down side and people use this as an opportunity to pick up things that are at a slight discount and if want, we have to look at revisit a little deeper. >> down 2.2% for the week. >> "fast money" begins right now. "fast money" starts right now live from the nasdaq marketsite overlooking new york's times square. i'm scott wapner in tonight for melissa lee. our traders on the desk are tim seymour, karen finerman, grass op and dan nathan. trade tensions escalate, but are these trade tantrums the buying opportunity you've been waiting for? we start with the ipo everyone on wall street was waiting for that's right, uber having a wild debut opening below its $45 ipo price, closing near the lows of the day, closing below its open price down nearly 8% for the

rest of the market rallied and uber did not, this has investors questioning the value of the growth trade overall and the tech-heavy nasdaq down 3% this week that was the worst week of the year dan nath aan, what do you make this >> it was nothing short of a disaster an this was a massively bungled ipo and brought from the company that bungled facebook in 2012 all day long i kept hearing people apologizing -- >> sorry, who bungled it >> it was morgan stanley do you remember the facebook deal back in 2012? i mean, you know, facebook opened, you know, priced at 38 and traded at 44 and broke the next day and flushed and kept on going. >> and the low end -- at >> bottom of the range i'll just tell you this. all day long on the network i thought you guys covered it amazingly and i heard excuses about a really bad day, and first of all, no one picks the day or what the market will be doing and if you price an ipo on

the dow when the dow is 1.5% and that's you're excuse why the thing opens below the price you've got big problems here >> first of all, welcome scott and thank you for being here on a friday. >> thank you very much >> it's difficult to dispute and i'm not defending morgan stanley. the reality is this is a stock where we had everyone who wanted to own that stock could have owned it and every institution who is active on the tech space i know high net worths that are, and if you look at what's been going on with lyft because i think we've had some good performance overall. >> for much smaller deals and look at the size of this thing with the $75 billion market cap and where does that place in the s&p 500? >> to me -- that's probably the overarching message.

this was such a big deal that this one had to stand up to the muster of what we're looking at. i don't know if there's anything to do with morgan stanley, truth be told and it had more to do with the environment and more to do with lyft and growth concerns it's more about that, versus the ipo market >> i think that's legit. >> let me add salt to the wound. the market was down a lot, a lot of fears and okay, then there was the multiple hundred-point rally and the markets turned around and uber closed just off of its lows. that's a really dismal, i mean, the valuation, i can't make any sense of it and just the mechanics. >> think about the institutions and we talked about the institutions that bought this deal and then they dump it at 42 and you don't know the split between how many of those were large institutions who were dumping in and the company was selling it, but that, to me is

more emblematic of what they said and when it's a winner they get back in and they cycled through it a lot and there was a lot of volume. >> are you going tostab me in the face with a pen? >> see how we were waving it over here? you can see short selling and let's be clear and if you're someone who is locked up for another six months and why not hedge the market with a different position we were warned by that and the risk factor. i continue to think that this is a function of who owns it, how widely held an environment and yes, i think the markets didn't help, but there's no question that we were not responding earlier in the day to uber and i don't think anybody questions that anymore oh, wow, if uber fails will the market fail? >> is this the straw that breaks the valuation camel's back in the valley >> i think what it does is you have to re-evaluate what your exit valuation looks like. so these who have been sitting on these massive, massive gain,

it wasn't too long ago where the range for this ibm, for the uber ipo it was north of $100 billion and look where we are at a 30% haircut and bringing it back to the public markets and what does it mean? i thought it was interesting on the rally that karen was talking about. did you see they caught a bit and i would have thought that was the thing that you'd want to extrapolate and on a gap basis they're losing money and high revenue growth and it would be a corolary to the other things coming to the public market and they traded very well and it was isolated to these new, big issues. >> the market's turnaround to me should have grabbed the people most vulnerable on the way down and you had the move by high-growth companies and companies that seemed to be dead in the water and suddenly growth was grounded again so you know, and to the trade war, let's face it we don't have any planned discussions any time in the future, and i don't really know what the game theory is right

now. i will say it's nice to get some comments that discussions went well, but now what >> it is pretty amazing when you get that positive headline that's what keeps guys selling the market or shorting the market on their heels because you get one blip, one positive headline and the market rips and it doesn't matter which segment of it rips and you wind up sort of getting your face ripped off, so you can't get short the market going into the weekend when you're in the midst of a conversation whether it's today, tomorrow, sunday or next week. it's a potentially danger routs area to be in. >> even on a day when there's volatility on the market and it seems to be a barometer of do you believe trump? do you not will we see a deal over the weekend? i was surprised how much it got crushed because we still have the potential for a lot of volatility. >> if we can have these same conversations in november about

trade, right we had a lot of headlines and a lot of stuff coming out and there were short squeezes and what happened when we finally got sick of it we plunged 10%. >> of course, it was we had the g-20, but it was predominantly, that was a fed misstep. >> no. the fed was priced into raising and december 21st and this happened in early december, remember the g-20 in argentina >> i'm not saying it wasn't an aspect. >> what i'm saying is when you get too comfortable because you can't short the market because they'll squeeze you a bit. >> the only reason why the little bit of a backstop is if this goes terribly wrong this gives power cover to actually cut rates and where i don't think he should and i think it would be a mess for the overall markets if they did cut rates, but if they did cut, if you have global growth concerns and you have trade concerns and you have everything under the sun, you sort of get this backstop to the

overall market because trump gets what he wants in a way that we didn't all think it was going to happen. >> did you take this as a positive and i know it's hard to see it that way. if you're asking yourself or other market participants and it was frothy and it felt that way and it was ahead of itself the public market is not uber told you it's not that's another question altogether if you pick the indices, and we are all having indicators forth of 80 two weeks ago. >> absolutely. the other side of what i think steve was saying is whether you think this gives the fed a cover to cut, what's been more important for the fed? if you heard that the fed was hawkish, it doesn't matter what's going on in washington right you in so for people that are bulls, the good news here is i don't think the good news is a fed cutting twice and i think everybody's saying that but the

good news is that the fed is still your friend. 25% and we don't know what it mean, but right now you still have a constructive environment for monetary policy. very constructive. >> no one takes a sign of what happened with uber today and something we potentially look back on and say that this was a defining moment in this particular phase of the bull market that double top at 2150 and the largest, frothiest ipo that i've ever seen and i think it makes sense and this is a company that was founded in 2010 in the very be gik of this bull market that we've been in for a long time and it's kind of poetic how to book end these public ipos and the fact that it basically was a disaster today >> you mentioned facebook which was a disaster for a variety of reasons and look at where it was today relative to where it was then and we may have had the

same conversation some years ago that we're having today in 2019. >> you're very in touch with the community and you're out there all of the time and you know a lot of these big tech vcs and entrepreneurs. what were they saying about uber no one was -- people were looking for liquidity, right think about how much capital this company has raised in debt and equity, i think $10 billion before today's ipo and the fact of the matter is we are on uncharted territory the way they're financed >> this one is so big, but some of these smaller ones like on a day like today we saw zoom, they're doing fine and all day long, zoom's doing well and pinterest, they were just small deals and this was a different capital structure and the private markets could have harbored this sort of risk that was not particularly transparent. >> if you're like slack or --

>> we were. >> no question, but you're not going public any time soon thankfully. >> yes >> if you're one of those companies you look at these and say i don't know if the markets remain choppy like this and more volatile or dare i say more upset. >> do i want to go public even >> the market has a great ability to self-regulate and self-scrutinize itself and maybe it did today with uber and it sets a lot of the valuation with the most well thought of potential ipos with slack and snowflake and air bnb and these other names. >> it's really hard to pick the day or pick the environment that you're going go into and if you're looking at your massive company and you want to get liquidity and your holders want liquidity you may want to do it anyway and maybe the valuations go from obscene to outrageous which are down 15% or 20%. >> let's be honest

this was the best possible environment. think about 2018 a lot of these companies were talking in 2017 about coming out in 2018. the volatility we had that there made it the worst possible environment. >> this has happened into a nasdaq that's up 20% on the year this is about as good as it gets right now and when you talk about the community, yes, they are rushing to the doors right now because we are in the tenth year of this bull market and who knows how much longer it's going to happen? so when you say to yourself we're thinking about $100 billion for uber and now we'll take 70 just to get liquid the and a lot of these guys have locked up, and you also have companies that the revenue is declining. there's no mystery about it that when you look at uber, the revenue has been declining this is not a stereo typical growth company that is exponential growth and gets the market >> the rate of growth. >> the rate of growth. >> the rate of growth is

declining. >> brad on your show earlier today made a great point if you're nervous for the next year or something like that, you c can look at a facebook that's growing sales. >> if you're nervous for the next three months as a viewer thinking about buying the stock, that it pulled back so far, don't. wait if you're a two-year holder or something of that respect, sure, he's a believer in it and that's at least his position. stocks making a huge reversal today still having one of their worst weeks of the year as trade tensions between the u.s. and china escalate kayla tausche is in washington with a busy few days on your beat, kayla. >> scott, one of the worst weeks for stocks all year coming off of whiplash on these trade talks, but ending with a rather sanguine set of staples from president bush on twitter after a week where he weighed in in a very vitriolic way and he said

he held candid and constructive conversations, his administration did with china and the delegation led with the vice premier and the relationship between president xi and myself remains a very strong one and conversations into the future will continue and he doesn't say exactly when those talks will resume and up until now we don't know when those talks will be held and safe to say it won't be next week and the treasury secretary will be testifying on wednesday on the treasury department's budget and of course, normally he and the trade representative ambassador lighthizer have been the ones to travel to beijing, but certainly a rather calm end and conclusion to this week where the president did increase tariffs last night, more than doubling them on the trench of $200 billion, and i am told that sources briefed on talks expect that the can will be kicked for a matter of weeks and that if a deal isn't reached in a matter of weeks it's then that president trump would actually put into effect this paperwork

to put tariffs on the remainder of chinese imports we'll see what can be done and we'll see what discussions happen behind the scenes and we'll see if both china and the u.s. continue to have these cordial statements at least in the public sphere, scott >> i'm looking at something right now, kayla, that says according to mr. liu that china and the u.s. agree to continue talks in the future, but in beijing. so it certainly looks as though yes, talks will continue we don't know exactly when and it's not going to be here. >> well, there has normally been aes is inrockal aspect of this and there will be one round in washington and one round if beijing. you might recall that the u.s. delegation was just in beijing a couple of weeks ago. so it would be natural for the next round to take place in beijing. i did see those headlines as well and we know the vice premier liu he was briefing the chinese media before departing d.c. and they had an afternoon flight and perhaps that briefing is where the headlines are from and reiterating what we heard

from the administration and although there was probably more that went on behind the scenes and we'll try to figure out exactly where the skirmish goes next. >> we appreciate it so much and that's kayla tausche out of washington, d.c. if i had told you all that we would have additional tariffs pout and the market would be down you would say the other ma would rally and close where it did, you would be surprised. no one expected the market to close where they did today. >> i think we were sold. the velocity comes down to positioning and trading and sentiment, and i think we got to a place where people quickly thought about december 24th and people quickly thought about a downgrade in the global economy like we began doing last summer and so, look, neither side should want this to happen and right now with the season we had and although guidance wasn't

great and where eps was cut back, and i think a lot of this was priced in. >> what tim said before, no one knows what 25% will be, and what we do know is that companies adjusted for that 10%. so is it going to be as hard >> i don't think so and from speaking with ceos, when i speak to them on a daily basis, they think yes, it's a pain in the neck and yes, it's a headwind and they have alternate plans. >> that's not to say that there aren't specific names and big ones at that that got slapped around and intel got hammered down 7% and babel, micron, u.s. steel and the obvious players that we talk about on a regular basis like industrials like caterpillar, names to keep an eye on if this sort of trade unrest if you want to call it that continues, kare >> apple was not surprising.

i'm not surprised. i'm surprised it didn't go down more. >> health care, is it the worst performing sector this year? up just 3% one analyst is call for example a turnaround we have the details coming up and plus earnings season is coming to a close and a number of big names are still reporting next week and there's one the chart master says they're setting up for a big breakout and we're live in times square on this friday night and there's much more fast right after this. i'm off to college. i'm worried about my parents' retirement. don't worry. voya helps them to and through retirement... dealing with today's expenses ...while helping plan, invest and protect for the future. so they'll be okay? i think they'll be fine. voya. helping you to and through retirement.

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>> welcome back to "fast money," centene, anthem, and united health. >> who said it was on the road to recovery? >> it's not in there i didn't mean it. >> citi upgraded them to buy medicare for all appears to be overblown and that's the call of the day. >> anthem? >> it's been a rocky six weeksor so, but i really think that the fears are overdone the valuation is way overdone, and it's sort of interesting in that it's know caught up in any way in the china story, the trade story, so at these valuations, that you know, 12-ish times and they're -- they're all -- they all move

together, but their earnings have been excellent, so i like it here. >> the pounding on the table this week, and i agree with both karen and larry. i think they have been pounded and they have been oversold. i do believe his premise that the medicare for all is basically he said what city said and there will be more fears going forward and ultimately these will be buys, but the problem is you can still have a ton of headwinds between now and then, and a lot of these names, although they've been pummeled there's still room to the downside in a lot of these when you get these tweet bombs from both sides where it puts the investor on a skittish back foot so i do believe ultimately longer term these are all buys. >> if you think about the move that unh has had this to me is one of the class stocks in healthcare and i would think in most investors' portfolios we've traded back to 245 off the 210 low on what the

desk here has talked about if you think of 18 to 20% over the last five years, this say company i don't want run from. >> for more on the analyst calls of the day go to cnbc.com. here's what else is coming up on fast ♪ ♪ >> yep walmart's stock has rolled back this month, but the chart master says this could be your best chance to buy the retail giant and his charts might have you pressing buy, too. plus stocks got crushed this week. >> can't wait to see what happens next. >> yeah, me either and dan nathan says there's one stock that can reveal just how bad things are about to get. there's much more "fast money" right after this

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>> we're back! it's time for final trade. let's go around the horn timmy, you start us off. >> from the extended final trade version i'm going with at&t. in an environment where people are somewhat concerned about growth, this is a company that's

paying you a phenomenal dividend and as we see disney and some of these other names begin to rerate this is a media play and this is a time warner sum of the parts and this looks very interesting here >> thank you for the extended version. >> thank you, scott. that's what i do here. >> when told to extend the final trade, i do. >> karen >> final trade, after that, yes. alphabet i mean, you know, clearly, a very bad couple of week, but i think it is really oversole here and you talked on the show today about where is growth that you can find at a reasonable price, this is it >> steve grasso? >> oln, olin corp. did you ever hear me mention the stock before >> olin corp i am long and staying long and i think it's an easy double from here oln. >> all right, danny. >> options action here stick around i think the most important thing that we'll hear next week is from cisco systems guidance from the period that had a stellar, cellar quarter and let's see if

we can do next week. >> stay tuned. >> hold on, what's up next >> that does it for us >> oh! >> you can catch more "fast money," 5:00 p.m. monday through friday don't move, though ten"tas ghctio srtrit afr the break. for your heart... your joints... or your digestion... so why wouldn't you take something for the most important part of you... your brain. with an ingredient originally discovered in jellyfish, prevagen has been shown in clinical trials to improve short-term memory. prevagen. healthier brain. better life.

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>> hi there. we're live at the nasdaq in times square, carter, mike and dan are getting ready for the show behind me here's what's coming up -- ♪ ♪ >> tech stocks got taken out, but the trade tantrum is weak, and dan nathan says there's one stock reporting earnings next week that could make or break the market rally he'll give us the details. plus -- >> get in, we're going shopping. >> and so is carter worth and mike ko because they say there's