because a lot of people said tech looks overheated but industrial isn't going to get overexposure and semi-conductors and the likes. part of a life sciences tools and products group. one of the strongest growth sectors of the year. >> it's done quite well. everybody, that does it for "closing bell." "fast money" begins right now. "fast money" starts with a major selloff. stocks getting crushed today. dow dropping 600 points. below 24,000 and it all began with these words which took the entire market down. >> we expect a target investments for future growth to be higher over the remaining three quarters. the outlook assumes that first quarter adjusted profit per share will be the high water mark for the year. >> the high water mark for the

year. that took everything down with it and it spread across the industrial sector creating a sea of red. lockheed martin, boeing all underpressure. so is cats warning to the world the sign of more pain to come? what do you think? >> welcome. >> a pleasure, always. melissa lee, who knows where she is >> she's in miami. >> mystery solved. >> mystery solved. >> good for her. >> the answer to your question is, as painful as today was, as painful as it felt, if you look at the s&p 500, we're still above steve grasso's 2580 number. quite frankly, it still held where it's supposed to held. that's number one. number two, valuations will start to matter in a lot of these names. caterpillar highly cyclical. they told you, guess what? they told you highly sillical. at a certain point you look at these stocks and say wait a second.

it's a compelling story in terms of valuation. i don't think we're there yet. again, market felt bad today, but look where we are and look where we troughed a couple weeks ago. we're significantly higher than those levels. >> karen, wasn't the only bad news. 3m it's two major streelz, short cycles. >> that's a little scarier. let's go back to caterpillar for one second. it seemed to be taken out of context if you were bullish on caterpillar going in today, you already assume the risk that it's cyclical and they have some risk. they up their guidance, they also beat by such a big amount that those three following quarters were never going to be bigger. the street never expected them to be bigger than what they reported today, right? i don't understand at all what's changed and if you read exactly what he says, they're outlook which they raised from 1025 to 1125 assumes that the first quarter will be the high water mark. maybe it will, maybe it won't.

to me that was being conservative. i don't understand why the street flipped out over this. maybe it was bond yields starting to move. maybe just people decided, you know what? i don't want to be the last guy in when it does peak. i'm going to bail out now. >> it's a very rational response and you're probably right. i will say, though at 29 times trailing and on some level i want to go by trailing because again i think we've gotten a lot of good stuff in the stock market and what a lot of these industrial guys are getting is a tax benefit and that is so front loaded. yes, it helps their business long-term but year over year these numbers are going to be washed out in two quarters. >> forget about year over year. i'm not long on caterpillar. if you were long going in to today, i don't see what he said that should made people freak out. >> what he's told you is it doesn't get any better than this. steve and i at times have had a healthy debate on this. >> i don't think that's what he said. >> when stuff is in the price, it's in the price and coming into this earnings season people

new caterpillar was going to have record quarters, they knew they'd have a huge tax benefit and the global economy was synchronized. i just think -- >> 3m and caterpillar, was two names, though that really shaved expectations. >> this is why i love doing this show. we're all professional traders and i see both sides of this. the pushback is, do you feel like if there's the -- if it is a synchronized global economy, do you feel like global growth is still intact? that would be the number one question and you would say yes. >> i do. my biggest issue right now is equities have a much higher cost of equity in them. they're just not worth as much -- >> if you think that that global growth picture is still intact, i agree with karen. i don't think that much has changed. it said it in a blaz ai fashion. it's a cyclical business. you get that by its nature. i do think the market's took that lead today and -- to

karen's point, rates are there, tech is there but people say, okay if i don't want to be in tech, what are alternatives do i have let's stay in the industrials. but it cat comes out and says that, you're forced to exit at least on a basis. >> i know that this is how we're essentially pacing this conversation, but it's not just caterpillar. all right? let's be clear. if you look at the death and destruction across some of the most crowded popular stocks today and we'll get into faang in a second so i'll leave that alone. we've got a dynamic here where i don't think it was just that. it happened at a time when the president was out there with some serious bellicose tones. the market just doesn't like it. >> i think that -- the way we introduced. boeing up 11%. i feel better about owing -- owning boeing at this point. i'd be a buyer of cat. give it a couple days. this is not something you rush into. >> what is the proper multiple for the industrials right now over the next two years?

>> some where between 14.5 and 16, in my opinion. >> discount to the market. >> that's probably a healthy thing. >> and caterpillar's twice that. >> and it's run 150%. >> if you believe the forward earnings, caterpillar is trading, i don't know, 14, 14.5. it's not ridiculously expensive. it's not crazy cheap either. to get back to the nuts and bolts. this is what tim is saying. this started long before. this is become a by the tip market pre-january to now it's going to sell the rallying market and it started at the end of january. it started on a friday, february 27bd when a hot wage market came down. the market changed that day. so we can talk about caterpillar today, but it started a month and a half ago. >> a lot of these industrials also brought higher input gross, right. >> for sure. >> which makes you start worrying about -- we talked about that. inflation's and margins getting compressed. >> go ahead, karen. >> that is a legitimate fear, right? if sales, even if sales are

growing, can they keep -- is that growth enough to offset higher labor -- >> this being a high water mark. that's the main issue that -- >> all he said was, our estimates assume that this quarter was the high water mark. >> and earnings per share. >> again, i think that's a great reaction and you're probably going to be right. when i look at what guy was just saying, first on january 26th we peaked and then we got that bad payroll number which was wage high. guess the next thing we add ad between? gary cohn and trade wars and iran and all these other things. we've had earnings are not -- earnings are a new catalyst for taking the market lower. that's right. >> they're supposed to be the catalyst to bring the markets higher. >> that is the biggest shock. >> when you're going through -- i guess the win is that we have not broken the february low. so for me when i look at it, i would have expected the market not to react this way to earnings. i would expect the market to

take a respite from the selloff. the one shining thing is that we're above the 200 day moving average barely today but we are above february lows. so in some small victory that's what i'm looking at, but definitely disappointing that during earnings we see this. >> a little noted data point, this correction thus far is one of the longest since -- one of the longest we've had in history, the longest correction. >> yeah. it's 50 days. obviously 2008, 2009 was much, much longer. when you look back this is 50 days of sitting here and not breaking out. does that tell us anything >> this is not the pause that refreshes and it wasn't going to be that easy especially with equities -- even january 26th, even with interest rates -- you still have a different cost of equity. i'll say something else that you may not want to hear. it's the dollar. the dollar is slowly breaking out. it's actually started to break through some resistance.

i don't think the dollar goes back to 100 but i think a move to the dollar, 93, 94 on the dxy which i think is it's going. >> faang, alphabet was the biggest laggard with shares falling 12% today. that took down the rest of the faang stocks with it. facebook, amazon, netflix and google all sitting in or near correction territory. let's go off the charts with todd gordon of trading analysis. there could be more pain ahead. >> what's going on. let's first take a look at the nasdaq 100 to keep you here. first thing i want to draw your attention to is the daily chart. up top is the 50 day, down below here is the 200 day. obviously we're sand wiched in between there. what you'll see is if we just do a true straight line here along the lows you'll see a collision right at about 155. that's the decision point. not saying it's going to break or hold. i'm saying the market is going to trade toward that.

so what happens at 155 in the qs, it will help you decide if you're long or short. google, obviously, earnings look terrible. we had a top way back here in google. we're already piercing through that 200 day moving average. we have a lot of vulnerability in google. we've seen a series of lower highs here. next up, off of google, facebook. obviously this is the weakest one here. we've got the old support was broken, return to the scene of the crime. we held beautifully and had begun to back away. i think we're headed back toward 150. it 155 in the qs does not hold you'll see 150 in facebook. the strong side, netflix is looking very strong. earnings were solid. they did sell it off here a little bit. you've got to hold this up trend support. i think it correspondence right around the 325 level, if that holds, that could be a nice buy. if we break, you're targeting the 200 day.

it all depends on what we're doing on these critical levels. last up, we'll -- amazon's another one that looks pretty strong as well. netflix and amazon are your two buys. >> facebook reports after the bell tomorrow. what are we watching for when it comes to the technical levels when they report after the bell tomorrow afternoon >> the best thing you could look for is obviously to go to the options market. look for the expected move. i think any kind of strength in this kind of tape the market wants to sell tech in this higher rate environment. i'm not sure exactly what level we'll trade right after earnings but i really think you want to sell any strength to get down to that 150 level in the next two to three weeks on facebook. >> got it. thank you, todd. >> thanks, guys. >> let's trade it. >> netflix is still up 60% year-to-date. the higher you fly, the more you're going to fall. i just -- i feel like when i look at the cues and i look at the market, where the market is breaking down is where the market had the greatest strength. nothing's changed with netflix.

think about those earnings they gave us a week ago monday. those numbers were fantastic, but to me that's the stock you watch. it's now at the 50 day. i think it breaks it. >> i think -- look at alphabet. >> well done. >> what does that mean >> i know how -- when you try to raise the level. >> melissa would understand ikerus. >> no, she wouldn't. the low price target i saw was 1234. that might have been heather and the high was 1350. they looked at the quarter. discounted cash flow. you're at a number of different things all very positive. doesn't mean the stock can't go down from here but nothing suggested armageddon. >> it's like caterpillar, right? >> exactly. earnings are the new factor. they're the new catalyst. >> regulation is the overlay on all these technology companies, no matter what they report you still have the overlay. you don't know how far reaching d.c. is going to be.

i think that people having a hard time quantifying where they should vallate these companies. >> i like alphabet. todd said those earnings are really weak of the i don't agree with that. the street clearly was disappointed with it. this is an incredibly powerful business. the thing that i really want them to do is some sort of cap allocation which they don't seem to do. that's really frustrating. >> i don't have a big problem with expensing. don't they get full expenses, they get 100% expensing right now and everyone had a problem with new york city real estate, with google and i think that somehow these -- all these pieces of puzzle will come together but i do believe the regulatory environment especially going into the end of may is going to be a little bit troublesome but after that i think you can start to get back into these names. coming up, check share of wynn. steve wynn's ex-wife elaine, is she making a play to take over the company? we have a special report. plus the bitcoin boom is in

full force but a civil war is brewing between the two largest cryptocurrencies. tom lee will be here to settle the secure once and for all. you're watching "fast money" live in time square new york city and we got much more right after this. need a change of scenery? the kayak explore tool shows you the places you can fly on your budget. so you can be confident you're getting the most bang for your buck. alo-ha. kayak. search one and done.

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welcome back. we've got an earnings alert on wynn. lower after hours. let's get -- >> really distancing himself from his predecessor. he's pointing out on a call that steve wynn is no longer part of the company and that the company name is now three women to the board of directors that wynn resorts has settled these long-standing lawsuits involving elaine wynn and universal entertainment. he's announced that they're hiking the quarterly dividend by 50%. he's pointing out the boosting casino revenue. a record first quarter even in las vegas and overall room revenues in las vegas broke a quarterly record but maddox is rethinking some of the ongoing development projects. he's talking about that big lagoon and another ongoing project that's under scrutiny

now. wynn boston harbor, a lot of speculation about selling it and maddox talked about it on the call. >> we think it is a really good opportunity. however, we're at $30 billion company, and if there was ever any risk due to heightened rhetoric that there could be an anticontageen into our $30 billion company in las vegas, we will have to take a hard look at what is best to protect our shareholders and our value. >> reporter: he was there about those investigations by the game gs commission into the wynn boston harbor project. let's talk about her. the company's biggest shareholder has turned into an activist to be reckoned with. she's demanding a complete overhaul of the board urging other shareholders to withhold the vote from director who she said was a close friend of steve and has no business on this company committee investigating the allegations against him and in the midst of all of this turmoil, wynn shares grew 7.6% since the last earnings

announcement on january 22nd. compare that to the s&p down 5% over the same time frame there. it's pretty remarkable, michelle. >> that is a good move. it hasn't fully recovered from when steve wynn was pushed out >> no. it has beaten what it started the year at but it hasn't beaten that point in january. it sparks 9%. it's not -- it was over $200 a share. not back to those analysts. analysts have pegged their target price at $200. >> thank you. elaine wynn, has she become a powerful force behind this company as of late what is her end game is it good for the stocks, guys? >> any board member that had ties to her husband or strong ties are going to bounce him or her. that's her end game, to remove any steve wynn legacy from the company and that's probably her words not mine. we met steve wynn. i can't speak to what happened. it's none of my business. >> good-looking hat. >> if you look at the quarter,

las vegas was a -- the revenues crushed, the two properties on revenue were disappointing. if you look at the business overall. it's a healthy business, i think. trades around the same valuationish as las vegas sands and i still think the stock is headed north of 200. i understand some of the concerns giving elaine wynn's rhetoric but you still think the company's viable. >> how about the fact that they might get rid of these two big projects >> i think that's fine. paradise park and maybe sell off -- they're going to entertain it. i don't think they'll talk about that on the call. they'll try to avoid that. to simplify right now is the not worst of things. to think about the business, they're about 16% south of that market share. the macau business is crushing it. you've had as much as uptake as you could have expected. the core business is great. anyone that comes on here and talks about steve wynn who's had some relationship with the man or knows a lot about the industry, talks about this guy

is a lost los to the company. this guy's a visionary. >> the stock got hammered when he departed. >> to the success of this company has been the positioning of this guy and, in fact, to las vegas for that matter all over. >> the interesting thing, him leaving it raise the possibility of the company being sold. these actions by her seem like she's not looking to get it sold. she's looking to turn around, keep it. >> that was one of the reasons why i ran up and outperformed the other two names. different makeup versus macau versus vegas but wynn has outperformed 2-1 performance and i do agree with karen. even though i like wynn, the best name in the space, the whole space looks technically like it is due for a little bit of a rollover. i would probably not buy any one of them right now. coming up, check out this mystery chart. this stock has doubled in the

past year but it's on deck for earnings -- and traders are betting it's about to get crushed. we will tell you what this mystery chart is later this hour. in the meantime, here's what else is coming occupy on "fast." >> that's how bond investors felt today but the selloff in bonds could be creating a number of buying opportunities for stocks. will tell you the names? plus -- >> it's a bird, it's a plane -- >> no it's bitcoin and crypto baller tom lee says something just happened that could signal more gains to come. he'll be here to explain what that is when "fast money" returns.

welcome back to "fast money." bitcoin hitting a six week high

today back above 9,000 but despite the rally it is not the hottest cryptocurrency out there. there is a fierce civil war brewing in the crypto universe between bitcoin and bitcoin cash. bitcoin is slowed 19%. that's nothing compared to bitcoin cash which is up 95% in the same amount of time. what should you side with in this war we're getting fun strips from tom. so the general here, tom, what do we do >> well, i prefer not to pick winners and losers when we're looking at cryptocurrencies. you think both have merit. if i was putting new money to work today so a fresh dollar, i would be a lot more interested in buying a laggard that could attract inflows rather than something that's already potentially overbought. >> why is bitcoin cash going up

so much more than bitcoin regular, shall we call it? >> why is it the overbought of the two that you were so hesitant to name >> part of the interest recently has been because of this upcoming hard fork. >> that's when there is -- when they -- protocol change. >> increase the amount of computing power that is added to -- >> hard fork, you got that >> i know that. >> it's not knife or spoon or spork, it's fork. but i also actually think it's in part to a few weeks ago, you had another guest on here, brian kelly talking about bitcoin cash. i actually think his new entry actually had something to do with it as well. >> they think bitcoin has acted as a measure of the broader market or signal of the broader market earlier, so when bitcoin was going up dramatically that was a signal that the stock market was going to go up

dramatically and when it started to fall, that the stock market is going to fall. do you believe that at all >> i'm not a huge believer in bitcoin being a sentiment indicator for the stock market, but i can see how their casually connected because if you look at like the cta universe and trend following money managers, bitcoin to them is simply another instrument that if it's trending higher they're going to be adding leverage and so i think if bitcoin's rallying it isn't a risk on rallying. >> do you see adoption -- when we talked about people investing in bitcoin -- and i like checking in with you on a regular basis, you are right there at the epicenter of this business. do you see the people you're talking to on the trading desk, are they figuring out viable ways to invest in bitcoin, bitcoin cash, alternative currencies, are they allowed to? and i use that word purposeful are they allowed to invest now do you see that as being a wider

berth? >> i'm not going to quote rumsfeld correctly but i think it's a little bit like how rumsfeld would think things are happening to make things happen. every week that passes there's further progress and further clarity so i think more clients are starting to be very serious about how they want to have exposure to the class. we're having more conversations with people you've never think would actually have an interest who want to talk about crypto. >> goldman sachs has announced of creating a bitcoin trading desk is that a good thing >> i think it's a good thing. i think it's a sign that a major investment bank believes that there's enough clarity and custody and money to be made to actually offer that trading service, so i think it really is a sign that this is becoming mainstream. if you think about it, an exchange like finance made almost a billion dollars in less

than a year of operation. i.c.e. which is the largest liquid market exchange only made a 1.6. >> tell us about your bitcoin misery index. >> we have a bitcoin misery index, bmi, how does it make -- how does bitcoin make you feel it's a misery index of the consistency in bitcoin it was 18 in february which was misery and it claude to 30ish in march. it's now at 47. 50 is -- is like the p.m.i. it's between happy and sad. it's inching its way historically as the bmi moves up -- >> you calculate this how? >> we look at both win ratio, so the percentage of days that coin outperforms and what we call upside versus downside. so how much do you make on the up days versus down days. bitcoin makes all of its return

in ten days in any year. that's why you have to watch the bmi. you don't want to lose your head when it's doing badly. >> when you get over 25 -- thank you, tom. all right. >> how do you know that? >> the bmi. >> the rules of the bmi. i would know being above 25. no longer obese. guy, what do you think about bitcoin here my question about to tom is exactly that. the fact that goldman sachs has made a push into the space gives it legitimacy on a different level which is why a couple weeks ago we talked about if you took the name off the top of the chart and just looked at it, it appeared as though a bottom was put in. >> from the sentiment perspectives in terms of how it's being traded. you've seen the gbtc which is the trust that you can buy in retail form without doing anything is essentially trading at a premium and i mean on a daily basis. you're seeing enormous speculation right now.

the other dynamic here is i think you've seen -- he talked about that which is overbought. he would rather relative value into those less bought. we're seeing a rolldown and we're seeing a roll down into the less liquid assets. this is the same thing we saw in december. i think if you look at things like tron and car danno those are the ones that have been outperforming. >> the other big story that happened today we'll talk about next, the ten year yields costing the key 3% level, the highest in more than four years. don't be scared, the traders have the stocks you should buy as rates rise. there's one beaten down stock that he thinks is heading for a major breakout. he'll step up to the plate and give us his fast pitch. much more "fast money" after this.

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that is unique and that is a specialty. with all of us working together we can keep all these emergencies small. and the fact that we can bring it together and effectively work together is pretty special. they bring their knowledge, their tools and equipment and the proficiency to get the job done. and the whole time i have been in the fire service, pg&e's been there, too. whatever we need whenever we need it. i do count on pg&e to keep our firefighters safe. that's why we ask for their help. welcome back it "fast money." the u.s. ten year yield hitting the key level today. bob pisani is at the new york stock exchange. he's got the details. >> it was a big deal that the ten year treasury hit 3% today. that's the highest since 2014. a related issue is getting even more attention that's commodity

and wage inflation. many companies have commented on higher cost and the general negative impact on margins. for example, caterpillar, expect steel and other commodity cost to be a headwind all year. that was a big theme. there were similar concerns from 3m, from kimberley clark and whirlpool and proctor & gamble and from many other. companies like pentar. the big issue is pricing power. can the companies pass higher commodity costs on to the consumers, margins will get compressed. some can't. companies like proctor & gamble, kimberly-clark, they've got no pricing power and that's one reason they're sitting at new lows. others might be able to raise prices but if they can't margins get hit and stock prices go down. so how does this relate to higher rates higher inflation expectations help drive up interest rates. it's a factor in why rates are higher. when rates go up, interest rate

sensitive sectors almost invariably go down, because they compete against treasury bonds for people who want to buy higher yield. utilities it initially decline when the ten year hit 3% but then they rallied and they closed in the green and that's because the market decided the concerns over peak earnings and the whole caterpillar thing, they ignited was a bigger concern than higher rates. a lot of cross current today. michelle, back to you. >> thank you, bob. so what do you buy in a rising rate environment? tim, let me kick it off with you. >> i sit on the board of lmp. >> partnerships. >> they have tax advantages, the bottom line is these were extraordinary investments and they were extraordinarily poor when oil was crushing. they're doing well again because production is up. oil prices are higher. the cash flows to these guys are

flowing very nicely. a lot of big projects have been paid out in terms of capex. big yields. i'm talking 8% to 10% across the sector. >> a lot of them cleaned up what were considered some shenanigans. >> and there were. these are funky structures. >> do you need to have higher oil for that scenario or is it just different structure when you're looking at it as an income versus a -- >> for a long time the price of oil didn't matter. the distributors as long as the volume went through the pike they got paid. >> i'm talking about oil price volatility was astronomical, oil has been so stable and i mean the volume, even though the prices have been going higher. frankly, i think we have stability. i think oil is going to hold at least the bottom end of this range. >> you go.

>> 3% to me means the economy's getting better, we've all talked about that so. what does it mean for employment look at a company like insp. that stock made an all-time high today and it's gone up lock step with short-term interest rates. as rates continue to go higher, economies getting better, more people in the workforce doing different things, nsp works. >> it's simple. the banks -- >> in terms of interest rates. >> yes. not as a yieldproof of the stock, just the business is better as rates move higher and the economy grows. that's good for them. talk about loan growth being somewhat anemic this past quarter and they got hammered for that. >> that's a little bit of bull right there. >> that's more of a yield play. i want the underlying business. >> you have to look where bob pisani was just talking about, utilities. they do have pricing power and usually the knee-jerk reaction is to sell them while rates

increase but we haven't necessarily seen that because they're seen as a safety play this time around. there's too many other worries on the side so utilities actually attract new dollars. >> okay. thank you, guys. still ahead, it's the battle that rocked wall street. carl icahn versus bill ackman and amazon best selling author is going to join the desk for insider's take for what happened on that very day. plus, looking for a winner that can hold up in a selloff? steve grasso stepping up to the t ate to pitch his stock tha did just that. find out what it is when he delivers his fast pitch.

welcome back to "fast money." time for an instant replay. back in november, steve grasso stepped up to the plate to pitch avis budget group. >> this stock has a lot of room still to the upside. i remain long, if you're looking to have this type of a gain going forward, the car is the place to be. >> and since that great car avis shares are up 40%. so what do you do now with the stock? >> when i part started talking about this stock, it was probably around the mid-twenties

range and we sat at the desk at 35 and i said it was a double. looking at it now, it's trading 47 and change. i still do believe it gets to $70. still hold it. i'm still long on it. >> you still think it's going to get the number -- >> sure. >> we're going to go to 70. >> for a rental car company in the age of uber? >> forget about the multiple. if you look at this. the many people believe it would go from 18 to 47 >> not me. >> i know. the point is they right size the fleet. this is a company that has to -- they're going to with autonomous drive, who's going to run these fleet? they are. they know how to do it and no one else wants to do this. ford doesn't want to do it either. >> all right. walk over to the plasma and let's get another fast pitch from you. can you walk and talk at the same time? >> i think i can. >> look at you, wow.

>> this next one is going to be ge. so originally, i did not like ge because of the unfunded liabilities and just the general environment with oil and the whole complex. if you look at it now. oil has rallied. that's going to help the majority ownership for ge. that's number one. number two, aviation and health care. that's outside not just yet but it chips away at the underperformance you see in power generation. so that's the second reason. second bullish reason. number three, rising rates are offsetting liabilities. number one headwind that everyone has with ge, unfunded liabilities. the higher rates go, the more they can pay these liabilities. if you look at the chart, in the name, if you look at the chart, this is the level here. it seems as if all the negativity has been priced in for now. if management can continue to perform the way they said they can perform, you're going to see

this stock fly. you know what's the most important thing that happened today, the rest of the world was red, ge was green. that should tell you something. >> there's no blood left in the -- >> i think that's his point. >> no. >> karen has a question. >> just going back for a second. i understand you're talking about the pension and mathematically the way that works. however, they have a ton of debt on that the rest of their businesses, rising rates not a very good thing for a lot of debt. >> sure. they're also -- the other thing that people are looking at, though is the $20 billion in asset sales. people are my optic on the asset sales and the fact that rates are moving higher and they're clearing the deck so to speak. i don't think they're out of the woods, but market wise i think they're very close to being out of the wood. >> it's a leading question, i'm long on the stock, so do you look at this as an earnings recovery story or truly just the

market's discovering the intrinsic value of this company and even if they earn 50 cents next year the stock is still worth earning? >> when you and i have discussed this in the past, this is really a tactical position on my part. i'm looking at technicals, i am looking at the fact that when flannery says something negative, the market greets it with buying not selling. i do believe you're having a somewhat pseudo recovery but i don't think it's a real fundamental story. i think it's an overreaction to the down side that's wearing off at this point. >> 50 cents is a huge -- whoa. >> steve gets me to vote for him is pick stocks that i'm already long, so fantastic. just kidding, steve. great job. >> karen >> i love steve, but luke warm, hold. wouldn't short it. i mean, i get it. >> what does that mean

>> meh. i like that it didn't go down -- >> that's what guy would do. >> that's not something i would do but it's something karen can do because it's karen. >> guy >> what steve did, he brought a lot of good points to like, so we bring good things to liechlt he nailed the car thing so why not on ge. why not? some ask why. i say why not. >> okay. two buys, one sell and now -- are you buying grasso's pitch for ge vote in our twitter poll right now at cnbc "fast money." we'll reveal the results later in the show. one of this year's high flying stocks is on deck to report earnings tomorrow. traders are bracing for a big miss. we'll give you that name and trade it ahead on "fast money." show me the billboard music awards.

the billboard music awards knows how to party. [ cheering ] what up, dog? show me top artist. unbelieveable. i've got my whole family up here. look at my dad looking all sharp. with just the sound of your voice, xfinity x1 gives you a front row seat to the billboard music awards, including throwback clips from some of your favorite artists. the 2018 billboard music awards, sunday, may 20th. only on nbc. welcome back to "fast money." a secret dossier, no we're not talking about the white house. a battle that is now wall street legend all told in this fascinating new book, "when the wolves bite. scott wapner is the author. scott, very welcome to you. >> good to be here.

>> we want to start with the passage. inch toward the finish line, he made it clear that he wasn't ready to concede defeat. ackman said his thesis on herbalife hadn't changed one bit but the circumstances around the investment had. we still think it's a good investment he said. the fundamentals are deteriorating, they're getting worse but the stock won't go down. what does it say about ackman that he held on to this short for so long, scott >> that he is a relentless person i think in all of his life pursuits. he is relentless. he said that he was going to go to the ends of the earth for this particular investment and he sure as heck tried to and i tried to capture some of that in the book. to really get you inside the psyche of who bill ackman is as an investor, whether it was down in washington trying to push the ball forward to get regulators to act or really any step he

made along the way, holding a conference or multiple -- multiple presentations in the city over the course of the last five years, to try and move the ball. >> that is certainly his m.o. i remember when he did that on m.b.i.a. which was very, very successful for him. >> and it was a seven year wait with that. >> right. now, this herbalife moment, did mark the top of his career, it feels like it? >> it's hard to say. it happened -- valent happened at the same time. it's hard to say herbalife marked the top. guys little bill ackman make bigger bets than that all the time. valiant was a big bet. had that not happened at the same time, maybe we're talking about bill ackman in a different way of the that was a devastating loss in valiant compounded by what was going on in herbalife and it just makes

it difficult. >> you said he's relenlless and would have gone to the ends of the earth. who didn't allow him to go to the end of the earth, was it his investors or -- >> the writing was on the wall for a long time. i think icahn did. when carl showed up, it moved the goalpost made it so it was impossible to overcome. bill never saw icahn coming, he never expected icahn to be there and when he showed up, how do you get over that bar? he knew that icahn wasn't going anywhere, he knew his position was so large and was growing over the last five years that that mother of all short squeezes that he first talked about on our show back in january of 2013 was going to slowly and slowly and slowly -- >> i remember that conversation. carl icahn made it clear, he actually did it at the very early stage had no view on the company, he just knew this guy was so short that it was easy -- he said out loud, he never tells

you his positions, why, because it's dangerous to go short. you have to keep them silent. it was such a strategic pinch. >> i think if bill ackman had been there in and of himself, i'm not sure that icahnwould have gotten involved. i think once he knocked the stock down and they had this ten year festering grudge, along with a point of view that he knocked the heck out of the stock and icahn's people did a lot of work on it, by the way, and realize that it wasn't fundamentally close, at least in their mind, to what bill ackman was laying out, so, okay, he saw an opportunity to make some money and if i can get back at bill ackman in the same light then maybe that's the cherry on top of the sundae. carl doesn't do things just out of sheer revenge or anything like that. he does it to make money. >> i read the book. it's out today. i got the book.

scott's going to sign it and put something flowery. >> flattering for sure. >> question, what's the ackman/icahn relationship like now? >> i think it's fairly, you know, decent, right? there were a number of episodes over the last few years where they came together. remember, delivering alpha where they had the hug, somewhat awkward but nonetheless the hug and they got t-shirts that we had made for them and, you know, they have spoken multiple times over the years, including a time last week when bill said something at a conference and called icahn later that night to discuss it a bit. maybe it's still a little strained but it's nowhere near what it was five years ago. i think that's fair to say. it's nowhere near the level of animus flying around that was existent on that day when they were yelling at each other on our air. >> we wish you the best of luck with the book which is already selling so well on amazon. thank you, scott. >> thank you. >> congratulations on hitting amazon's best seller's list.

it goes on sale today. get it now. all right, coming up, talk more about stocks reporting earnings this week and the traders say what's heading for trouble. check out shares of general electric after grasso's pitch. going to find out if you at meho are buying the stock when we come right back? [phone ringing]

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spotting threats faster and protecting his data with the most securely encrypted main frame in the world. it's a smart way to eat lunch in peace. sweet, oblivious peace. it's a smart way to eat lunch in peace. well, it'sonce again.eason >>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. one of the big names set to report tomorrow but options traders are betting against the social media platform. mike ko's in austin to break it down. >> we've got the options market applying a big 12.5% move. so those would be bearish bets that twitter could drop below $27 by friday. now, to the results of our twitter poll. thanks, mike ko. is this right? it says cue the tonyi braxton. >> twitter fans are not buying your picks for general electric. >> there's been so much, so many tears already for general electric, you think that toni would have found a way. >> let's go around the horn. >> i don't think there's going to be any tears investing in citibank if the world is growing

and interest rates are going higher. >> karen >> i like anthem's earnings. >> that's a buy. >> stevie, i wish my uncle was grasso. >> 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 and put this one in context. so call me at 1-800-743-cnbc or tweet me @jimcramer. did all the ceos