that -- >> i still think that wouldn't be -- you're not going to know that in an hour. >> that's absolutely fair. >> yeah. so we wait and we watch and we look forward to "squawk box's" coverage of that to begin 4:00 a.m. you're not a 4:00 a.m. guy >> tomorrow, no. >> all right >> although i have been. >> you still might be. anyway, that does it for closing bell, everybody. should be an exciting evening. "fast money" begins right now. "fast money" starts right now. live from the nasdaq market site overlooking new york cit times sqre i'm melissa lee. tonight on "fast," bitcoin getting slammed after another hack of major crypto exchange and top crypto baller says the bottom isn't in yet. go will tell us how low it will plus, consumer stocks on fire. the chart master says there's one name in the group just starting to heat up. he'll be here to break it down the big story of the day, president trump and kim jong-un hours away from their historic meeting in singapore

akiko fujita joins us in seoul. >> good evening to you, good morning from seoul let's first establish why we are here yes, the summit is happening in singapore. we're 35 miles away from the dmz, that border that's been in place for more than six decades. no question everybody here in seoul will have their eyes on singapore where the summit kicks in four hours from now let's talk about what we're expecting from the summit when the two leaders meet we do know that president trump and leader kim jong-un will be in the room with just tlantsors to begin the discussion and in terms of what's on the table here, three specific issues to look out for number one, the idea of denuclearization securityo get there. on the very first point of denuclearization, there will be points of how this will be defined by botsides. will it be denuclearization of north korea or the korean

peninsula. that's key here. north koreans have in the past defined the idea of denuclearization on the korean peninsula as a drawdown of american troops based here 28,500 troops that have been based here any idea of a draw down on that basis is likely to alarm allies, also japan in the past we have heard the trump administration say that's not going to be a point of contention in the summit, although secretary of state mike pompeo didn't specifically clarify in that press briefing yesterday. optics clearly will be a big part of this as well and on that front we saw what's a pretty remarkable scene coming out of singapore last night north korean leader kim jong-un taking a stroll around singapore at nighttime with the foreign minister of singapore even posing for a selfie. and keep in mind, this is a leader that had never stepped foot outside north korea until several months ago a brutal dictator that has in

the past ecuted his own uncle, reportedly ordered the assassination of his own brother in malaysia yesterday. so that gives you a sense of just the remarkable turn around that we haven of this leader over the last six months, just four hours to go all eyes on singapore now. for now we'll toss it back to you. >> akiko, thank you. in seoul, south korea for us while all of this was happening stocks managed to hold steady as wall street is waiting with baited breath for the summit following a whirlwind weekend with the president who clashed with g7 allies the market is shrugging off any potential global turmoil will stocks continue to stand strong and is it a sign the economy is even better than we think. pete, we point this out a lot. volatility, 12 and change? >> we're in the 12s. it doesn't seem like everybody is as nervous as we are as we're sitting here looking at the markets trying to weigh in on everything that's going on. >> are you nervous >> i'm not

i'm not either i think the reason is over the last year and a half what's happened president trump has had some ups and downs, but as we've gone through this thing, it seems like it always smooths out so i think that's part of the anticipation this time is it's going to work out somehow. might not work out right now at the summit itself, but in the future maybe they're laying the groundwork, the negotiation, the art of the deal, all of that the fact that volatility is in the low 12s like you said, mel, that speaks volumes for what people right now and huge funds are thinking about the market. >> i look at a market that's near 2800 in the s&p it's up almost 8% from the april lows this is what pete talked about expectations right now in terms of both the fed because of italy, because of what's gone on around the world, that's the bigger news to me. i think we're at the top of the range. we're at a level of complacency, a level of bull lischneishness. we have the fed on wednesday,

theresa may on brexit, cpi tomorrow there's so much going on. >> i feel like for the fed the markets are largely expecting an interest rate hike. >> that's the -- >> people are anticipating that, how can that be a tape bomb? >> the tape bomb is possibly the fed. it's ultimately a case where people have an expectation where they're definitely doing something. >> obviously it's -- >> i think it's generally relatively complacent with the markets. i'm looking at the spx, the implied move between now and friday given all the things you just mentioned, 1% 1% that speaks to a 12 vix so we're just kind of quantifying that. i think everything we're going to get this week is somewhat expected if the president leaves singapore and does what he does -- did to trudeau, then we've got a problem. the markets are not gog to like that sort of thing after the g7 if he does that with this summit. >> let's say he leaves nothing really happens. >> great stepping stone. then we get back to what i think are the more important issues. this was at the heart of the

problems with the g7 it really is about trade one of the reasons why the rhetoric with trade with china o the summit, right?was leading we really needed this thing to go well. look how it went with our allies, with canada, with the europeans. i expect there's going to be fireworks with trade as it relates to china going forward don't forget all the way back earlier in the year, where did he start this trade rhetoric south korea oddsly enough. remember that? threatening tariffs on south korea. the thought that trade war is aft, that was an early 2018 -- >> isn't this more that i think the market really is priced -- maybe we're saying the same thing. the market is priced as if all of these things don't matter when in fact i don think north korea matters all that much. i think the central banks make the world go around. i think everyone is assuming you have a benign fed when last meeting we thought they were very animated. >> i don't like to trade around my positions, but to me the vix

at 12, 13 with all of this stuff going on seems very mispriced, right? i mean, there's so many potential outliers out there and so to me, you know, it seems like it's its own protection for not a lot of money pete watches the vix extremely closely. i think there are so many things up in the air. i agree with you on the fed. way more likely. >> it creates the opportunity to your point, karen, that you can protect. you can protect cheap. going into last week, mel, i was 40%. >> 40%. >> now i'm back down to 12, and the reason is i found opportunities out there. i still think there are names in the technology, i'll give you one. i bought some juniper. i bought wim so there are certain names that i think have still up side. >> but it also speaks to the fact that you didn't think those opportunities would exist going into this week, that somehow we're in the clear going into -- >> i don't know if i'd use the word clear, but when you can buy a vix at 12 essentially telling you you can protect yourself to

the down side at one of the lower ends of the measure that we're seeing right now, boy, that's a great time to buy insurance. i don't want to wait for the storm. i don't wanto wait to find out something awful happens as you were eluding to. >> you're right, you look at 2018 if you look at the u.s. stock market, what happened we ramped into q zls 4 earnings in january. what happened after that we flushed out of that then we have the scenario where we flush right into the end of q1 what did we start doing in april when q1 was over and as we got into the q1 earnings reports we started rallying. up 7, 7.5% for the lows. it goes back to the things that were front end loaded, global synchronized recovery. europe is a bit spotty our data is still good central bank, who knows. we're going to get a whole heck of a lot of that this week what i'm saying is the trade stuff is really important. if you look at the way the u.s. stock market has traded, it has

traded off in a macro. it's done it in a cyclical way. >> first of all, we're at all-time highs on the russell. all-time highs on the nasdaq and s&p. everyone is acting like none of this matters, as in valuations don't matter central banks don't matter i think we're at another one of these places where people are not looking at the reality of central banks taking away liquidity. >> would you protect your portfolio here or would you lighten up positions >> i think you absolutely protect as these guys are saying the market allows you that i think you don't necessarily chuck stuff out the window i'm just saying people that are gearing up for there's all kinds of euphemisms we use or metaphors. let's get through this week. i think people may feel very differently about the fed. people have gone 180 in terms of how aggressive they think the fed is going to be that may be right, but i'm not so sure. >> so despite global uncertainties our next guest says we are heading back to all-time highs and just keep

buying let's welcome back keith parker head of u.s. equities at ubs take a look at the s&p 500 earnings estimates for the year and i guess you think that they're pretty firm? i mean, it feels like at this point in time maybe the risks are to the down side given the uncertainties in the market like trade. >> so we do have definitely a number of uncertainties this week as we said, we'll see how is week goes. in terms of earnings we had an 8% beat in q1 earnings what did estimates do for q2, 3, 4 for the rest of the ye those beats? nothing. so in terms of sentiment, we didn't see the upgrades. >> there's no reflection in terms of the up side beat for the rest of the year >> correct so you have a cushion. the bar is lower i think to the point for starting out the year, we had interest rates that started out the year around 2.4% for the ten year we had a 70 basis point reset in terms of repricing and that's been a head wind for the multiple where we think the fundamental drivers are still very positive. from a growth back drop we've

slowed in q2 and we're reaccelerating -- sorry, slowed in q1, reaccelerating in q2 as we think rates are ridsing. >> we'll see that in early july. the move on the ten year doesn't put a damper on anything at all? >> for us, we've had the rerating and multiple reflect that i think additionally the move in the fed rate 100 basis points roughly in the last year has been a head wind for the consumer but it's a mild headwind and half of what we've experienced in the past cycles for us, the level of rates relative to the level of nominal gdp growth where we're running close to 5% we think is more important. >> so since the beginning of the year, beginning of the year i think there was a belieft there was some sort of global synchronized growth going on at this point in this year i think that it is more believed that there are kinks in europe, that the growth is going to be slower than we had all expected.

does that impact or is that a concern of yours in terms of how we were looking at earnings for the year >> i think for us we're still very comfortable with our earnings expectations. to your point, the rest of the world has seen a few headwinds to that narrative of synchronized growth, but i think from our perspective when you have a near 2% fiscal stimulus, we saw some great consumer reporting headlines in terms of the reil backdrop is positive. when consumers in the u.s. get more money, they tend to buy other people's goods as well so that should be a positive for the rest of the world backdrop as well. >> so what did you hear? do you stick with what's working, technology that's up 13% this year? >> we are a buyer of tech. we think the corporate spending backdrop given such solid profit growth gets reinvested into the tech sector and we still like consumer discretionary as well the tactical view that the u.s. consumer is solid and we think there are opportunities in that

sector that we do see value. >> keith, great to have you with us thanks so much >> thank you >> keith parker. so what do you do? >> well, i'll tell you what, i agree with keith i still think tech is going to be defensive and strong. there's still place to play. i think commodities are poised for another move higher. i like the banks which i think have been under appreciated in this environment i think as the f hikes they will continue to do well. >> it seems like this is a universal thought that high tech growth has become very defensive. the higher it goes, the more expensive it gets. it was an easier argument before the 30% wrap in amazon, facebook whatever the names are the more concentrated they get, the more universal and more worried we get one other point, we talked about it last night. why aren't the banks participating? why isn't the financial sector participating? to me that remains a big problem. the other point about, yeah, we got front end loaded with the tax cuts i think the one thing people did not expect in 2018 was the potential for trepidation around

trade wars which could actually kind of head off i think some of these gains that we were expecting to see in the consumer in 2018. >> i think the primary reason the financials have lagged, you and i were talking about this last year, they had ch an incredible 2017 and they've been on a pause or so it seems. >> fang had an incredible 2017, incredible 2018. >> but his point -- >> bigger earnings than financials. >> right. >> i know you're talking about how much fang has appreciated, but the earnings were blow out. >> every other sector that you expected is raging where are the banks. >> here's what's raging. financials have outperformed the s&p by 11% pete is talking about 2017, 2018 the market, there's be lots of rotation fits and starts. the other part about fang, a lot of the big cap techs, they're not really tech companies. in some cases they're consumer staples.

definitely discretionary it's a good point. it's another reason why people look at the four or five names differently. >> last word. >> i don't think we can call technology defense i hate the word. it doesn't make sense to me. >> idiosyncratic growth. >> what i say is this, if you have fundamentals and growth and accelerating, i don't know how that's defensive why wouldn't i want to own those names? i'm not in any of the names i'm in, not in micsoft, apple, any of the tech names i'm in because i think this is a great place to hide, it's defensive i'm there because i think there's grow. >> airlines take off he will tell you the names that take you higher. bitcoin bust crypto universe facing a nightmare and the worst isn't over yet at least according to one bitcoin watcher. later, consumer stocks are on a tear and there is one name the eaart master says is going to brk out. carter worth

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welcome back to "fast money.

airlines soaring they're getting a boost after barons said it was a boost it has been a rough year for many of the airlines with names like american, southwest, jetblue all down 15% or more in 2018 time to buy, tim >> some of this started friday afternoon. united gave some operational updates. consolidated revenue came in at 6.78% which is better than expected capacity growth is 4.82. all about capacity growth. southwest has been one of the guys that people expected a terrible number from last week they got an okay number that was mildly positive if you look at the airlines, one thing i said, it's because i listen to some of the smarter guys on the street they have pricing power. it's a bit of a misperptone of they're confident they can raise prices dramatically. i stay in the airlines. >> that's the one headache they still face whether they can and pass it on, there's a possibility they can we've seen it time and time

again. but i think the reality is they've been on pause and that's what bothers me. that's why right now i'm not in any of the airlines. i've loved them for a long time but i don't feel like we're in this grind in oil and we're at the lower end from 65.72 i think there's a different place to be. buffet's there he's going to be a long-term guy. i'm even out of southwest. i can't stomach it right now i think there's other places. >> karen's been in >> i'm in. it's been turbulent. >> nice. good stuff. >> if you look at the market that's here you say where is the value? what's not expensive i understand the cyclicality of this industry. a lot of otherndustries are considered cyclical whose multles have smoothed out. not so for the airlines. these multiples are cheap. i want to stay long. >> didn't they focus on it, and it doesn't have all of the issues of international routes. >> right. >> they're expecting double digit earnings growth, mid

single digit sales growth, that one seems like a cheap stock to me delta and headwinds, big mac crow trendro trends. >> if that at&t/time warner deal goes through i think it could be imputed upon the sector. >> jetblue could be -- >> if they're going to back off on all of the antitrust -- >> that's horizontal integration. >> my point is simply first of all there was talk about american and buffet and all of that but then there's talk about united and jetblue that doesn't happen. they don't even try that if antitrust is in the air. >> coming up, gaming stocks going head to head at e3, one of the largest video game conferences of the year. to keep players coming back for more, we'll tell you which stocks could pull out a win. i'm melissa lee, you're watching

"fast money. >> life moves pretty fast. you don't stop and look around once in a while, you could miss it. >> great point, but if you missed the rally in consumer stocks, don't worry. the chart master has three ways to help you catch the ride. plus, the crypto universe is getting crushed, and a top bitcoin watcher says the worst isn't over yet he'll be here to explain how bad things could get there's much more "fast money" right after this change of scen? the kayak price forecast tool tells you whether to wait or book your flight now. so you can be confident you're getting the best price. giddyup! kayak. search one and done.

welcome back too "fast money. bitcoin bust this time around south korea's coin rail getting hit suggesting losses as much as $40 million.

has bitcoin become the wild west we took a look back dating back to the infamous 2011 mount gock attack and as the selloff continues, last week's fund manager said bitcoin was in the process of bottoming but after crashing through what he's called two key levels he tweeted that the next key level to test will be 6 6450 have we not see the bitcoin bottom let's bring in rand nuner. it's always great to have you back. >> nice to be here >> how low do you think we're looking at >> we're looking at -- >> first he said hello and how low. >> hello and how low. >> how low -- hello. >> hello. >> how low 6250 as the next point if it goes under that we're going to test 5900. >> 5900. at what point do we start to get

in the range of cost of mining. >> at about $5,000 that's where the miners look at is it worth keeping the machines on. that's a key level $5,000 if we don't get a turn up, then we may see a very different game in mining >> what do you think is going on i think when people hear exchange hacks, some people may think that's crazy i thought bitcoin s incorruptible. i felt the blockchain getting hacked is the security of the exchanges, the sites, correct? >> it's exchanges, how they're storing the coins and what type of wallets and how much they're storing in each wallet, et cetera if you ask me, if you look at this exchange that got hacked this weekend, a small exchange the hundredth biggest exchange in the world and it got hacked for $40 million. $40 million is a very small hack in the big scheme of things. the last time i checked i didn't go and sell all of my dollars the last time a bank got robbed. >> whas going on

>> what's going on technically we're in a bear market and we're going down and we're testing new lows we tested 6800, 6650 this time we're clearly in a downward bear pattern and we can't break out of the downward bear pattern we can't break the 8,000 level with convincing volume if you look at bitcoin's trading over the last few weeks you've seen the volume has been low and we've never been able to break upwards. we're always breaking down wards and new lows it's unconvincing. it's usually over weekends when there's very low volume. we're struggling to hold on. >> rand, when i think about the bank robber metaphor, that's a one-off bank this is a systemic concern for the sector on the production side, you know, cost of production is a metaphor that works with a miner that's actually mining something. i would argue that we're talking about a virtual currency and there doesn't have to be demand. if you start mining, there's enough demand to pull that and hold that. i'm not so sure people can talk

about bitcoin as something that ere's actually usage for. >> let's break that down into the two discussions. the one is the exchange happen. >> right. >> and exchange hacks are going to happen just like bank robberies. i'm not making the comparison because i think you can compare them, but there are floors in the bitcoin infrastructure or crypto infrastructure. we're just starting. the internet before you had a browser people are talking about exchange hacks, those are to be expected for a market capitalization of $300 billion when we expect that one day this will have 20 trillion dollars. we're in the beginning we should zoom out and go where are we in this whole cycle so we can expect these type of hacks in terms of the cost of mining, that's a whole philosophical debate that we can sit here and have whether there is a demand, whether we're still creating a demand for bitcoin my view is bitcoin is digital gold very soon, very soon in a couple of years there will be more demand for bitcoin than there

will be for physical gold. i saw a twitter post with a meme that said $1.5 million worth of gold and a big pile of gold and $1.5 million worth of bitcoin was one little hash. that makes sense we know how the algorithm works in terms of mining we can have the discussions whether it's better or worse than gold but we're still creating demand. >> everybody has a different investment time. let's say you're in the trade and you're finally made whole at current levels would you say sell or would you say hodle? >> i would say hodle. >> is there a circumstance where you would say don't hodle and sell >> it's hard for me to let your bitcoin go if you came here and didn't believe in the technology and you wanted to buy based on what was happening in december, probably get out because this space can't accommodate you but if you believe in the technology, ou believe in distributed ledger technology in

the blockchain and the effect that it's going to have to every single industry in the world, now's a great time to buy. we may go lower. we may -- >> that is always a good time to bufor the people who believe in the technology. it's not always a good time to buy. a couple of weeks ago it could have been a good time to buy at 0. i'm playing devil's advocate and that's a criticism we get and rightly so >> so let me qualify my statement. >> sure. >> now's a great time to buy if you believe in the long term of blockchain if you are looking in the next three, four, five years in blockchain, now's a great time to buy and the truth is whether you buy it at 6600 or 7500, if you believe in blockchain and you understand the exponential difference that it's going to make to every single industry in the world then 6, 7, 8,000 doesn't make a difference. it could go to 20, 30, 40,

50,000 no one cares whether you bought it at five five or six or six two or six three if you're day trading or trading in the next two weeks, you may get some better opportunities to buy. we're expecting 6250, we're expecting 5900 just after that. >> yeah. >> great >> thank you, ran. >> thank you so much. >> crypto trader cnbc africa. >> ihink the most important thing to think about when to buy, it was trading 1,000 in the start of 2017. yeah, it took out that whole -- you know, november/december sort of thing be in the first half of this year, and it doesn't em to really want to rally. we say this to our viewers about anything whether it's amazon stock. you wouldn't have disproportionate position of amazon in your portfolio the last 20 years or probably the next 20 years. at the end of the day you're going to have a few different currencies and small percentage of investable assets if that's the way you think about it you shouldn't care if it's 6600, 5500.

still ahead, consumer discretionary stocks have been on fire. if you missed the move, fear not because the cht master has one name you can buy right now electronic stocks soaring. we have all the details. ore "fast money" right after this ...down-alternative pillows... ...and of course, ice. tripadvisor helps you book a... ...hotel without breaking a sweat. because we now instantly... ...search over 200 booking sites ...to find you the lowest price... ...on the hotel you want. don't sweat your booking. tripadvisor. the latest reviews. the lowest prices.

welcome back to "fast money. the consumer discretionary is on fire a number of stocks hit fresh record highs bob pisani is at the new york stock exchange with all the

details. hey, bob. >> consumer discretionary includes clothes, appliances, retailers, even home builders. the s&p 500 consumer discretionary is at an historic high it's the only sector hitting a new high thanks to big moves up and several critical subsectors. first, retail stocks have exploded in the last month as the earnings come and it was just outstanding traffic was strong, inventories were low in the last four weeks macy's, kohl's, if i have any's all up 30%. that's not a typo, 30% l brands, tjx and gap up auto and auto motive, gm, ford, delphi, goodyear have all rallied off the february and marleaus third, two big fang stocks are in the consumer discretionary. netflix and amazon with netflix up nearly 3% amazon up nearly 4% this month it doesn't sound like much but the market capitalizations are so high that even my modest single digit moves dramatically

drags up the sector. finally, home building stocks are also in this sector as well. they have been dragged down by concerns over higher rates but the economy is so strong that even that group began rallying 10% off the lows this year that was hit just a month ago here's the bottom line, consumer discretionary purchases are considered nonessential by definition by consumers but desirable if their available income is sufficient to purchase them the economy is strong enough to make an optional purchase like a car, appliances, more clothes, attractive to a lot more people these days and that's good news back to you, melissa. >> thank you, bob. bob pisani at the nyse karen. >> yes. >> this move has been extraordinary. you were remarking about it on >> abouterence call today. >> the move in consumer discretionary stocks in retail. >> right it is amazing because it's not like a lot of them are leaf verdict. macy's would be one of them.

the mall isn't dead. i don't believe we've seen mall stocks rally mall is remotely consumer and employment. we don't talk about that >> the stock sold off and here we are at over $200.

>> that's what we were referencing. we know there, bogey is this. t the equal weight when we net out the effect of those big ones is still outperforming the market so let's just look at two charts that are right to the sector and then we can get to this. what i have here is a five-year chart. it is the actual consumer discretionary sector, all 80 plus names what we know is it broke out about 2.5 years ago to all-time highs. the bottom's relative performance is s&p it hasn't made any progress because the market is so weighted by high volume tech names but just now we're

starting to break out after sort of two plus years in the desert. that's an important development. yes, it's seen an up trend making new highs it's making new all-time relative highs to the market now just to put this in contrast, this is the same chart but it's the equal weight. what we know, of course, is the equal weight has been nothing but unhappiness. here's the issue this has just started to break above this line as well, meaning, yes, equal weight is under perform the market it's just breaking out absolute and it's starting to move above the relative down turn very developmental action. in terms of individual names, first know that it's very dominated. here are the top five stocks this speaks to the circumstance. i mean, number one is bigger than the next four andhese five, of course, are basically half of the entire sector. so it's a top heavy kind of thing. but, anyway, let's find one or two that maybe are still good to

go foot locker, i want to point out these gaps all of this gapping, that's a gap down, that's an earnings miss 13 weeks later. that's a beat. that's a miss. and there's a beat which is to say that there's something about the stock that the fundamental analysts cannot copeith. any time they're forward it's a way outside of consensus let's draw some lines on this. i think what you've got here is a head and shoulders bottom. i think what you've got here is a break above a down trend line so this all projects to a gap fill basically back up to the 70 level. close at 58. that's about a 20% gain from here i think that's a good bet. on the other side, you've got something like this. a trend and then of course a break in trend that's fairly well-defined not good want to be a seller of mgm to put this in context, i mean, how sad? i mean, it's nowhere near its all-time highs starting to break down again i think we're coming back down here to about 28

they close at 31 and change. that's a 10% decline i'm a seller of mgm, buyer of foot locker. >> you had me at how sad carter, come on over to the desk brian will bring the chair in. >> thank you, ryan. >> thank you, ryan so we like to think of -- or people like to see foot locker and see that it's a barometer for the things that it sells like a nike and all the other brands do the charts look as good as a fo locker? >> well, so we've had these -- talk about idiosyncratic growth, it's idiosyncratic losers. urban outfitters, chipotle, all of which are coming back to life like bed, bath and beyond. you typically get them in twos it's got a huge short interest in the case of foot locker and a lot of people scrambling to get out of the way. >> let me ask you, foot locker,

which i like, but that chart because of those giant gaps, i mean, it looks like it almost went off the page, then they put the page back and started over at another level. >> that's the fundamental circumstance. >> it's so much more difficult it speaks to this. what causes the gap is earnings release. then they open the market and it's upper gap or down there's something about the company that lets say 15, 20 analysts, deutsch bank, chrysler cannot cope with. >> during the call, very often during the call. >> but the gap started at the open there is no call gap's up or gap's down there's something about the operating business that for now anyway is not modeled. but what we do know is after being bombed out like that, the most recent gap was up. >> so more broadly, consumer discretionary, x amazon and netflix were equal weight. will it still outperform the s&p 500 from here? >> my hunch is, yes. but i think what's important about those charts is even with the weighting of amazon and

others, it's just making new relative highs you'd never guess that you'd think it's outperforming hasn't outperformed for two or three years. >> thank you, carter. consumer discretionary goes neck in neck to take the crown which will come out on top you can head over to cnbc.com to find out still ahead, the biggest gaming conference of the year kicking off this week. as the competition heats up, take two and the likes, we will tell you who the big winner will be plus at&t/time warner ahead of the big deal decision tomorrow afternoon why did one trader make a million doll baret that at&t could tank after the ruling? we've got the details right after this break

welcome back to "fast money. the largest video game conference is here let's get to julia boorstin with the latest hi, julia. >> reporter: melissa, microsoft and electronic arts have made their big e3 announcement. new games and subscription services are the trend microsoft showed the content when it showed 52 games, 18 of which are exclusive to xbox console. also announcing it's buying five game studios to bolster the content library. microsoft's head of gaming phil spencer explaining the company's plan to grow its $10 a month game pass service adding more games and features without raising the price. >> we have a long-term approach at microsoft about where this subscription can grow. we know that price point's very

critical as we think about multiple devices and reaching gamers on any device that they want to game on. we want to start with the subscription at a price that we think can be mass market. >> as for the viral hit fortnite from epic games, it can be played across mobile devices and con soles. it will be on nintendo's switch. spencer tells us it's benefitted microsoft. >> fortnite has been a huge success for epic games we love to see when they do well on our platforms we're seeing that. we're continually working with epic about how to make that game even bigger. they're doing a lot of esport work xbox has been a great place for multi-player games and fortnite is a huge hit. >> fortnite poses a threat for battle field 5 in enabling massive groups of players to play just at the same time just like fortnite's popular 100 person mode. piper javaheri reiterating overweight on ea shares on this

news of new ways to play battlefield, electronic arts announcing the subscription service called ea origin access premiere for pc games will charge $15 a month for the service. it starts this summer. all comes as the individualee game industry looks to the netflix subscription model to drive growth. >> julia boorstin los angeles. make that parallel and this is the netflixization of the gaming world, who are the winners who has the upper hand you know how the netflix situation is playing out right now. >> first of all, i think you have to go back to electronic arts and even to active vision i think battle royal is a halo effect these guys are getting younger demographics, getting women involved i mean in these shooter games which they haven't been involved in i think, by the way, the comps on these companies are really, really tough i think the growth has been i think moderated in terms of conservative management

guidance. >> i think pes are not that expensive, right >> ea is not expensive. >> ea is not that expensive. if they're even remotely close to being able to do the tflixization if that's a word. >> very difficult word. >> difficult word. >> we're trying it, it's working. >> okay. >> but using that same metaphor, pete, would you want to own the content producers or the platform >> the whole thing >> whole thing >> and i own active vision, one of the names. i just think that there's so much growth there, i don't even think we have fully comprehended it at this point. switching gears. shares of at&t getting a boost ahead of the ruling on the potential merger with time warner tomorrow. the options market implying bigger moves so, dan, what do you see? >> the judge is going to rule on this case tomorrow afternoon the options market between now and friday's close is about a 4% move which is directed to the big, big move for at&t in any given week options volume

here's the thing today shortly av the stock is down 34 bucks. 22nd week. next week's expiration 33 and a half puts paying about 35 cents break even on next friday's close at 32.95 down 3%. i suspect this is not an outright bearish bet someone making a negative bet on the stock. probably more likely protecting an existing long position. out the full show friday at 5:30 p.m. eastern time. and let's get a look at our cramer cam as we head to break with square and twitter surging this year. m is doing a deep dive into jack dorsey's empire look at him there. catch that and much more on "mad money" tonight at 6:00 p.m still ahead on fast. jackie deangelis spoke to the u.s. steel ceo earlier today jackie >> hey, melissa. well, u.s. steel is bringing one of its steel plants back online today. that's one step in its steel

revival. the ceo telling me trade war, what trade war we've got that story when "fast money" comes back. well, it's earnings season once again. >>yeah. lot of tech companies are reporting today. and, how's it looking? >>i don't know. there's so many opinions out there, it's hard to make sense of it all. well, victor, do you have something for him? >>check this out. td ameritrade aggregates thousands of earnings estimates into a single data point. that way you can keep your eyes on the big picture. >>huh. feel better? >>much better. yeah, me too. wow, you really did a number on this thing. >>sorry about that. that's alright. i got a box of 'em. thousands of opinions. one estimate. the eaings tool from td ameritrade.

is coming to theaters jurassic on june 22nd. kingdom and now xfinity customers can get movie tickets by using their x1 voice remote. get tickets. don't miss it. because at the very end there's this scene... [ dinosaur roar drowns out bryce's words ] buy tickets with your xfinity x1 voice remote. just say "jurassic world" to watch the trailer, then say "get tickets" for local showtimes from fandango. and it's just like, "wild." only with xfinity x1. welcome back to "fast money. steel stocks on the move for the last month as trade tensions escalate between the u.s. and some of the closest allies cnbc's jackie deangelis is in illinois where she spoke with the u.s. steel analyst today,

hey, jackie. >> reporter: hey, melissa. tensions may be high but that's not stopping u.s. steel. in fact, today bringing one of the glass furnaces back online hiring old workers and new workers to share in the progress going forward. the company saying this is a small step forward in the steel revival for itself and also for the country. and the ceo telling me he's not worried one bit about a trade war. he actually says it can't get worse than it's already been we've been in a trade war for 30 years and i put it a little differently we're actually now seeing our government stand up for the steel workers and this is a really good thing for us we'll have to see how this all plays out. we think this is good first step and maybe canada and mexico and others will come to the table. we've seen the south koreans come to the table and we actually end up not having tariffs but also putting in place some quotas. this is a good first step. >> now the employees that we spoke to very optimistic here. they say not only does it help

them personally to be working again but there are major benefits for the community as well they do realize that there are risks here and of course one employee said, yeah, one of those risks is you could potentially see one of these plants shut down if the tensions get out of hand but right now they have confidence that the president is doing what he can to help them help the steel industry in this country melissa? >> jackie, thank you jackie deangeles in granite city you've been in steel where are you now? >> i'm long u.s. steel i've been long nine months prices of steel are at record highs, f let's be clear this company is so cash jenner ra second half ebida is going to be 1.5 billion. this stock is very, very cheap and this is without these trade tariffs. the concern you have is do the trade tariffs either inspire different behavior by the companies or by their consumers, which has happened in the past and that's why they've sold off.

>> yeah. down 15% over the past three months. >> yeah. you know, i've been in and out of u.s. steel, notbeen in it a much as tim recently, actually, but some of these various names out there, i've been in some of those names. e of the nameshat stands out isn't steel related. i still think when you look at fcx, i think it's wavey too chw side of the commodity. >> commodities >> i'll add one point. that's a great piece great that steel workers are going back to work i think the flip side of this is a very complicated case. what happens to auto workers >> because the costs are higher? >> yeah. i think that's really the issue as we think about what this trade -- when you hear a ceo of a steel company saying we're glad -- >> cans. the cans. >> it's a very complicated case. >> plastic >> long inflation. >> commodity dven riand other things >> all right up next, final trade th shipsticks.com! no more lugging your clubs through the airport or

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time for the final trade pete. >> semiconductor stocks moving up micron is not one of them. going up to 70 huge buyers. >> tim >> discretionary today i like the xoy i like the luxury part take a look at that. >> karen >> i'm long money center banks i want to be short the qre because i think the regionals have outperformed way too much. >> dan

>> if there's a lot of volatility -- >> i want to know about the game tonight? >> i think it's pretty solid i think at&t is going to win that ruling. >> buy at&t. >> yeah. >> all right i'm melissa lee. thanks so much forching. see you back 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 today was a lot less placid than it looked.