others it seems like a knee yerk to say we had a great three-tai run maybe this is the excuse to step back a little bit. >> well it could be to have with the price weighted index on the dow tomorrow we find out. >> we have a report report. >> let's not forget. >> big changes with wages. >> that does it for the "closing bell" on thursday. >> "fast money" begins right now. >> "fast money" starts now live from the nasdaq market sight the over look times square . the traders on the desk here ton on fast, stocks soaring again tonight. and a top strategist has a monster rally is coming. he is here to tell you why he is so excited another big night for earnings, watching apple, starbucks, shake shack and cbs those conference calls underway right now and we have full coverage in the trench gene munster on the red eye phone. listening to tim cook. carter worth instant analysis on

the move in the after hours. josh lipton outside cupertino headquarters josh take it away. what did he tell. >> you melissa, this conference call is about to kick-off. a couple of the hiemts of the print here iphone shipments the 49.9 million the ample selling price, $$793 the street was at 755. i asked tim cook about that. he told me if you low back at the top end of the iphone lineup we grew double digit units a, compounded when you look at aasp it was a huge quarter on the high end of the lynn the xs and xs max are officially available in late september. we have had analyst coming on telling us that the xr will be the biggest seller we asked about cook about that. he said we don't predict beyond the current quarter we think it's a big seller we creativitied it to get the advance technology to more

people i think on the call as it kicks off, the street wants more insight into the iphone mix in q 1, xs, xs max and the r. and the 93 billion the street was at 93 billion tim cook telling us there are realities including tough he were conference and foreign exchange headwinds backup you the street wants to hear more. certainly the trajectory the services will be key the faster growing higher margin business and the then the supply demand issues he told us he is listening to q with an unprecedented number of products and he told us it's taking time to get into supply demand balance for products the street wants to hear about that as well. >> thanks, josh. we check in with you later the stock was down as much as 5% right now down about 4.25% could the move spark ner tech wreck. given that apple was the bastion of the tech investors during the

route. >> it held up well into the year it's important to remember amazon down 8% from the all-time highs made a month ago google down 15%. netflix and facebook down considerably more. this one has been just a relative strength leader when you think about this quarter and why investors shoot first and ask questions later, the call hasn't started. three points units in iphones are flat year over year in a quarter they refresh. that's something we get more clarity on josh just said that xrs which just came out is important but lowers the asps that's the lower model phone. the other points i want to make quickly services did he krerlted on a sequential basis, grew 17%. still about 16% of the overall that's something important but if they are not growing that unit base that's a problem and then lastly china which grew 19% last quarter year over year, that growth decelerated to only 17% on the quarter those questions need to be answered. >> for the apple bulls out there

saying services are key for apple to move away from being a hardware company to be growing there. would be an important thing to keep the fly wheel going. >> i think the install base growth is fine the asp growth is -- as dan said be careful i don't know that's the market they are pushing for memory provides are failing and that's a good thing. good for apple the big weakness was the outlook for fiscal q 1 saying we have a tough comp. they talked about weakness in emerging markets this is something we talk about on the show what's going on in other parts of the world guess what, another big ceo and another big tech company talking about how the rest of the world may be an issue. and maybe that's something coming back here either way this is the quarter and to get this kind of a cautious outlook, i know it's a tough comp but that's not what anybody wanted to hear. >> think about amazon for this calendar fourth quarter, light and revenue apple for the calendar fourth quarter light

and revenues what kind of picture does that paint. >> a picture of uncertainty which the market doesn't like. >> right. >> and it could be he is being excessively. >> conservative. >> conservative cautious op the call maybe we get more color maybe not. i think though that it's prudent to do that in this environment why not? so, you know i'd rather have seen a better print. but i want to wait for the call. i think we'll get more granularity there. >> for me on the call what i'm looking to hear is, one, is that em slowdown something that's a macrotype of level or just specific to apple which maybe it could be and then secondarily if you want to see it turn around here if they mention that services are doing well, i think that could be the thing turning around the stock in the after hours then we may not have another tech wreck but if you have this coined of view that, listen, the global growth is slowing down that's a problem for all stocks. >> well, tim cook also mentioned fx had winds costing the company

about $2 billion but the supply/command issue that's having. because that sounds like that is potentially -- we don't have enough color on this -- a self-inflicted problem apple could have managed better possibly we tone know the details. >> i think it's important to remember the places they need to grow the installed base are places with a lot of local, cheap alternatives that's china and obviously going to be indy going forward and just mentioning this, there is focus on asps appear analyst say that's the number to folk on more and more skers are doing the apple upgrade plan thinking about how it amortizes over a year or two that goes back to services there is a big number of services revenue right now that lumped in with apple care that they -- it's mandatory that you have apple care when you use the apple upgrade program. that's working right into the services i think over the next couple years if units do flatten out or start to decline a bit, the company starts talking about how much revenue they get peruser

per year and that's something i think is a shift over the next couple years. >> the other things from services it's a little bit concerning how much a new screen costs $200 that's a big part of it opinion. and the tim cook talked about the fourth quarter a tough comp. but last year -- fiscal calendar fourth fiscal q 1 for the company has a bumbled release. there were bottle next it wasn't a mooting number it's not like q 1 is that historic it made fiscal q 2, the january quarter or the end of the first quarter a much better number bottom line this is four% of the s&p and 11% of the qs. it's a big deal. i don't get the sense -- karen said wait for the call -- but that there is something systemic in the business or outside of the emerging markets that -- >> that hasn't been priced in. >> which didn't touch apple. >> only a little.

>> only a apple. >> asking if there is a tech wreck. we had a tremendous selloff anticipating bad news like this. >> in release ten days ago would have been more muted reaction today, tomorrow than we would have ten days ago, same release. >> is your point that because we rallied this is not as big of a deal as if a week ago. >> yes, yee. >> i agree. >> for more apple earnings let's goe to gene munster over in the earnings trench at the red phone. gene, what's your take away so far. >> melissa, the first thing, this was a solid quarter i realize some investors are disappointed if with the december guide being midpoint slightly below analyst that was impacted by fx. and we are listening keenly on what they are saying about channel inventory and how that gas chromatography are impacted the december guide the call just ticked kicked off. i'm making a prediction as we fast forward a week, two three weeks from now, the general tone

from analyst is smifting to an increasing asp that was a positive surprise in the quarter. and second accelerated return of capital. at this pace of close to $25 billion a quarter. they could return going into next year at a pace 2 dpchlt faster that's a big deal because on the pullback's apple is opportunistic in terms of buying back stock i think the big take away is the business is on track and ultimately need to hear more about that guidance. but overall it's positive. >> when you hear the supply/demand issue imbillion -- i think that's what you get at when you meant production impacting guidance that sounds like a start-up company, not the kind of company apple is troig to manage the number of skus they are selling current. >> apple has struggled with getting new products up to speed. for example, when iphone x came out it didn't reach supply/demand equilibrium until the end of the quarter this time introducing three new

phones which is more than last year that's something even though they are a well-oiled machine it takes usually a quarter or so really to get up to some of the efficiencies and yields they need from that production. that would explain that. still need to get a sense from tim caulk on the call about how much that impacted guidance. >> all right, gene we will check in later on. let's meantime get a check on the apple chart with the chart master carter weather what are you seeing. >> the summary is going to be this is a non-event. one could say what are you talking about? it's down 4% it ended the week at 216.30. here we are at 213 meaning we were up so much coming into the session, up almost 3%, given that back flat on the week you won't be rewarded as bear or bull i stood here friday making a constructive case for apple but it turns out it's neither constructive or bad. let's see if we can put it together

the chart of the past one, two years and here is the well defined channel. the reality is that it looks as they apple remains in this well-defined channel literally like a pinball machine has ding, ding, ding, ding, off the top, bottom. speaking to the importance of technicals we stay in this. that's a wide range. zero in tighter. the here and now chart, draw the lines. and what we've got is this well-defined wedge and if you see this- that low is 206. and we were at 222 we were simply going to actually go back towards the middle of the range. the apex is exactly 212 where it trading now. this is still unresolved not a winner for bears or bulls. i'm afraid apple is at a price where it belongs sometimes there is equal broem that's what's going on. >> just for refrps carter what's the bottom levelful channel on the other chart.

>> the bottom level is 207 >> okay. >> that low of four or five days ago is 206 that's rising. 207, 208 indicating now about 212, 213. stuck in the apex. >> carter, thanks checking in with yous once again daniel final word to you. >> it's important to remember when this company reported q 3 on august 1g9s at 109190 a month later at 230 we are consolidating gains as good as that quarter was in leaves questions so the jury is still out on this if they miss units in this question that we're in right now, the holiday is usually strong the stock is going back to the 90 i think it probably is choppy between now and then. >> coming up we continue the apple coverage as well as coverage of the rest of the earnings action throughout the hour as the calls are under way. gogel employees walking out across the country and around the world. to protects sexual harassment issues at the company. the ceo speaking out on cnbc homes ago.

we tell what you he said and later chris harvey of wells fargo says a monster rally is coming he says why is hebuying nanosecond over fist to year end. end. much daddy, mommy's on the phone! ♪ hi! mor how are you guys? at&t proudly offers wireless and tv discounts to military, veterans, first responders and their families. visit att.com/hero. after this

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welcome back to "fast money. google employees from all over the world, walking out today to protest the way the company handled sexual miskung sundar pichai sitting down with us moments ago and commenting on the protest. >> moments like this show we didn't always get it right so we are committed to doing better listening to employees that's partly why today is important. and you know, i think that there are concrete steps coming out in terms of what we could do better you know, for me i want to acknowledge the women mo step up and do this. i think it's showing extraordinary courage and we want to figure out how to support them better. it's a process i'm committed to doing better. i want to make sure google sets the bar for something like this. >> and this of course is just one of the issues that google and alphabet face broadly. the huge issue of not disclosing a data or security breech until

months afterwards. >> i don't know. i didn't hear anything about that being addressed today but to the other issue of the walkout, i think, you know, it reads terribly, 48 -- 48 times but there is 100,000 people that work there and any large corporation you can't eradicate that ever. he did a good job of saying the right things, made a mistake, committed we care. all the right things ultimately this is a blip. remember what one said women shouldn't ask for razes and then said i was wrong and made a mistake and that ended up being a blip i think in will too process. the other issues are more difficult. >> i think, look, good for google for getting out there today. bad for google for creating the situation where people had to get out and protest. i don't think google has a reputation in my eyes as a company being insensitive to the world or impose. i think goingle has issue was

gdp r and issue was data privacy. i think investors will start viewing companies that value data and treat their data differently than they -- they will be the ultimate determinate of valuation and i think google has stuff toware about here. >> yeah, i think thing it highlights we talk about stock price but there are stake holders involved and i think they handled it well this this situation. but google has other issues. from the bitcoin guy here i think we are at peak centralization that's an issue for google over time. >> over time. >> this is a company growing sales on a $120 billion-dollar base with 70% gross margins at 20%. if you look it's growing sales higher than earning. and analyst expect there is a greater spend as they have done with facebook to tim's op-ed points he writes on cnbc.com all the time this is an issue -- the bigger issue is that their ceo is

willing to sit down with andrew ross sorkin but not doing what cheryl sandrock and jacks doorsy and show up on capitol hill. that's coming to them in 2019, one of the reasons why when it breaks breaks 1,000 is li it spends time below that as analysts invest what higher spend looks like to combat the issues >> i don't think google has facebook's issues. but i green with brian oh on the par site ig centralized numbers. the third quarter numbers were solid. but tough ask why does this company with as solid and predictable why does it trade at this multiple. i think it's too cheap that tells youing. >> to me my biggest complaint with google is the management of the balance sheet. it's ridiculous. if you look at what the microsoft has done and how the stock reacted, same for apple it's not ridiculous they're not giving that back to shareholders. >> for more on the issues playing google you can head over to cnbc maybe you will find a

op-ed by tim here is what else is coming up on fast. >> it's going to be a big party. >> that's what a top strategist says to expect for the market into year end. and he calls it a monster rally. he tells us why he is so bullish. plus, something happening in the cryptouniverse that could get bitcoin out of purgatory once and for all we tell what you it is we tell what you it is much more "fast money"l service brokerage like ours, that's tough to do. schwab does it. next question. do you offer a satisfaction guarantee? after thisr if they offer aware and low costs, backed by a satisfaction guarantee. if you don't like their answer, ask again at schwab.

welcome back to "fast money. stocks rallying again today now the third day in a row while wall street was pounding the table ahead of the earning season what else can drive market

higher from here bob pisani with more on that hey, bob. >> hello, melissa. 5 through earning season and finally out of october where do we go from here first with earnings season mostly over. expect correspondent america to ramp up buybacks this is an all-time record year for buybacks, about $1 trillion will be announced before the end of the year. and a good chunk of that has not been spent that's the key they will spend it because stocks are cheaper now second lots of speculation about the elections with a lot of people speculating the democratic control of the house might be a threat to tax cuts. now, i don't buy that at all but it might be a threat to making the tax cuts permanent now, you sigh what any speculation about china trade negotiation due to the market. look what happened today expect maximum pressure on china going into the talks on november 30th finally i cope hearing that both sides want an infrastructure bill i keep hearing they're going to materialize. how do you pay for it? the dems want to pay with higher

taxes. republicans want a public private partnership and expect resistance to increase the deficit. that's a problem beyond all that, the most important trend may be seasonal. november is the second best month of the year up 1.5% on average since 1950 up 45 of the last 67 years great odds for an up month process this start the best six months of the year for the markets and this is the best part of all, the fourth quarter in election years has been invariably up from all october bottoms since world war ii 18 out of 18 times it's been up. that's a stat to put a bet on. back to you melissa. >> thanks, bob happy 25 years at cnbc. >> yeah, bobby. >> thank you so much guys. appreciate it it's been a great privilege to be here and a privilege to work with you. >> it's been great knowing you, bob. by the way i don't know if you saw the pictures on twitter. bob looks amazing. he is the benjamin button.

>> that sounded very ominous. >> no be i mean it's been a pleasure working. >> i get it. >> the next the guest isn't fearful of any risks let's bring in chris harvey of wells fargo. what is it just -- that stat was staggering 18 out of 18 times we are up. >> that's good process i'll take the odds but everyone has moved to one side of the boat risk aversion everyone runs to risk aversion. and as the one side goes over everybody runs back the other way. value was cover. was it amount lgos value was under confer 15 times earning this was a great opportunity still think it's great opportunity. but people a act as if this was a spectator president sport not contact sport. there is plenty of opportunity it's more of a trade than long-term investment but there is a lot of opportunity they have uncovered in the selloff. >> what's the trade, buy into

year end and then what. >> we think you have a couple weeks. as we go forward, what did we do ob, august abseptember we told people to derisk the portfolio as the market traded off we told them you have to add risk back in that's what he want we want. we are on the show a couple months ago saying it's traders market still a traders market market goes up lay back off risk. >> are there industries hit hard that you want to go after or more value. >> buy risk, buy the beaten up if you are short-trm if you are longer time buy longer quality if beaten down. tech, financials, consumer be diverse but be aggressive. don't stand there looking at the opportunities. take advantage of it. >> i'm looking at target next year. >> yes. >> don't seem too much higher 4% higher or something like that? what's going on. >> what's going on is we had a

massive selloff. the. >> value was created. >> thank you, tim i appreciate that and we want to take advantage of this. there is not a lot of tupt as we look forward the opportunities are very small and so we have to react very quickly. and you have to trade the opportunities. we're looking in 1920 -- as we go forward looking at mid-single digit returns. here is an opportunity to double digit the returns. have to act on it take risk. then it's priced back up you want you want to lay it back off. >> i'm sorry. >> no, no, please. >> but i get that you are the same place you were. but haven't some things changed? do you think we should be at 170 where are you on s&p. >> 173. >> in the last two three months we dealt with the 199ing trade deficit. potentially more aggressive fed. dploebl growth slowing down before our eyes? should we be where we were on

eps. >> well we just initiated our eps for '19 not exactly the same but what do we see that's tifrpt, what do we see the same? what we see are better valuations preponderates are low. credit spreads are tight m and a is picking up. now the chinese are starting to talk about well maybe we can cooperate. so there are positive things to look at. it's -- tariffs an issue sure. >> what do we see the fed tightening deceleration. that's why we talk about mid-single digits going forward. but when the opportunities presents the itself these close quickly. everyone is talking about why in happened was it alg the it doesn't matter the opportunity is there pick it up exploit it. >> chris harvey wells fargo. >> yeah within i think the most important thing is china i don't think it's the elections. i think if there was some clarity about this -- we were talking about -- you mentioned

em we are seeing em slow. china slow ism showed slowsness credit conditions tighter globally so i think that the china, trade stuff going away you see a market back up to the prior highs 2950. >> but until we have that -- has the rally in the past three days made you all more optimistic about where we are in the markets, tim yes, no? >> we have had a nice snapback i realize it's only the first day of november and some of those want to to be attached last couple of days ferocious. fxi up 4%. alibaba up 6%. it wasn't because changed their minds. >> it's because of trump's tweet on hina. >> chris is talking about being an active trader in a market where things homd up even if the return profile is less than the couple last couple years we are not going into recession overnight. the dynamics for u.s. earnings and people assuming we are in

the never ending upswing of double digit earnings not only is it not true but 7% is tough in 2019. >> are you more optimistic about the markets where we go flew year end given the three-day rally we just experienced. >> not necessarily. >> okay. >> at some point we have the bear market rallies. assuming we are in a bear market, i don't i don't know but the market dynamic has change a bit in the last several years you've been buying and holding every month putting in money maybe now is the time to be more tactical and you might have to pay attention a little bit more. >> we got the tweet around 10:00 that helped the markets reverse. that tweet was specifically president trump saying that he talked to president xi of china and the talks were pretty good effectively. this was a -- this was a trade- we don't know what it means. apparently according to the state media of china president trump initiated the phone call i don't know if that changes how you think about that conversation. >> right. >> but in underscores a point

that this has been a market that has been fueled by concerns about either the fed or by trade. we have trade something good news today and the markets snapped high sfleer right, to me trade is the bigger issue than whether the fed raises in the short -- i think the fed should raise. but i don't know if this is just purely a campaign -- you know an election employ to try to get the markets back up because we know trump uses the markets as his measuring stick for how well the presidency is. if he could resolve that that would be hugely positive we talk that being an asymmetric risk even with this up a bit i think it's an asymmetric risk. >> chris is no longer here. >> he is actually here. >> but what he really said it was about positioning people got to wrong side of the boat is i heard. that's a quote but it's about positioning if you asked me where we were at the start of the october it's where we were in the end of

january which is ewe fouphoric. >> this is the worst performing, energy two big names oil names report before the bell tomorrow. >> massive ones exxon and chevron. exxon in the options market in 3.5% move kblid for chevron. we talk about the sector etfs. the names combined make up 40% of xle the crowd is down about 17% in a straight lynn. breaking the uptrend that has been in place all carrier long that's the two-year of the xle, a great trading vehicle if you are inclined to play it. look at that in the to low 60s a lot of support and high 70s a lot of resistance. back at the support level if the earnings are okay in both names you have a trade back up towards $70. >> all right >> well i think do you chevron- first, companies should judged on how much free cash flow they generate period. that's the most -- these guys

are trading historic lows. i think it's a buy off and on kmerch. let's pull up the after hours clarity in apple extending the after hours loss, down by 6%. >> boom. the cfo says it's stopping giving out unit sales data on the iphone, ipad and mac we get less information in unit sales. >> why. >> we don't know why but it's down 6 peart 6%. >> investors like more transparent sfwlie i see why the market doesn't like that it would have been better if they would have said, beginning march of 2019. >> instead of immediately something we weren't wardson on. >> i think a lot of warning. >> that's not good news. you can go back and look at the history of technology and cycles and company usually do that when a cycle peaks. >> changing the metrics. >> and lock at the fact units -- this is the thirdier in a row it's plus or minus 1% year over

year this may accelerate the what i said earlier that they are talking about rpu rather than units. >> the 206 is where the bottom end of the enpinball. >> you said it was unresolved. maybe this is a move to rfrls. i think we have josh lipton back josh >> yeah, melissa i wanted to chime in you're right the stock took a leg lower when the cfo did announce in news new changes to how they report he said listen starting with the deasy we are no longer going to be providing unit sales data for a for you products here. iphone, ipad and mac and what he says is as demonstrated by the financial performance in recent years, he says, the number of units sold in any 90-day period is not necessarily representative of the underlying strength of our business furthermore, again, from luca, he says pennsylvania unit of sale is less relevant than in the past given the breadth of

the portfolio and the wider sales price drks of any product line but you seem to see the stock already down take a leg lower on the comments, melissa. >> josh wsh thank you. let's get back to the friend in the trench gene, you hear the comments what do you think. >> melissa, i was shocked to hear they are no longer breaking out the numbers. instead why the share price dips on that. as you talked about it it's never god when companies try to restrict transparency. that's for the reaction. but i want to -- i think there is a higher order calling going on what apple is troig to do, trying to advance this theme of apple as a service when we talk about apple as as service we are not talking about the 14% services segment we are talking about the whole business, including the hardware having greater visibility and allowing investors to not sweat an iphone quarter, unit number in any given quarter one easy way to do that is to

stop disclosing that i think, the simply put is this is not a bad thing, but a good thing for the apple multiple this will force investors into this new paradigm of thinking about the overall company of apple as a sfwloofs that's the bull case. but, i mean, so i wonder, also -- i guess i'll throw it here out to karen and you guys does that mean that we want to pay less attention to asps, average selling price sns they are trying to get us to move away from hardware company metrics. but they are a hardware company. >> i don't know that we have that granularity i think they flubbed this. for one ren. the just to start the quarter. why do that now? that's a big change in reporting that should have been out at the top. that shouldn't have been. >> during the conference call. >> by the way all the metric you like to use we are changing all those. i don't love that. >> i think it's weak look, you can't tell the market to judge us as a software and

services company or just as, you know, apple, at a time when services are still such a -- you know, every time they report or every night we talk about in stock on the show it's about how much the services is important i talked about jp morgan gives a blended pes based upon services and hardware okay but you can't say no longer is the most important part of your business no longer that important to break out it's still by far the most important part of the business. >> gene, don't you find -- don't you think it's harder to value this company i mean, i get wanting to transition away from certain metrics. i get trying to emphasize services but can we understand the service fly wheel if we don't understand the installed base and how that changes from quarter to quarter. >> it's going to be more difficult to analyze this, no doubt having -- having the luxury of the unit numbers i was hoping they could break out the watch because it's getting to materiality but they went the opposite direction. this is a process for investors

to get more confidence that this is a stable business i want to emphasize, talking about services, apple has ha service this theme they are trying to advance, the hardware piece, the 65% iphone piece operating with visibility. the plus 3% iphone unit growth this quarter was the ninth consecutive quarter of minus five to plus five% and investors are going to feel a little bit irritated they are pushed into the new way of thinking about it. but undoubtedly the company is still doing exceptionally well i think that eventually this will ultimately reward the multiple of apple. >> all right, down 7.29% right now sflo it's interesting, because, we are down 7% now. appear nothing has changed about the company. they are not giving the metrics. yeah it's a little murkier pu i think we provides to do in at these levels. >> for all intents and purposes this is still an iphone company and they're not telling us how many they are selling. >> you are still making the same

bet. >> really are you. >> the absolutely. >> there is a fundamental mixed smift in their business. fwoen was just saying he wants to hear watches broken out two-thirds of sales from iphones a 65% growth are gross margin petition guide today marginens down a few% from the high just five years ago or something like that to me it's actually very important. >> why -- they did an event in brooklyn unleashing the ipad pro and mac books showing how they are going to move the needle why do they show that these are a material part of the business? gene talked about the watch. we got excited about that wind chill for apple health care don't we. >> this is a different issue than how they report. >> why bother with that the stuff? you're right the phone is the most important but the entire product line it's important to understand what's what. >> apple is close to after hour session lows much more on apple during the show. we continue monitoring the comments from the conference call and check in on earnings

movers heading to break. look at starbucks. soaring while akshe shack is sinking. trade after the market closes. it's true. so all... evening long. ooh, so close. yes, but also all... night through its entirety. dg come on, all... the time from sunset to sunrise. right. but you can trade... from, from... from darkness to light. ♪ stocks when "fast money" returns.

a and we continue to the monitor in precipitous drop after the cfo says they will no longer provide unit sales figure for the iphone, mac and ipad

with the decline in the after hours session apple gives up the $1 trillion market cap mark. below $1 trillion below 7% starbucks and shake shacks following their earnings report. kate rogers is in the newsroom breaking down the reports. >> that's right. kicking off with starbucks boats on the top on bottom lines. same store sales surpassing expectations u.s. same store sales up 4%, the highest rate in five quartering. china same store sales up 1%, key as coffee giant second largest market here is what the cf the o had to say on the call. >> we acknowledge 2018 has a year of change with challenges as we sharpen our focus to drive growth from scale. the starbucks grand is incredibly powerful and beloved by commerce. we are a brand staying relevant by constantly challenging the

status quo, elevating the customer experience, investing in and empowering our partners, operating with discipline and adapting with agility. this is increasingly important today as consumers are interacting with brands in completely different ways and starbucks is leading this transition both in our stores and digitally. >> chief operating officer roz brewer told cnbc that comp skrergs acceleration was driven bip extreme line the in store experience other highlights include 5 million active rewards members up 15% year offer year the morning star says the comp beats in the u.s. appear china were positive surprising which could indicate that trends are stabilizing on both fronds fronts the stock getting a pop up nearly 8.57% >> shake shack down over 6% due to a big same store sales miss declining 0.7% in the quarter. projections called for increase

of 1.1%. the comps unfortunately for the company outweighed beats on top and bottom lines for shack. >> back to you. >> thanks, kate rogers somewhat related here we wanted to note that weight watches is tanking on earnings down 14% in the after hours session. tim long starbucks. >> the move is really where the disappointment -- and the fear was around north america mcis the growth market but where people punished. and remember where we were at the end of the april quarter we had the stock down around $30 -- 30% from today. the values at 23 times to me relative to itself isn't awful i think starbucks that is has down a phenomenal job of passing higher prices to the consumers and how getting away with it i don't know how much longer that goes on but i think the company has done a great job of balancing social costs, labor costs, input costs and the price of their underlying product. >> shack >> shack. >> let's mention mcdonald's.

this is a company that -- >> you don't want to talk about shake shack. >> i love shake shack. >> you're like, shack, mcdonald's. >> annual sales about $400 million this year is what mcdonald's does in a week. >> what does that mean. >> that doesn't mean it's not a good. >> save it for the op-ed. >> right now on this show. >> less than 200 stores growing sales at 21% a year. talking about it down of% lass hess than 1% comp. to me, i just -- i think we are talking about a $2 billion market cap the company has massive runway because. >> you are bullish. >> yes. >> wow. >> if you ever get a word out. >> i'm sorry that's my fault. >> it's a big story in the after hours apple sinking off the earnings report a market cap falling below $1 trillion, down by 6.9%. nege muns monitoring the call nege muns monitoring the call telling us what is nex

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. welcome back to "fast money. bit skoip celebrating the 10th anniversary of its creation this week and this year was the craziest ever as it jumped to 20,000 before the epic derek as it sits where it did a year ago. believe it nornt institutional investors are piling into the bear mechanic. gray scale investments release add new report suggesting a bull

market ahead michael is one of insiders rising stars of wall street. >> thanks for having me on. >> good to see you. >> we were just remarking how the ip credible stability of bitcoin throughout the bout of market volatility. does that give you hope. >> i think what gives us the greatest insight is how much we see in the way of investment the report we released today shows $330 million cumulatively has come into the gray scale family of processed through september. 70% coming from institutions in q 3 alone. i think all the institution that is we're dealing with are really using the price pullback as a time to average down if they are in the asset class or using the price decline to build a position. >> what's your sense as to how much of that is new money put to work by institutions versus, you know, putting more into current positions. >> it's probably about even mix months our investor base

there are folks involved pree the 2017 runup and then definitely folks who the runup caused them to be excited about the asset class and now stepping into the space when prices are more attract disbelieve you have multiple products at gray scale are are you saying flows in other places or all into bitcoin. >> we see about 70% of our inflows into the bitcoin products but as you said we have a family much nine product products some single currency products and then the digital large cap which is a bask of alm all the top digital currencies there is a predominant amount of the money into the bitcoin investment trust i'd say that's because the bitcoin is the asset of the digital currents where investors have the greatest familiarity, knowledge and it often is where any first deploy capital and km back to other products within the gray scale suite. >> i'm curious because we saw the retail frenzy surrounding pot stocks earlier this year

and some people were the mindset that it's the same ver do you feel the sameway i. doing due lock at the cannabis space and feel it's good for bitcoin. >> i don't look at the cannabis space. but the investors we interact with endow mts hedge funds. >> not the retail guys >> these are folks with 10-plus year track records of success. deep investment committees and convictions within investing in the space for the medium to long-term. >> michael, great to you michael of gray scale. >> thank you for having me. >> i echo the sentiments we see institutional investments saying they want to come do it they understand two megatrends koerjing web 3.0 appear wall street 2.037. >> apple announcesing a huge change the way it breaks out sales. the final check on that stock the final check on that stock when we

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. welcome back to fast rook at apple's shares up pretty much after the hour session low. down about 7.3% after announcing that the tech giant wouldn't report unit sales data for devices namely iphone, ipad and mac. let's get back to gene munster at the earnings trench going to, did they say anything else about why they are doing this. >> any didn't say nuch about it. they have given context around guidance and trying to fill in

blanks around future thinks around ar but haven't said more about why they are doing this. the chlorreason is this. for years apple sweated over trying to get investors at looking at the iphone unit number they have done that and ripped the band aid off it's going to take a few quarters for investors to get comfortable. they are in a penalty box as investors get comfortable but it's the right thing longer time. >> what's the quarter grade from. >> you doesn't change at b plus. ufrmt when you rip off the band aid it sticks stings and we have to wade through that. >> thanks, gene. gene munster of loop ventures. they're not giving the data starting in the fourth quarter how are you feeling as a apple shareholder. >> not good. not happy with that. i can't read into it oh it's all good could be neutral could be or it could be bad.

i just think they didn't handle it well and neshd have told us earlier. >> let's say we open up lower 7% here what does that do to tech >> yeah. >> is this as detrimental as the amazon lowering. >> i don't think the lowering the maga complex i don't think it's particularly impressive to be frank i think it has the guys testing lows >> as you see the qs trading lower in the after hours up next final trades let's get started. show of hands. who wants customizable options chains?

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final trade, tim sfwro talked about the oil companies kerch like it. >> kafrp cbs i like it here even though up a little bit. >> beakers. >> tlt oil down less reason to raise lates. >> dan. >> xle tradedrates >> "mad money" with jim cramer starts right now my mission is simple -- to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cramerica other people want to make friends, i'm just trying to save you money. my job is not just to entertain but teach you. so call me at 1-800-743-cnbc or tweet me @jimcramer. what eat cleesh cle