good sector performance. >> firmed up today in terms of crude prices and i think the sector followed as well. i don't have a strong directional feel for this. opec has a lot of conflicting motivations going into this meeting. >> mike, great stuff michelle, also many thanks for joining us this afternoon here on the closing bell. that is it for today's show. "fast money" begins now. >> live from the nasdaq market site overlooking new york city's time's square, i'm melissa lee tonight on "fast," useless and dirty. words usually heard on an episode of "the real housewives," finding their way into an explosive report from central bank about bit coin. we've got a special report plus, a hot weekend for tesla. another electric vehicle catching fire. and an e-mail from musk to employees that has wall street talking. why does the stock continue to go higher? first, the world cup -- of pain. it's not a win for the global markets around the world some of the largest markets are

struggling over the past month. brazil down, china, france, germany all under pressure just like the u.s. is sitting out the real world cup in russia, the s&p 500, up 2% in the past month but that could be trouble too. check out this chart since the fed raised rates and said there would be more ahead in 2018, we have been under pressure down more than 400 points since the highs of that day. so it today telling less about the fears and more about the global sell-off? is the u.s. heading for more pain ahead >> two-part question >> goal! >> goal! >> that was good >> goalllll sw >> they're going to play that all show so if you want to change the channel, now's the time to do it. last tuesday night we played a game, hawk/dove. like the neil young album. he said hawkish, but the at&t/time warner deal should sort of supersede that and the market will be fine. i was wrong, but i do think the market's concerned maybe the fed

put is not in place. the vix is still south of 13, but i do think fed put what everybody relied on for the last years is no longer there. >> what he said in the press conference was i think the economy's great. yet we're still four hikes away from neutral fed funds rate. there's still a lot of fed in our future yes, i think that's reason to be concerned. again, the economy's in great shape. the question is, are we now truly the strongest player in the world cup, which we're not even in, by the way. that's a metaphor, folks, because i know that. >> goalllll! >> there it is the problem is, if you look around the emerging markets, certainly an asset class i cove a lot, i think you have some breakdowns i don't know has to mean you're seeing a global breakdown. bottom line is eps is what it all comes down to. >> higher dollar's also playing into all this. >> it is, but you know what, i would say the higher dollar for right now is actually a sign of being pretty positive, right

because what you're seeing is all the money coming from the periphery. emerging markets, europe, all that, coming back into the u.s so we could be in a period where you see the higher dollar, lower bond yields, people want our bond yields because they yield more thanne esthe rest of the w like germany, and higher stock prices if we are the best economy in the world, than all the assets should come here 6 months, 12 months down the road, yes, be concerned about what's going on in emerging markets but for today i think the market's told you everything you need to hear. >> i think what you're talking about, back in the summer of 2015, the world was concerned about the health of china's growth for all intents and purposes we had some major, major risk/asset volatility in august of 2015, in the first quarter of 2016 a lot of it had to do with the fact of how fast was china growing. when you think about what's going on right now, so yes, our growth, people are project above 3%, maybe 4%, this quarter we think about china, it's literally been stuck at 6.8%

if these trade tariffs, if this turns into a war, i think the question becomes what happens to china's growth and what does it do for the rest of the globe i think that's one of the things why maybe our markets are churning a little bit here we're seeing some weak data. tim, you saw the retail sales in china last month was the slowest pace since 2003 when they had the sars outbreak. these are the sorts of things i think it makes sense as we get into the summer to keep an eye on. >> i think that's right. i think china being stuck a at 6.8%, the industrial numbers are effectively near three-year highs. if you look at china and their demand on commodity prices, it's near 4 1/2 year highs. oil's right near the highs record lumber prices we talked about on "closing bell." if the world's coming to an end here, shouldn't we see -- or if china's about to fall down, i don't think we'd see this. >> i don't think we're seeing the world's coming to an. >> end no, but you have to ask yourself -- >> world cup, everybody knows

world cup -- >> is china in it? >> don't hear it >> goallllll >> there it is >> stop. >> dan's saying stop salty dan right off the top. >> why not >> b.k.'s saying something. >> what i was saying is the world doesn't have to fall apart but you can say now, listen, we're so far into this economic cycle, we're so far into this recovery, it would be very natural to have another correction, be very natural to have a slowdown in the economy, but i do think you need to be concerned about china. i mean, some of the stuff that's going on there, there are major, major companies that have gone bankrupt we don't hear a lot because they've simply papered over it and put state resources towards it if that continues, that can be a problem. it's not today though. the market's already told you. listen, it's going up here in the u.s. >> trade war also, let's be clear. this is not going to hurt the economies right out of the gates. yes, you hear about it in the housing survey in regional fed surveys. brian didn't just say this here's the point china is not about to fall out

of the sky and the people that china bears and the doom sayers in 2013 have been so wrong for so long. >> why did the shanghai composite close at a new 52-week low? i'm not saying -- >> those are -- >> -- it's doom and gloom, i'll just saying. >> they've been targeting excesses i think it's high he speculat e speculative. >> -- debate make economic conditions tighter so we started out talking about what are the potential effects of a tit-for-tat trade skirmish going into something -- >> they're not good and they're affecting sentiment right now and i think that's ultimately what we're saying. i think china's in a much better place either on the industrial side, the retail sales side. i think the global economy being stronger helps china more than it helps us. i think it helps emerging markets more than it helps us. so maybe that's, you know, the indictment we're seeing. >> so we started the conversation, more china

i still think it's more fed. the u.s. fed specifically. i'm not certain the fed put us in play. i understand the headlines about china. but i do think it's all about central banks. >> it's not even close i'm agreeing with you and saying, i mean, take that out of the story. the fed put is gone. that's the big thing we've had every central bank in the world showing liquidity at us this is why this market is not ridiculously cheap. >> because we have risks to the upside when it comes to growth around the world effectively, right? we've got a higher dollar. a fed that's still in play a fed that doesn't want to hold up the market. >> right. >> we've got a nasdaq -- i mean, what are we talking about? it's not like the market fell apart. we're down 50 basis points today. we've got all time highs in a lot of stocks. >> so what are you doing here? >> stay long. >> stay long >> i know. in a big -- >> listen, i'm predisposed to be bearish but the market's telling me it wants to go higher by the market, i mean the u.s. stock market. >> our next guest says there's one place to hide out in the market right now let's get to the chart master.

to find out where that is. hey, carter. >> so both a place to respect but to be cautious about at the same time. so let's -- and obviously fang, acronym, is taking its place with dotcom and nifty fifty and brik i've got the russell 1,000, pure growth in blue russell 1,000 pure value down here the index itself, of which these two parts are derived. this is not the way to compare something of course. the way to compare something is to hold the aggregate as a constant the next chart i'm going to hold the orange line as a constant then what we see is the true spread or continued business as usual on the street, at least for the last year and a half, growth value new highs, new lows. one would think it's a super cap phenomenon it's down the cap chain as well. here, for instance, is the

russell mid cap pure growth pure value versus the russell mid cap. same exercise. let's freeze the orange line and hold it as a constant. so what we've got here, same circumstance values essentially making new lows growth making new highs. now, at what point is it overdone that's the key and that will be the key for the market surely. let's look at this, now, very popular nyse fang plus index you can trade futures on it as of november 8th of last year it's sort of 10 super growth names that are in the technology space. collectively, there are about $4.2 trillion, almost the same as the bottom 270 stocks in the s&p. so let's look at this index chart. here it is first returns. the annualized returns since inception of this index is 29% since 2014 by distinction, we're already up

36% this year. we're annualizing at 93% so the issue is are we a little hot? we are a little hot. in fact, i would draw the lines this way on the chart. here it is past two years and here is the trend line in which the index -- and literally, we stopped over and over and over at the high, at the low, and we essentially are right at the high again. my hunch is it's a time to reduce, take some profits. does that mean that the other parts of the market come back that have been languid like financials to be determined but this is a little hot. >> carter comes over come on over, carter we'll bring the chair in >> how are you >> thank you, michelle thank you, michelle. everybody was saying when ryan was here - >> i thanked ryan as well. >> michelle, she's the greatest. >> i thanked ryan as well. >> sorry. >> anyway, that last chart, though, it looked -- even if there was a drawndown, like it was still well within that

channel. so would you expect that to hit the bottom of the channel and then bounce back >> remember, they could just blow through the top and never look back. >> right. >> it's getting a bit sensational. it's taking on a life of its own. and it's happening while small-cap stocks are outperforming. they're both in many ways a speculative kind of thing. clustering fewer names as global growth is in question. that end trying to play small cap. also domestic names they feel don't have risk for the global economy. it all sets up for that looks to be the top of the channel. i'd rather reduce if i were a lone only player >> you've been an unabashed fang bowl for a long time how many times have you made this call? obviously the lines are the lines. how many times have you made this call over last we're or so? >> it's a little bit like if it ain't broke, you know, just don't fix it it's working now, at some point, that is sort of ridiculous. just can't keep going forever. i think it is time to reduce a bit. at this point, again, the money, just the sheer market cap,

again, 4.2 trillion, more than the bottom 270 stocks of the s&p. who's the incremental buyer? >> carter, that channel -- >> thank you for that softball. >> if it blows through that channel, do you get more bullish or more bearish? >> end stage can carry quite a bit further. it could last months my inclination is to -- if it were to happen, so sell more aggressively pull in even more. >> is that also a call on the broader markets? >> well, you could make that -- >> you seem to be wondering whether or not the other sections will pick up. >> we know the s&p 500's up. the equal weight is up the medium is up like 1.2. we basically have gone nowhere. >> semiconductors, software, so certain parts of tech are exploding. in fact, they're outperforming. >> microsoft. >> maybe this is indicative a change in the economy.

where the economy's driven from. and these stocks are ultimate way to play growth and maybe this is a new era. >> that's right. it is all that as we know, all downtrends are characterized by countertrend rallies. we're probably at the point where a countertrend sell-off could be expected. >> carter, thank you. >> thanks. >> cornerstone macro would you reduce frank >> i love your work, carter, that's fantastic i thought that facebook was stopped at 155 after the whole cambridge analytica thing. i didn't think it was going north of 160 here we are covering close to 200. i still think the move to the upside's been a little bit too much, too fast i would be taking profits in facebook my question would be a sell-off in fang, how much of a harbinger of really bad things does it mean for the broader market? >> to you, the bull of the desk, oddly, bizarre, tara legal universe right now

if fang plus pulls back and maybe the other sectors aren't necessarily picking up, worried? >> yes am i worried i mean, listen, we will know when this market's going to crack. you'll have this massive run-up and sell-off it will be a 1,000 point range on the dow for the day it will be so obvious. we've had a 7, 10, 9-year bull run. if we get a 5% pullback, i'm less worried than i would be i'll tell you the other part i'm worried. if we get that blowup i was asking carter about. >> i just feel like we've had a lot of rotation in this market over the last couple of years. there's been times where we look at the transports. the banks have outperformed. emerging markets have outperformed to me, until one of the those things really falls out of the race, i think you're sideways. >> coming up, tesla shrinking off one bad headline after another. is tesla suddenly a teflon trade?

plus, useless, unsafe, dirty this time, they're in a new report from central banks about bit coin our own cristobaler here says there's a reason behind the harsh words. later, history, top strategist tony dwyer is going to step up to the plate and tell us the one sector he thinks is going to catch fire in his first ever "fast" pitch to contractors, rely on their equipment to serve customers every day. when equipment is broken, it means lost revenue. trusted choice independent insurance agents offer special protection that could help replace or repair damaged equipment and provide lost business income. they represent multiple insurance companies and customize coverage to help businesses get back to work. announcer: to find an agent, visit trustedchoice.com. this is a tomato you can track from farm, to pot, to jar, to table.

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and it's just like, "wild." only with xfinity x1. welcome back to "fast money. a video of a teslaed on fire all part of the wild weekend >> that weekend also included a fire at the tesla paint shop this was just confirmed by tesla, that elon musk did send out an e-mail about a fire in the company's paint shop happened on sunday shut down production briefly the fire's not considered suspicious but given the fact that everybody's focused on what's happening with production at the plant, especially production of the model 3, it's going to get a fair amount of attention speaking of elon musk and e-mails and production, we did, cnbc.com, did obtain an e-mail from musk that he sent on

friday stay with me on these days here. essentially saying, look, we've got eight days left this month for tesla to hit its goal of 700 model 3s per day in that e-mail, he said radical improvements will be needed in order to hit that output goal of 5,000 per week again, is what they need in order to be cash flow positive so he sent out the e-mail saying we will reach -- or i should say nomura sent out an update on its rating saying tesla will reach a rate of 5,000 per week by the end of june so they're going to get there. that said, expect the production rate could be extrapolated from prior targets. and a sustained 5,000 per week model 3 production rate may not be achieved until some time in the third quarter of 2018. and then you have elon musk sending out a tweet saying, you know what, for those who are questioning whether or not we're going to make it or not, they have meaning the shorts out of three weeks before their short positions explode.

and as if that wasn't enough news from tesla and elon musk over the last couple of days, there was the fire involving a tesla model s in west hollywood. this was on friday pretty dramatic video. we should point out here that the husband of actress mary mccormick was driving this model s. he was not injured he escaped fine. the tesla team is investigating what happened with this fire the ntsb has not opened an investigation. but it is sending a specialist to watch the tesla analysis of what happened so they can learn a little bit more about electric vehicle fires. so a lot of stuff happening with tesla. a lot of stuff happening withes at the l and fires >> unfortunately for the ntsb which has to keep track of all that in terms of the chronology of it, it wasn't important to keep note of when these things happened because musk's tweet on sunday implies the fire did not slow down achieving that rate of 700 a day.

if musk was going to get on twitter and say your shorts are going to be crushed in a couple weeks when the clifr rydelivery are released, i would think that's a good sign for the bulls. >> look at what we're seeing with the stock. >> yes. >> call up this chart right now. this is the first time we're at 370 or higher since september of last year. and melissa, if you go back to april 2nd this stock is up 118 points that's 47% i mean, it's been an astounding move since the beginning of april. i think if you want my opinion, and i know the traders are the ones who are paid to give their opinion, i think most of the bulls have already said whether or not they make it to 5,000 per week by the end of the quarter, we think that roughly speaking they're going to be close to it. or by the beginning of next month. therefore, there's going to be a sigh of relief if they do have to go and ask for more money in the debt or the equity markets, i think people will say least they're at 5,000 per week. >> yes phil, thank you.

keeping track of all the tesla news according to -- actually, according to phil, 118 points gained since april 2nd a massive climb. >> 280 wallas the number we've e flagging since that 280 breakthrough. so the real question is, and phil sort of addressed it, what do you do now with the stock bumping up against basically the levels we topped out at some point last year? you'll have a massive double top, which i don't think it's going to happen, or blow through the upside, which i do think is going to happen, because all the bad news to me has been -- the level of bad news over the last six months has been such that the shorts had every opportunity to bury this thing they were successful about a month. haven't been successful since. i think the stock goes higher. >> i think the language is kind of problematic when it talks about this push. i think if you guys recall back in 2016, q3, they made --

>> when is the language -- i mean, this is the story for tesla. >> i think it's good news that the stock is not trading off a fire in one of the cars. the fact we had to say the ntsb has not gone to see what happened with the fire great. do they do with that gm or ford or every time? there's a lot of ridiculousness around the story i just don't think it should come from elon musk as frequently >> hasn't seemed to hurt the stock. seemed to work pretty well for him today. if you're short this stock and you have the ceo of the company coming out and telling you you're going to get crushed, i don't want to stand against it you can. knock yourself out. >> what is the guy going to say? >> he might say nothing. >> to come out and say -- >> why would he suddenly change -- >> massive regulatory risk. >> he's also in the past said tesla stock has been overvalued. been out there talking about a stock in both positive and negative fashion. >> more than a ceo should. he takes it personally

i think that's ridiculous. i'm not surprised he's going after the shorts it's been painful for those guys >> it's a "fast money" first strategist tony dwyer stepping up to give us the first ever "fast" pitch if you look at a business like a netflix, they invest a lot in tent pole shows to try to get you to check out or subscribe. our tent pole content is content created by your friend. >> the snap ceo is making a lot of friends one of the traders says snap could be the sleeper stock of the summer you won't believe how high he sees it going. plus -- >> mom dad. it's evil. don't touch it. >> that's what central banks are saying about bit coin. but b.k. says there's a reason behind the dis, and it's not what you think

useless, unsafe and dirty. those are just a few words a new report is using -- >> i mean, i was waiting it was just a matter of time. >> okay, folks >> it was the third time who was going to say it was dan? tim. >> those are words used to describe bit coin. let's go to the details. >> it's the bank of central b k bankers slamming bit coin in a 24-point report questioning the validity of crypto currencies. saying highly volatile especially compared to the price of gold. saying it's because crypto

currencies lack a central body dedicated to keeping it stable bank of international settlements head of research pointing out that bit coin fees peaked at $57 last december, underscoring why using bit coin over the u.s. dollar as a means of payment is neither cost effective, nor logical the bank also raising concerns over the vast amount of energy required to mine crypto currencies, which it claims could overwhelm the system and, quote, bring the internet to a halt the crypto currency fighting back a block chain platform says the industry's still in its infancy. it's too early to analyze and make these grandgrandyos projecs the believers are sticking by it for now. >> all right, sema, thank you. so what do you -- i know you think this is full of useless information. >> no, i understand.

the report -- i read it about three times this morning there are so many inconsistencies in it. they say, listen, money's about trust. and trust can fall apart by the way, trust us so here's the real -- here's what's going on. bit coin itself is an existential threat to the central bankers. that's what this was designed. as an alternative financial system with bit coin, you don't necessarily need a central banker if you want one, go have a ball. but in the bit coin crypto currency equal system, you don't need those central bankers not only that, you know, bit coin is an alternative here. it's the new guard versus the old guard. this is kind of like when the newspapers went online, said, no, that's never going to work new guard/old guard. finally the difference here is what the whole thing about bit coin, is peer to peer. it removes the middle man. in this particular case, the central bank bit coin is like the napster of money. that's what they don't like about it. >> i get what you're saying.

one of the points is you need to have users and this needs to solve a problem. >> sure. >> when are we going to get to that point where we have users and this is not just a token that's traded. >> right, of course. so think about -- i think probably the markets and price had gotten way ahead of where the technology is. remember in 1981, the san francisco examining went online took 2 1/2 hours to download their newspaper. people said, oh, this can never work to download pictures, it takes too long you have to take a step back and put it in perspective. new technology as this tech nalnology grows, y will get more users. >> isn't there talk about central currencies and the same central bankers who may be very interested in this to solve some problems >> i'm not sure what problem a sovereign crypto currency solves >> the ability to actually know where money's flowing in and out of your country. >> well, this is the big issue >> right. >> i'm on your side on this one,

but i will say that there's a fundamental issue here is that governments can't not know what money flowing in and out of their country -- >> i totally agree that's why they don't like it. >> that's the problem -- >> that's the existential threat i don't know if it can't be overcome it's being overcome in countries like venezuela, like imbabwe. >> where you can't trust the government. >> where you can't trust the government, exactly. >> square, by the way, i mean, as much as we're talking about crypto currency, square seeing a boost after capitthe company announced it has gotten a license that will let new york state residents buy and sell bit coin through its cash app. look at that pop, 2.7% here's the ultimate game of would you rather bit coin or square i'll go with you first you've been an investor. >> i'm in square right now definitely square because i believe this is really a small business story there's even a credit story there. i like the fact they are very well positioned in the space

so yes square. >> see, it's interesting i would say bit coin because i think, listen, you're down -- i think we all understand what the downside is. the upside to me is ridiculous the upside could be anywhere from 8 to 10 i don't think you can say the same about square. i will say about square, people say it's expensive on valuation. grow earnings by 70% i love the square story. >> can i ask a question? >> sorry >> your prediction of potentially bit coin being an 8 to 10 bagger, is that based on the climb we saw in the fourth quarter of last year we're also saying maybe it went too far too fast and maybe was way overvalued to the upside at that point 8 to 10 times. >> listen, b.k. is the crypto baller i've seen people painting graffi graffiti, bk., in the city >> i saw that. >> you can't back out what happened in december if that never happened and bit coin went from $400 or less when

b.k. started talking about it to where it is now, we'd be saying, oh, my god, look at the move that bit coin has. which is sort of not confused but i think that whole move up to 19,000 has us all sort of screwed up >> buy them both two ways to play the same thing. square brings people on. bit coin is the underlying payment system >> all right coming up, snap shares soaring morgue than 30% from the recent low and there's something in the charts that suggest the run is far from over. we will break it down. plus, it's a new spin on the fast pitch top strategist tony dwyer. into retirement. and market volatility isn't top of mind. that's because they have a shield annuity from brighthouse financial, which allows them to take advantage of growth opportunities in up markets, while maintaining a level of protection in down markets. so they're less concerned with market volatility

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welcome back wall street's biggest bull says it is time to bet big on one particular sector. tony dwyer, chief market strategist, joins us now for a special edition of the "fast" pitch. tony, give us your best shot >> all right, good deal. so the number one question i'm getting from investors is are productivity trading or more specifically the financial sector's not working we found now is the time you want to buy it we're going to be going 25% higher in earnings now, think about this. in the first quarter, earnings were supposed to be up 24%

they ended up 30%. we have easier regulation. they just -- president trump signed into law a repeal or a softening of the rule which will now enable the banks to start trading for their own account. also, you've got a much lower regulatory burden and compliance burden on the smaller banks that are no longer considered too big to fail. lastly, most importantly for us, history. the yield curve is flattening. that's making everybody think that, wow, this is a good time to get out of financials relative to the market but that's not true. when you look at this, you've got 60 basis points on the 210 spread, down to 40 basis points. wouldn't you think that's going to create underperformance for the s&p financial sector going forward? heck no. you had a monster move up after you hit 40 basis points, until the initial inversion. think about it, the initial inversion was there. look at that relative performance. during this time frame, was up 7% the financial sector was up 13

>> i think tony should come over for the question part of this. come on over, tony >> giddy up. >> we'll bring the chair again what was the time frame in terms of how much time -- >> three months. >> three months? >> no, it was three months where you went, again, you were below 40 basis points on the yield curve, the 210 spread. everybody -- i went back and looked people are saying this is so bad for the banks. their net interest margin is going to decline they've gotten oversold similar to now then you just lift it off the market and the financials. >> tony, you mentioned the repeal of some of the stuff in volcker. that means these companies can trade through their own account. how important is that to this bullish thesis and what makes you think these companies are set up to trade the way they did for their own account? in the last decade that, you know, drove this growth? >> great question. i'm not a bank analyst

i'm not going to say that banks will make "s" amount of money. remember, the banks are going to be term nently permanently valued like they were utilities because the regulators took away their ability to make money. the capital markets activity is terrific now you can actually provide liquidity in the market. god forbid you have a buyer and an ill-liquid take most importantly, for the small irbanks, you're no longer too big to fail. you don't have that cost for compliance and other things like that. >> do you see that capital return issue, whether it's dividends or buy back stock? getting a different type of investor on board. i mean, that to me seems the catalyst that people aren't playing. >> i forgot about that one, that is a really big deal where you can actually loosen up the capital restrictions so that some of these banks that, again, were too big to

fail were significantly, important financial institutions they can now, instead of keeping that on reserve, they can give it back to the shareholders. they can increase their buybacks a big part of the reason that the financials went -- they were supposed to be up 24% year over year in earnings because the capital returns and the buybacks it's such a big deal. >> i think we're going to vote now. no more questions. time to vote see what these guys on the desk are doing. are you buying or selling the pitch on financials? >> it's a good idea, mel i put on my little board tony is money. he's sort of the carmen roboski of "fast money." >> google it the mad hungarian. thank you, tim. >> yes, you're welcome i think tony made a compelling case night after night, we have somebody come on and say this about the banks. >> neutral's not a choice. >> i'm not saying sell >> but you're not buying >> i'm not buying. >> okay. >> i'm just not convinced.

>> apparently not good enough. >> neutral from dan, as bullish as it gets >> b.k. >> for me, it's a big buy. i mean, listen, tony's been spot on for the last two years. why go against this guy now? >> that makes me probably best short. i'm a buyer. >> that is some artwork. >> that is some nice artwork >> all right, three buys on the desk and a neutral or, i don't know, not a buy. we want to know what you at home think. are you going to go over and vote i hope you do. in our twitter poll at cnbc fast money. will tony get tony tonight or will he get the time of his life we'll reveal the results later plus, snap ceo suggesting his company is better than netflix so is he right the traders will weigh in. much more "fast money" still ahead.

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welcome back to "fast money. you're looking at a live shot of cannes actually, it's earlier today heavenly sandy beaches also known for the world's largest awards festival honoring

the best and the creative in the advertising business that's where we sat down with snap ceo evan spiegel in his first tv interview since the company's ipo last march she asked him about the competition with other big tech names like facebook, and the platform's premium content >> if you look at a business like a netflix for example, they invest a lot in tent pole shows to try to get you to check out or subscribe for us, our tent pole content is content created by your friends. that's why it's so important to protect that friend graph and make sure people feel comfortable expressing themselves when you're done checking out your friend's stories, you can just scroll down and check out a whole world of content on snap >> spiegel may sound confident but the road has been anything but. the stock is down a whopping 33% since then compare this to facebook, about a year and a half out from its ipo. could spiegel's words be a sign

a turnaround could come for snap dan what do you say? >> i do. i think that he's showing a level of maturity that we wouldn't have assigned to him right after the company went public i think their ability to go out and kind of tell the story in a way that is not hyper bolic. i think you should think about this as not too different than linked in, twitter, facebook they took some time to get their messaging okay and they took time for investors to get comfortable with the valuation to me, this is probably going to bang around in the teens for a while but i suspect this thing comes out at some point. >> what is the message >> what did he say protect the social graph so they're not, you know, they really want to be beholden to their users, not the advertisers. the other thing, this is really the only ar pure play that is listed in the public markets right now. that's it, okay. if you want to go along with him, who has the super voting rights and you want to take the time to do it, think it probably ends up -- >> instagram not have an ar

element? >> they do. >> okay. i'm just saying -- >> the question is they can't just copy, copy, copy, copy. >> and they have been. all the other examples of the company taking time to digest lumps or however you want to put it they didn't have one of the world's biggest tech companies in the same space competing head to head. >> even when you've been critical, when one has been critical of twitter, there's no one else in that space so what snap has gone for, in the social media space, there's a scarcity of investments. there's a lot of money i think people are holding on to their snap waiting for a turnaround i agree, i don't see the catalyst in the short term >> the cash burn last quarter was a concern. they have to do something at some point i think what dan is saying is long term this is worth looking at but it's going to bang around here my other point is why were we playing some music of the girl from -- which is in rio

de janeiro >> i'm not responsible for the music. i apologize. >> b.k. over there -- >> i thought the same thing. i took out my google map. >> the largest holder, the parent company -- >> universal -- half a billion dollars of this thing. i don't think you should worry about capital as it comes to the story. i think there's plenty of capital. would like to see these guys succeed because they don't want a monopoly dealing with just facebook and google. >> still ahead, one trader's betting that the run can be over for one of those stocks right there. we'll give you the name. we're live at the nascar market site in times square isafr ast money right te th

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check out the cramer cam on "mad money." sitting down with the ceo of one hot pot company. that kicks offer at 6:00 p.m. eastern time this, as pot stocks are topping the tape soaring on the possibility the canadian government could legalize recreational marijuana as early as this week. the stocks all moving higher

it cleared the house of commons. >> now back to the senate. >> yes >> 45 or 46 amendments they'd like to see this bill. it's going to happen it may not happen in the short term the story here for the canadian producers is the addressable market outside of canada if you look at the big boy, they're the ones -- germany's probably the largest market in terms of the medical most of europe is starting to turn some news out in uk about a boy who is denied his epilepsy medicine, his oil. there's a lot of pressure in the uk to legalize i think this is really the story. >> you know, we did a power pitch -- >> pharma, yes. >> the stock was trading 1.15. it peaked about 1.60 these stocks, they're real businesses we're going to come in here one day and the lead is going to be budweiser makes an investment in the cannabis space we'll all talk about what does it mean for spirits. it's a real -- >> the constellation's already there. >> already there. >> the first one into the pool >> exactly let's move on.

you previously heard snap ceo spiegel address concerns about his company. while snap shares started tanking last march, more recent tech ipos have seen the complete opposite action. take a look at cloud security provider z-scaler. up a whopping 100% while this company has soared 125% since going public at the end of april cloud storage company drop box up 100% from its mar 22nd ipo. can these recent tech ipos keep up their hot streak? >> well, pretty interesting, actually all these companies went public in march they flat lined after a nice initial pop. and then just in the last week or two, just started to take off. so to me, it's really hard to buy names like this off the spike when liquidity is low. >> that's in the drop box space, also look at box as well, that's actually done pretty well. you've got kind of a nice floor there you can use as a risk/reward. >> a lot of these software plays

are crushing it. i own drop box i think their average revenue's per user, their skus are going higher i think this story is working. i'm not giving up after 100%. >> despite the surge, trader ares betting one of these hot new tech ipos is almost done. >> just like we said, we saw these stocks heat up sometimes it's kind of interesting to look and see what sort of options activity we see. in this case in drop box in particular, three, four times average daily volume today if you're looking for options activity to confirm it, i'd say this was short term, traders taking profits got about 2,500 of the june 22nd this friday. they looked like they were sold to close in bunches. last week, started to buy weak outcalls now with a good profit in such a short period of time, closing out. so at least these traders are saying that this pop could have come to an end. >> all right, for more, full show is friday, 5:30 p.m.

eastern time we have some breaking news on tesla. let's get to the details. >> with so much attention focused on whether or not tesla hit s its goal of building 5,000 model 3s per week by the end of the month, an e-mail from elon musk last night shed some interesting perspective in terms of what might be going on inside the freemont assembly plant. there was an e-mail that musk sent saying he was displayed to learn this weekend about a tesla employee who had conducted quite extensive and damaging sabotage to our operations. those are the words of musk. beyond go into the specifics of the damage to the operations it has to do with some code and leaking some information to outside third parties. but in an e-mail to employees, musk says there may be considerably more to this situation than meets the eye so the investigation will continue in depth this week. we need to figure out if he was acting alone or with others at tesla and if he was working with any outside organizations. please be extra vigilant,

particularly over the next few week, as we ramp up the production rate to 5-k per week. this is when outside forces have the strongest motivation to stop us again, that was an e-mail from elon musk obtained from cnbc so guys this is what we'll see probably for the next week and a half or so maybe not specific to this question of employee sabotage but what's happening with production at the freemont plant. >> sure. phil, thank you. phil lebeau. what popped in my mind, conspiracy theorist, is a short-selling paying off somebody within the company. >> you know what -- >> based on nothing. financially motivated. >> starting to think like the rest of us now saboteur, french word, also m n means the stock's going higher 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

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results on the twitter poll. tony twdwyer's having the time f his life, yeah, tony winning over the twitter verse nice job, tone >> tone. >> i'll tell you, he should quit while he's ahead i'm just kidding that was a great job. >> nobody wins on this show. anyway, google, like that pick >> what is winning anyway. b.k. >> having everybody agree, that's winning #winning just like bit coin you buy the btc because they laugh at you, then fight you, then win you want to win, btc.

>> dan >> you guys are buying square for the crypto stuff, i'd actually look at pay pal, play that instead. >> world cup just on fire. you know what else is, apache, major double bottom in apa 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. and don't be gloomy. you see, every day the sense of gloom seems to grow more