remember, domestic companies should benefit from that tariff on imported steal, right now we're not seeing evidence of it. perhaps more color there >> jackie, thank you >> we have p&g in the morning 37. >> i won't have to talk at all with p&g >> fast money begins right now fast money starts right now. investors punched in the gut facebook and netflix entering a bear market. amazon and google following today. inching toward correction territory. the nasdaq dropping more than a percent today for the third session in a row the dow got hit today. it finished down 144 points.

welcome, everybody great to see you guy adami will these four stocks take down overall the entire market going-forward? >> one of the points i made last week, i thought the s&p would challenge, make an all time high it got close, didn't happen, i was wrong on that front. >> if facebook is stocked across the board, we all thought it was fairly valued. wasn't an unreasonable valuation. if that stock can go down 20% in the 15 minutes time. this is a point i made last week, who's to say the broader market couldn't do something along those lines, some saying 20%. a 5 too 8% markets take the stairs up, elevator down. >> looks more like a fire pull right now. >> now the market is warming up to some of the concerns. forget about the fanning the external concerns that they should have been focused on all along.

>> in facebook's case, i think we have company specific factors. people understand that their core product is your data, they don't know how to control it, i look at netflix, it's clear to me the market is concerned about multiples in the tech sector i think people are starting to wonder how much have we priced into these companies that have major leadership positions >> i always agree, valuation matters, to me, the valuation of facebook is attractive i think it's well over done. this is a company that's growing still tremendously, trading at a -- if you back out the cash, trading at probably 20ish it's a market multiple for a stock doing well. >> the market disagreed today. >> that's case, i thought today was an opportunity the market is not getting everything right every day

i can guarantee you i cannot pick a bottom. i think google too, that valuation. >> i'm generally predisposed to be more bearish than the other bear high yield credit spreads not that high. you're not seeing those risk factors flashing red signals that say, hey, we have an economy that's weakening what happened with the fang stocks, everyone was in them >> all of a sudden -- >> we have been told for years, by many different people that facebook and netflix are not immune to the economy. >> i'm not sure that's why -- i don't think people bottom. >> is facebook an economic story? >> no. >> no, exactly

you're talking about the economy slowing down and people's concerns >> people are in this because it's not an economic story. >> why did it -- >> okay, so -- i misheard you. has it become an economic story? >> no, not at all. that's my point, i think there's opportunities in the market. if you get away from the fang and say, this is fang stocks, it's not the entire marketplace. >> i hope, i think we're all saying this, i don't think this is unhealthy at all. i think in the -- i don't want to make this about facebook or netflix. i think in both those stocks case -- i've been out for facebook since cambridge analytica. i don't like how management can't tell us what it costs to secure your data they haven't told us, and they told us the other day, they don't know the product comes off the assembly line how to do it netflix, everything tells me it's this great contact play they're taking our data by the

way, and making these content pieces which to me, outside of a couple don't make this a content company. not like disney. >> i believe if i read your tweet today, i'll see you at 330. i assume you mean $330 a share >> netflix, at a time when we're grappling with how the media sector is going to do it, everyone is going after them for their success. you're right >> my point about facebook wasn't about facebook. what does it say about the structure of the broader market if anything. it's trying to tell you something if facebook can go down 20% in the course of 10 minutes. who's to say a similar move couldn't happen in the broader market in the context of a new 120erry coming out >> i agree with you on that. we're not seeing it yet. there's a lot of things that are

warning signs, higher dollar, higher rates, the market hasn't responded to it yet, the only thing the market really responded to, was this crowded trade, and all of a sudden everybody dumped out. >> do you realize where we're sitting? >> a lot of us were here back in 1999 when you had a lot of people crowding into the same stocks >> those stocks were not around. >> what? >> facebook was not arrange. >> now, they all crowded into the same stocks. i feel like it was the same way. i wonder because they're so heavily weighted if that momentum is gone >> intel is not one of the fang unless i can't spell correctly intel went down 10% in one session.

that's a significant -- >> let's go faint. tim has said this is one of the 10 or 15 most more than stocks on the planet. he's probably correct. not so much about the individual companies, what are those down drafts saying about a potential for the broader market >> while all this is going on i love how industrials are trading, i love how transports are trading, banks i don't think any of this is terrible i think we're talking about a sector that's gone over its skis and it's not just fang we're going to talk about higher multiple stuff later in the show i could find a bunch of stories. how about tesla, a bunch of these others. >> i love your point i'm a long time listener, first time caller to the program i hear you talk about all these great companies that get ignored. do you think maybe this is the opportunity where investors do a

little more work, the easy money's been made, and you say, i have to put some time in and work in to find these companies that no one else is talking about? >> that would be great i also -- it wouldn't shock me if this fang thing as quickly as it happened starts to turn around this to me, this nang selloff right here, comparing it to 1999, i don't quite get it microsoft traded it at a 70 or 80 multiple. >> i agree, i never owned netflix. >> ge, areba and commerce one, those are the names for your future portfolio >> things can turn around quickly. can apple, which reports tomorrow night

carter worth at the plasma to break it down. i think everyone watching and everyone on the desk knows that valuation is a gray thing. the primary point of the market right now, drawdowns that happen out of nowhere, it's a fickle thing. should it be 8 times free cashflow or 12 very gray. stocks are taking big hits apple, no lines, no judgments, if we were to move ahead, one thing we can see is that it's been in this well defined channel. let's draw circles to put this in we're basically near the top here is apple on top relative performance to the tech sector, and the problem here is, that this is basically been

underperforming for quite some time 37 let's go forward another way. here is apple on its own no judgments by me let's go forward is it a double top it has that element to it. it has the element of a perspective break in trend that's exactly what happens, so if i were to zoom in here, you can see that we've just started to break trend it's not the greatest thing. let's try invidia. 50 to 300. let's move forward guess what's happening, we're just starting to break trend if i do relative performance and put in the line, watch what happens. not only are we breaking trend ab sew lieutenant. we're breaking trend relative.

finally, let's do the same thing. again we have the same circumstance, up trend is now in question what's also in question is the relative up trend. these are not good circumstances. >> carter worth, should we invite him over? he had a magnifying glass, and i think we need to dig in on that. >> what is going on with that? >> that's the greatest thing i've ever seen >> here's the thing, here's why apple is so important. not only is it a major holding it's the only one of the big teches that we talk about daily that is a dow component. how important is an apple stock? there's an historical thing

where a stock gets 5%, it's a problem. there's been a handful of others, it never got that big, it's only been where it is now sentiment's a fickle thing, if you break red hat. netflix, it spills over to facebook, amazon, google, all good numbers and they all fade it wouldn't take much to upset the great sentiment that is in apple. >> i got a question that's related to guy here. it appears in a there's a liquidity vacuum out there going to your world, we have, where is demand for these stocks in something like apple, are we stretched away from the demand where we would get in a 10 or 15% drop in the chart zms. >> apple doesn't have that kind of beta, most of it came from stocks with a beta of two or higher it's the most popular and the most relied upon -- considered safe by some people.

biggest holdings in terms of mutual funds it's the darling, the ge of it's -- >> every hedge fund has apple as a top holder it is not immune from sent imt >> you came out and talked about the concentration of the fang stocks being much of the gain in the market this year as we've seen the trading in the last few days, what do you make of that lack of concentration? >> the market is not really up that much. the equal weight is up 3.2, and the median performance of the s&p 500 is 1.7 1.7 is not really up

>> this is a leading question. s&p 28.72 in january we tried to test it again. now we're back at 2800 >> popped up and faded back. >> stocks that shouldn't move 10% are moving 10% are all these little things trying to tell us something bigger about the market? >> it lacks momentum >> some of the great growth names are under pressure, and there's been rotation into financials and industrials, it would be that group plus health care that would have to take the market to a new high or it goes back to the tech, which makes it that much more fragile the top five stocks are worth more than the bottom 200 we're so dependent and we're starting to lose those one at a time

>> the transports you sigh are a price weighted index, and dominated by ups and sfed ex-others are not as good. right? >> caterpillar is -- >> no, they've been on a nice little tear. >> cummings engine, it is it an improvement, this is a space that was down some 13, 14% >> thank you very much >> great analysis on apple, tomorrow night, those numbers come out >> we are getting started on a big fast money on deck the crypto universe, waiting for its etf dreams to come true. one of the company's waiting to launch their own etf can they get it done why his firm is different as well and why he's so serious. that his photo is in black and white. plus, jamie dimon said something on this network, that has all of wall street talking. we're going to bring you nose

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we've had suppression of rates for a better part of a

decade around the world. those things reversing so far to good effect. global growth is going to be as strong as its been in a long period of time as long as they're raising rates in that that's fine. >> that was jpmorgan chase sitting down for a candid interview for wilfred frost. dimon giving a vote of confidence to the american economy, saying rising rates will be good for global growth all this happens as the fed kicks off a two-day meeting. there's a lot to talk about here what was your takeaway aside in jamie's shirt? >> aside from that, i thought -- he's very optimistic on jpmorgan, the u.s. economy if anything. he had a message to the trump administration, in terms of frayed policy that maybe they're not handling as well as they possibly could >> we're struggling to get

through this segment now >> as was i trying to watch the interview. >> i mean, he's -- obviously, he's right in the center of business, he probably has more data on the u.s. economy than anybody. he seems pretty optimistic, the symptom has done well in the last month, it shouldn't have gotten as low as it got. i like it here, when tim talks about value notice market. bankamerica city, j.p. morgan, those are all value stocks i like them all. >> as much as people talk about the curve. the bottom line is the banks on their net interest income. it's getting better, it's not getting worse. maybe you want to see more with the fid hiking, we heard about this from aks before we got on the air. look at whirlpool. if they're not the poster child for everything that's happening in a trade war, to a company that should be kicking it in an environment and should be buying air conditioners and refrigerators. there are big problems what jamie talked about are the

facts related to, there has been follow on tariffs. there is tit for tat >> the simplistic thinking, oh, rates are going up, the banks are -- you know what else is probably going to go up? their cost, there's a lot of things out there, you can't just say, can you, rates are going up, buy the bank >> actually, in the commercial, i'll have to look up what kennard means on google. >> lie fallacy. >> we talked a little bit about how yield spreads and that type of thing >> that's what i throughout it was. >> i called him a duck >> the point is. when we talk about the fangs falling apart, and you look at what's going on in the economy the banks look good. we're not necessarily looking at default risk and we're not looking at -- are any people going to be able to pay their loan snsz it's the short end of the curve where they're able to raise rates and make money

if you're taking money out, and there's a place to go, you want to look at the financials. >> can we see a transition from facebook to bank book? >> that's what you're saying now. >> terry kennard blade safety for the giants 37 i digress. at a certain point valuation will matter, it's trading more than two times many. >> at a certain point jpmorgan is far more expensive than the rest of these banks. >> too expensive or just more expensive? >> guy may be right. if you look at jpmorgan, they rallied. we saw some rotation, banks had a big rally. you're right at that level.

>> good discussion there on a big interview. les moon vez lost his job on allegations. we're going to have the latest in the meantime, here's what's coming up on fast.

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breaking news out of washington, d.c., on trade let's go to kayla at the white house. >> we want to bring you an update on where things stand we learned from three sources familiar with the matter, that the u.s. and mexico are set to resume talks here in washington on thursday. a canadian official confirms that a foreign minister of canada will not participate in these meetings she will remain in singapore with the asean communities >> you heard the president and many administration officials just this weekend talking bullishly about the potential nor a bilateral deal with mexico i don't see canada coming to the tabling until there's a deal with mexico. that deal could come together in the next two to three weeks.

we did reach out to the u.s. trade representative on timing of the nast ta talks they declined too comment. >> tim seymour a good sign >> if you want to talk about, this is how we're going to negotia negotiate, play the game, how aggressive were we with our neighbors? i don't know most people, or at least i do. the china trade discussions are very different than what should be happening with our nafta partners >> moving the ball forward is really a big step. i think, at least for the market, the perception is, we have this prolonged trade war, tit for tat skirmish, whatever you want to call it, the longer it goes on, the worst it is for our market and economy any time you can move forward, it's good. >> if you want a stock to look at, it's gone from 102 to 116 in a week and a half. part of that is earnings, i

believe. part of it is on sayings if that stock fades, you say to yourself, this has been buy the rumor, sell the news >> it's by far the biggest cross rail border company with mexico. >> switching gears, the next catalyst is not only a big stamp 6 approvapproval, it may be thet light a fire under a bit coin based etf. will it happen new developments on this, bob? >> hello, brian, good to see you. it appears to be dead. at least for now, there are other etf's that are still waiting out there, just last week, bitwise offered a publicly offered index. it will track an index of the 10 largest crypto currencies. earlier last week, the sec

postponed making a decision on five other etf's those were filed way back in january, there's a pattern emerging here that's obvious the sec delays a decision as long as possible and then turns it down now they're expected to make a decision on these by september remember last month too, the cboe submitted a joint proposal by solid x for a bit coin etf, but with some unusual characteristics, including a $200,000 price tag to indicate it was for institutional investors and an insurance component to protect investors against theft. it's not clear if this unusual application will satisfy the sec. they rejected the application on the grounds that most of the

trading occurs outside the country on unregulated exchanges that are subject to fraud and manipulation this is a simple issue now, how can another bit coin etf applicant come in and say they won't have a similar problem this is a high barriered entry the sec has erected. bit coin is still trading below where it was prior to the sec's announcement on thursday >> good to see you as well what do you think? >> i think bob's spot on, the issue the sec has right now, we don't have a regulated u.s. exchange i think we have that, then the odds of an etf getting approved are better for 2019 i think given the current state of the market. the odds of approving something in 2018 very low >> for more on this, let's bring in the co-founder and ceo, hunter horsley he just filed for a crypto etf

that looks to change the sec's mind by being more diversified welcome. you're looking to do what no man has done before. why do you think your model. your etf should get sec approval last week we introduced the private index fund in our experience we feel it's possible to operate an index vehicle. many of them have a view that's not specific to one point. they think a crypto currency may emerge and be available. a lot of the focal point around

public registered products has been on bit coin there's a narrative that bit coin is the digital gold and we saw the gold etf come to market first in 2004, and commodity index came in 2006 >> you feel like they understand the crypto industry? >> yes, i think for many of the people in the space, bk feels this way, they've demonstrated a great understanding of the space. and bk can speak for himself i think they're being cautious, and that's their job, and that's what we would hope they would do, even just this year they've been doing enforcement, trying to clean up the space, i don't think they'll be in a rush to approving etf. we're excited to talk to them about our experience this is what you would expect from them. >> i'm curious about how your vehicle might be different in terms of the sec's view you have an index, you also have

privacy coins. other countries have said, we don't want our exchanges trading this, how is that going to be received by the sec. >> that's a great question and we look forward to chatting with them about that the things that dalia mentioned, they're similar for large cap assets our feeling is, can you do that for many different coins, there's merit between index approach >> how do you come up with that? what instruments might be more or less tolerable to the regulators the index follows a methodology. it's a five-year diluted bhark et cap, the five-year adjustment is to deal with the crypto adjusted feature, the amount of

bit coin will be different than it is today. we don't cap the top asset, the index's goal is to capture the most valuable assets if that's two assets dominating in the future. >> to you it is, about 50 to 55% is bit coin. >> yeah 37. >> those two are about 75% >> is that diversified enough to ease the sec's concern >> you're basically a two crypto etf. >> the top five names have as much market cap as the 280 names. this is a natural characteristic for many years, bit coin was the only assets that really had meaningful market cap. in 2017, we saw a number of other assets appreciate meaningfully the goal of the index is to capture however this plays out for investors, if it ends up

being the case that it's bit coin, there's a lot of different crypto currencies -- there are people who are using public block chains to serve different applications however that plays out, the index captures that, that's why a lot of people like that approach to the space. if you're making a 1% allocation, you're probably not going to keep up with the daily changes and how that unfolds making a super investment may not. >> should we do a power pitch style? did he sell this to you? >> first of all, the name itself, he had me at hunter hoarsley he had all the answers for all the questions if bk is on board, i'm on board >> there's certainly merit to have a diversified portfolio, this is not just about bit coin.

having a basket of currencies to me makes sense >> good luck hunter. cbsshares and inesters getting hit again. fears its embattled ceo will be forced to step aside the board just did something that may buy les moonves more time >> tim seymour was at esports over the weekend we'll find out how big esports really is when fast money continues. this machine are integrated. atta, boy. & yes, some people assign genders to machines. & with edge-to-edge intelligence, you'll know your customers love this color, & don't love this one. never getting grape again. & you can adjust in near real time. & if someone tries to breach your firewall in london & you start to panic... don't. you've got allies on the outside,

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we have a market flash on chipotle. >> shutting down a restaurant in powell, ohio, after reports that customers got severely ill a spokesperson telling a business insider we take all claims of food safety seriously, we're looking into a few reports of illness at our powell ohio restaurant the restaurant is expected to reopen on tuesday, cnbc has reached out to chipotle. >> thank you very much for that. >> chipotle, these are early reports, we have a lot more to learn. they can't get out of its own way. >> i think brian nichols has done a nice job trying to get in front of a lot of the stories at chipotle

after going up 94% off those lows i think that the stock is not cheap. it's a brand that's made a tremendous recovery. without this news, this stock was expensive. >> i think it will be even more expensive tomorrow >> this happened to maybe a jack in the box, it may not be anything that necessarily. >> because of the valuation? >> no, because they've had issues >> you should know if you have eaten there. >> you tim makes a point it was a $250 stock. >> by the way, it was packed in edgewater, new jersey. can you get your arms around valuation, this headline risk doesn't help >> switching gears

cbs shares plunging another 5% today. they did rebound a little bit after the board revealed they were seeking outside council to conduct an outside investigation. leslie >> no real decisions were made or if they were made, they weren't really announced at today's board meeting. they're selecting outside counsel to conduct an independent investigation. no other action was taken without specifying what this matter entails the board decided to postpone cbs's annual share meeting we don't really know anything now that we didn't already know on friday. except that the board is essentially purnting here,

today's meeting comes amid allegations of misconduct against les moonves. these allegations come amid a dispute between moonves and sherry stone they've been seeking to force a merger between the two the two sides have found themselves in multiple layers of litigation cbs shares falling 5% today after friday's decline by the same amount. >> thank you very much earnings are on thursday moonves usually leads the conference call. is he going to be skipping the conference call on thursday? there's so many questions that we do not have answers too >> i read that entire article. it was a lengthy article i'm surprised. i think the board is allowing him to stay with them. i'm surprised. i think this move to downside is them telling you they're disappointed

going off of last quarter and everything they said about they're growth, cbs is a cheap company. >> we don't know what they're investigating. according to the article, moonves has confirmed the fact patterns he disputed items, but it wasn't as he denied everything in the article. from an investor's point of view, can you own a stock where you don't know what an outcome like this is going to be >> i think you can jump to the outcome. i cannot imagine a scenario where the board comes out that says, we support him, we're keeping him, there, i can't imagine it >> you think he's gone gone and should be gone? >> i don't know should be, i just say, i can't imagine the board defending that, it seems

impossible to me i don't own it, but to me, the calculus would be he's out, assume he's out. he's fantastic, he's a great ceo, however, i think there's other talent there and it's interesting. >> you think it's inexpensive? >> it's very inexpensive relative to its piers. >> if you think video game sports leagues are some oddball small time thing think again. >> after the break, we're going to take you inside and show you how big the event really is. >> tesla gearing up to report its earnings later on this week. the stock could be setting up for a big rally, we'll tell you why. are you taking the tissue test?

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>> this is like the super bowl of overwatch >> how does this compare to watching the celtics against the sixers >> this is way better. this is electric >> holy cow, what are you wiring >> i'm diva. >> what would drive someone to dress up like this >> motivation and love for the character. >> we are in it, we're ready to go >> we are talking, listening, we're in it. >> do you think you have the skills it takes? >> maybe if i work harder and practice more. >> i don't think any company has made the same commitment in resources and talent and capital to ensure this is something truly incredible >> this is changing the landscape for media companies

and how people are participating in sports. it was exciting to be here, i better be here next year, i want it all >> i was the only guy there in a tie, but i was having more fun than anybody >> will esports be the next big drivers? >> it's going to be a major driver -- activision is head and shoulders out there. i think that the media companies, disney, obviously being involved having this shown on disney and espn over the weekend tells you how the media companies are embracing this as well it's all demographics, it's not just guys, girls, it's not just young folks, old folks >> you're talking about their exposure to the crypto world you need a really darn good graphics -- >> listen to you >> period. >> for more, let's bring in our next guests.

aim ex-mendez, you know him as golden boy they own the london spit 2350ir, this was the blue team who beat the philadelphia fusion. what does it mean to win the finals do you get a chunk of cash do you have a way to value your team right now >> this event we got $1 million. we can start there >> not bad at all. >> as far as valuing the franchise. >> what did it cost you to start the franchise and what is it worth now? >> it's been reported within the $20 million range for the first teams. that's fairly accurate, that's not what you would pay to -- >> you think you could sell it for more than that now >> absolutely. >> this reminds me a little bit of soccer. there were people that thought

soccer was this niche sport, who cares. they were proven wrong this is not a niche sport. i watched this in a restaurant bar on espn. how much more growth 124r? global soccer is a global sport >> what makes esports so special is that it is a global thing you can compete anywhere there are teams in london, you have the shanghai dragons. you have teams all over the world, but players all over the world. what makes it fanning taftic, i was a football player many not very good. got beat up a couple times in the bronx. i can't do this any more i could play video games

i played them competitively for a long time. and then i decided, i'm going to transition this into a career. now we're selling out barclay's center, that is mind blowing i never thought in my day i would see that >> do you think it's because it is -- anybody can do it? you don't have to be 6'5", 320 >> yeah. >> anybody can play video games and be good at them potentially. >> i think it's hard work and dedication those are the recipes for success. >> most bornly, when it comes down to this, yes. you can compete pretty much anywhere, so long as you have equipment or you can go to a place that has the equipment, you can make it happen how do we monday ties this, as investors, right we look at the video gamemakers, the chipmakers, who's making the money off of this? >> there's several different ways you could make money on this, either owning the teams,

owning the platforms that you can watch the games. supporting sites and tools to help people play better. there's other tools out there that i try to help my players understand the game better track their play and improve as players. if you look at all the different ways companies are made, those type of opportunities are available. >> i wish we had more time, we do not we'll get you on soon. thank you both very much >> tesla sinking today we'll give you more on tesla coming up. [music playing] (vo) progress is in the pursuit. audi will cover your first month's lease payment on select models during summer of audi sales event.

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tesla shares falling another 2% today they're now officially in a bear market down over 50% from their 52 week high is there a turnaround in sight mike, what are you seeing in the options market the market is implying a 9% move up or down after earnings. the areas where we saw the most activity today were 330. those are traders betting that tesla could be as much as 10% higher by the end of the week. of course, it takes two to make a market i've made bearish bets on tesla myself >> thank you very much for more options action, check out the full show fridays, at

5:30 p.m. eastern time final tres aunadrod the horn here on fast money are next. see that's funny, i thought you traded options. i'm not really a wall street guy. what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step until you're comfortable. i could be up for that. that's taking options trading from wall st. to main st. hey guys, wanna play some pool? eh, i'm not really a pool guy. what's the hesitation? it's just complicated. step-by-step options trading support from td ameritrade

time to go around the horn, final trades, tim seymour. >> at&t getting upgrades after decent numbers >> i like the bank >> jamie dimon >> don't take your eye off the ball, what's going on, big

picture you buy some gld >> gold. >> serious logic apple reporting a lot of things going on >> nice job. >> thank you very much tune in to watch worldwide exchange, starts in about thre "mad money" with jim cramer begins 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 the 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-cnbcor tweet me @jimcramer. somebody, somebody panicked today. >> no, no,