and the rebound in north america. this is the second quarter in a row nike has shone shown growth in the market. >> kb homes up 4% after reporting its earnings the broader market closed 0.3% the dow down more than that. >> obviously sticking around for "fast money" listen to the nike call. >> that does it for "closing bell." fast begins now. "fast money" starts right now. live from the nasdaq market site overlooking norkds's times square i'm melissa lie we have time seymour chyron finer minnesota guy adami. nike sinking after reporting earnings moments ago the company conference call kick-off now we bring you the headlines and get the take on the reaction plus another hit to the face for mark zuckerberg, the two cofounders of instagram jumbling ship starting off with the gladiator style battle of the consumer

inside the arena the rise on the 10-year yield highest level since may ahead of the tomorrow meeting gas prices are soaring and finally fierce of higher costs as tariffs loom. all things that should be taking down the consumer. but through it all retail stocks rally to all-time highs. consumer confidence is soaring the question tonight, are you not entertained? just kidding the question is, can the consumer continue to stand strong is the strength a good sign for the stocks in gladiator, guy, what do you say. >> i'd like -- it's funny. of course you'd like to think they're gladiators. >> i'd lining to think, period. >> stop. >> anyway. >> did you see the movie movie gladiator. >> i did. >> you sounded particularly excited. >> because i actually remember that i saw it. i'm proud of myself. >> it was one of russell crowe. >> are you not entertained. >> yes. >> he is a fan of fast money, by the which russell good to see

you. of course the consumer is strong and to me i'm sure i'll take heat but consumer confidence is just an overlay of the s&p 500. it means the market going high are and people feeling like they have more money. if people feel richer people spend. don't kuchz the ability to spend with the want to spend that's something we have said a lot. the consumers are levered process. consumer debt is north 50% of gchd that's unhealthy with that said as long as market grinds higher people will continue to spend money. however -- we talked about this last week quickly. consumer stocks are some -- some of the retailers are rolling over we played would you rather and was it would you rather be in consumer staples or retailer orp banks opinion and i said banks. the names with huge runs are selling off. >> the reason we are talking gladiator. the sturm secretarier is outperformed it outperformed the s&p it's not

just a coincident indicator. consumer confidence is coincident not leading but it outperformed the s&p. it was left for dead as in all the marilyn retailers were dead. that was more structural it wasn't a description of how healthy the consumer is. yes the consumer is healthy. i think wage gains, job, you know -- the amount of jobs and the available jobs and we see this in every regional survey. we the consumer has room to run. but, again, i think we have had a very big run here. i think we are taking the same trend into black friday. then the comps get tough for a lot of the companies. >> the point is this goes to the heart of the argument with the economy and the market is that the consumer has been boosted by a good economy, tax cuts, stimulus, all these things which has led to the strong stock market like guy said you have to look at -- ask now, 2019, is that going to continue? or is it going to come in? right now the st. croix market tells you that's going to continue and you look at more defensive

industries like the utilities and the sta staples have sold off tremendously over the last couple days while the consumer has done well. >> where does low unemployment rate fit in theoretically, the consumer is in better shape than the consumer has been in in a long time. and finally we see the start of wanl increasing, albeit small but glimers of hope. >> i don't think the wage increase is that small you have the $15 minimum wage. that's pressuring companies. that's just starting a cycle of inflation. and i think you have other higher paying jobs where they can't fill them. they'd like to fill them and can't find the talent. so that's good for the consumer. i think the consumer will dsh we haven't seen back to school numbers. those will be good as tim said we are getting into that black friday and the holiday season i think that will be good. also, i am sort of concerned, though, about trade has all been rhetoric until now then it will start to be actual

trade -- actual tariffs which we haven't seen yet. >> actual price increasing either borne by the consumer or the retailer >> right exactly. >> right, for example gm today with, which has been so frustrating down on those bmw numbers but also down on trade issues i think we may see if we don't resolve trade quickly -- i used to think we would get it resolved more quickly than i do now. >> i'm glad you brought up the bmw numbers. that was interesting they are siting trade tensions and tariffs as distorting the demand picture for a product like bmw it's theoretically indicator. >> the ultimate tanning machine, guy, remember that the convertible, the one you drove. >> it's a product. >> right. >> it's a luxury product. >> right. >> ahere end consumer who could theoretically weather price increase attention additional tariffs on the cost yet they see impact. >> one of the things we see again looking at the regional fed spending with richmond fed best numbers 1993 backup along with consumer confidence best confidence since september of

2000 autos, houses durables, appliances not so much and have been left out of the rally. what do you buy here i think the home improvement names are extraordinary. as much as people connect them to rising interest rates and housing sector think about aiming baby boomers be with millennials, the jobs, the aging housing stock, think about the lack of supply out there people are spending on houses. home depot has taken technology in terms of professional services, how they manage productivivety to a tee. that deserves valuation i stay fl. >> could we think of retailers as those absorbing the cost. >> or the consumer will lou allow thechl. >> exactly. >> this is a difference between pay sg it thousand more for a bel or $2 more for a rayon shirt. >> why did you point at guy. >> did i point at guy. >> it's a natural reaction, sorry. >> you pointed at guy. >> it was subconscious it's a great shirt you have. i didn't anything.

we have multiple things working for the consumer it's working for the stock mechanic you have the potential for a melt up. but you got to worry about high gas prices, worry about tariffs. increasing prices. for now we are okay. but 2019 it looks shaky. >> contractors are purting escalation cause clauses in contractors that people wanting to do a home improvement job this is what it cost today six months the back splash you put in might be 10% or 15% based on tariffs i saw it on the cnbc website it has to be true. i agree with home depot. american express got past the problems of three, four years ago all-time high. master card and visa as well both the latter maybe valuation getting expensive. but american express at 14.5% is interesting. >> phil lebeau did the impact of tariffs on things like auto retailers. he held up a windshield brush.

i think it was $19 or something like that now. but with tariffs they said this retailer said it goes up to $25. >> wow, the windshield brush. >> it was a car wash brush that's a big. >> something i haven't used in a long time. >> look at your car. >> yes. >> 25% increase if you sort of replicate up i'm not saying 25% per se but you extrapolate that with different goods. maybe somebody will think twice before picking up the car wash brush or fill in the blancs. >> you had louvers on the back of the kmar o so you didn't need that brush. >> louver. that's the first time quickly make comments from wilbur ross so ridiculous. he said. >> the one cent. >> it's a wide swath of items. you won't feel it. yeah you won't feel it. >> you won't feel it if you are which will luer burr ross. >> but you will feel it without question it's a a series of things. his comments about it a week and a half, two weeks ago were

ridiculous. >> i o we mentioned the rise in rates. the banks have been sitting on the sidelines pretty much. what is wrong with the struggling seccer which names could be due for break out let's go off the charts with todd gordon. >> first before we jump into the financials let's look at the bond market as measured by the tlt. obviously financials are responsive to where interest rates are going. and this chart is so interesting. this is tlt back to 2016 and you can see this thing is just sitting on the edge of a cliff. i think just hanging on. it has about five possibly -- five tests of this support level at 116 personally i'm short i do think we break lower and that obviously spells for higher interest rates which should help the fed. one thing i would put to you guys is why is this bond market moving lower is it we have a hawkish fed and in fact the kpee is solid or is it china selling bonds my good friend put pout a great chart, chinese holdings of u.s. treasuries at six month throe.

are they selling is this good? that fundamental thing speedy preliminary examination spells out in xlf guy and i were talking about this about a month ago the level was about 28.5 right here in xlf. we breck out but it's come back to re-test i think this whole market is just in such kind of willy-nilly o. is it risk on, off it's a range bound market it dpenz on what the bonds do in the last bit let's respect the trend for now the two charts within xlf show a chart pattern. let's ged a bid here and hold 28 the first one that looked good was citi start up on the weekly clarity in citigroup we have a nice five wave evidently trend. i layoff surfing those they give you three phases of trend. there is number one accumulation here is number the middle which is widespread participation and finally you should get a third phase of this trend which is distribution longer term citi looks good.

this is weekly let's go to the daily. the daily you see the inverse little head and shoulders. oops that's another one. we'll kind of just zero in on that you -- there we go thanks. what you see here is a the left shoulder you have a head. right shoulder here is the many same kind of equivalent 28 level in xlf citigroup looks it holds support in place if you want long exposure in citi i like that provide we're above the 72, 73 in citigroup opinion a finally the mack daddy out there jp morgan strong looking chart there. kind of like a continuation cup and handle here. a base, a little right handle. if you get that launch up through the 120 mark jp looks good if the banks can push up bonds press down, i think those are your two guys to take to new highs. >> todd thinking about the banks we think about rates we see the 10-year yield rice to

3.1% and the 2-year rice as well. when you look at the charts is is there a correlation for the yield curve or the spread. >> i think so. that's why the whole market is so indecisive. it's true the tlt tracking -- 20 plus year treasure ris the yields move up what moves up is the shorter end and at a that's flattening the yield curve. that's precede the last two major stops. it's not inverted yet but the market is on hold bus we don't know what to make of it. the flattening yield curve is the key why we are not breaking higher >> todd, thanks. todd gordon trading analysis.com. >> i think the flattening yield curve. banks borrow short and lend long and but they also borrow short and lend short if anything that's pressure on equity markets because you suck the yield chaser out but financial haves totally underperformed when rates move higher yield curve flat and that's troubling

because they are the most levered to this economy that's got so much confidence around it i stay long banks. >> i agree i like tim am frustrated they haven't traded better. there is a perception that banks are a giant 2-year, 10-year bet. they are not making that giant bet. i think if rates move up it's better i hang in on jp morgan at this time itty bank bank of america citi bank has the most up side. >> whether or not they shall or should be dependent on the 2/10 spread that's the way they trade. >> yeah, i mean everybody is looking at the net interest margin and the 2/150e spread is the proxy as long as people believe that that's how they trade. that being aid said i think jp morgan trades well with, relevant difficult to other banks and today even for me if i'm playing the banks i want to be in jp morgue sfwloon wolf researched banks. citi banks 91 dlarg price

target a huge move from 73 in terms of valuation that's the cheap et out there. >> coming up, check out share of nic, the stock falling after the earning report the conference call is under way we will tell what you the ceo said about the quarter a big change in the, for the coins based platform they will be here to make the announcement the general electric slide continuing hitting the lowest they feel in a decade. the bottom might be in we are live fromim sar tesque in new york city. more "fast money" right after this suit up, there is a chance that's the last time. 300 miles per hour, that's where i feel normal. i might be crazy but i'm not stupid. having an annuity tells me retirement is protected. annuities can provide protected income for life. learn more at retireyourrisk.org

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welcome back to "fast money. more trouble for facebook as the instagram coveders call it quits. jewely boorstin in los angeles with more on what this means for facebook high, julia. >> well melissa coveders kevin systrom and might go kriek krieger leaving the company. ceo and kto after selling the app to fischer for $1.0 billion. they have had a successful run grow going to over a billion monthly user saying they are planning to take off time to explore cursety and creativity again facebook shares bouncing back after dipping this morning on news the departure come at a time when instagram is considered increasingly important for facebook's future. adding users when the core service stagnated and more room to grow add revenue. it's a time when there is growing concern about executive depart yurs.

jan koum on the board announced depart in your april and stand rose nouns announced will be leaving after 12 years this fuels concerns about internal strive at facebook under the cloud of scrutiny for are from capitol hill for election manipulation upon the platform it raises questions about whether there was tension over a push to more closely integrate instagram into parent facebook as for who will replace kevin systrom abthe instagram ceo, the there are a number of reports that the vp of product adam moseri gets the top job. robinson humphrey says it's left with stable footing and the cofounder depart dpur ushers in a new era for facebook jp morgan says we can expect the facebook shares to come under meaningful pressure from the depart zblurs this raise as little broader question about whether the instagram experience is remaining the instagram experience as it becomes more closely integratewood facebook,

particularly at a time when facebook is really relying on increased monetization on instagram in order to offset the declining metrics on the core platform. >> i do think that -- they understand that instagram is value because it's different than facebook. it's a visualed medium the captions and anything about instagram are secondary to the videos and photos on the platform i would expect facebook to be sense i have to that value in the difference between facebook and instagram. i think it will be interesting to see if any really encourage people to link more between the two platforms. one thing we see in instagram really invest is the potential around retail. it's a natural place because it's oh visual it's like flipping threw a glossy magazine to sell people different products within that format. so i think that's one area where instagram sees a unique ability to growen a it's less natural on facebook. >> all right julia thanks julia boorstin from los angeles for us i'm going to the number one

grammer here on the desk guy adami. >> i love the gram i'm on instagram my name if in case the folks. >> what was your latest post. >> excellent question from. >> you last thanksgiving. >> maybe but you are supposed -- it's funny i learn you're not supposed to post a lot on the gram once or twist a week or so not like every five minutes on twitter. >> can i could go back to facebook. >> you can i get ridiculed you're a facebook basher since last quarter. i've been too hard tim has been right on this the stock hasn't bounced silk the last quarter up to 1807 and right now lower after they reported. not a good sign. i did it a back and fill back to the levels we saw 155 when mr. zuckerberg was testifying. i'll stand by that but at some point valuation matters. and today on the other side i thought it traded well activen this news. it had every tonight to sell off a couple% and didn't. >> i agree

i agree. it opened down down 2 plus more% down a third%. i thought it traded well also. i think this part, the founders leaving is a side show to the main issues that face facebook and october 31st is the next earnings release to see how are the expenses -- it was the margin compression we saw last time that freaked the street out. i come back to valuation again and i want to own this business at this price. >> see, you know, i agree with that historically. but i think the way people are viewing the company is very different. and so i've talked about this before and the way i soo he it is they're -- the companies that sell your data and our data brokers like facebook, twitter, google, and those companies that use your data to improve your experience and then sell you things, which is railroad different to me. and i think getting kurt consumer data right and privacy right is critical for big tech i think that's -- that's on

display. >> worry about facebook not google. >> i've been very clear about facebook i think facebook has existential issues but more importantly how do i value a company that can't value the costs of securing their most important asset and i stay with that view. >> despite facebook's recent underperformance one options tradeder is betting a roub for the social giant mike ko is in san francisco to break it down. what did you see. >> this morning at the outset we see slightly above average put volume but to the end of the day to guy and kaern's point the sentiment changes and one of the lard larger trades we saw with the prfrp of the october calls for for shh 1.16 the buyer of those is making a bullish bet of for a recovery above the strok price this they paid up 4% in three woks looking to earnings on the 31st we see a slightly lower than normal implied move process it seems options trade remembers not concerned about today's announcements. >> thank, mike for more options excheck out the full show friday 5:30 p.m.

eastern time head over to cnbc for for the facebook fallout you're watching "fast money" on cnbc in the meantime here is what else is coming up. >> it's a general electric blender. >> and it continues to blend up investors poefrmtss. but we tell you the three signs to know when when it's clear to boy. plus a major change is coming to the coin base platform and we'll ll yteou what it is. when "fast money" returns. >> announcer: "options action" is sponsored by think or swim by td ameritrade. h. math. ooh. so, why don't traders have coaches? who says they don't? coach mcadoo! you know, at td ameritrade, we offer free access to coaches and a full education curriculum- just to help you improve your skills. boom! mad skills. education to take your trading to the next level. only with td ameritrade.

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welcome back to "fast money. we have a bitcoin alert. coin base introduce agnew listing policy that could bring in influx of new coins and assets to the platform i understand of the i have five coins offered right now copy base could buy and sell hundreds or even thousands. for more on how this could shake up the global crypto market let's bring in dan romero.

what has prompted this and what will we see differently on the platform. >> >> so when we talked to customers, the number one request is add more assets to the platform and if you look at where we are today we have five assets on the platform and there are thousands of crypt of currencies we don't support what we are launching today -- and i'm delighted to talk about -- is listing positive coin base.com in a new process where we enable coin base to list as many assets are as compliant with local law. >> let's take the case within the united states. we have spoken to you guys many times. you've spoken to us about why there are so few coins listed on the platform and part of the reason is the because of the regulatory uncertainty surrounding whether or not a particular coin is a security or commodity. has there been anymore developments as far as i know there hasn't been many developments in terms of determining which coins out there fall into that category.

so will we actually see things change in the u.s. platform? >> i think you'll see changes globally we're a global company with global customers and i think we are going to take a region by region approach with every asset. with ultimately trying to allowing customers wherever they are to have access to the maximum number of assets possible think about in the u.s. we are very much engaged with regulators and are going to make sure any asset we list in the u.s. is compliant with local law. >> does that mean -- i guess i'm trying to ask for the coin base user in the united states -- i'm sure many people in our audience fall into the category where they are condition coin base users, the united states with, are you able under the current regulatory framework that exists or maybe doesn't exist right now to list more assets? >> we -- we feel confident in our ability to list more assets in the u.s but it's a case by case basis. >> in the u.s., where do you think you see the most additional listings happen around the world that speaks to the regulatory

framework that exists in different countries and how it differs from what it is here in the u.s. >> yes, i think we are going to list assets globally that's first and foremost any asset we want to list we want available to any customer. i think you'll see certain assets in europe others in less rest of the world. but ultimately every asset which list we want to make available for skmers in the u.s. >> you guy haves seen a lot of competition globally from binance. japanese exchanges how much shift from a u.s. cent rick view to global view is driven by the competition? >> i think it's critical i think ultimately crypto is a global phenomenon. you have software developers and entrepreneurs around the world building products on top of crypto it's unlocking use cases especially in emerging markets we need to to shift a global perspective. i think there are high quality global exchanges that i think you're going to see in the

coming months as we add assets we are more competitive with. >> from the business side of things dan is there a desire to increase volumes i mean i would imagine with the turn in let's just eyes as kpafrm from bit coin prices from 10 k to 20 k plus. is there a zir within the business to just increase volumes overall and therefore you do that by increasing the number of assets you list? >> i think ultimately it's sponing to what customers want so adding more assets is directly something commerce are telling us and so ultimately by adding more assets we are going to increase trust and make the platform easy to use for customers and if you do that, i think ultimately volumes will take care of themselves. >> okay. dan we're leaving it there thanks for joining us and making this announcement on "fast money" we appreciate it. dan roemer rmero >> it's a global asset subject to local laws and that's challenging specifically if you are a u.s. company

competing against companies like binance based in malt 'came out of no where to be one of the largest exchangesous there it's great by coin base in terms of impacton bitcoin not puch but maybe on other coins. >> check out thars of nic ogetting kicked down will the ceo address the colin kaepernick add on the call general electrics siting more than 6% since it got kicked out dow. is it safe to buy the falling stock in guys ha tips. more fast after this oh, that's great sarah. let's talk about this when we meet next week. how did edward jones come to manage a trillion dollars in assets under care? jay. sarah. so i have a few thoughts on that early retirement... by focusing our mind on whatever's on yours.

well back to "fast money." it's been an epic fall from grace for general electric the stock hitting the lowest level in a decade. pu that's the tip of the iceberg. let's get to dom in the newsroom for the details. >> well, melissa just when you thought the bottom was in. markets take another shot at the giant. happening in today's trading with the stock around a 9-year low. the next levels that some traders or investors watching to the downside for ge come via the financial crisis era where we are right now. some hoping for a bit of bounce after ge got kicked out of the dow. anecdotally stocks kicked out of the dow have caught a bid in the following months we are three months removed from ge booted from the dow

ge lost around 12% of the value or there abouts. around $13 billion in market value. you compare that to recently recent deletions from the index like say at&t back after the close of business on march 18th, 2015 in the three months after that its shared rallied 4%. the round of index changes before that happened ban back on september 19th, 2013 when a. lcoa, humiliate packrd and coca-cola got the boopt replaced by nike and goldman sachs. three manhattans months after thement alco a, humiliate packrd returned 32% b of a returned a 8% return. it's safe to say the pressure is on the ceo to show investors that the longer terms plans for kreeting value at ge will be successful but until then they will be we're wereling with whether or not the beaten up stock has become a compelling you have value trade for the time being.

>> dom in the newsroom tim you're still in g.e. >> small position gets maller every day. bottom line what's happened? the news over last week comes from g.e. power. one of the businesses people thought was stable and the h frame infrastructure is something now being challenged i believe the energy assets are under valued for me it's sum of the parts but don't bet the farm. >> if you are looking to get on the name like g.e. how do you when it's safe to jump in guy has things to look for before you catch a falling dsh zbloosh i do i do i'm kidding. it's a joke. i'm walking over to the smart board many and discuss it tim has made cogent points about sum of the parts backup pup but let's talk about finding the become remember finding anemia o they found him how do we do it here number one i look for number 52-woke low on heavy volume what did we see today in dom chu

pointed out we saw the 9-year low trade lgd 134 million shares typically trades between 5 a and 60 pl. that's big volume. number one that's good number two, management addressing failures. mr. flannery john flannery, the new ceo he has addressed the failures of the last decade. he has been pretty outspoken about what has happened and what they are doing to rectify them that's in order. company remains in viable industries tim spoke to that. they are not making 8 tracks, vcrs, kodak film they are in viable industries. health care being one. energy being one they are in industry ifs they figure it out they should do well let's take a quick look at the chart. this is clearly a problem. i mean you see the s&p which is in little blue line -- i mean that's been a rocketship up the last ten years g.e. was following along but

then took missteps and we had the divergence at a point g.e. figures it out given the things i outlined and especially the big volume on the 52-week low not only 52-week low but 9-year low day maybe we are closer and maybe the stock is worth looking at in earnings this october. melissa. >> bk has a question. >> i do have a question for you, guy. you mentioned the high-volume day, 52-week low how do you determine how high volume is high enough. >> that's a great question i would -- instead of today 2.5 times normal volume. i would rather it be closer to 4.5 or 5 times normal volume when you see those numbers it's compelling but i will give them a break this is the largest volume day we have seen in sometime to me in part you have that high volume day maybe not in total but at least in part it's a start for putting in a

bottom >> okay i got a question for you. >> hi, karen. >> about the clown fish. >> not about clown fish. okay at $10- -- i know that used to be an inconceivable number for g.e. but only three days away at $10 is that a line beyond which you can't touch it because you can't own stocks. >> i don't remember the low -- the '07 financial crisis low was. it was around there. maybe even single digits but $10 is probably obviously for a lot of people a lynn in the sand i'm not certain that's the case. but that would obviously be concerning i don't know if we see it. i think we're in the process of maybe putting in a bottom. i know tim hopes that. and given today's volume we are closer than i think. >> thanks for that guy we have the survey monk breaking news leslie pickerign has the details. >> sources to me that survey monkey decided to the price the ipo at $12 per share, above the range it had been marketing to

investors at about $9 to $11 per share paced on higher than expected demand from investors i'm told the pricing details will be out later this evening but the company and advisers decided on $12 per share above the range the company had been marketing back to you. >> leslie, thank you leslie picker in the newsroom enewsroom bk. >> it's interesting in the could be text of ipo some of them went below the range then selling off afterwards in general i take this as a positive for the market that you see demand for the new issues. >> it's also as we said -- the second to the high bid tech names have done well this is a service technology, people know the name have been in business a linc time finally going public and people have been rewarding the companies. >> still ahead, nike falling near the lows of the session we tell you with what is driving the move and get the instant reaction from wall street. plus crypt of to capitol hill, the fate of market hangs in the

cross hairs as wall street and washington debate the regulation we tell you what it means for the space when "fast money" returns. hey, what are you guys doing here? we've been helping you prepare and invest for retirement since day one. why would we leave now? because i'm retired now. so? we're voya.

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welcome back to "fast money. crypto goes to congress. top executives from wall street vc and crypto firms met on

capitol hill to discuss the future of cryptocurrency seema joins with us more on the story. >> that's right. cryptocurrency and the icos were a buzz today in washington warren davidson from ohio hosted a major round table with roughly 50 wall street representatives on capitol hill. topics included the regulation cryptocurrency token regulation and a bill planning to be presented to congress this fall attendees including big name venture capitalist abandresen horowitz, union square investors, crypto finance company circle, the nasdaq, fidelity, the key focus for the meeting included finding better ways to protect consumers from crypto fraud and regulate the currency more effectively. participants expressed frustration at what some felt was a lack of urgency, some worry that if the u.s. does not regulate soon innovation could flock to other countries in fact some executives raised questions over whether the s.e.c. was the right government

agency to be regulating crypto or whether it should be the cfdc or possible possibly a new government organization dedicated to dealing with digital currencies crypto execs also campaigned that icos and instances of fraud gave the space a bad name and that folks in the room want to be compliant if given the chance the meeting comes amid rising concerns it lawmakers over the woes of investing in crypt of including manipulation and funding terrorism eye two executives in attendance told me they hope the input factored as dachds drafts the bill, the first of its kind that could have wide implications for investing in crypto. >> thank you seema we are joined by carla who serves as circle and participated in the round table in washington. carla thank you for joining us we appreciate it. >> thank you for having me. >> from circle's specific point of view what were you trying to get across to this pannell of

lawmakers today. >> absolutely. i think first we are just thrilled to be part of representative davidson's round table and thank him, his colleagues and his staff for bringing this issue to the forefront. we think that legislation is the right way to move and the way to move this industry in the u.s. and that's one of the reasons we created our or were cofounders of the association first of its kind called the blockchain asorks we think congress needs to step in if we want the u.s. to be competitive. that's the first thing we would add volk for some of the central themes of this round table was just that there is not clarity and that was the reason for the -- the title of the round table which was legislating certainty in the cryptocurrency space. >> from circle's point of view is your hope that you'll be able to be listed on a u.s. trading platform i mean, what is -- what is your sort of bone in this fight

>> sure. so we -- he operate a number of platforms one is a crypt of currency exchange. and we have trouble figuring out if something or is not a security i think right now that's our first challenge, is to get some clarity on that. because once you figure out if something is or isn't a security then you can figure out the different rules and regulations that apply for us, you know, we -- and the which that i think the entire group at the round table today views most of these assets is they're not securities and shouldn't be regulated with the same type of regulation that the s.e.c. brings to the table and so i think that was what you heard as a constant team >> in terms of -- in terms of the law that is could be made -- are you getting the sense -- i ask this from the standpoint we had watched the facebook hearings a lot of people were appalled by the lack of knowledge of how that platform worked

within this sort of round table, did you get the sense that lawmakers really understood this i mean i would think this is a more complicated and nuanced space as opposed to understanding how the facebook model works. yet we saw a very sort of perfunctory knowledge of how that worked. >> i feel like the representatives that attended today had a good understanding of how blockchain technology works and certainly how crypt of currencies are traded. that may or may not be true for the rest of the congressional members. it's something that we need to to continue to educate on. >> does that concern you, the lack of knowledge -- that this is a complicated space, hard to explain? it's not everybody's cup of tea to understand these types of things. >> i think that's right. i think the lack of knowledge and then also just right now how at least on the securities side that the regulation doesn't fit, even if we wanted to claim that all of these were skourts, it's hard to comply, bus blockchain technology does not work the way the regulations have been crafted. >> all right car will, thanks for joining us.

appreciate it. >> thank you for having plea. >> bk, all of this is done as we speak. >> yes. >> what's your greatest concern. >> my greatest concern is that the u.s. loses competitiveness i've spent the last year flying around the world and i can tell you the u.s. is already behind i don't think they're faltsly behind but we are already behind. there is more adoption going on in asia. what's interesting what you see here and what we saw from the coin base announcement is that they are both struggling with the clarity around the u.s. rules. coin base made the decision you know, we have to compete globally we are going global. i wouldn't surprised to see pal nochlt yx doing a sim kpang. >> nike addressing the colin kaepernick add on the conference call moments age we bring you the compensates let's check on the cramer cam heading to break tonight jim on the west coast talking to salesforce ceo

we'll get you the interview at the top of the hour. in our rainy times square, more fast after this. people tell me all the time i have the craziest job, the riskiest job. the consequences underwater can escalate quickly.

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let's get to sarah eisen at the stock exchange with the details around the quarter. >> and mark parker ceo and chairman just addressed for the the first time how the colin kaepernick ad impacted nic east's business. listen to what he said. >> we feel actually very good and very proud of the work that we're doing introducing jess stewart to the new generation of consumers. made it strong will with consumers here in north america but also around the world. it's transcended the north america market to touch people around the world >> he also said that there has been record engagement with the brand as a result of the campaign and said that it led to increases in traffic, both socially and commercially. that was a strongest hint yet that some of the investors beliefs that this was a bullish thing for nike has been

confirmed. as for the stock reaction, down a little more than 4%. why? well best explanation it's been a strong winner, best perform ner the dow this year after running up more than 35% there was nothing blowout? here it was a scheduly growth quarter for nike hitting all the metrics, 10% revenue growth. double digits in china growing gross margins. one more news request tidbit, the cfo said they maintained the current outlook because the dollar is going to shift to a -- as a result of trade and geopolitical tensions. otherwise the implication is nike would have raised guidance because of the momentum it's seeing across the business we reached out to some analyst for quick commentary first reaction i'll share that with you matt powell from the n p. d. group points out the wholesale

business is growing faster than retail sta which says the nike story is intact product looks as good as candy another says i wouldn't tell people to buy. he says the kaepernick add hurt the business for the mass market no indication of that. and another says nike is strengthenings across geoography and distributionman channels if you you are bullish and nic there is nothing to alter that step o except that it's rupp up strongly and a lot is priced in including what parker said about kaepernick and the impact. >> sarah,thanks. sarah eisen joining from us the new york exchange with the loden on nike. we are practically at highs here on nike. was the sell a news. >> absolutely sell the news. 50 to 85 basically trading the 29 times the basically the average 20 pims you have the accelerating north america you have the international focus and dtc working. i think sarah nailed the points.

>> and i think when you are trading this kind of multiple, you got to beat by a little more than a little to keep that multiple but they're only back to where they were three weeks ago. >> it's a -- it's how how historically they are to themselves and how quickly they traded up to $8 a 5. you want a silver sliepg i thought the quarter was okay inventories up 3.3% against sales% vales growth. marginens good this quarter will be this is next quarter. according the conference call with can it made is it seem the ad was working even though not getting numbers. >> didn't seem to be a big concern. and looking at the numbers there was nothing. average margins maybe slightly lower but if you are nike bull this is a sell off opportunity for. >> you it's worth the buy. >> i think 4% down i think it's a buy. >> what do you think still too expensive. >> for me too pensive. i would wait another day

also a little shakeout but there is a lot to like. >> i was long on the stock into the numbers i stayed long. >> breg news on the survey monkey ipo barak to leslie at headquarter zblos we told you a little bit that sfrap monkey was pricing above the range at $12 a share. we have additional details the company has upsizes the number of shares it plans to offer to 15 million shares, $12 a share 15 million share $1807 million offering size. the company had until initially been planning offering 13.5 million shares at a 9 to $11 range now massively upsized largely thanks to investor demand all of that based on what several sources have told me in conversations we are expecting an announcementment out shortly. >> thank you leslie. guy adami, does this indicate this search for beta within the market that's at all-time highs. >> 10 oh%.

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final trade time tim. >> i will will be buying in weakness in intel get on that. >> karen. >> yes if we trade with anyone i think it might be mexico that's you go. eww. >> beakers. >> well regardless of any trade the one thing going higher is

oil. xlp is the way i play. >> i got the survey monkey application and downloaded on the apple device i'm excited. good for them. >> you go to the app store and buy it off the shelf. >> i did while it was raining. and cleveland cliff is breakin in cleveland. >> that does it for us "mad money" starts right now ♪ hey, i'm cramer. welcome into the special coming to you from san francisco, the cradle of the new american revolution edition of "mad money. other people want to make friends. i'm just trying to save you money. my job isn't just to entertain but to teach you call me at 1-800-743-cnbc. or tweet me @jimcramer you know why we come out to the west coast, the heart of silicon valley every few months? if you're going to cover stocks, you need to know which industries are beingispt