here is your headlines cisco is under pressure after failing to impress pressure with guidance take-two has rebounded only 1% now after its result and jack in the box is down 2% mike your two second final thought. >> looking the fallout for this market >> we'll see you bright and early tomorrow that does it foreclosing bell. "fast money" starts right now. >> live from the nasdaq, new york city times square, i am melissa lee. tonight, it continues with danny masters, chairman of coins chair. he says crypto rally is on hold right now but not for long he'll explain. and heitzmann, he'll tell us what sports will mean for the entire industry. we'll start the show a little bit differently tieonight you may have seen this debate on

the web. it is trending on twitter, people are fighting whether they are hearing laurel or yanny. take a listen. >> yanny >> i heard laurel. that's the majority of the people have been hearing the point is, it is certainly up for interpretation just like the markets. get where we are going here? we got three major issues, rising rates and higher dollar and gas prices are jumping the bulls or the laurels see these as a sign of the economy improving and the markets will rally but the bears or the yanny see this as potential head winds. where do you stand are you a laurel bull or a yanny bear, tim seymour, where do you see? >> great point to kickoff the show

love the mush statache. this is the market that got some yanny for everybody. look at that so powerful and '90s and listen to that. anyway, back to this market, i am a tactical yanny, in a short term, i think there are things out there, mortgage rates got to set near highs today the equity market is only 4% off of its all times high in the face of rising interest rates and the feds it is not priced for laurel. i heard laurel every time. if you heard yanny, i think you should get your ears checked >> i like to hear yanny verses see yanny after that last picture. it is undeniable >> it is a crazy thing, for five seconds, i heardyanny and i looked back and i heard laurel tim is a tactical yanny and i am

a tactical laurel. >> you are a tactical bull >> i believe we have come really far and fast specifically the last couple of weeks we bounced off those levels and rally aggressively >> you look like yanny >> you don't have yanny's hair, party in the back. >> it is the market, you have to take a little bit of profits, it would be tactical. >> you think the rally is -- the up train is still preserving the word as a yanny, you think the train is broken? >> my bigger picture is very laurel i think the fed is moving for the right reasons and etc. this is an equity market that tactically it has to be yanny. >> i am so confused. and so passionate about yanny here >> yanny is the bear and lawyurl

is the bull. >> yanny is the bear and where do you fall? >> yaurel. >> that's what the market is telling us if i had to choose one side, i would choose the bullish side and the reasons why is because the market's telling me. we broken it down from the beginning of the year, we had a wedge pattern of these technical analysis and we have broken that the market is saying that for now, things that looked bad may not be you start looking at commodities going higher you are going to get emerging markets economy doing better i know we had issues with those economies, this is a big boost to it. higher oil prices put more pet troe dolla petro dollars. i would lean towards the yanny

side >> it is very difficult. >> we should have it on the bottom of the screen coming up >> in terms of the things that the yanny or the bears is worried about of the impact of interests of things and rising mortgage rates and gas prices. we got some reasons consumers which are -- >> i am always a laurel, that's structurally always. how sure am i against it how yanny i am against the laurel that was a good time to buy some more put i don't want to sell what i own. i think the biggest risk to laurel is the spike in inflation that it is commodity related and the feds sort of feels like, you know it is getting away from us a little bit and let's pick up the steam and be a little more

aggressive the flow rises are fine. that's good. >> what we have seen is fine >> that's good that's the best case scenario. a little bit inflation and decent growth. we don't have earnings anymore most of the earnings already happened we kind of had macro to drive the market i prefer to have earnings. >> we have an industrial production brian talked a little bit about commodity. if you think about the sector that makes sense here. we had an inflation trait that's largely intact for about 18 months if you look at some of the names and some of this is back to the future again and some of the eog's. i just think banks are the place that are the entrepreneppie cenl of this. what's good for banks now is not always good for banks. banks are the best combination of valuation and the most leverage to this economy >> the tactical yanny and the tactical laurel are both like

energy >> the tactical yanny. >> this tactical yanny >> common ground and energy. >> very tactical i think you are running to the end of the energy run so to speak. oil will start, i do believe high oil prices, you will see them reverse and i do think they'll see the sub sector and energy space and particular and reverse going lower. >> i would be a biotech and retail >> we heard from ac and home depot. >> they were strong in may the past three weeks >> what you are hearing from the retail sector specifically tells us consumers is in good shape and has money and spend money. the sector is so beaten up that the recent run that we have seen in the space still has longer to go >> there are some natural circuit breaker to keep the yanny's in place though. >> we have higher gasoline prices and a higher dollar

that higher dollar may start to weigh on oil and gasoline prices that maybe one thing ter alternatively if the dollar starts to fall, it will be better for multi national. in the parmarket of circuit breaker, the mark et is telling us there are some structural reasons here >> people are making a bigger deal out of the dollar than they should it was over sold on the 88 of the dixie. the dollar trading of 2017 levels where we did not think the dollar was a run away train. if you think of the structural deficits that we have, i don't think the dollar is going to get away from me here. those sensitive trades did include emerging markets and commodities. i think they're going to continue to do well. >> let's settle this with the chart, the bulls and the bears have facts on their side because

s&p 500 is right at the middle, yanny and laurel >> so vk discussed of how there is a little bit of yanny and laurel in this marketplace just in case we see anything reverse or start to gain some momentum let's talk about some levels here that we are looking at. this is the all time high and this is the recent low which is 25.32. if you look through that prism, right in the middle of that but i think the important thing that i start to look at on these charts is that everyone thought that we broke trend right here so the trend line depending on where you draw it was basically down through here. everyone said point to this level as a breaker trend here is the problem i see with this chart pattern over here we had a break of trend, too the break is right there

what happens after that break of trend? we came in at 8% if you look at this, grant it we are in that formation where we start to get these swings tighter and tighter. if we do the same type of thing and say okay, it is a tighter range, maybe we sell off half the amount that we sold off back here at the 8% we wound up where? exactly of the 200 days moving average, 26.25 i am a tactical laurel and i am bullish. i believe this set up is still a rising trend line and still bullish but i do think we are in for ra sell-off >> i think so. >> should we invite him back to the desk >> come on, we'll bring the chair in >> is going back to the side >> so good this is dangerous. tim and i is close

>> in terms of sectors, are there charts that concern you that's under your tactical -- >> if you look at it from the beginning of the year, we had a collapse in energy and a real dramatic collapse in energy, we are just fighting back to the same point where we are in the middle of the show me area, that's where we are in the energy part and i am concerned of energy. >> if we say in the middle what is it that makes you feel we can hold at the bottom of this door. i don't get the sense as much of everybody thinks we bounce off 200 a time that this is cast and stone. >> i don't think we are cast and stone either that's the level to shoot again. i do believe this market is in a show me state. there is been so many bulls that's been shot at this market and it is taken all of them. it is losing its effect on the marketplace. guys are putting new money to

work and another test of the 200 day moving average they'll come back in >> let's say it breaks the 200-day average then then look au out below? >> move to canada. >> if it breaks the 200 day moving average, if it broke of the same level of the 8% move, you are talking of the marketplace of 24.50 to 2500 of the s&p. that's enough to take the heart out of so many people. there will be so many people will get hurt of that move and i am not sure if anyone is left to get short of the market and foresee it coming. >> that's my argument. i think people have the sense that we cannot break it and enough players are waiting to buy the dip. i don't think there is enough fear in this market to take it higher again, getting back to the fundamentals, this is the problem to me. it is all about precisions and what the market is worth back to laurel look at transport, you are

seeing better cars and better demad deman demands. i think we have it it is all about what the market is positioning >> steve let me ask you though. >> it is the yanny in me >> you are talking to the biggest players all day long, are they more aggressive on the buy side or sell side? >> buy side when they come in. still. >> ross, nice to see you coming up, cisco is one of the best performing stocks this year, it is getting crushed after hours down by 4% the conference 12 is under way, we'll bring you the latest details and the ceo of twitter and square, jack dorsey is speaking out at the consensus conference itan we vestor draft king, rick hezmn,are live on another raining night at new york city, times square, much more "fast money" right after

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welcome back to "fast money. let's get to josh lipton for

more details >> cisco ceo sounding bullish on the call, take a listen, chuck robins >> our performance is continuing strong customer demands for solutions. we made steady progress and shifting our business towards software and subscriptions this results across our products and geography. >> and robins pointed out that some of the performance, infrastructure is up 2% and security is up 11% and service is up 3% basically in line and disappointing investors and cisco guiding year of 68 to 70 cents and revenue growth of 4% and 6% perhaps, it was not good enough. it was up to 20% heading into

this print as about the guide on the call, the company's cfo feels good about the portfolio. we are not assuming improvements there. for more on this, chuck robbins, is going to be on cnbc tomorrow morning talking about these quarters on the results. be sure to tuned in for that oe >> thank you very much josh. >> what's the big run here, tim? the sentiment of the stock is enormous and coming into these numbers, you saw the bump up estimate, so this was at one point the big megacap named within tech that actually was cheap and i think people can get behind we know these guys are making transitioning from hardware to software i just think that this is a victim of itself >> yeah, it is exactly what tim said at the beginning. this is a stock that just have

been on a tail wind. after hours, it is still growing and all they did was hey, listen, we are not going grow any faster than what we already told you or any faster than you think. if you still like this and still like tech, it is a gift to you >> 68 to 70 cents is worse than 9 cents. expectations is a little too high and it is not a disaster at all. >> i would be a buyer here >> you can go in tomorrow and see how you react. i think you have to give it a couple of days to see where it stabilizes still 3-1 relationship but they are growing the services >> coming up wynn is in the midst of their battle we'll have the details i am melissa lee, you are watching "fast money," here is what else is coming up on

"fast. retail stocks are back from the dead but, if you missed the move, relax. we have another group of stocks that's having a similar revival. could the whole bitcoin be behind the consensus conference be bogus hold on bros and he'll tell us whether it is bullish when "fast money" returns

welcome back to "fast money. twitter and squares ceo took the stage and had this to say about crypto currencies. >> i am approaching with with

principle of the internet deserves -- they'll have a native currency. i don't know if it will be bitcoin or not i am a huge fan and appreciate so much -- >> will bitcoin be the true winner is there something to be the first winner now you have all these apps and platforms being built. >> because of the network effect is very big. network effect is big in any industry >> this is technology and that's all the bitcoin is, it is software that allowed you to send money around the world without ahmad middleman

i know that myspace came before facebook and facebook was better my investment was in the entire space and the ecosystem that was very small now and you got to be ready to grow and bitcoin is one big part of that ecosystem >> do you like that jack dorsey has come out -- a vocal proponent of bitcoin >> not really. i don't like the square valuations being bitcoin related. >> when it is a small part >> it is such a tiny part. they make efforts breaking out how small it is. there is so much else going on in squares that it is so much important. >> i agree i like it for that exact reason. i like that it is not enough to hurt it on the way down that it does have some bitcoin nuance to it the cfo squares mentioned

yesterday or the day before their tech company that happens to be a payment processer, that's a way to look at square tech company >> the cash app got 7 million users. >> the cash app is surprisingly and strong, surprisingly how strong it is these guys have so much opportunity to cross on the service side and that's what they are talking about the fact that their business does get caught up in this and it makes you nervous as shareholders because you get caught in these but that's not what we are controlling. >> all the buzz around consensus, that did not quite happen take a look at thischart under performance down 5% since monday let's bring in danny masters were you surprised that the rally did not materialized

>> i thought it was so busy. i would say it is three years now and almost to the day that we launched bitcoin tracker one. crypto currency was very small back then. anyone visiting consensus this week will realize that 8,000 folks will come into participate and build a new financial cap. it is a very exciting week >> what struck me or maybe this is not the right take away, there is a lot of announcements focusing on custodials. it feels like there is a maturation of the industry because with those solutions, institutions could now get in moresl more easily. >> we need to know who's looking off those assets and where are they residing so, yes, you are correct, there

was an announcement and i cannot talk about that in this particular part of the world came out of japan. we have seen zapo continue to mature and they're our favorite provider and have done a fabulous job with us and you see bitcoin and kingdom trust. this is the bedrock of what institutions need and listing need in order to go forward. >> i am going to ask you the question that i get asked all the time bitcoin is down to 8200. is it done then we are seeing infrastructure being built first inning or seventh inning where are we >> i still think it is very early. i spent 15 or 20 years watching the energy and markets beginning from industrial to a logistic business and pricing and models and so on and they go around that >> we are not at the part where i would say it is starting on

commodities because of these things indexization. >> and to that point, what was interesting was the cft commissioner basically saying this week they wanted to hear comments about whether ether is considered a commodity and whether the future could be going against ether. is there a trade in this, danny. if ether is the next half future associated with it is there a trade >> trade all along has been to realize that ether is particularly a use case informing capital. now, when you over lay that process with heavy duty regulations, that's bad for theory a theory is the mirror image of

regulation >> so what is your view on then? >> making it as whathard as then hit. >> what we are seeing is companies and networks and hardware and associated with the industry is very mobile. look at the transformation we saw in china with all of these assets moving offshore and there are pockets in the world and businesses are going to gravitate. >> that's a great point that i want to hit you on here. this is a global asset class asia is huge does the u.s. matter if the u.s. sec comes in, hey, does it matter to the ecosystem? >> that statement would hold true there is no question about it. no, i don't think the internet is a global phenomena and crypto

currency is equally global it would be a shame if the environment around the work that they do and the investment they want to make is he or sostile >> does that mean you sort of -- the idea of bitcoin used as a transactional currency is not really what's driving it anymore or should not be what's driving it >> bitcoin is so much of the reserve and the thing that everybody goes back to because its got the infrastructure and most network connection and exchange connection. that's sort of the bedrock each of the classification family of block chains serves a different purpose. so you know there is the capital formation side and the assets of some concepts to that and those

concepts in terms power the network. it is not a simple case but there are a bunch of different essence. we are figuring out which assets and networks >> we are pressed for time i have to ask you. will bitcoin see its previous size >> we need to see the structure continuing to build and custody and solution come and be provided we need performance measures where we can actually start to understand what we are talking about and measure our performance. we need to do more mature work around the ico so post ico and just get investors more clarity and better expectations. >> is that yes or no >> yes >> okay. >> danny, good to see you. >> thank you very much >> danny masters

>> sounded like a laurel >> don't bother. >> you hit me with bitcoin and consensus. >> it is more confusing. >> so the way i point it is through the chip space or in and out of over stock and over stock has been hit dramatically and almost had a round trip. i got back in over stock ahead of consensus week and it is already starting to pop. i am playing for r tthe ico marketplace. no one knows whether bitcoin is going to be ride off to glory or the one that's getting infrastructure billiuilding arod it if a currency does not have utility, there is no reason for it it is not about speculation. i think it is right about speculation. those are my points. i think bitcoin remains in vogue because enough is being filtered around it as danny said. you need the infrastructure and

it is happening but ultimately it is building infrastructure for other things >> i take a view on the coincide that we'll have multiple networks and danny alluded to it bitcoin is becoming a reserved current currency and we'll have a judicial system that's decentralized or a ripple work with the banks you have this entire internet of block chains and that's how i view the ecosystem going out you can play it via coins or some of the names. >> i have to ask you this though why didn't we see that rally this is going to be a huge catalyst for bitcoin >> it has been there has been a couple big sellers out there. but behind the scenes as danny alluded to there is so much going on. i was at this conference for all week, there is developers all

over the world and there are things going on in asia that we don't know ahead of us are we down this week or maybe it was priced in or part of the rally coming up. in general, fairly bullish on the sector >> still ahead, macy's is soaring today. there is another group of stocks that can be seen of similar fate >> sportab gambling, we'll talko rick heitzmann on what it could mean for our industry. much more "fast money" right after this

we got a news alert. let's get to meg tirrell >> we have been parting through those data sets and they are making quite a few biotech stocks moved in the after hours. joust is down more than 30%, jounce and celgene, another celgene partner that had an update is bluebird bio we'll move you over to loxo oncology and blueprint medicines. blueprint is down 9% and loxo is

down of 10%. we'll see more data at the meeting. last we'll point you out to netar and bristol-myers. bristol-myers is a much bigger company, it is not moving much in the after hours that's it for now. >> thank you very mull meg tirrell. where do we stand on bioteche >> it is a disappointment. we know the top four or five names, they all have issues with their products people are worried of a bad deal all of those names i mentioned have fantastic balance sheet and paid a decent dividend i remain long two of them. macy's is surging at 11%

today. the rest along with the space and there is one other group that seems to be seeing a retail like revival let's get to dom chu for the details. >> hi dom. >> melissa, it is not just macy's that seems to risen like a phoenix from the ash and by the way, it is helping to drive the retail xrt to a fourth straight day of gains. macy's surged higher from multi year lows. a lot of retailers have been hammered and the big part of the story is amaz amazon. you may be able to make the argument that something is similar and still is happening in the media space as well where it is all of a tech, new world

company known as netflix many of them are trying to bounce how macy's has. take cbs shares and still beaten up but after hit and lows earlier this month is around 14% and not too bad. viacom is up 30% of its lows discover communication is up around 40% like i said, these are still a long way from record high. but melissa, could the upside continue or many of these traditional names eventually going to succumb to the likes of an amazon or a netflix big question there for traders >> thank you, dom chu. the big question is what happens to the at&t/time warner deal does that unleash flood of mma activity and that'll determine whether we'll see a revival in the space. >> what's the date of that june 12th?

comcast is down 18 or 19% year to date. that's the one to watch and everybody is focused on disney or fox or via. cbs chart looks a little constructed to me but comcast chart is really interesting because most people have thrown it out based on a negative ruling if you see a positive ruling on that, cmcsa will bounce the most >> i think time warner is interesting. obviously, you have the deal of june 12th, if that happens, stocks are going up. if it does not happen and it has not participated of this revival of media at all. they have been out of the market and they would be right back in there again and be interested in their properties to me that seems to be an interesting risk for war >> coming up, market shares s sitting ahead tomorrow we'll tell you what to watch

wynn's board room battle, contessa brewer was there for all the action >> the one ceo who have not weighed in on this whole sports betting implications post supreme court decision today tat the shareholders' meeting. he talked about it i have it all coming up after the break on "fast money."

welcome back to "fast money," wynn is holding their annual first meeting today with a glimpse of how the company is moving forward contessa brewer was at the meeting. >> yeah, the first time a reporter is allowed in the meeting. here is what we learned. investors showed up and many of them are locals. what's the future? matt maddox says it is not for sale he says rooms booking are up and the new convention facility under construction now will be up and running by 2020 he described his vision for this lagoon with a water sport and a massive property, sounded at least in their earnings call like it was a vision that'll be brought into reality the focus though of course is still the over hang with the

steve wynn allegations and the board member who heads up the internal investigation said they have interviewed more than 100 people and reviewed three million documents and they'll coincide that with the massachusetts game mission inquiry. >> elaine wynn did not choose to speak. she's gratified by the investors response to her and restore wynn initiative she was glad to hear that maddox says that boston harbor is not for sale they are also now one of the lead plaintiffs along with new york city pension funds in a shareholders lawsuit against wynn resorts >> what are the damages? >> the share price as are backup to where it was in january >> there has been losses and in other words, you could have had

better gains >> reporter: and another shareholder asked maddox how wynn will benefit on sports gambling he was measured in his response. they would take away approach and monitor the progress state by state but especially in massachusetts is where it might matter he was firm in his instance, it would have no negative impact on las vegas. people come here to party and not to put a bet on a game guys >> all right, contessa, thank you, in las vegas. maybe they don't go to wynn to bet on a game because they don't have a book. >> the other side of that coin would be that all of a sudden, you have 50 states that you can open a sports book in. if i look at the space probably the one that i want to stay away from is nguyen just becauwynn o

hanging litigation bullish on the space, i would look like a las vegas' sin speaking of sports betting, let's bring in rick heitzmann. an investor in draft king, it is great to have you with us. >> thanks for having me on tonight. >> i imagine you talked to the draft king, what are they doing and the last 48 hour haves bes like i think it has been good the team is focused on preparing this and jason is a great ceo es and knowing that this is possible and even though you are prepared of taking the next step to make sure you are compliant and see how the actual details shake out. >> how does the draft king, how do you view the competition in terms of casino operator moving aggressively into the space like

mgm. i think a lot of people are going to play in the space i think it is going to be a huge mashl market the market size increasing is going to matter more than individual market shares as investors, we think more of the market and the size of the market melon than individual shares we feel draft king positioning as an online player that's superior than all the other guys >> does that pave the way for an ipo? >> in the medium term. there is a lot of questions to be answered and a lot of details to manke sure it happens i think there will be multi party negotiations and how this plays out among the states as well, as well as the teams and the people who have played in the space like draft kings no one is rushing into anything but obviously, this creates a bigger market and a leader in the market is going to think

about public financing there are a lot of things to be worked out fees to the teams, for instance, would each individual state, the state of connecticut, there are two tribes there that claims they have the exclusive rights to sports betting there some states required referendum, what are the states that did not have sports gambling before that's close to flipping the switch >> wait and see, even if they did not have sports gambling, i think you want to be 100% compliant and work with the league and partner with people to make sure you are doing a good job i don't think it is as simple as flipping a switch or adding something under the website. i think it is going to be partnering both with the regulators as well as the leagues and the teams to make sure you are doing it right. >> when you look out beyond draft king, you have investments in the internet, various internet properties as well. do you see this increase

viewerships. i would think consumers, they watch sports now in the way that they watch sports that it mobile or not on tv even if there is online gambling. >> that's true consumption patterns changed and people are watching on amazon and twitter and sometimes paying more attention to their fantasy football account than they may even played or watching a gameo the local team the interest is fractionalized having rooting interests beyond your local teams, individual players on other teams or other outcomes will increase in engage m. i think all the leagues and teams are viewing it in this way and understanding more about what customers won't >> rick, great to speak with

you. >> thanks foreseei seeing you a. >> rick heitzmann. >> i am having the worst fantasy baseball season ever i think what rick is talking about is very interesting. i think guys like draft kings are in a tough place i don't know what the balance sheet looks like and i don't have the business plan >> i can tell you that comcast and through nba and cbs sports and all these guys are active in fantasy. they run software and they have a distribution that's massive. the fact that you opened up the plain field to people that have much wider distribution. it is something that, you know, at least a little bit of a risk or not a significant risk. >> i am sorry, i am new to the sports gambling kind of thing and fantasy for that matter. what does it have to do with distribution if they have a big presence in fantasy when it comes to online sports betting >> these guys already have

fantasy business and football and baseball and you name it where they got millions of subscribers. i think they can monetize that significantly. >> i think for the same reason that draft king is in a good spot going against the vegas like an mgm would have the most benefit there. it is a much bigger business i think that draft king has the database as well as jim is talking about. i think draft kings probably have a specific database that'll work to expanding this business and really magnifying the effects. >> because they have the right demographics >> my march madness thing every year and people are playing it and brackets >> we are not going to be right or wrong on this i do believe they have the right demographics still ahead on walmart on its longest winning streak in three

months that got traders piling in on the name ahead of the trade tomorrow we'll give you all the details. at&t gives you more for your thing. your getting the best but paying way less thing. now get 50% off a smartphone, like the samasung galaxy s9. more for your thing. that's our thing. visit att dot com

welcome back the options markets are implying a move of about 4.2% in walmart and we saw a lot of call opportunities. the four times the average traded today the most active was 87 calls of

17,000 of those traded so the options markets action is betting the walmart is going to be above 40 today. >> thank you for chthat >> up next, is final trade wful. 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.

final trade, tim >> crazy run and the commodities except for the shiny medals like

that one >> chairwoman. >> retailers surviving so as foot locker. >> snap, i i am melissa lee, thanks for watching a sid 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. can a rally be led by just two st