the high side. i wonder what the interpretation will be now that we're questioning in a bigger way the wage growth and overall inflation and it's hard to know what the fed implications are with the strong number. >> it's been a bumpy week and we'll keep an eye on the reaction and what it does for the equity markets and that does it for "closing bell," "fast money" begins right now. "fast money" starts right now live from the market overlooking times square i'm melissa lee. your traders are tim seymour, don grasso karen finerman and g guy. one top strategist says it is about to get worse he will explain and we're all over the after hours movers, and and we'll bring you the latest from the conference calls happening right now. speaking of earnings, 75% of the s&p 500 have now reported earnings so talk a look at some of the biggest winners and

losers so far since reporting earnings ford up 9% caterpillar down 5% and alphabet and intel are both down double digits do any of these earnings busts turn into bargain buys do you stick with the winners here >> i think a couple of them look very, very interesting and i feel valuation and companies and i don't think i get worried about execution. intel talked about things that if you worry about the things they talked about you worry about it for everybody and they talked about data center and china. their datacentric business is something in terms of earnings quality people wanted to see about this company and i feel very good about the path they're on and the valuation is far from stretch relative to their peers in the chip space. google, paid clicks were down significantly and if you think about the first quarter year over year and the comps were really, really tough and at least the analysis says that some of this is related to youtube and products that were initiated last year that made it difficult to hit those number again and if you looked at the

gross margin they were excited and a company that gives you 21, and 22 and they're trading so far, relative cheap to the rest of the peer group and i guess i mean fang and mega-cap tech and google others and other bets are starting to get real traction and there's stuff there. >> you still like google, but you're concerned about the conference call. >> that was the worst conference call of the season, i think. >> wow >> i felt people like me, everyone who owns the stock. we're concerned, why what happened with the revenue miss let's be more specific so we can understand is it a one-time thing they did a poor job addressing it and it was unclear when they knew and didn't want to tell us or whether they were sure what was happening and would it be resolved none of those questions were answered adequately and the cash hoard is just a ridiculous capital structure to have. one of the biggest cash hoards

on the planet and yet they buy a miniscule amount of stock and they can learn a lot from apple and you don't need to become a dividend player when you're generating that much cash and you do so little >> it ran up so much into it, though, and facebook had put up good earnings and staff. so i assumed that they would, as well >> i agreed with team, even -- >> they had too many levers to pull google and intel this was the same people that had companies on dram. it's oversold based on data centers. it is oversold on rsi. google, too many levers to pull for you to say i don't want to buy this on a dip. kudos to guy adami, he mrflagge the 1150 level and it's buyable

here and those two are the standout names for me. >> the s&p are at all-time highs and the question is do you buy the winners or losers? you have to be careful of buying the losers here and you're talking about two high-quality companies and they have very different reasons why they sold off about 10% from those highs, but if you're saying to yourself what i buy at all-time highs and that being said that goes for the long time horizon of intel and google and you're just going to be fine >> what's long more than two years and intel is simple the stock broke out in february and there was still a lot of enthusiasm and they just had a new ceo and were doing things on the strategic front and there was an announcement about ces and the initiatives they have and the stock went from 50 to 60 and now it's back to 50 and that's a level trading below

market multiple and trading below its peers and that's when you start thinking about how do i get the stock back up to 60 and your time horizon has to be six months for that to happen because it will not happen. >> don't you have to turn in semis overall? >> there's so much outperformance and it will take the stock like nvidia, and it has tobacco a slightly special valuation, and we know they buy back, so you look at katrina and for me i never really get excited about this this is a global growth story and when you start increasing their level, and they promise stronger profit margins it kind of gets my attention why are they being so verbose about profitability? this one is worth a look it would be worth a nibble on

buyi buying caterpillar which normally they wouldn't given caterpillar. >> i'm surprised given the belief that the china trade deal would be a sell the nice, vent and would that be the same for the caterpillar? >> i think when i look at the stock it's had a bit of a sell the news event year to date and it's only up 6%. i don't find it to be overwhelmingly boosted going in. i think it's sort of flat lining >> fit the same inconsistency on the other side i think the china deal could be positive, and i get worried about caterpillar because i just think the structure of the core business is a little bit different than it was ten years ago during the super cycle and the valuation metrics don't mean all of that and 14 times 2020 earnings puts us at a $175 stock and that looks attractive and i'm not sure you should put it at this multiple when you look at these names on ebitda they should be trading in mid-single digits and therefore

caterpillar is not a name i need to buy >> when you say structure of the core business, what do you mean? >> what we see in the ag businesses, you're just not seeing the capex and the same global growth. it's not growth at all costs and the minors are being discerning about you have capex >> we're jumping all over the place and i'll talk about the derivative and the google and snap was 10% granted the stock is still up 100% of the year and google and some of the reasons why they might have had that revenue miss and the chicks and the armor as far as some of those metrics and then you think about what facebook just said after the developer's conference i say to myself, this is a very unique property and they're not growing revenues to the scale that amazon right now. this is snap

this is snap >> was that a bullish snap call? >> facebook is validating their business model and google is taking amazon shares and i say to myself this is a pretty unique property and yeah, it's up 100% and it looks interesting. >> can we segue into it at this point? it's like throwing darts here and financials as a whole, they are -- this is the best that financials are going to get. >> when you talk xlf the highs are in granted j.p. morgan had a record parter and we always the dpshgs lf back, and i feel like somethinga get beingses priced i don't

think we should be diving into financials at this point. >> the story is not that good in terms of a market perspective. by the way, they outperformed the s&p over last three or four weeks and the financials have outperformed by 5% and it's not like it's been such a fantastic run for financials that we should say exhale and let me get out of this trade. you have to get back to money center banks trading at 9 1/2 times historically and they're 10.5 times and basically trading at a recession mull im, that's the only reason the capital arc proched in net set and they're being compensated by another cycle. >> careen? >> i love j.p. morgan. >> it was shocking that they reported good numbers from what tim is saying. that's been around for a couple of years now and they've been

able to navigate it as have the others and it is the most expensive of the money center banks between city and j.p. morgan and bank of america and it is the premier name and it's really gotten back to where it was. that was great we have the rates that -- i don't know march 28th and that was absolutely the day to buy it and i think we may have had a discussion about that, dan, do you recall >> you're always right, karen. >> sounds like you did >> no. so i still own it here i own citibank and there's more upside in citibank for the reasons that you're saying it was the cheapest of the group. >> it's almost double what j.p. morgan is. >> i've had them for a long time, and i also -- >> you know what's interesting to me is the regionals and kre and the regional banking index that usually outperforms the xlf because there is an m and a packer in that that there's always a 300 bases point rid now. so we don't know got kre would

be moving higher and the kre >> and todd is here to take us off the charts >> before we jump into the big names let's take a look at the s&p and something i find compelling if are this market. the indicator is the average true range and what we've done is normalize it and made it the percent average true range and what is the s&p seeing week over week to start the story right here, if you went back even to the monthly chart impeach this percent change realized month over month and week after week was the lowest in a century if you look at the dow and we're calling low readings and we're seeing it move up and we got to

2.8% what does that mean in ten, ten 1/2% and as i segment into the next you want to be a stock picker in the market before we flip off this chart, you are seeing a series of high higher highs and lower lows and i do think you have the strength of 3200 and this if this pattern holds, we must have a lower low than we go just be careful first, j.p. morgan, very nice conversation i leak the yield s.t.a.r.t.ing to bottom and move up a little bit. jp does not have resistance if you source from the 2011 trend channel into 135 and that's where resistance comes in and it looks like there's a little bit more room to go.

the next one is netflix. i don't own this i'm waiting for netflix to give us the go ahead through the 380 and a beautiful inverse head and shoulders and if we can follow the decent earnings yesterday to gut get net fleks. i justa adoptions market set, two, any break oat, we should have another pushup in twitter i like twitter, as well. >> i like how you nonchalantly say the s&p 3500 can have 35, 3300 and that's a beg stred on the s&p 500. where do you see it going and what's the downside? the down side first and possible break to the upside. what's the up and duown here >> are you looking for timeframe? no, the point spread from where we are right now

>> i think 3,000 is a foregone conclusion over the next 12 to 24 months. i do think we'll see that 32, but again, are you looking for downside target? >> yeah. i want to see the risk to the downside versus the risk to the upside. >> the pattern says and this is not me saying we're going here the pattern indicates that we will test 23 to 2400 when we get the next downlick. and i'm calling it that the pt earn hold and that puts it at a hundred, and then there's going to be problems and that's the way i'm playing it for right or wrong and it's my game plan. we shall see >> quite a call. todd gordon, trade analysis.com. >> i didn't know you liked charts >> can you sneak up to 3300? >> i don't know if i can sneak up there i do agree with him that we should, in theory test those

levels, but the problem is i saw the bounce on the chart and i saw the reason why we should bounce 10% off of the december lows i didn't see the bounce lasting longer than 10%. so i have to factor in, i thought we would re-check those lows of 23.50 and i have to check out how aggressively you've been, and all of the way back to 23 >> i don't want to call it the end of a bull market and when it does go back to 23,50, it will be retheft and we've had that in 1516, it was it was one of the low and we're brokity on at 2,000 and to me the s&p did easily of side and it's's preft pretty.

>> and i'll tell you where we'll be in the next six months because that's all this is right now. >> still ahead, stocks under pressure last two days after hitting record highs and one top strategist says there's more pain ahead talk about a sizzling ipo, beyond meat doubling in its debut on wall street, but what's the stock really worth as the ipo parade continues next week for uber, but the company hitting a major valuation. ed roadblock, we've got a special report we are live in timesque sarin new york city. much more "fast money" right after this 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.

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show me the best of amy poehler, again. this time around... now that's simple, easy, awesome. experience the entertainment you love on x1. access netflix, prime video, youtube and more, all with the sound of your voice. click, call or visit a store today. welcome back to "fast money. check out shares of beyond meat, making it the best ipo of 2019 and check out how the popular meat alternative stacks up to its food peers, conagra, all trading to price of sales multiple while beyond meat is trading at a whopping 43 times the stock is overvalued and we were having this conversation in the green room about real comps and maybe these aren't the comps because these are just food staple stocks and maybe we should think more broadly about consumer companies and what would be more comfortable to

them >> also just an ipo that sparks something and on the consumer companies, remember gopro, right? gopro went public $24 a share i think it was, it traded up to 90 shake shack which actually put up good earnings today, also the stock went berserk and it ended up being near 90 maybe and there's this euphoria, and i believe in this space. >> in the alternative meat space. >> i do. i believe in vegan, vegetarianism and we will see changing food. >> meat disruption >> yes i was going to get corn. i don't know, does beef eat corn i don't know is that going to be a pressure them, but this is kind of like beyond gravity. >> beyond meat is beyond. >> seems too fatty, though >> not fatty, faddy.

>> and you covered people worried about heart risk when it comes to eating meat products >> it has no cholesterol and a whole bunch of things that i think will get in the way of it being a healthy food, but i agree. there are people that just will not eat meat >> let me say one thing. how is it that they're thinking 16, 18, whatever it is and then they decide no, it will be a little bit higher and a little bit higher and this ends up happening. >> i mean, that's as pounding to me we're seeing this in the smaller deals that have gone since the lyft ipo and it's a supply and demand they're just squeezing higher, rid? i don't know about this one. i will say this, though, that you have a situation where the coverages, you know, you said faddy and i think it's important. some of us remember krispy kreme and these other things they come and go

what stops someone else? >> there's another one, joint venture and tyson which is culture. >> why premium valuation >> this is a function of free money as far as i'm concerned. this is what happens when money falls from the sky >> you won't touch it. >> dan touched on that it's a small deal i think that can keep it above water for a certain amount of time, but i think ultimately it's a sell. >> i'd be in shake shack over this just on valuation. >> speaking of valuation, wall street struggled to put an ipo over uber, leslie picker is here with the latest. >> uber is seeking a valuation between 80 and $91 billion in the range it's currently marketing, but some investors are having a hard time deciding whether that's actually a fair price. we're seeing a split in the analyst and investor community between the fundamentalists and the believers. investors who are focused on the

fundamentals are struggling. they say the 400-page s-1 is lacking in details that they need to model out an expected valuation. take, for example, this chart on page 114 of the prospectus in many ways this is the closest an investor will get in terms of economics on the per-ride basis. the trend line for bookings has stabilized around say $9 per trip while the number of trips has been climbing, but there are no clear numbers at least on a quarterly basis to plunk into a spread sheet with operating losses tracking about $4 billion this year, investors are trying to wrap their heads around the profit and loss dynamics of uber's myriad of businesses and how that makes changes across the world. susquehanna wrote, financial complexity and limited composures on the key performance indicators and the difficulty in finding comparables likely to affect valuation. but there are also the believers

and a price target of $65 a share. 30% upside in the high end of the range and uber has been marketing and it calls uber one of the most transformational companies in the world as it has single-handedly changed the nation of transportation worldwide and whether uber will be the next tech giant to move the faaung club, melissa >> it doesn't have a new ring to it >> that price target was the base case scenario and they can see a lot of upside. there is an argument among the bulls being put forth that all of these other businesses, transportation, uber eats and that helps them leverage their platform and i don't understand that argument because they don't own necessarily that platform. they own only the software which connect the cars to the person

who needs the car for food or for themselves and their drivers don't work for them and they have such scale in terms of ride sharing and i've spoken with sources to see how it can really translate into uber eats and you hear a lot of complaints with drivers who don't want to, you know, carry around smelly food they see themselves being above a delivery guy and they see themselves almost as a chauffeur which they believe to be in a different class. they don't have the ability sometimes in big, urban marks to park their car and deliver the food and the scalability of transforming one workforce into another isn't quite panning out as easily as they appear in terms of looking at the business models with having the willing group of drivers the transportational transportation like the railroads went bust ultimately

it is unrelated to making money. >> especially in the case of a company like uber that had an insatiable appetite, and they've raised more money than any other company coming to market and it's clear if you look at the deal they did with softbank and a couple of other guys and they did softbank about 48 million about a year and 15 months ago just because they needed cash to raise $1 billion and that's important and they'll burn money. >> leslie, thank you leslie picker. for uber and its expected debut head over to cnbc.com. i'm melissa lee on cnbc first in business worldwide in the meantime here's what's coming up on fast. >> tesla, tesla, tesla. >> after a rough start to the year, the electric carmaker is recharging its battery with a $2 billion capital raise, but is it enough to save the stock we'll explain. plus --? let's get high on our own supply

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welcome back to "fast money. the dow dropping 300 points in the last two days since the fed chief spooked stocks with one word, transient. bob pisani is live to break it down >> we had a few headwinds battering the market in the last couple of days and you saw crude oil and it was 65 and it ends around 61 and you can see the s&p moved almost in tandem with oil today. that doesn't happen that often, but there are bigger issues out there. we had moved 40 points in the s&p in the prior eight days or so to new record highs on tuesday or so. so a lot has to go right for the markets to keep going up like this stocks are hitting resistance and you know what? it's about time.

stocks are pricey. forward earnings multiples and that's well over the historic norm of 15 to16. the markets essentially now want to shift the discussion on several important issues number one is the fed and central bank, you mentioned that, melissa. the fed chair jay powell dashed a hope for rate cut now and the patience mantra is wearing thin with the markets only china is in an aggressive stimulus mode and the central bank there, i mean the markets want other central banks to get back into the stimulus mode including the fed. even vague rumors today that there was not sufficient progress caused a bit of a midday trading blip, and for the last month the markets have risen because global growth sentiment has improved we keep saying there's a belief china and europe is bottoming, but now we need more than just sentiment. we need to see a few months of hard, economic data that show those recoveries over there are

actually real. finally, no earnings recession and it may not be enough with stocks this pricey and we avoided an earnings recession and that's great and we have likely several quarters of flat earnings and that may not cut it either we need low single-digit gains in the fourth quarter and melissa, earnings growth for 2020 is already at 12% and you see what i mean? the markets are expecting a lot to get things moving back to you. bob pisani at the nyse it may be more than a hang over hitting the market our next guest thinks the global growth scare is coming let's bring in marco cantorwitz. welcome to you, michael. you work with carter who is quite bearish and sits around -- >> makes everyone want to push us out of the room >> i thought that the china data was coming in a little bit

better and europe showing signs of stabilization and what's the growth coming? >> we're concerned we had a fed tightening cycle and the first one since 2006 so we haven't had a tightening cycle post '08 and so a lot of things have changed around the world post '08 that have ended up differently than how we expected and when you look back at the tightening cycles since 1950, it all happened after the rate hike the market has gone up in the last four months because the fed has backed off if you go back the last 12 cycles that is exactly what happens. the p-es go up, bond yield goes down and investors are really excited the fed's done and maybe they cut however, what we have seen in every cycle after the fed has cut rates is things like the ism index which is the great proxy of earnings growth ahead goes below 50 into contraction territory and yesterday's data point, one of the lowest

readings in a couple of years, i think is continuing to follow the path of what happens after a fed tightening cycle >> how do you translate this into what the markets will do into next year. >> sure. >> we've gone up because of the excitement around the fed going away and it's been all p-e expansion and the number of companies saying we'll see a second half earnings growth and china has gone doing the stimulus and expecting china to lift the world as it has done in the last two years we don't believe that's going to happen and wooe seeing a lack of monetary easing in china and they've done a lot of pickal reform tax cuts and that will lead to a different recovery than we've seen in the past and copper prices have been flat for a few months now and the cyclical stocks have been volatile and so i think we're seeing just a lack of earnings expectations really improve from here and i think that will

continue and that's ult hatly going to catch up to the equity market. >> do you think this recent move seems like from a sentiment standpoint more towards an easing rather than to another hike and the last hike that you're talking about came in december when we were at some point in q3 and q4 of 2018 we were expecting two to three hikes this year and the talk of a cut. what does that do to these expectations so contracted in this cycle in sure >> i think that's going to -- i think we will get a cut if our story plays out and we do see that pmi go below 50 which has fallen for 12 consecutive months now and that's never happened in the history of the data going back 30 years and i think the fed will cut rates and when we look at what drives the fed to cut rates often. it's not inflation coming down and it's growth slowing and the pmi is going below 50 and ultimately the market having a nasty correction you look at rate cuts

historically and they happen when the core inflation is elevated i think it will take a lot to get the fed to cut rates and the fed is banking on that to happen while things remain healthy. do you have a target for year end? >> i think we're going to get to the back half of the year and the investors that expect pmis to recover and that falls short. i think the market can fall 10% to 15% easily from here with the cyclical downside and ours is still the s&p and the nasdaq because it has the least cyclical exposure around the market around the world. >> the drop of 10% to 15% is better than what we'll see in some other markets >> i would say that's for the s&p and for more cyclical emerging market for europe and small caps that have more financials and industrials and energy materials and economically sensitive groups. while they're low p-e, low p-e doesn't always mean low risk. >> michael, thank you so much.

michael kantrowwitz. >> the ism has pushed to market with a place to the last hike a little bit too far which is maybe where we got my view is that the things that i would be watching in the short term because it's one thing to talk about an intel and a google and long-term stocks when i talk about markets i can't tell you where the market will go and rather than tell you i think the there are is something to watch and i think the fed is something to watch. if the fed starts to tell you that they're not as dovish as you think although even though michael just said and i'm not combining the guest and bringing them back is something that could have you effectively seeing markets start to get somewhat ebullient i think in the short term markets do nothing >> i think we've talked about this, how much power, ammo the fed needs if we enter into oorgz recession. we talked about whether it's 5%

or 3%. they just don't have enough ammunition and they have the balance sheet they could play around with and that would send a surrender sign to the overall markets and now they're going back to the balance sheet and ultimately this is a sell-off. unfortunately, a lot of people have been calling for a sell-off have been wrong on the timing and eventually that 10 or 15 is coming and it's just a matter that it's fairly long on the tooth. >> check off shares of activision and the gaming stocks have been lagging the market all year is it game over for the group? plus tesla's dash for cash and shares are rallying to raise $2 billion from investors including ceo elon musk and is the stock about to make a major u-turn more "fast money" straight ahead.

welcome back to fast money check out shares of tesla to get a big boost seeking $2.3 billion including a $10 million investment from e lob musk to inject more cash into the business after 1.5 billion in the first quarter. will the cash inflation recharge tesla's stock? are you still short? i'm still short. first of all, very clear, this number is about matching the

working cap deficit so there's no question this is bullish. the question i asked kathy wood, i don't know, monday on the etf ed show, great show, by the way, why is the company wanting to raise money? this is a case where you're watching the restructuring happen before your eyes and it's a company that for almost 20 years has never been profitable and goes back one more time. i think it's getting more and more difficult and i think this is absolutely when they had to do and the question is why only 3.2 billion and why not 20 seriously. >> i don't know about 20 -- >> but this is not enough here. >> right if you're someone that's an equity issuer, going back to the market too soon is a problem >> i think the drip, drip would be bad for them because it would only be happening when you need the money. it's still got a lofty valuation and they can still raise money and they should. so i agree i don't know why they don't -- i don't know why they raise it >> if i go back around these

levels you can go back to the march 2017 and there's a stutter of support there the problem is we're below the muching averages i to think it's becoming more competitive going forward. i think the end is probably near for tesla. >> the end is near what does that mean? >> the bulletproof things where it had a run >> i'm not saying bankruptcy i'm saying that the stock rallies on good news and it rallies on good news and comes back on bad news i can see the stock very easily below $200 and i can see it around the 180, 190 and that's going to shake out a lot of money where you have a fiduciariy responsibility to say what am i here for is it a story that has legs anymore. >> one options trader spent nearly $3 million that the automakers do with a rally >> today, mel, put volume is 1.5 that of vols and this is the

long-awaited news and the stock has been in a slow drip down to the $240 levels here, but the trade that caught my eye was right after the opening and it was about an hour after the announcement that they were going to raise this capital. it was a short-term trader rolling out of some may 3rd weekly and tomorrow the 250 calls and vying to open 6,000 of the may 10th next week, friday 250 call and that's giving this bullish bet, assuming that it's a bullish bet more time to play out, and gen and this was a pretty well telegraphed and i think a deal was coming and you got a little bit of a short squeeze at one point the squeeze looked like it was ready to fail and those levels that steve was talking about and obviously, this has been a tough level to press on the short side and it closed below there and it does have to get back above 250 and that's why you will see options activity around the 250 strike. >> check out options action

tomorrow at 5:30 p.m. eastern time blizzard sinking and that stock off more than 40% from the 52-week high and we'll bring you the very latest from the quarter. plus marijuana is becoming more mainstream as the industry tries to take the stink out of it and where is the next hot spot for legalization in find out when "fast money" returns ah, that to. 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. ♪

>> welcome back to "fast money." an earnings alert from activision and blizzard in the after-hours session. let's go to josh lipton in san francisco. >> one trend in the industry and you know the big tech giants and google and microsoft and reportedly amazon, launching the streaming services so you can stream big, complex games right to the phone and no expensive pc or console needed and bobby making it clear on the call that those companies will need his content to succeed take a listen. >> none of these platforms can succeed without great content and truthfully they don't really know how to make it so when you think about what will be required it will be support from us to allow them to actually build the audience, and i think

that we have a better opportunity than most to capitalize on all these new platforms. >> in terms of why the stock is down here and i checked with michael patrick of web bush. it is pretty simple and no path to q2 or the full year where guidance undershot expectations. it would have been helpful to hear when the content that they talked about in the pipeline would be coming in 2020 and more color on the launch dates and we didn't get that and also they can say when the chinese approval of the mobile video games is coming either melissa, back to you thank you, josh lipton in san francisco. >> this is a problem for the industry software sales are down 15%. hardware is down 11% so i believe what bobby had just said there. i think that the microsofts, the googles and the amazons are going to need them there could be this m and a activity that you believe in the space and i think electronic art is the one that takes on fort

night. that's the biggest person in the room that should be bought on this and it is up 19% and an outperformer and the others are laggards >> electronic arts and certainly a pickup on the cnbc stock draft. why was that the apex and you're finally getting numbers and getting expectations that the fourth quarter will be very strong at 19 times and this say $30 billion company and we often talk about the dynamic here and it's hard to ignore the entertainment value and how they could be a big match for the players and i'm not saying that's the reason to own it and the valuations that have been stagnant of lake and i think it's been picking up again >> the pot stocks sinkg roinacss the board and he'll weigh in when "fast money" returns.

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here'sshow me making it. like. oh! i got one. the best of amy poehler. amy, maybe we could use the voice remote to search for something that you're not in. show me parks and rec. from netflix to prime video to live tv, xfinity lets you find your favorites with the emmy award-winning x1 voice remote. show me the best of amy poehler, again. this time around... now that's simple, easy, awesome. experience the entertainment you love on x1. access netflix, prime video, youtube and more, all with the sound of your voice. click, call or visit a store today. welcome back to "fast money," cannabis stocks taking it on the chin as the pot players get hit. >> think about the april the industry had we highlighted four of them on the show and we had a dynamic where we've had the fresh round of market acceleration and i think a whiff of a slightly more hawkish fed and what asset classes will get hit the most? it will certainly be higher risk

and higher return places no question that it was a good time for people to take some money off the table. a couple of downgrades and i think that's really the trade here this is not about trading the stuff week to week although the traders love it and they will continue to. >> our next guest says high times is helping to take marijuana mainstream cannabis celebrities bob marley, willie nelson and cheech and chong have graced the dope cover throughout the years are they responsible for the reefer revolution? >> great to have you with us >> thank you for having me. >> you've sent over interesting covers of marijuana through the ages and what do you think is the tipping point to getting states to push ahead with legalization is it a matter of marketing the plant? medical marijuana seems to be a real turning point and the acceptance of that phrase. >> i think medical marijuana had a lot to do with it and i think if you think of the children

that are out there, the veterans that are coming home, just anyone that's ill and traditional medicines that aren't working for it, it is amazing what can happen if you use cannabinoids and cbc. >> have you seen a peculiarupicn "high times. >> you didn't have a subscription at harvard, mel >> you still do. so do people want to read about cannabis >> think they do, but we don't think of it as the physical magazine there are so many other ways that we interact with people our social engagement is over len million people a month we have another 22 or 24 million people uniquely a year coming to us plus we have events and trade shows. so there are lots of ways that people are connecting and learning about cannabis through high times. >> talk about the cannabis cup which is certainly a seminole event for the industry and for you guy, the biggest numbers ever and how do you monetize this brand you're a lifestyle play and we

know some of the names we talked about on the show and i would argue you have one of the greatest brands in cannabis. >> i would argue we're the only brand that you can go to lisbon portugal, colombia and new york city and ask about high times and they'll know about cannabis any i don't think there's another brand globally that can do that. whatever the category is, it's what people want to win and we monetize that. we've got brands that come in and want to participate that and we have sponsors that want to do that, and we have people that want to be a part of the social engagement tim mentioned that you want to be a lifestyle brand and high times is recognizable. do you see playboy where they licensed their very well known brand to products and you can have a playboy-branded club or a high times-related cafe or joint, what else >> i think everything is an opportunity for us right now the reason why you don't see

cannabis clubs or dispensaries or lounges or lounges is because it wasn't legal before. >> west hollywood has some opening up. >> correct i think over the next 18 to 24 month, i think globally it will open up and you will see high times-branded product, lounges, dispensaries literally around the globe. >> do you want an ipo? >> well, we're technically already a public company we have a reggae offering and high times has always been about the people and we wanted regular investors to have the opportunity to invest with us. we are -- while that's still open we are focused on an institutional rind right now and we'll be closing it shortly. >> craig, thank you. >> thank you for joining us. and protect it all. customer records, our financials,

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welcome back quick programming note, don't miss eamon javers interview with vice president mike pence. that's tomorrow talking trade and they'll be on at 9:45 a.m. on squawk on the street. time for the final trade around the horn we go. >> there hasn't been the disruption trade that we were talking about, but electronic arts and gaming continue to be a place where you want to be investing in these valuations. electronic arts. >> grasso. wrk, i bought it yesterday and it's been under pressure and it's about ready to turn the corner wrk. >> careekaren?

>> cbs light on earnings any i like the valuation here, and i do think there is likely a merger in the works. cbs. >> intel if you liked it back in february at 50 you would probably like it back here again and it's a good level. >> that does it for for more "f" jim cramer and "mad money" up next my mission is simple, to make you money i'm here to level the playing field for all investors. there is 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 make you some money. my job isn't just to entertain, educate, teach, put it in context. call me, 1-800-743-cnbc or tweet me @jimcramer. healthy declines bullish sell-off positive corrections