culture, maybe they have the backing now of two high profile guys saying, you know, i think j.p. morgan should get rid of it them if dimon. >> right don't want to play along. >> get rid of it. >> and j.p. morgan has analysts who probably rely on it. >> very much. >> there are ideals and there are pragmatic issues. >> that's it for "closing bell" today. thanks for joining us everyone "fast money" begins right now. "fast money" right now live from the nasdaq markets over looking new york city's time square. melissa lee. tonight on fast is bitcoin finally growing up there is one major sign it is reaching adulthood and top technician says as the bullish signal for the crypto universe he'll explain. and jamie dimon and warren buffett teaming up, calling for a big change for wall street one trader says it would be a disaster for companies we've got the details. first we start with a brazilian bomb shell check out the etf in brazil.

ewz getting crushed. at one down as much as 8% as the country deals with the economic turmoil ahead of its elections here why it matters for your money. the u.s. and e emerging markets of which brazil is a big part have moved in tandem but the last three months the u.s. has stayed strong and emerging markets have gone through a bit of a tectonic shift falling. is the drama in brazil fears of the connotation for the rest of the world becoming the next big threat for the u.s. stocks we turn to the ambassador first, tim. >> em currencies have played a systemic role. whether you gok baa to 97 tie bot which ended in the russian crisis but em currencies react first and look to fundamentals later if you think about brazil and the selloff this is about a political fear of elections coming up. frankly an economy that i think has cone a very good job having a fiscal rerating. is the currency undervalued? i think it is well overshot.

it doesn't mean brazil is in great straits here but to say this is going to impact the rest of the s&p and the global dynamic, i really don't think so this is a political crisis going on it is same in turkey a lack of confidence it is not a fundamental breakdown in an economy that frankly think about what's going on in brazil we actually have an economy a lot more balanced. banks that are probably some of the better run banks in the emerging if not the developed world and the commodities trending higher. think of the move you had. to highlight the move in pret po bas was $3 last year to almost $18 somewhere middle of last week now near 10. i nibbled at it last week thinking the move is over done and i think diesel prices and whether they have to subsidize in something that i think people should pay attention to i by petro bus can be observed here. >> should we be worried or is there no mechanism >> what we're trying to figure

is does the s&p follow suit. or the other side of the coin is brazil a screaming buy here? and will brazil catchup to the s&p. i can't say i can answer that but i'm more inclined to think the brazil situation is more of a buying opportunity than it is to sell the s&p at these lehives if we're concerned about bralz we should be really concerned about italy and the market's shrugged that off. so more buying opportunity i would say. >> i agree and i question the validity behind the fact that we're still selling off. when you look at that and say the volatility we see. is it election days now. is it really election? have we continued that path or now is it just fear across the board. >> it is fear. >> applied volatility. one month and three and six month applied volatility is up close to 17% that's fear. i think the fear has really set in here and i think we're at the point it could be a really good buying opportunity. >> this is coming at the end

merging markets have underperformed since april 1 by about 8% it's been a massive underperformer the last six to eight weeks. some of that has been the dollar some a dynamic that europe is weaker, trade wars ultimately i think fundamentals and emerging look very interesting here i think it is very oversold. >> tim brought up the political side and i think that is exactly right. i thought you would go a different direction but they's what i think it is i think look at the fundamentals what we have here and the buy. i still think this is upside if we're in the sixth inning there is still plenty of upside here does that mean necessarily brazil is a buy or some of the other areas that have gotten hammeder are a buy i don't know that it does. i still think the turmoil exists but what i see here, i love what i'm seeing and i love the rotation part of this. financials, some of that rotation it gave back some today but i like the fact that la last couple of day, as the ten year is sitting there year three,

mel, we're setting the financials react very well and as long as there is not a extremely volatile move in the ten year i think the financials rise. >> what we saw today was rotation out of technology was this risk off sentiment because of what is going on in the emerging markets do you think? or is this rotation, we got a big week next week and technology is sector is the atm for the market. >> if this was risk off i think you would have seen industrials down a lot more and the dow outperformed today i think we've seen lot of rotation if anything big cap tech is defensive in terms of market fear if you fell asleep and debate hear the newscast you would think it is a another calm day in markets they are down a bit but they have been up 15 of 18 days or something. so no i don't think this is time for contagion. i think it is right to point out those outer factors. >> if the market can continue some time. and next week is very important. there are a lot of catalysts that could push this market a lot higher just in general, the telephone

time warner deal we're going to get an announcement on that. and i think that is going to be a catalyst for the market in a positive way the deal gets done i think and investors are going to be relieved to see that approved in the market. >> we were just at all-time highs yesterday. multiple names in the nasdaq world. and look at volatility right now. we're trading at 12. we had to fight to get over 12 today on the volatility index. by the way, buy volatility here because it is cheap and this is the time to buy it. >> do you just sit there and scratch your can head? thinking about what is to come next week? all the different, the summit, a fed meeting. >> acb. >> -- time warner. ecb meeting and the volatility index is at 12. >> it was in the 11s twice last couple of days and now here we are once again at 12 that is low. that gives you an idea of when a you want to buy protection right now. >> what do you do with the one percent decline the technology >> i think everything is a algorithms and sort of linked together

whether it should be ort not lem research was down 5.5% today. and that dragged down a lot of tech i think in my opinion wasn't technology across the board it wasn't one name that i think drag it is rest down i'm not convinced that tech was down too many dots connect. one day event. i think we'll be fine tomorrow. >> is there something you want to be in something you want to buy ahead of next week >> i look at banks, and i think banks have been traded in a range and everything we've seen. and first of all, outside of contagion from italy which would make there be a bit of a safe haven bid to treasury, i think rates are going higher i really do. and if anything i think you have had a couple of factors keeping rates in check but the 10 year wants to be probably 315 to 325 in this environment. banks look great. >> our next guest says do not look for selloff as he has a knack for predicting major market moves last time he was with us in early may he brought along this crystal ball so we looked back at his market

predictions from his last appearance e said that volatility would subside and the bottom is in and well guess what? both of these things happened. past prologues let's see what when he says right now. welcome back. >> thank you. >> and this time you brought your tear row cards. let's get to it. it says buy emerging markets which is a pretty bold call on a day like >> i would a little moderate it to say that there are risks both on the downside and i think on the upside and i think that upside risk is higher, yeah, more significant on balance i would buy certainly we don't want to sort of dismiss all the developments about the dollar, about politics but we think some of these moves have been too large. you mentioned today brazil intraday almost 9% we think partially liquidity partially some position squaring so we do think that it is time to maybe legging into it >> look at turkey.

and these are things that royal the rest of the world usually when they do. >> i think you have a number of the idiosyncratic developments brazil, turkey, mexico more so than systemic build up of risk. i look at correlation of country incidents. it is actually a decade load emerging markets also a decade low. we think there is actually value of having the assets and portfolios divorce fied adivers and i think there is some upside risk lagging quite a bit. january 25th down relative the two years. so quite a big gap no to say since 2007 emerging markets and dollar terms are down 15% s&p up 100%. we're talking gap hundred plus percent over the last decade

we believe in continuation of the global growth. if this can persist several quarters or longer the gap should be narrowing. there are risks and there is going to be volatility days like today are tricky for investors in emerging markets but if you can stomach volatility i think it is time to increase and we think over time that is good results >> second card to reveal our fate summer market melt up. what are you seeing? >> so we continue to think that market is going to drift higher. positioning has been changed quite a bit so that is expressing volatility at this point. as opposed to february, march and april where it was pushing volatility high. -- are serving as a stabilizer

for the market accelerated programs that -- so these factors -- again, summer slow down positioning and buy backs we think is going to keep a lid on volatility lower volatility will invite more inflows true systematic investors. but also from the mental investorer we think market goes higher. we think market goes higher. if you annualize that i don't think question go that fast but we think net net will drift higher and going to be weeks like next week busy but think a lot of quiet weeks. >> straight to the final card because that gets to the when you see the markets go, the final card saying 3,000. where the s&p is heading by year end. how do you get to 3,000? >> it is a house view. it is based on earnings and earnings growth forecast and multiple predicated on interest rates. again i don't put huge stock in

one specific number like we have a very strong conviction we have a conviction it will go higher and it will reach previous high of this year so 2860, 2870. we think about that. exactly where we end i think depends on lot of things trade war, all kind of developments that can throw wrench but we think we go higher above the previous. >> concerned with -- banks >> i think no. we have for the last seven or eight years turmoil in europe. gets fixed a little bit. one step forward, one step backward or two steps forward, i think ecb is committed to fixing the problem. i don't know why they sort of let the situation fall apart now. obviously banks derated a lot already. so, you know, i think probably worst is behind us there as well. >> marco, thank you so much for coming back. >> what is the music by the way with the cards. >> like fortune telling music cards. >> reminds me of some movie.

>> i don't know but check your oiija board. >> no. i saw the movie. you don't play with those. >> let's goat what we did today, tim. >> tell you, what for emerging markets i've been nibbling around the edges here. i think some is overdone the underperformance the last 6 to 8 weeks is something fundamentally i don't think the justified. >> pete. >> it was an interesting day because i bought winn yesterday. the stock. and also mgm today just calls but chevron was interesting. because i haven't seen lot of paper coming in there. i mentioned earlier for the "closi "closing bell. exxon good and chevy ron nextmon or so i think good return

>> and also kept technology in mind lot of the technology stocks on the pullback i think it is excellent time to step and continue to buy the technology space. >> didn't tim do a power pitch recently in anadarko petroleum apc? >> the wii ji board. >> stop with the ouija board i don't -- >> coming up jamie dimon and warren buffett proposing something to make it even harder to make "fast money" in the park and what it can mean for stocks. and the crypto nightmare may be coming to an end and later. one hot tech stock that is a screaming buy and it is already up 40% the past year he'll tell us the name e ew from time squarin n york stock exchange. much more "fast money" right after this exams in the world. demand the best. demand a cfa charterholder.

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i've never seen a company whose performance has been improved by having some forecast out there by the ceo that we're going earn "x. because it is sending -- it is not only sending the wrong mention a

message and delivering the wrong results to the company and the country. it is also teaching the people that work under him or her that quarterly performance is the end game >> that was warren buffett on "squawk box" this morning. he was on with j.p. morgan's ceo jamie dimon who echoed buffett's sentiment. >> by doing not doing market -- by not opening the branches therkd open or selling more product at a cheaper price they can hit revenue numbers and this and that if it feedsite if you meeting that and you have to meet it and you have to meet it years later you find it corrupts. >> there are actually quite a few companies in the s&p 500 part of a now quarterly guidance club including apple, facebook, microsoft along with other names like bank of america and visa. nvidia also one of the biggest

names that doesn't give guidance so is this a good or bad practice for investors >> they are looking through a single lens of big companies in a big company you don't really need guidance from that perspective it isn't necessarily going to have a lot of impact. the analysts are going to do their job. they are going to predict where earnings are going to be and companies are so massive that even small moves well-being that trajectory is --. small companies however very very different if you have a small company that comes out or gets a contract in a given quarter it could impact earnings by 15%. you will have a moving target on earnings which is a very dangerous thing. >> but again, but they should do it for their investors for the people that own the company. the whole point is give insight into the business. investors shouldn't overreact. you shouldn't trade a quarterly number like this is a be all end all. hedge fund managers all they do is live for the monthly cycle

and unable to invest depends what you manage expectations for and do it if you can get away with it if that is what you feel you need to go. >> reed hastings the way he guides for subgrowth. they give the prejs a guidance number there and handily bead it they are playing a the subgrowth guidance beat expectations growth in that scenario and has helped the stocks tremendously. >> and plenty of investors out there do see gaining the numbers. >> no doubt about it i like the idea of giving the actual look forward guidance of a year or even beyond that. and i think a lot of them quite frankly do that. and i know we get caught up in the quarterly numbers and people do overreact they always do creates opportunity we're always looking for. >> right. >> target the most recent quarter is exactly what i'm talking about. year over year they are up 10% on some of the metrics they are looking for in terms of what their growth was going to be and yet they missed with the

analyst were looking for stock was down $6 and now here it is once again a dollar higher than it was. new highs. so there is a reason why you want to be able to look at the numbers and see what they are doing and how they are spending and looking further out. and if you react quarterly and overreact it creates opportunity for those of us that are looking at the market a little different way. >> little bit of irony for a long term investor like mr. buffett to say look long-term and complain about the volatility on a quarterly bayless because it really shouldn't make a difference. >> -- they had visibility. years out. because they had a huge recurring revenue stream was a big part of their revenue. they don't have that anymore so they don't necessarily -- they shouldn't get the same valuation. unless you have clarity in terms of recurring revenue i don't think you should have to necessarily give ford -- >> ibm and ge might be the greatest examples of companies that somehow always manage to beat by a penny. and what's that tell you investors should be able to see the business

think about the airline and auto sectors. you get operational updates all the time and then the quarterly guide you have this mismatch and it is a great opportunity. i think some of the sectors -- >> that is a great opportunity for the buffetts of the world. you mention that they get this volatility and if it is a big push to the downside that is a great opportunity for them so if that is -- everybody wanted transparency and now it feels like we're come back in all different departments. everybody wanted it and now they don't like what they are seeing so now they want to go the other way. >> why is it so long to turn the ship because the impact the businesses have in earnings is minuscule in the scheme of things of course they are going to miss ore beat by a penny every time but again i say to you the volatility created in the smaller cap names where there are big contracts being rewarded it will be absolutely a debacle for investors to gauge how to invest. >> i like you mentioned ge because that is probably an example of a company that nould should not give quarterly guidance in a turnaround you need the

luxury of time that's why so many companies go private because they need to be in the private market to enact the change they need. >> then it's back to expectations also back to positioning i think ge with a little guidance on a little something that's better including also just here is what we see in terms of the asset valuations which we know isn't an exact science. i think that moves the stock a lot. i don't think ge's earnings change dramatically. i think they can move the stock by guidance they may not want to. >> hot stocks in a -- in canada. you are watching "fast money" on cnbc, first in business world wild in the meantime here is what else is coming up on fast >> pete's beating the heat a tech stock up almost 40% in the past year and about to go even higher he says. he'll pitch you the name and -- stuck in a range. a top technician says that's not

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welcome back to "fast money. bitcoin is stuck in purgatory. as the currency tries to break out of tight tradening range bob pisani >> bitcoin moved in a range about 6,000 in early february to nearly 12,000 in march it's settled down the last couple of weeks moving at an unusually narrow range about 600. that range has also corresponded with generally lower trading volume in the cnbc future contracts the last couple of weeks. what's going i think there is a little bit of

a hangover from the big volumes that we saw in may prices rose in mid may remember, as they were high expectations going into that consensus conference in new york that was may 14th to the 16th. and while there were a few interesting developments there, the fedex ceo said block chain was the next big disruption. nothing really earth shaking came out of it so it is understandable that things might calm down after such high expectations also i think a lot of people are very aware that the sec needs to address several regulatory issues, including whether all icos are securities and need to regist wrert sec whether all coins are -- are securities and more specific criteria for approval of bitcoin etfs my sense is the sec may soon clarify what types of icos would constitute securities but they will probably let the courts litigate the all coin issue. and tay may not act at all this year on the bitcoin etf story. the bottom line here folks, is we have hit a moment in the market with no water shed big

news and a lack of clarity on the regulatory front back you do melissa. >> thank you, bob. interesting, because back in december when bitcoin futures first listed people got excited. and here we are. did this make sense in your view in terms of worth money trading and therefore more price efficiency maybe >> could be. you don't expect something to be as extremely volatile as we were watching early on. crazy every day. i'm a lily surprised how calm it's become. everybody focussed on terms of regulation and clarity there and that will make a difference as well in terms of volatility of the bit koing. >> the bitcoin price in

realtime you got it anywhere, any time. that wasn't the case. >> and the rise of the trading desk yesterday, bart smith. this may be the only area i'm sure -- you know, someone will correct me if i'm wrong, that's growing trading desk operations in this environment. crypto currency. >> with more to come you can speak to -- j.p. morgan did a total 180 and with price discovery comes dampening of volatility which is a healthy thing which speaks to a maturing marketplace. >> our next guest says the charts could be pointing to a bitcoin breakthrough had let's go off the charts with robert sluymer >> priceless news in the crypto world. let's take a look at the long-term picture because i think we have to start here because the longer term trend is still technically up if we define a trend by a series of higher lows all the way through.

even in this range here between 2004 and 2017 and where we are in 2018 it is still a series of higher low so it is fairlyimportant these low right here are going to be very critical that bitcoin holds those levels on the other side, this level up here, we'll call it 9500 is also very critical. that is the big backdrop i think that the next key point is that we look at the shorter term picture for bitcoin the daily chart is very instructive. the 15-day moving average t purple is very important proxy for trend. wh what's it take to turn a market around first needs to bottom and then needs to reverse the trend and then actually turned that trend positive so we have step one in place we have a bottoming phase in place. starting to go sideways and right at the point where it is challenging the down trend still needs to get through that level. when wle ago at rsi indicator.

the momentum data at the bottom of the chart, it is pretty oversold and we've seen similar inflection points off those levels so is it setup is there. but what we need to see is the token actually break out and move the interday chart that is four hour chart back through april and into may and we have this big trend channel in place here. and that 15-day moving average served as a pretty good proxy when that trend reverses and now bitcoin has come right back to this level the two key points on the downside that are important here call it 7350, and that is about 7,000. if bitcoin can't hold those levels i think we see the longer term picture turn negative i think the number here is going to hold. i think bitcoin rallies through the 7800 level and i think it moves to the upside.

>> should we invite rob over to the desk >> u.just on the arrows he drew >> good to see you, pal. >> to it is mel's call don't ask. >> yes, it is. i'm just doing it out of courtesy. >> very nice woman. >> okay. so rob, was a there any point at which bitcoin technical analysis does not work or has not -- did not work in the past because of liquidities involved and i'm thinking back in december when we saw that massive run to 19-plus thousand, was there anything in the charts that would have said sell? at that point. >> -- quite up front certainly violated trend we saw breakdowns. i didn't see it moving from, callis 20,000 down to 6,000. but it did break tend levels you did see reversals. and the moving average turned over and right now right here you are on the point where you are starting to get inflection to your question about

liquidity. as a technician i always think the markets respond to the technical analysis so i'm very biassed. >> why haven't we heard anyone say the bottom is not in known said it is going to 3,000. >> i don't think nasa the case i think there are plenty of bear ops the twitter and technical bares out there arguing it is going lower. so i think. >> what is a bearish level you are hearing out there. >> there are levels around 5,000. there are levels around 3,000. so those are pretty important support levels >> from a volume perspective seems like a tremendous amount of over the counter trades, big block trades are that occurring that aren't actually showing up. and i'm getting calls from minors, if you will, that are looking to trance a looking looking to trans act transaktd in this and -- >> -- >> -- volume percentage not being advertised, if you will. >> great point i don't see that there is clearly a bigger otc

market developing. we hear from the brokers and the clients it is happening there are trades developing but we don't see in the charts. all you see in the charts is volume getting lighter and lighter as the kryptocurrency moves sideways. >> the levels. >> three levels. upside is 7800 -- >> rob thank you. anybodyish -- >> did you have a fake id speaking of minors growing up? >> no. i didn't need one because i look older than i still looked oler than i am. just saying. i'll be 38 -- >> i believe both of those >> anybody -- >> -- >> -- anybody buying bitcoin back to the question. >> i bitcoin is fine i think it's found stability in my opinion the community is waiting for a -- the most important thing is they are -- >> what does it have to -- why

are institutional investors waiting to invest in bitcoin bitcoin is a commodity >> not necessarily as interested in bitcoin as some of the other coins. the consumer utility tokes or some of the alt coins that are trading. they look and said they are ready to disperse capital. they need that custody solution in place and ability to do it. but i say this, the differentiation with performance in lot of these hedge funds is going to be the early adoption of understanding this marketplace and really being the first investor as a hedge fund to come in and actually deploy capital. as capital comes in behind you it is going to change the performance metrics in my opinion. >> so ahead, the refush rally heading up this week as canada votes to make recreational marijuana legal. is this the catalyst to make stocks even higher we'll break it down. and pete calling a grand slam for investors. he'll give us the name when "fast money" returns

t your brok. fees? what did you have in mind? i don't know. $4.95 per trade? uhhh and i was wondering if your brokerage offers some sort of guarantee? guarantee? where we can get our fees and commissions back if we're not happy. so can you offer me what schwab is offering? what's with all the questions? ask your broker if they're offering $4.95 online equity trades and a satisfaction guarantee. if you don't like their answer, ask again at schwab. 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 for under $28 a month. less than a dollar a day. his secret? selectquote. in just minutes, a selectquote agent will comparison shop nearly a dozen highly-rated life insurance companies, and give you a choice of your five best rates.

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welcome back to "fast money. the cannabis industry facing a key test with canada set to legalize recreational marijuana on the national level. kate rodgers with the latest. >> the canadian senate is set to vote as early as today legalizing recreational marijuana for those 18 and up. the industry in canada could

generate some $4 billion in sales its first year alone if it passes industry watchers say this opens up the doors for accelerated moves here in the u.s. right now nine states and washington d.c. have legalized cannabis, while 29 states in have legalized it for medsal use. we'll be closely watching the decision in canada earlier this year, attorney general jeff sessions did backtrack on the coal memo in the u.s. an obama era policy that allowed businesses to operate in states that have legalized the drug despite the fact it is a level one drug and federally illegal something senators are working to change with their bipartisan bill the states act announced today that allows states to regulate cannabis without federal interference big cannabis stocks were all

lower today ahead of this key vote but take a look at this wall here. for the month up around 16%. 18, 29% and 35%. >> tim seymour >> you can't expect these stocks to go up forever and to be clear, what's going on this is a strait trade issue i'm not sure any of the major producers, especially nose in the united states want to be descheduled tomorrow this is not necessarily what everybody wants. what's going on in the industry right now is first of all in canada, this bill tonight, i think it is going to be a complicated bill i think there are a handful of --. canadian stocks have rallied 80% off lows in about 2 and a half months they are not cheap but the bottom line, i've said this before. canadian producers use those stock as currencies to make acquisitions around the world. if you are buying a canopy, i

think you are buying it as a long term global play. >> they aren't cheap i i agree it is a long-term play the structure and setup in this particular sector is huge. you look at lot of the u.s. companies that are looking at the sector maybe some of the beverage and tobacco names if you will. you have seen partnerships get struck already you will see more of that and you will' m&a occur very shortly. >> like a hedge in the portfolio. the. >> budweiser will announce something within the next year absolutely getting into the space. and to me all you need to flow is john boehner got on the board of a cannabis company in april >> movement here is important. >> it is happening. >> broadcom company conference call under way right now plus pete is going to step up to the plate. he'sgetting ready to pitch one soaring tech shock he says could get even hotter. could he convince the other traders and you at home to get on board much more fast money still

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welcome back to "fast money. time for an instant replay back in september pete said playeris was about to soar >> this is a company doing

everything right they are taking care of the customer tay took care of the recalls and now they are growing again this is $106 stock today i don't say tomorrow it is going anywhere fast. but i do think this is a $150 stock not too far away >> well it didn't hit 150 yet but polaris is up 17% since that call so what now? >> well now -- >> no no on polaris first >> i thought --. i still think 150 is within reach. and i don't think by september but i still own the stock. i continue to own. >> since you hit out of park with polaris head over to the plaza now >> walk and talk which is not all-star the easiest thing in the world. back in november i pitched microsoft it was a 60 dollar stock. nouz it is a hundred stock similar numbers. satya nadella, the vision he had

as he took over as ceo was mig naft and they have executed to perfection i love what he's done since he took over. it is a.i., it is a.r. and obviously the cloud. that is where he was pushing that's what they have become and they have really been focusing as woenl the services. but secondly the attractive valuation of the company by the way they have been buying back stock and in the last decade they have taken back 18% of the outstanding shares of their stock. so they are taking care of all the people willing to own the company. and by the way, the dividend has been very strong as well that is just a little bonus on top of that. valuation forward 24, all of what i'm looking at right now i think is really great. but the best one is free cash flow $33 billion a year that's incredible. when you look at this company you do see some debt on the books. that is because they have made some acquisitions so i'm not worried about that whatsoever because that is going to be part of the company itself and when you look at that cash flow it really is meaningless at this

point in time. the cloud growth we talk about growth all the time you have got to have growth. i love the valuation the cloud growth is incredible revenues that's been growing a steady clip the last decade along with earnings, which both continue to grow and they are growing faster now than they were a decade ago. so they seem to be clicking in all different facets of what they are doing in their business right now. i love this company. i think it is $120 not far away. >> nice job on microsoft so far. are you worried about cloud becoming too competitive and monetized and the margins going away >> well, i think that is something to be considered but i love the fact that they are not the big dog. if they were, for instance, amazon i'd be more concerned but that is who they are competing against. so amazon, i think that is more negative towards amazon than towards microsoft. i think they have plenty of room to go. they have a fraction of the business and they are going continue to eat away at the market share i think that is something that's going to continue on you look at that cloud growth right now, timmy

93%. and then the services side which is a hundred-plus percent, 15 quarters in a row. that is incredible. >> real quick. at 25 times do they grow into the valuation? or do they transform the business where they deserve that type of valuation? >> absolutely great question and they do deserve the valuation. the growth into the cloud, that is what microsoft is now they have other areas they have killed it. gaming one of them but the cloud is the growth and you have to value the company properly. >> are you buying pete's pitch on microsoft >> i think they are growing other places too sbrpz, security. i like microsoft. >> i'm a buyer i think it was a great pitch, pete they continue to buy companies just announced one recently. enterprise focus acquisitions are in the wheel house and they continue to be. >> i say nice pitch. >> what's what mean? >> yes. >> buying.

>> yes come on. yes. resounding yes. >> clean sweep buys around on the desk. are you buying pete's pitch from microsoft? you can voteth the tth cnbc fast money. and we'll reveal the results later. broadcom lower about .7% ceo just said something on the company conference call. 'r'll bring those comments wee live in new york city time square much more "fast money" still ahead. whoooo.

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we've got an earnings alert on broadcom. the stock volatile in the after hours session. here is josh with the latest on the conference call. >> melissa, lot of questions on the call about the wireless communications segment which includes chips that enable wifi, bluetooth, gps game in lighter than analysts had forecast two big customers for the company are apple and samsung. take a listen as they talk about the trends in that segment in q 2. >> second quarter sequential -- revenue was deeper than usual. shipments for not american smart phone customers reduced sharply first quarter. -- did partially offset these declines --. as they supported their new product. >> sol hock tab goes on to say

he expects to see a seasonal second half ramp from the customer transitioning to next generation platform. bottom line overall revenue for that wireless segment he says expected to be flat maybe even slightly down sequentially in q 3. he was also asked about how he thinks about m&a, postqualcomm huh hoe balances that with capital return saying we can do both. -- continues to look at m&a opportunities. melissa back to you. >> josh in san francisco. >> handsome man. amazing he has time to do broadcom when you do that reverse mortgage ads all the time as well >> -- the music. oh finally >> anyway. >> gone from 230 to 270 straight line last month and a half 14 times earnings. pulling back a little but a

season of higher lows and higher highs. i think it goes higher from here to be honest. >> win-win situation in terms of whether a deal gets done or whether a deal doesn't get done, the buybacks. >> correct and i would be buying the stock on weakness. if it is pulling back at all tomorrow morning in the pre opening or right on the buy i'd be an aggressive buyer i this i the stock continues to trend higher. >> qualcomm these days >> i think look, the royalties of the apple seem to be something we're not concerned about. nxpi, we're not knowing what's going on there >> looks like it is going through. >> i thought it was going nine movrnts ago. ultimate lot of head winds and a stock frankly probably options guys should care about because major upside intrinsically cheep i think and head winds. >> three names i own presently micron, intel and amd. >> -- >> i'm not right now and i think micron is so

undervalued even at 60 i still think there is incredible upside. but intel as well. >> let's stick with the chips. amd sinking nearly 5%. implying a even bigger dip ahead. here is mike in san francisco. >> double average daily volume today. and average weekly option were kind of a coin toss. next week the most active options were the june '15 points over 15,000 traded for a little over 35 cents and almost 18,000 by the end of the day. so those are basically bearish bets that amd could be below 1465 by a week from tomorrow we did see longer dated bullish call spreads being purchased there. >> nice haircut, mike. >> did he get a haircut? >> always a comment about his -- >> did we get a haircut? i think we did no >> yes we did. >> -- target, i think a couple

weeks ago. i'd pay attention to these -- >> -- >> -- but susquehanna they reversed course. that is all you need to know this selloff needs to be bought. >> thanks mike nice haircut tomorrow 5:30 p.m. eastern time. coming up next, "final trades. see that's funny, i thought you traded options. i'm not really a wall street guy. what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step until you're comfortable. i could be up for that. that's taking options trading from wall st. to main st. hey guys, wanna play some pool? eh, i'm not really a pool guy. what's the hesitation? it's just complicated. step-by-step options trading support from td ameritrade

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-- 1986 and one year later, still having the time of his life because america is buying peet's pitch for microsoft. >> wow bravo. >> first in a long time. >> -- sometimes. i mean i love it -- >> do you think that is actually the kiss of death? >> eh, sometimes. >> we'll see "final trades" thyme pete >> target. on a roll and rolls even higher. getup. >> tum time in emerging markets. yandex the google of russia. take a look at yndx here. >> market share it's a buy here. >> we mentioned amd. >> i remember that.

>> -- dill pickles. >> dill pickle sold. >> anyway, final trade -- >> -- >> see you back here tomorrow at 5:00 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 make you some money my job isn't just to entertain, it's to teach you. so call me or tweet m me @jimcramer. the stock market isn't always a friendly place. it can be volatile, painful, and just down right difficult. there are tons of