behavior it's still happening >> susan, thank you for joining us i'm not sure it's not the last time we'll be talking to you we appreciate you being here she wrote "tales from the boom boom room. michael, we'll put a wrap on it >> we did enough >> i think so. that does it for "closing bell," live from the nasdaq market site overlooking new york city's times square i'm melissa lee. tonight on "fast," bitcoin's gone wild, soaring past 11,000 and then plunging 20%, an intraday bear market before rebounding once again. what does this all mean? our resident bit county expert bk will break it down and do a trade on the air plus american airlines puts its holiday travel at risk and later, a retail stock is

down 15% this year and pete here says it's the perfect bargain buy. first we start with war. the ultimate tug-of-war in the market this year between growth and value. we saw it come to a head today as growth stocks like technology got absolutely crushed value stocks like financials and telecom actually soared, a reversal from the trend we've seen for most of the year. if you're putting new money to work now, what is the better bet? surging growth or lagging value? guy? >> i still think there's room to go in retail if that surging growth, and i'm a believer in that, so i think the retail trade still works tim has been talking about macy's the last week or so nordstrom is earning, there's some upside there. with technology that's sold out, people say this and they're right, every time you see a selloff of this magnitude, people say it's sort of different this time, there's something going on each time it's proven to be buying opportunity

in my world, the best one shakes out to be google if you look at valuation, if you look at last quarter, google is lumped in with everybody else. i would buy google >> the market showed today and has shown many times it's highly sensitive to increasing rates. we go back to this equity risk premium. what price you'll pay for stocks given a certain level of interest rates you saw today the high pe stocks got hit as rates went higher going into the end of the year, i'm making a bet rates are headed higher at this point in time as a hedge to your portfolio, you could be lot of time tbt >> the move in rates today i think is a little puzzling, frankly. we got a great gdp number. we've pieced together two consecutive quarters, the best gdp growth in 2017 i think rates need to go higher

i agree the fed is my biggest fear what happened today was absolutely allocation. even in things like the tbt, you're getting the long end of the curve. it's one of the reasons i stay away from these things, i don't think they're representative if you look at what's going on in the transports, these are folks who are believing that financials and transports are rallying, they're leading indicators of the economy, and they're moving higher. today was a day you have to fear the divergence between the nasdaq and small caps. there's strange stuff going on in the market and i think there's more to come >> the f.a.n.g. names, none of them is off their highs. there's a little bit of a pullback you look at something that's down 4, 5, $16 >> that implies that's going to be a further pullback. >> it implies that will be my next entry point i'm in multiples of these names,

micron, amazon, microsoft. otherwise, this is just a little bit of, it's moving around, it's rotation we've talked about it all through 2017 suddenly you look at the financials, you start to look at the other names, health care stocks humana >> health care is a beast. >> united health care is another one, lifting everybody else with them as the financials are settling down a little bit, those are picking up i tell you what, i have never seen as much paper in the financials as i have over the last two or three trading days absolutely amazing how much paper we've seen in the options world. >> i shouldn't be spooked by this big decline in f.a.n.g. i bumped into criamer at the ne york stock exchange, those are the kinds of questions you have to ask yours, it's fairly scary. >> i think the reality of that is this. the people who own facebook, own apple, own -- you know, you go through the list of the names.

i'm not just talking f.a.n.g you can expand it further. they're all the same folks if they're rolling out of some positions going into year end, maybe they're doing some of that if we see these 10% pullbacks, that's an opportunity. the only reason i don't like chips to buy them right this minute is, many of those names, micron is up, applied materials up 65% year to date. these aren't enough to say, hey, these are pullingback from a month ago. >> we've had this conversation probably three or four times this year with this rotation you get a little bit of a rate scare and there's a rotation into the financials. you can buy the f.a.n.g.'s again. as we get up towards 3% in the ten-year, then the market will start saying, hey, wait a second, maybe the fed isn't behind the curve, maybe the fed isn't going to be as aggressive as everybody thought that's when you want to start buying the f.a.n.g. stocks, when

it looks you go will i augly ano throw up on your shoes >> every 10% pullback begins with a 2% pullback, a 3% pullback how do you know this isn't the start of that? >> you don't know. every time everybody says it's different this time. it hasn't been different this time for the last eight years. then you look at situations like amet, we talked about this stock last week. it pushed up to $60. we said, you know what, great company, great run, great quarter, not enough. double top from 1999, it's down 7.5% with the rest of the space. there's a stock that may be in trouble in the short term, gone from 30 to 60 in the blink of an eye. >> if we can put up that chart once again, this shows the nasdaq and what it's been doing. and every single dip we haven't had that many dips, right, of more than a percent this year on any index every dip has been an opportunity to buy

you don't wait for that 10%. you had to go for that -- >> we've got 10% in individual names. >> that's true >> we have the home depots of the world, the apples of the world, they've pulled back a full 10%, that's been a great opportunity. the other ones, these have been very shallow pullbacks when it goes in a multitude of stocks, it seems like the whole world is going down. this has been very shallow >> you've had a fed that lets you know you have continuity and you have, for lack of until proven otherwise, it's dovishness then we have this whole tax thing, we talked about this yesterday. if 'nothing else, it looks like the team that can't fly straight is starting to get on the same page it doesn't really matter of course you're going to see financials outperform. of course you'll see retails outperform of course you'll see the rotation literally you'll see guys begin to make adjustments going into year end i think the volatility is a natural thing. look at the moves we had in amazon and facebook over the last week or two fresh highs, we've taken the top off the teepee

that shouldn't be a surprise that we've seen this rotation. >> i've never heard that expression >> he never heard that whatsoever >> i didn't think a teepee had a top, isn't the top open so the smoke can come out >> i'm not an expert on teepees. let's bring in tony dwyer, chief market strategist. >> please. >> i will not ask you, tony, about teepees. >> thank you >> in terms of this notion of the rotation, is this a rotation that you respect, meaning that you go with this rotation out of technology, into the financials? >> here is one of the reasons that i think we're actually on a correction that's been wrong for the last percent and a half or so when we initially increased our target this year to 2470 early in march and it's gone up a little bit since, it's because the citigroup economic surprise index was so low so many people were calling for the economy to collapse, and we were saying that all of those headwinds that have been with the cycle during this cycle have become tail winds.

you now have global growth, you have a lower dollar positively impacting earnings you have increased capital spending plans, increased incomes. all those things are good and expectations are really low. what makes this different, the citigroup economic index, economic surprise index, has spiked that creates an opportunity to disappoint the market that we haven't with for most of this year that said, let's go with the baseline one of the fears i hear from everybody is the flattening yield curve. if you look at the two year to ten year treasury curve spread and you look at the cycles that had 60 basis points which we did last week, your median gain was 63% over a thousand days later your worst case gain was 36% over the course of 2 1/2 years so that's your baseline. so when you think about whether -- >> we haven't had this flat of a yield curve in a decade. >> right >> to measure that off of

another, in other words. >> if you're looking at a flattening yield curve, the mistake that some may make, not that bk would make a mistake, he's going to do a trade later on tv. >> i make mistakes all the time. it shocks me every time i make it >> i don't think the yield on the ten-year is 3% if you're the fed and you're raising rates because inflation expectations are going up, what does that do to long term inflation expectations it dampens them. the ten-year stays flat. that's why the fed ends up inverting the curve. they would rather go into a recession than risk hyperinflation i don't think the ten-year is going to 3%. we think it's going to stay around here. the fed follows their plot, they invert the curve, and second or third quarter of next year, that's when you get the correction we're talking about, like a real good 10 percenter. that's what happens. and you have to buy that, because again, the rally is much longer >> so tony, today was essentially tech versus

everything else, tech obviously getting sold what in the "everybody else" do you like most? retails had a major breakout here >> i think you'll get a drop in the bond yield you get a little bit in the bond surrogate trade. you get some more of the short covering in it retail, maybe live a little bit in energy. again, the banks are the two sectors that do the best when the yield curve is flattening from where it is today to when it inversts is financials and technology i've said this so many times on the show you never, ever, ever, ever want to get negative in a fundamentally bull market. it's not whether you have a correction it's the correction. >> mid-next year, the yield curve inverts but you stay long. >> totally history commands it. you have not peaked an inversion

in the last threecycles. have it. i'm going to go with the human nature trade and the history trade. >> in fact we've seen the isms, waver seen the services and the manufacturing side of ism. we're essentially at highs in the divergence with gdp is very little we're probably going higher on gdp. >> here's what will probably happen too, tim. you'll get a rollover in pmis, like strategists have been looking for. finally you'll get it because those tail winds, everybody knows them in march, when we're talking about sin crow phased global recovery, you were doing the same thing, tim, you and i were sitting next to each other on the set talking about it nobody was talking about a global synchronized recovery they were talking about brexit, the trump trade failing. now everybody is talking about it you get better growth, creating a correction >> the bottom line, tony, you see an inversion of the yield curve coming, you stay long no

matter how scared, no matter how worried, no matter how of fear you have, through the inversion. >> that's correct. you significantly overweight those sectors that have done the best, maybe neutralize it for the very near term look toe g get in, because to qt my friend pete, hashtag giddy-up >> well-said >> tony, good to see you >> retail still works. we're talking about it, you have to look at names that you have a lot of room given the sell-offs we've seen look at the moves of nordstrom since they reported. dollar gen, dg had a 52-week high today if you think the retail rally is over, i would suggest we're in the early innings. >> what did you do, pete >> financials and positions along the way. citi, bank of america, humana is one of the names also. >> what's your biggest financial position position right now?

>> bank of america by far. >> okay. >> i like the leverage of what i'm seeing in citi settas well. i alsohad an opportunity to sell off something we talked about tech getting killed today nuance and some of these names that came out, we had unusual activity in some of these, we had the lift, take them off and move on. i'm not married to any of these positions. i'm only married to my wife. >> we're happy to hear that. >> i'm only married to one thing. >> we all talked about here, you had this earned the current volatility i'm looking for something in the financials, because they really took off today that also does well in a higher volatility, high dispersion type of area. to me, i'm looking right at goldman sachs, it's got all the tail winds that you need they should be doing better, their trading business should be doing better, when there's volatility and when there's volatility in the bond market as well >> very happy to take 25% on

macy's, it's up 35% up in the last month airlines are working again, rails, transports. coming up, bitcoins has gone nuts, crashing then soaring, it's like a parody of a katy perry song bk will make a crypto currency trade live on the air. is he buying or selling? stick around and find out. and a "star wars" game is sparking outrage in the gaming world and gaming stocks are paying the price pete has been on fire with his fast pitches one is a screaming buy right now. much more "fast money" after this

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welcome back to "fast money. the airlines kick off our top trades, lifting a whole group of transports which are having their best day in more than a year delta, united, jetblue, southwest all taking off but american airlines has left thousands of flights around the holidays without pilots to fly the planes, tim. >> this is different than a glitch where there's a lot of delayed flights. this is something that has people thinking twice. there will be some detail on this

i think this is probably an opportunity to buy underperformance of american american and delta are the names that are the most operational leverage in this environment both have proven they're able to do it. i would be buying weakness in american here. i have a nice full position in delta and united again, with the airlines it's about efficiency and how they're running their business and right now these guys have shown that they're throughthe worst of the perception and i think you stay there >> one of the bigger reasons behind the broad pop in the group is uvs is bullish today, saying they think a lot of the carriers will revise higher their q4 pasms, passthroughs >> they've traded in this big, wide range i get it, i don't think -- you don't have to go and chase these things on these breakouts, because it's going to take a very big fundamental change to get these things to break out of their range. to me it's still a range trade you don't dislike them but i

would rather be buying them on their lows when people don't like them and try to play that big wide range these been out there since july >> you have 11% eps growth, maybe a tad more, especially if they start raising numbers the trade is 9 1/2, 10 times forward earnings i hear what bk is saying, but this might be the beginning of that breakout. delta specifically, if it breaks through 56, 8% from here, it's off to the races delta sets up pretty well. next up, the gaming stocks getting slammed today as electric arts' "star wars" game has created a major controversy for the industry the "star wars" game launched with a pay to play format where gamers had to pay additional charges after paying for the game itself. the company turned off the in-game purchases after gamers expressed outrage. despite the drama, these stocks are all up a ton this year, take 2 is up 86%, ea up 30% do you keep buying these names or do you think perhaps -- there are some investigations into that "star wars" game because

the price for the game itself was actually fairly high >> and there's enough negative sentiment out there that after you've seen those runs, we talked about the runs in the semi world, how about these runs these stocks have absolutely taken off to the upside. so does it make sense you might get further pullback some of the valuations start to get kind of interesting. we still have 10, 15% we could still drop back before they really get appetizing. >> this ea, if it doesn't hold at 104, 105, it takes the elevator down significantly. there's no reason to jump in again with a stock trading at 30 times, which is getting to be valued, but not here >> 104 was the low it made in july before it went to basically 122. it's been basically rolling over ever since then. to tim's point, 104, you have a beeline to 95, which if you go back to may that's where we shot up from. in my world it's got to hold this 104 level >> it's not a bad risk/reward here, you have to be quick on the trigger. if it breaks 104, maybe give it

a half buck or something like that but if you're a trader and you want to try to play the bottom of this range, i actually think it's not a bad stab here >> are we going to get a seasonal lift from the holidays, consoles are selling off the shelves. these stocks will pop. >> if you believe that, the best way to do it is the options world. with goldman sachs, you said volatility is in the market. we've been underneath 10 but the volatility hasn't been there options are very inexpensive in some of these names. still ahead, the ceo of at&t says something about the time warner deal that had shareholders going nuts. we'll hear from him in his own words. i'm melissa lee. you're watching cnbc, first in business worldwide here's what else is coming up on "fast. bitcoin is crashing. i mean surging i mean crashing. i mean surging >> i'm confused! >> don't be. because resident bitcoin guru brian kelly says he knows

exactly what's going on. and how to profit. plus pete's bringing the heat pitching one beaten down stock that's down 15% this year but ha turned a corner the name when "fast money" returns. she's nationally recognized for her compassion and care. he spent decades fighting to give families a second chance. but to help others, they first had to protect themselves. i have afib. even for a nurse, it's complicated... and it puts me at higher risk of stroke. that would be devastating. i had to learn all i could to help protect myself. once i got the facts, my doctor and i chose xarelto®.

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such as kidney, liver, or bleeding problems. it's important to learn all you can... ...to help protect yourself from a stroke. talk to your doctor about xarelto®. there's more to know™. welcome back to "fast money. bitcoin enthusiasts celebrated earlier today as the crypto currency surged way past the $10,000 mark, topping $11,000 this morning then three seconds letter, a butterfly in asia flapped its wings and bitcoin fell below $9,000, erased its value in two hours and putting it briefly in bear market territory. but this is bitcoin, man, relax.

still up 915% year to date bk will live trade bitcoin later on, he'll tell us if he's buying or selling, later. meantime, we just want to know what was behind the big moves today. >> you had a tremendous amount of volume, this massive euphoria it's not immune from fear and agreed, it's going to act like any other asset class out there. you had a massive amount of euphoria, a lot of volume coming in near the highs and the exchanges couldn't handle the volume, they had eight times the volume they had back in may or june when we were talking about all time highs then. the exchanges went down, the bye orders disappeared and you had these big wild swings. this is not for the faint of heart. not an easy trade for folks. today kind of proved that. but once the exchanges came back up, you saw this thing rebound it's kind of like the weather in new england, you wait a while, if you don't like it, it will change >> can i ask you a stupid question >> you can ask me any kind of

question there are no stupid questions. >> when that happens, i mean, there are buyers and there are sellers. i mean, it's not that the orders that they take in favor sellers over buyers. so there was still a predominant number of sellers in the market versus buyers causing this decline of -- >> so yes. right before the exchanges, all went down. bitcoin had already come off its highs. one would presume that the volume coming in, the sellers were more gravest, obviously for every sale there's buyer out there. what's interesting is bitcoin trading is dominated by asian trading, korea and japan when you saw the exchanges go down, you saw the buyers disappear, that buy pressure disappear, which would suggest there's a disconnect between the u.s. which may be more bullish on bitcoin and perhaps some of the asian exchanges and asian traders were selling it. >> this makes me scared. if i were sitting on the

sidelines and new nothing about bitcoin except what i read in the newspapers and saw this intraday volatility, i would be scared >> you've had intraday vol from inception. what brian is talking about is an infrastructure issue where ultimately it's not for lack of demand, it's not for people lacking conviction in crypto i think the reality is that there is a funnel that all of this money is trying to press through. in fact i think there's limited capacity this is the one issue, why people are so excited about futures. it will allow synthetic volume to go through this market. >> despite today's dropping, you're still looking to get in on bitcoin, you'll be able to do that on another major market tim has tease it can bob pisani is here to break it down >> reporter: hello, melissa. what's exciting to investors is the expanding derivatives market, adding much-needed negligent -- legitimacy. today the nasdaq announced that

they're set to roll out bitcoin futures soon this is more good news, bitcoin futures will enable traders to short bitcoin, a welcome development. here is another piece of good news with the passage of time what we're seeing here is more platforms, we're participants, more maturity for crypt currencies in general. does this make bitcoin more valid? the sec seems to be saying, not necessarily. there have been several attempts to create bitcoin etfs and they've all been turned down by the sec, they regulate etfs. they say bitcoin is an unregulated market and because of that they won't enter into surveillance agreements with other relevant agents to monitor this you can't blame the sec for being a bit worried here if bitcoin is unregulated as they say in their eyes it would be subject to manipulation and fraud. giving it exposure to a regulated market like the etf business exposes the sec to a lot of potential problems. what would it take to be a

regulated market it's possible that establishing a futures market might go a long way toward addressing the issue, perhaps. but think about this bitcoin itself was sort of designed to be unregulated the blockchain has not been hacked platforms supporting the crypto currencies have been hacked. no one is necessarily regulating all those groups you can see why the sec is concerned about this and melissa, i anticipate some of these etf companies will re-file with the sec, though, on this news, hoping that the news around the futures market may be enough for the sec >> okay, bob, thanks so much we did see some pretty interesting moves among the exchanges themselves in today's session. we had the cboe, the cme, as well as the nasdaq, and the nasdaq's news that it's launching its own product in the first half of next year, intraday they hit a fresh record high then pulled off of that because anything that touched bitcoin -- >> you know -- >> -- was great.

>> exactly it scareily reminds me of the '90s what you're seeing in the equities market now, you mentioned you had bitcoin or somebodyat your company read about bitcoin and all of a sudden, boom, you're in bitcoin stock. when you took nasdaq, they're actually trading the product, they'll get some revenue from this it does make a bit of sense. there's other products to come on the way here. >> and i would say, in terms of the cboe, i'm always focused on volumes. we talk about the stock market volumes being lower, are they ever going to come back. they've come back in the options world fast, and they're huge just the other day, 23 million, we've had five days this month already where we traded over 20 million option contracts so this is just one more thing this could be a great tool for people to use. the derivatives market >> i think people are looking to trade. >> yes >> this is offering -- either direction. this doesn't mean people are going to get long. they'll be trading this thing.

it's an inefficient market right now, people love that. let's get to ylan mui with a news alert out of d.c. >> reporter: melissa, the senate is voting tobegin official debate on the republican tax plan this vote is happening a little bit later than we thought. it is important because assuming that it does pass, it would start the countdown clock toward a final vote on the bill republicans would have 20 hours of debate and then that would be followed by some time to debate amendments and then they could take that final vote now, senator hatch, who is the chairman of the finance committee, says he hopes the final vote will come by friday president trump has said he is ready to sign the bill once it passes so again, if this passes, republicans will be able to begin debate on the bill back over to you >> the expectation, though, ylan, is that this step is going to pass, paving the way for the final vote >> reporter: it is at this point. anything can happen, as we're watching the vote tally come in.

but one of the concerns with the vote being somewhat delayed was that republicans maybe didn't have the votes to even begin this part of the process the fact that they have called a vote does seem to suggest that they have the votes to actually see this through >> all right, ylan, thank you. ylan mui in d.c. so yet another milestone, we're sort of on track here, progressing right along for the timetable to be met. >> that's something we've talked about for a while. i've thought for a long time, and i'm no political theorist, i thought they were going to ram something through by the end of the year to me it looks more and more like that might be the case. one give away for me, the president tweeted out yesterday or two days ago, chuck and nancy didn't show up to our meeting. i'm paraphrasing at the end of the tweet he said i don't see a deal here. for me that's a code for i'm going to get a deal done because then he can go back and say, the great deal maker that i am, here is your christmas present. i still think something gets

done >> what's interesting, we talked about this yesterday, bob corker, susan collins, people who have come on board who were very outspoken and at the start of the week we didn't think they would fall in line there has to be concessions to these folks. the bills we've seen, i'm not sure that's how it comes out ahead, chip stocks getting crushed today. their worst session since june did any of our traders buy this dip? plus pete is bringing the heat, getting ready to pitch one bean town stock he's calling a screaming buy until the end of the year the name when "fast money" returns. for your heart...

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who inspires and pushes us to go further than we could ever go alone. sofi. get there sooner. welcome back to "fast money. time for an instant replay almost exactly two months ago, pete said to just buy nike >> ready for this move back to the upside i don't think it's going to explode. i think it just continues to start to grind a little bit higher they're moving it online and killing it online right now. they're growing in the right spot >> pete was right. the stock did grow in just the right spot shares have rallied 15% since then so, pete, what do you think of nike now

>> still holding onto it i like where their growth was coming from. we already know they have huge competition with adidas in north america. are they growing enough internationally? i say they are specifically in china, up 9% 5% across europe and latin america. they've got growth where they need it. online is where everybody is moving they've got deals with amazon. they're doing the right thing in attacks the e-commerce world >> let's do it i'm going back to my great state of minnesota once again. and who am i going to go with? target there's a lot of different reasons why i like target. if you go back and look at the earnings, i got into this stock in the middle 50s. the reason i got that opportunity was, after earnings, they sold this stock off and i thought they sold it off for the wrong reasons. here is why i still like the stock, even though it moved up significantly, it might have gone over $61.

brian cornell is outstanding, has a focus on where they need to go. they're behind walmart right now but they'll start to catch up with walmart as they do, that's why this company even under his leadership are focused on the right area this trades at a 12 pe presently. they've got earnings, they're given a dividend yield of 4% they've actually shrunken their share count by 270 million shares so far. and they continue to grow that dividend for the last multiple decade that side of it. where is their growth? online, 24% last quarter when you look across at other areas, they're working within the stores themselves, in lex as well as magnolia magnolia, guy probably knows this, that's a little company that's out of, you know, i think it's on hgtv where they actually are the ones inside their stores showing what they've got and adding to it, the store within a store for target right now

for all those reasons i like target i think it's too cheap i think it gets somewhere up that 15% -- or 15 pe range which will lift that stock up a little bit even better. you can see where it's kind of been holding down in here. it almost hit those levels before when it pulled back we didn't have to hit those levels but you're starting to see a little bit of a perk right now i like what we're seeing i think this stock is going to get up towards 70 once again >> pete, it's bk first time caller, long time listener, love your work got a question on this target. everybody is concernedabout th grocery business, it's going to be a drag on earnings, they're not going to be able to turn it around, you have amazon as competition now. how does that play into your thesis >> they have to do a much better job. i'll be critical about my own stock. they actually have to do a much better job in the e-commerce world than they have so far. they're way behind walmart they can catch up. when you go to their online site, they have 800 different items you can buy. when you go to walmart, they have the entire store.

they've got to improve on the online site. as they do that, they'll get better on the grocery. i'm not worried about that, brian, because frankly that's a low margin area. the rest of it, they have strong margins right now. that's because where they're getting their margins is outside of the grocery side. that's what i like as well >> pete, on marginsen, from the labor side, i'm concerned, because this company looked back on q4 last year. part of the weakness was because the in-store experience wasn't so good. they've gone out of their way to get better stocked, better staffed. labor costs are going higher this is a major headwind for the whole sector >> these are investments they have to make they have to make the experience like, why do people come into the store? people still want to come into these stores as much as everybody wants to push all online, it's not all online they have 30 million visitors each week, i believe he was saying they've got people still coming into the bricks and mortar side of this. e-commerce is where it's growing, they have to compete better if they compete better, this stock is a 70, maybe an $80

stock, i think >> let's vote. buying or selling pete's pitch for target guy? >> i'm going to say in english we say yes, in french we say oui, in spanish we say si, and you were sitting here on july 13th -- >> how about italian >> si as well. >> july 13th, that's what they said i was surprised about that november, i think it was the 15th, 55 it was all on the back of fourth quarter guidance, i think they were sandbagging a little bit. i think target goes higher so yes >> bk? >> well, for me actually i agree with pete. i think he's spot on on this one. this is the one you want to buy. i was in walmart earlier this year i think target has the same type of opportunity >> tim >> look, i don't hate target i certainly don't hate pete. but i'm neutral on the stock stock's done nothing for the last year. i think they're headwind for the whole sector i'm neutral, that equals no. sorry. >> was pete's pitch for target a

bullseye you can vote on our poll, we'll reveal the results later in the show plus media stocks are sizzling as deal chatter heats up what vcoiam just said about media consolidation, after this.

on this particular case, the department of justice chose to file the suit. and so we see absolutely nothing in this case that is anticompetitive, lawfully anticompetitive. and so as a result, looking at the facts of the case, we feel like we have a darned good case. and we feel like this is one worth taking and pursuing into the courts >> that was at&t's ceo randall stephenson earlier today with cnbc's becky quick media m&a has been a hot topic of late. let's get to julia boorstin at the business ignition conference in new york city hi, julia. >> reporter: melissa, everyone here has been talking about what media deal will come next on the heels of fox's entertainment assets drawing interest from disney as well as comcast as well as the doj suing to shut

down at&t's acquisition of time warner i spoke to viacom's ceo. he deflected my questions about whether viacom needs to recombine with its sister cbs. >> we might do a small acquisition here or there. for example, one of the last things i did in international was acquire the number one broadcaster in argentina we closed on that deal in i think november of last year. that was a fantastic deal for us so we will look for things that are incremental to our strategy and can accelerate it. again, i feel very good about the assets we own. >> reporter: i also spoke with discovery's ceo. he predicted we'll see more vertical deals like the at&t/time warner one, between content distributors and creators, saying he sees the distributors looking to acquire more product to make them really different. >> more and more, they need great content to differentiate >> reporter: does that mean you would be interesting in selling

to one of them >> no, but i think it means -- it's possible, you know, that's possible but what's more likely is, the reason that we bought euro sport, the reason we bought the olympics, the reason we're buying scripps, is all that content we own on every platform >> reporter: lachlan murdoch also spoke here today, he dodged questions about whether he's interested in selling parts of fox. he did, though, say that subscale businesses in the media landscape not including fox will need to merge to compete melissa, the one consensus here is that we will see more deals >> all right, julia, thank you, julia boorstin it was interesting to hear david zazlov speaking about the kinds of deals a la an at&t/time warner >> this is where the industry is, they're going vertical he outlined a good point even at the expense of saying directv needs some help, competing against 100 million subs plus

netflix, et cetera at&t got down to 33, by the way. that's a five-year level on the stock, with or without time warner, that was an interesting place to buy i think you stay in this stock >> favorite media stock,with the deal and without a deal. is it a different stock? >> favorite media -- right now, given where we are, discovery communications, you saw mr. -- look at the valuation, trades at eight times forward earnings huge short interest. that stock potentially could be in play. that one for -- but viacom is still cheap. >> without a deal on its own >> backish >> i own disney, so that will be my answer. i like the idea that at least bob iger is still kicking the tires around the place looking at fox, looking at other things when you look at pixar and marvel, some of the franchises they own, i still think this is a company that goes higher ahead, chip stocks getting slammed today. plus our very own brian kelly is about to do something no man has done before on cable television,

how's that for a tease see what he's got in store when "fast mone rury"etns financial crisis,n the heare and saw his portfolio drop by double digits. it really scared him out of the markets. his advisor ran the numbers and showed that he wouldn't be able to retire until he was 68. the client realized, "i need to get back into the markets- i need to get back on track with my plan." the financial advisor was able to work with this client. he's now on track to retire when he's 65. having someone coach you through it is really the value of a financial advisor. i'm here to talk to you about how at&t gives you more. and so am i. like how when you buy the amazing new iphone 8 you get another one on us. see we give you more phones and more spokespeople. are you guys doing a spokesperson thing right now? yes. awesome, can i be in it? well, it's kind of like a two-phone deal. so two spokespeople. got it. k. thanks. at&t it's time for more. it's time for more. buy the amazing iphone 8 at at&t and get a second one to gift, on us.

welcome back to "fast money. recently the hype around bitcoin has skyrocketed. but many people still don't even

know how to buy it we thought it would be not only education but also fun our very own bk will walk us through the steps in a live trade. he's at the plasma, all set up take us through step by step how do you do it, bk >> we're live at the plasma, one of my coin-based accounts up here you can see the dashboard that you have i've talked about this a million times. it's easy to use you have the prices of bitcoin all around there you can see i have a little etherium, i can buy a little bit of etherium or sell that amount. what am i going to do today? >> what are you going to do, bk? >> buy it, bk!

>> i'm going to be consistent with what i did with myself and my fund today and take a little bit off the table. >> ooh >> i think it's probably time. i have a small amount in here. i did the small amount just because i wanted to show everybody. you don't have to buy one bit county i have $66 worth of bitcoin in here i've loaded it up, it goes to my bank account here. all i have to do is click on here and say, i want to take my bitcoin, and i want to sell it i want to sell the maximum amount that i have, which is $66 worth. boom there's the live trade i'm selling that i'm going to confirm my sell and i'm going to get my money on tuesday. oh, the sell failed! >> aww >> maybe i should be buying it maybe that's the bitcoin gods telling me to buy it let's see if we can do it that way. all right. you know what? i'm going to buy $100 worth of bitcoin. people are telling me, what are they saying here we don't support amounts smaller

than a dollar. well, that's $100. all right. there we go. okay so now i can buy $100 worth of bitcoin. boom they're going to take it out of my bank account. i'm going to confirm my buy. and i purchased it successfully. the bitcoin gods want me to buy it, it looks like it's going higher, easy breezy. >> let me get this straight. this is coin-based, correct? >> this is a coin-based app. >> the system has been having difficulties all day long r, outages, you couldn't sell but you could buy. >> it seemed like you were going with the wrong size, you were too small, right >> well, no, i mean, let's -- we can certainly try it again but i mean, they've been having issues all day so, you know, i think it was probably just a glitch in the system >> that's how you do it, easy breezy >> speaking of the bitcoin boom, our very own dan nathan is in

scottsdale, arizona at a tech conference hey, dan >> reporter: there's been a ton of buzz, hey, mel, hey, guys i was trying to trade some tech stocks earlier today from my fidelity account and was not able to transact on many different periods. it was one of those high volume days, a lot of systems got inundated, just to give coin-based a break there there's publicly traded tech companies and hundreds and hundreds of institutional investors, hedge funds, mutual funds, big money people. nobody was particularly panicked everybody is talking about bitcoin. but more about why didn't they buy more in their personal account and the coin-based county six months ago. it's really dominating that talk, much like back in the '90s where institutional investors were trading a lot of stuff, p.a., personal account i saw the ceo of nvidia speak, she was talking about bitcoin. they are not putting a whole

heck of a lot of -- well, they're not putting a lot of faith in crypto going forward. today, just in amd, also a name associated with this, put buying, there was a buy at 2,000 of the july 10 puts paying a buck >> thanks a lot, dan were you buying or selling pete's pitch tetht sults of the poll righ afr is 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.

pete, they're selling your pitch on target, toni braxton, go >> the bitcoin but time to take it off the table >> "mad money" is next 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've said it a zillion times to you and i'm going to keep saying it, diversification is the only free lunch in this business and