apple was up 2%. >> snap unfortunately i think has gotten itself into being an afterthought from an investors' point of view. >> that will be strategically difficult for them to sort out which kardashian tweeted about it she was right, right or jenner? i can't keep it straight i'm sure "fast money" will sort it it. that does it for "closing bell." "fast money" begins right now. "fast money" starts right now. live from the nasdaq market site overlooking new york city's times square, i'm melissa lee. tonight on "fast," it's a crypto crush as regulators take aim at ethereum but a top technician says the chart is flashing a buy sign he'll be here to break that down plus the dow down more than 300 points at the lows of the session, though stocks closed well off the lows but if today's action has you feeling nervous, don't be a top strategist says it's not the year to sell in may. he'll explain. but we start off with apple.

tech giant beating earnings and the stock is soaring, up by 3.5% right now. iphone sales slightly below estimate despite the worries the company announcing a $100 billion buyback and a 16% increase on its dividend investors loving this but will the excitement around apple be enough to save the rest of the market do we see these gains in the afterhours session hold? at one point apple was up 5%. >> and nobody's held them. >> a lot of questions. answer a few of them i forgot what they were. >> i can answer. are you deferring? >> this has never happened in the history of "fast money." >> think about what we wanted to see. we wanted to see them get close on the units, that i beat on services, services came in at 9.8, that's very good, that's about 14.5 of total revenues that's what people want to see, asps were weaker and for people that want to see higher prices equal higher margins that's disappointing but the guidance

for the june quarter middle-of-the-road for 52.5 well ahead of the street so it was a good number. >> isn't this just a -- i mean, revenues are in line, eps is slight but keep in mind that from three months ago, the revenue estimates have come down 7%, the profit estimates have come down by 4% so even coming in line in a modest beat, that sort of -- meh. >> it was a decent quarter but you're right if you think about where the stock was four days ago, it was 1.61 expectations were really low it's well below its 52 week high i don't know what the expectations were. when the stock was in the mid to high 180s, this wouldn't have been quite enough to stich that stock up. >> there's a couple things much better than that when you look at services at 9.1 billion, that's a big acceleration from last quarter's 21% year over year growth. we know ipads and macs are

barely growing here and that services number overtook the total of ipads and macks in the quarter so when you think about that and margins, that should be one of the things that's stabilizing and china, expectations got low there, last quarter grew 11% year over year this quarter, grew 21% so a couple areas people were focused on and i suspect china helped with the iphone x so while we were talking about asps came in below consensus at $740 a phone, they came in at 7:28, i bet china helped out there i think this phone is not doing great. and lastly that other category that had air pods, the home pod that was introduced in the last quarter, that was kind of perceived to be a disaster but that segment beat, too so i think air pods are doing well, home pods probably doing better than people think and i don't know, who knows? >> watch is in there, too? >> watch is in there, too.

>> the product is up to almost $4 billion you can't do the counterfactual thing, but you have to ask yourself if apple came into the day trading at 175, would this quarter accelerate to the next level? would people be taking profits off of this quarter? there was so much negativity in the shares into this led off by the morgan stanley note two and a half weeks ago the services number is important. it's 15% of revenues, dan told you about the growth if this gets up to the high teens -- which it will be within the next couple quarters, then the valuation that apple wants it might deserve. >> i thought you were going ask me to play a game. >> just because i raised my hand -- >> game time. >> do we see a sight line to the handoff from hardware to services at this point do you see it? glimmers of it >> much like the market we need to determine the new multiple because it doesn't matter if the earnings are good. it's time to figure out what the value ascribed to an 800 million user install base and i think you have a lot of good stuff

here today who cares, the home pod disappointment it's a case where i think they are showing they're getting into services and that hardware is -- >> but she's asking an important question. >> thank you, dan. >> which i clearly didn't answer. >> well, listen, their hardware-installed base has to grow and whatever that device is, i think the first iteration of this thing wasn't so bad. >> they're selling used phones, too. people don't care about the new numbers as much. >> the most important thing is tim cook has said this is going to be a $50 billion a year business by 2021 and the most important thing from where i'm sitting is that the hardware in which you use their services, the asps on those are going to go down. one of the reasons why we've seen iphone units plateau out is because there hasn't been a heck of a lot of i novation i think the company made a bad mistake by raising prices on their 8 series and taking that step up on the x because they're only going down.

>> if you want to believe services are going to be the next leg higher for apple, can we afford to see home pods continue to be a disaster or be lackluster considering amazon is potentially -- >> they're late to the game. >> -- potentially taking away services from apple because they're making something you want in your living room and apple is not. >> how sticky is the ecosystem >> exactly. >> to your point -- i think to your point, if apple loses that cool factor how long are people going to hang around right now they're hanging around but sirch making the same thing. when these products become ubiquitous, how sticky is this >> if you're accessing via voice and apple doesn't have that presence, what happens to the services revenue. >> alexa is cooler than siri and siri was first so now it's a disappointment but the home is still the one place to penetrate and they want to be there. amazon is winning right now but i think apple has plenty of room

and there are plenty of people -- they want it to come down to the device, i don't think they want all these gadgets, they want it right here. >> taiwan which has been crushed and down with apple together. >> siri has been around since 201 2011. >> in the next year or so that will connect into the home pod they have -- i think they said on this call there's 270 million paid subscribers, those are itunes account cans, obviously they have 45 million apple use i can, pretty soon they'll have a streaming video service to compete with netflix so you can see the ecosystem come together in this new world order where we're in ambient compute and that sort of thing so to me i don't think there's any reason because home pod is

disappointing, and then gene munster will talk about ar, this whole new platform so tim cook is talking ar, vr, ai, things they're spending under the radar and i think it comes together. >> the one problem i have, i don't have any problem -- and i think services numbers have been a very healthy thing consistent lyzblv it seem ly. >> according to morgan stanley, they expect a $150 billion increase plus a 60% increase in dividend which morgan stanley expected to be a 50% increase in the dividend is it enough given the expectation on the capital return >> the pushback to that, i think, would be they still

have -- they still have ammunition left if they were so incline sod why not keep the powder dry don't lead with your best? lead with $100 billion and have powder dry. >> apple shares up 2% in the afterhours session let's bring if "fast money" friend gene munster from san francisco. gene has been on the red phone listening in on the call what's the headline for you? >> 2% growth in iphone units is nice and services was much better and china was better, all that is good but i don't think that's the story, i don't think that's what's going on i caught what you said a minute ago in terms of the buyback but there's a fundamental shift that is going on in terms of how investors think about the apple story and specifically this is a cash generating machine that is head and tails above any other

fang stock and i want to point to that because i think there will be a shift over the next few quarters where investors are less interested on what the iphone numbers in any given quarter, more interested about what that buyback, they put a very easy bar for them to jump over with this $100 billion melissa and that will be the big story here i want to put a finer point on that if they go cash neutral, which they said they would last quarter, basically implies they would give back about $60 billion per year to investors. that will move the stock 7% higher in the next year so this is a huge part of the story. i'm excited to hear what they'll say on the call about that. >> we hope you jump back on the road phone because it looks like apple is taking a turn gene munster in san francisco monitoring the call for us on the road phone quickly, we led the show with can apple help save the market we are seeing this pattern repeat so what does that mean? if we see the pattern repeat

where we have decent numbers, the stock doesn't respond positive positively what does this mean? >> of course it's disappointing. we've said apple should be treated a little bit differently. if anything, apple was acting -- it's probably more defensive i think it's more defendable in terms of this multiple, everything gene just said is why you can own apple through an environment where i think rates go higher. so i think it gets back to my point. what is the multiple you put on this that's what it comes down to, the economy is fine, the earnings are great but 20 times trailing for the market is not necessarily going to equate to 18 times current and it's obviously nowhere close to that. >> i thought today's price -- i don't know what turned in the middle of the day but you started to see the other fangs google was almost never down today even when the market was at its lows and it started to come back so to me, i don't know, i think just value will

out and so google at that price was too low. i wish they would do some sort of gigantic allocation so that would be a perfect number buyback. i think the market can do it with or without apple. >> we'll continue to monitor the apple conference call, the stock is 2.3%. coming up, it's not just apple gilead and snap with earnings, both of those stocks getting crushed. those conference calls are under way. we'll bring you the latest plus, it's officially may, but top strategist tony dwyer says don't sell and go away, stay in may. how cute he'll explain why right now could be your best chance to buy. and crypto got crushed on renewed fears of more regulation but a top technician says they're predicting a big move. he will tell us in which direction. we're live from times square in new york city. much more "fast money" right tethis let's begin. yes or no? do you want the same tools and seamless experience across web and tablet?

do you want $4.95 commissions for stocks, $0.50 options contracts? $1.50 futures contracts? what about a dedicated service team of trading specialists? did you say yes? good, then it's time for power e*trade. the platform, price and service that gives you the edge you need. looks like we have a couple seconds left. let's do some card twirling twirling cards e*trade. the original place to invest online. 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.

we have an earnings alert on gilead we're listening to the conference call on the blue biotech phone. what's the latest? >> the q&a is going on on gilead's call. it was a disappointing first quarter missing on the top and bottom lines for the company they reiterated their full year guidance down 5.5% they were light on their hepatitis-c and hiv franchises hiv is the area people are looking for for growth for

gilead because ehepatitis-c has been shrinking one small quarter for gilead was its immunotherapy cancer drug that it got from the big acquisition of kite. sales were over analyst expectations that's very small when you have an almost $400 million miss in terms of revenue but analysts are taking that is right that at least looks good gilead down 5.5%. >> meg, thank you. it has been a broader biotech beatdown, you can check out the largest names in the space down significantly from the 52 week highs. ce celgene down then real pain in merck as well assize iffer >> bristol-myers -- as well as pfizer what's going on? >> they missed the revenue number by 30%. that's nothing -- at a certain point maybe it's relevant. it's not relevant now. so what's the right valuation?

if they're basically premier drug is going to have a 30% revenue miss which is what we're saying now we have to re-evaluate. is it more of the same at a certain point valuations will matter. >> on 66 gilead is two-year lows it's ridiculously cheap. it's got $40 billion in cash this is a company -- but, again, hiv, hvb, hcv were all down, year over year you're down 25% on anti-viral drugs and people are wondering about what's next. so it's strategy and where there could be capital giveback. but the valuation, it's not a case where this is meaningless, this is an inexpensive company that is run well and do you want this tome go out and make a bad acquisition, it's interesting the cancer acquisition is not only fizzled out >> that was sort of hailed as -- finally we're seeing signs of mna and then we had pfizer on its conference call saying we don't need do a big

transformational deal here. >> allergen also said we're not looking to do -- >> that was the one catalyst people were hanging on to. >> that's why i picked in the the stock draft. not why but i think there's mna activity. >> you picked amgen. >> amgen, you're right that would have been close. >> i think you're going lose the stock draft. >> still ahead, shares of snap getting crunched we'll hear from the ceo about how he plans to right the ship. here's what else is coming up on "fast. >> they make money the old-fashioned way, they earn it. >> announcer: maybe that's because they didn't follow the old adage of sell in may and go away, which hasn't worked in years. and a top strategist says it ain't gonna work this year,

either he'll explain why. plus, did you see that a top technician says there's something in the charts that suggest bitcoin is gearing up for a big move we'll tell you in which reiowh "ston" returns. polk county is one of the counties

that you don't think about very much. it's really not very important. i was in the stone ages as much as technology wise. and i would say i had nothing. you become a school teacher for one reason, you love kids. and so you don't have the same tools, you don't always believe you have the same... outcomes achievable for yourself. when we got the tablets, it changed everything. by giving them that technology and then marrying it with a curriculum that's designed to have technology at the heart of it, we are really changing the way that students learn.

and i can't wait for ten years from now when i get to talk to them again and see, like, who they are. ♪ the sun is shining, the flowers are blooming, the birds are chirping is it time to sell stocks and go away in our next guest says not this year. we looked at the old wall street adage and over the last six years the s&p 500 was negative once through may and october and was haier 5% during that time frame. let's bring in tony dwyer. so stay in may is your adage >> play in may. >> play in may, stay in may. it's all good in may really what -- mel, you don't have the conditions that typically exist to expect negative may through september

period and you're only less than 2% median from 52-week high we're down 8%. also in all six non-recession negative may through september periods you had a ramp up into may by a median 8% we're down for the year, it would be historically unique to have a nonrecession negative may through september period since 1982 when you're down more than 2% from a 52 week high. >> does that necessarily mean you want to stay invested in may? >> sure. if you're not down and the latter half of the year is good. remember, ultimately the market correlates to direction of earnings so this is noise. unless you expect a negative period of earnings, you should never not be invested. >> what's going on >> back in january when we were

talking on set, tim pressed me on it, what we thought was going to be a meaningful correction, there was and then we got -- we were calling for a retest, there was pushback on that, everything looked great now it's the opposite. we are working off a ridiculous level of optimism that took place in mid-january think about it when you turn on the news, watch the news or you look on the internet at a newspaper you see negative stories you don't see hey, everything is good so to have 12% of investors' intelligence newsletter writers negative in mid-january that is a ridiculous level of optimism. negative sells so when you're a newsletter writer and you're not negative, you're shooting yourself so there was just such a degree of optimism i don't think this is about anything other than, yeah, you're slowing from peak growth. the market doesn't correlate to the rate of change of earnings, it correlates to the direction. >> just to play devils -- advocate, do people get that complacent that quickly?

is that something we should concerned about. >> it's historically what happened, it's a great point the indicator we use for the shock drop in post-february was you had on a 10 week rate of change it got up to 125 whenever it's gone from that level on the ten-week rated change to below zero you've made new highs. and volatility has come down. i was ironman -- >> you were in an iron ann >> no, i just watched. people are skeptical about the markets but when you ask them how is your business, well, it's good. >> obviously depending on the horizon, who cares about may if

you're looking longer term but the point i made a couple sometimes that the economy can be great, earnings can be fantastic but it doesn't mean stocks have to trade at the multiple they were i get why stocks were traded significantly when rates were low. why should companies be trading where they were three weeks ago? >> tim, historically you traded a 19 multiple core inflation between 1% and 3%. it's not 20 because of this cycle. because it's traded for so long below 20 so when you think about that, coupled with inflation is still at under 2% on the core level. so let's think about is the market or optimism i can't imagine the scenario with the number is too high. >> you'll get there. >> here at 17 times at the end of this year in other words, you've had a three multiple point contraction already if you say prices will

stay where they are. i don't think there's any way that will happen unless you get the today do some kind of crazy spike in rates which three or four of the fed governors have said we don't want to invert the curve so they're paying attention to that story so i'm saying yes when you look at the trailing 12 maybe the multiple is still high but at the end of 2018, there's 25% earnings growth this quarter. if you have greater than 20% earnings growth this year, no recession next year. now you're at 160 something in earnings that's a hard thing to say you'll be at a 17 multiple. >> good to see you, tony dwyer, canaccord. you're a long term investor ux do you feel like there are things in the market that they're underappreciating? >> i do. the cat earnings, i thought those were completely misunderstood, that call was --

i don't know why everybody's hair was on fire over that so yeah, i'm in tony's camp. >> there's no leadership that's the biggest problem and the leadership -- everyone goes back to fang and it's narrow so when you talk about xli, industrials people are excited about that and then you had this earnings cycle where they rolled over they just rolled over. who cares what the cfo said is the price action that's so important so we talked about health care disaster, banks showing bad relatively underperformance staples, disaster. energy is too small to care about. if fang comes undone everything tony said is good. all historical data, we have new history very soon. >> and what happened 50% of the xlf is in at least correction territory if not worse. >> and i have to tell you, the banks are the numbers i like the best i think technicians are in charge and i say that because you can see lower highs continuing to be made. i'm trading emerging markets from the short side or to the

lower side for the next couple weeks. >> one trader is taking a sell approach to the emerging markets. dan, what did you see? >> this is the etf that tracks the emerging markets we know i can't believe, ten cent, taiwan semi and samsung, those four companies make up a good portion of this but put volume is two times that of calls. interesting bearish trade when they're trading 46.5 a trader sold 21,000 of the june calls to finance the purchase of the june 4542 put spreads paying 55 cents for that. we have a quick chart. interesting levels look at the 45 level interesting breakdown level and maybe decent support surrounding feel to it so maybe this is protection against the belong position. >> for more options actions check out the full show friday 5:00 p.m. eastern time coming up, apple is up by

3% the company conference calls are under way. we'll hear from ceos tim cook and evan spiegel much more "fast money" still ahead. (indistinguishable muttering) that was awful. why are you so good at this? had a coach in high school. really helped me up my game. i had a coach. math. ooh. so, why don't traders have coaches? who says they don't? coach mcadoo! you know, at td ameritrade, we offer free access to coaches and a full education curriculum- just to help you improve your skills. boom! mad skills. education to take your trading to the next level. only with td ameritrade.

we have a news alert on amazon and whole foods let's go to eric in the newsroom for the details. >> so amazon is planning new perks for prime members including 10% off for whole food stores so you're seeing the

synergy between amazon and whole foods. 75% of whole foods shoppers are prime members but 20% of prime members are whole foods shoppers so you can see how the company is trying to go after those grocery stores with this acquisition. there will be more discounts available depending on what credit card you use and stern locations will have delivery we're just finding out about this back to you. >> thank you very much, eric i heard this and thought not good news for walmart or target or anybody in the grocery business. >> the consumables business sector is over a trillion dollars. amazon knows what they're doing. it's high frequently purchases think about what whole foods used to embody, overpriced salads that i used to pick up. >> i love those salads that's -- when you're my age, 54, you need a lot of roughage, without getting into great detail. >> too much detail as it is.

>> we've just got to know more on that comment. go ahead. >> walmart is significantly lower that $110. at a certain point i think walmart valuation matters and if you like walmart valuation, target valuation has to matter despite what amazon is doing in foods. >> switching gears, all of the major cryptocurrencies getting hit after rueports the fecfts ae cracking down. >> we've reported about battles between the s.e.c. and cftc. the cftc has said bitcoin is a commodity and should be regulated by the cftc. the "wall street journal"

reported other cryptocurrencies are under scrutiny by the s.e.c., including ethereum so the issue is this, are other cryptocurrencies securities? if they are, they can be regulated by the s.e.c so equity securities, for example represent ownership interest in an entity. ethereum coins were premined for an online crowd sale another key issue whether the creators of coins like ethereum or ripple exert significant influence over their value like management does. if they do it could be made a security and come under the supervision of the s.e.c a group of venture capitalists involved in the creation of ethereum has disagreed they argue ethereum is paid to people who run the program on their computers and that ethereum was mined not created. maybe, they have already asked the s.e.c. for a regulatory exemption but the s.e.c. has not yet issues a ruling.

bitcoin etfs, the one thing everyone agrees are clearly under the purview of the s.e.c. and so far they have not approved any crypto etfs, back to you. >> thank you, bob, i'll go to you, tim since you hold ethereum they argue they own the founders -- the founders of ethereum own a small amount of the total bit of ethereum so they don't have the power to emit that control. >> the developers need to feel this is the platform where they have both the technical expertise and the foundation to build upon but also the transparency and the regulatory environment so i keep feeling as if while the market doesn't like regulation this is a great thing. our next guest says don't worry about the potential crackdown. keep betting on crypto, let's go off the charts with robert sluymer, what are you looking at >> the technicals are important with cryptocurrencies. thinking about regulation and what happened with the tax issues that was a big down draw.

in either yum. a thousand to 350. so that was where you had the construction of the concerns and this looks like we're putting in a bottom but we get this news out today and either yum doesn't break down again when we look at the technicals, ethereum has rallied back up into the 700 range if you look at one of these momentum indicators, we see on both cryptocurrencies and it looks like they're due for a pause. we saw that in bitcoin over the last week, week and a half so i think the reaction of near dwroum the ne -- ethereum to the news was positive and bitcoin, there's something more interesting happening here for example, it started to stall, momentum has gotten overbought, there's a tremendous amount of support between 1800

and 8400 and i don't think there is down side, this is rough ly 9600 the key point is this down trend is reversing so the question is are we seeing a bubble or a bottoming phase? we think it's a bottoming phase and you want to buy this pullback from the short term so a lot of comparisons have been made to the nasdaq going back to the 2000 time frame. we don't believe that is the case for a couple reasons, bitcoin hasn't been around it's only been around for a couple years around the amount of institutional money that has come in and private money is nowhere near the type of bubble we saw going back from 1995 to 2000 so if we look at bitcoin it's pulled back to the 200 day and going back to 2013/2014 it comes out of this trading range, we've only seen a bull market in

bitcoin for two years. that's a 70% correction, back to the 200 day moving average we think this is a bottoming phase, this short term overbought situation that's developed we want to be buying >> should we invite rob over to the desk >> of course. >> bring him in. >> heidi will bring in the chair, thing heidi. >> good to see you, welcome. >> in terms of price action tom lee made the case there would be a lot of tax selling in the coins does it look like that has resolved do we see enough in the price action to believe that was the cause for the softness >> it's a combination of regulation, concerns, taxes, a break in price, all of that came together in the perfect storm, bitcoin collapsed 70%. you hat a bottom in february it looks like a low and this recovery we've seen has been orderly. a little overbought, you're

getting rid of a bullback, it looks timely. >> rob, thank you. coming up, facebook is holding its annual developers' conference today talking about the data breach to their new dating app plus, snap getting smacked in the afterhours, down 15%. the ceo speaking on the earnings call right now and deirdrisonorg ate mitinth wearing her flower crown filter. she'll bring us the headlines after this

♪ directv now gives you more for your thing.

your letting go thing. your sorry not sorry thing. your out with the old in with the new, onto bigger and better thing. get the live tv you love. no bulky hardware. no satellite. no annual contract. try directv now for $10/mo for 3 months. more for your thing. that's our thing. visit directvnow dot com

we've got an earnings alert on snap. deirdre vos is standing by with more. >> the q and action section kicked off and every question is about the redesign they're already seeing signs of early stabilization among ios users but there's still work to be done in terms of the android app. have a listen. >> we should have made a lot of changes faster in our engineering organization and put android first. now, and starting last year we started to rearchitect the entire application and rebuilding it from crash is and we have a bunch of components and we're testing some already in the application but it's the rearchitecture that will make a big difference. >> he says that they're making changes to the redesign of the app to put friends' stories

first no matter where you are on the application. >> quick question, deirdre, recode had an article saying they were redesign when he's saying he's committed to the redesign does he mean he's committed to the redesign as we know it or redesigning the site that's a bit confusing but -- >> instead of walking back the redesign, which i think is what you're getting at, he's saying they're optimizing the app so i believe that amounts to a redesign of the redesign they're calling it optimization but analysts are trying to get at the same thing and asking how they're seeing signs of tablization but again even spiegel and his executives saying that they are optimizing and making changes >> deirdre, thank you, deirdre

bosa in service, optimizing sounds better than redesigning the redesign that didn't work with users like kylie jenner. >> kiley was not happyl kylie w >> i think expectations are low. that was the lowest level of users they gained in years so they have 191 million daily active users, they have average revenue per user of $1.21. it can't get lower if the re-redesign works, the stock down at the lows will be a good opportunity. >> what do you think this means for instagram? do you look at it as a share or -- >> i think they're damaging stories and i don't think it was a huge migration over. i think these guys have done a horrible job with the celebrity set. you were talking about kylie jenner they're going to have to redesign a lot of things about the way they think about your users. >> or optimize speaking of facebook, facebook is holding its annual

developers conversation in san jose addressing the company's privacy scan doll. julia bois there sitting down wh the company's director of partnerships. >> i'm joined by the vp of partnerships which means your job is to manage the relationships with the 5,000 developers who are here today, many of whom are frustrated that you're pulling back the amount of data you're giving them access to. what are you saying to them to reassure them this isn't going to destroy their business models >> it's acknowledging the frustration they have. you can see the energy is high here in the room and it has been high all of them have expressed, hey, there's frustration over the last couple weeks. the folks that believe in the long term vision of the platform, which is the overwhelming majority, understand this short term change is going to be beneficial >> does this mean over the long term you might start giving them

back the data you're limiting? what's next in terms of your limits on what they're going to get access to? >> we continue to tell them we will lean into great use cases we want to ensure every api we build leads to values for people building their applications. >> but you told me you're raising the kbar f raising the bar for the applications but that's costing facebook money and it will cost developers more money. are you worried developers won't want to work with facebook as much because of the additional hassle and cost? >> i don't think so. one of the things i talked about today is we're all in this journey together especially in the early days we're 11 years into it but early in terms of the vision that we have is that there's going to be changes and tweaks and turns and if you are going to be an early developer building on a platform, you're along for those ups and downs but you know things will lead to the up over time. >> mark zuckerberg announced a

new dating app there are a number of developers who have dating apps that have integrated to facebook some are based on those facebook relationships like hinge and others allow you to log in through facebook is this news that facebook is developing this service? bad news for the other dating apps >> nothing changes for them. they can continue to share and leverage the platform. we love what that developer ecosystem has done what mark is calling out is something i experienced. i went to a wedding, the gentleman's vows started off by saying "i fell in love with you by your facebook photo." then they went to college in two different states and said they used our tools to stay in touch over time and bond and a couple years later turn into husband and wife so we're trying to lean into those use cases and ensure that when people look for meaningfulrelationships that w can play a part in that. >> that may be a natural extension for facebook but it can't be good with other dating apps and we saw shares declining today. ime archibong, thank you for joining us

we'll let you get back to talking to the developers here guys, back to you. >> i feel like they could have done that on google mail but nice story still facebook is a stock that did well in earnings and they also did well -- it's a stock that has responded positively with positive results >> positive results and literally the day before mark zuckerberg went to congress was the bottom of the stock. it's interesting with this match -- the way match is trading, it's reminiscent of the amazon whole foods deal. kroger got crushed like match, i don't think kroger has recovered. >> this could be lasting >> it could. no pun intended. >> match is a 60% short interest so they are leaning heavily into this news, i'm sure. >> whether there's going to be a breakup or not, you have a case where facebook is trying to get into other parts of the social spear. i'm not sure you have to anoint them the victor.

after everything facebook has gone through, i think people -- i certainly can't speak for this but those on these sites are not looking to give facebook that information right now. i don't think so they're certainly not looking to cross into that same place that they post pictures of their dog. >> that's what makes snap -- >> right everyone is looking at me like i'm saying something wrong. >> snap is a private messaging service. i think it's an interesting property i'll say this. we were talking about apple earlier and facebook, two very controversial stories now. the highs are in for these stocks and the lows are in when you think about what both neither are out of the woods. >> noticeably quiet on the dating sites. >> i'm just learning, i have trouble longing on to these sites but i say down 18% to me

is -- that's an absurd overreaction you look at their revenue growth and their valuation and you say wait a second. this doesn't make sense. i don't think they here in the kroger category. >> did you say you had trouble logging on to those sites? >> the facebook. >> did you ask i'm using dan's , which is password. >> we're live at the nasdaq market site in times square. much more "fast" right after this gins to change which may cause trouble with recall. - learning from him is great... when i can keep up! - anncr: thankfully, prevagen helps your brain and improves memory. - dad's got all the answers. - anncr: prevagen is now the number-one-selling brain health supplement in drug stores nationwide. - she outsmarts me every single time. - checkmate! you wanna play again? - anncr: prevagen. healthier brain. better life.

welcome back to "fast money. apple ceo tim cook speaking on the call the stock up 3% in the afterhours stock portions at apple's cupertino headquarters tell us what he had to say about the quarter. >> the iphone x a focus on this conference call but so is that services business up 31% to $9.2 billion. here's what cook had to say about that take a listen. >> we had all time record revenue from the app store, from apple music, icloud, apple pay and more, all of which are a powerful illustration of the importance of our huge active installed base of devices and the loyalty and engagement of our customers. >> morgan stanley's katie huberty on the call and asked what drove that and cook said

it's broad based, making the point it's app store, app music, apple pay. he said apple remains on target with the goal of doubling services revenue. >> thank you, josh lib on the in cupertino. let's bring in gene munster. what are your take aways so far? >> well, melissa, spoiler alert from your viewers, have therm turn the volume down because i'm going to map out what the stock will do for the next six to 12 months over the next six months this will be about anticipation of the new phones and analysts were digging into that. likely three new models in september, higher asps, they hinted to that as well if you think about the next three to five years, it will be about services cook was all over that and separately the buyback which they'll probably accelerate faster so when you put this together, it's an a-minus but setting up for an a-minus quarter for several of those to come in

future quarters. >> is this what they said on the conference call, jean? did they say they were going to come out with three new phones at higher-than-average selling prices or is this what gene munster believes they will do? >> so what they said was that iphone x was the most popular phone in china and is an indication of the price elasticity strength they have. so you can read in to that that they feel there's more room for higher-priced phones and there's this rumored 25% bigger phone that will come out in the fall so that was my interpretation of what was said there. separately it's also my interpretation about the speed of the buy bank. they had a couple questions but keep in mind this. they didn't give a time frame of how fast they would defly apply $100 billion in capital. so if you take the approach that apple is a system mick company and they'll follow the patterns they've done in the past you can

get to those conclusions >> what is your grade on this quarter? >> an a-minus for the reasons it wasn't a blowout quarter but good enough and this sets up for future positive quarters. >> gene munster who has been manning the red iphone in this case for us from san francisco what do you make of gene's interpretations about what was said on the conference call? >> well, i don't know about the phones, i believe gene, he knows the story well i think obviously the services part, you can see cook pushing that trying to get a different valuation, different kind of multiple so it it doesn't trade like a hardware company because that's a difficult thing i'm not long i certainly wouldn't short it but i probably won't out and buy it tomorrow. >> dan >> i think gene's analysis is probably correct and will play out over time. i don't think a 6.5 inch iphone will be the thing that investors drive the stock up so to me i'm less interested in higher-priced

phones if they can do 30% year over year services grow a tthllhe power to them. up next, final trades. -in-1. with a soil improver! seed! and fertilizer to feed! ♪ ♪ now yard time is our time. this is a scotts yard. now yard time is our time. becareally want to be there, but you can't. at cognizant, we're helping today's leading media companies create more immersive ways to experience entertainment with new digital systems and technologies. get ready,

because we're helping leading companies see it- and see it through-with digital.

>> best of the banks is j.p. morgan, there you go karen? >> i like that will great minds think alike citibank i like the valuation, hasn't traded great but i like it right here. >> nobody likes snap but i think

you can buy it. >> but everybody likes you, dan. >> they go away on friday. >> always big, guy, las vegas sands. >> i'm melissa lee, thanks for watching, see you back here tomorrow at 5:00 "mad money" starts right now 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. the bane of this market is not tariffs or interest rates or inflation. no, th