although the president insists on calling it the amazon washington post. but that is not to say that every billionaire is going to be a good owner of a news organization. >> we need to have you back. we need a lot more time on this one, jill. >> thank you. >> the show is over but the book is "merchants of truth." jill abramson, thank you very much. >> i'm afraid that does it for "closing bell" today thanks for watching. >> "fast money" begins right now. live from the nasdaq market site overlooking new york city's times square, i'm melissa lee. tonight on "fast" check out shares of chipotle heating up after hours as the stock has been on a tear, but do the traders believe in this turn-around? plus, is it game over for the video stocks two of the biggest names getting absolutely crushed but one trader says they're setting up for a perfect reset. but we start with the semi sizzle, the group looking hot today. they have been the hottest area of techs this year check out some of these double-digit moves as the good

news rolls in. so will semis become the hottest tech trade of 2019 what does that mean for the rest of the markets a good sign, pete najarian >> terrible song, by the way, pete. >> i would say in terms of the semis and they're up 2.5% today, but when you look at all the individual names in the semi space, i think we're seeing numbers that are better than people expected. you said trade i think from a trade perspective, yes i love the trade do i think this is going to lead the market for 2019? absolutely not i think there are other areas that can, maybe tech or industrials, but semis, we have these ups, we have these downs we overshot to the downside, now we're going to the upside. i'm a trader and getting out of a lot of positions right now. >> the semis led us in 2018. let's remember in march of 2018 is when the semis measured by the smh hit their highs. it wasn't until six months later that the s&p 500 hit their highs. the other thing about the semis, i would argue they're a lot more indicative of what's going on in

the economy than even the transports are if you overlay the semi chart versus the pmi, you almost get a perfect correlation and you can kind of predict what's going on. i would look at the semis as a leading indicator. as long as they're going higher, i think they're okay. >> at least while things look like they're better than they were i think the case for the semis is one where people had priced in so much negativity, i think, look, right now it's not necessarily a question of demand, the question is really how much they had sold off first quarter there's a lot of optimism and inventory builds. at the same time you see this outperformance by semis, you're also getting emerging markets above the 200-day. you're starting to see other parts of the same trade which bode well for the reality that this trade is more than just semis oversold. >> part of this v has been positioning, and i would think that the same is true for semis. they got absolutely crushed when apple reported and we started

hearing the semis say things are weak, things are weak, things are weak we come around in january and it's off to the races. >> it was interesting, a taiwan semi reported a miss again in earlyish january and the stock didn't go down and so they had already rebounded some, but that should have been a tell they had more to go. if i wasn't going to buy the semi conductor index when it got down to 1075 at the bottom, i'm certainly not going to buy it up here i'll leave that to beat who had a great trade last night it just seems like if you had gone to sleep september, last day of the third quarter and woken up and see the semi conductor index today, flattish, down a little bit. oh, my god in, between, i can't get on board here. i hope it is indicative of an s&p rally to come. >> this is the canary in the coal mine or the leading indicator? >> come on, mr. bear.

>> so until proven otherwise, you have to say that the semis going higher are a good leading indicator of our economy now, we've had a massive run do we get some kind of a sell-off potentially, that's what stocks do, but i would look at that as a leading indicator. until that's different, i can't be that bearish. >> i like what we're seeing and you look at valuations, they're perfectly fine in many cases you're looking at single digits. >> how about sky works >> and that huge buyback all the things going on right now in the semis, that's great i love it. i think it's trades. everything that i see in front of me right now is when you look at the option markets, which is what i look at mostly, when i'm looking at the options markets, nobody wants to extend out everything is very short term. we're talking february expiration, march, but they do not want to extend out much further than that. because of that i think it's a great trade, i just don't think it's an investment. >> i just think the problem is once again the same problem we had six weeks ago. positioning now has gotten to a

place where we're first of all, from a momentum perspective, the s&p back to the highest nine-day rsi that its had since probably august same thing with the vix, back down to levels before we october 4th started to spike and sell off. bulls five weeks in a row. whether you look at bull/bear indicators or the green index, all these things tell you people have gotten greedy lately. you're right back to the 200-day. this is a major level for markets, 2750 to 2800. it's hard to say you should be very excited when the industrial production data we got out of europe and the rest of the world on monday and tuesday was terrible this morning industrial orders out of germany tell you their economy is slowing fast. the trade balance from january in the u.s this is all lagging like no big deal but it's telling you things aren't great. >> so all that paper is short-term pain. is apple an investment versus semis as a trade or is apple

still a trade because of what the semis are telling you? >> for me apple is still an investment it's something that's been very, very long term i've been literally in there no decades. >> the semis were telling you bad things were going to happen at apple before apple said that. >> it turns out this time around they were absolutely right i think one of the names out there that was -- it's a much smaller name but something that everybody looks at and say that's going to affect apple, absolutely this time they were right. but i think the thing -- the challenge is, is apple still, and i say it every night, but is it an iphone company that is 62% or is it the 38% that you look over and you look at the wearables and the others category where you're seeing the growth i think we are seeing enough of a shift and enough of that movement that we're focused more on the growth than where we're shrinking right now with iphone. >> i think if you look at apple that way, sure, it can be an investment for me, everything's a trade i wouldn't want to suggest if you haven't bought semis or apple that tomorrow morning you go out and buy them.

wait for some kind of a pullback there's nothing wrong with taking stuff off the table in the semis, the one that's probably the safest to buy, check out amd. there's a little different story where they're gaining market share so they might be able to grow even if the entire semi industry doesn't do that well. >> if not semis as a leading indicator where the markets go, then what? what sector, what index, what do you look to? >> in the tech space i'd rather have money in alphabet, something like that for sure the commodity-like nature of the semi business makes me somewhat uncomfortable. i think industrials are interesting, particularly if we get a trade deal, and i do think we will. >> if you look at the numbers we got out of earnings season, industrials have held their eps estimates going into the quarter as well as any sector out there. i agree, the problem with what people are looking at if you're critical of the rally to date, it's been on companies that have high short interest. were targets and could be

defensive believe it or not in an environment where people are worried about growth i think back to this conversation, though, tech is high quality at least a lot of the names we're talking about. that's really the rotation that arguably we haven't seen in a major way. >> to be sure, there are plenty of high quality names that have also benefited from this v bounce, boeing is one. let's say we get a china trade deal is that part of this v >> no, i think it's -- >> i think some of this v is in anticipation of that i wouldn't be surprised to see the market go lower if we get a trade deal >> how can the market -- i'm not asking you specifically, but then how can the market go higher if a trade deal means let's fade this news and without a trade deal we're going to 25% on china tariffs very quickly. we've argued somewhere along the line that's been a big part of this headwind. i don't know. >> i think it can go higher. companies have still reported somewhat conservatively because

they just don't know gm, i think we'll get to it, but they want to keep something back because they don't know what the environment will be. people love certainty. investors love certainty if we had more certainty of a trade deal -- >> and jamie dimon talked about this back in december. with uncertainty becomes volatility people are getting a little bit more comfortable with the idea of a trade deal. i don't think we see a deal but i do think we see progress i think it keeps getting pushed out further and further. >> i have to say that there's still more uncertainty than there is certainty here. we talked about eps quality and where the eps -- i've certainly made the point that eps for s&p, which has already pulled back about 3% on a year-to-date estimate is certainly pricing in that earnings are not going to be as robust but i think we're in an environment here where we still have a lot of questions. >> if they're not robust, the one argument i'd say back then is then the trade deal is not

priced in. if it's priced in, they are what they are i don't think it's priced in, that's why i think there's plenty of room to run to the upside. >> the dow and nasdaq on track for their seventh straight week of gains but is wall street getting too bullish? maybe and it could be a bad thing. the bullish sentiment index is at levels not seen since early fall when stocks were at their highs and just before the big fourth quarter market drop so are too many bulls actually bearish? let's bring in joe zeidel. it's great to see you. >> thanks for having me. >> you're still bullish. >> still bullish i prefer to look at what people are doing, how they're voting with their wallets when you look at data on mutual funding and etf purchases and sales, it tells you that investors are still very skittish from june of 2016, and the reason why i use june as a starting point, because in june of 2016, that's when the 10-year

treasury yield hit 1.35% fear and skepticism really hit their peak from that day through the end of january, investors have pulled almost $200 billion out of u.s. equity mutual funds and etfs combined where did that money go? over $500 billion went into traditional fixed income, etfs and mutual funds the s&p is up 37%. the bloomberg barclay's aggregate bond index is up just 3% and change. i don't think investors are too bullish at this point. i think there's still a way to go to recover the correction that we saw in the fourth quarter of last year. >> so when you're giving us those very interesting stats on where people have actually pulled their money out of and where they have parked their money in the meantime, does that imply that you think the markets will go higher and there's more room left in the rally because that money will come off the sidelines, as people like to say, and go into equities? and what will cause them to do that at this point versus at

other points in the past, like the beginning of 2018 when things were coming up roses. >> i would say two things. number one, i think at some point investors will capitulate and embrace this bull market number two, the bigger picture is you don't really get bear markets when people are afraid and pessimistic. really if you think about what ends a bull market, one of the things that will ending it aside from an inverted yield curve from too much fed hiking, one of the things that will end it is confidence like 1999 and tech stocks. you've got the internet and the whole new paradigm and that's when investors were all in and mark the ending of a bull market and we're not there yet. >> getting this view was a great one because it's easy for people to tell you the world is coming to an end. you highlight 2016 because we thought recession was a given, a growth scare so we've had that growth scare except i don't think we've priced in europe's problems.

we look like we could be recessionary in germany within a couple of quarters the aussie central bank did an exact u-turn on policy the aussie dollar off 1.5% that's a tell on china we know china is weak. how do you reconcile >> i think it's a story of bad news equals good news. we saw italy hit recessionary territory. if there's a consolation, they have had a lot of experience germany barely avoided recession last quarter germany, italy and france could all end up in recessions in 2019 based on the direction of the leading indicators that's point number one. so how does europe respond i think it forces the ecb back into quantitative easing the ecb has exited, they want out. but the conditions in europe today are as weak as they were in 2012 when the ecb announced they would do whatever it takes. so you're going to have liquidity from the ecb number two, the peoples bank of

china has injected 2.2 trillion into their economy so far. and the fed has moved from tightening to more dovish and easing conditions. the major central banks of the world will be providing more liquidity in 2019, and liquidity is a type of fuel for risk assets it's bullish. >> so we're back to don't fight the fed, don't fight central banks. wow, what's old is new joe, thank you joe zidel. karen, what do you make of that? >> well -- >> makes sense. >> well, you're talking about what's bad news is good news, right? he always talks about -- >> i bring it up -- >> the ecb and policy and that's is his thing it's an interesting argument i'm bullish as well but i think it's time to buy protection. >> i would agree with that the one thing if i push back on any of it, the money that's gone

out of the stock market, demographics might play a role here you have a whole swath of baby boomers who got frightened by the sell-off and may not come back into the stock market so if you want to take the bearish view, that's probably the bearish view but again, until central banks decide they no longer want to print money, then the stock market has the potential to go up. >> i still think that if there's any kind of deal, any kind of progress, we continue to move to the upside but that big hiccup, when that comes along, we've got an issue. janet yellen speaking to our own steve liesman today and there's something she said that has all of wall street talking. plus we're following chipotle, map group and sonos with huge moves. later, it's the cbd crackdown. we'll tell you why pot investors are running scared after the latest move from regulators and what it could mean for the future of these high-flying stocks we're live from times square in new york city. much more "fast money" right after this

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welcome back to "fast money. we've got an earnings alert on chipotle let's get to kate rogers for all the earnings details hey, kate. >> so a really strong fourth quarter for chipotle

nice beats for the company on the top and bottom lines same-store sales up 6.1% in the quarter. that's far surpassing the 4.5% lift projected digital sales grew by 65.6% in the quarter and we're up 42.4% for the full year. take a listen. >> for the full year digital sales exceeded half a billion dollars and accounted for 10.9% of sales downloads increased 70% year over year and we continue to see strong interests from new and frequent as well as frequent guests at chipotle >> since taking over at ceo, brian niccol has focused to make chipotle more accessible for its customers. they have digital pickup shelves in stores that will be nationwide by the end of this year they're also testing chipolt-lanes. it's seeing improvements with its delivery it increased 13 fold

year-on-year thanks to promotions the company has ran he also said chipotle will continue to be culturally relevant he called out their advertising campaign we'll see more of showcasing the fresh ingredients. he said chipotle remains on track for a national rollout of its rewards program this year. the stock is up over 80% since he took over in march of 2018, melissa. back over to you. >> thank you, kate let's trade this the stock has been on a tear and has the chipolt-lanes now so things are speedier at the checkout. >> digital is the big theme but as an investor i think 80 times is a growth number that's going to be tough for this company to live up to i appreciate the fact we've come so far in terms of where sentiment was. some of the food issues around the company have been turned around, that's great news. brian niccol has done a phenomenal job people short this job have been destroyed. i think labor costs will be

high, but good for them. >> what about the valuation. >> there's a lot to love in that quarter. that same-store sales is huge. momentum is there and they'll be oping 150 or some odd new stores all that having been said, it's too expensive. tim, is there a cannabis story that feeds into this chipotle growth >> maybe there is. certainly everyone is looking for their cannabis angle right now but i have not heard that. >> same-store sales are greatest by state. >> nevada. >> if you want to jump to those conclusions, karen -- >> deep dive >> just a guess, i don't know. >> i tell you the other good thing about this quarter is chipotle was able to raise prices in december so the labor costs and also the food inflation, they talked about avocados costing more, they were able to offset that. so for now you don't have to worry about the margin pressures coming in there as long as they

can keep these prices high. >> sneaky avocados. >> i thought there was an avocado glut. >> they said in their quarter that avocado prices are high. >> maybe it passed and spot prices maybe are low but that should be -- that should be a tailwind in the current quarter in theory if there is a glut. >> well, i totally agree with b.k. he took my thunder, which is the pricing power. it's very much like netflix. if you have pricing power -- if you have power, you have power they do. i think the digital growth, when that's now 13% of what they're selling and it's growing at 60%, boy, that's something you've got to focus on. that's something as they get that chipolt-lane working as well -- i think starbucks needs that too, that might help out their efficiency >> the star line i don't know. >> they're doing fine. >> this has been a great trade for bill ackerman. >> oh, my god, tremendous. i don't know what he was hoping for. he's got to be delighted i don't know what he's going to do with it, but good for him.

>> for more on the latest earnings, go to cnbc.com i'm melissa lee. you're watching "fast money" on cnbc here's what else is coming up on "fast. video game stocks are getting crushed. is it game over for these once hot stocks or are these stocks setting up for the perfect reset? we will explain. plus -- >> these are brownies of the pot variety. >> we're not on spring break where did you get those? >> yeah, it's definitely not spring break we'll tell you what a new crackdown on edibles in new york and across the country could tos. for the pot sck there's much more "fast money" right after this

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welcome back to "fast money. video stocks getting wrecked, maybe a sign we've hit peak video games. let's go to josh lipton in san francisco for more hey, josh. >> let's start with electronic arts which printed revenue that missed the street's forecast ea was dealing with a lot of competition from other big publishers like activision as well as that global phenomenon which is fortnite. it reached 200 million registered players ea acknowledged on the call that it made mistakes, emphasizing the single player experience of its game battlefield 5 rather than the popular battle royale mode of fortnite then there is take 2 which also got nailed in today's trade after a disappointingi forecast. the ceo was on today >> fortnite was a huge hit last

year that's great we'd like to have all the hits, we don't always get all the hits at the same time fortnite was doing well, grand theft auto online had a record year other titles in the marketplace are doing well as long as we deliver quality, people show up that's what we've seen in this quarter and what we're projecting in the year. >> now, one question for video game investors from here, do these disappointing earnings results signal a peak in video games? i checked in with michael pacter of webbush he said no way that's because how this content is delivered is changing fast. it's not just about traditional gaming consoles anymore, but smartphones, amazon downloads and streaming platforms. he argues that's going to help drive strong growth in the future he always the sell-offs we're seeing big buying opportunities. mel, back to you. >> all right, josh, thank you. josh lipton in san francisco

is this an opportunity do you think? >> so here's the opportunity, is that maybe it's -- there's a lot of -- there's a lot of competition out there right now, but if take-two an these guys can figure out a way to monetize end game, the concept of your digital twin -- >> hold on, digital twin >> don't you all have digitals of course. >> is this different from an avatar i hate to be a video game idiot, whatever you want to call me is fine, i don't care. >> no, it's just you the digital version of you and you have a whole digital wardrobe in your digital closet. >> i can buy digital clothes and digital food. >> that is a revenue stream. they're not there yet and there's lot of competition i don't think buying the video game stocks is the way to play that. >> we're not at peak video game. we are getting to a case where it could be peak competition and 15 times very cheap right here. >> so we ask is the group heading for a reset? joel is head of technology

training at webbush. great to have you with us. >> thanks for having me on. >> when we see these two negative data points out of ea and take-two, do we think there is an industrywide theme here? is it the competition of fortnites, or the move to the freemium or these individual stories that shot themselves in the foot >> it's a combination of everything you guys touched on earlier. you have an investor base which is reassessing the multiple that the group deserves we're seeing a mean reversion to the multiple from historical levels do i think some of today's price action is a little bit overexaggerated to the downside? potentially, especially in take-two, activision but you look at electronic arts, they cut their first warning was back in august where they missed on fifa world cup during a world cup year mobile performance was terrible. they sold only 7 million

battlefield 5 units versus 15 million units two years ago so they kind of missed the board. they missed across all metrics and execution was a big problem. i think the fortnite effect is real and why we heard that from reed hasting he called it his number one competitor and is taking money at the expense of the publishers. >> in a case like ea, you say battlefield 5 was crap before it was even released and that's not my word, i believe that's yours. so is this sort of like a movie studio where it's just a release away or a pipeline away from getting back to its glory days in terms of the stock multiple or is the jury out on ea >> i think right now the jury is out, at least in the near term i think stocks will remain in the box at least the next three months there was also in q3 and a little early q4 we saw a revolving door at the management and studio level as well ea got rid of a lot of top talent they really have no credibility

who's going to step in and produce that top content i don't think the investors have much faith in the current leadership and hence why it's probably a good candidate for an activist to step in. we all know the gaming sector is not slowing down there's 2.3 billion gamers globally, according to new zoo that put out a report last month. it's not going away. this is what younger generation kids are doing, playing video games. right now ea, i wouldn't touch it with your money i'd look at activision uv soft has a game called the division 2 launching march 15th. zenga reported great numbers tonight. >> activision blrtizzard, is th a take-out target? they think apple should buy that. >> i thought jpmorgan's was a great note it does make a lot of sense. it would be complementary to drive the replacement cycle for

the high-end smartphones they have been ahead of the curve as far as 3-d sensing so it makes sense for apple to make a big push in the video game space. i think it's definitely a possibility. >> joel, great to speak with you, thank you so much. >> thanks for having me. >> what do you think, pete >> you know, i don't think the opportunity is in buying these names. i think the opportunity is what feeds into these names so i immediately go to nvidia. revenues are 67% coming from gaming everybody looks at nvidia as everything else but the reality is they're still in gaming. >> i think activision is sort of interesting here it was 81, 82, i don't know, and now it's 43. not that much has happened that to me of the group seems most interesting ea, you don't know what you're getting. >> well, i put it this way first of all, you're getting almost $14 a share in cash and you're getting a company -- >> for ea. >> for ea.

i think management -- as joel has done, i think management has done a terrible job on guidance here why shouldn't amazon be stepping up to the plate to be consolidating this industry? it makes so much sense for their business model i agree that apple should be there too. both of those names talked about are not only major competition but consolidators in the industry i think ea versus 25 times the three-year average, i think there's value. >> i agree all of these are probably a take-out candidate at some sense it makes a lot of sense for somebody like disney a lot of these games that are popular are first-person shooter, not exactly conducive to the mouse i've got all this digital stuff on my mind. >> let it out, brian >> awesome. coming up, former fed chair janet yellen telling steve liesman the next move to the fed could be a rate cut in an exclusive interview earlier today. how likely is that scenario? the traders will weigh in.

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welcome back to "fast money. former federal reserve chair janet yellen sitting down with our own steve liesman earlier today to discuss what the fed's next move could be take a listen. >> of course it's possible if global growth really weakens and that spills over to the united states or financial conditions tighten more and we do see a weakening in the u.s. economy, it's certainly possible that the next move is a cut. but both outcomes are possible >> we're also looking ahead to current fed chair jerome powell who will be speaking in a little over an hour at a teacher town hall in washington he's expected to answer questions on monetary policy so will the fed's next move be a cut or a hike, and is the fed still the key to this market

tim. >> the fed is absolutely still the key. if you put a gun to my head because i hate this question because i still think the u.s. economy is in a very good place and i think the rest of the world is slowing dramatically. again, the gloei would say it'sa hike but this is a fed, she used the word financial conditions. that's code for if the markets get really gnarly, and i think the fed told you in the powell fed, they're willing to do that especially for a purist like guy adami who's not here today. >> they showed their hand over the last couple of weeks that being said, i'm not convinced they'll actually cut over the next six months or so they could just let this thing run for a bit. they may do some shenanigans with their balance sheet so i don't know that the cut has to be the absolute thing but i would be very surprised if they raised rates in 2019. >> if they raise rates because things are good, isn't that

good should we be back to that? >> right, i think that is good i think that it also depends on what is the context for that raise and what else are they going to say about what they intend to do the rest of the year as well as that balance sheet, which had been completely off the table is now very much in play it seems that i think would be very interesting. >> and we heard from mnuchin talking about the economy is terrific right now, right? so i would see much more of a rate rise. >> what else is he going to say, i mean really? >> it does look pretty good. when we look at the economic conditions here, they look pretty good. elsewhere they don't look so great, but the put is in place. >> you'd have to see a massive rise in inflation before the fed would move this year i think they have showed that in this environment unless you've got screaming inflation, they're not going to do anything. >> it does seem they're more comfortable or they are comfortable with an inflation overshoot. if there's any scenario present, they're like, okay, we're willing to take that risk. >> they have already studied that in june you might get a policy

change >> if things are so bad the way you say and everybody is moving to easing monetary policy and we actually hike rates, one hike could actually mean very big things because the disparity between us and german bunds will be much greater. >> by the way, this is all -- this is all right now somewhat dollar neutral i think the dollar is another big factor the dollar has been under control but is starting to have a three or four day rally. i think if anything, we're coming back to the pack, and i think for now that's very good for risk assets. >> and if it's -- if this is dollar neutral or maybe even dollar negative, then look at gold something is going on with that. if you think every central bank is going back to printing money, you want to look at gold. still ahead, pot stocks are on fire this year but will a big cbd crackdown put out their flame? we've got the details.

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money. pot stocks cooling off as a crackdown on cbd products heat up officials confiscating cbd edibles calling them health risks. they have been popping up in even restaurants in the wake of the farm bill signed into law in december it allowed for the legalization of cbd but fda regulations prevent it from being added to food and drink could the crackdown on cbd be the start of a bigger problem for the pot market tim. >> no, no. this is growing pains. no pun intended there either look, people should be regulated. i don't want restaurants putting stuff in my food that's not been regulated in some way. this does not change the story new york state is moving hard and fast to full recreational legalization the entire cannabis sector and then those hemp names as well have moved anywhere from on

average, but if you looked at the sector, it's moved 85% year-to-date legalization is different than regulation to be clear, the industry embraces regulation. the industry wants regulation. most of these companies actually -- >> and i appreciate that, but is that, the possibility of regulation, especially when we don't know the form of regulation, is that embedded in the valuation of these stocks right now, or are the stocks still trading as if there is no regulation >> i don't think that this crackdown is necessarily a new form of regulation they're simply saying, listen, you can't put something in food that isn't fda approved, that's all. those are the rules we already have i wouldn't say this is crazy whatsoever and the consumer will drive this we've seen so much demand in this sector, the consumer will demand it. it will get fda approval or there will be another way to do it. >> tim, when i look at all these companies, is there a burn rate issue for any of them that you're concerned about >> that's funny. >> in terms of timing.

in terms of timing, because a lot of these companies obviously, they have great market caps, but how much cash do they have and do they have enough to continue to go on in the same way they have been. >> like any growth industry, a lot of these companies are starved for cash the equity market has been very expensive for them to pursue in fact we are seeing the debt market start to open up a little bit, some of the structured debt products as far as cbd goes, people thinks this came from nowhere. two years ago it was probably a $200 million market in this country. now people are talking about it as a $3 billion market in a couple of years. how much of that is in the stock prices some of it is. i think the valuations for the sector imply an enormous amount of growth. yes, pete, a lot of these companies really are starved for capital right now and have enormous -- you know, they're supposed to be hockey sticking right now in their valuations because that's what they told investors. without capital, they can't do

that. shares of sonos getting blown out. this show is just rich tonight we will tell you what is weighing on the stock and jim cramer will be all over earnings tonight on "mad money. that is at the top of the hour me're live at the nasdaq in tis square much more "fast money" still ahead. a visual snapshot of your investments. key portfolio events. all in one place. because when it's decision time... you need decision tech. only from fidelity.

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welcome back to "fast money. we've got an earnings alert on sonos. the stock plunging 15% after announcing record revenues and profits but announcing its cfo will retire this year. it reaffirmed full-year guidance it is down 6%. >> i think that's -- >> 6%. >> there's two big things with this one they talked about europe and how sales there are really slowing and would impact it. secondarily, investors are concerned with competition so you have google and amazon kind of moving into their space, giving away products at a much cheaper price where they can't necessarily compete. even though guidance was reaffirmed, i don't think the cfo thing is a big deal. even though guidance was reaffirmed, i think people are concerned about the growth going forward. >> and they had a little inventory problem as well, which you hate to see. i love the product i think it's so fantastic.

it could be a fitbit, a gopro. >> how many speakers can you have >> there's nothing novel about what they do anymore if apple as a hardware company is under a fair amount of pressure right now, what is sonos going to be? i wouldn't touch it. twitter reporting earnings tomorrow before the bell after an up-and-down quarter, the stock is right where it was at the end of october. so let's get the options action on twitter, see how the traders are playing that get to mike khouw in san francisco. >> yes twitter was interesting today. we saw bullish bets outpacing bearish ones with double the average daily call volume. the implied move going into earnings is about 12.5%. that's a lot, but it is in line with the average move that twitter has seen in its history as a publicly traded company and where we saw most of that opening activity today was in the february 8th weekly 35 strike calls

over 8,000 of those traded for about $1.80. the stock would need to be up nearly 9% for those just to break even but i think it's reasonable to assume that that trader is hoping to make money by buying calls. presumably they're betting on a bet that the stock is going higher by at least 13% or so. >> what kind of activity have you seen in general in the social stocks, especially since a lot of other companies have reported earnings already. what do you see going on in the future >> you know, it's interesting because in a lot of places, this is one of those cases where we actually are seeing implied moves that are consistent with what it has done historically. pete can speak to this as well but a lot of the other names, it's slightly more subdued the reason for that is in many places we've already seen fairly sharp moves ahead of things like earnings and so on, so what we are seeing is some of that presumably is baked in although in areas outside of tech, names like cmg that we saw today, for example, sometimes the options market underestimates what took place. >> pete, did you see that?

>> the one area we did see paper ahead of earnings was snap as well we had more buying today even after their earnings but in terms of twitter, i think mike is right. people are expecting a fairly big move and it makes a lot of sense to me because when you look at what twitter has been doing and what's going on in the world today, whether it's political, sports, whatever it is, it is absolutely feeding into twitter. now the valuation level, it actually has a valuation, is not that bad. >> and it's trading right at that breakdown level where they said they missed their monthly active users back in july. so, you know, this is setting up for a big move one way or the other. i happen to enthusiastthink hig way i would play it. >> i think people are looking past some of the threats against their business, whether it was the privacy concerns, but the growth to me has undeniable. while it's not growing at the rate of some of its peers, the service is learning how to monetize and i'm impressed by all the ad metrics. >> once upon a time we would say

facebook is doing x, y and z, is that a threat to twitter do you see it that way you're in facebook. >> only in instagram and snap. but, no, i think that it bodes well for them seeing what facebook numbers -- google's numbers were huge. i think it bodes well for them i don't think it's a share thing. i think the pie is enormous. >> i think there's a scarcity in the space. where are you going allocate dollars to, something that's becoming the sole plays for media and ad revenue to be generated. >> think about the engagement factor that's something that's become huge, the engagement is there right now. twitter itself is a unique property you use twitter for one specific thing so i think it has a place in the social landscape. >> mike, good to see you mike khouw in san francisco. ecchk out the full options action friday at 5:30 eastern time up next, final trades.

what do you look for when you trade? i want free access to research. yep, td ameritrade's got that. free access to every platform. yeah, that too. i don't want any trade minimums. yeah, i totally agree, they don't have any of those. i want to know what i'm paying upfront. yes, absolutely. do you just say yes to everything? hm. well i say no to kale. mm. yeah, they say if you blanch it it's better, but that seems like a lot of work. no hidden fees. no platform fees. no trade minimums. and yes, it's all at one low price. td ameritrade. ♪

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its all-time high as its tinder platform grew subscribers 40% year over year tim, i don't know why we're going -- random trader here. >> what can i say. >> it seems appropriate, though. >> as deutsche bank had a report out today where they termed this the gold rush is over. they were growing 400,000 subs the last quarters. i think the growth is expected to slow down substantially even though this is a $15 billion company and it's a company that certainly dominated in the social -- what do we call this, this segment, when people are online the online dating world. >> i think that's it >> at 35 times earnings, it's a company that's hardly cheap. in fact if you're going to play the online world, iac over match is a better trade. high short interest. i think some of this is short covering ultimately, i would swipe right, i guess. >> so you didn't know what

online dating was -- >> you knew how to swipe >> what can i tell you >> remember when facebook said it was going to get into this business or there was some reports facebook would go into this business and match kind of -- >> right facebook was originally designed to do was to match -- i watched the movie. that's what it looked like to me. >> it was matching friends. >> if i'm looking at match at these levels at $58 after the run from as low as $35, i'm going to swipe left. >> it's too confusing. >> you don't like it >> i don't like it. >> final trade time. pete. >> biopharma, cancer drugs, this thing is really -- the options are on fire, array. >> i like what i own even with this run-up in the markets but time to by protection. vix is coming in, buy s&p puts. >> brian kelly or your digital twin. >> amd i like this one because they're gaining market share. >> tim >> i want to make it clear to my wife, i am not on tinder with --

>> swiping left or right. >> bottom line here, look at the sector and you've had a pretty good rally off terrible expectations i like energy services here, oih. see you tomorrow at 5:00 fo. my mission is simple, to make you money there's always a bull