defending their market share in cosmetic i know that was a big part of the story, that alta was hollowing out that industry. that does it for closing bell, we'll see how those companies do this now. live from the nasdaq market site overlooking new york city's times square i'm melissa lee. bitcoin sinking below $9,000, nearing a crucial level. and a top bitcoin and blockchain investor will be here to explain how his company has gone all in. plus andrew leff taking aim at netflix. first, the amazing race. apple and amazon hitting

all-time highs as they race for trillion dollar market caps. apple at the lead but amazon not far behind and moving in at a fast pace. who will cross that finish line first and which stock is your best bet if you're putting fresh money to work right now? >> hi, mel i'll go nonchalk and say amazon. amazon to me is the most disruptive, not to, again, cast dispersions. >> we don't like to do that. >> it's not about that i'll go with amazon. i just think the way they're attacking the entire planet now puts them in the driver's seat >> what do you say >> you have to go with apple, it's closer. >> just because it's closer? it could stall >> it could stall. >> they're buying back stock >> they are. and i do believe, i do believe you'll start to see -- if you go back five years, there's gross

outperformance of amazon amazon is up 500%, apple is up 200% if you go with that historica y data, you go with amazon but apple could play catch-up. even the momentum is on amazon's side >> for me, listen, i looked at it this morning and said which of these two would i want to put a new dollar into. i looked at my technical analysis book, looked for triple tops, couldn't find any, then looked at apple's stock. there's no such thing as triple tops, they don't write about them for a reason. >> in the short term i have to disagree with my amazon friends, esteemed panelists no question apple is going to get there first. when i think about what amazon is doing in the grocery space, i think it's a massive, massive thing for their entire product categories i think so it's a halo effect for their whole business model if you listen to a couple of

analysts, they'll have 900 billion in north america revenues, that's a number out of wolf, i read their report today. no matter what's going on here, amazon is taking market share from everybody they'll be taking market share from apple short run, it will be apple. they have a lot they can do with this balance sheet with this tax return and with bringing money offshore back onshore. >> so apple on this side >> apple on this side, yeah. >> supposedly they're going to introduce three or so in you phones in the next year or so. is that going to be a catalyst or a bad thing >> he's rightly talked about that, this is not necessarily the steve jobs model but i think ultimately, a lot of people are starting to worry about all the skus at apple. if you think about their last product, the big release on the x, it hasn't been all that >> what company has the biggest motor? it's least likely to be disrupted. i keep coming back to amazon apple is within $80 billion or so of getting to a trillion.

it's probably going to get there. if you're looking for the dark horse in this race, apple could falter over the next month or so and stay there amazon, the trajectory has been from the lower left to the upper right. >> these two stocks outperformed significantly the markets in today's session. >> i think when the market goes up, just by the beasts that these two stocks are, money drives into these names. so people still want to go into the performers of tech, even off the bottom people are looking for those laggards to outperform, they don't do it, they haven't done it in two years, they haven't done it in three years, they probably aren't going to do it this time around it garners the most money in the tech space plus the semiconductor space is on fire. it all feeds into the beast. >> i agree with that again, the harder they go up, the harder they fall when you look at the market coming back, it's difficult to say the market has still got a whole lot of good going for it in the short to medium term. amazon, all these things we just

said these stocks have totally outperformed >> you look at a stock, when you first started looking at amazon, i didn't really understand the valuation metrics. it was $190. and every time you bet against this stock, it's $1,600 now, it's up 36% year to date and the stock, if you look at the chart, there's nothing there that says bearish to me. nothing. >> i don't know, if you look at the amazon chart it reminds me very much of the industrials like u-techs or something like that they just started to written and th -- to rip and they fell apart i want to know where my stop-off point is obviously amazon has an a ton of momentum i would rather be selling into that over the next month than actually putting new money in. >> another choice, this goes beyond a would you rather. would you put a fresh dollar to work in either of these names given the market context that we're in right now >> this is obviously an interesting day, the vix was

higher all day we've talked about a day where effectively the s&p is unchanged and the vix goes higher, maybe a short term reversal to the downside you saw that today to answer your question, the answer is no >> i think in this environment, apple is very defensive. let's be clear, depending on how you want to value it, whether it's x cash or with the cash or what they're doing, this is a stock that is very, very defensive, especially with how they can support the stock through buybacks i think it's a stock that can plow through here. frankly, with what we can argue as a "b" minus on the x release, this is the one you buy. we've got cpi tomorrow we have ppi later in the week. >> there's a lot of risk out there. i don't think you have to be a hero in this that's why i did pick apple. your stop is last week as low if you want to do something like that but there is a lot of stuff under the hood here in this market that does not look good industrials look terrible today.

we can go down the list. interest rates not doing that great throughout the world not really supportive of a market that's -- i would be concerned. >> i'm agreeing with you what's the big problem with boeing it's boeing. >> all right let's settle this debate with the charts the chart master, carter worth is at the plasma hi, carter >> i'm not sure i can win the debate one way or the other, but let's look at some facts and figures. you guys have covered a lot of it there's a valuation issue, there's growth there's defense, apple but i thought we would step back and look at comparative charts and then get to the individual stocks we have a one-year chart you all touched on this. it's the spread, right you can interpret this two ways. is amazon the better stock because it's outperforming and it's got better growth or is apple the better opportunity because you can play catch-up? the spread is what it is that's one year. what about, if i do it over five

grasso talked about this how about over a longer term, ten years? now, again, it's that same double but what if i went back 20 here is the real truth they're identical. so at this point, long term, you could say who has the better growth going forward let's just go back to the here and now chart and then try to figure out it's about this spread apple, to my eye, has the prospects of breaking out above well-defined tops, whereas amazon looks a bit stretched here is the amazon chart, here is the channel of where it's been living the past six, seven months in principal, you often stay within the channel and you don't get out. the next move could be to the downside whereas apple has made no progress in the better part of four months. and i think the way you can draw the lines is this.

just starting to break out it's obviously the one that's closer to, i think, getting to the milestone that you all were talking about. i prefer apple >> carter comes over >> yeah. >> the no triple tops approach >> he visually illustrated it. >> they don't write about it, not in that book >> where did you get that book >> what does this say about technology overall, which has outperformed >> so much of the market depends. we know the top five box are the same value as the bottom 250 in the s&p, $3.7 trillion we know every day they manage to tack on another. yet they can stop like that. a little bit of a report or something. there's more vulnerability and more potential in something that's dynamic like amazon but you embrace risk with that

whereas a stock that's made progress, it's tough to turn that back. >> carter, if i had to ask where you're at in the s&p, that would probably be reflective on where you're at on apple or amazon because they rely on each other, basically. so it's six of one, half dozen of the other >> as you know we had a friday, 26th of january, one goalpost. friday, february 9th, the other goalpost i don't think we exceed either goalpost for months. you've set the markers, and it's going to take a lot to get above that consensus, 85% is that we would make a quick new high. a month and a half later, we haven't done that. >> within the technology, semiconductors have also been a huge outperformer. does that chart look impact? >> that's the nature of this circumstance, which is as defined, every time something starts to get better, then

another thing falters, as industrials are doing today. consider last week as a statistic. very good week for the market. five of the ten worst stocks were consumer discretion 24 of the worst 50 were consumers discretion we're getting idiosyncratic weakness in certain parts of the market, even though tech is making progress. >> i mentioned u tech, you had this parabolic move and out of nowhere they snapped what do investors in amazon need to look for say, this thing is about to snap? >> let's think about non-tech winners. mcdonald's, cat, boeing. the rate of ascent starts to abate, it starts to quietly go nowhere. then you get that first little hookdown, then another it's very rare to go straight up and straight back down it should be a stall and then a roll >> carter, good to see you, carter braxton worth

tim, today was an interesting day given the industrials move the vix was higher >> carter brought up the retail sector if you look at the xrt relative to the srp, it's down about 7.5% since kind of mid-february or actually the february 9th goalpost think about the numbers we had on friday, think about what's ailing the market, what's benefiting the consumer. the walmarts and the targets, the big retailers have been under a lot of pressure. those are the ones standing up for a buy. it's not time yet. macy's is also a name i'm ready to get back in >> i was looking at all these charts that want to break out. i do think we're in the deep end of the pool. micron, nvidia, those names to me look like they want to continue to make new highs at the same time, i still caution, i would not be all in on this market there's a lot under the surface, as carter and tim mentioned,

that's just not right. >> we talked about amazon. i look the different way on this alibaba, you don't want to buy a stock that's $1600, you buy a stock that's $192, a little pricey, doing the same exact things that amazon did, every step of the way. i expect this to be well over 200 sooner rather than later >> we mention micron because they raised their price target from $50 to $100 obviously there were a lot of different reasons, including potentially m&a in the space micron could be trading 100 in the next six months or so given how strong pricing it. >> did you say trading to $100 in the next six month? >> yes, given how strong pricing is >> wow >> so this guy could look very smart again. >> prescient, perhaps. coming up, industrials getting slammed as fears the trickle down effect of trump tariffs could hurt boeing and

caterpillar. plus one of the largest asset managers in the crypto world launching a slew of new products this month to capture the rise of the alt coins. michael sonnenshein will be here to give you the details. take a deeeep breath in... and... exhale... aflac! and a gentle wave-like motion... liberate your spine... aflac! and reach, toes blossoming... not that great at yoga ya but when i slipped a disc, he paid my claim in just one day. so he had your back? yup in just one day, we process, approve and pay. one day pay. only from aflac

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we're going to keep talking about nafta. we don't link together the negotiations and nafta but we're happy to move forward. highlighting that imposition of tariffs on canada would end up hurting the u.s. almost as much as it would hurt canada. >> that was canadian prime minister justin trudeau talking tariffs to our deirdre bosa earlier today. will a trade war bring down these once-high flyers is this a buying opportunity >> it's not going to bring down boeing, they're off the charts people don't have a lot of options for what these guys do as we talked about last bloc, in the case of boeing and caterpillar, these names have

had fabulous runs. in boeing's case it's defendable in terms of the global picture and the valuation, it's very impressive, whereas caterpillar, they have a lot of global competition. you want to go out and buy farming equipment or construction company, you can go all over the world so that would be a name i worry about. gm and the autos, this is an opportunity to pick these things up i think you're going to get fresh data points when we get first quarter numbers to hear that these guys are clicking along, and maybe the outlook changes. i doubt it >> i have two questions about boeing >> ask them slowly when you ask two in a row, it confuses us. >> maybe split it up between those two guys too >> if there are tariffs, won't their input costs go up and therefore their eps would have to be racheted down no matter what the order book says >> i'm glad you're asking these guys >> you rachet it down, but by how much if you look at the recent

guidance, boeing raised guidance from $11.99 to $13.50, made what was a very expensive valuation, close to 30 times forward earnings, a reasonable valuation at 21. even if they would have to lose some eps i still think it's a fairly valuable stock. >> my second question, they have a big order book but isn't it possible that these orders, because they're so long term, get canceled, right? they're not paying up front. >> the reason it's a strong -- [ simultaneous speaking it becomes a real trade war where everybody goes to airbus and they can't buy from boeing then boeing's kind of out of luck on that one to me, i don't think this is a buy opportunity at all on boeing i get it, i don't think you get super hurt, but i wouldn't stick my neck out on boeing now. >> boeing has defied the laws of gravity and probably tility. i've been in and out of the

name, i bought it when it did well, i sold it, i looked like an idiot when i sold it. these still have a lot of runway, but when you look at defense names or the aerospace names, once you take north korea off the table, that takes a tailwind out of it too >> things get more peaceful. >> emotions. emotions that's something that no one's talking about. but the algorithms read those headlines as super bearish when you -- >> do you really think things are getting more peaceful? >> no. but the algorithms read it as more peaceful. one or two headlines, if it goes to -- >> because if you do, i've got a jet to sell you. >> take! >> under the scenario that brian kelly just outlined. >> that's me >> we have a lot more things to worry about than just boeing under that specific scenario >> why are you pointing at me? >> boeing is at the epicenter. >> it's more than just cost. in a trade war, orders get canceled coming up, elon musk at the

south by southwest conference in austin he said something that sent shares of tesla surging. we've got the details. i'm melissa lee. you're watching cnbc, first in business worldwide here's what else is coming up on fast >> they're competitors with deep pockets that are going to hire the same producers and create compelling content because of that, they do not have a moat like an amazon, they do not have a moat like a google the words that took down netflix as short seller andrew takes aim at the streaming giant. according to one of our traders, left is missing a major point. we'll explain. plus -- >> i can't do it >> that's how bitcoin investors feel of late as the crypto carnage rages on 'lteoming key event could change thwel ll you what that is and how you can profit, when "fast money" returns

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digital decentralized currency that basically means bitcoin only exists as computer code there is no bank or government creating or controlling it i know this is already a little hard to understand i'll let this man in a bitcoin suit give you a surprisingly decent explanation >> i'm a virtual currency. worldwide. you can send for little to no fees open source. not controlled by any government, corporation, or individual it's financial freedom, bro. >> is that what you were doing the other day? "fast money" may have been among the first to cover the bitcoin craze, but some late night shows are getting in on the trend. that was hbo's "last week tonight with john oliver," breaking down the opportunities and risks as wall street dives

into the movement. bob pisani is at the nyse. >> reporter: last week bitcoin was down 23% that's not stopping wall street from adopting new products around cryptocurrencies. today thomson reuters launched a bitcoin sentiment gauge to analyze chatter on bitcoin on over 400 website, many specific to cryptocurrencies to capture the market moving sentiment and themes on friday, thomas lee introduced a bitcoin misery index, this is my favorite, a proxy for how investors think about bitcoin price action the lowest reading since it hit 16 in september 2011 like other sentiment indicators, this is a contrarian indicator when it's at extreme lows, it's proven to be a good buying opportunity in the past as it was in september 2011, november 2012, january 2015, september 2016, all hit similar lows

also last week, right here on "fast money," coinbase launched the coinbase index fund which will give institutional change weighted by market capitalization it currently includes bitcoin, bitcoin cash, lightcoin, and ethereum, although other cryptocurrencies could be added in the future. for now, the fund will only be available to u.s. resident accredited investors grayscale investments added four new funds last week that each hold positions in bitcoin cash, and himmel, ethereum, and bitcoin. grayscale's new trust will be offered to accredited investors with a $10,000 investment. grayscale has a one-year vesting period back to you, melissa >> thank you, bob pisani at the

nyse b.k., what do you make of these new products >> it's what i thought would happen with this space wall street is coming at this. it's a new asset class now you need new products. so, you know, in the long run obviously i am still quite bullish on this space. i might even have to move my -- trade my bear suit in for that bitcoin suit, which would be nice >> that's pretty sweet for more on this let's bring in michael sonnenshein, managing director of grayscale investments, the largest asset manager in the digital currency space. he created the four new single currency funds you just heard about. michael, welcome to the show >> thanks for having me. >> what sort of investment gap do these products fill why wouldn't i just by with no limitation, why wouldn't i just buy the digital currency >> grayscale has been at this since late 2013.

investors wanted exposures to digital currencies digital currencies are not like stocks and bonds and other things you buy there's certain technological prowess people need to have. by launching products that enable people to purchase a security, all of a sudden it becomes something people can wrap their heads around. particularly for institutionalal investors, probably where most of our funds have come from recently when you start involving the risk officers, lawyers, et cetera, having a product that's audited is something that really checks a lot of the boxes for them >> you mentioned something that we've talked about a lot here, institutional money coming in. i've heard both sides of it, the institutions want nothing to do with it, and yes, they're looking for a way to get into it it sounds like they're using your products to get into this >> they are. grayscale now has about $2 billion under management seven of them are single

currency vehicles. as bob just reported, we have a diversified offering, the digital large cap fund a lot of institutions, probably 18 months ago, started reaching out to us saying they want exposure to this space and everybody had a different reason for it, maybe it was digital goals, maybe it was starting to impact other technology investments they had, health care. it runs the gamut. we're see flows from value investors, technology investors, really across the spectrum >> are investors put off at all by the notion or the fact that for instance for the bitcoin investment trust at least, it trades at a premium to its underlying assets. >> bitcoin investment trust has been trading at a premium for the past 2 1/2 years on the ocqx market we just recently filed an application to get our ethereum classic product also quoted, which we hope to accomplish later this year. those are driven by supply and

demand there's clearly more of a demand for these products on the market than there is supply of them i actually think one of the days most validating for us and what we're doing at grayscale is when we saw in late december, gbtc eclipsed the notional trading volume of the spyder on two days that's an instrument that institutions have been using for over a decade that gain exposure to gold. here say mechanism for institutions to get exposure to bitcoin. >> for a long time you've had a lock on this part of the market as far as how you invest in a digital currency do you feel like you're losing that competitive advantage as more products roll out into the market >> it's probably more validating than anything to see more entrants come into the space the digital large cap fund, for example, compared to other products recently announced or launched, it's adaptive. there's a rules-based methodology for it that allows people to gain exposure to about 70% of the digital currency market with a singular

investment and because we rebalance the fund every quarter, we're always looking at changing market conditions within the digital currency landscape so that people really are staying true to that 70% coverage as opposed to what may or may not be available on a particular platform, et cetera. i think the other thing that's super -- you know, is differentiating about grayscale, we've taken probably a little more of the traditional asset management approach. we license all of our data indexes from a company called tray block so all of the pricing sources are external we've outsourced custody to third party custodians, et cetera we really focus on putting together the best of service providers around our products. we're just going to continue rolling out more products as investors are asking for them. >> michael, we've seen companies put bitcoin in their title just to cause a spike in their stock. >> sure. >> do you ever look at not only the currencies but do you look at companies that really have exposure to these currencieies that are really bitcoin or blockchain based >> our focus is squarely on digital currencies themselves.

we have not been making any kind of investment structures around companies that are exploring iot or exploring any kind of blockchain-related investments as i'm sure you guys have covered quite a bit, there are several etfs now looking at those types of offerings that's great, because investors are out there looking at that type of exposure at a moment it's not a place where grayscale is focusing its efforts. >> in terms of the alt-coin products you've launched, what has the uptake been? who has bought them? >> so we're only about a week or so since we made that announcement the four newest offerings were individual funds and the uptake has been fantastic there's a lot of investors who want to be able to place targeted exposure in a fund like any of the aforementioned ones and there are also investors who want digital offers. >> your new fund is a blended fund you talk about how active that

is, those allocations, the landscape is changing by the day. you guys obviously claim expertise in the case. what's your negligeedge in the portfolio? >> it's a rulines-based methodology. every quarter we'll evaluate what funds have and haven't performed in the landscape there's other qualifiers and disqualifiers. we have to have a custodial solution that with secure and robust and allows us to operationally support the product. by looking at it on a quarterly basis, we think we'll continue to get investors the right exposure that gives them the broadest coverage of the market. >> you mentioned the uptake has been great for these individual alt coin products. crypto has not been doing well >> sure. >> do you feel like perhaps you're not getting the uptake you would have gotten otherwise? what do you think about, if you had to reengineering this rollout, would it have been at a time when crypto would be on an upswing? >> actually not at all

i will certainly agree the numbers speak for themselves in terms of performance but in terms of wallet, transactions, the number of users coming into the space, the amount of people writing into our website, calling us, et cetera, we're continuing to break records all the time we're seeing brand-new relationships, different reasons why investors are wanting to come to the table. and so for us, we hope that we're ahead of the curve by launching these products, not behind it. and again, our ears are -- and our eyes are open. we're listening to investors we want to keep launching products that they want exposure to >> michael, thanks for your time, michael sonnenshein, grayscale. the holy grail would be to get more investors and institutional money into this space. >> if the advisory world -- it opens a huge potential market. that's the holy grail. if you can open it up for the advisory accounts out there, that just is a tremendous world for them to open >> yeah, that's still the challenge in the space, as michael had mentioned, there's

custody issues around this those are being solved i would think in the next six months or so you'll have solutions that advisers can be involved in. andrew left has a new target, netflix. the stock could be about to take off. plus shares of stitchfix sinking, a conference call is under way as we speak. much more "fast money" straight ahead. easy to analyze and take action? how about some of the lowest options fees? are you raising your hand? good then it's time for power e*trade the platform, price and service that gives you the edge you need. alright one quick game of rock, paper, scissors. 1, 2, 3, go. e*trade. the original place to invest online. when it comes to travel, i sweat the details. late checkout... ...down-alternative pillows... ...and of course, price.

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welcome back to "fast money. andrew left has been called the

bounty hunter of wall street he compares companies to enron and madoff and now he's short netflix. here's why >> apple can do what netflix does can netflix do what apple does and you can say that about all of them, amazon and google as much as it's a technology stock, the moat does not justify the huge price increases we've seen the past few weeks. >> is netflix an unshortable stock? don't you get your face ripped off when you short this thing? >> andrew always makes intelligent points he clearly does his work but everything he just said has been true at $100 a share, right? so this has been a constant theme. maybe he's going to be right this time. very good chance they report i think april 22nd their international growth has been off the charts. a lot of people point toteleco companies giving away netflix for free there's a lot of yins and yangs. i think netflix is going higher.

>> what about the moat >> i didn't use that word on purpose. it's a distribution company that has a head start of at least five years, it's going to be hard to catch up >> the short interest being ten-year lows, et cetera, et cetera, is a technical point and certainly not the reason to short the stock. but, you know, andrew has made some good points, there's no question to me the stock is crazy expensive. whether it's a content player or a delivery player. i guess one plus one equals three in this case i still think there's enormous competition. i think it's disney, it's hulu >> but you wouldn't short it >> no, i've never shorted it this is a company that is creating a term. we now netflix stuff like we google stuff this company has changed the world. but at what valuation, folks and 72%, even after a 3% pullback this year, year to date >> at one point it's going to matter it doesn't matter now. the is to estock is up 67% year

date it looks like the one that's going to survive, the interface is just too damn easy. i would never bet against this stock. >> it's a tough stock to short i don't know what the catalyst is this time, to guy's point these issues have been out there for a long time. so is there a catalyst now i don't see it that being said, the one thing i would say is the people giving netflix away to me is a positive that locks users in. think about how you gave away iphones. that locks users into that ecosystem. i don't view that -- >> are you giving away any bitcoin? >> would you like some >> yeah, i'll take some, thanks. coming up, tesla surging after surprising comments from elon musk at the south by sou southwest conference this weekend. plus dropbox is one of the first big unicorns ramping up for its $8 billion debut in the next two weeks we'll tell what you wall street sinlar isour. much more "fast money" after this n the investment industry who hold themselves to a higher standard. they are called "cfa charterholders."

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it's that easy. this is a scotts yard. download the scotts my lawn app for your personalized plan. let's hold ourselves to the highest standards of ethics. as investment management professionals, let's measure up. cfa institute. welcome back to "fast money. elon musk is in everything from artificial intelligence to the space race at the south by southwest conference in austin, texas. julia boorstin joins us with the details. >> reporter: hey, melissa. elon musk drew a packed audience, very interested to hear his updated timeline for his plans for a human colony on mars >> we are building the first ship, the first mars

interplanetary ship, right now i think we'll be able to to do short flights, short up and down flights, probably sometime in the first half of next year. >> reporter: musk did acknowledge that his timelines can be ambitious, which drew some laughter. he said after mars has infrastructure in place like glass domes, that there will be an explosion of entrepreneurial opportunities, saying that mars will need everything from iron foundries to pizza joints to bars musk also raised red flags about artificial intelligence. he warned that ai, he believes, is more dangerous than nuclear warheads, although he did praise the potential for ai to improve auto safety. he predicted that by the end of next year, self-driving cars will be as much as 200% safer than human drivers and he weighed in on the challenges facing tesla. tesla just confirming today that a recently halted production on the model three for a week in february

>> things that are really stressing me out are ai, obviously. that's always there. and working really hard on tesla model 3 production and we're making good progress but it's hugely hard work. >> reporter: and one more surprise from elon musk, when asked about the source of his inspiration, he said fred astaire and kanye west, not what i would have expected, melissa >> not what anybody would have expected, julia. thank you, julia boorstin at south by southwest in austin shares of tesla the real winner of musk's comments, the stocks surging today. should you be a believer in tesla or is elon musk just the greatest showman ever? >> probably a little bit of both it's very difficult to bet against this gentleman the stock is just on fire constantly when it dips, there's always buyers on dips short interest is still 23%. any hint of good news or better

than expected bad news is going to be bought in the marketplace. i would think the 50-day is probably your support. 335. if you're going to put new money to work right now, use that as your stopout in case the stock fails. >> the production that julia mentioned was a planned production halt, don't jump to conclusions on that. >> elon musk is unbelievable this guy is sitting there, what was that background, he's like in a cave or something i saw "a wrinkle in time" in time yesterday with my daughter and i accompanied elon musk to be the answer for how they got back to earth. if you think about what happened with the production of the model 3, towards the last quarter they were getting close they totally missed their numbers but they removed bottlenecks. they actually had 793 cars, well ahead of the pace set. i'm snarky, i've been snarky about their ability to hit their targets, and i think that's largely been right it has not been a reason to hold back the stock as steve talked about. >> i have a few things to add. >> you know this is a tv show

and we're up against the clock here >> don't say you went with your daughter, you went by yourself because you were dying to see it, and you were obviously the only one on friday, we said the stock should be down more than it was, probably an opportunity that just went from 329 to 325, there it is now. to steve's point, it's impervious to badtraders are beg it's heading higher. mike khouw is in florida with more >> reporter: we saw 1 1/2 times the action the early action was at five bucks. it traded well today and actually ended up above that on the close. the most active options turned out to be the march 350s, over 10,000 of those trading for just under three bucks. those are best, it's going to be above 353 by the end of this week options traders bullish on this one. >> thanks for that, mike khouw in florida

for more "options action," check out the full show, friday 5:30 p.m. eastern time. ahead, shares of stitchfix, one of last year's biggest ipos, sinking after earnings and dropbox one of the many unicorns getting ready to go 're ve and pull the trigger. weli from time square in new york city. much more "fast money" after this 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.

welcome back to "fast money. a news alert on stitchfix. let's get to kate rogers at headquarters >> a mixed second quarter for stitchfix. this is the company's second report since going public. they beat on revenues but missed on earnings. they increased their monthly users to 2.5 million, up more than a half million for the quarter. the ceo, katrina lake, says the company is using algorithmic tools. they say the size of their men's subscription service is about two thirds the size of their women's but men will spend 70% of what women will spend for the year the stock is down 5% after hours, down around 4 back over to you

>> thank you very much, kate rogers >> you're at like 120%, right? >> you are a stitchfix maniac. >> i just like holding things for a long period of time. >> i understand. it's very admirable. >> we appreciate that. >> anyway. as far as this business goes >> ridiculous valuation. the stock ran up 7% today. i think it's probably given up half of that in the after hours. i don't see any compelling reason -- >> there's no moats. >> no moats. they're growing their client base, they're up 2.5 million people but the valuation is too rich. >> i'm with guy on this. they may be growing their client base, but it doesn't seem like there's much of a chance that they -- it's easy to get into this business. why can't macy's start doing this why do i need stitchfix? >> why doesn't amazon start doing this i feel like for every service out there where they send you things in a box every month, amazon can do that very easily >> we've seen this

this is also a valuation that really makes no sense. i'm not sure how they even got this thing off no, i wouldn't touch it. >> there is a 40% short interest, we would be remiss if we didn't say that even in a stock that we're not anywhere near being on board with, you could see a pop. >> sticking with hot ipos, tech unicorn dropbox with its long-awaited public debut. leslie picker is back at headquarters with the details, hi, lesscy >> hey, melissa, that's right. that $10 billion valuation is about a 20% discount from their most recent private round back in 2014 when the company of course was valued at $10 million. four years later, dropbox is embarking today on a road show to meet with investors and asking for a valuation between 7 and $8 billion on a fully diluted basis. using a non-diluted share count which will be reflected and the company begins trading, dropbox's market cap is looking at between 6 and $7 billion. dropbox also revealed today that

sal salesforce is purchasing about $100 million worth of the company's shares through a private placement at the closing of the ipo sal salesforce had invested previously dropbox posted its marketing video online today where the ceo spoke about the business model of the file share company. >> we've created a unique playbo playbook it's a hybrid model. we combined the scale and virility of a consumer company with the predictability and modernization of an sas company. when you put the two together, you have an incredible efficient business at scale. >> regardless of business monoliths, the latest unicorn to test the public market and the discrepancies between silicon valley and wall street, are alive and well with today's valuation figures, melissa >> thank you very much, leslie picker let's talk about what kind of moat dropbox might have. >> i don't see any moat here this is less of a moat than the moat in guy's backyard, around

his castle at home this is a company first of all which is valued at $10 billion a few years ago. it seems like it's slipping. the salesforce endorsement is huge, i have to say. if salesforce puts their name and capital behind it, i'm impressed. ultimately why isn't microsoft eating their lunch or why won't they >> or amazon >> google. >> anybody who does it for free. why do you pay you can get it for free, same product for free >> if you have salesforce, to your point, this is not blue apron. if you have salesforce putting their money where their mouth is, it's very hard to bet against this stock blue apron, by the way, closed i think at an all-time low today, right around $2. i don't think that's what this is, though >> especially with the sales force endorsement. >> sorry about your moat you have a great moat at your house. >> hang on the salesforce endorsement, they've bought into this already. they need to say we're going to need to buy some more so we can buy the ipo price so they can

get out of it at a reasonable valuation. i'm not sure that's a great thing. >> or maybe this paves the way for salesforce to buy the company. >> why wait? you can get it for the lowest price possible now >> it could go lower >> i'm just saying quick programming note, do not miss jim cramer's big show from san francisco tonight he's got interviews with two ceos of workday and splunk, "mad money" 6:00 p.m. eastern time from san francisco

say carl, we have a question about your brokerage fees. fees? what did you have in mind? i don't know. $4.95 per trade? uhhh. and i was wondering if your brokerage offers some sort of guarantee? guarantee? where we can get our fees and commissions back if we're not happy. so can you offer me what schwab is offering? what's with all the questions? ask your broker if they're offering $4.95 online equity trades and a satisfaction guarantee. if you don't like their answer, ask again at schwab. but prevagen helps your brain with an ingredient originally discovered... in jellyfish. in clinical trials, prevagen has been shown to improve short-term memory. prevagen. the name to remember.

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final trade time >> you have to stay with intel looking good from here >> techs were hot day. >> wait for tomorrow, that inflation number if it's tame, get into some alibaba. >> we've got j.c. coming up from san francisco. >> big show from san francisco >> is he plugged in watching "fast money" if he is, hi to jim cramer, who looked outstanding this morning. >> yes reporting the news about our own larry kudlow >> with that said, u.s. steel gained some guidance at the

close. x catches up to the rest of the space. >> i'm melissa lee see you back at 5:00 for more "fast money. don't go anywhere, aforementioned jim cramer begins from san francisco right now 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 save 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.