he had been at the hotel just a few blocks away giving a few press statements to the chinese media who were there you can tell there was quite a receiving line here. we've never seen the trade representative and the treasury secretary on these steps to receive the chinese delegation we are hearing shouts here in the street you see, of course, the scrum of media waiting to shout questions at the delegation as they're walking in you can see the chinese vice premier here leading the pack, first shaking the hand of the trade representative and then moving over to the treasury secretary and the delegation that he has behind him we were expecting him to bring a delegation of about a hundred officials and a signal of their commitment to a deal and there's been obvious frustration between the two sides bubbling up into the public sphere as there's been what u.s. officials call reneging by china on this deal they have a smaller delegation with them. perhaps a credibility hit has been taken by the vice premier and nonetheless, being received

by the two top trade negotiators in washington and we'll see what these talks bear, if anything, today. >> it looked like all smiles, at least from secretary mnuchin and secretary lighthizer and mr. hu. >> we will watch the presidential twitter. >> he wasn't carrying a handwritten letter >> kayla tausche, thank you. >> "fast money" begins right now. "fast money" starts right now. we've got breaking news. uber pricing its ipo just moments ago and let's get straight to leslie picker in the newsroom for the details. >> according to a source, uber has priced its ipo at $45 per share. that gives it an implied, fully diluted valuation of $82.4 billion. that's $45 per share number makes it about a dollar above the low end of the range it had been marketing to investors and

that range $44 to $50 per share. we're not sure at this time because all of this pricing talk is based on people familiar with these discussions. we're not sure if they changed the number of shares they plan to offer in the deal, but if it is still the same, 180 million the offering size would be $8.1 billion making it the largest ipo of 2019 and thus far this one heavily anticipated hearing in terms of the pricing discussions and why they chose to price it at $45 per share which is pretty rare to see especially with the large tech name and a unicorn that's been heavily anticipated for many years at this point. i am told $45 per share was the price by which they could get the best number of investors and institutional investors into this which means the institutional investors will hold through until tomorrow and of course, time will tell and they begin trading tomorrow morning. back over to you >> leslie, when you mentioned

it's not clear whether they adjusted the number of shares and thinking they had increased the offer even though they priced at the low end. >> it's different if they upsized the deal in the ipo world because if they were going to do that we would likely see more pricing toward the higher end of that range and i haven't been able to confirm for sure that the number of shares that they've been offering has stayed the same and i want to make it clear for viewers that we don't know for sure yet, but there should be a rpress release whic should be out imminent to spell out the number of shares. >> karen has a question for you. >> say we have very bad trade news tonight is there any chance that they pull this offer and move it to i don't know when and they don't close and we don't see trading tomorrow >> i would say there's always a chance for anything to happen, but usually once they've set a price and they've already decided to allocate these out to investors, there is a press release that comes out investors are expecting to get those allocations and it's very,

very, very unlikely that they actually pull this and remember, this is $8.1 billion for this company. they need this cash because they are burning through cash so the sooner they have it. the quicker they can get back do building their business and getting on with everything, so i would say there is always a chance that, you know, anything can happen, but i would say it's very unlikely at this point. >> leslie, thank you le leslie picker with the latest on uber and let's get to bob pisani at the new york stock exchange with more reaction bob? >> the important thing is the ipo market has been spectacular this year with the exception of lyft so we've had beyond meat, zoom video, jumia, pinterest, levi strauss all trading above their prices and there are particular issues with uber, the size of the offering is just enormous. it loses money lyft has traded poorly and i think just referenced a few moments ago is the market conditions this is a very, very tricky

deal remember, we were talking $44.50 and a couple of days ago it was 47, 48 and they're pricing at 45 and that's the prudent thing to do you have two problems here you have some squishy demand and not entirely clear and somewhat squishier than anticipated and you have extreme market volatility when you have these two conditions and squishy demand, and extreme market volatility, the prudent thing is price at the very low end look what could have happened. $47, $48 they would have priced that suppose tonight we get a tweet from the president saying unfortunately we're at an impasse on trade negotiations and the chinese delegation is go home we opened down 500 points materi tomorrow morning and uber can start trading significantly below $47 and $48 and they closed there if you priced it at $44 and $45 and we've got a reasonable deal or some agreement to continue to negotiate, it could trade up

much higher, but if you don't and the market's down 500 points you can at least make a reasonable argument to everyone out there saying we should close very close within that initial range say 44, 45 and with the markets down 500 you close right there that would be a victory for you. in other words, they're doing the prudent thing at this point. >> bob pisani from the new york stock exchange you can control market volatility, but in terms of the notion of squishy demand and the technical term that bob just used from the time that uber went public until now there is an increased focus on the fact that these companies are losing lots of money in order to just operate their businesses. >> by the time that lyft went public >> what does it mean for the retail investor? >> i think most people in the united states have heard of lyft and i drove one, if you recall they felt they knew something about it whether they did or not. i think a lot of retail folks

got into the stock the day of the ipo and the day after in the 80s and they or wrongly and this game is, in fact, rigged and i'm not going to play in the stock market and that's detrimental to consumer confidence in terms of the market and maybe uber will be better or it will trade better and lyft left a lot of people licking their wounds and it will take a long time to get them back. >> i think the real problem is the so-called path to profitability is non-existent here it's really difficult to understand how uber and lyft are going to compete and actually make some money here because thai don't right now they lose an awful lot of money and to me the path to profitability looks like a long walk off a short pier for these folks. >> we kept the pink mustache off your bumper. >> uber going into this ipo has lost 3.7 billion into the ipo, which is the largest loss going

into the ipo ever for a company that raised $20 billion in debt and equity, largest ever. >> and think about the people that want to go out and buy this stock. it's not black rock and not some of the biggest institutions in the world. they own it and there are issues with this ipo that i think are very different than what we've ever seen, by the way, the largest ipo since alibaba and it's a case where people are concerned about insiders and there was something in the prospectus that indicated that the risk factor not that the company would never make money and which is fair and would want to be concerned about that insiders could be engaged in hedges and shortselling that would a lu them them to get liquidity. we're talking about a massive amount of stock and it's now priced at $82 billion and you have insiders waiting to see the bottom drop out. that's the biggest issue with ipos. >> good for them for just listening to the market and maybe this is jamming it down

the throats even at this price and good for them as the roadshow went on and the markets were rocky and good for them to do it at a price to get it done. these gentlemen, i don't get it. i don't get the got owe. we were talking in the green room, what do they really own? it's not drivers it's the network which they share with a lot of people overlapping with lyft. so i don't -- i really don't get it we've seen a lot of companies that don't make money to start at $83 billion, a lot of things have to go really, really right around the world, you know and maybe uber eats is the be all end all and i am so skeptical of it so you have 1.3 or 4 billion and they're insiders and the executives of the company and another 600, 700 million, and i think of softbank selling which they're selling a little of.

>> oh, my god, i don't want to own it not at this price and good for them for getting it done, but i feel very comfortable staying away if they end up finding magic beans to make money, great good for them. >> i feel like there are a lot of bears when it comes to this particular issue and to play devil's advehicle at, some people compare this to an amazon where amazon didn't own necessarily, at that point when they went public it was the magic of the connection of the platform that connected buyers and sellers and they didn't actually carry and they connected other -- can i address that for one sec >> you're staring at me. >> no! i looked at amazon, here's one that went public and wildly successful beyond anyone's imagination and look at what they did $11 billion of revenue which is what uber did last year

and amazon made money that year and they had a positive cash flow and made money and they traded and their enterprise value was $14 or $15 billion and they made money and here uber is losing tons of money at $83 million. >> so comparison is not favorable. >> uber is in the business of delivering people and amazon is delivering to people i don't get the math. >> i don't get it either lyft is telling you everything you need to know in terms of how enthusiastic the investment community is and it speaks to the broader issue is the confidence of the retail investor being eroded and seeing how poorly i know bob spoke about how well levi has done and pinterest, but most people, again, 99% of the people have heard of lyft and heard of uber and if they've seen them trade at crazy level, it will keep them on the sidelines. in terms of market sentiment that's a really bad thing.

>> let's bring in gene munster for more on uber gene, what did youic ma of t mae pricing and where do you stand on this particular issue >> >> melissa, i was surprised at the pricing. if you fast forward to 2020 which is a long ways out for these companies, but taking those estimates at face value for a minute, the pricing at this 83 billion will be 40% higher on a revenue multiple versus where lyft is trading in the 2020 numbers, 4-0. typically, when you see two companies that are similar business e in fact 85% of the revenue is overlapping, typically you will see a closer spread now, i understand they do have longer term different business models lyft being u.s., moving people around uber being global around moving people, food and some logistics. so i understand that there is some optionality value that might account for some of that 40% difference, but this seems

like too wide of a gap i would recommend investors not play for the ipo and wait for this to settle down to more like a $60 billion valuation and think about, do you have the appetite to weather what's going to be a differ cult 2019 for both lyft and uber as they invest in the future >> right so you think the pricing is too high at this point, gene, but in terms of the fundamental business, say down the line it trades lower and there might be an opportunity do you like this fundamental business and do you see a path to profitability that so many people are so hung up on >> i do longer term like the fundamental business and lyft and uber both will be around and the specific reason which gets me optimist bik this is i'm a believer in the undeniable truth about autonomy and the impact that can have on the business model and i understand there is a huge investment phase between now and then, but melissa, the simple answer is i am able to see through in how autonomy

longer term can have a positive impact. >> how do you think autonomy let's extrapolate to that point in time where autonomy saves their business and that's the path to profitability. right now they don't own cars. right now they don't pay salaries to any workers. they're pretty asset light at the time that they're prevalent and able to use that model, do they own the fleets and do they then become asset heavy and are they dependentwh own the fleets of autonomous cars and sort of lend them to uber i mean, how do they actually make money from that situation versus what they have now? when we think about the variables and they're staggering and these unknowns and you outlined some of them and if you partner, you take an example and lyft is partnering with waymo, and what's the partnership between the two? there are assumptions to get you comfortable in the long term and quite an exercise, but to answer

your question, we think that the best path forward for both lyft and uber is to partner with hardware players and essentially use their brand around transportation as kind of a high level and take a high, profitable cutout of that. if you believe that that is, in fact, the future then you are probably overweight and want to own lyft just because their approach tends to be more partnership when it comes to autonomy recall all of the efforts that uber has had around autonomy some of those have put the brakes on what happened in phoenix and separately around some i.p. potentially taken from google and all of that speaks to a different approach to autonomy and that is where you need to get to is a point where they're asset light and they just take a cut. >> gene, hold on we have more breaking news on uber leslie picker is in the newsroom with the official press release just out. >> the company issuing a press release confirming the $45 per share price for the initial public offering.

they also said they plan to sell $180 million so confirming the offering size will be $8.1 billion as it gets allocated to investors now this $45 per share also implies a fully diluted valuation of $82.4 billion, significantly higher than where their last private fund raise was at $76 billion and the $45 per share is about a dollar above the low end of the range they had been marketing to investors. melissa? >> leslie, thank you leslie picker in the newsroom. gene munster, you heard the details. 180 million shares in this offering at $45 a piece and this is a massive offering. tomorrow morning what will you be looking for >> the stock to trade down i think throughout the day i understand there will be some support, but again, either -- either uber needs to trade down or lyft needs to trade up, but i think that gap needs to somehow

close. i'll be watching that gap. >> gene, thank you, as always. great analysis gene munster of loup ventures. tim seymour? >> i think the other dynamic is now we have to think about how people are going to con front we work and others coming down the pike i'd like to see the stock get down to a $60 valuation and settling in at 60 billion, and we have a lot of respect for gene's view, and i think he is talking about the disparity right now between lyft and uber just on valuation. so i do think that the market conditions are part of this, but i -- i think we've been teeing this one up for weeks now for this type of a mood. >> i understand what gene's talking about and autonomy will be a big thing to me uber and lyft are not the way to play. why don't you go with something like nvidia if you want to play? it's not clear to me that uber has the advantage in autonomy at

this time. >> as we mentioned uber pricing it at $45 and we'll get it to you as we get more the stocks are getting crushed and the s&p 500 down 3%. chinese stocks are down a whopping 7%. who has the most to lose we've got those details and later a major call to break up facebook coming for one of the co-founders. what does it mean for the stock? the traders will wghei in. we are live at times square in new york city. much more "fast money" right after this woman: my reputation was trashed online,

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>> welcome back to "fast money." the turmoil sent it down a roller coaster ride closing off the lows as the deal deadline rapidly approaches and u.s. and china trade negotiators are meeting right now. kay kayla tausche is live with the dwell developing details. >> rarely do you see this level of paparazzi outside the u.s. trade representative building just across the street from the white house complex, but that's what happens when the stakes are this high with the next few hours being potentially make or break with this trade negotiation. you have the chinese delegation right inside at this moment received earlier this hour by stephen mnuchin. after that they're expected to go to a dinner nearby, a working

dinner and at some point this evening president trump said earlier today that he would be taking a phone call with president xi jinping of china who my sources say is behind the mark-ups that came to this deal late last week that so angered the u.s. delegation and led president trump to hike tariffs at midnight tonight to 25% from 1 10%. president trump said he wouldn't also be raising those tariffs and he would be raising the rest of chinese imports $325 billion worth. so we will see if these talks for the next few hours bear any fruit and what is left tomorrow for the two sides to discuss and president trump leaving the door open for some optimism listen >> it's very much like china the vice premier coming here today. they started to renegotiate the deal, and i thought it was a strong day, we'll see.

a strong day, but we'll see, of course, the next day could prove instructive for the next steps in this trade fight. >> or the next tweet >> kayla, thank you. kayla tausche. we've seen the u.s. and chinese markets hit this week. the etf attracts large-cap china stocks down 7% and the s&p 500 down 3%. so if a deal doesn't get reached who has more to lose is this the right metric to look at i ng president trump looks at it and says okay, we're only down 3% and the chinese market is down 7%. we are winning by 2 1/2 times and i can do that math in my head and maybe he's right. i don't think so the chinese are looking at a much longer picture and we look in terms of weeks and they look in terms of decades and i don't think the chinese have any interest in making a deal any time soon and they have tweets saying they're close, we're not

close and the market goes up and down this is now 15 months after the fact give or take when it started in march 2018 and me, personally, i don't think we're any closer now than when we were 15 months ago. >> without getting overly dramatic on this which i never do i do think if we really want the global economy to be strong or the implications for the u.s. economy are such that if you think about where we were a year ago when the global economy was clicking on all cylinders and it was more 15 months ago china was a big part of that there was a recovery if you see china you know what the bed this isn't good news for anybody and say what you want about trade tariffs. people know what they want i'm all for beating a stick where you have to win a negotiation especially when -- i think there are national security risks and certainly intellectual property risks, but it's not a winner takes all for the united states if china goes straight downhill and em is down

8% in four days and has underperformed the u.s. market by 400 basis points and yes, markets are asking questions later. >> i don't know what will happen tomorrow, but i really do believe that trump wants a deal. he's based his whole presidency on how this economy has doing and how the stock market is doing. >> sure. >> he's facing re-election, xi has, what? nine and then plus forever on his contract and i know it isn't tomorrow, actually, and i don't know if we'll see cooler heads prevail tomorrow and it doesn't matter who has the better hand. >> as much as we are down it were, that is how much we are off the record lows, basically >> yeah. >> he's got a lot to negotiate >> absolutely. i think he's going to use it there is a long way to go i

agree with karen i think it's difficult to get bullish on the stock market because it's the stock market president and that's his report card and no shock that he'll let this thing go down and he'll pull every stop out that he can to win the election. that being said in the very short term he looks at this and says, listen, i have a lot of room in the stock market and it can go down another 3% or 5% and then i'll negotiate and it will rip higher and it's a game that's incredibly difficult to trade this for me, if you're not a professional trader you'll stay out of this. >> it's really, really bad news for a sector like semiconductors where a disappointing quarter comes out after the close and the stock takes -- >> 5% today. >> this is intel and a $58 stock a week ago and close to $46.5 today. intel is telling a much different story then maybe some of the -- not euphoria that the market showed late in the day

today. >> there are three stocks that can weather the trade war storm. rob is here to tell us what they are. >> thanks, melissa we are at a critical point you just mentioned that the market has a fairly big cushion and we're coming right at those levels on the s&p, around 2800 and right off the 50 day to day. so it's fairly interesting we have this binary events tomorrow and the fact is nobody knows what will happen here, but what's critical is to have a perspective on the bigger picture on the market. we talk about this on the time that was a major low with the average with the exact same thing coming into december so we've had this huge run-up to the old highs and a lot of the weekly data's peaked and we see that here and it's starting to erode and it's the percentage of stocks with rising, weekly momentum and it's starting to work its way down into oversold territory and as we move into the summer months we think it's bottoming. we think we're into this choppy period here very similar to what we saw in 2016 in these areas

here so the market's run up and the resistance will come back which will chop around a little bit. we think this pullback right now is actually an opportunity to be adding to some names so let's take a look at a few of them one is relatively defensive on the cme side and as it pulls back to the 200-day moving average and it's starting to recover. more importantly, this relative performance is starting to hook up if you're worried about the market, this to me it corrected to the first quarter and looks, and this is morgan stanley what i think it's interesting, he's had the correction through 2018 we think the financials perform in the second half and this is one of the early leading names in that area and we think it's pretty timely at current levels and when we go to the last name here and we just talked about the semis. i'm a big fan of the semis and

they bottomed out in the fourth quarter in october and they started to lead and they have a big move and they started buying this near-term pullback and i know to think this is a perfect proxy for the cyclical recovery that we're seeing across the stock market in global assets globally and we want to be buying the pullback and those are the three names that we like >> rob, why don't you come on over to the desk and evan will bring the chair over >> evan does a great job with that chair, doesn't he >> and he flips burgers. talented. >> rock star >> that's how it starts. >> okay, rob, a lot of people today were making a lot out of the 50-day moving average with the s&p 500, 2860. do we have to defend that level. >> i don't think we do it's certainly nice to be defended today and i don't think anyone knows what will happen tomorrow or next week, but holding the 50 day was a big positive point and the band of support going back to the fourth quarter around 2800 is much more important and the 200-day was down at that level we've been looking for a 3% to

5% pullback and we're in that range and i don't think we go materially lower. >> you liked applied materials and i wonder if the semiconductor index overall looks as good in your view >> it does, it's more extended than amat is and if you look at what klac looks like, i think it's very healthy. it's not great for investors to see those kinds of drops and we've had so many growth names and cyclicals run so hard in the fourth quarter it's starting to pullback and it's not the end of the world. yes, it was terrible, but if you look at google which also had a similar drop it's holding around the 200 day. i don't think it will be smooth sailing for the next six weeks or so and you have to city focused on the longer term view. >> on the cme it looks like a momentum trade is that something that i should wait for a pullback on >> we've been using it. >> hold on one second. we were early and wrong, but

we're back to even on the name and it's almost a counter cyclical name that gives you a defensive performance and the exchange tends to act fairly well and it's a great name to own. >> you can make an argument that there are four or five different asset classes and which is the most important to you? >> in terms of a singer market >> whether it's credit, whether it's the dollar. is there anything that's part of your mosaic? >> i think its a mosaic. i'm not sure there is any one single one what i think is so fascinating is the dollar hasn't rallied on this volatility that we've seen. you saw the 210 curve start to steep. >> that's bullish for you. >> i think it's a good sign. i think that we're not seeing credit explode we're not seeing the dollar spike and not seeing gold spike tremendously and overall this is a messy period and stocks are overbought and they're going to unwind and i think this is an opportunity. >> rob, and you've been on cme for a long time. >> big fan, terry duffy who

watches this show. >> he does >> i know that i just said that unlike all of the other people who say they want to show. anyway, go ahead >> valuation has done a great job. basically volumes continue to increase and its had a health rally and i would push back on morgan stanley and $42.5 and that's where it should trade. >> look at what the agriculture commodities did today and they got absolutely destroyed and they've been at the forefront of this and you'll see volatility and it will play out in cme stock. >> you're pointing out the dollar on the conference call? >> we saw bonds really tick a lot higher and yields lower and bonds higher and yet the dollar down i mean, i don't know what to make of it >> quickly, watch that hyg and the jnk has been very important for risk and they have broken to key levels >> still ahead facebook is soaring and one of its co-founders says the company is too powerful. can the social media giant

survive a painful breakup? that stock under pressure after reporting earnings and we'll bring you the latest details as that conference call is under way. fu 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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cognizant ai solutions are helping healthcare companies advance diagnostics and prevent blindness in patients with diabetes. everything looks good. you have beautiful eyes. ♪ welcome back to "fast money," facebook co-founder chris hughes to break up the social media monopoly. it needs to happen before facebook combines its instagram and whatsapp platforms and hughes appeared on cnbc's nightly news this evening. >> do you think facebook is dangerous? >> i do.

the reason i'm speaking out is because facebook has become too big, too powerful. >> he is extremely powerful because he has no boss, because there's no regulatory agency >> facebook responding today saying accountability comes through new rules for the internet not breaking up a successful american company. is it actually time to break up facebook, tim? >> the irony here is i actually think this adds value. i think there's multiple properties here which are enormously valued and undervalued and the core business is taking leverage and valuation. to me, this is a case of where you have four businesses under this umbrella. would this help the regulatory dynamic? as you've heard me say, i think facebook trades at a discount to its intrinsic value because of the regulatory risk and the perception problem >> in fact, in that article, he said we've seen other antitrust

cases, microsoft, ibm and at&t ask all of them traded higher ultimately i just -- i don't know that this is -- if it's a legislative issue. i just don't know that they can get it done. i'm skweeptical and maybe there something like gdp and i don't think that's that detrimental. >> where does it stop, though? >> the legislation >> yes this is a very slippery slope and the rates that facebook has into the internet is the same one that four or five companies that we all know well have and it's a dominant position and it's rules of the internet. >> the problem is i would imagine that most people don't want congress, all due respect to congress, to be the ones making up legislation about things that are very complicated to understand and things that are constantly changing. so then do you get to a point that you say there needs to be the equivalent of an fda for data privacy or tech regulation? >> i hope not. no no

i don't think so at all. we've gone through it multiple different times with multiple different indices and this is no different. if they're breaking the law and they're upset about that then don't use the product and there's competition out there. look at something like a we chat, the super app and that's what facebook is trying to go after. there are competitors to this. >> isn't this different, though, than bundling a browser and a search engine? this is one person who has the controlling shares of facebook in all these platforms who ultimately has control over an algorithm which populates a news feed from which millions of americans get their primary news isn't this slightly different? >> how do you break up facebook? >> that was my question. i don't understand -- will you have 50 different, does each state have their own facebook? does each demographic have -- >> so you strip out whatsapp and you still have the core facebook again, i understand what he's getting it i just don't understand how you break it up.

>> one other thing that was interesting that he was getting at is facebook's ability to crush, copy or buy anybody that is a potential threat to their business. >> like snapchat >> and so we're there to be legislation that would prevent them from doing acquisitions or copying. okay, then maybe that would affect facebook's growth and also that's very hard to legislate. >> this sounds like amazon to me, too, though. i believe amazon has been in a position to crush or copy or put someone out of business and it's worked for the consumer, but it hasn't worked for those businesses. >> coming up, a wild week for the markets with the major indices down 2%, but if history is indication it is your chance to buy uber pricing its ipo at $45, the low end of the range and we're all over that story as the company gets ready to make its public debut tomorrow and much more "fast money" on this very busy night it's gotta let new data integrate with data from our existing systems. ♪ ♪ be able to pull from reservation platforms built 20 years ago.

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>> welcome back to "fast money," volatility soaring to its highest level as trade war tensions heat up, but if history is any indication, spikes like this are actually buying opportunities and let's get to our resident volatility expert, brian at the cme hi, bri. >> as fear rises like we saw on tuesday where the vix voez 45% in just a week's worth of time, that typically has been a bull opportunity in the market. the average return four weeks out after that is 2.5% on the s&p, ask when you look 12 weeks

down the road after the vix spike you are looking at over 4% return so not every reward comes with risk we have definitely seen the market drop 9% after that spike happens. the market could roll over, but when i look at the technicals looking out in the marketplace i think 2815 or so on the s&p is a level i'd be willing to buy here if we break here further we fall to 2715, and i think there's opportunity. i'm in guy's camp to some degree that china does not need to cut a deal and they can wait it out. even if they do that you have the fed put. traders are expecting a rate cut later this year. so certainly that would fuel some fire back to the upside if we get a fed rate cut i think that buoys the market and that is behind everything here. i'm not too fearful and i'm almost flat on my vix positions now and really playing the market back to the upside as you normally would indicate getting a vix spike over the last few trading days

>> brian stutland at the cboe. karen, would you take your hedges >> not all it's been scary to do. it's interesting, the vix was down today and in an ultimately down market and this is why you own them for these stocks so i'll sell some more tomorrow and probably some monday >> i think it's interesting, brian, i commend brian for talking about a call that does not rely on a point deal getting done his point is yes, there are some headlines that created these spikes and volatility and there is a fed behind us and that's more than people making the call >> we were talking about it. wasn't this just last night? we were talking about if the fed came in and cut, how would the markets react? and brian here is saying there would be a put underneath the markets and there would be a floor and it would be supportive of the markets and you guys looked at me like i had two heads.

>> no! i didn't do that i didn't do that, but savita made the point that a cut might actually be negative for the market. >> exactly and i agree with her i looked right at her and i said i agree with you >> yeah, you don't want the fed cutting twice. that's a disaster. >> if the fed frames it that they're worried about inflation and unemployment will be fine and this is just for inflation then it will be positive for the stock market. >> for more options action check out the full show tomorrow at 5:30 p.m. eastern time coming up, wynn under pressure and that stock taking a hit this ekmicha ade troubles are any of the traders taking this dip more "fast money" after this (indistinguishable muttering) that was awful. why are you so good at this? had a coach in high school. really helped me up my game. i had a coach. math. ooh. so, why don't traders have coaches? who says they don't? coach mcadoo! you know, at td ameritrade, we offer free access to coaches

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>> welcome back to "fast money." it is the big story of the after-hours session. uber pricing at $45 a share, the low end of the range deirdre bosa is here on set. >> welcome. >> thank you for the kind welcome. uber pricing at $45 a share and that is, of course, near the low end of the expected range and it gives the company an initial market cap of $75 billion and $82 billion if they're all exercised and more than it was worth than the last funding round in pricing market, and more than the $100 million it was once targeted and a number of things led us to the muted demands for one of the most muted ipos of the years and rare

to see a company of this size price below its range. you have alibaba, lyft, facebook and all of the companies all priced above the range a few factors here volatility may have made investors a little nervous and then we add lyft's weak performance since its debut and the fact that for its first earnings report it took away two key metrics and 2019 would be the money losing year and that raised the stakes for uber and even with uber pricing at the low end of the range there are big winners here and softbank which stands to hold the $10 billion on paper and just 16 months ago it bought a stake at more than $8 billion it will hold $6.8 billion stake in co-founder and travis cowan at stake will be worth $5.3 billion and this company has been private for so long and there have been so many investors that there are people out there that they can expect eric schmidt is a winner in this, and of course, you have

alphabet and the saudisovereig wealth fund and there are people who will hold money on paper even at this valuation >> he was saying that tomorrow will be watching lyft because the valuation gap should narrow with this offering so lyft might go higher, but uber will likely trade down. what are you hearing about that in terms of the relative value of the two >> i think part of the reason that uber priced lower is that it was being priced at a higher premium than lyft and you look at the numbers side by side and lyft is growing a lot faster than uber, right you have 100% growth year over year and uber is just slowing and it was half that last year so it will be interesting when it goes public and lyft has had a hard time and some analysts say that they like the focus, right? and that's what it's going to be really on display. if lyft can get to profitability faster and say that 2019 was itsy peak year of losses and it has north america and ride sharing and fighting these intense battles competitively in other markets that will be on display tomorrow

>> do you think that there will be a floor at 45 tomorrow that the underwriting groups will be there, come hell or high water >> if there is pressure at 45, what do you think? >> that's a really good question leslie picker who is on wall street has been digging into this today and one of the questions that comes up is how are they going to support it how is morgan stanley, but maybe some of the other investors do do they take a little bit off the table tonight and leave some money on the table so that they can support the stock at, say, $45, we'll seetomorrow we've heard some things about this, but not quite sure yet. >> deirdre, thank you. deirdre bosa >> check out shares of wynn adding to big losses and we'll hear from the ceo when "fast money" returns a little sweeter.ng to y ♪ to give every idea the perfect soundtrack. ♪ to fill your world with fun. ♪ to share my culture with my community. ♪

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players in the business. baca rat numbers down, and the executive teams at wynn resorts blame it on global headwinds and carlos santorelli said global uncertainty are always a concern and there are no data points that make hip worry with casinos. wynn raised its dividends to a dollar a share it's an opportunistic time and they would consider share. and they brought up the gaming commission in massachusetts and the executive coaching he said if the litigation were to happen it shouldn't stop boston harbor from opening next month as scheduled and melissa, a lot of traders and analysts are looking that, too, to return free cash flow to the company. contessa, thank you. contessa brewer back at headquarters tim, where do you go with this >> it is disturbing that they're underperforming and the fact that this stock is trading down based upon bottom-up numbers as

opposed to talking about macao and dynamics it's traded through the 130 levels i think the stock holds in and there's a lot of bad news here. >> it was my final trade last night in full disclosure. >> i know. >> i did think the numbers would be good. las vegas was actually disappointing. contessa didn't bring that up, and las vegas was a disappointment and macao, when it was better than expected. i understand why it's selling off because it's run from $99 to $1.45 and it settles in and i think you buy the stock again. >> coming up, final trades

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time for the final trade let's go around the horn tim seymour. >> we talked about oversold conditions and semis there's a lot of bad news and certainly a lot of momentum to the down side. i would be buying the smh here semis. >> brian kelly. >> i'll somewhat agree with what tim has to say if you want to play autonomous don't go with uber and lyft. go with nvidia. >> karen finerman. >> i like anthem a lot and it's unduly sold off and it is a good place to hide without worrying about china trade or any trade for that matter. >> karen's daughter kate is here, she's adorable and going to college next year i've known her since she was a little person, number one. number two, i met some guy today and he said his 5-year-old son

caden, don't roll your eyes at me he's 5 years old and watches the show hello, caden how are you doing. 5, go figure mckesson, mck, we mentioned that the other day and you see the tnkings release, melissa lee? >>has for watching my mission is simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cramerica other people want to make friends. i'm just trying to make you some money. my job is not just to entertain, but to educate, teach, put it in context. call me at 1-800-743-cnbc. or tweet me @jimcramer one of my absolute favorite ways to pick winning stocks is to wait for a truly ugly session, i mean, a real