which keeps indexes at a controlled mode. >> we saw netflix, tech one one way. >> volatility index will stay suppressed because of that, opposing currents. >> one-month low. >> under 15. >> mike, thank you that does is for closing bell. appreciate everybody joining us. "fast money" begins now. >> over looking new york city times square tim seymour, brian kelly and fattan tonight crypto craze rages on as universe gets past one of its biggest hurdles, tax day brian kelly says alt coin a boy. cannabis craze tim seymour mapping marijuana world telling you the stocks he think are going to light up your portfolio. first we start off with bull fantasy on wall street that is apparently coming true it's been a dream-like earning

season for investors as big names like netflix, unitedhealth surging taking the rest of the market along with it dow up more than 200 points today. this exactly what the bulls are predicting earnings and fundamentals higher. tech stocks failing to join the rally. will we keep seeing an earning season back to all-time high. >> five bucks who wrote dreamweaver? >> no idea. >> gary wright. >> market has gone back to all-time highs i don't know what happened was important. fallthrough for tech sector, arguably leadership. transports gave you something yesterday. the fact technically on s&p 2700 was a very important level to get through. getting back above 50, getting back into the trade i think is something that's very important. i will say everybody had been expecting earnings to be very good for this earnings season. they are delivering. we have never come out of a quarter or been about 10 years

since we had divergence between fundamentals of what expectations were on eps growth. earnings don't surprise me. >> we expected good q1 results the after mark i think we'll see massive dispersion with the results. going into the period a lot of question marks, continue to underperform names like netflix which most people were very certain was going to actually put up good numbers, guidance, perform well after that that was the market we were in the market we were in for 16 months leading to this selloff we had in this quarter one was buy every dip. if that's what it's been for a while, people continue to do that to me, important, s&p 500, important level, important we close above 2700 also mentioned s&p 500 was the only index that did not go back to its prior highs when we balanced off february lows that's the one i want to keep an

eye on, rotation in financialses interesting. that was a sector everyone so confident about but couldn't rally after it to. me s&p remains really the one to watch in my opinion. >> what's interesting, though, is the markets overall were able to do okay even without participation financials in numbers. were you surprised by that >> i was actually i'm long a lot of financials that was disappointing ran in front of what everyone knew would be good earnings i'm surprised they haven't participated more. i haven't sold any if anything looking to add the tech rally is a long way from over, a long way to go to get any remotely close where they were -- maybe not netflix today could have surpassed where it had been. amazon and google and facebook -- facebook a little idiosyncratic. it will be interesting to see how retail does. a little negative economic data on retail yesterday i think that was. they report a little bit later i think there's still a little

more room to run. >> so the two things we've hit on here are expectations and economic data. so we've had very high, very good expectations and very good economic data. now, if you look at some things like citi economic indicator, it goes up and down with the economy, economic surprise index, it's a shorter index, showing weakness going ahead see economic data points weaken a bit. doesn't mean recession, not as good as everybody is expecting, which then filters into potentially earnings expectations going forward and guidance my question, is this as good as it gets. that's what i would be concerned of a decent rally off the lows. if you're a trader, you take some off the table i don't know good myself but take some off. >> let's put it this way, all the factors that gave the market pause, people thought then off we'd go and it wasn't. frankly we haven't cleared up trade tensions

at least there's been no resolution great statements, a lot of talk and a lot of talk in the past that's gone nowhere. we certainly have issues in the middle east, certainly have issues with the federal reserve not backing off if you listen to the fed. williams yesterday steve liesman was very clear, the fed, first of all, doesn't care if the market has volatility. that's great news for people who like how markets function. interest rates concerning people, equities aren't the same at 3% as 2%. volatility is down do you think the new paradigm is gone when we say the first quarter was 21, 22 on average with the vix i don't think it's a mirage. that stays with us. >> flattened yield curve, smallest since 2007. you're pointing out action in china, too. >> we love tony. tony seems very bullish. he's got 3100 target in the s&p 500. he's talking bought valuations, don't be afraid of that yield, about a recession until we get

thaneverted yield curve. here is the thing i think is really important i remember how strategists were in the first quarter of 2000 or remember how they were in q3, 2007, no one saw the thing that would take us down right now i don't think it's particularly lurking here in the united states i think there's issues in washington that can cause a lot of geo political risk global but let's think about it shanghai composite, it's getting wrecked right now. it's really on a huge level technically near 3,000 to me i think there's things lurking that we're not paying attention to. >> is that a tariff thing or fundamentally -- we just know. here is another one. home depot and walmart are two of the worst acting stocks last couple of months, huge bounce. we know how important our consumer is. you put the trade thing back into the mix here and we have situations that really could cause your city surprise index to take a dive. >> add to that, look what's going on in hong kong.

they are defending their currency and tightening monetary policy in a real estate bubble to me you look at the hang seng index, that tracks s&p very closely. that's where you can have contagion from currency crisis or tightening too much because the federal reserve is i think they are externalities. >> i have to tell you, people have been talking about china. you're right to point it out, dan, we talk about the stuff the trade action and emerging markets underperformed s&p by 4% on eem over last 11 trading days looking at csi broader sentiment for global markets no way a local market, dominate bid local flows. china had gdp out, 6.8%. i'm not saying everything is great. we know they have loan issues. i just don't think what's trading on the rest of the world is something -- we are focused on the five factors we just talked about here and i don't think it's china's mack pro. >> we have said in the past bought protection, with the vix

down are you back in >> i bought s&p. i do want to hang onto things. i do want to hang onto my banks, for example. gm i added gm at decent price, i want to hang onto that 15, i don't think we'll be in that average vix 21 or 22. it's very hard to sustain, i think. but so i'm not going to trade my stocks i am going to trade on protection getting longer protection here. >> let me say this i think 14 handle on the vix is a gift listen, all that we're talking about u.s. centric, corporate earnings, what's the fed going to do. i don't think they are going to make a huge mistake. i think regular viewers of the program know i think we are sleep walking through something that's going to be a massive event in the u.s. i think tape bombs working out of washington over the next few months into the fall where we can see the market considerably lower. to me when you see vix at 14 and you have the opportunity to protect your portfolio, i think it makes sense to do so. >> earnings might be great but our next guest isn't so

excited. let's bring in wells fargo senior global equity strategist. scott, good to see you again. >> hi, melissa. >> why aren't you excited? things look to be okay so far. >> our year end target 2850, a good overall return for the year i think today was the day every since february 2nd with the january employment report, i think traders have pretty much run the market today we had the 50-day moving average, 100 day moving average, down sloping trend line off january 26 high. that all came into play. i didn't see what the final volume was for the day we're up against that. tried to mate over it going into the close and didn't kuwait work so it backed off maybe karen is right to pie some puts in here i tell you, i think we're going to stay volatile i do think we're going to finish up and push ahead of these technical resistance levels. you know, we're not looking for a great year, but we're looking

certainly for a decent one. >> how critical is price action in financials, scott, in that they ubd performed the market. at one point s&p financials session lows, s&p tech at session highs. a real disparity in the way they traded, even though financials, putting this broadly, had pretty decent earnings reports. >> they did have decent earnings reports. tech certainly led the charge. we are overweight financials if you look at slightly higher interest rates, better loan demand, better economic growth, we think all those things are going to help financials i can't get hung up in the timeframe i'm looking at, six, nine, 15 months. i can't get hung up on a day's worth of trading but i think these financials are going to do better by the end of the year and going to catch up a little bit. >> hey, scott, brian kelly you're saying you're not as excited but still somewhat excited. >> sure. >> that implies there's potentially some economic weakness coming. what are you saying that's saying, hey, you know what,

earnings aren't going to be as great as they are in the past. >> brian, for us, if it hadn't been for tax return we would have 7% growth rate on earnings this year. that would have been less than 2017 as it stands we're looking for 16% this year. i think the consensus is somewhere around 19 and change i think the consensus is a little optimistic. you guys pointed out some of these global pmis are rolling over a little bit. some of these citi surprise indexes. if you look at eurozone or emargining markets, china is all over the place normally anyway but you look at some of these things and you do have to say to your self, internationally, have we seen the peak are we going to see continued follow-through in terms of economic growth. we think you're going to see a decent year internationally and 2.9% gdp here. so things are going to be okay

but they are not going to be great. >> scott, great to speak with you. thank you. >> all right, guys, thanks. >> scott wren, wells fargo. >> i was rolling out puts positions i want to stay long, sounds like something cameron doing, also protections on indexes, 2700 isn't a place to actually be, expecting to not hold so far today seeing lower highs. i'm kind of with dan on the short-term, i think we shop around that's where i've been. >> dan. >> i think you take the opportunity to put some things out. the s&p is in the clear down trend. i know a lot of people focused on the clove above 2700, down trend, 2740 we're not out of the woods. one other point talking about china, we may be in the trade war tit for tat, what caused all that volatility in 2015, devalue of currency, they can do that and send the whole world into some sort of tizzy to me i think we're being a bit complacent.

>> the dollar was 15% higher then that made sense. if anything, the rest of the world could be pointing at us. >> that's right. >> i go back to this is a market have you to tactically trade there's not a trend. if anything we're in a down trend. when you get big up days or selling positions lower, i'm not looking to add anything here i'd be looking to trim things. if i had overweight positions, i'd be looking to trim >> very trimmed? >> not really. i would look maybe to sell upsides in apple there are some things out there. airlines not crazy expensive >> united. >> some good numbers with united despite the tragedy that happened today -- >> they have given us these numbers. agreeing with you, we're getting guidance along the road here. >> coming up, speaking of earnings, check out shares of ibm looking more like a nightmare than a dream we'll have more details on what

went wrong as facebook scoresp should facebook get the boot from fang? what should replace. "fast money" gain. everybody loves gain one controversial bitcoin that's about to break out later weed week on "fast money." the fast world of pot. stock gains about to heat up live from times square in new york city. much more "fast money" right after this 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.

. welcome back to "fast money. as you heard on last night's show netflix report add blowout quarter and shares went high facebook fallout taking a bite out of the fang trade. year-to-date performances, facebook down 4%, amazon up big, alphabet a gain of 2%. this comes as "wall street journal" stock pickers ready to take the facebook out of fang. that gave us an idea for a brand-new game we are calling -- >> we love games. >> wheel of fang. >> yes. >> but first let's meet the star of our wheel of fang you might recognize him as our

all-star page ryan hey, ryan. >> good job there. rules here are simple. traders recommend a stock that will replace f for facebook in fang what should replace facebook in fang first contestant up tim seymour. pick a letter. >> great to be here. i'm playing for my team back home. >> limited time. >> team for twitter. poem line twitter is the closest thing you'll get to online social platform. i would pick tencent, global version of facebook i'd rather, but american companies twitter. >> tang for you. >> my better b for bang, baba. excellent growth, financial, bunch of different equity. i like baba. if he was here he would say bada

bi bing, but he's not. >> i can't buy a vowel i'll go t for taiwan semiso tang everyone trying to by crypto, guess who fabricates, taiwan semi that's the way you play. >> global show. >> i thole you would go nang or ang. >> it doesn't roll off the tongue. >> dan. >> pang, paypal. >> nice. >> we all know the story here. obviously strong sector shift toward mobile payments, venmo, a lot of stuff going on here here is the thing i'm most interested about this company earnings 20% a year

next few years high teens revenue growth next two years, traded 35 times. yeah, it's expensive but i think it's actually growth at a reasonable price to me p, paypal, pang. side note 1995p ronnie pang, our goalie. >> can we keep moving here. >> you couldn't get anything by him. >> thank you, i didn't know you had such skills. but in all seriousness here, should facebook get kicked out of fang. fang being cohorts of high-tech, high momentum tech trade. >> what does that mean kicked out of fang? it's not an index people have to follow. >> psychologically. >> if you were to pick the four tech stocks that symbolize growth in the tech sector and momentum, would they be the current fang that's the question. >> look, i think facebook has been out of fang for a couple of years. i think the poem line if you wan to replace it with something

else -- >> so the answer is yes. >> yes. >> what do you think >> i think if you look at three of those, the faa stocks, fang, amazon, alphabet, they all have the same issue they are all facing the exact same issue as facebook people don't want their data out there to be used and sold by them it's the exact same issue. >> no, it's not. >> amazon. >> what do you think that government listening device is they sell, the echo. >> doesn't seem to be holding back the other two stocks, though. >> yet. >> i would make an argument there's a regulatory overhang over a few of them and that is something that is weight on facebook i don't think they are in the same business. i don't think you're saying that. >> i agree they are not in the same business the issue of data privacy and centralized internet is something i think we've reached peak centralization which means you don't want to be in fang stocks.

>> i think this will blow over in terms of privacy. i think facebook to know if they really should continue to be in fang, i don't think it will be this quarter event because i think we'll see a ton of expenses loaded onto that model. i think it will really be the quarter or two after that. how much will that affect their growth what can they earn on this money machine? i think the jury is still out. >> i'm surprised nobody proposed square, nvidia. >> paypal is part of the conversation with facebook last week when this thing was trading 160 or below that. my view is this, if this company, regulation about their core product, i think they have a lot of levers to pull whatsappp so many opportunities here i think the opportunity in facebook investors if you're long this thing, you'd love to see it underperform a little bit while all this news is coming out and set up for 10 years.

a company went public 2012, $5 billion in sales, expected $55 billion next, 70 next, not out of fang, could go sideways. >> coming up general electric soaring as the company gears up for what could be most important earnings report ever insider bob nardelli said there's one thing the industrial giant needs to do will he's speaking right here on "fast." first in business worldwide cnbc meantime, here is what else is coming up. >> one man, one coin, and a purchase that will rock the crypto universe. b k's bold call is coming up plus while bitcoin soars cannabis stocks are going to pot. >> it's a little harsh. >> you bet it is investor says now is the time to take a hit he'll give you a name he sees as having smokin' returns when "fast money" comes back. polk county is one of the counties

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welcome back to "fast money. the dreaded tax day for crypto investors and bitcoin balanced it wasn't bitcoin that saw tax season miracle altcoin rallying as well. bob pisani with more hi, bob. >> hello, melissa. there's a lot of hope it will be improving. all cryptos upp bitcoin 16%, lite coin 18%, ripple 35rks% many citing tax season as a major factor this is a good start can't change the fact it's a lousy year not just boik but all hit highs in january boik 59% off historic high ripple 75% off, etherium off lite coin, they are all

terrible the market has shed $500 billion from its value from all-time high above $800 billion. we did that. it was the beginning of the year bitcoin had a value norristown of $300 million in december is down to $137 billion there were similar drops in etherium and ripple. coins rallying throughout the day but down in the afternoon with some citing new york attorney general's office. they sent letters to coinbases, gemini trust, bit flyer and 10 other cryptocurrency exchanges requesting they complete by may 1st questionnaire on areas like ownership, fees, trading suspensions, and money laundering there is a perfect of the crypto world that is crying out for more transparency. there's another part of the crypto world that wants to remain anonymous any time you get things going out you see dips in the market i think that was a definite factor today melissa, back to you.

>> uncertainty is not good bob, thank you. in the midst of altcoin, bk says it's time to pie one coin in particular. forget bitcoin, buying bitcoin cash, the cash bug, he's at the plaza to tell us what has got him so bullish. >> i know this is a bit controversial. bitcoin, bitcoin cash they do trade together somewhat. let's take a look what's going on here, why i think it might be take time to buy bitcoin cash. we're in the monty python zone, what do i mean by that he said you're dead, i'm not dead yet, mostly dead. bitcoin cash left for dead thing has gotten absolutely crushed. maybe mostly dead but not yet. a potential breakout coming and increased volume when i look at technical indicators that's what i want to see. the charts here, this is a longer-term chart. we have right here at 790. that was support right there. it

has now become resistance. if we get that practiceout you're looking at higher moves so let's for to the next chart, which is a shorter timeframe let's see what's going on here you've got this down move here we are now starting to form what carter might call triangle or wedge, something like that look at this volume there, volume there those are the first things traders look at and first thing i look at to say something might be changing here again, looking for a breakout there. you need a continuation of bitcoin rally but bitcoin cash not so bad here. >> bk, question for you. volume think is interesting. a lot of haters of bitcoin cash in particular. what do they hate so much about it >> so what it all comes down to is who owns the name bitcoin some are saying which is the real bitcoin that's the big argument about it i'm not taking sides i'm a guy who wants to buy low and sell high. it comes down to what is the real bitcoin and what is the true so-called vision.

i'll let everybody else decide that, i just want to make money. >> we thought you were setoshi. >> he could be. >> you saw that move in bitcoin today, dropped 400 points in a straight line and obviously pisani said it might be related to new york ag are we seeing issue with liquidity right here seemed like last week when bitcoin bottomed and went up in a straight line like 15%, that seems kind of odd especially in the volatility regime this year. >> i haven't seen any problem in liquidity in trading, a lot more in the market. today's reaction i think was simply simple market action, just a correction after we had this big run new york attorney general probably doing the right thing really just an information request. they want to find out what's going on with these exchanges. that's a good thing. most exchanges they did send letters to are fully compliant, doing things the right way it's a big company doing things the right way. i would be buying the dip on

this news. >> by the way, we have a poll on twitter buying bitcoin or bitcoin cash, be interesting to see how that works out still ahead pot stocks suddenly going from hot to not over the last month as a number of key players in the space take a hit. tim seymour, four names that could be ready to fly high again. we'll break it down. plus a make or break week for general electric as embattled dow stock reports earnings what can traders expect. ge insider bob nardelli will be here much more "fast" pony right after this

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welcome back to "fast money. take a look at shares of ge surging. you heard that right, surging over 3% today. the worst performing dow stock down 20% with industrial giant reporting earnings before the bell on friday will it be a complete earnings bombshell dom chu back at headquarters with what we can expect. hi, dom. >> a good day for all ge stakeholders friday. it's fair to say they haven't been pbuying into the ge story yet. analysts looking on average

earnings per share of $0.11 on sales of $27.5 billion pricing in a 4.5% move up or down in the stock around this report but the focus is going to be a lot heavier on commentary from company management about how the turnaround plan is progressing and what exactly is next ceo john flannery has the work cut out trying to reinvent one of the most storied companies in history and a lot of homework on what predecessors perhaps did or did not do. >> i worked for jeff for, you know, directly for the last 10, 12 years so the alumni, if you will, have unique perspectives. i still remember calling jeff shortly after starting the job he used to always say every job looks easy until you have to do it i remember calling and saying, you know, i understand that.

you know, well now their perspective is invaluable to me. >> friday morning, melissa will ge be able to reassure investors it is on the right path is its 3.5% yield, $0.12 per quarter. analyst cowen called that safety into a bit of question back over to you. >> thank you very much, dom. for more on ge we're joined by bob nardelli who was -- he actually did the job there, couple of jobs, big ones ge's transportation ceo from 1993 to 1995 and power system ceo from '95 to 2000 bob, it's always great to get your perspective what does flannery need to do? >> i think, you know, john has a huge challenge in front of him, as jeff said i think on friday he really has to deliver on some of the commitments that he made back in november and december with the analyst meeting. $20 billion worth of assets to

sell i think one down, 19 to go you talk about taking about a billion dollars of cost out of power systems. my experience you get 250 in the first quarter because the hill gets steeper as you go through the year i was glad to see the stock go up on the announcement on health care and factory in the box. i think that's very positive if he delivers on some of the commitments he made to the street, i think we could see 4.5 up if we don't hear that and don't get reassurance on the dividend, then we aren't getting cash from operations as opposed to dpe capital used to fund the dividend and that's, of course, gone now i think it could be a tough call. >> if you were in flannery's seat would you defend the dividend or opt for financial flexibility so you're not in a tight free cash flow position later on in the year >> i think the disappointing thing is if you're going to pull

the band-aid off, go all the way. i think there was some hesitancy when john took over. he knew he had to do something, didn't want to go the entire amount talked about $20 billion worth of assets that he was going to sell we talked about transportation was the first one on the street. then there was an issue of, no, we're going to keep it because we got an order. then we're going to ipo it and now we're talking about some type of mix pllike baker hughes deal decisive, quick yes, quick no, john and the board have to really provide confidence of clarity of where they are going to implement this is paul about execution now and speed. you've got to be looking at your watch not a calendar. >> so would the worst thing he could do be to say we continue to study these divestitures more >> i think if you had a new ceo to the company, you could give he or she more time. as john said he worked for jeff

if 20 years and in the company 30 times worked in corporate a long time, had an opportunity to look at these businesses he had to do what he had to do but courage of conviction to pull the lever one way or another. what i hear from my colleagues is indecisiveness or lack of clarity on direction the concern over pension what $31 billion of unfunded pension, over $130 billion of debt you've got $20 billion of increased goodwill $10 billion of nonearning assets there's a lot you could be doing and selling nonearning assets to generate cash to cover that dividend to give the street confidence, i think. >> one of the things -- put it differently. writes the place they could surprise us to the upside? obviously energy assets getting pa better bid because energy business recovered power bad news but maybe some out of the way transparency on what all the

insurance underwriting needs are is probably the biggest issue for the company. what do you like to the upside if there is anything >> the upside would be they, in fact, did drive more free cash flow from operations they drove productivity, margin improvement maybe through pricing or better relationships with the supply base i think that would be the upside that would really be great to hear, you know, on friday for the earnings quote. >> with all that said, bob, knowing what you know, seeing what you see happening at the company right now, would you say or would you tell investors to stick with the stock >> i think that's what you guys do here. >> we're shareholder -- >> i think we got our answer. >> you're a shareholder, bob. >> i'm not a shareholder. >> would you buy the stock here? >> i would wait to see a little bit. i'm not going to jump in just yet. i really want to -- look, i love ge i started my career there.

jack welch is a dear friend and unbelievable mentor to me. i owe my whole career to ge and jack so i'm pulling for this company and the people who worked so hard when i was there at transportation and lighting and appliances, ge, capital, medi l medical, capital systems so i have a ton of friends very anxious about their future. >> you're pulling for the company but not buying it. >> i love the company, i'm pulling for john he's got a huge challenge in front of him i hope he delivers on friday. >> great to see you, bob thanks for your insight. bob nardelli what do you think? >> i think a clear message from a veteran better than him telling us buy the stock here. when you think about it, a lot of people could be critical and say how is a guy who has been this like flannery going to fix the problem. he was there the whole time. listen, say this great to hear what they need to do i don't think in my career in 20 years in the business, i've never seen a story like this as messy as this not reverse after

massive capitulation the stock has been down 30, 40% since they took over i think there needs to be a blood letting. >> we haven't seen a capitulation yet. >> the best way to do it, just get it all out there. >> certainly ripping the band-aid off, i'm not sure if they missed that opportunity what investors want from the company right now total transparency, no surprises they are getting on their own with at least how they are now restating the earnings i think that's what the company needs. $0.95 or a buck important a buck twenty. >> what do you do? >> wait for warren buffett i wait for the washout and warren to to in. >> dow down 6% following earnings support we'll hear what went wrong and what the company is saying about blockchain it's weed week on "fast money" your very own marijuana master, stocks -- pot stocks -- about to

light up he'll give us the names when "fast money" returns cfa institute.

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cfa charterholders have proven themselves by passing one of the most rigorous exams in the world. demand the best. demand a cfa charterholder. cfa institute. let's measure up. welcome back to "fast money," pot stock gw -- actually pharma lighting up on sprernlg faa may approve marijuana drugs. it hasn't been cushy for all marijuana, emerald health, aurora taking a big hit. what does this mean? how can you get in on cannabis

craze. special weed week in honor of 420. hot on the marijuana trade for a while, map it all out for you. >> i'm going to fight through all the sound effects and comedic run-ons. bottom line a real industry, global, recreational, wellness, lifestyle. as mel said i've invested a few years sit on the board of a private company, an israeli company selling all of that stuff eventually when it's legal but it's certainly growing here. i want to get into why cannabis. for people who have nothing to do with this industry there's things you need to understand first of all one of the things going on in this country, this is not a red state/blue state issue the majority of the country is in favor the majority of the country. i'm trying to under line it, doesn't work doesn't matter, bottom line we know what's depending on state by state, massive revenue for states it's a state's issue and a big

political football we know about the opioid crisis in this country. there's no question that marijuana has approved to be alleviating a lot of pressure and taking a lot of people off these horrible drugs and putting them on things not addictive, not addictive at all it's not a gateway drug. the entire world is coming to grips with this. certainly an issue in this country. veterans clamoring for it, that becomes a football as well social lubricant, when you think about substitution of recreational cannabis for alcohol. ultimately, who are the people probably fighting hardest in washington to keep cannabis scheduled as a drug that should not be allowed to be legalized it's big pharma, big alcohol, although look at constellation brands who did a big deal with canopy and ultimately this is telling you a lot of these guys are actually not playing defense but offense in this sector so you are seeing substitution effects. here is what i want to talk

about breakdown of indexes people are very aware what's going on in recreational i get it we know what's going on there. for a lot of people recreational is a much more complex market, much more global market, it's really a substitution effect medical we know what's going on there. on the wellness side, i can tell you that's the path everybody draws from goes from these three, leading to lifestyle brands. let's get to some of the names these are big players. we want to give you names big market caps well-known companies executing every single day we talked about canopy, they would be the big recreational play ultimately this the company really out there they set the biggest market cap, land grab, pharma, mel talked about them today their drug epi dialect could be the first fda approved botanical drug bottom line med releaf

frria, biggest in canada, food, pharmaceuticals. the wellness side of the trade there's a lot to talk about and we're going to get into this the rest of the week. >> have you a question >> yes a lot you lay out are interesting. what do you think about valuation, it's got to be big revenue growth what kind of growth are you looking for? >> any growth company what's the investment they are making for their growth next year and the year after that. a lot of criticisms that have come, behrens had a nasty article, although appropriate in terms of valuations of these companies on some level they are not worth valuation investors are paying except for the fact these companies are reinvesting and it's a land grab and it's not just here. canadian companies buying up assets in the u.s. and germany and uruguay and australia. that's how i think about valuations how do you think about valuations in any growth industry you can make any sense you want to. >> thanks for the breakdown. all-star lineup. tomorrow sitting down with ceo

of aurora cannabis, one of the biggest players. top wall street an ligs vivian azer and william we would. he'll join us as well. ibm after hours, you won't believe what the company said 'lbrt blockchain wel ing you those comments much more "fast money" still ahead.

welcome back to "fast

money. ibm out with paerngs after the bell that stock is sinking. let's get to josh with the latest hey, josh. >> the subject of blockchain very quickly came up take a look at what cfo james cavanaugh had to say. >> we also make progress in emerging areas like blockchain we've grown to over 50 active blockchain networks since the release in the third quarter last year. last moment we announced the beta version of ibm blockchain platform starter plan. designed for startups, developers and companies of any size that want to quickly stand up a blockchain network. in the first two weeks we had over 750 networks provisioned. >> besides blockchain there is some disappointment here specifically with margins clocking at 43.2%.

the street had wanted to see something closer to 45%, we did include certain charges in operating results without the impact of those charges we actually would have improved that gross margin trajectory troy sack nagi from bernstein asked this question, with i.t. spending environment as robust as it is, he asked these executives, isn't this as good as it's going to get for ibm those executives obviously disagreeing with that. listen, we posted revenue growth 5%, modest and constant currency, modest growth, strategic imperative talked about enterprise cloud business, ibm feels confident with the right product portfolio with the right team melissa, back to you. >> thanks very much josh lipton. by the way alabama traded lower off backs of first quarter earnings report since 2009 every first quarter since 2009 lower. this according to the spoke.

how do you like ibm? >> i have liked it i don't think they get enough credit for what they are doing on blockchain. the issue her is revenue growth. the street wanted to see revenue growth constant currency taking out what the u.s. dollar added to it. zero revenue growth. a big company with a lot of different moving parts i love what they are doing with blockchain hyper ledger product they have interacts with public chains, different coins. i think that's a huge, huge opportunity for them. >> doesn't trade like a blockchain stock should trade, like take mean -- >> last year they may double, expected to have $80 billion in sales. it didn't move the needle, matter the most important thing cognitive solutions we all know what's in there, your buddy watson >> grew 6% year over year. >> this is one of their faster growing businesses, exciting technologies to me this is a company i've been saying it for three years needs to be broken up.

>> sticking with earnings here twitter flying high, smars soaring. option traders biddinging on more gains with earnings next week let's get to mike to break it down. >> hi there. we're seeing 14% move for earnings well above 10% average, double volume call volume. one of the interesting trades may calls, 35 trade are for a dollar those would be bullish bets twitter could rise 35 or 36 by may expiration. >> thanks. for more optionshe cck out the full show 5:30 eastern time. up next, final trades. so lionel, what does being able to trade 24/5 mean to you? well, it means i can trade after the market closes. it's true. so all... evening long. ooh, so close. yes, but also all... night through its entirety. come on, all... the time from sunset to sunrise.

right. but you can trade... from, from... from darkness to light. ♪ you're not gonna say it are you?

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earlier in our show our own crypto peer said he was buying bitcoin cash we asked if he agreed bitcoin cash was bretter. when he gets rekt. bitcoin, 1% voted bitcoin, 90% bitcoin cash. >> i like being contraryium. >> i like toni braxton any time we hear her that's good i like that thing mike did on twitter. >> happy birthday my little twins, kate and william, not so little anymore and anthem, two important things. >> for me i think this currency

volatility coming you want to buy gld gold. >> semigot better on twitter, saw 11% rally. you see that on snap, entire earnings gap. >> happy birthday kate and 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 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. when will people understand that f.a.n.g, my acronym i