the company, then jana denied it. >> market may be an activist we'll see opportunity here we'll bid it up a little. >> lowe's is the darling, jana they are off to the races. so is "fast money. thanks for tuning into "closing bell." "fast money" begins now. >> live from nasdaq market site overlooking new york city's time square i'm melissa lee mete pete najarian, tim seymour, guy adami. just when you thought it might be safe to buy ge shares cratering, stock seeing the worst session in a decade. did any other traders buy this dip. speaking of carnage bitcoin bloodbath, what is behind selloff. brian kelly has clues. later the president of coinbase is back with a major announcement that will impact anyone who uses his platform and

the entire crypto space as we know it. he will join us live but first we start off with the fed to the rescue, stocks sinking at the open. then the fed minutes came out and the message was simple we got your back, market the dovish comments a lift in particular is this return of easy mope trade and is the fed put alive and well again guy. >> part of this past -- i hate to use the word. >> in the context of this conversation because a few weeks ago on thus before the jobs number, we had talked about modest wage growth bullish for the market don't fade it. here we are some 110 s&p points higher now you've got the feds modest overshoot in inflation helpful their words not mine if the fed is not going to be your faux, itoe, it's going to ally vix closed at 1260

vix is telling you green lights from here. >> you were saying fed is back you thought it was gone. >> exactly if it's not back, at the very least the strike price moved up a little close to the market we had a lot of fed talk today -- actually the last couple of days, about the yield curve and how they are concerned flattening yield curve could be a signal that a recession is coming those weren't their words but that's what they were kbig today they were concerned about the flatness of the yield curve. so if anything the fed has said to you, hey, we've got your back here we're not going to raise rates and crush the economy at this point in time. we're watching what we're doing. >> you guys are listening to a different fed than i am. >> dovish today. >> today's comments were somewhat dovish, everything i've heard from every fed, we actually think this is healthy they look at all the moves in the market -- >> came out today and said he was watching yield curving. >> kashkari is a big dove, fly

away as dove to me if you think the fed will move because we see conditions tighting up. a stronger dollar is a drag on thing. you think what the fed is doing conditions are tightening up i do think they are aware of that if you think they stop based on the shape of the yield curve i don't think they are going to do it here. >> market reaction was clear in terms of what we saw it was the trades that worked in the easy money days. >> yes. >> technology for one. >> technology. some of the financials actually turned around from being beaten up pretty good look at semiconductor companies as well. i think what we really did see was there is a put i never felt like it was gone to be quite frank with you guys it feels like the fed has our back they are going to be watching things i think because of that, it doesn't mean we're not going to see some harsh moves for the downside at some point i think they are signaling they have got our back at this point in time and because of that it gave people the idea that, you know what, it's okay to be involved in the market. >> if kashkari is the dove he's

out there using signaling mechanism to say this the extreme view and move it back towards the center when jay took over we were looking at a fed willing to tolerate an awful lot more volatility that's not to say they are not willing to tolerate volatility now. they recognize their actions could have impact on the economy. >> fed has a dual mandate. they are focused on growth and they are focused on inflation. what's the part of this bothering them right now they have got pretty good growth, inflation. maybe not an issue, bubbling inflation, commodities high since 2015, two-year break even inflation over 2%, look how tips are rallying you're going to tell me we don't have an inflation issue, feds get in the back door you guys think the fed is going to stand here 2018 into 2019 like they did in '17, 2016, 2015. >> they do that every time. >> what? >> they do the exact wrong thing every time when the economy gets weak because oil goes up, what do they do? they get dovish, weakens the

dollars and commodities go up. >> trailing market dynamics, that's by nature what they have to do. the fed has done a pretty good job over the last few years. this the toughest part, unwinding largest global financial experiment in history. talk about ecb, europe, what's going to help those folks in the fed -- that's what we're seeing. >> two more rate hikes or three more rate hikes? >> we've got two and a third that's about 40% priced in i'll tell you what, i don't think they are trading this day to day i think these guys have a plan. >> two, dependent right now. they have told us that we know that aspect. to your point about volatility, let's be honest, the spike in volatility with the market down close to 200 points, the spike was all the way up into the 14th really if we're in that big of a problem i think volatility would not be trading where it is and i think the market wouldn't be in this grinding pattern we're in then you see where the volatility ends up at the end of

the day, you say, you know what, this the new norm in terms of volatility call it 12 to 15, somewhere in that range we used to be 16 to 19, now we've shifted down. >> all this said, we can pull apart the words of the fed minutes till kingdom come -- >> cows come home. i never really understood that >> the bottom line is we are boxed in a situation where just a couple weeks, few weeks away from the next fed meeting where they almost will certainly raise rates, right there will ab press conference and we will hear much more what do we do? >> couple of things real quick pete said i thought in the beginning of the year the fed put it away, felt like a different fed to me. number two, love the glasses on you i agree with tim, except in my world dual mandate is s&p and nasdaq goes higher and that's what you saw today. >> that was their mandate. to be very clear, after the crisis targeting 10% on unemployment, get below charging

10,000 on the dow, get above that we know that the fed arguably have market forces they won't admit to you can't tell me they care about market valuations here if anything we created an asset bubble they wanted asset inflation, they have gotten it. if anything they are talking about trying to control something that looks at least you're starting to get and be careful what you wish for. >> let me be clear i don't think the feds have done hiking, they backed off their language. they saw the dollar rising, yield curve flattening. >> dollar back to december levels. >> we talk about it every single day. we talk about it every day. >> when it was at 90 in december just five months ago, were people freaked out bottom line is the dollar probably overshot to the downside, rallied back up, 94, 94 1/2 barring italy completely falling off the map i think stacy around here. bratdown in the euro today will affect the dollar because the dollar basket is 65% you'euro

that's one of the dynamics. >> fed recognizeing that move off the bottom we talked about that, even companies talked about that. the market action to me tells me that the market liked the fact it was a little more dovish. that was the ultimate arbiter. >> real quickly, don't think energy prices didn't play in, inflation overshoot. going from levels we talked about a year and a half ago to $75 and, no, we better address this in our language. >> despite the fed's comments the green back hit another year's high today. so will king dollar super eli continue what can you buy it's -- >> superhero. >> not the blonde haired guy. >> rob joins us at the plaza hey, rob. >> the dollar had a big move, 5% off the bottom in the last moment or so. really when you take a look in the longer term context it's not that big a move if you go back from long-term it's hard to make a correlation with the depression of the dollar and stock market, sometimes it goes up with the

rising dollar, sometimes it doesn't. i'd be very careful overstating how critical the move in the dollar is to the direction of the s&p. it probably affects small caps, domestic companies more than the s&p itself so we had this big breakdown here last year it breaks the two-year down trend. we're getting back into all this resistance that's a 200 week or four-year moving average 9477 we have all this resistance up here and 95 level. i think between 95, 96, it's going to be pretty tough for the dollar to move meaningfully higher in the shorter term momentum data, rsi, upper end of the range. i think we're getting pretty close to a pause point the dollar is not that significant issue in my mind from a technical standpoint. in fact, when we start looking around the market, there's just a large number of names grinding through these big trading ranges and resolving to the upside. we like what we see. we still like the small caps they broke out last week, a little over short-term they should pull back will again, this relative performance

is reversing a two-year down trend. we're still positive on small caps we still want to own them, make sense as being part of a broader portfolio. in terms of domestic themes if we're worried about dollar moving higher, transports look good to us from a technical standpoint you have this big move out of this trading range again stock after stock moving through these first quarter trading ranges and resolving to the upside we think that's bullish. that relative performance is beginning to make a hook still positive on the rails. we like the truckers, transports in general act really well discretionary space when we look at domestic names may not show particularly well, tjx out of this big trading range and resolving to the upside. as a counter to more cyclical names probably dollar sensitive this looks good and relative strength beginning to hook we love that as long-term core leadership name. the last thing we take a look at, i thought that was tjx hang on here

i guess that's it. all right. my mistake that's it. >> all right well, why don't you come on over, rob. more stuff to talk about ryan will bring the chair in as only ryan can. >> the seating, carol burnett. >> "star wars." >> superman music. >> super rob. >> i thought it was "star wars." >> back to the conversation. in terms of these buys in the strong dollar environment, do you actually track them against the dollar or is it simply that most of the revenues are domestic so it's your belief that they will do fine and the charts look good >> that's exactly it charts are healthy on their own. make sure we didn't look for charts correlateed with movements on the dollar. the domestic themes act really well in fact when we take the other side of that if the dollar is going to pull back, a lot of these cyclicals are hammered they are going to start to rebound as well. generally if we look at all the mess we've had through the first quarter into april and may, a

lot of noise, a lot of consolidation, a lot of volatility, but generally stocks are starting to resolve at the top end of the trading ranges. i think it's still a healthy market. >> robert on the dollar chart, increasing, formidable resistance does that suggest maybe the dollar stalls here or goes a little lower >> that's what i think close to the point, maybe another point or so, 95. a lot of resistance up here, a bit of a pullback. probably get a rotation out of some of the small caps short-term again, i think this is a short-term issue it's noise. >> rob, good to see you. rob. tim, what did you do >> i continue to like energy space, slowly adding a couple oil service names and also halliburton over slummchlumberg. energy faces head winds when the dollar rallies, rallied $0.11. that tells me we have change of character in underlying stocks.

>> i've actually taken off pa lot of energy. all the paper we've seen is she she short-term i'm not negative but everything i'm seen is short-term took a lot off and added several things i thought target with that selloff, that was a great opportunity to buy it again so i bought it around 7125, somewhere in that range. i completely agree with the reaction 6% down in the stock. there's a couple other names i added as well but that one stuck out the most i looked like, okay, earnings up 9% year over year. they missed the number but they were 9% year over year 28% on the digital i went through the entire thing. you know what, this is a company of 13 times earnings, that was a gift. >> that was fast. >> it was. >> similar movement talking about six months ago same thing, stocks sold off, talked about it being a mistake, turned out to be right i'm with tim on the energy real quick, think about how strong crude would be but for this dollar. the other thing that struck me for the first time april while, underlying strength in biotech.

>> for me i still like chip stock, giddy up or hi-yo, silver! >> micron. >> exactly you get a dollar no longer rallying micron with nice momentum, that's a place you want to be. giddy up. >> hi-yo, silver! >> general electric, investors hitting the panic button we'll tell you what ceo said united decision to cancel nra discounts turn out to be a personal decision. why? we've got pa special report. later, he is back, coinbase president here with major announcement that could send shock waves across the crypto space. some leaked out earlier today but a key part did not and you will only get it right here on "fast money. stay tuned crypto fans and haters live at the market site in tesim square do not go anywhere much more "fast money" right after this because, when you really, really want to be there,

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welcome back to "fast money. they used to bring good things to life, now ge only brings heartache to investors today was more exception the stock having its worst day in nine years tanking more than 7% after ceo john flannery gave disappointing guidance and said he could not guarantee its

dividend is safe leslie picker back at headquarters with more hey, les. >> ge investors spooked by comments he made at an industry conference earlier today he said he did not expect to see profit at ge's power business this year, profit growth and declined the 2019 dividend those comments sent the stock down 7% posting the worst day since april 2009 while there was a silver lining flannery did affirm ge's profits and cash flow. much of his comments were focused on the power unit which along with ge capital are seen as plebeleaguered units within e company. when it comes to power, he told the conference ge is folk cusino what they can control, getting margins higher. >> new unit will be tough. we're going to continue to focus

what we can control, continue to drive cost down rapidly. on the service side we see maybe some green shoots. this is not going to be a quick fix. but at the end of the day long live assets with intrinsic economy value. we're going to make the most of what we have there. >> flannery repeated the phrase back to basics, back to basics several times saying he's committed to reducing risk and creating accountability in the business units adding he would be the first to say it's been a, quote, challenging first year since taking the helm, melissa. >> leslie, thank you leslie picker with the latest on general electric. it almost seems we're at this point in time when general electric might be better off saying, hey, we're going to reduce the dividend drastically right now to be safe as opposed to letting wall street and investors guess about it. >> we made the point several times, truly ripped the band-aid off and, hey, nothing said if you think about it, today's context of these comments should not catch people by surprise

the theme of this presentation was deleveraging and derisking so why would you talk about absolutely paying a dividend in an environment where you're talking about deleveraging and derisking? why not keep options open. a lot of problems with this company. sentiment got too bullish, this reaction is too large. >> i'm not sure where the analyst is but somebody on monday said 11 1/2 hour price target, this is where it's going. i think the gentleman made career on the back -- >> jpmorgan. >> talked about it monday. this is right. this shouldn't be a surprise we addressed monday the fact $20 billion in cost cuts they promised by i think february they are basically halfway there. they have to do something. it could come in the form of dividend cuts. i'm always surprised but i'm not saying this should come as a great surprise. >> options market signaling dividend cut. >> option market signaling stocks going lower i think the problems are the dividend and the debt. when you look at the debt and continue to see just the sheer magnitude of it, i think it does

give people a little bit of a feeling of, you know what, this is not the end yet i think these fake moves to the upside are fooling people. i still think downside 14 puts getting bought, very, very large even lower strikes than that in my mind this stock is going lower. it will be somewhere maybe single digits. >> listen, i think i'm with pete i tried to buy it many times so no more for bk i will buy when warren buffett does single digit, warren buffett come in and get a sweet deal and bk will be buying. >> growth debt to ebitda is somewhere 4 1/2 times they will get to 3 1/2 times that will be positive for the stock. >> still ahead traders betting one of the hottest tech stocks over the last year is about to plunge we will give you the name and tell you what has them so nervous. i'm melissa lee. you're watching "fast money" first in business worldwide. meantime here is what else is coming up on "fast." >> as european events stumble,

investors, here is a hint. why so many on edge about deutsche bank shareholders meeting. plus, he's back, coinbase president asiff hirji, in an exclusive teiewi me inrvw llakan announcement that could rock the crypto world that's when "fast money" returns.

first on cnbc, fed president robert kaplan on rising interest rates, inflation and economic growth "squawk box" 6:00 a.m. cnbc. welcome back to "fast money. it's like a scene from the alfred hitchcock horror film psycho crypto carnage rages on and has been a bloodbath since highs in early may. bitcoin, ripple, litecoin getting slatered what's behind the move

our crypto baller bk. >> i would temper enthusiasm or volatility this is normal volatility but we'll talk about that in a bit crypto carnage, why are we seeing a selloff, let's call it. number one, regulatory uncertainty. yesterday north american security association come out and do something called operation crypto sweep where they shut down a lot of really bad projects and sent letters to a bunch of exchanges just to gather information this is what we want regulators doing, out there fixing problems, shutting down projects we have these rules, that we need to follow by. this is the next step into the institutionalization of this market while it's uncertain now, i actually view that as somewhat of a positive. lack of institutional investment this is our if we build it they will come moment we have a custody solution next week i.c.e. announced they are going to have a cryptocurrency exchange multiple different banks goldman sachs opening up trading desk.

we're already just waiting for those institutions to come until we see some sign of that you're going to see a little bit of weakness finally what i mentioned at the top, the usual volatility. this is kind of normal trading for big coin cryptocurrencies. extremely volatile asset class, makes you want to lose your lunch. i almost lost my lunch this morning. you know what, this the asset class we're in take a look, bitcoin go to the next one a three-year chart see this big spike up we have. what are we doing here we've had this little bump and if i draw myself a trend line all the way back here, look at what we're doing. we are still in that two to three-year uptrend right here at about 7400, 7485 we have bounced right off of that trend line. then if you draw at couple more of these, let's see if we can clear that up a bit, if you draw this line here and this line here, what does that look like that looks like a wedge off the

bottom here. for me risk reward wise, not a bad time to get into bitcoin. >> brian, it's tim. >> hi, tim. >> good job out there tonight. give us visibility into entire cryptocurrency case. most people can say what's going on with bitcoin, bitcoin cash, how much is a bitcoin issue or is this a bloodbath everywhere. >> bitcoin is still the big dog out there. everything is still correlated with bitcoin it's still the way that you get on board and into this system. what is going to happen over the next couple of days or next couple of weeks, actually, you're going to see other exchanges here in the u.s. start trading u.s. dollar payers against other cryptocurrencies i would expect as that trading expands, you'll see less dominance of bitcoin, correlation to everything else, and on boarding into other cryptocurrencies. >> thanks for that, bk we want to move on in our crypto conversation one man intimately familiar with selloff asiff hirji, largest online crypto brother. number 10 on disruptor list.

he joins us in las vegas where he's at a credit suisse. great to have you back on the show. >> great to be here. >> we want to talk about crypto selloff. what are you seeing among your client base as far as trading, is there still that interest in crypt, to we saw in the fourth quarter in terms of trading volumes? >> the trading volumes are highly correlated where the asset prices are going up more people trading crypto asset prices going up, trading seeing healthy volumes there, very happy with the way the business is going. as your press said it's a volatile asset class i'm personally not surprised about the volatility i do think the issues he identified as to some of the causes are right, regulatory clarity being probably the biggest of the issues right now. >> so you operate an exchange. you operate a trading platform i'm wondering in terms of the

regulatory uncertainty that you face, do you feel like it has increased? >> yeah. >> over the past three months or so or decreased? have you gotten contacted more by regulators recently >> i think we have been contacted more, and we're doing much more outreach the clarity has not increased. i think the actions that have been taken to, you know, correct some of the fraudulent things that have been going on, that's been very healthy for the industry i think that clarity, though, is needed i don't think we're close to that unfortunately we're working very hard with regulators in the u.s. and abroad as to what that constitutes. you will know we talked about before with he have a robust framework we use on assets to list in our exchange we can't apply that unless there's clarity around is it security, et cetera. we feel there are many, many projects out there which are utilities and should be listed, some look like securities and

need to be treated differently some clarity is the starting point for being able to show any progress on that front. >> so would you say that was a number one headwind in terms of adding assets to be traded on your platform? if you get clarity on that, the flood gates poopen for you >> yeah. we would like to list as many assets as possible it's in our interest to and in our traders interest to. we have taken the tack of being easiest to use and most trusted. part of being most trusted is most compliant where there's uncertainty we're not listing assets that's why we do list the four assets we do list. there is certainly around those. as soon as there's clarity around other assets we will list them as long as they adhere to our framework. again, we're working closely with regulators to get to a sensible regulation on the space. the analogy i use, it's a bit like 5g, it's going to happen. i think the u.s.'s question is are we going to be at the forefront and shaping the way the space evolves or let it

evolve outside the u.s. and subject to whatever direction it takes there. i think it's far better to be at the leading edge of how it resolves that would argue for regulation here sooner rather than later. >> asiff, it's brian kelly on that note, one of takeaway from blockchain in new york all the happening is in asia we're getting a lot of development in u.s. but consumer adoption is in asia. are you seeing that same phenomenon from your seat? >> yeah. i think that's right so let's talk about what adoption means there's two phases of any new technology, the invest phase and utility invest we're firmly in the invest phase of this technology and it happens to be investing. the utility phase where people can transact, earn, send it to each other, much more is happening in asia. that's because they have more closed economies, they have more volatile currencies they deal w the value proposition is much tighter. so if you look at our utility products, so we have the coinbase wallet, which you can

store and send crypto with or earn, which is a way to actually earn crypto, no, sir things have huge user bases, much of which is outside the u.s. >> asiff, is there any iota of concern on your part regulators will come down and decide something is a security versus a commodity and that would cause you to rethink what you have listed already on the platform >> look, i guess there's a chance it happens. i think it's a very low chance i really do believe the amount of dislocation that would cause, not just to us but the entire crypto space is enormous i think it would force a lot of projects and people, frankly, to move offshore. like i said, to me it is a bit like 5g, it is going to happen the choice in front of our regulators is do they want to be at the forefront of shaping how it's going to happen or let others decide how it will

evolve i think that would be dangerous. >> we want to get to our bitcoin alert. asiff you have a big announcement you want to share first on cnbc. some of it leaked earlier, the acquisition, some did not. what is your announcement? >> yeah. so look, you and others have always been asking us, when and why can you not list more assets and trade more things. i'm delighted to announce two things that are going to significantly increase the amount of assets people can trade on coinbase. first is the launch of coinbase pro, which is active trading product, brand-new set of institutional grade products and services as well as direct market access it's an evolution of our platform we launched three years ago and successful we are now splitting in two, institutional products we announced last week and coinbase pro for individual investor. secondly we bought the leading relay in the world this will allow you to trade literally hundreds and hundreds of tokens from your own wallet

we are actually going to make that compliant with the u.s. rules. so day one it's going to be available for international clients to trade, all these tokens as soon as we can we're going to turn it on in the u.s. where our u.s. customers can also trade all these tokens they want we're greatly increasing the number of things you can trade we're doing it in a compliant way. we're just delighted this will significantly enhance proposition for our customers in terms of what they want to trade and how they want to trade it. >> again, goes back to regulatory clarity, token for international traders but not available to u.s. traders. >> we're going to set it up in the u.s. a bulletin board. it's not an exchange, doesn't look and act like an exchange, not a matching engine a bulletin board. just like bulletin pords work in equity markets, we will be able to offer assets to trade through a bulletin board mechanism in the u.s. it will be slightly different outside.

we will get this to be compliant and allow our customer toss have access to it as soon as possible. >> this is brian kelly again so it's what we call a decentralized exchange which essentially let's you trade any type of token are you going to have particular tokens which ones will you start with will it be a basket. >> it's not decentralized exchange in that sense, it is a bulletin board i'm being ped antic about it because u.s. regulators view it one way and bulletin boards another way. can you offer a much broader suite of products, tokens to trade. our hope is most of the stock united states trading we will be able to offer in the u.s. in a compliant manner >> asiff, we're going to leave it there it's always a pleasure having you on "fast." appreciate it. asiff hirji from coinbase.

>> going after the institutional investor, this is what investors have been waiting for, the money coming into this space. >> i'm not sure how much of this has been deployed yet. there's a lot of people kicking the tires, institutions can't do anything until they have custody laid out ryan talk about different ingredients. i think guys at coinbase are doing everything they can for infrastructure and roads built the lull in the trading i can't speak to because frankly i think the people in the market right now are the ones doing all the activity we haven't gotten a lot of new money. >> i asked the question about securities versus commodities because they had that discussion at blockchain week about ether etherium on the platform. >> ether of all of those list on coinbase, ether is probably the one that everybody has questions about. >> there is any concern in your view ether could be considered a security. >> very little we can go back to the history of

etherium and initial offering how it was done. the way it functions, it is the fuel for decentralized internal. it no longer acts as a security but just like oil does i would be surprised if it become a skater. >> telling investors controversial decision to cancel nra discounts was personal what's that about? should shareholders be upset deutsche bank facing a key test that could nd ase shock through the market we have details. much more fast money right after this duncan just protected his family with a $500,000 life insurance policy. how much do you think it cost him? $100 a month? $75? $50? actually,duncan got his $500,000

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welcome back to "fast money," united airlines ceo getting personal with nra. phil lebeau with details. >> there was a gentleman who brought up the fact in february united airlines discontinued its discount for n rchl a members. this is a move from dealt and a number of other companies. this was a liberal biased move i'm paraphrasing it. oscar munoz saying, no, this was not some kind of political statement the company was making he said it wasn't political. it was personal with regard to my family at united. we aren't here to make political conversation or strike political debate we're here to serve our

customers. what he meant by the fact it was personal at united was the fact one of the victims of the parkland shooting was the daughter of a united captain he didn't dwell on it long he said one of the victims was the daughter of a captain. this was a personal situation at united so that was the exchange there was no back and forth between the gentleman who asked the question on behalf of gun rights advocates if you will and oscar munoz. oscar munoz said, look, this wasn't a political statement we're not here to make political statements this was a decision the board reached and that's the end of the discussion as far as he's concerned. >> any comments about finding a new cfo? >> they are going to begin the search -- i shouldn't say begin the search it's becoming quite active, i would imagine, here relatively soon they have had an acting ceo. he was in the job before the previous cfo was hired andrew

levy i wouldn't be surprised if we see something here in the next few months in terms of a new cfo for united. >> phil, thanks. phil lebeau in chicago mrs. plenty to discuss with just the company itself and also discuss this decision by oscar munoz. to say it was a personal decision our hearts go out to the victims of parkland, the captain at united. at the same time do you want a ceo to make a personal decision, right, one of behalf of shareholders and on behalf of a company. >> maybe in the case of this ceo with the issues that united has gone through and showing the compassion here, i get where you're going with this is we should not be ruling with our heart but what's in the best interest of shareholders as a group. i think in this case i actually commend it i think united also, by the way, mr. munoz had to do some digging to get back in the good graces of the public. this isn't everybody's public

view, it happens to be mine. >> in march they had the lost dog and the dead dog they have lost a cfo recently. their stock had been underperformer. >> couple of things. is he trying to make amends with errors of six months ago with this decision. i hear what tim is saying, i disagree he's got a whole board of directors and shareholders to make the decision. he doesn't own the company it's not munoz air if it was he could do whatever he wants stock underperformed, trades the same as delta. i'd rather own delta for a number of reasons we just discussed. >> i've been frustrated with the very top mr. munoz time and time again will this is another example. i agree with guy have you to sit down why is the board there with you? >> there should be no personal decisions. >> i don't think he should make it just personal from the top. i think he could sit down with the board and say, look, this is what we should do. >> then he could say it was a board decision. >> is that a board decision for a ceo to say i'm not giving one particular group, doesn't matter

mra or school teachers, i don't want to give them a discount. >> it is a personal statement. >> i don't think so. >> it's a political statement at the end of the day no matter what what do you think? >> that's what he's doing. by the way, isn't that what pa ceo has to do? >> he has to make -- >> but a decision like this is big enough that he has to go in front of the board and pitch it to them and sell it. if he sells it right, they are all going to be on board wit. >> if it's such a no-brainer, the board would say yes. >> i like delta better than united i like delta as a stock better than united and i like to fly them better. united is my last choice of airlines i don't think i'm the only one who thinks that. that to me is the problem with the stock. >> the airlines are going higher. >> still ahead, it is one of the hottest stocks over the last year but traders made some pretty big bets it could soon sell off we'll give you the name and tell you what has them nervous. what's wrong with deutsche bank? what does itee nd to do to turn

itself around? we have details. more "fast money" straight ahead. this is your new name. this is your new house. and a perfectly inconspicuous suv. you must become invisible. [hero] i'll take my chances. that's a good thing, but it doesn't cover everything. only about 80% of your part b medical expenses. the rest is up to you. so consider an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement insurance plans, they pick up some of what medicare doesn't pay and could save you in out-of-pocket medical costs.

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deutsche bank largest in europe, the most troubled, shares continues long decline on reports the bank cut 10,000 jobs ahead of the shareholder meeting in frank fort tomorrow mike santelli stopped by. >> right on my way home, flagged me down. sure, i'll do this steve is right year-to-date, one positive thing -- two positive things one, steady decline. it did perk up when reports came out 10,000 job cuts. maybe the market has an appetite for hearing, tomorrow a radical restructuring. also point out the other good ne news, the rest of the banking sector isn't great but not following. doesn't look like a systemic issue just yet, seems to be deutsche bank. what do investors want to hear

here are three things the magnitude of the cost cut, job cuts, just exactly how much this bank is going to shrink. investment banking in particular, there are reports today as well from bloomberg that deutsche bank is going to radically cut back how much it does in the way of equities and other investment banking activities in other countries outside of germany by the way, i remember 20 years ago to the day wen deutsche bank bought bankers trust for $11 million, total market cap 20 years later is $25 billion, shows you not a great strategy strategy for financial stability s&p has bank on negative watch for potential downgrade, a decision by the end of this month. that's going to be very important. this bank doesn't make any money right now. if they lose their funding advantage, basically operate at a decent cost structure in terms of what they pay for funds, it's going to be interesting. those are the three things i don't know how the stock is primed to perform ahead of it. this is pretty much high suspense moment for the bank.

>> this is unprecedented we invite mike over. come on over santelli. >> come on office. >> what about ryan. >> this is a bank we've been talking about for a very long time on this show, guy in particular. >> i've got two words for mike, systemic risk? >> the market isn't concerned, folded, fell apart, unwind, deutsche bank sure then you have to but i don't think you're seeing evidence of chain reaction of capital market stress you would see through european banks or u.s. banks i think that's maybe silver lining. >> mike, what's the collateral damage to get out of u.s. equity business all together. i don't think it's worth cost savings even though they are not making money here. >> collateral damage.

>> franchise -- exactly. major capital restructuring costs attached to that. >> it probably means radical redefinition of what the bank's footprint is going to be, right? it's reducing its global ambitions, going back to really way back roots of being kind of a domestic retail german bank. of course the big knock on deutsche as opposed to some of the swiss banks, not huge in wealth management, not stable businesses there. >> mike, the other problem we had in 2016 when deutsche went below $10 coco bonds, what they had to issue back after the crisis are you hearing anybody worried about that, have you to short the stock to hedge the bond. >> i haven't heard that being a theme this time around maybe it's not that much of an issue. maybe they had the near beth experience with them and kind of got through it i don't know what we're talking about in terms of capital raise or anything else if you read research on deutsche bank, you talk about low single

digits return on tangible equity next year. it's really not operating at a level that's earning its cost to capital. i don't know exactly how dramatic tomorrow's news has to be to change the story. >> this new ceo has got his work cut out for him. that's for sure. >> the bar is low, if you think about it. >> that's true >> here is what i think about european banks that under performed. eufn, underperformed 1700 basis points year over year. if you see rates higher in europe, european banks do very well. >> quickly, we talked about if this was a u.s. bank we'd talk about it a lot more than we do now. bk said it and i'll reiterate it, biggest derivative book in history. something is going on i don't know, i'm no expert on anything. >> look at italians maybe a connection. >> something stinks at db. >> what struck me about stif eisman interview he didn't bring

it up. the cost structure isn't right. >> we were there that day. >> game seven tonight. >> it's not the same one, not the same one coming up despite a huge rally this year in what huey lewis and the news preached, some bet% betting it isn'tip h to be square much more "fast" right after this

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let's head back to credit suisse private internet conference in

las vegas where some of the biggest leaders in tech are gathering. our very own dan gnatton at credit suisse joining us with key themes what's the buzz, dan. >> hi, mel, guys we started off the day with actually two of the disruptor 50 list one of the co-founders of lyft excuse me, the current ceo of soify. these are two companies disrupting age old thought processes about lyft disrupting car ownership. sofy wants to turn the banging business upside down and making business moves to do it. sounds like anthony is the guy to do it a lot of interesting information about disrupting business models. >> amidst conversation you're seeing interesting activity in square, what did you see >> anthony yesterday told julia they are thinking about adding cryptocurrency to their platform that's something we know jack

dorsey did with square there was options activity with square put volume 1 1/2 times that of calls. interesting when stock was trading 5470 a buyer of june 52 half puts. >> dan, thksan "options action" friday. final trade up next. (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.

paragraph time for final trade pete. >> i love what i'm saying ewz

brazil, gid yup. >> tim. >> halliburton keeps it going, staying in energy. >> bk. >> miners not bitcoin kind. >> check out amd decoupling from yp. >> i'm melissa lee thanks from . >> i'm melissa lee see you back here tomorrow night on fast. "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. every day this market finds a new way to be ludicrous including this wild session where the dow only gained 52