methodology will also now be used for quarterly reports a lot on top, but at they're now down here's why ge matters to you at home. chass are you probably own it in some force or fashion.

i go to a man who has already bought tim? >> we have priced by some of the core businesses. my view is the power assets are priced at arguably historical lows on an asset basis, relative to themselves, relative to their peer groups. i think we need to see something. if anybody expected anything different, they bought the wrong stock. i because it three weeks ago, i thought that the dividend cut was largely priced in. what they did today largely priced in. ge, by the way is 4.7 different yield.

>> i think you willy we god to -- i thought today was going to be one of those instead of the stock closing on the lows, i thought it was one of the cases where intraday was doing what i thought it would do. the downgraded eps you that was in line with expectations. for all of 2017, they've been guiding down, consistently and analysts have been lowering their 2018 estimate, so you have basketly less than -- what, 95 cents on a gap basis expected for next year? i think people just don't believe it that's what really came out through the course of the day. to me -- >> this is down in the marketplace, a 7% decline? >> it continued. the stock is trading -- >> so not enough i think theybelieve it. >> oh, no, they don't believe -- they don't believe that's it

you're saying people in fact it's not is a throwaway? >> i think it could be there, and if that is the case, it's very expensive, right? you've got to be pretty optimistic about how the turnaround goes all of that, i think investors should feel comfortable with the different cut. he could have cut it as much as he wanted. given that it was going to be cut, ithink he had free rein t be aggressive. so not -- >> the targets are targets are moving. >> for me it all comes down to company that is have growth. they clearly have zero growth. >> aren't they in the right areas, though? aviation >> do they --

>> power health care. they overpaid for energy, they paid at the absolute top, but if i want to be anywhere in the industrial space, one of them that has not performed great would be something like emerson. i bring in a up, because you've got cash flow growth, you look at their guidance. the guidance looks strong, they're looking for almost double-digit growth. this is a company that's growing, and there are segments, but this is a monstrous company. that guidance was awful. that's why we saw the reaction we did today if that's 2018 there are other places to be. >> do we think this is capitulation not just the move, but the heavy volume >> well, it feels like that, but capitulation is -- while it crawls back up they were selling it on the

lows, there were peer that will not own this stock there are people with snooze that have dumped this thing. let's face it, there's nothing here to expect a quick turnaround with a guy at the helm, sitting there in the same c-suite when a lot of this bad stuff happened it doesn't feel like a fresh start now. >> back when the company reported q3 results, the stock opened like to ought near as $23, and closed up on the day. we were talking about the same thing the next day, you know, was that it? then what do we say? you have to wait until that dividend gets cut. when the news was out before the guidian, that was trading up >> what's the mod investigation, then i'll ask -- >> who is the increme alternate

buy buyer? >> because i think sentiment is so poor, they've priced these core assets to i think information discounts, when i don't think that's warranted so if you think about this, a lot of people felt like before that dividend cut, if they were going to give you what they gave you today. i was one of them. i was one of the them that said it was also in the price. >> a lot of people did a lot of people thought when john flannery had that last interview -- he has another one tomorrow, by the way he traded as if everything was in the clear. >> do we have a ten-year chart >> what do we need to see? what do you need to see? >> we need to see a 50 cent number in 2018, whether they way overshoot. >> you want the guidance cut by

50%? >> it may happen there's so much stuff that's going to come out. i'm just guessing here, but you're going to need to see a capitulation >> are you still in the trade? >> yeah. the price of options is very high now >> what about in terms of dollar amount stock it's expensive -- and you brought that up, on a p.e. level. the multiple right now concerns me what is compelling enough to make me buy g.e. over something else >> here's a yes for you, "time." >> i have no ge for a couple years until i bought it a few weeks ago. i never thought the story was clicking on a few cylinders i feel like this is a sector totally cheap to its asset base. i think we're at a place where you're not supposed to be

excited about the near-term turnaround, but why would you buy a heavy multiple stock at a time when i think there's a lot of value >> it doesn't show us the balance sheet, but when you think about valuation -- they've got so many assets that they can sell off, karen. >> not tomorrow, but i mean to say this is a balance sheet that's in trouble? >> i'm say when you consider the overall valuation, it's worse than some of the comps. >> i think the real today was the right reaction what they told us -- none of us wanted to hear that. you look forward and you're like, why don't i wait until next year from now, when you look at the reaction -- i'll give you a great example

home depot, great numbers, stock went down. i don't think this created arch opportunity necessarily, because i think the reaction was right, so i don't feel compelled -- >> i like to buy other people's problems, so while i wish i had bought the stock today at the close. when i buy it at $20, i bought somebody else's problems coming up, walmart is on track for its best year in nearly two decades and just did something that it has investors piling in. we'll bring you the detail. bit coin taking sectors for a spin there's even more gains ahead. and barry diller says more media deals are on the way which names are the perfect match? the traders will weigh much more "fast money" is still ahead.

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s. an online partnership. this was first reported about three weeks ago by the "wall street journal," so lord & taylor is launching a store a walmart's website in 2018 walmart says shoppers are looking for higher-end products that lord & taylor sells, though they don't currently sell products on their website. near lord avrnd taylor nor walmart are disclosing the financial details or arrangements of how this is going to work, neither exceed explicitly says so, but there seems to be a way to find new shoppers as the big box store invests billions, so that's what lord & taylor gets out of there. there aren't details if walmart will be shipping the products, or if shopper can buy from both lord & taylor's store on walmartcom and from walmart.com in the same basket the department store says the products may not be the same

exact products they can find on their own website or in the stores, so there's a lot of details we have to figure out, but we at least know there's a partnership and it is coming in the spring of 2018 melissa, back over to you. >> what does walmart get from lord & taylor? >> this is a really good question what they say is they've been seeing shoppers on their site searching for higher-end items that walmart doesn't currently sell i presume they don't want to lose that shopper entirely they want to be able to provide them some of those products, and walmart must have decided it's better at this point to let someone else do that than for them to figure out those products and that experience with the higher end. but i think there's a lot of questions still. >> and nothing is disclosed. courtney, thank you. he and how long have you been looking for that stuff on their site

>> i think maybe you should go to karen. >> maybe what we've seen with amazon and nighter it was an acquisition. walmart is expected to have $500 billion in sales this year in you u.s. there was $5.5 trillion in retail sales so 10% of it less than 10% is online. walmart obviously made the jet deal, they had more of the online sales amazon owns half of online sales growth now this is an arms race between two big dealer, amazon and walmart. we're going to continue to see these deals. what did amazon do they created a marketplace, third-party sellers. wall matter is not likely to do that, but likely to do it with other brand or retailers >> i think it's interesting for them i think this is a marginal customer that maybe walmart never would have had i think it could still make sense for them good for them. the biggest thing is walmart is

so far behind amazon who -- and then there's nobody else amazon is just so far ahead, i think there is a lot of room for walmart to catch up or -- even if it's not so profitable, just to grab that share and figure out later what to do with it i don't think here -- >> i'm not familiar, to be honest with what lord & taylor has to offer -- >> i thought -- >> it can larry with that you are direct-to-consumer they just sold their flagship store to wee works >> if i'm going it walmart and slip into some high end, why not buy target or a better valuation? why not a company with target? that's how people are shopping for those types of brands. thee doing it through partnerships within the store. at that time is the best at it. >> i think it's all about the digital. that's been the focus.

mcmillen has all over that it's not just the jet acquisition. 4600 stores in the u.s they have incredible efficiencies to use those stores, so walmart is catching up to amazon and i think wins, just like best buy when you look at what jolie has done at best bay, it's amazing. >> it's more popular -- >> walmart or best buy >> six of the last seven quarters best buy's revenue has gone up. so that has to be focused on, too >> here's a question for you walmart, on track for its best year in two decades. do you buy walmart or do you buy a target which some people say it's -- >> target is a minnesota company, i love those guys, i still love them, but they were a bit behind, mostly in groceries. then suddenly we get amazon obviously with the whole foods

acquisition. they were still struggling to catch up, but they're more in a transitional thing i this i walmart is in front of them they can go -- >> so still walmart? >> absolutely. still ahead qualcomm rejected broadcom's take, if a deal off the table, what is the chip maker actually work pete will break down the right price later in the hour. you're watching "fast money. in the meantime, here is what else is coming up. >> announcer: bitcoin has gone nuts, crashing, then surging, but dennis gartman say beware, the end is near for the crypt occurrence s occurren o oo occurren occurrency but a top strategist says it's all good. just keep buying the market. he'll explaiwh hn atas him so bullish, when "fast money"

returns.

bob pisani is breaking it down >> after a year dominated by growth-oriented stocks, the market has turned a bit defensive in the last few weeks. suddenly outperforming, do what's going on? we saw the decline in bond yields that's made proxies popular, reits have had a great run as well, not just the lower bond yieldsings but also m & a talk,

particularly in the mall reit space. many of the stocks sunk to new lows in the third questions. mostly on the they're, even brand names in general, but then ha funny thing happened. investors have bebe gun picking on investors the weather has gotten colder, so plenty of if pent-up demand so they look good, for many, the nfl torrie levels are pretty lien obviously there's plenty of skeptics around this, but chuck pointed out to me, he's telling clients, if you don't believe in the long-term owner story, you

could at least make an argument you may want to rent these stocks for the next few minutes. >> thank you, bob. who wants to buy some of these safety stocks? silence on the desk. why not? >> first off, if you think about this, this is supposed to be the ultimate conservative play this stock -- yeah, this etf is up 24% since a week after the elections when we supposedly have been in this grab for growth, so it tells you always got to be a part of your allocation, and i'm staying in utilities. >> one of the his argument is these are bonds proxy. >> are they? they're not cheap. i think the market multiples are higher, so i'm not a buyer here.

>> we know that biotech has had a different time, but the xl very look entities here. it shows a good relative strength i'll give you a great example, it went down to like almost 20% the numbers were great those that get defensive, i think that's a huge mistake. we're talking about equities that are giving you a yield that oftentimes are so levered that under the wrong circumstances, those can actually get -- and ge that can get pressed to the down side and underperform. if you have a fundamental story and the growth, it's a completely different set the circumstances. >> so it isn't scaring one of

the wall street's biggest bulls. jonathan golub ah, as -- that's more than 10% higher for the s&p from where we are trading right now. always good to see you >> good to see you yields have remained low so basically a flattening of the yield curve. if you look at one of the reasons, does that concern you when it comes to the stock market and you can get less than 2.5 on a treasury and if you look, you know t. coal garrett pal molt live or kimberly-clarks, they're going to be around forever, i think

this is money in the bank. >> if you look at some of these names their pullet pals are almost as high as googles and what the market is cease is the value of that safe different is worthwhile so on one hand i like these fang names, i think they have longer to go, but these are not utilities, reits, and telcos that only -- i think they'll participate. they're not sexy, i don't like them as much as some of these other areas, but i'm not uncomfortable. >> so jonathan, it begs the question so we think around 3.5 on a ten-year the market starts being very unmaep. we also found that the fed, when they wish rates down so ridiculously low, that the

market basically almost starred -- it's because the rate sdurnl mean anything, so i think that the next 50 or 100 basis points higher on the long end of the curve, you don't have a problem. >> i'm assuming your target is without any tax changes. then what do you think would be additional up side if we had something roughly as a significant corporate change -- it's hard to say -- it's such a moving target. >> i'm struggling with this, because to me the biggest risk -- what could blow this thing up, because i'm obviously very optimistic is the likely of recession is so low that this thing seems like it could keep going. if you start to get wage inflation, the fed will get involved and they're going to crush this thing my concern is we get this great tax or stimulus plan, it all of a sudden puts upward pressure on wages, and they smash this market and took something which

was working really well, and then all of a sudden so is it bigger if the tax gets passed? >> if it's a large plan, i think you'll engage the fed again and a big pop in the market, and would take advantage i would fade it if you get a jump on it >> thank you, jonathan. >> i read something today that made me think twice. i have david rosenberg that got me a bit freaked out, but he was really good in that. i read something that there's $11 trillion in sovereign and corporate yields that have negative yields. you would thing in this global synchronized recovery, that those yields could be lifting. they're not. we still have very artificial low rates, and the tenure is still tuck at 2,4. >> i'll tell you why if you're european or japanese

institution or insurance company, you own the treasury market, and you will open its i think jonathan is right. good for the fed for not doing anything of expectations they've been very clear about this, yet we have a fed that could go five times next year. no question the fed is the wild card on all of this. >> pete? >> are you doing "would you rather?" the nothing of owning tech and fang, but also consumer staples almost cements -- >> i already have that i own coca-cola and procter & gamble mine is less based on love something like procter gamble. actually it strikes fear with me you some of these pes are up in the stratosphere on the tech side i'm less nervous. >> why do you hold on to the staples?

because believe it or not, i see the option paper in there, and there are points of growth coca-cola has made some investment investments and in procter appeared gamble, there are activists in there rattles the cages. still ahead, qualcomm rejected broadcom's takeover bid leaving the best tech deal hanging in the crosshairs. if the deal is off, where should qualcomm be trading? bitcoin taking investors on a wild ride over the weekend, but if history is any indication, it might have been ypod best chance to buy the crt e currency we'll explain why. is committed to help protect what you've earned and ensure it lasts. introducing shield annuities, a line of products that allow you to take advantage of growth opportunities.

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job lippen is in san francisco with more. >> melissa, qualcomm arguing this offer undervalues the company at $70 a share qualcomm finishes the day up at -- executive chairman paul jacobs saying it's the board

'unanimous belief that the proposal significantly undervalues qualcomm in mobile technology and our future growth prospects. the ceo firing back, telling "wall street journal" -- we continue to believe our proposal represents the most attractive value-enhancing alternative available to quality chemo patrick morehead says the combination would create a tech powerhouse with complementary business lines and wireless communications, though he also thinking that such a deal would raise regulatory concerns, because they do play in certain com markets, notely wifi and bl bluetooth, so what happens next? rbs says -- she says the key question is -- can qualcomm's management, which is overseeing such performance turn this ship around, ar do shareholders put

their trust in, and perhaps the right price investors would, the next day is december 8th, which is the deadline for qualcomm proxy submissions. melissa back to you. >> thank you very much, josh lipton we thought this would be the perfect time to play "the price is right." one of our traders will tell us where they think qualcomm shook trading right now. so let's get to it announcer, who is the next contestant >> announcer: pete najarian. >> that's what i'm talking about. >> announcer: from minneapolis, minnesota, come on down. >> coming on down. that's what i'm talking about. let's do "the price is right" noise. >> c'mon >> that's what i'm talking about. >> congrats, pete. what is the right price? >> this is a really interesting

company when you go back and start looking at the charts and how it's traded. this is a one-year chart the smh was trading. this stock was trading around 53 before the deal was announced, 52, so it gives gives you an idea when you start looking at the m & a, like at a mylan and teva. they have the same response, saying you know what we want nothing to do with it. if you go forward, the companies really underperform. so even though the stoblg has reached these levels way up here, i think it pulls back, unless they do get that $80 bid that josh was talking about. i think this stock will adjust back down to about $57 a shares. >> you think the price of $56 is the right price for qualcomm. >> yes

is his price right >> i'm going to say higher, and i'll tell you why. [ crowd noise >> listen to that. >> i think they're overdone in this total story if they get this nxpi deal, i realize there's some problems, but i think it goes even higher. >> karen, higher, lower, or is -- >> i think higher as well. i don't think this deal is dead at all >> dan, what say you >> i agree with karen. i say higher [ crowd noise >> but not tim.

>> that was i was the first higher out here, buddy >> this is one i was annoyed about when it's trading 50 bucks. i'm saying they have net cash of like $20 billion they have this deal that people will see this deal than accretive. so to me i don't think there's too much down side i agree with pete. i'm not saying that's the right price, then i think it's abu yesterday. if you get any -- then i think this thing goes higher. >> traders say the price shooter higher, which means, pete, i think you're a loser on "the price is right." when they rejected next one, you guys will be looking at the stock at 52. still ahead, lights, camera, crash. media stocks feeling the heat this year, but after you hear what barry diller just told julia, you might be testamented to buy what will it take for gartman to

get on board with bitcoin? he'll give you the answe our ho. we couldn't live there. mom: our first concern was the kids. this was going to be hard on them. chubb got us a place to stay in the same school district. otherwise it could have been a nightmare. dad... chubb turned a disaster into an adventure for our kids. mom... and no one missed a day of school. ♪

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>> before rebounding today, a decision to abandon a controversial software upgrade in the mid sts of 48 hours in fact we have seen five separate occurrences just this year the largest decline occurred after it hit $it eventually fell below the volatility we have seen suggests that it's not for the faint of hard. >> seema, thank you.

we should note that reuters just reported that mike novograph bought bitcoin presumably on the decline. hi, den any, good to see you >> what's your beef with bitcoin? >> i wish everything who trades bitcoin and the mirrial numbers, i wish them all well i can remember bonds trading limit up and limit down, i've seen all the volatility, but this is nonsense this is a market where, for criminals, this is a mark for pure punters, but there's no value here whatsoever. of other bubbles we have seen.

they always end badly. if it wants to go to 10,000, let it go. i shall not trade it it is not something i find any interest in whatsoever >> i am in bitcoin, for example, 1999, and i think they were a lot of strokes that traded way up, traded way down, but ultimately were huge value creators, and really did transform the way we do business i think that we are in the midst of that kind of change in the future of money, and i think that crypt occurrencies will have a currency. it's a roller coaster that's not fun, but i think that's part of any process of significant change

how can you buy something using bitcoin when the volatility can be 20, 30, 40% in the course of a week it's nonsense. >> i'm not saying that hold bitcoin's a store of value right now and you'll be able to transact and know--ish what you'll have, i don't able that i do believe there's a place to convert your dollars into bitcoin, have a transaction that's cheaper, quicker, easier, and the other side can convert to dollars as well i think we could see a lot more of that. >> i wish you well. >> i wish you well, too. >> you seem to have a bit of a -- there is a lot of things capsulated to them, and the promise of future kind of business lines, and then i see

the things that you talk about all the time, like things that break your toe i see though as the most speculative sort of risk assets to trade so when i listen to you, and i listen to karen, and i say to myself, okay, where was all the value created from the internet 20 years ago look how it's seemed into every part of the way we live and e-commerce i think that blotching technology that is ha potential it seems odd to have a negative view. >> i wish everyone well who does well in it thus far what i have seen -- let's go back and say i think there's great merit, no question the blockchain has mare. it's going to chez the weigh we vis visit. >> you would say, wow, there it is, there's the use case

>> they had sales. what is this this is some exoagainous currency that we -- >> there's gross transaction value. there is something that's very equivalent to that it's also the first inning of a very long game, i suspect. >> tulips had merit too, apparently you would have been trading tulip bulbs, and watch them go up by -- >> amazon stock has lost 90% of its values on two instances in the last 20 years. hold on. we're out of time. we can continue this forever, i sense. dennis, last word to you last quick word, dennis. >> again, i wish everybody well who trades in it i think blockchain has tremendous merit, about you if it wants to go to so,000, it shall do so without me if it goes for zero, it shall do so without me. >> thank you, dennis.

>> thanks for having me on. would you rather -- bitcoin or gold? >> bitcoin. >> karen has convinced me, obviously b.k. has, and john and i have been looking deeper into it i like your argument, dan, i think you made some solid points, just point-blank, this is what it is. and i actually believe in it as well. >> gold has done absolutely nothing over the last two years where you've had the perfect storm of politics and geopolitics, and you name it low interest rates, a weaker dollar why shouldn't gold be rallying here >> this rise was made without leverage, and particularly the internet bubble was on the back of leverage, so that is one big difference that's behind this. >> i think a lot of things are

different. mike is buying, but he's a known bull. >> yes, yes, that's true. >> he should be buying when it's down 20%. coming up, barry diller calling for more consolidation in the space, but that might not ad such a good this ink for meia stock more phony phon"fast money" stid . your kids go to college and you start trading. >>yeah, 5 years already. 5 years, hmm. you ever call your broker for help? >>once, when volatility spiked... and? >>by the time they got me an answer, it was too late. td ameritrade's elite service team can handle your toughest questions right away- with volatility, it's all about your risk distribution. good to know. >>thanks, mike. we got your back kate. >>does he do that all the time? oh yeah, sometimes he pops out of the couch. help from real traders. only with td ameritrade. your insurance on time. tap one little bumper, and up go your rates. what good is having insurance if you get punished for using it? news flash: nobody's perfect.

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welcome back to "fast money.

deal talk -- and out of big bundles. julia sanity doi with barley diller. >> he of course has a track record of spinning off companies and taking them public, but he believes that more deals are inevitable, telling me this comes as traditional media companies like to keep up with the tech giants. >> i think there will be more consolidation. i don't think -- i don't think having more content will give you more revenue or in fact the idea of saying, well, size and scale, the truth is they all have kind of sufficient scale to be able to play. what they'll never have again is sufficient scale to dominate the media business as they have historically

that's over. >> reporter: diller told me he believes that at&t's acquisition will be approved he said if it's not, he think at&t will take it to court, a battle he thinking would be interesting to watch play out. and the report about disney, diller says he doesn't know if disney will go ahead and do that deal, but he did say it would make sense as iger doubles down on content as he works to take disney directly to consumers. >> thank you very much, julia. what do you think happens with this deal at this point? >> i think it gets done. hopefully the politics fade away, but i think the day we heard fox and disney was the day that we put a floor under some of these media valuations. not all of them, about you what mr. diller is talking about, not just the sinner joyces to scale operations, but the scale that's required, with some of the

distributors i think a lot of these now need to get bigger again, and that may not be a bad thing. >> there's an interesting report that amazon was considering offering a prime video version that would be ad supported, so you wouldn't have to be a prime member, per se that could really change the dynamics. >> you're likely to see that when guys start streaming more live tv, live sports, there's got to be different ways than to pay just $10 or $15, so i think we'll see a massive shift. about doubling down on content to me this shows a level of confidence that iger has in what they're going to do with am tech, why would you be doubling down on content? they have a lot of the best content on the planet, but we know they're having problems with it, at least on the espn side i think it's showing -- >> i'm just encouraged that iger is kicking the tires like everything it felt like he was just sitting -- >> he changed the narrative.

>> looking another twitter, fox, who knows what >> giddyap up next, final trade

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pete >> you know who else is beating amazon earnings are coming out, giddyap, it's going higher. >> qualcomm, higher. >> karen >> yes, i'm long citi bank.

>> i think it's an opportunity to sell it, xrt. see you back here tomorrow at 5:00. meantime, do not go anywhere, ar rhtowimrar th j cme sttsig n 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 cram america. my job not just to entertain by to educate and teach you call me 1-800-734-cnbc or tweet me @jim cramer every time you hear some bear