day, tesla mike, what would you make of the news becky quick just brought us >> there are several investors, big ones who might actually be interested in owning this company forever. the banks would never finance this kind of a deal. >> because there are other people who could >> if he tries maybe there will be at least a process to see if that can happen. >> and also showing great breaking news throughout it and thank you guys for the birthday wishes and that does it for "closing bell," "fast money" begins right now. "fast money" begins right now overlooking times square scott wapner, along tim seymour, karen finerman and guy adami tonight on fast, a big night for earnings and disney volatile after hours. laughing over there. we'll bring you all of the headlines from the c suite as those conference calls are under way. plus, the s&p 500 just inches away from its all-time high. >> what -- >> what's wrong? >> so is the record rally back

on and what do you buy now? but first, we start with the tweet heard round the world or at least around wall street. ceo elon musk creating chaos with a single tweet, quote, i'm considering taking tesla private. $420 funding secured which led to the stock soaring and then being halted and then soaring once again and let's go to leslie picker in the newsroom for a wild day in tesla. >> wild day indeed as the stock soared the questions surged, what buyout shops would assist musk? how finalized is some sort of deal and is $420 per share a real buyout price? meanwhile, musk continued tweeting, but not answering most of the major looming questions eventually the stock was halted for pending news and about a half hour before the market closed, tesla published a blog post titled taking tesla private. a final decision has not yet been made even though he was considering taking tesla private

at $420 per share. he went on to say tesla would operate better as a private company and they would not be subjected to the volatility in the stock price nor would they be subjected to quarterly earnings cycle musk said as the most shorted stock in history, being public means there is a large numbers of people who have the incentive to attack the company as tesla shares resumed trading around $3.45 today, they skyrocketed higher as investors digested that memo. tesla ended the day at $379.57, 11% higher and they followed a similar move after earnings last week and today's on-paper loss amounted to $1.3 billion year to date, we're looking at $3 billion in mark to market losses, and if the stock does indeed reach the $420 level and short sellers will be look at 4.45 paper losses year to date

perhaps then and only then will they cover >> that's a beg side bar of the story. leslie picker, back at headquarters all right, guy there are be on voubsly two angles here and one the likelihood that you believe this could happen and the regulatory issues just behind the mechanism in which musk tweeted this out to the world the likelihood first does this make sense >> the likelihood would be the biggest sell of all time. >> by far. >> karen can answer that and so with that said the likelihood is probably less than 25%, but does that mean the stock can't get to 420 on its own i would submit it can. our job is to figure out if stocks are going higher or lower. sometimes they do it really well and sometimes i do it pretty poorly and i think we've done a decent job, and very good chance at 280 it got down to 289-ish and we said if it holds to 325 it's off to the races and it's pretty much exactly what happened, but if you're short the stock now given the headline risk.

i continue to say the stock will go higher and we can talk about valuations, and i don't think any of that matters right now, and i think what matters is buyers control and the long haul, even if he's been gunning over the shorts, and he goes over he can -- wherever he has less than a week and it was david einhorn with i'm going to sshd him a pair of short short look, at the end of the day how is this at all, at all in lun with reg fd, full disclosure on names. from my perspective as a ceo of a company to come out and put price targets on stocks and where an lbo may or may not happen or where they've had discussion it was a forced akd to have the shorts cover i think he's incentivized how to do it and he just rolled out his

insensitive program and put high expectations on it purposely to get the street in the sort of mode where there's a potential they could hit 100 billion market cap and then $650 billion. i just think it's insane i think that the behavior and the actions by elon musk in this, it's actually probably border line, if not illegal, and it's disgusting to act like that as a ceo. >> karen >> i think, you know, the twitter release is unusual, but not unprecedented and so --? no, you're allowed. >> you're allowed by sec rules to break the news. >> what he hasn't done yet -- >> -- through social media and they said as much. >> he has a 13d obligation and he needs to amend his 13d, and i think he needs to amend it today or tomorrow and more than 180 characters of what he's thinking about. i think we'll see that shortly maybe he'll just attach that letter that we've just seen and that will be enough. i don't think it should be enough when he says financing secured

it would seem he would have a duty to talk in great detail of what that is >> it is so hard to talk about what that means. fund secured are the words he used and he said investor support is confirmed >> he alone has 20% and it feels like there is support. that with funding secured. one other curious thing for me is he has a concert due march of next year and it is now in the money meaning and will concert to death -- 2w0e68 million. >> they're burning 700 a quarter. when this conner ises through and it's $1,000 a share. >> this is a new level of

engagement for twitter even for elon musk. this is giving a fair amount of detail even though no one has any detail and there was no rumor in the market that these guys were going to do an lbo and people were wondering about the next cap raise and what it would look like and by the way, a tremendous sideshow in the fact that the company is not hitting the delivery targets and apparently nobody cares. the saudi arabia element of this -- >> which is just to remind people of the news that really got tesla off the top of the paper there, the headline is the investment by the saudis sovereign wealth fund into tesla, some $2 billion according to the financial times which broke the news >> right. >> that was the first step in the chain of events that led to this conversation here. >> and are they related? >> ultimately, are they the back -- >> that would be one hell of a coincidence if that understand 15 to 20 minutes, and when i

think about a sell fund. i don't think them terribly as strong investors, in fact, and when i think about the saudi arabian sawed i wealth fuudi wes is a no brainer for them at any price. that doesn't necessarily get me fired up about an yfportfolio investor this is a stock that over last four years, a technology company, a software company, whatever the bulls want to call it as annualized at 8% over the last four years. drastically underperforming the qqqs or the nasdaq so great stuff and if you've been home for the long ride you annualized at 8% if you haven't timed any of these moves you got your face ripped off, from a volatility, risk/reward perspective and valuation perspective and even if it goes out at 420, go have it i don't get it. >> what happens if it doesn't happen >> what happens if the go private doesn't happen >> what are you left with?

>> you're left with what you were two guys ago, and there are a lot of people in the afternoon before the hall. when i saw the surge in activity which will probably be in place while this happens >> and just to be clear on the disclosures and the way it works on twitter, you are able to go on there and give disclosures as long as you provide investors with the time. >> the head's up that something's coming. >> and that's the gray area to how all of this works. let me also just bring you the news from my conversation with jim chanos before we go too far. we talked about musk's war with the short sellers and one of the reasons and maybe one of the principle reasons why tonight he in his letter has had to deal with, chanos saying the short

position is the best thing the stock has going for it musk verses the shorts is a far better narrative than tesla verses mercedes, audi and porsche. i say with a healthy dose of skepticism at the very least just given what kind of numbers are being thrown around for a cup that's still losing money. >> right. >> and who will finance it along -- >> the thing for tesla is not even that they're losing money and it's that the germans are competing massively in this space and this is a data company and we're in a world where people are looking at data differently. if you think tesla has no competition and has a head start i think you're missing the point and this is why i don't understand the cult status these were aren't elon musk's original ideas and he's a visionary, x, y, z and the way the company's being run and we know he doesn't like being a public company and he's told us

that for years listen to the hedge fund manager and he says i've got to invest differently and you signed on and took the money and you went down this road and chanos' point is pretty clear. this cult status you speak to, bluster can contend with a short seller and fundamentals have a much harder time doing that and once you get into a head to head battle with some of the names of the automakers that chanos throws out, it perhaps becomes a much more difficult game >> he actually played the shorts or actually went against the shorts too early to karen's point, given the tact that he has this convert come out, and maybe come out to get to a timeframe. in my opinion, i don't think it stays on for too long. >> let me ask you one question before we bring on our friend gene munster >> if we did not get the twees

abo tweets about the go private, the saudi investment alone, what would your commentary be on that fact alone that's pretty strong for the bullish narrative behind tesla doesn't it remove some of the financing questions? what would you all be saying tonight if that was it >> that was yesterday's news >> that's not a -- i don't know. >> there's been a lot of support for the stock. i get that they could be strategic. it's saudi arabia, the let's face it, the biggest energy producer in the world. >> that's the substance. >> no, the substance is getting to scale and gross margins at 25% and he's been telegraphing that to the street and if he can get production of which he claims he can get to and have a margin of 25%, people one fine with it, but i don't think it's possible. >> he says tesla's mission is easily a of -- let's wring in gene munster what do you make of this whole thing? >> tesla should be a private

company. they have this broad, big vision, and this more than just making a great car and accomplished that and it makes more sense to be a private company and that's on one side of it. on the other side of the equation is investors, public investors, who believe in the story. this is obviously, just listening to the conversation a very opinionated investor base, but the believers believe that this could be a much bigger company and how much bigger, think of it this way, is that this take-out price valuation we're talking about 85 billion for enterprise value and investors that i talk to think this company could be three, four, five times bigger and when you put it into that context you have two forces and this opportunity to run the opportunity more efficiently as a private company and separately, some of the public investors who believe may not be able to invest in whatever private vehicle that they create that lays the groundwork for potentially a higher bid or some sort of higher valuation

i think the stock is going to move to that 420 and then probably more will come out about this potentially even a higher price than the 420. >> what do you do with words like funding, secured, investor support is, quote, confirmed what are we supposed to do with that you have to run it through the elon musk decoder which mean that he probably has some sort of passive conversation with some of the larger shareholders that said they would be interested in moving their public investment into a private vehicle. he's probably had some passive conversations with either a saudi investor or some banks or some way to finance this you can clearly not take it to the bank >> funding secured says you can take it to the bank, right >> he says he has the funding to do it. >> in the letter there wasn't -- the language wasn't as strong in the letter around that, and so i think that you need to -- if, in fact, it was that strong, i

think the stock will be higher than 380 i think it would have been closer to the 420. >> do you think this is going to happen or not? >> i'd put this as a one in three chance that this happens i think there is a higher probability that the 420 number gets moved up and if that does get moved up it's greater than a 50% chance because it makes sense. this is the perfect company to be private given their mission statement. >> what would you have written the story tonight if i'd told you the saudi angle is the only angle tonight. how would that fork your opinion on the stock from here >> i think some of the public investors would ask for more than 420 for the saudi investor. there is a 10%, 15% prime fwrum and i don't think that is enough to hold it in a private vehicle. this say one in three chance,

because this ride it wasn't over. >> give me some just if i caution for that because it's terminal value vefrsus recovery value and i think you can get both sides the justification is there is some logic around how amazon was valued back in the day it was hard to get any valuation around profitability, but you had to look at the long term and i would put tesla's product road map better than any company, and i think there are big companies out there and they're still a huge believer in apple, and i think the road map around capturing energy and storing it and using it through vehicles, so how does that -- why does that come out to a five times bigger opportunity i think that kind of a $400 or $500 billion market cap given what facebook is doing and the market cap and the chance to change how the world utilizes energy the difference is this, on the competitive side, i appreciate

with what's going on with the german manufacturers and some announced from porsche today, but still to scale that's a big deal and to announce and produce -- porsche makes 290,000 vehicles a year and tesla needs to ramp to 1, 2, 3 million. tesla will scale this at a cost that can be available to a lot of people and i don't think some car manufacturers can do that. >> the regulatory issues of the way that this was disseminated do you have an issue with any of that >> initially i did, and then i looked into this reed hastings opportunity or this cover and so i think that he's probably okay. i'm not a lawyer and i wouldn't recommended someone do this, but i think he's okay. >> have you talked to any tesla board members tonight? >> no, i have not talked to any board members. to think we're relatively close

to the company and just expressing this view that they feel this is much better as a private company. i can just say that. >> do you know or can you say at all if you think a formal process is under way, if you're that close to the company to know >> i don't know that. >> gene, and i don't mean to throw you those on the spot things and i thought maybe you would know and if you did you'd tell us. gene munster luke ventures. >> if you took the short and the fact that there's such a massive short component in the stock if you looked on the table and looked at the news, would the stock be trading at this level no way in heck that it would be, wouldn't be paying these prices and nobody was buying it long in my opinion on the desks and we were seeing short covering on the desk. >> lbo assumes if it happens people would tend to the stock at 420 he doesn't want to sell the stock at 420, and i think the

saudi investment and tim will get mad at me for saying this. >> never. >> that's to tesla what the federal reserve is to the s&p. i think you have an embedded put now in terms of tesla. >> that was my point >> that's exactly the point. >> forget the go privates. >> i don't know what it is, but i will tell you, i think the incremental seller is a short seller. >> and all of these people, private company means less liquidity from a guy that would be having his own sfluls would aren't be -- what are you talking about the financing? the saudi was an equity bank they came out within ten minutes so i think they're related, but -- >> all right fair point >> coming up, we'll have much more on tesla throughout the hour karen finerman will break down the public company's road to going private, plus check out shares of disney and the stock's volatile after reporting earnings bob iger is under way as we speak.

the man, the myth, the media legend, tom rogers is there still time to buy the traders give you their top picks. we are live from the nasdaq marketsite at times square much more "fast money" coming up much more "fast money" coming up after this sending your own clubs ahead with shipsticks.com makes it fast & easy to get to your golf destination. with just a few clicks or a phone call we'll pick up shipsticks.com saves you time and money. make it simple. make it ship sticks. when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today. your but as you get older,hing. it naturally begins to change,

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the ibm cloud. thanks, janet. it's welcomemy happy place. store. you can learn how to switch to xfinity mobile, a new wireless network that saves you cash. and you can get 5 lines of talk and text included with your internet. and over here i'm having my birthday party. dj fluffernutter, hit it! ♪ dj fluffernutter simple. easy. awesome. ask how to get $300 back when you sign up for xfinity mobile, and purchase a new samsung phone. visit your local xfinity store today. welcome back to "fast money. the bull os. why did you do that. >> ben lizzy i love ben lizzy

when we hear it it makes me giggel and reminds me of good times in high school. >> closing at its highest level since late january the index at its all-time high and the nasdaq on a tear posting the longest winning streak since may, so the question is simple, with the markets back near record highs, what stocks can you still buy, tim >> it's not a joke when you think about the commodity sector and i think a lot of these underlying commodity plays especially in the ag space and if you look at mosaic and this stock has finally broken out through the key resistance levels and commodity prices are going higher and the global economy for all of the negative headlines on trade is chugging along and some of these companies have never been run better check this one out >> karen >> you go home long your portfolio and you're buying it and you're buying every single name you own the biggest nameis google and it is not relevant upon and from

right here, 1% away from its all-time high. >> are you hesitant to put new money to work in the market considering we're almost back at new highs? >> there are still risks on the table with trade and interest rates. >> true. to me, i would rather buy s&p puts with the vix here to hedge a portfolio than just keep cash. >> gotcha. >> yeah. i like merck, merck and pfizer and the big pharma names and the street expectations for one of the key product is incredibly low. so the earnings power behind that will keep the story intact. i think it's a name that's underownid and think people will continue to gravitate toward it. pfizer is another one in the sector that i love, too. >> talk about a space that's come to life 30, 40 days or so it's healthcare. >> absolutely. these were underowned. these two names in particular were under owned and pfizer, i would say there's a bigger short component there and that may settle a little bit, but ultimately >> i just think and this is big-cap pharma is what this is

and ultimately, these companies have done nothing for a long time and not that they're not great companies, they have pristine balance sheets and pay great dividends and they're great value traps and they're not executing every single day and some of the same issues including the pipeline including the regulatory pressure does not change and i don't think it will change tomorrow. >> embedded is not coincidence in my opinion. pfizer took up to the day and put up a pfizer chart and the stock is going from basically 37 to 41. the biggest move its had in a couple of weeks. your question to karen is spot on we can come say the vix is at some sort of level, and we can absolutely have that conversation and in the meantime it keeps grinding higher so to answer the original question federal express. if you liked ups at almost 16 times forward earnings, that

stock is seen and given its valuation and the environment that we find ourselves in, and by the way, if the post office raises prices which the president talks about all of the time i happen to think that's a good thing for ups and federal express, as well for all those reasons i think fedex is -- >> speaking of top, nice haircut. i took it down in a major way. i mean thshgs i, this is 1981 c >> yeah, baby! >> yeah baby, is right >> it's impressive they have, i would argue have been the leadership over the last couple of months and the rails are an even better place to be investing. >> check out shares of disney in the after hours. the stock is a little volatile the stock's up about 50 cents. ceo bob iger wrapping up the conference call and we'll bring you his latest comments. in the meantime, here's what else is coming up on "fast." ♪ ♪ >> the new crypto on the block,

ethereum classic has the right stuff and it's going parabolic. he'll be here to explain what all of the hype is about plus -- >> i just love television so much. >> don't we all, kenneth there's one stock taking on the tv giants and traders are e tting it's about to break out. thname, the trade and much more coming up on "fast money.

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so no matter what, you're guaranteed to have a perfect drive. [laughter] (vo) go national. go like a pro. see what i did there? welcome back to "fast money," shares of disney are moving after hours ceo bob iger speaking on the earnings call and julia boorstin will tell us what iger had to say about the quarter. julia? >> bob iger opened the call with the 21st century fox acquisition and how it will bolster disney with fox's international reach and the new direct to consumer businesses that disney is dpoek used on. disney shares first dipped after the numbers were released and then they turned positive during the earnings call. it seemed it was around the time when bob iger reassured that

core cutting is slumping thanks to the growth of digital bundles. take a listen. >> although the erosion of the expanded base will continue, impressive growth of the vpds have steadily slowed overall sub losses to that end, we've seen noticeable improvement in the rate of sub loss in each of the last four quarters. >> iger also said that the fox acquisition will help them in their various direct to consumer efforts including hulu and the disney-branded app next year >> in this year after unprecedented consumer choice, brands matter more than ever and the university, high-quality, in-demand branded content poised strategically and successfully navigate this increasingly dynamic marketplace. we always believed that we have the brand and content to be extremely competitive and to thrive alongside netflix, amazon

and anyone else in the market. >> as for the espn plus service which launched in april, iger didn't reveal any numbers. we did say the initial performance is encouraging and the conversion rates from free trials to paid subscriptions are strong with subscription growth exceeding expectations scott, back over to you. thank you so much for for more, let's bring in longtime media executive who served as ceo of tivo for nbc through which he founded cnbc he join us now welcome. it's good to see you >> great to be here. >> that's a long and great resume >> is iger going to get the last laugh? >> well, and you know what i mean by that because there have been so many na sayers and here is the stock back at 117, and sub losses are slowing i think he's got a great opportunity to take a victory lap here if he backs off

the challenges that this company has with the declines in their core business, and they're still losing subs and advertising revenue on the cable side is down the whole sports bidding area is going to get really tough with the companies coming in. now he's taken on trying to catch netflix and to try to learn the satellite distribution business and satellite dishes and set-top boxes and the whole deal which if you look at directv and dish's numbers here and even though sky's in somewhat better shape and not the same story, and a difficult story, i don't get them needing to play that card. >> any -- any plus in not spending billions of dollars on late fees for sports, number one. number two, legalized gambling has to be a boon for espn, no >> now you're talking my game and that's my current company and i don't know if they mentioned it, if cbs mentioned

it on their call and if you're in the sports business and you're seeing revenues decline and you want to stay in the business of bidding on sports, there's one major new source of revenue that you have to get into and that's sports gaming and gambling and you have to figure out how to grab it before the other players do i'm surprised that did not come up as a major issue for them >> but the issue of whether he gets the last laugh, we're not going to know. chasing netflix isn't just about buying stock that's like the fox asset. >> the fox asset, don't you think they paid too much >> if they don't pursue sky, you've got a chance here of getting the fox asset without by next year having any greater leverage on the company. that's a big win last laugh, good victory, but you've got to understand that getting the fox asset the first chapter in a multi-chapter story about whether or not you can catch netflix. first of all, fox has a lot of its content tied up in hbo

much of the disney product is tied up elsewhere and not the least of which is if they don't get sky, comcast has a lot of disney product caught up there they have to figure out how to get through hulu and they have to spend billions, and what they get from fox won't be ginn gin n this is something they'll have to explain, and do you explain the losses because it will be a drag and then you have the issue that you will continue to manage the decline in your core business. >> so you've set it up absolutely perfectly for everyone here. >> right >> the business may be stabilizing and whatever word you want to use. the stock may number a good place, but as tom says the risks are still out there for this name. >> well, it's interesting to hear tom talk about content to keep up with netflix's global

franchise because that to me is an extraordinary statement in that i always thought it was netflix chasing disney i thought it was disney with the best content bottom line, i think bob iger has a more diversified company here disney is a consumer products company. it's a studio. it's obviously the table which is in a difficult place, but i think disney is doing an interesting place in terms of getting to that broader demographic and they were broadcasting this and they're getting into gaming and other sports and how people are consuming that >> i look at it and say the investor base in disney right now is i'm not saying it's a different investor base and it's similar investors and ultimately, you've got a company right now that will have to spend so much to chase netflix, so much and it will cost a fortune and coming off a massive and a successful film play, and i get it's great content, and it's losers. >> no. i'm saying you chased it, but it's going to cost you a lot it will cost you a tremendous

lot and it will impact margins >> there is a victory lap that they should take on the studio side though. >> you can take a victory lap? anybody can pay for anything >> well, before they get to pay, the studio 11 days the film taking in a billion dollars and the kind of market hashare they have, and getting over 50% share in theatrical production without anybody raising an eye at all on that you've got to give them a big victory on that. >> that's sustainable and you have to say, is that a sustainable aspect are they able to sustain those nbas >> they' . >> they've shown capable with pixar and lucas and marvel you can't take a thing away from them on acquisition with studios and fox will only continue to

drive that, i think. the problem is to your point, it's not enough. to play the netflix game and the amount of incremental dollars you have to put in programming is so far beyond this investment which is why i think, geez, do you really want to tie up a bunch of cash in sky and have to manage the decline of that business when you could go home and save your resources for the game you're really going to need it for >> we appreciate it as always. >> thanks for having me. >> tom rogers. still ahead, snap seeing a huge reversal and the stock was up as much as 11% in the session and now it's sinking we'll tell you what's behind the move and get instant analysis fromwall street plus it's the new crypto on the block. ethereum classic soaring more than 30% as investors await the coin-based debut what's so special about it anyway who else, but brian kelly, the moneymakerilbe wl here to explain. explain. more "fast" right after thisand.

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welcome back to "fast money," there is a new kid, i mean, crypto on the block and it's ethereum. it's over 30% over the past week while bitcoin struggles and it is nearly $2 billion in market cap and it's the 13th largest cryptocurrency, and the hype has gotten so big, and it's an ethereum classic plug. >> a nice show >> see how interactive we are and how we try to do >> we are hanging tough like the

new kids. ♪ >> another joke that fell flat >> then again, people at home are laughing right now >> i have no idea what he's talking about. >> is that donnie wahlberg's breakout what is behind ethereum classic and his rise and let's bring in our very own crypto baller and brian kelly is in boston, and b.k., i'm sorry that you're not here with tim's jokes firsthand. >> i can barely hold it together >> and we're having our own trouble here as we saw the very top of the program what's up with ethereum classic right now? >> it's as you said, over 30% over the last month and it's the driver of two things coin-based and robinhood are adding it to, and this is the first time, and it's an easy way to get into ethereum classic and coin base out of it to their institutional side and i believe over the next week or so, and they'll be adding it to the retail side of the platform and

that's what's driving it >> what do you make of what's going on lately with bitcoin >> i -- well, listen it's a tremendous run off of 5800 and that was all really because people thought there would be this etf and the sec came out and postponed that decision until september, and september 30th a spoiler alert, september 30th and they would postpone it aiary and the sec hasn't had the answers to their questions yet and they've had this big run-up, and we've had a sell-off here today and if you're selling today after this decision, it's the wrong way to do crypto investing and there is more to this story than just an etf. >> ethereum classic, though, what is the adaptability here and in other words, what sets us apart in terms of the platform and what is going to get the kind of follow through that i think people don't see so far? >> yeah. so just for the folks at home,

ethereum versus, theer yum classic, they split? 2016 over a different way to handle whether or not you change transactions and that's the difference between the two same functionality and different paths, though. ethereum has a lot of developers on it. ethereum's classic is getting more developers on it. for it to really take off the ecosystem has to expand and that's what they're working on it right now >> seeberg has the last word nice tan, you look good, b.k i'm on ethereum classic and i'm buying more tomorrow. >> there you go. i like that. >> thanks for the hint on where to go for the spray tan. >> i gave you a new nickname i called you the moneymaker. >> oh! i'm okay with that >> i'm good with that. >> i know. up i know i know >> see you. >> brian kelly. still ahead, snap seeing a huge reversal after hours and

the stock is negative after being up more than 10% we'll tell you what was said on the call that has investors sit hitting the sell button and tesla, after ceo elon musk said he was considering taking the company private. so what happens next karen finerman will break it all down when "fast money" returns

welcome back to "fast money," snap reversing and falling after hours.

let's head back to julia in los angeles, to tell you what's got the stock moving all around. >> snap beat expectations and prince alwaleed announced on twitter that he invested to have's 2.3% in snapchat. >> while the top and bottom line first sent the stock soaring, that was despite the fact that the company reported daily active users that fell during the prior quarter and the stock moved negative and gave up its gains during the earnings call in a business reporting those daily user numbers that declined from the prior quarter, the company also gave revenue guidance that was lower than analyst expectations, and on the call the company warned that it won't give daily user guidance for the third quarter and warned the third quarter growth rates generally trend down for users and eric spiegel said they have 100 million in the u.s. and

canada alone while daily users suffered from the company's redesign >> we saw a 2% decline in the daily active users and this was primarily driven by the user base given the redesign. >> it's been approximately six months since we rolled out the design and we've rolled back snap chat based on the feedback of the community. >> michael packard telling us that spiegel's comments implied that daily users could be down in the third quarter saying the company was consistently evasive when the reasons why the user numbers to continued to climb. the stock grants were disclosed today that represent 200 million additional shares and they would have to adjust their valuation to account for them. the expanded share count now 1.48 billion instead of 1.27 billion saying that might be beispooking some. >> julia boorstin in los angeles.

>> would you trade this? >> facebook? >> instagram this company was going around and they were prepping the street for this. they were getting numbers lower in the past month, month and a half i think they tried to get it down and be on the red side and they pre-announced and i would stay away. >> whatever stock is 100% and the stocks moved 22% to the down side and moved 50% to the upside and its had ridiculous moves and it's really not moving right now. what does that mean? if the stock goes green tomorrow i don't think you're getting away from it guidance was not great and if this can somehow go from negative to positive and the twitter from that move of 15.5 to the levels that we saw over the last few weeks >> it would be nice to drop earrings and the big -- i'm not a fan of the product not my genre >> isn't it unchanged on the saudi stock? >> see so i should be consistent. if he's making an investment

there, i said the tesla investment, the saudi investment for tesla was the same thing as the fed in the s&p and i will say the same thing in snap, and maybe they're embedded as well. >> from one media company to another, roku also set to report tomorrow in the afrgzs market is implying big moves on those results. let's go to our very own dan nathan out in san francisco with more on that, dan? >> hi, scotty, however they're implying a 15% move and the company has reported three-quarters since going public and last year on average he's moved 25% and the call volume was running pretty hot today. that doesn't mean -- the most acty line w active line was the august call. that's up about the implied move i have a one-year chart here since that ipo you can see, obviously, the stock is down 9% over year

trading was in this fairly wide range between 60 and 40 where it's got some pretty decent support, but you know, this one is going to be on the guidance it's going to be about competition. so the implied movement is coming down quarter after quarter. first quarter out of the gate the stock moved 55%. the second quarter it moved about 18%. last quarter, it only moved about 2% >> are you doing options action on friday? >> yeah, me and you, baby. 5:30 that will be some great tv >> that's right. >> 5:30 p.m. friday, dan, thank you very much. still ahead, musk shocking wall street today saying he may take tesla off the market, but what does the road to private retually look like kan finerman will explain when we come back

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would hire a banker to give them some advice on what a fair offer would be. >> then the next step, they would negotiate with elon. they would set a price >> 420 seems to be the first bid and it could be higher and it could be lower and we don't know where the process would work out and what has to happen next? securing financing and this is really important and it's going to be especially difficult because we don't know how much of that stock will roll over and become equity and how much additional equity or how much debt they will need. so maybe they need standby debt and that's hard to arrange for a deal this size, but say they can get it the next step would then be a regulatory approval, rather. depending on who the beers are, if it's all u.s. companies and they're just taking it private that shouldn't be a problem for regulatory approvals however, if there's foreigners in this secure environment you never know that could become a stumbling block.

plus, the shareholders' vote that's a lot to happen from where we are right now not impossible at all, but that's just a road map to how to get there and we're just one tweet into it so far >> yeah, guys? >> my quick question to karen because you've gone this a long time what do you think the odds are one in ten chance? >> i think it's higher >> this is a cold stock. he's got his own 20% stake and that's $12 billion he's willing to roll in you've got ron baron and maybe the saudis it's oddly curious how they came up with that today and then this issue. it wouldn't surprise me if they were prepared to do some sort of financing. i think it's significantly higher than that. >> do you agree more with the munster, right >> i do. i do agree with the munster. it's a possibility i'm even higher thathmuten e nsr. >> good stuff. >> good stuff. we'll do final trade next.wall .

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? 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 with a $500,000 life insurance policy. how much do you think it cost him? $100 a month? $75? $50? actually, duncan got his $500,000 for under $28 a month. less than a dollar a day. his secret? selectquote. in just minutes, a selectquote agent will comparison shop nearly a dozen highly-rated life insurance companies, and give you a choice of your five best rates. duncan's wife cassie got a $750,000 policy for under $22 a month.

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tan. ethereum buyer. >> be back tomorrow, judge, because it's been great having you onboard. >> amd, upgrade. >> go to cramer, quick >> that does it for us "mad money" with >> and drink a beer! my mission is simple 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 the make friends. i'm just trying to make you some money. my job is not just to entertain, but to educate and teach you so call me at 1-800-743-cnbc, or tweet me @jimcramer. where did all the sellers go what happened to everybody who was worried about the trade