take with the stock reaction but the underlying story seems okay >> that's true overall looks okay ugg is here to stay. it's not a fad it's created its own category. love it or hate it, just like crocs. >> i dent get it >> that does it for "closing bell." thanks for tuning in, everybody. "fast money" starts right now. "fast money" starts right now, live from the nasdaq market site overlooking new york city's times square i'm melissa lee. only the desk timothy geithner, karen finerman and dan nathan. tonight on "fast," no ko is a no-go. cancelling his meeting with north korea, sending stocks a wild ride today. but there could be an unlikely winner from the fallout. we'll tell you it is and bring you the latest plus, the doj launching a crypto crackdown on bitcoin price manipulations. is bitcoin really being manipulated? how worry shod investors been? ran nue ner will be here to weigh in

first we start off with the netflix fairy tale yes, fairy tales can come true the streaming giant soaring to a fresh all-time high and passing disney in market cap for the first time ever. so is netflix the king of all media? how much higher can it go? tim? >> hi, mel. >> hey, tim. >> if you tlond me over the last year, i agree these guys have an amazing service. i think they're able to monetize it i think they're creating content. they're spending $8 billion a year but should you reward them as a content play when media companies that have content were seeing a feeding frenzy possibly in m&a then the distribution side we know they're growing their subs but really, do they control the landscape more than i think some of these other media companies can do in over the top how much of a lead do they have on the cable companies that already have access to the same revenue stream that's debatable the multiples is what matters here i think these guys don't have a major.

i think there is a lot of competition out there. >> you think it's that easy to start an over the top streaming service? disney is trying to turn that switch on right now, and it's not as easy as you might think. >> first of all, i don't think it's that easy think of the people they are competing. with obviously you go to amazon, you go to disney, ultimately hulu and possibly people that we haven't seen internationally that i think might start to take some of those international customers away from them that is what i'm concerned about. >> so everything that tim said is 100% accurate, and it hasn't mattered in the stock price. that's the only problem for the bears in this thing. so all the things that everyone was worried about were buying with the price tag for buying content, now they're curating their own content. so i think they beat that one. that was probably the last like. one of the initial legs is do they have pricing power. they've proven they have pricing power. so they can keep on increasing the price of this and people will keep on renewing it i know i will. >> now the other thing is that when you go international, that used to be a headwind. that curating international

quality and international content was going to be a problem. they've jumped over that hurdle by leaps and bounds. so at this point, if it is the new way that we're absorbing media, then should it be the new media, and we shouldn't get excited that its market cap has doubled, tripled or quadrupled. >> why >> this is the future. >> that argument, then, there is no price that is too much to pay for netflix, given all those things are true. and i accept every single one of them. >> there is a reversion trade, but i've been hear thong desk valuation for multiple hundreds of dollars and that's not the case. and they continue to grow. and you can't put a valuation on a growth stock this is a tech growth stock. >> whether or not -- this is not necessarily a question of would you rather, althoughly ask that question a little later on in the show. >> yes, you will you always ask. >> and i always do in this particular instance, a lot of the media giant, namely business want a little bit of netflix's action netflix has become, whether you like it or not, the model for

new media in the day and age, hasn't it? >> sort of. >> i suspect the original content will be coming in 2019 and '20 once they pull their stuff off. and then you're going see how much they actually have to spend on original content. the story between now and then is really how do they monetize these international subs right now their gross marge in the u.s. about 38% internationally it's 15% if they can get that up over the next year or so and we're in a market where people still don't care about valuation for a growth stock like that, you're going to see the stock go to didn't someone put a 500 target? i don't know those are the metrics that people are looking at. so to me, the question was netflix was going to get bought, right? for years. so who are they going to buy now? and i've been saying this for a while. i think they should use their currency to buy spotify there is a company that has 24% growth margins. >> that's the smartest thing that's been said over a lot of smart comments it's a stock that trades at 220

times. it's up 82% since december you're going to tell me it has a lot of room to run clearly it did >> we go back years, look at the climb it's had >> i get that. >> it has defied gravity and it will continue. eventually you will be right eventually, the stock will revert and come in a little bit. but that's when the growth, that's when those elements of tech growth are streaming out of the balloon. right now it's still a growth stock. >> but then you're paying that multiple >> the things that i think netflix is being rewarded for in the 82% climb is the content, they're winning awards on this thing. they've raised prices and the international is growing i think that is exactly what we're seeing are the things that really are separating them from the pack that to me is different than even the last few years when in fact i don't think that they had proven that. ultimately, i think we get to a place where why isn't amazon going to be kicking on the accelerator harder than ever apple tv, hulu, i just think -- and when you think about disney

as a competitor, they have the best content in the world. and to say that that's going to be offlimits for netflix is a big deal. >> you this thinking of netflix for spotify. does that make that moat that much deeper? >> sure. >> how >> netflix is 120 paid subs and spotify has 70, 75, something like that. i bet you there is probably 60, 70% overlap. but then you get the other ones on, you kind of package it together. >> you bundle it up. >> and then there are other forms of media at the end of the day, if ever content company wants a recurring revenue stream, and that's what we're all talking about here, you're going to need to broaden out from just video, and you'll have much less reliance on original content the music business is very different. you may licensing fees to the artists. but at some point, the netflix international story is going to slow pretty dramatically, and what's the next act is the question >> then you say apple should buy netflix instead of creating that

netflix-spotify, you create that apple music connection >> we're pivoting a little bit here the fact that they have 1.3 base and only 45 million apple users is crazy when you think about spotify which is just an independent company and has 75 million apple has their own problems what would they have to pay? $200 billion for netflix they're just not going to do that that's their whole cash. >> i agree i don't think that makes sense and i think apple is going or the a services model that doesn't necessarily have to be -- i think in the home is where apple needs to compete and they're going about that in different ways and have been fairly unsuccessful to this point. a takeover of netflix? no some of the speculation on some of these guys that are in play now. >> all right our next guest doubled down on netflix earlier this week, betting the stock could go even higher >> netflix is acting very feisty up around this $340 level. so before we focus in on that, let's just take a look at the last two years or so of price action just a beautiful uptrend here.

you can see that we have fallen into just a bit of consolidation here around that 340 what i want to do is set up trade to punch through that. >> it was a great call made from the trading nation layer. >> that is a great microphone too. >> a cool place to hang out. >> in the radio booth or something. >> now at $349 a share so todd gordon of trading.com is back at the platform even more room to run. how much, todd >> those guys are laughing at my trading den down there if we get down to before that 340 mark, let's get context. this is out in the weekly chart. i'm going to pull some of my trading nation elliott wave out here the model is that markets trend in three phases and correct in two phases so what we have here is the first initial trend phase. that's going to be one then we fell into a solid consolidation here that's going to be corrective phase two. i think the strong rally that we've seen up here is wave three. now, we've got to full pulitzer some of our fibonacci here

what you do is basically take this level, multiply it by your fib, project it up in the third wave that projects a $422 price target in netflix. so i think we have plenty of room to go it's not going to happen next week if we get down and head over to the daily, maybe we can kind of isolate. so here is that $340 mark. talk about a stock that would just not go down when the market was under its volatility, hanging in like a champ. it's a simple breakout play. pent-up demand $340 on the way up remember, i think near term health heading into the next two months, we should be able to hit the 400 mark but maybe in the end of the year we'll be able hit that fib 422 the other one we want the take a look at is amazon. amazon is just in a beautiful uptrend channel here those technical traders at home, be sure to turn your semi log charts to get this i stood right here when the stock was around 900, calling for 1300

target met i think now, guys, before we start to hit upside resistance, you're looking at 2k we should see amazon 2k i believe by end of the year this is a week down to the daily chart. it looks similar to netflix. a ton of relative strength in here as the overall market was showing a lot of volatility. i'm not going to advance the chart. just clear my drawings it almost looks like told cup and handle pattern there is the cup a shallow handle we should be able to move up to 1800 here pretty soon. >> before you get back to your trading den, todd. one question. >> sure. >> would you rather, amazon or netflix? which chart looks better >> because netflix has already made the move and the overall nasdaq is stabilized, i'll take amazon. >> all right, todd, thanks todd gordon, trading analysis.com same question to you on the desk >> amazon. >> amazon. >> amazon hits a lot of different levers when you caulk about aws, this is something i've been positive on since probably $190

it's a retail name it's a tech name aws everyone bet against that hasn't proven to be the case if netflix you're talk about as dan said, they have to diversify out of video amazon has done that to the umpteenth agree. it's an up stock for everyone. >> everything steve said is correct. it's a matter of diversification and risk what's your time horizon people still think that this is going to be a trillion dollar stock before apple, okay because of that diversification. i would probably go on most time frames amazon because thing is less specific risk. >> can i throw a different name in there with amazon >> whoa. >> just do it. just go ahead. >> okay, fine. >> let's get into the other fang names. and names that fit in the mega cap tech world apple. amazon or apple and apple has had a big move i would much rather own apple. a defensible valuation, a company that is generating 50

billion in market cap. everything apple has ahead with a 1.3 billion installed base, their service revenue is almost 15% of their total revenue that to me is a much more interesting story. i think we know that amazon is the wrecking ball for the retail sector. >> are you a believing that services revenue will be 67% of the revenue growth at appleby the next five years? >> no. >> that was the call. >> revenue growth. >> revenue growth, yes not the revenue. >> i think that is -- think about what is going on with hand sets yes. i believe this is their time and boy, they're starting to move the needle. that's my would you rather. >> karen gets to play would you rather, would you rather, would you rather. >> she follows the rules >> netflix and amazon, she will never go netflix and amazon. >> facebook, alphabet or apple >> alphabet. when you look at valuations, which i always do to talk about amazon or netflix, you know, you're -- it's just a stratosphere but a goodle, alphabet, it will

always be going toll me, to me is -- you can make the case gdpr is going to weigh on them and the antitrust is coming. but what an extraordinary business this is and at avaluation that is -- i mean, minuscule relative to some of these other ones. >> by the way, do you think a shag rug and flash posters on the wall >> i think if you zoomed out we might see some things that we might want to unsee. i don't know i don't know >> i don't want to fight with karen. one really quick point here. you just said it's extraordinary business it was an extraordinary business it's still 95% of google sales here is the thing. in the last quarter that amazon printed, they had $2 billion in search sales half the searches for retail items are now happening on amazon, okay, and not on google. to me, i don't think that's that defensible a mode when you see amazon growing the share that it is in online sales and when you think about in the u.s., online sales is less than

10% of the whole so what do you think their search revenue is going to happen at amazon as we start getting bigger and bigger numbers? to me, i actually think google is the most vulnerable to some of the trends that we're seeing right now. >> well, i disagree. >> let's check back in a couple of years, okay >> okay, cool. >> we have to take a break president trump calling off his meeting with north korea tell you what it would mean for the markets. plus, the government is cracking down on crypto but one bitcoin bull says it could be signaling a major buy sign "fast" friend ran nue ner will be here to explain why and steven grasso, one stock down 30% from its high he will give us the name we're live oitnse from new york city's times square. don't go anywhere. still plenty of "fast money" ahead.

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hey, want thedone.est internet? and now, xfinity mobile is included. you can get up to five lines. you can save 400 bucks or more a year, which you can spend on a funk-tastic music video. ♪ dance party boom. ♪ simple. easy. awesome. come see how you can save $400 or more a year with xfinity mobile. plus, ask how to keep your current phone. visit your local xfinity store today. welcome back to "fast money. president trump calling off his meeting with north korea let's get to ayman javers in d.c. eamon? >> we had a briefing from a white house official here who explained that the president's decision came after the north korean delegate essentially stood up an american delegation who went to singapore to conduct

a meeting in advance and also that the north koreans effectively went radio silent and wouldn't pick up the telephone over the past week or so, and that's what precipitated today's decision what we're left with are a couple of specifically unanswered questions, even after we heard from the president and the official today the white house not answering a couple of questions, including when were south korea and japan notified of president trump's decision a white house official telling me they are not disputing reports that the south koreans didn't learn about this until after that letter went public this morning, that they got no heads-up that is but the white house won't answer a question of when they informed south korea of the decision here and also, whether or not president trump and kim jong-un have spoken directly over the phone at all during the course of these negotiations. the white house official was asked that today in the briefing and said simply that they have spoken through mike kho mike coy poe, secretary of state and his delegations. but leaving open the answer in fact the president and kim

jong-un spoke directly over the phone with each other at some point here during this negotiation. we'll have to wait for more reporting to find out if that's what happened here and if that's how this relationship hit the rocks. ultimately, though, the president saying that he has been speaking to his allies, our allies in south korea and japan during the course of the run-up here and received a commitment from them in terms of the financial costs now for any military operations by the united states on the korean peninsula that might be coming in the weeks and months ahead here is what the president said on that. >> they have spoken to south korea and japan, and they are not only ready should foolish or reckless acts be taken by north korea, but they are willing to shoulder much of the cost of any financial burden, any of the costs associated by the united

states in operations if such an unfortunate situation is forced upon us. >> so the president thinking ahead here in terms of the cost of any military operations that might come now in the korean peninsula. i asked a white house official what were the details of that cost-sharing arrangement they v they agreed on specific price tags, arrangements, dollar amount, anything at all. the white house telling me they simply have no details on that to read out. but at least some thinking here going into the question here of who is going to pay now if there is a war on the korean peninsula. >> thank you, eamon javers at the white house. stocks sank after the announcement this morning. the dow fell as much as 280 points at the lows of the session but rebounded, closing the day by just 75 days. how will this impact the market? as this is all going on, we're just hearing about a national security investigation into autos which could lead to higher tariffs on imported vehicles which would hit south korea and

japan. >> so i think all of this really comes into play. and all of the things we've seen move higher when we thought the tariffs were actually decreasing are probably going to have a knee-jerk reaction and sell back off, whether it is the auto names, whether it is some of the industrial names the truth is this could be china playing a little art of the deal too, getting behind north korea saying maybe stall a little bit. i think ultimately china wants the u.s. off the peninsula china wants to get though these dial logs. china has really had a tailwind coming out of a lot of these negotiations, and so has president trump. so i think there was enough for everyone to win. the market, as you said, sold off immediately, and then they rallied back. >> wait a minute, we won we won this thing? >> i think that in its perception. >> whose perception? >> i don't know. your opinion right here is absolutely -- >> you can say that, but he couldn't have done anything right. >> you're wrong. >> if you poll the american public -- >> i think a lot of people were hopeful that something would

come. >> if you poll the public, they were extremely positive of the events that transpired with the trade war. >> steve, what transpired? we got owned in the trade negotiations with china. we're getting owned on the north korea stuff. we're getting owned -- no, we're getting owned there is no art of the deal on this side of the fence. >> what exactly went bad the iran deal was perfect for you. you thought that that was a perfect thing. play nice for a couple of years -- >> let's just bring it back to really what we're talking about for the markets and stuff. >> you're the one who started. >> you've got a split screen right now. just so you know >> let's talk about the markets. circumstances i just think there is little way to see that we won in either one of these negotiations i mean we know that we have a president who will look at the american people and lie to our faces about what happened. i don't believe they probably have substantive talks about cost sharing for a war on the korean peninsula >> autos have run up and now it's perceived that the tariffs will increase, you should lock in profits on the

autos. >> here's what concerns me i woke up today and heard comments out of wilbur ross talking about the auto trade and protecting our automakers as being a national security and military risk nor country, which i do not agree i think the statements coming out of this administration at times to me they really don't make sense and weaving those statements together just because economic security is important for this country doesn't mean that we are at military risk because our auto sector actually has risk from importation. >> so what's the trade then? i gave you a trade what's the trade >> to me, the thing that was interesting about the stock market action today is was the rebound because he left the door open and people thought there is still likelihood they could resume talks or have them later? or did the market rebound because they never really believed that there was going to be any -- >> no reason to sell-off. >> no reason to sell-off because were we ever going to solve this maybe not. i don't know i'm not really sure which. also, on the trade, the same thing. is this all rhetoric

is it all bombast and wilbur ross yelling, but when they really get down to it will bit a far more muted reaction from trump? >> i hear you, steve let's have a markets conversation when you evaluate how the north korea talks came about and how they progressed and if you ever really thought china was going to let this happen, there is no way this was ever going to happen we were going to come in there and denuclearize the korean peninsula? the south koreans weren't going to let this happen either. you've introduced italy into the mix as you now have more political risk across the eurozone you have stocks that are very expensive. we're at the top end of a range. the dollar will be a safe haven, and that will trump fundamentals and i don't mean the president because i don't think it should be trading above 94 in the absence of that. all right. still ahead. steven grasso has one stock he says is about to make a major turn around. you might want to listen to him

because the last time he pitched a stock it soared 40%. i'm melissa lee. you're watching "fast money" on cnbc, first in business and worldwide. in the meantime, here is what else is coming up on "fast." >> the fans are crack down on bitcoin abuses, and a top crypto trader says it may have triggered a bitcoin buy sign we'll be here to explain plus, a number of left for dead stocks are surging, and you won't believe how high the e mewh "oie some of them gng thnas enfast money" returns. this is a story about mail and packages.

and it's also a story about people and while we make more e-commerce deliveries to homes than anyone else in the country, we never forget... that your business is our business the united states postal service. priority: you welcome back to "fast money. we have a news alert on amazon let's go to aditi roy. >> amazon is responding that alexa recorded a conversation and send to it a phone contact they're saying the following statement. they're saying echo woke up due to a word in the background conversation sounding like

alexa. then the subsequent conversation was heard as a send message request at which point alexa said out loud, to whom, at which point the background conversation was interpreted as a name in the customer's contact list alexa then asked outloud, contact name, right? alexa then interpreted background conversations right as unlikely as a string of events is, we're evaluating options to make this even less likely it was a very long the they're saying it was a perfect storm of situations that caused their device to record the private phone conversation, send that audiophile to a phone contact. telling a local television station in seattle that they contacted amazon and that the company's engineers have come and addressed the problem and apologized to them for it, and that they are taking meshes to make sure it doesn't happen again. back to you. >> so aditi, this is very curious, because what actually -- what happened was that a transcript basically of this family's conversation was

sent to one of the contacts in their address book, correct? and so presumably. >> exactly. >> if there is a transcript generated from the conversation, the background noise could also, i would think be transcribed as well is there proof that what amazon said happened actually happened based on that transcript >> that all has to be sorted out obviously. >> yeah. >> in that report, the couple says that they asked the person who called how do you know that -- how do you know that we heard it and he mentioned details from the conversation about like their carpet or flooring or something in their home. so they seem to have proof that this guy really heard what they said and it is interesting to note in this statement, melissa, that they mentioned that amazon -- alexa did say outloud a couple of times prompts at which point, you know, alexa seemed to hear the correct prompts to then spur the actions. so it seems like there might have been -- it's really unlikely situation that there might be situations where amazon's talking or alexa is

talking and they just didn't hear her talking >> all right aditi, thank you >> unbelievable. >> they must have children they ignored it. >> this is my worst nightmare. this is why i do not have any of these amazon products in your home the question is, is this going to cause other people to not >> why couldn't this happen. >> >>. >> it happens a lot when it starts to dictate on a text message and i hear the bell and know i have to shut it off again. this is the world we live. in i don't think it's great. >> but you have your phone and you're not going to get rid of your phone people choose to put this device in the living room >> you can deactivate it i think this is very similar discussion about the privacy issues we're talking about with facebook if you find a utility in the thing, you understand what you signed up for and there you go registering its kind of like a little sci-fiish, what we're saying and having a file of it that's a problem i kind of feel like this is

reporting on that one tesla fatality among 10,000 car accidents a little bit >> you can deactivate the texting ability if you wanted to, if it becomes a problem. and you could choose what taxes you want alexa to do it's never going to be right for your you don't like the invasion of privacy. i think tim said it. if the pros outweigh the cons, you're going to have these things. >> by the way, if you're going to have private conversations about your flooring, do it outside, or don't have alexa in your room. dan brought up good point. the centralized platform may be extinct soon this may be its own way of self-governing bottom line, maybe people don't want everyone to have access to all their data and information and conversations about flooring i know dan has his conversations about flooring. >> i mean, they're talking about pardon wood flooring very pressing issues what do chipotle and amd

have one bitcoin bull says it could be signaling a major buy sign. "fast money" friend ran nue ner will be here to join us to tell us why more "fast money" still ahead. the digital divide is splitting this country. we have parents who are trying to get their kids off of too much social media and computers, and then we have parents who would only hope their children have access. middle school is a really key transition point, right. the stakes start changing. students begin to really start thinking about their futures. what i like about verizon's approach is that it's not limited to just giving kids new tools, it's really about empowering educators to teach in different ways, and exposing kids to more active forms of learning. giving technology is not a total solution. teaching technology, now that is.

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welcome back to "fast money. the bitcoin bust continues as the doj cracks down on cryptocurrency market manipulation our seema mody joins us from the new york stock exchange with the latest on this. >> launching a criminal probe

into whether traders illegally manipulated the pricing of bitcoin like spoofing or flooding the market with false orders or wash trading when traders buy their own orders creating the illusion of high demand this all follows a string of regulatory crackdowns on crypto, including a coordinated effort by u.s. and canadian operators calling operation crypto sweep which has launched 70 investigations into potential crypto shenanigans and the s.e.c. continues to crack down on ico scams, launching a fake ico site to educate and warn investors last night. the heightened scrutiny comes as wall street appears to be warming up to cryptocurrencies with goldman sachs expected to launch its own crypto trading desk in less than a year and many market participants i've spoken to say more regulation is actually good for the market as it weeds out the bad players. michael moro says we support government efforts to target bad actors and bring stability to

the digital currency marketplace. we believe strongly in eliminating market participants who are not operating lawfully bitcoin traded down initially on the report, but since then it has regained lost grown, although worth pointing out still down 40% this year melissa? >> thank you very much, seema mody our next guest believes the crypto market has been manipulated in the past. let's bring in ran nue ner, the host of cnbc africa's crypto trader ran, welcome back to the show. good see you again. >> nice to be here >> anybody who follows any of the crypto twitter people know that everybody thinks manipulation is going on you say it has happened. but before, not now. >> i think in the past it was easier to manipulate, but there were few exchanges, few on-ramps, offramps it was easy. we also had some tweets exposed the other day about a group who were manipulating small penny tokens and they got exposed for manipulating small tokens. i think today it's a bit more

difficult. i think you have many exchanges. many on-ramps and offramps the volume is much higher. you've got asia. you've got the u.s i think today it would be a lot harder to manipulate in the past, probably did happen >> i get that there is so many more exchanges, more liquidity there has been market manipulations of lybor which is the one of the deepest markets in the world and banks have colluded to manipulate that. why not cryptocurrency if u.s. regulators are clamping down here, are we seeing the same sort of regulatory response in terms of price manipulation overseas like in south korea, say? >> i'm confused, because the fcc hasn't regulated cryptocurrency and haven't regulated bitcoin. so what is the problem of driving the prices up? we're not a currency we're not a commodity. we don't know what we are. 10 these crackdowns are making me a little bit nervous because what are they looking for and under what law are they going to penalize people for what's going on in the markets. >> so in terms of the reaction, seema pointed out initially on

this report we had seen crypto trade lower in general, finish the day sort of higher 7500 on bitcoin right now. should traders actually be more cautious because it is so uncertain what the s.e.c., what the cftc, whoever, the doj is going to look at? >> when they come out with regulation, it's going to open the floodgates for new known to come into crypto think about a pension fund investor, someone who is investing on behalf of a pension fund who stands up in front of his investment committee or board. >> sure. >> and says i want to invest in thing called crypto. >> we're not talking about regulation we're just talking about some sort of crackdown. do you feel that people are really talking of putting regulations on the books at this point? >> i think regulation is emin t eminent. >> oh, it's coming but do you feel it's being talked about that's what's happening right now? >> i think someone is going to lay down the gauntlet and say oh okay, this is the regulation and everyone is going to follow. crackdowns, yeah, there will be crackdowns i encourage the crackdowns i hope that they can catch the

people because we have to weed out the bad actors if we have bad actorser it's going to create a lack of trust. if we want a real asset class with real people, let's weed out the bad actors but let's regulate first, so we know what the playing field lookings like. and then let's go out and catch the bad actors. >> so ran, because it's been such a frenzy because of everything we just said, how much of do you believe at its soul is the crypto world based on this speculative fervor which where it's volatile, anything goes and that's a great market to trade in. how many of these folks really are disciples of the underlying which i know you are >> i think there was a gap last year where tmarkets were going crazy and bitcoin went to $20,000. i think there there was manipulation i think it's harder now. i think there is eyes everywhere everyone is worried about who's watching us. now a $330 billion market cap, i don't think there is much manipulation going on. >> ran, let me ask you, do you

imagine a world where we have u.s. regulation and u.s. bitcoin cryptocurrency trading and sort of the free-for-all outside of the u.s. and what will that -- is that where all the flows will go, or will they come here where the pension funds want to be in a regulated market how do you envision that changing things? >> i think unfortunately or fortunately, a lot of territories are waiting on the s.e.c. so everyone is kind of looking to the united states and saying give us guidance we saw the european parliament all say look, we're not legislating this thing yet we're still going to watch this thing. japan has legislated it. korea we hear in june will come out with positive regulation singapore is very favorable. so i think the s.e.c. and the usa have a big part to play, and i think they're going to call the shots. so let's hope that they act soon. >> ran, thank you so much for coming by. always good to see you ran nue ner. the host of cnbc crypto traders. check it out if you haven't already. >> i guess the risk is that the

u.s. is being left behind in this and to your point, if there is other countries developed nations that are legislating and setting up framework, especially countries like japan that we could be left behind and you can see some of these big exchanges move offshore. >> a lot of projects that depend on tokens. there overseas they're gone in the united states >> but the bottom line here is think about emerging markets i'm a guy that is invested in all these places around the world that were opaque and had poor corporate governance and poor custody ultimately, everybody who wanted to trade in those markets did at their own peril. and ultimately everybody wanted the legitimacy of the american markets where institutions can trade freely is where everyone can go that's a real market it will take place in other parts of the world but u.s. standards are not going to be left behind if this is ever really a true foundation for money transfer still ahead, ge shares up nearly 15%, but one trader is betting the stock could soar another 50% from here.

we'll tell you what has him so bullish. plus, steven grasso stepping up to the plate getting ready to pitch onstk e oche says could build up your portfolio, hint, hint he'll give us a name when "fast money" returns because you've made sure this sensor and this machine are integrated. & she can talk to him, & yes... atta, boy. some people assign genders to machines. and you can be sure you won't have any problems. except for the daily theft of your danish. not cool! at&t provides edge to edge intelligence. it can do so much for your business, the list goes on and on. that's the power of &. & this shipment will be delivered...

welcome back to "fast money. time for our phat pitch where one of our traders pitches a stock they think is about to break out. it is grasso's turn to step up to the plate what are you looking at? >> so lennar everyone understands the main reason why home build verse been under pressure at least recently

has been the raising rate environment we've been seeing. the knee-jerk reaction is to sell all home builders what people have to realize is rising rates happens in every housing recovery you shouldn't fear rising rates if they're happening for the right reason unemployment is still low, cash is still in consumers' pockets now if they sold off the space because of rising rates, rates are stabilizing. you don't have a reason to get out any longer and the second thing is california atlantic, oracle atlantic group, the merger that lennar had just a couple of months ago that closed put some undue pressure on the etfs and lennar itself. for that, people were too long lennar the shares outstanding grew by too much, forced them to sell stock. etfs, the waiting was too big. they had to put the sale pressure on the etfs lennar a big percentage of the etfs that created a sale pressure not just for lennar, the entire group that is over with.

right now everyone has rebalanced now the third thing that i listed, lumber prices. we're a headwind everyone told you it was a headwind basically the last couple months the lumber prices have come in specifically this month, lumber prices are down 10%. eps is on the rise as far as guidance going forward for lennar and the stock price is down 30% recently. that's why it's a buy. let's just look at price action here so recently, and i just alluded to it, $70 was the price not too long ago, and we've collapsed by 30% while eps is rising, while lumber prices are decreasing those are all tailwinds. this has underperformed the entire group i think you're going to see this stock -- you don't have to go to 70 again, but i think you can go to 60 easily here is your base, here is your base see ya >> a question. >> yeah, a quick question. this is a big integration, the biggest one they have ever done, the biggest acquisition.

how well do you think it's going? >> it doesn't -- i think it goes back to what i always say. perception versus reality. i think right now everyone was worried about the rebalancing approach to it on a technical level, but the fundamentals i think that they're confident that they have a large market share. i think they're more confident in a tailwind of corporate tax going from 34% effective tax rate down to 28, soon to be 21. i think those are enough tail winds to compensate for any negativity that's going on in the merger >> all right no more questions. time to vote are you buying grass's pitch on lennar tim? >> just finished building my house. yes, i am a buyer. and i think the transition here, some telephone management changes but i think they're going the pay down some of the debt i think 50 is an important level on the stock it's been beat >> karen >> yes, i agree. i'm a buyer as well. i like this space. i like the home building space i like lowes i like everything related to it. it's all good. >> dan >> a lot of input there's. table pounder.

>> dan. >> a lot of bullish inputs >> oh. >> change is really cheap. what did you think i said? >> something not repeatable on the air. >> table pounding buyer like him. but i'd rather buy it than sell it. >> three buys. three buys on this desk, steve we want to know what you at home are saying about steve grasso's pitch for lennar vote at cnbc fast money. we'll reveal the results later on in the show more "fast" still ahead. ing out. not anymore, td ameritrade lets you trade select securities 24 hours a day, five days a week. that's amazing. it's a pretty big deal. so i can trade all night long? ♪ ♪ all night long... is that lionel richie? let's reopen the market. mr. richie, would you ring the 24/5 bell? sure can, jim. ♪ trade 24/5, with td ameritrade. ♪

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welcome back to "fast money. call it a resurrection as a number of once left for dead stocks are now coming back to life, surging off their recent lows for more, let's go to the man who is always full of life dom chu of the newsroom. hey, dom. >> i do appreciate getting to work alongside the entire "fast money" team, melissa but there are some stocks that have investors wondering if the bottom is in so we decided to take a look at the overall s&p 500. well then wanted to identify the stocks that have made at least a 52-week low or worse so far in 2018 of those stocks, we looked at those that have staged some relatively bigger rallies since those lows in our example here, we looked at least 10% from those recent levels around 60 stocks fit that bill the top of the list no surprise. so who is up for a little bash koa and guac we have chipotle mexican grill, a stock up 75% above that level,

its low that it hit just this year also in that general same ballpark is advanced micro devices which is 45% above its recent low and a couple of mega cap names that might be in the early stages of a potential run. might be general electric, yes, it got hammered yesterday, but still up 14% from the recent low. and oil giant exxonmobil 11% higher than its own mark some traders are on the hunt for deep value they're looking at some of the stocks that have been hurt as of late now it's about whether they can look at some of those stocks and find the next chipotle and thoughts on where the exit strategy, that's going to be a huge one because you have the bigger returns, and they are achieved do you sell out of them, melissa? it's a big question. back over to you guy. >> thank you, dom chu in the newsroom as all these left for dead stocks spring back to life we thought it would be a perfect time to play higher or lower >> what are we doing >> we are going to take one of

those and ask whether it's going higher or lower. very straight is for ward here let's start with chipotle, a name tim often struggles to even pronounce. >> chipotle. >> higher or lower, though is the question >> definitely lower. we've got from 257 to 440. brian nichol doing a nice job. totally overdone very expensive stock take that profit and run >> let's move on. >> if you had it i don't know. >> that's true g.e., higher or lower, grasso? >> it's going to be higher from here even when you see the way it absorbed, yes, it had a terrible day. but flannery said this was not going to be an overnight fix he is unwinding the assets. >> higher! >> he is getting it done slow, although it might be, but i am long. i'm long, i don't know i would say probably don't count. >> what's your time frame on this >> i think we're going to probably the early or maybe about six months to eight months will be trading in the low 20s

>> what if they cut the dividend do you think that is priced in already? >> yesterday they assured that it was not in the price. >> now it's today. >> it leveled off at a price that is still higher than recent lows i'm still profitable at this point. i'm still up 14% basically in my position i'm willing to give it the time to soothe some of the concerns that are around the dividend but i do think low 20s probably in six to eight months >> let's get to our next stop. exxonmobil higher or lower. karen finerman >> higher just because i'm sort of bullish on global growth story. >> higher! >> but it's not huge i kind of think oil is be around here maybe a little higher, little lower but it doesn't need to be -- it doesn't need to be higher. >> dom referenced deep value do you think there is deep value in exxon you usually look for that. >> i know. it's not a pound the table higher or lower. it's not a pound the table game. >> it is kind of

>> higher or lower. >> you. >> higher or lower a lot of bullish input. >> higher! >> you think higher, stan? >> no. >> clearly. >> inputs. say it slowly, folks. >> okay. >> let's go on to advanced, speaking of dan, advanced micro, higher or lower. >> i think lower if you look at this stock -- >> lower >> since 2000. >> whoa, boy since the start of 2017, on four occasions it's gone from 10 to 15, back the 10. here we are, it's up 45% i will say this. carter braxton worth, he has a point, and this is really interesting for this segment for these stocks that are coming off these lows, usually when you see a gap on fundamental news like amd did in late april, you're going to get another gap especially coming off the lows so chipotle has had its two gaps your, one gap. and amd's one gap. at the end of the day, i think it's hitting a lot of technical resistance here. >> i agree amd is hitting a lot of

technical resistance the semiconductor space, the chip space as a whole. you look at micron, who was decimated and rallied all the way back if you look at d-ram prices which they're totally dependent on in mike con's case, that's flattening out or rolling over once again i think amd is going to roll over again it's a fun game, mel everybody played by the rules. >> very good, class. >> good job. >> the options market is implying one of the names, g.e. could surge more than 50%. for more let's get to mike khouw in las vegas hey, mike. >> hey there it's interesting we saw more than twice as many calls than puts today. one of the trades that stuck out is the january 2019 calls we saw close to 3,000 of those trading for about 15 cents it's going to be above 20 by january expiration i find it interesting because steve was talking about a low 20s price target six to eight months well, guess what that's exactly what these options traders are betting on >> hey, mike, you and i were at the same party last night in las vegas. and i got to tell you, i sound a

lot better than you do right now. i lost track of you at 11:00 so i don't know. but what happens in vegas, stays in vegas. >> thanks, mike. so tomorrow "options action" 5:30 p.m. eastern time up next, final trades. do you offer $4.95 online equity trades? great question. see, for a full service brokerage like ours, that's tough to do. schwab does it. next question. do you offer a satisfaction guarantee? a what now? a satisfaction guarantee. like schwab does. man: (scoffing) what are you teaching these kids? ask your broker if they offer award-winning full service and low costs, backed by a satisfaction guarantee. if you don't like their answer, ask again at schwab.

you know what's worse than a broken home? a broken heart because america is not buying steve's pitch for lennar >> that was up 40%. >> final trade time, tim

>> lennar. i'm buying, steve. lennar. >> steve >> alibaba buy it stay long it. >> karen, good luck or footlocker. >> disney. plenty of time now >> by the way, lennar is up 2.5% after hours. messa lee. thanks for watching. melissa ler watching see you back here tomorrow at 5:00 for mar 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. i know it sounds strange, but the stock market is having a real hard time evaluating anything, anything at all. and putting a dollar amount on it every y