line many years that life was not a spectator sport and the idea is that we're encouraging people to move and it's not just the performance of e lead athlete and if you do move you'll have a whole kind of other benefits in terms of the rest of your life. >> we have to leave it there thank you very much for joining us and reebok's president and that does it >> i was just going to say, flashbacks to step aerobics. >> that does it for the closing bell and thank you for join us for "fast money" begins right now. >> "fast money" starts right now, live from a stormy nasdaq marketsite overlooking new york city's times square. i'm melissa les. your traders are tim seymour, and guy adami. tonight on fast it is bitcoin salvation. bitcoin finally breaking back above 7,000 for the first time in what feels like forever for loyal holders and raising bitcoin has one chart that shows the next stop is the moon and he'll be here to explain plus do the right thing, and

that is the first in tesla's code of conduct. elon musk twitter has a direct violation of his own approximately see, and leslpolie picker has more. we start stranger things after a brutal sell-off that saw netflix down as much as 14% in the after-ours session it reclaimed most of the losses ending the day lower than 5% and the nasdaq and the tech sector hitting an all-time high today so is this further proof that you can't bet against it and in this once in a generation rally. guys >> after the netflix numbers i thought for sure netflix would trade to the 305 level and basically it broke out from april when thai reported the big quarter and raised guidance for this quarter and we got down to 340-something, and if you told me the stock were close, i would say absolutely no way. that quarter in my opinion gave shorts every reason to lean into

it or gave people who had been long the stock every reason to get profits and you want to talk about domestic ads, it missed for the first time in a long time upon and it didn't miss by a couple thousand. it missed by half a million and that to me is a significant number i find it shocking that it came back like it did the netflix model isn't broken and i'm not certain about that, by the way, and i've been steadfast and you can't deny, what it was, and why do you think people are still so bullish? >> if you want growth and performance in the marketplace, you go to a handful of names and netflix is one that you go to. i, like guy, was shocked that it would be an extreme recovery, and i thought it might have gone green, but if you really want growth, you have to go here. the gun is to your head and you want the tech names. >> that sounds like a terrible

reason to be in the stock. >> it's worked out so far. >> very nicely >> yeah. >> for netflix, this was a company priced for perfection. ultimately, i still think netflix, despite the heroic rally is priced to perfection. i'm not going to dispute the growth over value argument for the market >> i think that's a very strong one. i think in netflix case, forget the fact that he's guys are delivering on the content side and the new subs albeit slower yesterday. as far as i'm concerned, you have to price in competition everything that we've been talking about in the media sector for the last two months is exactly why i'm worried about netflix. >> we had a number of all-time highs. >> amazon, microsoft >> i really wasn't expecting that at all. the etf in that space and i expected to see a sell-off there. google is my biggest position and i'm happy about that, and we'll see if it should be trading here when they report

next week, but i think, netflix started to sort of find some sort of bottom i thought we'd see more wholesale downgrades and we didn't in fact, we saw a few, now is your opportunity and then you have pao come on and hes dovish, and talking about trade policy and how those with tariffs don't do well, and maybe his voice has some sway. >> this should convince people we've had this argument over whether pau being more dovish is a bullish thing. the markets screamed higher. you can say whether it was netflix and netflix ran, but i think it definitely was pao taking the lead there on the more dovish stance before now or the slow and steady versus these aggressive, methodic rate hikes. >> netflix was not leading the market today >> let's be clear. it was down 7%, and tech has

been outperforming and no question about that. as far as netflix goes, i'm not surprised that the analyst community is scared to be more cynical on netflix because these guys have been so wrong and i've been wrong a lot of people have been talking about this company in the way that the valuation was not sustainable. there's no way the guys have downgraded the stock and every one of the leaders if you look at the electronic arts and semis have bounced heroically. they're the reason why the market has been going higher >> it was a broad-based rally and let's be clear, but if you add to that, a path that he lays forth which was the same path that we felt that we were on before, does that give us the recipe to be in the same trade that they've been working the whole year >> well, in the short term, yes. >> his comments absolutely gave his markets cover for sure, but we talk about a flattening yield curve like it doesn't make a difference, and the speed with

which has gotten down to 25 basis points to me and i know they'll have 12 to 18 months for the runway to continue to go higher and i'm not certain that's the case anymore, and we talk about value stocks. microsoft which we've all been bullish on and steadfast, they report on the 19th and that stock is trading close to 27 times forward earnings with an epf, even if they raise their eps growth and that's even in the growth >> that's concerning to me and the fact that it couldn't solve up the back, and not least of which and the market doesn't seem to care about anything right now. >> that's right. >> to your point they don't care about the yield curve. why should we care about the yield curve? >> why is it the paper that says don't fear the yield curve >> there's no way powell will say anything in terms of trade wars or tariffs. until he has to.

you've got a fed meeting and the next time he'll hike is september and i don't think he needs to commit himself before then he did talk about it, and less tariffs are better than more tariffs. i think he did say that, so he has spoken about it. he's going to be adaptive and flexible and buy the tape that we saw today >> all right >> our next guest has been warning investors to sell technology he joins us now on set let's welcome mike wilson, chief equity strategist at morgan stanley. i would imagine, mike that people aren't too receptive to selling the nasdaq at a record high how does that feel in your gut right now? >> when people insult their kids they don't take it too well. the call went over like a bag of rocks last week notably. >> i won't lie, i was watching home run derby

the stock was down 5% and the technicians would love that, but our call is hated because we don't have a smoking gun i'm not calling for ten netflix to happen, right missed quarters. all we're calling for is an exhaustion of had move this year we've had a rolling market and it's been through every sector except two, tech and consumer discretionary it was 15 and 30%. they're flat on multiples. they're growing faster and that does not seem like an outcome that's possible that we have to complete this rolling bear market and we think it will happen during this quarter and it's august. >> you start getting concerned and what seemed like a catalyst to sell technology and the netflix missed not just in the quarter that they reported, but in the future and the quarter that we are in, had every opportunity right here to say, you know what? i'm worried about these names

that are similar to netflix that had massive runs and are high on valuation and they didn't. with netflix that finished lower and not the rest does that make you rethink -- if you you would have known that would have happened would you have underweight technology and that would have been the catalyst for your call >> i'm not throwing in the towel here because we have tactical levels that we have to get through that we haven't yet. let's be honest. what we're looking for is companies to beat numbers and then the stock to sell off to me, that's a worse sign and exhaustion signals to me, they'll come back to it and sell later and by the way, this is a tactical call. this is a tact call from the beginning of the year saying that we'll have a corrective action on multiples and we have that and that's the final piece and they root them out on valuation, i think we set up for a pretty good finish, quite frankly. >> to that point, we have the luxury of being able to change and be flexible on a daily basis and sometimes an hourly basis

and see the market change. that is correct. when you look back in the beginning of the year you have this tactical call, and when you started to second guess yourself or sometimes when you second guess yourself, how long does it take you to change and the machine that you're in, how long can you change it, and your mind right now if you decided to get bullish on technology, how long would it take? >> we made the call a week and a half ago and we said we'll know pretty quickly and we thought we'd rally into the quarter earnings reports and we said 2800 is a good zone to think about where we can exhaust so if we get beyond that, say 2850, we'll throw in the towel and we're talking 2% upside from here and this is a short leash call, okay i still feel good about it, to tell you the truth i like it because the receptivity to it was there was no receptivity to it >> we mentioned microsoft, and

it's gotten a tad expensive and they don't have the growth rate in my opinion to justify a 27 multi. would that be a typical bellwether name? we got this right or maybe we have to reevaluate >> microsoft is on the fresh money buy list and it's done really well as everybody knows there's nothing wrong with the fundamentals and it's gotten expensive. it's 27 times for an $800 billion market cap company and it's not growing as fast as the companies and it's much more mature absolutely we're talking about the 10% to 15% multiple contraction and that can happen in a week in some of these names and that's exactly the kind of stock that can get reset, by the way, if it happens we'd want to buy it, but we think that reset needs to happen >> mike, thank you for coming by mike wilson of morgan stanley. when you look at valuation, and i can't get comfortable with that valuation, but if i look at

an alphabet i'm comfortable with that valuation, and i think it's a value stock and a growth stock. so we'll see next week, and same for facebook similar valuation is compelling. >> what's trick behow we look within companies, amazon, what is it? is it a tech company is it a consumer staples company? they're being into consumables and low margin goods and apple, arguably is a great consumer, discretionary place and my view on tech is it will continue to outperform because it's very diversified and you look at the triple qs and apple is the biggest weighting and apple is cheap relative to the peer group and today's move is constructive to me and the fed is the most important ingredient in the market and jerome powell was moderate enough that people feel better >> what did you do today, grasso >> i was going to pull the trigger and it violates my three-day rule and what i did notice were the home buildings which i'm long in the home

builder space. if chairman powell starts to get even more dovish or he's just dovish enough you'll see the home builder space start higher. >> not that they're similar, but unh was up big and maybe tenet health rallied. >> and what do they call it? >> the power pitch. >> we'll power pitch it. >> i think steve will power pitch today. >> thc performed well on what i thought should have been a down day for them >> bitcoin soaring through 7,000 to its highest level in more than a month and top strategist will join us with one chart that he says shows the moon could be near a handful of well known names getting left in the dark are any of them worth a try? and the traders will go bottom fishing and did elon musk violate his own company's policies when he went rogue on twitter. leslie picker has an exclusive report that she will share right after this break a lwereive at the nasdaq

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welcome back to "fast money. at this point, we've gotten through the twitter barrage, and

in addition to shocking the public, he may have also broken some company rules leslie picker's got details. leslie >> elon musk is not afraid to share his opinion and sound off on twitter and some of his more controversial tweets have impacted the stock price remember the bankrupt april fool's day joke? well, the question is while the board has not done anything publicly to really rein him in, are they active behind the scenes to muzzle musk and what is their responsibility to do so >> will, a pointed to a few lawyer contacts warning they could be at risk for negligent supervision in failing to manage musk's social media outbursts and most recently musk faced a public backlash after attacking one of the divers involved in the rescue operations from the thai cave, calling him a pedo guy insinuating he was a p pedophile, but that tweet has since been deleted

i want to call your attention to the code of conduct. section 7 states as follows, quote, please be aware that discrimination and harassment may take any form, verbal, physical or visual and includes slang or joking in ways that may be offensive to others as well as bullying. it goes on to say tesla insists that you do what you can to stop others from engaging in such behavior and prohibits retaliation against anyone who makes a good faith complaint or participat participates in such a complaint. it is important for investors to keep a close eye on these issues we reached out to tesla earlier for comment and have not heard back melissa? >> leslie, thank you leslie picker. back at headquarters, very interesting in terms of the violation of the code of conduct. there are tesla supporters and this is not a bull-bear story, and the most ardent bull does not condone the behavior

he wrote an open letter to elon musk in which he says, quote, your behavior has an unhealthy perception of leadership in skin and short temper he goes on to say i hope you will consider the opinion of supporters and do your best to improve. as for the board, remember back in may, ctw launched an effort to have three board directors removed and antonio grasso, james murdoch and elon musk's brother kimball musk that failed and they were re-elected to the board, but this sort of brings back the question what is this board doing? is this board maybe too close to elon musk and so will they then look the other way >> yeah. they will, but it wasn't the board's duty the board's duty, their number one duty is to choose the ceo, right? so clearly, i think, as an investor, you want a ceo in the public response and he owns 19%,

20% of the company and he is the voice of vision and it might be a voting class share and it might as well be so for any investors that owns tesla, if you're not aware that elon musk can go off the rails and do whatever he wants, shame on you for not knowing that. you to accept that risk because the board is unlikely to be able to rein him in >> elon musk going on another twitter rant >> i think it's stepping down. >> yeah. >> exactly there's your answer, right >> that is entirely the answer i have to be consistent. it concerned me that tesla was making a series of lower highs and it was up today and not unlike netflix and you will retest the 280 level and you've seen the catalysts and they're talking about that 500,000 car a year factory in china in a couple of years and that's out there, as well and most of the positive catalysts, in my opinion, are out there and now the negative catalysts are mr.

musk. >> i'm still long the stock. i've been long below 300, and i'm hoping it doesn't retest that 280 level ask you're never shocked at any of the volatility in here. definitively, if he left this stock craters and this will be cut in half and easily pre-market or post-market, whenever the news would break and you sort of want to keep him there and the board will not do a whole heck of a lot in trying to rein him in of course, you don't want to see these tweets as a shareholders, but they are being bought even after they're losing some of those headwinds and capability >> why does he need one step back, and two steps forward and $2 billion twitter rant over the weekend. not necessary. >> my view is it's been spent and there's a lot to fek us on on the ceo why bother >> that's part of the reason why people love tesla. bottom line is the stock has

done absolutely nothing in terms of the annualized 8% in three and a half years i can dhcherry pick the spot, b the point is if you messed those spots and you've been a long-term investor in the stock, you have totally underperformed the tech for the last years, and i get that this is a great idea and they're out starting to execute on their volume numbers and this is a crisis now they've mitigated a lot of the technology risk and the execution risk on some level are lower and the competitive landscape gets worse and worse as they ramp up. >> still ahead it is raining here in new york city >> please, do we have to -- >> a little rain can't stop any woman on the step to do any bottom fishing that's coming up next. hopefully you're watching "fast money," in the meantime, here's what else is coming up on "fast". >> grasso is bringing the heat, pitching one tech stock that's up 30% in just two months.

he'll give you the name. plus, that's how bitcoin fell today as the digital currency tinyeeay and tesmo l ss it's just the start of more games. he'll explain why when "fast money" returns

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dates, deals, done! tripadvisor. visit tripadvisor.com welcome back to "fast money," can we get you back to the pearly gates of bitcoin hefen? breaking above 7,000 for the best day in three months let's get to bob pisani at the new york stock exchange for more on what was behind this move hi, bob. >> a little bit of good news finally, melissa and bitcoin which was struggling at the $6800 level popped over $7,000 in just seconds in the middle of

the day. here's the news. mastercard has published a document outlining how they may try to speed up cryptocurrency transactions by linking accounts holding both the currency and cryptocurrency this document which is by the trademark office notes that it often takes a significant amount of time and ten minutes is typical for a block chain based transaction to be processed and they can be done in nano seconds. we all know that this difference puts payments using cryptocurrencies at a big disadvantage and merchants are wary about accepting block chain currencies and individuals may have trouble proving their identity and ownership of a wallet >> what is mastercard proposing? >> they want to offer a new type of user account that would allow a user to do transactions using

cryptocurrency, and this transaction would use the payment system and the security features, presumably mastercard features and the transaction would be done in cryptocurrencies this document also notes that this may take cryptocurrency payments and may make them more secure because mastercard may be able to use its existing risk algorithms to evaluate the potential for fraud. algorithms that aren't currently available, and this is the first decent piece of news for cryptocurrencies for a while and led to a modest pop in volume for bitcoin and maybe it's not the end or the beginning of a turn around, but it's a stott. >> it sounds like mastercard is proposing a stable coin. >> they're ofing to say, i have a certain amount of credit available. say $10,000 nahthat i can

automatically use and i have another account which has cryptocurrency, and they'll pay it using crypto and currency and guarantee that it is essentially back to my own account and if you send out a fraction and if you have one bitcoin in your account and send out a fraction of that, mastercard will be guaranteeing this is what it seems like like the payment is seen instantaneously >> got it. thank you for that explainer we do want to draw your attention to a poll from our sister show, futures now, fabulous online sensation that discusses bitcoin all of the time they thought the coin would break above 7,000 and it was trading under $6800 where more than 7700 people voted and 70% said no. >> pretty cynical. could this pessimism be fueling part of the rally? who better to ask than tom lee he's over at the plaza, with two charges that could signal a bitcoin moon boom. hi, tom. what are you looking at? i'm looking at a couple of

thingis and want to mark this chart up this is the 200-day moving average for bitcoin and that represents the average price roughly for the past year, and there's a gap here bitcoin is trading 200% behind the moving average it turns out that is a pretty positive signal and the reason it's a positive signal is that this has happened a few times since 2009 the first time it happened is here, october 2011 and the second time it happened was december 2014. why is that significant? bitcoin bottomed within a month here sorry, drew that the wrong way and it bottomed around here, but it tells us something more important. it's telling us that if you look for the next six months you will do pretty well owning bitcoin here to us, the message is when

bitcoin is trading 200 below the current day, we're nearing the end of a correction, but if you look forward six months you will do well owning bitcoin >> tom, come on over to the desk >> you don't want to put it for a vote >> no. >> thank you for bringing the chair over >> how are you >> gummi bearses >> it looks like the flag. >> aside from the gummi bears that we have on set. >> did you think that it would be a major catalyst or the technicals that started acting >> well, over the weekend there were quite a lot of folks that were talking about t.a. and the potential formation of inversed head and shoulders or a buyout so it sounds like the technicals were starting to become more favorable. i think something like the mastercard news is positive or

the block-chain based money ask a valid form of transaction. in japan they've taken a much more positive view on digital money or block chain-based money being real transaction so yes, it's good news >> when you outlined those times when bitcoin was trading below the 200 of day moving average. what was the average move higher toward the next plateau? >> one more thing we outlined if you looked at your probability making money six months out. it was close to 100% in other words, if you every buy it below the moving average, you almost always saw good risk reward being long. >> at what point how long did you have to wait for that trade in the early part of this ascension you could have sat under water. >> so i'm saying it's six months if you said buy it and sell it six months later your probability of making money was within 90%. >> within six months

>> do you think there was other money out there that would rather buy bitcoin at 7500 than 6,000 and feeling like the bottom has been tested >> yeah. >> i guess the term people use is reflexivity there's a lot of reflexivity meaning there's more enthusiasm when bitcoin's trend is higher and so i think there are a lot more buyers at 20,000 than there are 50,000 and probably more at 7500, and is it above the 200 day and does that become a sell signal not unlike the buy side >> so, guy, one of the offshoots to that is the bitcoin index and it turns out whenever that hits 67, that has marked bitcoin essential top and so that, we hit 67 in december tom, good to see you >> if you love bitcoin, there's only one place to go and that's the delivering alpha conference takes place tomorrow in new york city

digital ceo, barry silbert will join me in a special panel and there's still time to buy your tickets. you can't buy them in bitcoin, unfortunately. >> still, it's worth coming to come on and check out the tickets. a major executive change at texas instruments broke just moments ago. the stock is down in the after hours and we'll bring you the latest >> grasso has made it over to the plaza and getting ready to pitch the one stock investors should snap up for the rest of the arye >> get it? >> snap up the name when "fast money" returns. making cars lighter, it's a good place to start, advanced oils for those hard-working parts. fuels that go further so drivers pump less. improving efficiency is what we do best. energy lives here.

welcome back to "fast money," back in may, grasso stepped up to the plate to pitch lennar >> lumber prices, we're a headwind and everyone told you it was a headwind and basically the last couple of months lumberis prooes have come in, specifically this month, lumber prices are down 10%. ets is on the rise for lennar and the stock price is down 30% recently that's why it's a buy. >> since that call, lennar has rallied about 8% grasso, what do you do with lennar now >> i still think you hold it and

you can buy it, and i'm long it still. so we talked about lumber prizes in that intro and lumber prices have fallen another 12% and they're down 12% since that original point and if you go back to where they were 20% higher, lennar was trading 20% higher so you have a good chance of accruing another 15% to 20% in the stock price if you bought it right now. >> lennar was a home run, so let's get another pitch, grasso, why don't you step up to the plate? >> sure. >> if lennar was a home run, and by the way, i lost on lennar >> beat toni braxton >> she's around here a lot >> i don't expect to win this time, but it is snap everyone feels, and it's very divisive either you're a bull or you're a bear, but you cannot take away that there's still the top challenger to instagram. it's instagram's world and everyone else is just trying to live within that world how do they bet paid ad spending. ad spending is trending higher so they're trying to broaden the

base to try to scale the ad spending and i think it's going to be a wind and i think it will be a tailwind as of recently this has been what's killed the stock, the redesign. people who have left and they were masses amount of people who said they were leaving and they were going back to snap. they've all gone back. 90% of the people that left are back now that's why this stock is going higher if you look at a chart on the stock, you will see that we are forming a base right here. so we're off the lows, forming a base, so you look back, everyone knows fibonacci retracements and you have to look at the high and the low and where are your retracements within this so you look within the 50% and the 618. those are your balance levels and that's what you're selling and we're not even close to those yet and you have another probably 20, 25% in the name if you bought it today. full disclosure and i'm already up 25% i'm still long and holding it. i think you have another 25% in

the tech >> steve i think the technicals on snap look interesting and the q1 numbers disappointed on revenues and disappointed on margins and they lost more money than they ever have. back to the core business. i mean, what's going to turn this thing around? because ultimately, i don't see these guys gaining market share and daus are up 2% is that exciting >> i do think its about gaining market share and the reason why they were down on revenues was ads and the reason why they were down on ads is that they went to a more programattic approach instead of direct sales. i think that will take a little bit of time and hopefully they're starting to gain traction there and scale is the bigger question and not the actual revenue number. the street will give a pass on that, and this is not a company that you bought for revenues >> this -- let me ask you something. i like valuation the street's disappointed on revenues and they're losing a fair amount of money and that's

okay, but what do they have to show >> karen, it's going sound cavalier when i say this, and i don't think it matters because you also have google who tried to do what they do you also have apple that might want to try to do what they do i think there's a buyout market value on the stock and there's m and a that you can look at that's a tailwind to the stock i know it sounds bad, but i don't think it matters >> are you buying grasso's pitch on snap? let's go around the horn tim? >> no. i'm afraid not i think it's an interesting idea and it needs another bellwether and no, snap is not the place i want to be investing even though it's a very good pitch >> karen >> i'm with with toomey and it's a pat. >> i'd rather own lennar by a lot. >> okay. she passed and she wants to pass >> guy >> i'm not going to pass i'm going to say snap, just say

yes and well done, by the way, stephen. we find ourselves in an environment where it's very difficult to sell stocks in earnings that report on august 6th. with the short interest i think it trends higher into earnings which is why i think steve, although he's a power pitcher, he hit the ball out of the park. >> it doesn't make sense >> you get what we're saying here it's your turn out there so would you buy steve grasso's pitch on snap? >> you can vote on the twitter poll >> we'll read the results lehrte in the show. forget amazon prime day because these stocks are on sale check out at&t, l brands all at 52-week lows and are they a buy? we'll find out right after this break. to improve short-term memory. prevagen. healthier brain. better life.

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call today. a place for mom -- you know your family, we know senior living. together we'll make the right choice. welcome back to "fast money. they're hovering around the rally around one-year lows is now the best time to go bottom fishing >> here to reel in the names for us is the one and only dom chu >> melissa, who would aren't like to spend a place to afternoon fishing and some traders are fishing for deeper value stocks, perhaps some of

the ones hovering around 52-week lows and there are 30 stocks that are within 5% of the respective mark. they stand different industries each with their own reasons why it hasn't joined in the market rally. you have at&t which wants a deep dive into media content. it paid up big for time warner only to face a government antitrust suit and then win it and it faces an appeal by the same regulators and just some of the factors that have shares of about 3% above the recent lows and then you have ibm where big blue is traying to work on trying to convince investors about singing the blues about revenue declines and the ceo is working on increasing business on things like cloud computing and artificial intelligence-related applications carnival cruise line has found rough seas and it didn't help that a rising dollar and rising fuel cost would put a damper on full-year profits and it's not just about 4% above reese not

lows and l brands struggling to get traffic through its stores especially around victoria's secret >> from a valuation perspective, you're also talking about a slight of stocks like those four that now trade at a discount to their peers and melissa, that's just a sample of one of the stocks that have had a tough time as of late, but could be turnaround trades if things can get fixed. back over to you >> thanks very much, dom which you chu we thought we'd ask the traders to do bottom fishing >> it's kind of stormy out there. >> we've done this before, but just review. we'll take at&t as an example and we'll go around the horn if the trader thinks it's a good catch we'll see this if they think it's a dead fish, you'll see this. >> get it? >> those sound effects >> we'll start with careen akar

we'll start with at&t. is this a dead catch or a silent, dead fish. >> i'll say it's a dead fish and you have a core business that is really under attack, right and you have a big merger that's a lot of integration which actually the integration is on hold while the govern the pursues an appeal. you have a lot of debt that went along with that, the only thing in its favor is the balance sheet and the business being under attack and the new merger. it's a lot i would pass, dead fish. >> see this wouldn't be a dead fish when it was trading at 42, but to me, where's that sound effect with the lively fish >> i don't think you're allowed to do it >> good catch. there you go >> whatever. >> come on the bottom line is i would buy at&t and here's why. i think they've been punished through on good side and i realize the wireless space is a

complete he business and let's move on. allbrands? good catch or dead fish? tim seymour. >> good catch. >> wow >> if you could put two green fish up you would? >> basically, this is the story of two brands and you have vs and bath and body works. they've actually turned it around vs, victoria's secret, despite the catalog, despite the calendar and whatever it is, it's not working this is to me, the place where the comps are getting easy for this company, but the valuation now and roughly it's ten times on trailing and even on a forward where you've taken earnings for four bucks and they're 280, and 290 a share and they traded at 20 times, and i like the stock here. >> this has got to be a dead fish or a dead catch over a catch that's dead, so if they rely and consider pointing out -- >> hold on a second.

>> victoria's secret brand, they were live, 60% of the revenue, if that sufficienters, the dow will tp to suffer and you reach near cultural change where i can't speak from experience, but i think you're reaching a cultural change as to what women would rather wear and maybe we should ask two of them and it would be more of an athleisure. >> steve grasso, what women want to wear. >> it's 46% in stock shareholders and it's not going anywhere >> who knew? >> earlier today, i thought this was my and i thought, no way and i looked at it much more closely and i completely agree with ti o on valuation >> we're wrong >> completely wrong. this say company that i mean, it has a grand history of being a retailer they know they are in a

seriously different environment here i think they'll get it together, and i think at this valuation there's not a ton of risk. >> let's move on >> carnival, good catch or dead fish >> oh, i think it's a great catch. when you're on one of those good fish, you might catch a green, ugly do we have a budget or something on "fast money". >> why what's wrong with that fish? >> there are holes in it and they didn't even color it in all of the way >> their quarter was excellent and their guidance scared a lot of people, but the fuel cost is more expensive and trades at ten times forward earnings and if i'm fishing despite the fact that i'll never be seasick >> oh, all right let's quickly move on because we want to get to ibm

>> ibm, good catch or dead fish, grasso >> this years ago was my secular bear stock and i do believe it is still in that classification. yesterday, if i'm going to play in the space, and you have a bear and a fish and sometimes they're dead >> let's find out what the options market is with the options action mike khouw what can we expect here it might agree with steve. it is implying a slightly higher move of 4.6% and most of the activity was bearish and the most active option were the 140 puts we saw over 2900 of those trading for $2.80 and those are options traders betting that the move at 4.6% will be to the down side so if i was looking at this i

probable also would agree with steve and say i think it's probably dead money here dead money, dead fish. >> dead fish, even mike khouw can't play the game right. for more, check out the show 5:30 p.m. eastern time coming up, a major shift happening in the c suite at texas instruments. that stock is lower by more than 2% after hours we'll bring you the latest right after this break i have to wear a giant hot dog suit. what? where's that coming from? i don't know. i started my 401k early, i diversified... i'm not a big spender. sounds like you're doing a lot. but i still feel like i'm not gonna have enough for retirement. like there's something else i should be doing. with the right conversation, you might find you're doing okay. so, no hot dog suit? not unless you want to. no. schedule a complimentary goal planning session today with td ameritrade®.

welcome back to "fast money. i'm josh lipton. ceo brian crutcher is out as president and ceo and member of the t.i. board the reason, violations of the company's code of conduct. the company saying in a statement the violations are related to personal behavior that is not consistent with our ethics and core values and not related to company strategy, operations or financial reporting. rich templeton the company's chairman to re-assume the role as chairman on an ongoing indefinite basis templeton's appointment, the company is saying is not temporary and the board is not searching for a replacement. t.i. also reported financial reports and second-quarter revenue 4.02 billion and adjusted eps of $1.37 and if that compares, t.i. would

provide full second-quarter results. bernstein telling me he isn't too concerned with how this impacts the company. after all, crutcher was only named on to the job and been effective since june 1st templeton is a long time t.i. vet who is very well respected in the industry. melissa, back to you >> thank you very much, josh lipton crutcher had been at the company for 22 years and the broader con reductions this is the second ceo to be removed from his post for reasons of a sort of company policy and personal behavior broadway anners c kerzanich beie other one. >> it traded back down to 100. we recently made another push and they just gave preliminary guidance for july 21st and this is the way i look at it and the potential for a huge double top. we had this headline now and why buy the stock now? i would rather b iuyt at a break

at above 1.21 than to be in the headlines now. >> all right up next, final trade play just got serious in the all-new toyota avalon. today's senior living communities have never been better, with amazing amenities like movie theaters, exercise rooms and swimming pools, public cafes, bars and bistros even pet care services. and there's never been an easier way to get great advice. a place for mom is a free service that pairs you with a local advisor to help you sort through your options and find a perfect place. a place for mom. you know your family we know senior living. together we'll make the right choice.

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never gets old >> oh, my god. i'm buying >> i like it just over 100 >> grasso? >> clf going higher. >> i'm melissa lee, "fast money. meantime, "mad money" with jim cramer 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, not just to entertain but to teach and educate you so call me at 1-800-743-cnbc or tweet me @jimcramer. some days the market just hates to go down yeah, it rebels against going down with all its