so exactly what are they talking about that was maybe a little bit of a slippage during the quarter. >> feels more stock specific >> which is why if it happens the overall sector sells off, people looking for an excuse to take it off the table. >> okay. we'll watch that tomorrow. that does it for "closing bell" today. "fast money" begins now. >> yes, it does. "fast money" live if the nasdaq market site overlooking times square our traders on the delta house desk today, tim, no, we decided you were higher, brian pinto kelly. >> stays bluno, guy and tonight the s&p 500 surging to a new all time high for first time since september. traders tell you what they're still buying at record highs. >> i'd rather be blue than pluto. >> we're going to start with alphabet earnings. the stock is falling after a big

revenue miss the tech giant closed at a session high now it's down 7% that's a market cap loss right there we have full team coverage of the conference call under way. josh lipton is going to tell us what is happening. he is out in san francisco and gene munser, he looks like one of the guys on the old conference shows he is listening. let's kick it off with josh who spoke with the ceo of alphabet hi, josh >> so, joe, it's interesting alphabet beats on the bottom tak came in lower than expected. capex did as well. they have a revenue miss the cfo on the call explains some of the trends to analyst she is seeing here take a listen. >> there was a significant swing year over year and the impact of currency movements on a results this quarter from a big tail

wind in the first quarter of 2018 to a head wind in 2019. these affect both revenues and operating income given the majority of our expenses are in the u.s. based on the continued strengthening of the u.s. dollar relative to key currencies, we expect a continued head wind to our revenues and operating income again in the second quarter. >> so you hear her saying the headwinds will continue. i did speak to rouuth briefly there. she is done tough comps off a 2018 and the timing of product changes, she said, also had an impact that q&a is just on now we'll get more color on there. capex did see a year on year decline. however, she just told analysts they still anticipate the full year capex investments will exceed that. they did mention momentum they're seeing in cloud. still no real insight into how that business is performing. certainly not giving away the

metrics that microsoft and amazon does. analysts are frustrated with youtube. why they're not breaking that out. still nothing from them on that front either this call though just getting started like i said the analysts are just starting to ask questions. we'll bring you more headlines as we get them back to you. >> josh, that was -- must have been an eyebrow raiser for you you know, cramer is talking about service revenue numbers earlier. saying that he noted unfortunately he nailed it, i think. thank you, josh lipton alphabet is the last of the fang names to report. april zom a amazon and netflix is also higher alphabet is the only fang loser. 7% after hours is this your best chance to buy alphabet or is the stock's record run done, guys? >> joe, first of all, great having you onboard long day for you you start at 6:00 a.m. >> bringing the lumber >> you know, i know how you really feel about me versus

melissa. i don't have to say. that you like melissa. >> brother and sister, we're very close >> i know. >> that's really weird >> so i'll ask you a question, is now the best opportunity to bite stock my answer is no. i don't think it is. this stock was $1,000 stock give or take december 24th. traded to $1300. you could argue $1,000 was overdone to the down side. and now $1300 was a bit overdone on the up side a think it sure be $1150 that came in -- it's a really strong number for them good for them. missing revenue by a billion dollars in this environment, you're going to get punished i think there is a little more pain ahead, joe. >> for all of last year, they were beating on eps. they were a beater on eps by 27%. when you look at it now, i think it's a buying opportunity. i think we were enamored with the beats that people said oh, let's back it up here a little

bit. it is still up 24% year to date. this is a buying opportunity >> i don't know. to me the story changed a bit here you have a couple things going on when you look under the numbers. it looks like they changed some of the ad products out there so the response to what is going on, maybe that is a response to privacy concerns second airily, they really made a big push with their hardware which is the pixel phones and spending a lot of money to get that we don't see any traction on that so i think that's going to take a couple quarters for this to filter out and you can wait on this one i don't think you buy this dip at all. >> but i think we have a case here where -- >> why pinto >> they're all interchangeable >> i think the pay clicks number is down significantly quarter over quarter that is part of the problem. yes, the tak costs are a health why i trend going lower for people that have been watching this i tell what you, i care most about wamo and youtube this is the place that is the most exciting kind of dynamic here i think where people may be pushing this company around,

forget fx. despite the fact that is the ceo's job and the cfo is doing a good job making a complicated story being broken down into the silos they are, fx doesn't worry me i worry about amazon i worry about amazon's ad business and the perception when people say paid clicks not growing as fast as they were that, is part of the problem >> and you're not worried about european fines >> i think they've done a good job of overlooking the european fines. they're up to $8 billion in the last three years or so it seems like it's a cost of doing business okay, we see some sort of an end to it. we're not going to worry about it so there's been a lot of headwinds for me about worrying about the privacy issues worrying about the european concerns and i think in large part i can start to overlook that even though i still believe that they're still there. >> i don't know. to me, it's impacting revenue, right? that's the problem you have here you -- it's fine if there is fines. but if they have to change the way they do business which this

quarter looks like they're doing, they're changing the way they do business they're talking about youtube changing the way they do business, to me the market has to digest that and have the fact that revenues decline. i think that is the biggest thing. revenues decline on this quarter. that to me is a change in the business plan. and you have to stay away. >> important stock does it bother you the nasdaq is at a new high if google is not pulling its weight >> anything at a new high bothers me. >> it does >> it really does i don't know >> dom d day chu is in the house. >> are you good with that? >> look at that. >> can we bring him back over to the set here i have camera people scrambling. >> it is really strange for our audience >> this looks like the episode of "game of thrones. did you see how it started right there. no light >> is anyone in delta house

sufficiently bullish >> kelly has been. i have >> pluto >> my view on the market is long as you have an okay economy and you have a federal reserve that's going to be accommodative, then you have to buy stocks >> even though you're uncomfortable. >> even though i get uncomfortable with it. doesn't make me feel great i have the market that i have. so i have to trade >> think of me as the zbooitigu sitting on the stairs playing the guitar they're ready to take my guitar and break it so i have been generally constructive if you think about google, google moved, you know, 32, 33% from the december 24th lows. they kept pace with the triple qs they haven't been as strong as the semis. google's move is extraordinary it went into these numbers as overbought on relative strength indicator of 82 going into this print does not surprise me to see the market punish it in the after hours. the bears will also say, hey, look, i think we have a double top here

let's go back to november 7th, i believe, is the last time it made kind of these highs i think, look, in the short run, that's -- take a little money off the table. but there is nothing that changed here if anything to me, google is starting starting starting to monetize >> youtube is interesting when we finally break that out. i think to your point, it was overdone to the upside that's why i don't think 1209 or 1210 is bottom for now you can retest that $1150 level. that means the stock got ahead of itself. you mention amazon that is important. you go back to that amazon quarter. in the after markets before amazon started talking about one day delivery, that stock was headed lower traded below $1900 briefly it appears as though it wanted to go down until they mention one day shipping so i would submit you're not seeing anything much different between what sort of amazon saying and google saying now i think both stocks got ahead of themselves

jeff bezos warned us it break is coming. >> i think all the breakout with numbers, i don't think you'll see the breakout to the point that we're going to be excited you'll see revenue streams apple is pulling back on numbers. the trend is not to give more numbers or not to give precise numbers. it's to give macro the macro is still bullish. >> okay, let's talk to gene. can we do that >> sure. >> you brought in dom. >> now we have a mike on him, right, d day >> i have a mike on. >> we'll be with you >> anyway, johnny. let's bring in luke venture, founder and fast money friend gene munser. you had time to thichlt ynk you probably took a little bit from all the players here. give us something new. >> something new is google is the oxygen of the internet i think that with all due t to l

there, missing the bigger point here which is inseparatable from our lives. there may be some fines. they've had $5 billion fine, $8 billion loss with oracle with $1 3 $130 billion that doesn't matter the kernel is this company is becoming more of our lives it's around video. they're spending a rot molot mo content. it's going to start impacting the massive -- the two biggest unaddressed markets right now from tech are transportation, that's a $7 trillion global number and health care which is around a $5 trillion market. these are big markets they're going after. so the simple take is, yes, i don't think -- this was an unimpressive quarter i want to be clear about that. i think that this is a buying

opportunity for the long term because this company is just going to become more and more engrained in our life. >> what else, gene these guys are mixed on whether you buy here i'm not feeling -- i don't know if i'm hearing a buy from you or a wait and buy from you. >> i'm going to camp of buying the pullback here. and the simple math, if i look at, yes, fx is going to have a negative impact, that is the reason the stock is sliding to josh's clip. it's going to have a negative impact on this growth. the stock traded down on that news i think that created an opportunity here because the fx obviously is just a pendulum this will be a difficult year. so i think there is an opportunity if we just kind of play these numbers forward a couple years from now. the company should still earn around $65 if you put a kind of consistent multiple on it of 25 times, you get close to 30%

i don't want to create any excuses for some things that are looking at. >> i'm a trader. i'm only looking out maybe the next 90 to 180 days. let's take that lens on it does it bother you that they are making some changes to the way they have to do business, whether it be -- the way they're serving up ads, the privacy concerns and the content concerns with youtube. do you think the market is going to have to digest that for the next couple quarters >> i do. i do not want to send a mixed message. there is some complications around how the timing plays out. specifically if you look at what happens around privacyand i don't think that they have had had, if you will, call it the day of reckonning that facebook has had. they go into a critical cycle that can have an impact.

if it doesn't change the long term to answer your question, is -- it is something that concerns me but does not overweigh my broader view of the company. >> gene, it's tim. why would the stock be down 7.5% on fx concerns come on. i'm a bull here. to me, i'm not -- i mean i'm a long term investor in the company. and my view is other than it being oversold so traders can do what they want, this smells more like something secular, right? we're not going to sell off this company an fx concerns that is transitory that is not the fabric wrf this company is seeing pressure on the margins, pressure on the paid clicks. >> i don't think that investors are taking ruth pratt at face value. i think what they're reading between the lines when she talks about fx, i think they're incorrectly reading this some problem with the overall underline business. >> so we have to change it it's not cotton? >> aaron neville, fabric of our lives. so google, we have to record

that what is your trade for the quarter? what did you bring >> i'm giving google a b minus there were knicks in the armor here but still is a good company to own >> all right you know who can do that >> can do what >> aaron neville you would not know the difference the guy that sang that, "fabric of our lives." >> one of my favorite songs. >> he can record it and you would think it is aaron neville. not kidding. so we have to trade this now i'm told >> great >> who is going to -- i think it's a rubber stamp. >> do you agree with the grade >> i don't i don't agree with the grade i'm more in the c camp the reality is they missed on revenue. that's a very important component of this. i think the stock got ahead of itself recently. i think 1150 is in the cross hairs. i think amazon should be lower as well. not necessarily on the back of this but i think amazon can

probably breach that $1900 level as well. >> i i have you have to wait on this right as gene said, they haven't had the day of reckonning like facebook has had when it comes to the privacy concerns. i think when you have that day of reckonning, then can you buy it, then can you take gene's long term thesis and let it play out. nall day comes -- >> but when is that day? >> they come in and they testify on capitol hill, it's all negative >> i think we've seen that day of reckonning. i think that day is probably already hit the pinnacle of how bad the headwinds are going to be for google. i could agree with a c grade i can agree with a c plus. i still think the stock is viable right now this is day one of the -- you'll wee after hours. but there is a quality of a bunch of lovers we're fighting out. >> it looks kind of fred dorfman's car.

>> dom -- >> dom is not here yet. >> one stock it's 5:20. one stock. one stock with these guys. one stock. it's almost 5:20 can you imagine, dom, you do 18 stocks in a minute and haf, don't you? >> that's because your show makes me do that >> they're yelling at me i have to go to a tease. coming up, stocks hitting record high today finances are surging chart master says it's not too late to get in on this rally then later, boeing ceo speaking out, the shareholder meeting to day. we'll tell what you he said that usomhus of wall street talking pl d c ihere

through the at&t network, edge-to-edge intelligence gives you the power to see every corner of your growing business. from finding out what's selling best... to managing your fleet... to collaborating remotely with your teams. giving you a nice big edge over your competition. that's the power of edge-to-edge intelligence.

#. right now he said the company's top priority is getting the 737 max planes back in the area safely whether or not they would compensate airlines for revenue for planes grounded, that is still under discussion. >> we're working closely with regulatory authorities around the world. there is a certification update and safe re-entry into service we're diligently doing that airplane by airplane with our customers. i think getting it back up and flying is obviously a key step in rebuilding confidence >> southwest and american airlines both expect the planes to be back in service by the end of august. but some analysts say that time line is too optimistic today mullenberg said that he

and other boeing officials will be on the inaugural flights when they may occur back over to you >> all right elan, thank you. now, we're going to trade this, tim? >> let's do it we basically, you know, if you listen to the investor or the recent numbers, you have no real guidance, no real sense when the faa is going to necessarily give clearance for the improvements to allow them to begin shipping. so what you have to do is ultimately take out your max 737s from the equation between now and year end and what it leaves you with is a company that by 2021 is where it is right now so the question is do investors need to do anything right now? the answer is possibly not i have to tell you, the way the stock behaves and the history here would the faa and groundings tells you actually want to own the stock probably out three to four weeks into that movement. >> you would say this is the most scrutiny that's been -- i think it is, this is the most scrutiny that's ever been with a company, size of boeing with an incident that boeing just had.

so i was a long term holder of boeing i still believe there is tremendous headwinds going forward. if there is a hiccup on another plane this is going to be disaster for boeing. i think this is still a no touch. it's still up 70% year to date. >> i'm surprised how well it held up. it seems like this is dragging on a lot longer than i had expected you know, 360, that is the support level. if you own it or you think about owning it, there is probably something going on you don't know about time to get out. it's all about risk reward in this trade i don't think there is massive upside either. >> i think you can own it here p of it's interesting. i'm not suggesting anybody here does or audience does. people forget there say defense component to boeing as well. they got awarded a $5.7 billion contract for fighter -- some sort of planes, combat control capabilities regardless, my point is it's not just commercial planes

yes, this is a big deal. but the cash flow is ridiculous. valuation is compelling. i think can you buy the stock here >> okay. we're going to end it on that note i'm wondering whether we all start at some point just walking on 737 maxes some day that will happen. we're walking -- we won't know >> we won't even know. good i'd get on one, come on >> a pilot knows what's going on and for more on boeing and what's next for the stock as the fallout over the 737 max continues, head on over to cnbc.com and from one big industrial name to another, 3m remember what happened getting slammed since the earnings report down 13% we're going to hear from the ceo about what he says wall street is getting wrong there is much more "fast money" including dom chu right after this quick break

- i love my grandma. - anncr: as you grow older, your brain naturally begins to change which may cause trouble with recall. - learning from him is great... when i can keep up! - anncr: thankfully, prevagen helps your brain and improves memory. - dad's got all the answers. - anncr: prevagen is now the number-one-selling brain health supplement in drug stores nationwide. - she outsmarts me every single time. - checkmate!

you wanna play again? - anncr: prevagen. healthier brain. better life. oh, wow. you two are going to have such a great trip. thanks to you, we will. this is why voya helps reach today's goals... ...all while helping you to and through retirement. can you help with these? we're more of the plan, invest and protect kind of help... voya. helping you to and through retirement. let's talk about thisd when we meet next week. edward jones came to manage a trillion dollars in assets under care by focusing our mind on whatever's on yours.

welcome back to "fast money. the nasdaq and s&p 500 notching all time highs to day. dom chu joins us on set with all the details. finally. >> finally here. and opposite ends of the day, joe. normally we're together in the morning. >> usually not in the same location this is why it's fun >> this is fun and i always love being with these guys especially on a record day for stocks if you take a look at where the standouts were in this whole move higher, it was about the financials the financials not just the money center banks like citigroup and jp morgan, but other big ones as well take a look at the gains that we've seen the big bank breakout. what you're seeing is a chart for jp morgan so far this month, up 15%

morgan stanley not a money center bank. still 15%. citi, 14%. you get the idea if you look at today's trading, it was the financials. that sector and the s&p 500 led the way higher as well and what you are seeing right now is perhaps a bit of a breakout when i say that, i mean if you look at the kbe, the spider bank etf, kre, both are now trading above their 200-day moving averages or longer term trend lines. all of these banks set up for what could be a bullish narrative only because the financials have been underperformers over the course of the past year to date period and one year period as well. the point being is if you're looking for a reason to be more bullish on the overall market, it is that financials had not been part of that leadership hire they are right now the bears will say well they're playing catchup and this is the sign of a top. but i mean, the earnings season

is solid the beats were better than expected so maybe financials have their day. i would say this and, joe, you heard it before, how many guests have come on our air over the course of the past two or three years saying that financials were due to break out and they've been kind of sitting there for a while? so that's kind of where we stand right now. i'm not sure exactly -- >> it helps to go to the charts in a case like this. >> it does help. >> thanks, dom with the markets -- see, with the markets sitting at record highs, our next guest says there is still two names that are worth -- oh, boy, worth a buy. chart master carter worth. nothing gets by me over at the plasma to break it down hey carter. >> sure. there are more than two. but i got too good onewo good os what we know is the market peaked on september 21st here we are seven months later basically the end of april the s&p 500 today got slightly above its high of september 21st and closed almost near the low at $2943

whereas almost every other aggregate here, obviously has not done that. that is either the problem with the market or the opportunity. i mean there are people that believe these have catchup potential and that this sort of super cap led rally in the s&p 500 will be followed up by others but independent of that, trying to find individual securities if you can that have lagged and maybe have potential to catch up so let's try to do just that first, the s&p 500 chart, we're exactly back to the highs. it's a virtual v down and up and this leaves us with the following setup. here's the sequence. it looks busy. take a look. up, up, up that's one, two, three, four, five, six advances and five declines the sequence here calls for your next decline they're not good if you're bearish. you think a decline is not 3% to 5% it will be 15 or 20%

what is worse is if you keep exploding up then you get an overbought condition. either way the sequence would call for some sort of give back. and we are, of course, right at that former high typically before you exceed a high, you contend with the high. it is some sort of backing away. laggers, now technique for buying laggers, you don't buy rite aid 150 to nine or tesla going straight down. you look for something that bottomed i want to look at two stocks one is a financial and one is not a financial. here is ford motor you can draw the line several ways but one way to draw the line is as follows we moved above the down trend line that's an important development. and it's also what you would characterize as a bearish to bullish reversal the 150 day moving average is starting to flatten. compare that, for instance, to morgan stanley exact same setup here's the trend line. again, moving above the trend line or using moving average to

measure trend. a bear toish bulliish to bullis. laggers just like this as opposed to someone like this the chart is in line with this this is a coward they want to wait for it to bottom you go first and then go with the momentum once it's turned. >> chart master. chart master come join us at the desk here comes the walk. >> holy cow. >> this is what is called a party. >> yeah. >> can we handle this? we have room over here >> i'll tell what you, there is a the lo lot of firsts tonight,e two guys in the suits tend >> all right good stuff you know, you guys are never a loss for words >> carter, let's talk about financials we've been talking about this bank resurgence. they certainly are a place people look for leadership s that moment we've been waiting for? >> it's more of the catchup trade that you were referring to it's not leadership. relatives are relative basis peaked six weeks after the

election essentially after the trump bump and industrials and financial materials, all the cyclical trade has been underperforming if you look at value versus growth on a relative basis, we're now below the '09 lows it's basically a growth led defensive led recovery from september to now, the v, it's been led by utilities on top, followed by reitz, followed by staples, tech, it's all defense. from here we need more of it, industrials and financials for the market to -- >> what i would say so that is if you look at the valuations on some of these defensive names, i mean right now the consumer staples are on a fuller basis trading 19 times they're not cheap at all so it's obvious that this trade is playing out people have been going into staples. they don't want to necessarily be in utilities and that defensive end. but they if figure consumer names give them growth prospect. >> so carter, when you look at the xl, you go back precrisis, we hit the levels and the double

top that, still scares me. to assume when you ask the question what do you buy at all time highs you have to assume that we're going higher so if you're going higher, it has to be growth names in my book it has to be tech. tech is what is performing >> you want something that is steady or up to the right. and then you want to find some not establisheded but something basic l basic like a morgan stanley or ford you can get a move that got murdered last weekend. >> carter, i'm curious the one chart you had up there, the one table you had up there showed we basically have been treading water for a number of months heave we're seen this rotation, right? we've seen the growth and the fa i fang stocks. are we looking at a rotation into financials and industrials? >> so what would require, you have to pick the winners that's the portfolio manager, that's the investor's job. we know the top six stocks are the same as bottom 300

if we have more trouble, it doesn't matter what rotation you get, churn at the highs. the math doesn't work if you heard if all your champions and they're not progressive. >> interesting you look at the banks, joe dominos this, i know this. j.p. morgan, for example, tangible book in j.p. morgan is $57.60 today's close, j.p. morgan is trading two times price tangible book that is a heady valuation in this environment i think. now you can say they deserve it. that's fine. but how much more can it go in an environment where banks have effectively become utilities gold is trading around tangible book i can understand why goldman sachs is trading i just think j.p. morgan may be ahead of themselves. >> the balance sheets are in the best shape they've been in decades. yet, there are provisions for loan loss are very, very low that happens late. interestingly, the credit card companies popped last week you saw capital one coming to live, discover so there is rotation within the

group and so forth but for the market going back to -- think about this to be unchanged for seven months and be up 1% for 15 months, basically, the returns and bonds are equities for 15 months, total return of treasuries and kofrpt corporates and you haven't been paid to be in equities 1% to 2%, if you put a sharper edge on the s&p 500, fire the manager. >> all right carter, thank you. you have a middle name, carter >> braxton >> is there a number tend after worth too? >> carter braxton worth the fifth? >> come on >> chart master, thank you dom chu, we're just -- >> i'll see you tomorrow morning. >> anyway, i'll see you tomorrow check out the big earnings movers braxton, how did they know they all knew. >> i knew. >> i really didn't know that before we head to break, alphabet getting slammed western digitsal is also sinking. we'll bring you the latest on the moves. plus, it's delivery drama as

retailers race to compete with amazon's one day shipping. who's going to come out on top we'll have the details what do advisors look for in an etf? don't just track an index, help me meet a client's need. is the fund built to sell or built to last? etfs are only part of a portfolio. so make it easy to explain. give me a quality fund that helps me get clients closer to their goals. flexshares etfs are designed and managed around investor objectives. so you can advise with confidence. before investing, consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully.

plants capture co2. what if other kinds of plants captured it too? if these industrial plants had technology that captured carbon like trees we could help lower emissions. carbon capture is important technology - and experts agree. that's why we're working on ways to improve it. so plants... can be a little more... like plants. ♪

welcome back to "fast money. amazon is expanding one day shipping prompting other major retailers to speed up their deliveries courtney reagan is back at hq with the details >> hi, courtney. >> hi, joe

two days after amazon says they want to do one day shipping, walmart says one day shipping without a membership fee that will be ground breaking a counter punch and dig at the annual prime fee, walmart and target have spent billions in improving digital operations and supply chains to get to free two day shipping millions of items with a $35 purchase but not all retail experts agree the benefits of going from two to one day shipping outweigh the cost those same day shipping could. expert degree whether it will sway more researching. amazon is going to spend $800 million to cut prime shipping half everybody i spoke to said estimates will get higher in the third and fourth quarters. walmart doesn't disclose shipping costs without more details, analysts are not estimating the cost to move to one day shipping walmart has said digital losses will be high they are year than last and a key puzzle piece is if and

how walmart's 4500 u.s. stores play a role. if the cost equation makes sense, having 90% of the u.s. population within ten miles of a walmart store makes the speed doable target has stayed relatively quiet since amazon's announcement, it too, could be close to one day shipping. after all, the restock program is already doing next day out of stores for 35,000 items and 60 metro areas. does cost 2.99 there a$2.99 andt shipped program. joe? >> all right thanks, courtney who's going to win the shipping war? hu how much does that matter for the stock. >> i'm not sure why they did it, to be honest >> what? >> amazon. i'm not sure why they did it but i do think that it was three. amazon, walmart, target.

target is taking a hit recently. but it's still up more than the others on the year to date basis. i think target is a buy. also kohl's stores i'm going to throw another one in there if you look at kohl's stores, they have an agreement to accept returns from amazon. i think the real estate is pretty attractive for amazon maybe amazon wants to take out kohl's stores. that is another name can you throw-in there >> i get very concerned about this whole space it's mostly because labor as a cost of their overall goods sold is becoming an enormous piece of the action they're competing against amazon in the consumable space. i don't think they're going to win. walmart to me is one i'm most concerned about. as much as they are a beast, let's be clear, yes, they can use the stores effectively as logistics and warehousing. i think they're trying to juggle the low price advantage when is always been with this whole international thing with again rising costs i stay away. >> i'm more in tim's camp.

i think the competition here is going to be detrimental to all of that. i think it's going dost them more to do this. so what are they buying? prices might be going up they make the boxes. everyone wins. >> you know what did you there which you may or may not realize, your brilliance does did it i did a would you rather with us that's a game we play sometimes here on "fast money. you would rather and so to answer your question, i'm going to say target may come down to valuation. target at 12 1/2 times is too cheap. walmart at 20 1/2 times is too expensive. something's got to give. i think it gives into the target catching up in terms of valuation. i think target is the buyout of the three of those >> all right >> are you with it, joe?

>> yeah. >> you want to bring dom back in >> where is he we got someone else on deck which is exciting. checking out western digitsal sinking after earnings report. we're going to tell you what it is about the quarter that has investors running scared check out the cramer cam there is jim talking about the usd.eo after the stock got crhe catch the full interview at the top of the hour. more "fast money" still ahead.

your daily dashboard from fidelity. 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.

welcome back to "fast money. shares of western digital tanking after hours following the earnings report. we've been listening in on the earnings call from san francisco. what do you have to tell us? >> yeah, hi, there joe the data storage products company says the bottom line miss comes as the industry's grappling with weak data center demand and down turn in memory chip markets the company expects to see more pressure in the flash gross margins the rest of the year however, it does expect product demand to improve for the balance of the calendar year the ceo also spoke about the headwinds and some of the measures they're taking to address them >> a flash base product is slightly better than expected -- expectations however, prices declined more than we anticipated. we are executing well on the plans we laid out last quarter in temperatures of enhancing our product lineup, driving

technology advancements, right sizing our factory production levels and lowering our cost and expense structure. >> the company also introduces incoming cfo who will succeed current cfo mark long. back to you. >> all right thank you. you have an opinion on this? >> i do, actually. >> you have opinion on all things if you asked me, i don't -- i don't know >> it comes down to -- well, just say is this a commoditize business the quarter suggests it is gross margins are down street is close to 28% when you have working for new the stock, say this major double bottom from 2016 to 35, retested it again recently. traded up to 55. now it's backing off but this quarter and then the guide for next quarter even if you give it the midpoint is disastrous i think there is further down side >> go ahead. >> 50% of the revenues are

flash. it's the same thing as dependent on d-ram with micron but d-ram looks less constructive to me than nondoes. you have to understand that when you're looking at the stock, it was up going into the print 37% basically year to date so i hear guy. i think it does have a little more room to the down side but where they are 50% reliant on as far as direction alt aali looks good >> $44.20 is the support level see how it acts. see if the pricing improves. and then you can buy >> at the risk of piling on, i think this thing is very expensive. i don't think you need to do anything here. we talked about semis and chips and memory this is not part of the space you want to be in. >> shares are down 7% in

alphabet shedding more than $60 billion in market cap. wall street is the most bearish it's been on apple in two decades. we'll tell what you to expect. let's build a better world for investing. let's hold ourselves to the highest standards of ethics. as investment management professionals, let's measure up. cfa institute.

transparency. expertise. these are the building blocks enduring relationships are built on. as investment management professionals, let's measure up. cfa institute.

hey, welcome back to "fast money. i want to give you an update on apple's fiscal q-2 earnings which are tomorrow after the close. the options market is implying a 4.5% move in either direction. that is shy of the 6% average the stock has moved on the day following earnings over the last four quarters. that does not include that january 3rd, 10% plunge on the first negative preannouncement that company had in a decade but since then, the stock is up about 45% from those january 3rd lows that's to the average. it is kind of interesting when you consider the stock's movement here. i think it's really interesting to kind of think about where this stock has been and where it's going it's still about 12% off of the all time highs made last year. and i just want to make one really interesting point about sentiment. obviously investors are back in

on this trade. but wall street analysts have yet to get back onboard. i think it has the lowest buy ratings this stock has had in over a decade about half of the analyst who's cover this stock rate it a buy. about half rate it a hold or a sell pretty interesting here as we head into this fiscal q-2. the guidance going forward is going to be really important as we know. that is a seasonally weak quarter. especially all that semiconductor guidance we got. that is bad. we just heard guidance from western diblgt digital not fantastic. when i look at earnings print like this after the stock ran this far, i say to myself if i'm a long holder, how can i protect this stock i think it's important to remember the aat the money call is half the implied move thats about 2.5% if you are long, puts or put spreads could make sense to protect yourself into a potentially volatile event i'll check back in later on in the week thanks a lot

♪. ♪♪ ♪♪ ♪♪

oh, sir. that was my grandma's. don't worry, ma'am. all of your stuff is in ok hands. just ok? they don't give two and a half stars to just anybody. here you go. what's this? it's your piano. hold this for a sec. we don't have a piano. no.. but the neighbors do. just ok is not ok. especially when it comes to your network. at&t is america's best wireless network

according to america's biggest test. now with 5g evolution. the first step to 5g. more for your thing. that's our thing. welcome back

let's get a final check on alphabet it is down 7% after a big revenue miss the tech giant citing currency headwinds among other things so where does it open tomorrow probably near this >> i think it's going to $1150 that is a 50% of the correction of the december low and recent high makes sense. overshoots the upside. $1150 makes sense. >> we have like a minute. >> yeah. >> it's time for the final trade. let's go around the horn >> again, i could have extended that conversation on google. >> why don't you >> it is my final trade. look, at around 22 times 2020 earnings, i think this is one of the most attractive stocks in the market this is a pullback that doesn't surprise me. i am concerned about some of the secular issues that may be more what the stock is doing here in the after hours. but you're not selling this on fx >> it could trade lower as well.

it's still a better buying opportunity than anything out there. >> that's great insight there. what i want to talk about is cisco. you want to sell this one. take profit. what have we heard from every single tech person data center slowing. everything in tech is slowing. cisco, get out of that >> maybe i should have skipped right over you >> everyone knows the damage is done at 3m we're on the three day rule. you have to keep it on a tight leash right here i'm not saying go all in to me, on a chart, to make your first purchase in 3m this is a good discount. watch jim come up after the show >> you are back with us tomorrow >> i'm not i would have been but i have something i have to do >> do you enjoy being here tonight, be honest >> i did i'll have to come up with

something else next time as i always do. i like the delta there is so much test toast roaroa testosterone join us tomorrow >> my mission is simple. to make you money. i'm here to level the playing field for all investors i promise to help you find the bull market. mad money starts now >> hey, i'm cramer welcome to cramer america. i just want to make you money. my job is to educate and teach you, can you call me or tweet me nearly a third of the companies in the s&p 500 report this week. the averages keep running. dow gaining 11 points today. s&p 500 is u