top and nada about the misconduct allegations and we'll keep monitoring this one for you, guys. big news les moonves on the call. business as usual. nothing to see here. >> thank you all of our guests, stephanie link and bill cohen and thank you to mike santelli as ever. that does it for "closing bell," "fast money" begins right now. this is "fast money," you've been watching the coverage of the call with ceo les moonves for the first time since a bombshell new yorker reporter brought up allegations of misconduct he did not address those allegations. the q and a is starting and we will have more on that as it develops and good to have you with us tonight. we are starting with a historic day for apple and a historic day for the market and the first u.s. company to be worth $1 trillion and closing above that level. let that sink in a trillion dollars and the stock smashing records as it jumped to an all-time high and it's been quite a high for the california-owned company and founded by the late steve jobs

and steve wozniak in 1976. the first model of its computer launching the following year the apple 1 to the mac to the ipod and the ipod and it quite literally has changed the way we live and what looks like world domination for the tech giant and it's such a big night. we're ditching the bitcoin bug. >> it's america, by the way. >> we prom i you'll be okay. >> we're replacing it with the apple bug and you can watch it for obvious reasons and above the trillion dollar milestone, despite being the world's most valuable company, many still do not own it is that true >> many still don't own apple? >> it would be a lot higher than a trillion >> for those at home who might be tuning in, the question is simple, if you don't own it, guy adami, can you still buy it? >> yes it is a big deal a trillion dollars is not to be trifled with we talked about this five or six years ago and we laughed at

people who said apple would be the first trillion dollar company and here it is it's a big deal because everyone's talking about it. to answer your question, can you still own it it isn't a finish line it's a benchmark if you were to look at the company and look at the fundamentals and say this is a screaming bay. i'm not going pretend i've been an bearish, apple bull, and he's gone down a number of times and this is the way i look at it and right now apple is scheduled to make $13.45 a share next year and that means their market multiple and what they will pay for their earnings and $15.42 as compared with the 18.1 and i would submit as they continue to mix the services where they have a recurring revenue stream and a growing revenue stream maybe they should get a market multiple if that's the case, you're talking about a stock that is somewhere around $245. forget about the fact that the

earnings number could grow and the market might reward them with a higher multiple to answer your question, yes, it's a big deal and y i think you can buy the stock. >> this is the stock we've been talking about 11 times a couple of years ago and a lot of that comes with the realization that it will be a $50 billion business and it has a higher margin talking about buying it here at an all-time high after it broke out of a big, big range in a straight line. i think it's important to remember that there's an $800 billion market cap stock that just made new highs and it's microsoft,al nabb microsoft, alphabet, and i don't think you have to run out and buy the stock here and it was a very nice, long day for most of the year and we got pretty much the all clear between now and the end of the year and there's a good shot at some point it retraces back toward the breakout level and if you have to own it for 2019 >> i think more interesting that

if it's a widely held name that if you do own it already, should you use opportunity to make profits hitting a million dollar market cap >> it's not a trillion in a vacuum it's a trillion after those earnings which i thought were impressive and so for me, not earning it and having the ego of god, i missed it all right, i have this much alphabet, weigh overweight and if i were just coming to apple today looking at the metrics today would i own it or would i continue to own it if i already did? >> so i bought some today which was a difficult thing for me to do to buy some it's not a huge position if i had a huge position, i would probably sell some today and owning zero i had to swap out some alphabet into this. short term, i am guaranteed the top for anybody out there. short or sell with impunity and it's going down tomorrow because i bought it. >> my question and both of the

questions i pose said at the top, yes, if you don't own it, you can still buy it if you do own it, it wouldn't be a bad idea to take a little off the table. >> that's always a good idea after a big run. what's changed with the number that the price is higher and the company showed you that they're delivering on this diversification and the product mix, whatever you want to call it i think the fact that we're going into the strongest cycle or the period to go into this stock into a new release whether you're excited about what will happen in september with the new products and they did this with the historically weakest quarters oh, a trillion dollars and we'll sell the facts and sell the big number i actually think that apple right now is kind of like guy and i we talked about stairway to heaven is one of the most overweighted and underweighted stocks i think a trillion dollars makes them harder to catch right now >> i think rnd and the pressure they put on their suppliers, why is apple weaker today that the

company is strocker. >> they have not grown iphone units in the last four years there are things that are important are important to consider we know with the tech company that the average user outside of north america is much lore in every other region so if the next growthiary is a much lower hardware place where they don't get the leverage because of the services and then the story could be kind of dead for a little bit >> they're up 19%. tim cook said -- >> how much success have they had selling apps over the i tunes store in china >> the hardware business >> google can't be in there and netflix can't be in there. the number one thing they've been able to do in china is sell hardware. >> isn't that the hardest part of the low-income population and not the bread and butter of the business. >> they're telling me the bread and butter of the business going forward is services. >> that's what changed for me.

they've re-affirmed that they're broadening the business model and they're becoming possibly a -- the iphone volatility and i think this is a much more predictable company. i see $250 billion with the balance sheet and they'll be buying back $20 billion, and they'll buy back more stock than anybody else and they have the most cash on their balance sheet with anybody there they have the ability that many don't to raise their prices, as well to offset when they've been seeing in you will actual isp. >> i think i've gone back last quarter. >> they've bought $43 million. >> i'm just saying it was pretty astounding flp is a level of confidence of what they're doing

over there. >> they probably get penalized for their cash position. ken can probably speak to this and if they were to put it to work without buying back stock and buying a company where they could see ridiculous growth maybe the valuation would any higher i would submit you're right and you have a quarter of a trillion dollars sitting around >> five or six years ago -- >> that could have -- >> dan's going to think i'm nuts i'm thinking square is not necessarily a hard wear company and it's a technology company. doesn't it just go so nicely with it with apple products? that wouldn't be a crazy acquisition. you're talking about a $40 billion deal and that could be tremendously create of for them going forward. >> what about the money? should they make a big acquisition? >> it's deep what was that -- if you say, okay, they've now hit a trillion and let's look at the next five-year trajectory for the company and the stock. do they need a big acquisition

do they need to deploy some of that overwhelmingly large amount of cash for the next five-year milestone? >> right now this seeming to be working pretty well for them what i don't really love is them spending a ton of money on autonomous driving i think they're really late to that >> okay. >> i'm not surprised you disagree. >> i actually think that anything related to a.i. and autonomous, i think this is the next real lat form for them. >> but how do they get an edge there? >> they had siri that had 100 billion -- >> when you think about it, how will you autoonomize it? >> the pitch in the first inning of autonomous. >> we're in the first pitch of the first inning think about this, ipads are gone, okay right now there are other products that are wearable and

it's the air pod and the watch it's greater than the combination of macs and ipads. this is a company that will need to continue to replace their second biggest product if you take the iphone ecosystem, that is one product and i don't think they want to be the one product forever >> here's what we'll see and canceling the broken -- two things, they've got a brand that's untouchable that means loyalty and the install base of a billion phones which you talk about all of the time this company has to do something like that. they. >> from $1 trillion company to another. who will be next >> amazon, movrt, alphabet >> i think it's amazon and amazon has the ability to apple to create the dire and consumer

buys that we don't have yet, and their operating margin was $275 and there's more leverage to pull than anybody and they're 15% away. >> they're closest statistically and it would make them the most likely because they're the closest. if alphabet were to do something more on the per share basis that's bigger than apple's they could get there much quicker. >> amazon 8.95 amazon, 8.58 and microsoft 8.25 as of this conversation or thereabouts. >> the bull market is intact and we continue to go higher after next year and ail will be trillion dollar market caps and it's important to remember that the five biggest stocks we're talking about, apple, amazon, facebook and microsoft, they have a combined market cap of $4 trillion that's almost the size of the shanghai company comp when you think about it so this is happening

it's a juggernaut. >> that's the sign when we start asking the question, is that the top in the market when you have all of these companies on top of a trillion dollars >> and i've made this analogy and i don't know how smart of an analogy it is, it can force stocks to continue to lead the market and the red sox have 25 guys on the team it doesn't mean that all 25 are carrying their weight and there are probably four or five guys carrying that team and it's playing 700 baseball and it can last longer than people think. >> coming up, check out shares of cbs the stock is lower as the ceo, les moonves is on the conference call as we speak the q and a beginning, as well we'll tell you what he's saying and more importantly, what he didn't say plus, this earnings season and some of the market's favorite stocks which ones are now a buy a top technician will weigh in and as apple has a trillion.

is the smart money on the wrong side of that there is another hedge fund. in we're live in times square the heart of new york city and there's much more "fast money" after this [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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>> back on "fast money" with an earnings whip. we're covering two gaming companies, activision, blizzard and take 2 interactive who took a break from playing fortnite to do this, as well eric >> i'm impressed with the double

box. i am -- i've never seen something like that before that's blowing my mind i don't play fortnite because like the nba players reversal of fortune for both companies from the year to date performance. take 2 has been unchanged all year and is now 10% after the bell and activision down 1% after the bell after having a good 14% run this year both companies talking about esports early in the conference call and that's a big growth area for both companies and take 2 seeing strength from their nba 2k products and remember, first-ever league started a few weeks ago. take 2's ceo said that the nba team is the company's highest-selling sports title ever meanwhile, activision's overwatch league which just had its finals a few days ago at the barclays center is set up with city-based teams and has team owners involved with these teams

and here's what vkt asian's ceo bobby code said on the activision call. >> the popularity of esports continues to grow, we are well positioned to manage the success of the overwatch model to develop opportunities in the future. >> that's the story from activision and take two. fortnite is their big competitor so we'll have to see if that will affect their long-term fortunes down the road back to you guys >> that's exactly why i brought it up. probably talk about it on their respective calls, as well and i've got to believe that analysts are asking them that very question. have you heard anything about that >> have you heard anything about it yet the calls are still going on and they'll still go on until 5:30 so it's still in play and they might have said it until we were talking just now and that is definitely happening. >> thank you very much 11,000 people at the barclays center activision with overwatch to me is a franchise that will get

bigger and bigger and the second call of duty, and the third quarter guide for now is weaker. and it's down to the 60s and ultimately, i'm thinking around $62 and $63, i'm not sure you need to jump into this thing tomorrow, but there are four or five guys that are carving out this space and activision is one of the long-term players and overwatch which is getting cities involved in the passion of sports trends like guys will love the new york everwatch tovm even if they lost in this year's finals >> how serious is the fortnite craze when you're talking about these kind of stocks and taking over the other titles? >> when ea reported, the stock got taken down 5%, 6% and it went down from the all-time high and these two stocks, were down in sympathy and it's interesting to see one of them up and back up to those levels and the issue specifically was related to fortnite and it was live gaming and it was mobile gaming and

they saw a hit from it and the issue right now is it's interesting that they're talking about esports so soon in the call and they don't want to talk about the competition of fortnite right now and that's what put ea on the box >> check out where we stand with cbs. as we said ceo les moonves on the call with analysts making public comments for the very first time since the bombshell report from ronan farrow we'll tell you what he's saying and what he didn't say perhaps more importantly and in the meantime, here's what else i coming up on "fast." ♪ ♪ >> actually, it's not because shares of mcdonald's and a number of other burger stocks have been in the dumps and one trader made a big bet that it could go even lower. we'll explain. plus -- ♪ ♪ as apple passes a trillion dollars, you won't believe the number of hedge funds that missed the move. we're naming names when "fast money" returns

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welcome back to "fast money. shares after hours and the conference call concluding moments ago with ceo les moonves speaking and not addressing any of the most recent allegations and julia boorstin will not only tell us what mr. moonves just say and the one big thing, julia, he didn't address. >> he certainly did not address anything about the allegations of sexual misconduct or the pending litigation which are the two issues hanging over cbs' stock. instead, moonves gave a 15-minute monologue about the company's growth the only comment about the allegations as well as the pending litigation came from cbs' evp of corporate relations adam townsend. >> in light of any litigation and other matters and on the advice of counsel, the scope of today's call and questions will be limited to the quarterly results of the company >> abiding that restriction by

townsend, no analyst asked any questions about those issues instead, focusing on the company's better than expected growth of its streaming services cbs all-access and showtime ott, the company saying it will hit 8 million subscribers and target 16 million subscribers by the year 2022. >> as you can see, our strategy is clearly working our base advertising business is strong and we continue to grow new revenue streams from all of the ways we are licensing and distributing and our ever-increasing portfolio of premium content. key to the success is the expansion of our direct to consumer services across entertainment news and sports programming and internationally, as well. moonves also talking about how they're creating more content for streaming companies with 24 pilots in development between premium cable and streaming services such as amazon moonves also saying that they're glad that the limits have lifted and they would be interested in buying the right stations that

could fit for them he also said he loosened rules around sports betting and the focus will be on live sports and advertising, but again, no comment on either the investigation to savmeexual harassment allegations or the legal battle with redstone back to you. >> julia, are you surprised that he did not address the allegations? >> i think he's following the advice of his attorney i can only imagine that this is a legal decision not to say anything i think i expected him to say something simply because his comment to the new yorker in response to allegations and in the article they published his response to the new yorker was so long. it was a full paragraph response and it wasn't a no comment it was actually a lengthy response and i would have expected a little bit more here, but i would suspect it would be a legal decision not to say anything. >> julia boorstin out in l.a >> you, karen, own a little bit of the stock >> i do own a little bit of the

stock. it's interesting to me, you can't ask any questions about the one thing you want to ask about, but everything else is okay that, i don't know, i'm surprised one analyst, at least didn't try to give it a go i don't know i'm just very surprised they did it this way. who will be on the call? he's not going to say one single thing that you want to hear. >> the allegations against mr. moonves have led to one key question is the cbs board complicit in the moonves scandal? in a column for "the new york times" earlier this week, jim stewart laid out the murky water surrounding the board and how much they might have known about the allegations and many questions remaining unanswered tonight is ronan farrow when originally broke the story gearing up to do yet another piece on moonves and stewart now, good to see you >> so give me your initial reaction to not addressing this at all this evening on the call? >> i think it's trick, because

as you know, he said, he did address it to the new yorker and he would have made a reity raising of the statement it's significant that in the new yorker comment he didn't deny everything he did apologize and say he was sorry if he made advances that made some women uncomfortable. i read that and i said whoa! who approved that statement? that's an admission that something went on here and that's a serious issue for cbs as they go forward and also, as i pointed out, it's a very serious issue for the board. if that's the case, are you surprised that he wasn't suspended pending the investigation? >> yes i was initially surprised. i thought, look how disney has handled similar allegations even with senior people they immediately go on leave that's not to say they're guilty it's not saying we're pre-judging this and we're not firing anyone, but under the circumstances, it's best for all concerned if you step aside.

here we have a different situation and he is the ceo. in contrast to people like harvey weinstein, up until now by investors and by many employees and i think a big question for the board, they must talk about this on monday is if he did step aside, who will they put in the interim because he's not the only one under a cloud and the board said we'll invest to get the whole culture of the company and we'll look at other executives of the company and say if they did not know and were there other examples of this and have to take them out in another month >> what do you think the board knew and when did they know it sort of question >> there are some sprinklings out there today that some members of the board had heard some allegations about moonves >> i know that they'd heard the allegations and i reported my call to redstone was asked

point-blank if there was truth to the rumors and he said there wasn't i don't know if what was asked and answered and it was a serious issue and they may be at odds and the chief executive of a major company can be less than candid when they get important questions from the board these articles have been in the works for months and the wall street journal is calling them and ronan has been on this article for months and in february and march, they were sure they were about to drop the bomb and these were people inside cbs and at this point clearly, first of all, directors heard the rumors and i would feel it's the obligation of executives at cbs to warn that the bombshell may be landing it was even longer than that and say it was a week and that was a week that they could have prepared for this bombshell and they didn't even have a law firm to take on the internal administration and as i reported

they told some directors and not all that the new yorker story was about to come and even if you don't like some of the directors i don't understand how you can get away with telling some people information and withholding it. >> do you think moonves survives this and what is left of cbs on either side of that equation >> those are big questions obviously, i don't have a crystal ball, but my own view at this point is it will be very tough for him to survive he has bought some time here and the board has bought some time to maybe prepare in a more orderly way and given his virtual admission to the new yorker and the possibility that once this pandora's box is open, other people will come forward, and somebody went to the l.a. district attorney's office and they didn't pursue it, but only because the statute of limitation his run out not because they didn't believe it had happened these are all very, very serious matters and they've got some very good law firm, and very,

very highly respected and they've got the former u.s. attorney running this thing. i think it will be a very serious and credible investigation and if something happened they're going to find out. in this climate, i just don't see how he survives. >> appreciate your insight as always jim stewart, "new york times." >> so, opinions all of you what do you do i'm wondering -- i don't know how long it will take the board to come to some conclusion october is sort of an important time because we may have some resolution on the via com issue at that time that would be an important point. also, he has a contract extension until june of '21 at which time he would be 72. i don't know that was last year, i think, it was extended i mean, if i were the board, i don't see how they could -- is it a statement that we've investigated all 60, 12 and however many claims and found none of them to be credible and

we've found no pervasive environment of harassment at all and while we're -- while we're looking into this we're going to leave him there but we've done our job. maybe you can ask -- >> the other thing to consider is as all of this comes to a head in the fall, the trial and who knows where this particular investigation is going to go, as larry hagerty said in the wrap-up for the last hour, that's prime time, so to speak for a lot of these networks and especially for cbs and the fall season rolling out and talking about not having to program against the olympics in the coming year and having the super bowl the sky is blue for this company moving forward this brings potential storm clouds at arguably the worst possible time. >> they do, but i think this company is prepared and i think their networks are as streamlined as any and this is the core the reason why you want the stock as an investor is for showtime and these networks are probable as well positioned as

any. i think it's 15 times that the stock's taken a fair amount of hits and certainly cheap for the sector and when you consider the quality of these assets, i think it will be murky for the next couple of months, but i think the investors hang in there and whether he stays or goes and it's an asset for the box. >> for all of the latest headlines and the expert analysis head to cnbc.com throughout the hour and you'll see right there the very latest for what's ahead >> it's paying for a number of once high-flying stocks and the top technician chris barron says there are three names you oushld buy on the dip he'll tell us what they are when "fast money" returns

welcome back to "fast money," earnings season under way, and a number of big names haven't been doing so hot following the report let's get to bob pisani at the new york stock exchange for more hi, bob. >> earnings growth is still going strong and the quarter's looking great, but a number of stocks have gotten punished in the base of lower guidance and other metrics that missed the mark ta take twitter, for example, they had in-line earnings and expressed weak monthly average users and that took the stock down 20% the day it reported another one, intel beat on the top and bottom line, but delays on new chips and some margin concerns weighed on the stock and they were down 9% the next day. and caterpillar, they sold 3%

the day after its report and the company beat on earnings and still finds itself squarely in the crosshairs of a u.s.-china trade war. american express fell more than 3% after missing on revenues due to higher marketing costs and other expenses as far as sectors go, energy had the biggest miss, and about 10%. shares of royal dutch/shell got punished after earnings fell short of expectations and though shell did announce the launch of a much-anticipated share buyback program. that stock down 6% just since reporting and sometimes when a stock has had a big run-up, you don't really need a lot of bad news to cause a sell-off take paypal. they beat on the top and bottom lines and they gave decent guidance and after a 22% run-up on the year, in-line wasn't good enough that day was the historic high for paypal and it sold for five days in a row about 7% off of its historic high.

here's the bottom line it's the direction of the guidance that really matters the rate of change matters to investors and when suddenly it gets worse as in the case of a couple of fang names, the stocks go down. back to you, scott >> have a good night, bob pisani >> our next guest says there are three earnings losers and let's go with chris barron of research partners. >> we have three names today and let's start with the global bellwether and this is caterpillar. let's talk about where it comes from and it was only 18 months ago that this was a $90 stock and it goes 90 to 170 and we talk about 2018 and it's been in the draw down all year and it's hated enough where it's probably worth a shot on the long side and we have to use a tight stock at the 132 level and those were the lows from a couple of weeks ago and it has to be your line in the sand here and it's about 142 and 143. you can make the case that it's resuming a trend and let's go to

biotech here and this is amgen that's basically been unchanged since it reported last week. this is one of the favorite long-term -- in the space and it's been in this space for the last four or five years and 130 on the high side, and at the 200 level and 270 should this one break out here which we suspect that it does and lastly, this is amex i think what's curious about amex is the higher low than the bottom in january. higher low in march. higher low in june testing that level near 97 and 98 is interesting, but again, let's be careful about our line in the sand. 95 would violate the thesis and that's our line in the sand and ultimately we think the risk/reward here is interesting. >> come on over. >> very authoritative, matter of

fact. >> it doesn't matter what i was going to say now >> that's why i said come on over >> i get the technical story and we have to take so many things into considering and you can tell me china china, china, and i have all of these other variables to worry about i'll challenge that view aing bit. you have the s&p up 5% year to date, 7% on the total return basis and the headlines for six months have been about as bad as anyone could have written. the broader market has been resilient in light of it if you're a believer that the bull market in stocks is not over and you've had a name on pretty good earnings and it's worth a shot on the long side if we're strict with our facts and we talk about 132, 133 that's the line in the sand here it was a beaten race quarter after the high watermark nonsense >> the biggest issue was how that stock reacted and it opened up 3%, 4% trading higher in the

pre-market and closed down and that was on the week on monday. >> think of the headlines we had and this is what we had and i agree with what chris is saying. caterpillar is the poster child in demand. the last 24 hours have been off and look at the steel company and put together a highly correlated name. >> at one point last night, the s&p futures were down and it goes up, the 40 basis point reversal on the spdrs, right considering how negative the headlines were overnight and you look at the industrial sector peers acting better. the two-week industrial s&p spread is as good as we've seen since mid-2016 right now so some of these other names have some momentum and they're worth taking a shot on here. >> amgen healthcare is the greatest trade no one's talking about >>. >> it led the market in july we talk about value versus

growth and one of the value plays has been in healthcare and amgen specifically, we talked about when they reported and we said it's got to close above 200 and that's the point chris was making from the beginning of the year and the valuation it's hard to knock amgen and if it did close above 2 sxhun 00 and it s itself higher. >> the biotech companies that you worry about the product pipeline, and they're coming to the top line and i think the stock's very cheap and it's got a great balance sheet. >> guys, this is not the only one. >> look at eli lilly and pfizer and medtronic. there's a whole bunch of them acting like it >> that's why we bring it up many of them are up double digits over the last month and that's yet sector itself is up >> what about amex anybody buying amex? >> i just want to make another point. there is another stock, paypal and i think the way those two stocks reacted to disappointing quarters >> they were just down a little bit. they didn't get killed and i don't know why those were in

there and i think they showed some resilience and there are things going on fundamentally there that are constructive and the fact that the stock got killed >> every time they keep coming right back and i think the 95 area is a good level >> thanks so much. >> coming up, shake shack sinking in the after hours the company's conference call under way as we speak. we'll tell you one thing you need to know about the quarter that has wall street talking tonight. plus hedge funds getting left out in the cold this season after piling into facebook and out of apple which, of course, has been on fire and we'll tell u o yowhgot hit the hardest. more fast coming up. wrong. your insurance company is gonna raise your rate after the other car got a scratch so small you coulda fixed it with a pen. maybe you should take that pen and use it to sign up with a different insurance company. for drivers with accident forgiveness liberty mutual won't raise their rates because of their first accident. liberty mutual insurance.

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>> welcome back to "fast money." shake shack, down. >> it was a big beat on the top and the bottom line for shake shack and it appeared to be essentially in line with the 1.1% the street was looking for and the company reiterated its full-year guidance and considering the stock's huge run up more than 90% in the last year, expectations were extremely high going into the results. our historical analysisth issed in order for shack's premium multiple to expand, second quarter comps needed to beat while updated 2018 guidance implied a raise for the success half of 2018 versus the .5% consensus. reacting to the results, web bush noting that shake shack didn't get there, we needed to see a 2 percent-plus, and

clearly needing expectations to be too high and it was reiterated and without raised guidance, clearly the valuation will be a concern. the call is ongoing and shake shack announced it's joining others including starbucks in getting rid of blastplastic strs he's proud to eliminate all plastic straws within the first quarter of 2019 and you are seeing a downward motion in shake shack's stock. >> meg, thanks so much meg terrell following the earnings for us. >> burger stocks have been struggling all year. is shake shack about to join the burger blues what do you think? >> i think they're running the company as well as they can and they're a victim of their own success and it's been down 18%, to 19% and it's struggling to hold on to the gains and the expectations and the comps are difficult here and they're connecting on all cylinders. >> they beat and didn't raise by the beat >> they could be this is a valuation call and if

you look at fast food, the valuations are all over the map and people can make arguments all over the place and shake shack. >> operating margins came in a little over 11% and the street was looking for 8.5% in terms of the guidance, josh brown called randy up and said he will not be dining at shake shack for the second half of the year and no chance he's watching now. >> didn't you work there >> we saw the video. >> we always see the video >> you wear a hair net >> no, i don't wear it at the restaurant just at home >> we don't have the video >> too bad >> sorry, josh great stuff. >> he takes it as a compliment >> options traders sure aren't loving one burger named mcdonald's break it down for us. >> this was today's action which was interesting for today and into tomorrow. the put volume is two times that of calls today in mcdonald's and the most active strike were 5500

of the august 3rd. tomorrow's expiration and 155 puts with 60 cents, excuse me. you see this sort of price action on the short-term asis, and could there obviously be some protection and it's more likely of a trader with a break down they illustrate why one might be looking at the 155 strike level and it's bounced off there and numerous occasions playing for a move below there and this one is kind of interesting and look at the up trend line and you see good move to the down side if you get to the 155 level and buying a put to play for that sort of move is not the use. >> for more options actions, check out the options actions at 5:30 p.m. >> crossing the trillion dollar milestone. did the smart money miss the party? we'll explain.

plus, get a sneak peek into the "mad money" studio, our cramer cam. tonight jim sits down with the ceo of clorox after the stock cleaned house today. [ laughter ] >> didn't write it just read it see what you did there we'rlie ve at the nasdaq in times square more "fast money" after the break. oh, and there's the closing bell. (sighs) i hate missing out missing out after hours. not anymore, td ameritrade lets you trade select securities 24 hours a day, five days a week. that's amazing. it's a pretty big deal. so i can trade all night long? ♪ ♪ all night long... is that lionel richie? let's reopen the market. mr. richie, would you ring the 24/5 bell? sure can, jim. ♪ trade 24/5, with td ameritrade. ♪

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xfinity mobile. it's simple. easy. awesome. click, call or visit a store today. we are back on "fast money" as apple soars to new highs and wall street is celebrating except for the hedge fund world and our leslie picker joins us with the details >> it always seems to happen this way, scott. apple is the go-to and tween million share was apple in the first quarter and that's according to symmetric.io which analyzes trends with 1,000 hedge funds and we'll find out in a few weeks if any of these guys bought shares in the second quarter when those disclosures are due, and just to put things into perspective, apple's market valuation, of course, reached $1 trillion today the size of the entire hedge fund industry which invests in not just equity it is, but fixed income, commodity, et cetera is just $2 trillion more. so it's no secret that apple and

other banks have been increasingly responsible for the market's gains over the last few years, but for hedge funds looking to outperform the s&p that creates kind of a conundrum. too much exposure to companies like apple can cause the fund to be overly correlated to the market, but without the big names they can be difficult to outperform and that's what we've seen over the last few years and to give you a sense of what we're working with from a stock-picking standpoint, delivering alpha pulled about a hundred large institutional investors at a conference about who they think will be the first to reach $1 trillion in market cap. nearly 70% chose amazon, not apple. the one firm that's continued to add to apple, warren buffett's berkshire hathaway, his firm made $3 billion on the position between yesterday and today. two days >> you did mention two funds

that made a good amount of money in apple and apple, for example, not everybody missed the party >> didio you ca you call it appe palooza. >> no, that just happened. >> there was one point about this data, though. i that you were going to get there. >> it was very interesting because these -- these are hedge fund nirms that have been long the stock for massive periods of time and this is one of the most fabulous investors i know right here, karen finerman, when was stock was in the hole in february you bought stock and when it went to the high you sold it and when you look at the reporting it's not there, but you made money on it i think putting too much emphasis on what was reported 45 days after the quarter doesn't make a whole heck of a lot of since. in my opinion, i thank you for doing it >> the other point to be made is these are exciting trades and

facebook is as crowded as any of them and when you have the opposite story there and these guys have to stick with the benchmarks and they don't want to miss the stocks that are outperformed and a lot of these stocks are in the wrong name. >> present company excluded. i think hedge funds fashion themselves to be the intelligencia and the intelligencia tries to figure out ways to sell the market and be the contrary voice and i think that's true for the hedge funds and everyone is looking for the next downtrend, myself included and i think it's hurting performance. >> we were talking about this earlier in the green room about do you want to be paying your manager two and 20 to own facebook, apple and -- or do they have to find some other way to do it shts to own it, but some other way? >> let me tell you something, if i had a hedge fund manager that i was investing with and they were with apple and facebook and google i would be happy to pay

them 2 and 20 because the returns would be fantastic relative to some of the others that have missed it. you're paying the fees not getting your money's worth >> there was a point why the big, massive hedge funds are in trouble because they can be more nimble and they can be in smaller names and that's very positive, i think, when you look at smaller managers. >> when you look at performance over the last two years, hedge fund managers have been underperforming and those that focus technology specifically have been outperforming the other strategy and they've attracted a lot more and the question becomes how hedged are they in these names and other tech names so that when the downturn and it eventually will come, the reckoning will come, how protective will they be and how protective will your capital be that it would make sense to pay that >> leslie peckeicker, final tra are up next.

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welcome back it's time now for final trade. we'll go around the horn tim, you're up first. >> amgen, i think this is a story and i'm long and i think you can stay in biotech. >> yes, with the volatility index all of the way back down to where it is now, i think it's time to buy some protection.

s&p puts >> danny boy >> i don't like his call >> all right guy adami. >> really hung him out to dry. >> you get what -- he deserved it >> cigna, too cheap. just too cheap there you go. >> good stuff. thank you all, have a good restu 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. 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 isn't just to entertain but to educate and teach you call me at 1-800-743-cnbc. or tweet me @jimcramer we have breaking news. i mean you've been hearing thi