>> it was either going to be celebrate or commiserate >> for sure. for sure. >> see you tomorrow, wilfred >> all right so, we'll see if we can get back to the winning ways for the market are market. >> you're talking about the market >> soccer's gone we're talking stocks >> we'll see if it settles >> we watched that level 2800 that does it for "closing bell." "fast money" starts right now. >> fast money starts right now live from the new york stock exchange from new york city's times square i'm melissa lee. traders are karen seymour looking fresh and tan. america's fallen out of love with bitcoin say it ain't so, but as prices and interests plunge, one crypto bull says it could mark a bottom and he'll be here to explain and it's a media m and a frenzy in sun valley, idaho where the big wigs in the space are meeting. meet mogul peter chernin will be here with an exclusive

interview. first, we start off with the markets. the dow sinking and plunging near the lows of the session after they threatened to slash fresh tariffs on china and today the trade war got a little more personal in fact, you could say it hit home taking stocks right in your living room to the wood shed and we're talking about restoration hardwear, and tapestry and estee lauder getting crushed in expectations and that product will cost more soon. so did the trade war just get real for the u.s. consumer what could that mean for the markets? guy, welcome back. >> i was in wyoming for a week and no one seems to care about tariffs and wyoming. i think the broader market is where you need to look and before i left we talked about the market was testing its lows on the back of trade fears and one of the things we said was into fourth of july week will be a holiday week the market's going to go higher because this administration views the market as a report card and that's effectively what happened, but now we're at the

top end of the range and the 2800 with the s&p and it drifts back down and tests the 2700 level which makes sense. restoration hardware which has been a monster tim talked about that two years ago, and look at it now. valuation is reasonable. tremendous cps growth. the problem is and the reason why it's been lower, 75% of the merchandise comes from china i think you get a chance of it cheaper and you buy with both hands. >> motley crue, 85, and we have to acknowledge that. >> i had no idea >> i feel better for it. >> last night we talked about and the only reason i bring up last night's show is we were on the edge of the s&p breakout and this news came out right at show time, and i have to tell you the market before that news i thought they would be in a position to breakout and we don't need to get into the reasons why. >> cash mono.

>> fast forwards that track and it looks like this administration is serious by attracting this to a decision by august 23rd and 24th this is very real. if they were jawboning it would be the interaction. >> it was already out there. whether it was brought forth, tim's point is out there. >> another 200 billion was out there, and it was 500 billion. >> it was 16 and 200 >> okay. >> the time period and the time line to tim's point has changed. >> that's sooner. >> that's the thing that the market has to add into the calculous, but i would see this as a victory. >> why >> because the market tapped the bulls. first of all, that number is 2792 that we have to take out. not 2800 we closed yesterday at 793, indecisive in the marketplace. you get into the thick of earnings this market's not going down, it's going up. >> well, i'll tell you what. it's your point that 70 basis

points on a day like today could have been worse? >> the 50-day moving average in the s&p is 45 handles lower any 43 handles lower in the s&p and today to close at 2774 when we were all dramatic about how the market was breaking out and we're only 20 handles lower and it could have been worse. >> it could have been worse, the market absorbed it and this is nato at this point you will see the market get its footing again and rally higher >> i agree with steve. i thought this 71 basis points was really a nothing and you have to think about the rhetoric here of are we really entering a trade war? so there are a few things. i think people don't really believe it's going to happen or they believe that even if it happens it's going to be pretty short and that trump will negotiate something. that's when he likes to do, right? he leaks to create havoc and chaos and ultimately come and negotiate something and he can create victory and trying to

declare victory, as well i think the market has a lot of hope that that's still an outcome that is likely >> can he declare victory right now? >> i don't know. >> the market's down 12% >> less than that? >> yes that is a victory for him. [ indiscernible >> i'm not saying it's right i'm saying to the point that guy made it on the show. he considers the stock market to be his barometer of success. >> when he's looking at it, he's looking at their market versus ours >> but when you say -- sorry, when you say declare victory, what do you -- are you implementing these next 200? >> no. pushing in the other direction negotiating his way, the art of the deal pushing and he'll look at it as though we import from them 506 billion versus 130 billion. >> here's why i would take the total opposite side. i agree this administration uses the stock market as a gauge and that's what scares me.

the stock market's barely 2% off of all-time highs and here they are they think this will be fine >> guess whatin the consequences of this will not make it fine this is starting to have collateral damage and we're getting into the depths of what this truly means 200 million alone will wreck the world and if you start talking about a 10% tariff from here, this is major cpi impact and major consumer pullback and major equity. >> well, that, not just the consumer in terms of the price hike and the inflationary, but when you think about china retaliating, they don't have that much to retaliate on in terms of their goods that they buy from the u.s how can they retaliate they can block deals they may steve off the pedal in terms of buying treasurys and they can do all sort of supply chains to u.s. companies which can rattle the markets more than just $250 billion in goods >> i am glad you brought that up and the president today except i'm paraphrasing and germany is

beholden to the russians and we can agree or disagree. he said it, i didn't if he carries it forward, we're behold tone the chinese for the reasons you just mentioned and if you decide, you know what do something with the treasury position or worse, devalue the currency which we last saw in august 2015. then you have an issue and i'm not saying that will happen, but if you carry it forward, that, to me, is a black swan >> it's a restoration hardware, and you say no touch >> i think the consumer will be more impacted than they think and we are already worried about cpi. it doesn't happen overnight. the short-term impact is going to be -- i don't know how significant it's going to be and i will say, think of the sector and the run that they've been on think about what some of the apparel retailers and think of a michael kors and williams sonoma they went off life support into

being rightfully interesting picks especially with more spending power i don't think you need to buy those names tomorrow even though the businesses haven't been wrecked overnight. >> if you look at what happened to a michael kors today it was down probably $4 and change. at one point it closed higher than that. first tapestry, and it bolsters my artist is saying -- stop the team fofrp early known as coach. >> or kate >> we're still looking that the microscopically and the picture stepped back and i don't know the endgame yet and so to try to trade on these names in the middle of it seems very difficult and something like a boeing, okay, down six bucks is a little bit removed and i thought the run-up was pretty far, pretty fast anyway. i do think this trade thing will get resolved. >> all right >> don't worry about the trade war. he has one simple chart that points to new market highs so

let's get to the plaza where we find tony dwyer chomping at the bit to give us his uber-bullish thesis tony >> it doesn't feel uber bullish and the market has been up 4% in the last week and being at the top end of the range i really kind of wanted to go through earlier in the year we were on the show very cautious thinking we were going to correct because there was a ridiculous level of economic and market enthusiasm and that's been checked off. you have the investors intelligence bulls which are the newsletter writers as investors were 66% and they got down into the mid-40s this week. bounced last week and the sentiment is unableable amount of earnings ahead. twraen your 24% growth rate and that's the operating profit and steve says that's a important thing and that puts our core

thesis in play >> i proved it in the banks, the market moves with the direction of earnings and at long the direction of earnings is going up >> so what i want to take a look at data behind it. a as you know i'm all about the data that's your '90s this is your current cycle you can have a lot of volatility, unless you're going negatively economically, it might take a while to come back. i'm not saying it won't get correction outside of a clearly identified recession period you don't want to sell it, you want to buy it. >> tony comes over >> it is a statement by the way, can i say one thing? >> isn't tapestry one of the great carole king albums >> it is for me. >> know tim feels the same way >> i don't know. i don't have tv right now. >> back to business, tony.

>> back to business. >> say the tariffs on $200 billion go into effect at the end of august, does that make you less optimistic that 3200 will be the year-end target or level of the s&p 500 >> i had a 20 multiple i raised my estimate by $5 a share. that estimate's probably going to be too low. it's just shenanigans to change your multiple just because i don't care if it's 19. i don't care if it's 20. it's significantly higher here and what the multiple is more of a statement of conviction. if i get it right exactly, it's luck it's totally about luck. you're doing valuation based on a directional move the directional move should still be higher so tariffs at the end of august, does that change my view the ultimate answer is no. unless it had enough power to make earnings go negative isn't it going to slow global growth you mean like the '90s when we ripped higher both in valuation and earnings you mean the middle part of this cycle and we had pretty good

corrections in 2011 and 2012 in 2016 we thought the whole globe was going into recession and that proved to be a low and we have to be careful and remember this is a service-based economy or 25% -- about 25% of global gdp we a we are interest rate-driven and credit is still flowing pretty well >> tony, tell me why i'm wrong if i look at a company and i know you don't want to talk about a specific company like restoration hardware, but the company comes from a mid to high 30 30es effective tax rate and gets dropped down to a lower tax break and i'm getting those are in the ballpark. how does that not mitigate whatever exposure they have to tariffs? >> here's a great point, stephen. let's take it away from that one. what's priced into the market? you look at a company like fasenol and we don't follow it and i don't comment on specific stocks and look at how it reacted to earnings and it came out with earnings that beat expectations and i think last i

looked it was up 10% on the day. so the point isn't -- think of facebook, remember facebook was getting revalued because it was going to have regulatory risk? how many shows were done on facebook's revaluation and regulatory risk. that one we did have a buy on and we didn't move that was the buy point you could have been early by 5%, 10% and i felt like an idiot, but that's your buy point and not the sell rate which is predetermined by the inversion of the curve and the tax rate just helps >> i'm sorry, mel. >> quick question. >> corporate debt to gdp, 46%, the largest it's been for quite some time. is that a concern? >> this is going to end so badly. it's exponentially more debt, but as the yield curve narrows, it accelerates debt and if you have to make a return, and your returns are coming down, how do you get that needed return you lever it, and then it shuts off like a switch especially in shadow banking when you invert the curve which is why that's my

thing. you guys saw me earlier this year i'm not always bullish i will always buy weakness, unless you already inverted the curve and as a reminder the median gain over the last seven cycles is 21% over an additional 18.5 months. >> good to see you thank you. >> tony dwyer. all right. coming up, the media war's heating up with fox taking the latest swing so who will come out on top media mogul and former fox big wig peter chernin will be here airlines are getting absolutely crushed today. americans are seeking 8% after cutting its guidance and if a pricing war is just around the corner and later, as you see, guy's back from vacation >> look at how happy he looks. >> he's ready to pitch one big pharma name he says could be on the verge of a morreouaj bakt. you're watching "fast money," don't go anywhere. much more fast still ahead need a change of scenery?

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investors have been doing anything, but flying on the airline stocks this year's biggest names in the space plunged and the group got hit each harder today after american cut guidance and it saw its worst day in two years phil lebeau, cnbc royalty, making a special and rare onset appearance hi, phil. >> what a rough day if you were an american investor >> a rough few weeks >> that's for sure >> and we're going to get the first airline earnings tomorrow morning. we'll talk about that in a

little bit here's the guidance from american and this is what spooked investors. they're still expecting positive revenue per available seat in the second quarter and just not as robust as before. they expect it to be in the range of positive 1% to 3% the previous guidance was up 1.5 to 3.5% and the problem here is that there is limited fare growth and when you combine that along with the fact that they're looking at fuel prices that are up at least 30% in the last year, this is easy to see why shares of american are under pressure especially today and it's been like this here for some time, same thing with delta, united, there's nobody who is escaping this at this point and we're speaking of delta, it reports q2 earnings tomorrow morning you don't want to miss "squawk box," ed bastan will be joining the "squawk box" crew. no doubt, you added capacity and all of the airlines have and it's not that people are not

flying, there's a lot of demand out there, but have you added too much capacity in light of what we're seeing with fares >> what do you think the airlines' position about whether or not there will be a price war and fuel costs year on year are higher and they're sort of in a weird position >> i don't think there will be a price for it as we've seen it historically, but i would not be surprised if you hear during the conference calls that they'll dial back the capacity growth expectations and the air lean to focus if that's going to be the case will be united because they're in the midst of this expansion in terms of capacity now you're not looking at the biggest markets. they're primarily trying to grow some of those smaller, mid-sized markets. still, it is capacity, nonetheless and i think that's what people are expecting. >> how much do you think -- sometimes airlines have the opportunity to kitchen sink everything. >> i think that's possible absolutely and fuel prices, no mystery here, up 30%, 35%. >> that's a big possibility. remember, it starts tomorrow

with delta and then you have american next week or united next week and then american. so that is what we're going to see here just not positive news all around >> karen, when do you pull the plug on the airlines >> well, not today, i think. today was the worst day since the other worst days and the one before that. the valuations are very compelling. >> but in this backdrop. it's a tougher backdrop, no? than when you first got into the airline. >> i don't know. business is booming, right >> capacity. >> the economy expanded and it's back >> the demand is there. >> the problem is who is going to manage the capacity the best amongst this group >> the one bad actor is impugning the bad actor. the irony here is the americans are down and united's down 15. is that the case a lot of people would point to

the fact that american has made turnarounds and you've had seven times in the last year to have 15% trading ranges up or down. >> i don't know what's changed over the last 15 or so days. $45 is a year and a half ago and that's where it held and bounced significantly. it's a huge opportunity given the valuation which even if they lowered guidance is going to be compelling. >> thank you great to see you in person. >> great to be here. >> if you want more on the airlines, head over to cnbc, and trading nation and you'll want to check that out. still ahead, break out the colorful vest and the thousand dollar t-shirts and we are headed out to sun valley, idaho, to talk to the beautiful people including peter churn inabout the future of fox. i'm melissa lee for cnbc, first in business worldwide. >> say yes to your life and when it comes to drugs and alcohol, just say no. >> that might apply to pot

stocks, as well, which have been coming down off their highs and tim seymour says one stock could offer blazing returns. plus bitcoin's been so quiet you could actually hear a pin drop just like that but a top technician says the lack of volatility could be a good thing and he'll explain why when "fast money" returns.

welcome back to "fast money. the battle over uk broadcasters in a bidding war that's heating up leslie vicker is back at headquarters. >> 21st century fox upping its bid for sky today and the move is beyond fox's newest $32.5 billion offer. the news today has media executives, bankers and investors all trying to map out the industry landscape amid a multitude of bidding wars, for starters, sky, the broadcaster has a bidding war and with

today's news bid, sources tell cnbc that comcast, the parent company of nbc, plans to soon top it to make things more complicated, though, comcast is also looking to acquire fox, but fox has agreed to pay more than $71 billion in cash and stock for most of fox's assets comcast is weighing, though, whether to come back with another higher offer, but sources say that today's news actually changes the game and lessens the leakly hood that comcast comes back with a higher bid for fox and instead they say comcast may go all in for sky in order to capitalize on the company's international audience that would mean abandoning its quest for fox, but as disney's stock price gains, the all-cash deal offered by comcast just keeps getting more expensive to boost from here, melissa >> all right, thank you, leslie. leslie pickers at headquarters

for more on comcast and fox let's head to julia boorstin is sitting down with peter. >> thank you so much for joining us from here in sun valley. >> my pleasure >> with everyone talking about what's next for fox and sky, you know all of the players and you used to run fox and you advised comcast on its acquisition of nbc universal. >> that was a long time ago. >> but you do know the players >> i do know the players >> which of these potential buyers, disney or comcast is better suited as a buyer for fox? >> i think that -- look, at the end of the day whoever executes is the better buyer. i think that they both bring very different things to the party. i think disney brings what is at this point the best content in the world. their idea is to combine that

with fox and to build on and disney can combine with marvel and what comcast brings is solid context in universal and nbc and existing customers who are already on the billing relationship, they are two very different things and disney would have a content head start and comcast would have a distribution head start and ultimately it's a function of whoever executes better. >> there's the question of what will happen next if comcast will make another offer disney has a $71 billion deal in place and what would it take for comcast any brian roberts to woo and win over rupert murdoch? >> well, first of all, i think at the end of the day it is the entire shareholder when it goes through a

shareholder vote, rupert has votes and it's ultimately winning over the shareholders. i think that it probably is a higher bid because i assume cheryl would perceive there to be some greater regulatory risk for disney and i assume there are some shareholders who prefer the tax implications of a partial cast on disney whether that's 5% more or 10% more, who knows? >> you know rupert murdoch, do you think he's set on disney at this point >> i think every indication is that rupert prefers disney >> i think that he believes in bob's vision more. i think he probably likes the idea of getting disney's stock and being a large shareholder in disney, but i do think that rupert is not quite -- rupert is a meaningful voice, and i think he has 17, 18% of the economic worth and it's not 30 or 40%. >> do you think that brian roberts could change his mind? >> with enough cash, absolutely.

>> what about sky? who ends up getting sky? >> well, i think that this is in some ways a game of three-dimensional chess and it is ultimately, you know, it's weird because everybody talks about saying who wins? >> it's not winning. who wants to bid more money for it who has a bigger appetite? who is willing to take on more debt to do it and constrain more balance sheet and i think there are still a couple of rounds to go. >> if you were a shareholder which deal would you be more likely to approve? >> i would take whichever one was higher >> the higher price. i'm not a very complex guy >> you have been in business with at&t for years and you know randall stevenson very well and you encouraged him to buy time warner now that the deal has finally closed now that the deal is closed and they're working on integrating these two companies are you concerned about a culture clash? >> no. first of all, if that deal looks really good given the context of

the price of fox i think that looks like a remarkably va remarkably valuable deal and a smart deal and it took a while to get there and that looks really good. today's been, randall is a close friend and i've been a close friend for the last two and a half years and they've been terrific partners and thoughtful and sensitive. and these are not unsophisticated guys and they're extremely sophisticated guys and they have a nuance of the media business and they'll be great stewards of it >> at&t is with hulu. >> is hulu undervalued should they buy the 30% stake from comcast or disney >> i think hulu is wildly undervalued and the real question is whoever gets to consolidate it and gets to largely control it so i assume that the fox piece goes to whoever wins between

comcast and disney they will have 60%, and i assume they're not a seller at that point. >> you think they would not be a seller. >> i don't think they'd be a seller. >> would you want at&t to try to buy more >> i don't think it necessarily -- no. i don't think it benefits to buy more unless you can get over $50,000 and it's clear that at&t will use hbo as their direct to consumer platform. >> do you think hbo sorry it yesterday? >> i guess what i would say of the up and coming prayers, i think it's the single best position of players and it was 50, 60 million, and global subs, and i've got an extroerd firely bad name, and i don't want to speak to them, but in my opinion at the core of the at&t time

warner issue is the opportunity to take all of that time warner content with the nba brand time are name and the at&t direct to consumer subscribers. >> certainly, a fascinating time for you and the companies that you've worked with, and at&t your current partner in auto media. peter chernin thank you for sharing your thoughts with us in sun valley back to you. >> thank you, julia and thank you, peter beautiful backdrop, a lot of traffic. the cars whizzing by how do you think that shakes out? >> we all know the story and we all think we know the story of the lay of the land and fox is up 2% year to date >> at the upper end of the trade, if i were a buy err in the let's not forget about the one that ties this whole thing in, netflix. as we re-created the entire thing and it probably has more

juice left in the tank. >> would you rather? >> we did matchmaker. >> matchmaker with the media, and you were gallivanting around wyoming and doing this and that. >> it's the back side of wyoming and what would i say to what >> what combination would you like to see some out of sun vally? >> what would i like to see? >> i would love to see discovery communications and i would see someone grab thatt though i'm an uninitiated, and i don't know the exact words, but grossly undervalued and the stock was valued at 18% since and if fox deserves a valuation, cbs deserves at least a 12 multiple. >> i think what we're learning is that disney doesn't necessarily have to do the deal and there are pieces that they can do and the bottom line is they have a lot more cash to purchase problem have you heard anybody say -- >> a lot more cash for disney or a lot more cash than comcast >> at the moment >> more balance sheet

flexibility in the context, but do you ever hear anybody saying this is a problem? >> i'm not sure whoever win this deal. >> still okay, had the americans keep looking at bit koip and one top technician, and he'll be here, plus we are talking stocks so stay tuned and look how quickly guy got himself over there stepping up to the plate to pitch the one big pharma stock he's calling a grand slam for investors. find out the name when "fast money" returns

>> welcome back to "fast money," time for veryone's favorite past time, the fast pitch. guy you've been on vacation for the last week and you've had a lot of time to think about the one stock you want to pitch so give us your best shot >> i've thought a lot about this on vacation, and i came up with pfizer drug and oddly enough, the president went after pfizer i think over the last 24 to 48 hour, but we'll wait on that number one, attractive valuation and you don't have huge earnings growth, but at 10.5 forward earnings it's hard to knock that pfizer ventures will invest about $600 million over the next six to nine months and biotech investments and that's a lottery ticket to me that gives you huge optionality in the stock itself

and the price action today what am i talking about? on a day when the dow has done 200 after the president went after pfizer drug and pfizer announcing it will roll back the price increases and that stock in my opinion should have been done a lot more. what is that telling me? pfizer announced price increases in the beginning of the month and the president said that's not cool yesterday says he's come to this negotiation with pfizer and they'll roll it back i think something's in it for pfizer at the back end of this thing and not like lockheed martin nine to 12 months ago what does it mean? in my opinion, pfizer should have been down and it's not, and the chart doesn't tell you a whole hell of a lot and i think this thing breaches 40 in the next six months. >> welcome back. >> the stock's annualized 2% over the last four years how come >> well, pfizer's not been in the penalty box, necessarily, but they haven't had the breakout drug you need to get this to the next level however, in my opinion, if these investments and these biotech

investments take hold as part of this reorganization that they announced, this stock should take it to the next level. a lot of analysts are warming up to this and that's why i think it goes higher. >> are you buying guy's pitch on pfizer grasso >> yes i would be a buyer and i have owned it for years and it's a 3.6 yield and you get a double bonus. >> karen >> yes >> i'm a buy you have the valuation as always, and i agree, the conspiracy with the president and the remarks. >> i was hard on my friend on the first day back from vacation i agree the company is defensive here and a lot of optionality in it >> the team here has spoken and now it's your turn to vote, would you buy guy's pitch, on pfizer and the twitter poll. not looking good right now plus, still ahead. bitcoin and pot. need i say more? need i say more? more "fast money" in two

we also have the age-old problem of bias in the workplace. really... never heard of it. seriously? it's all over the news. i've heard of it. ahh. the question is... who's going to fix all of this? an actor?. probably not. but you know who can solve it? business. that's right. the best-run businesses can make the world run better. because solving big problems is what business does best. and doing good is just good business. shhh! sorry. so let's grow more food, with less water. and make healthcare, more healthy. it's okay, i've played a doctor. what have we got here? let's take on the wage gap, the opportunity gap, the achievement gap. together, we can tackle every elephant in the room. and save the rhino while we're at it. because, whatever the problem, business can help. and i know who can help them do it...

welcome back to "fast money," it's been a relatively quiet summer for bitcoin so far and the cryptocurrency may be slowly fading from public memory bob pisani is at the nyse with more bob? >> hello, melissa. this is pretty simple, folks as the price has come down, the volume has declined. not only that, the public interest has declined, as well let me show you here first, bitcoin searches on google began spiking in the spring of last year.

look at that spike it peaked around christmas and then it's been dropping notably into january since then, since the middle of january, the search interest has paralleled to priss action and occasionally it spikes up and surge interest has been on a slow, downward descent all year. elsewhere, this week, the level of search, interest was less than 0.1 the level at its peak last december. social media posts have been declining. the buzz interest that tracks investor sentiment across large-cap stocks mostly by monitoring commentary on twitter. you can see thevolume of posts on bit koicoin hit a high in december, and it's been declining since then there was a spike up in early february you see the second little circle there? that coincided with bitcoin dropping almost 50% in a little over a week from 5,000 to 6,000, remember that? that would coincide with the

second leg down in bitcoin it's not just bitcoin, by the way. i know what you're thinking here the total volume in trading of cryptocurrencies in general has also shown the same pattern. the levels are 0.1 what they were during the december peak. in other words, crypto traders are not switching to other coins. that's not the story here. they're just trading less in general. back to you, melissa. >> thanks for that bob pisani for more let's bring in our next guest. you know him from "trading nation," when he's not busy digging into his chart he's actually mining bitcoin. craig johnson is the chief market technician of piper jaffray. how many rigs do you have going rate now >> melissa, it's a hobby and i enjoy stocks, commodities and doing strategy work, but we do have a fair number of miners running and it's been a nice father/son project that we've been doing now for a little over a year now >> on a hot day does the

air-conditioning get shut off or do you keep the power going? the air conditioner is never shut off these units are hot. >> in the winter i'm sure the bill goes lower because of the mining equipment >> if i could put a greenhouse in the back where we run these things, i'm sure people can heat their homes by bitcoin miners. >> we're talking about that guy, right? >> anyway, i'm just fascinated by the fact that you do this on the side for a hobby but back to what we're seeing here, what bob was speaking to is the lack of volatility and the lack of interest translates to the lack of volatility in coin and that definitely coincides with it is introduction of futures in december. >> correct >> is that a good thing or bad thing? >> i think this is the natural progression of new technology, think back to the internet of the 1990s. they came home from grad school in 1995. everybody looked at me and said what are you doing creating a

sun glass company. who will buy anything on the internet and lo and behold, we have something on amazon out there that's much larger for my% pektive that herspectivs where i think we're at we saw that with the internet and you are seeing that with cryptocurrencies >> you're a technician and you do have chart, of course >> walk us through the charts. >> so take a look at the chart of bitcoin what we're seeing here is right now, we're seeing pretty good support coming in around 6,000 on the chart of bitcoin. you also note that we put a downward trending line on the chart and we started to reverse that downtrend on the chart. so from my perspective it looks like we're trying to wash out. sentiment is washing out that bob has talked to. you look at the chart here and it looks like bitcoin is washing itself out at this point in time so definitely like what i'm starting to see with this chart

that looks optimistic. >> are you seeing separation between bitcoin and the other currencies because they've all been trading in lockstep. >> in terms of the other cryptocurrencies >> yeah. >> i think going forward it's not necessarily going to be bitcoin or litekoicoin >> coins focused on privacy where you can mix the wallets together and hide where you're moving money to and from people want that anonymity you have monaco coming out with their coin billionaires want privacy with their own money so they're doing these things whether we like it or not owe agree with it, those things are happening and you have storage coins that look attractive to me, too. i think these alternatives is where it will be at and they're silver and gold and there is historic value >> thank you >> i appreciate it >> where is the volatility that

you've been talking about. >> are you bullish like craig? >> i am. i have bitcoin exposure. i really don't buy into the 6,000 is the, you know, the cost of mining. however, enough people believe there must be a floor. >> so that actually seems to hold i'm kind of surprised, so -- that's interesting to me >> we have some breaking news. crowe s you see the bottom of the screen comcast has an offer on sky. pot stocks have been cooling off and there are three names in the group that trarshide tnk is worth a hit. live from the nasdaq marketsite in times square. much more on the comcast bid on the other side of this break introducing e*trade personalized investments professionally managed portfolios customized to help meet your financial goals. you'll know what you're invested in and how it's performing. so you can spend more time floating about

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breaking news on comcast's bid for sky. let's go to the newsroom meg? >> the bidding war for sky keeps heating up with comcast putting up a superior offer just now the company saying in a statement that today it published an announcement containing the terms of a superior cash offer for the entire issue and should be issued share capital of sky for $1375 pounds per share and this

implies $34 billion for the fully diluted share capital of sky. they say in this announcement that its increased offer has been recommended by the sky independent committee of directors. of course, this follows, mel, a bid from fox earlier today up to 32.5 billion now we've got from comcast's cnbc's parent company, $34 billion and you are seeing comcast up a tiny bit in the after hours and sky down marginally and now back to you >> thank you very much, meg terrell. carrien, i turn to you because taking a look at how sky is trading and it is trading above this raised offer already. >> correct >> already it's not a surprise and i'm wondering if there was a tiny bit of disappointment that the offer wasn't higher than this. i don't know i also would note the place holder offer and they just, you know, want to sort of be in the game and there's a lot more to come, we can see, but even where it started, though, which was many pounds ago, i think what was the original -- or, i don't

know, 11, maybe. >> this is up a lot, but i think if you can buy it at about $14.9510 it's probably interesting. i think you have a floor there. >> and you will buy it, meaning if one could buy it. and it is likely the bidding war will continue. >> right, and if it doesn't, there is a floor there >> yeah. >> and again, i get the sense that the bidding would go higher here because comcast could just decide that sky is a very important stra tetegic piece fo global empire that they want to enhance and you could make the argument that that is a piece that is more important than the rest of the fox assets or they're going that the and they're hedging their bets and certainly tell me they have insight into how they want the disney battle to go down >> there's a limited amount of cash in the world for each company, for every company out there in terms of what they can lever on their balance sheet comcast raises their offer here

for sky. does that constrain them from making a full-throated effort for the rest of the stock. >> does that mean they're putting up the white flag for fox? >> i don't know. i'm just trying to gain this out. >> one of the things i said a while back, that i'm not convinced -- i thought they were bidding up to make disney bid up in the end and maybe -- it's they being the participant's valuations to whole levels where it makes properties like cbs, in my opinion, way too cheap. >> to karen's point, the fact that there's not that much r reaction right now makes me think i'll stick with cbs and that is what i pick anded and e though it's after hours. >> no surprise there was unusual activity in the options mark in the media space today and let's get to mike cohn in san francisco and what he was looking at. >> maybe not surprisingly or

perhaps surprisingly, comcast was the most active in the options space and we did see some bullish activity in there overall, 54,000 calls and the most active of those was the july 35s and speaking to the limited amount of cash that one might have one way to think about this is that if some is used to finance purchases of companies unless comcast is taking that debt on, it can make sense to use options to make the directional bets in the stock, and they have been bullish because that increased leverage could add to the volatility of the stock and the underlying equity and that might be the reason we're seeing this. we're seeing a lot of deal space flow here going on in these names and the options markets are definitely reflecting that activity >> what's your thoughts here in terms of how would you use the options? >> you do both >> right i think i would, although i was wondering a different interpretation with the comcast call buyer which means that comcast is dropping out, right >> that there has been concern

that they would just keep going. >> right >> so, i don't know. i love -- i don't know these are very interesting ways to play it because the aim of debt and the option, and there is so much going on and there's so mitch news. it can't all be perfectly priced in >> can i ask a dumb question >> yes if they're bidding for an asset that fox is also bidding for, are they bidding against themselves e specialively when they're bidding up the price of sky? >> i don't know. that's a good point. >> check out the full show friday at 5:30 p.m. eastern time up next the results of the poll on guy's pitch and the final trade. so lionel, what does being able to trade 24/5 mean to you? well, it means i can trade after the market closes. it's true. so all... evening long. ooh, so close. yes, but also all... night through its entirety. come on, all... the time from sunset to sunrise. right. but you can trade... from, from... from darkness to light.

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>> we'll talk about canopy is the name of the brand, global brand cgc. >> it's been very bumpy, but delta. >> general electric. i'm long stay long. >> you need viagra. you back he 5:00 "mad money" starts right now my mission is simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cramerica other people want to make friends. i'm just trying to make 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. this market has been shot. [ gunshot round up the usual suspects. for the younge