that this is a storm and it's in the process of passing for now >> walmart earnings is a market mover. definitely a walmart mover and definitely about what they say in the competitive landscape is always worth listening to. >> it's e-commerce. >> that does it for today's show. >> have a good evening "fast money" begins right now. "fast money" starts right now overlooking times square check out shares of cisco. that stock soaring after reporting earnings moments ago the conference call is going on right now and we'll bring you the details. semi showing signs of life and exiting correction territory after getting taken by trade war tensions and is the warning over for the group? a top analyst explains and we start off with the bond yield breakdown and the ten-year near its lowest levels of 2019 breaking below 2.4% after weak economic data in china and

disappointing sales and the sign that it's hitting closer to home is this bond market flashing a warning for us just how worried should you be >> you've got to love the .007 we love entendre, the bond market, should you be concerned and yes, i've said it probably way too many times for a lot of viewers. a growth scare is much worse than an inflation scare, and as much as people want to see rate cut, if anything, we've got a fed that's nowhere near hike anything time soon whether they're cutting or not, who knows? bottom line, we're at 220 before we're at 280 on the ten-year the key for me right now would be credit, but to the extent that you see sovereign bond yields and moving in unison once again, this is a sign that growth is scarce >> you're making the point that even though the ten-year yield is slow the spread looks better. >> the 210 spread has widened

and if you think about it it was 21 basis points or so. 21 on a very low, right? on a very low ten. so that shows a pretty dramatic steepening i always say when two tens get narrow and banks are not a giant 210 bet. now it's less narrow and it's still not a giant 210 bet, but i'm a little bit concerned i agree with tim, and i think we're seeing -- i used to think the fed has left the building now, and i think they're creeping back in as a dove more dovish, and i think we will probably see a cut >> isn't the 210 spread telling you something different? the two is more reflective of maybe where our central bank is when you --? they control the short end. >> when you look at the ten-year it's more reflective of market participants' view you just mentioned this, tim, that growth scares are scary and i go back to 2015 when we were

in a situation when we were worried about the worrying about the china devaluing, and global growth the dix is about the same place it is right now and crude was about the same place it is right now and 2015 they were on their way down to one-sixth the next year or so it's important to remember that the s&p 500 went to the 1800 and the double bottom that we had in the summer/fall of 2016. there seems to be a very big disconnect right now between the credit and equity markets and the equity markets and a few percent of all-time highs to me is troubling >> you side with what the bond market is telling us >> i do because it's such a massive market, and it's much more massive and it's also pshtd to remember quickly that you can make whatever excuses for the bottom that we had in december and we are up 20-some percent and people did not see the s&p 500 at $23.50.

>> the only thing i have right now is looking at this, are we at the low or do we see further down >> one of you guys said -- 220 for 280. i'm looking at it is that your view on the equity markets and that's why you have to be extremely selective and until we see that change, mel, that's an a peg move for word other than the equity and it her impacted the trade and ten-year yield and part of it is what's going elsewhere in the global. that brings me back to the question is there a global slowdown going on as we witnessed, weaker-than-expected retail sales data out of of china. >> just because the trade rhetoric ratcheted up a week ago

only, before that i was saying i actually thought we were seeing a bit of an inflexion point and that certainly is now a chorus of central banks and not just a few pf every one of them was starting to have dividends so what's happened in a week we've heard a lot of headlines and what's happened in terms of the leading indicators nothing has changed. i think when you have a fragile state of recovery, everything that's happened in the last week is very troublesome. dan talked about what's going on in credit markets. i think despite the yields are lower right now. the good news for equity markets is that credit markets haven't fallen apart, yes, the xyg and eta. that's mentioning very high yield yield and they talked about how the leverage loans index in this country has been one over year. if you go one percent south

sishish and, krt edit other is -- so triple b often demoted would cause massive disruption. >> right we haven't seen that at all, but things can change in the credit markets. i really didn't love this rally off of the tweet today or off of the auto tariffs i feel that trump was crying wolf and uncle at the same time and this repeated attempt -- when you cry uncle what are you doing? >> i'm truly asking what the term -- >> have you ever had some guy twist your arm behind your back? >> come on, man! >> i'm asking! i dare you >> i hate that i feel that i'm not opposed to the general play hard ball with china, and i'm opposed to the seeming lack of any, you know, strategy that's thought out several steps in advance as opposed to a very reactionary

one. i hate that for the market it reminds me of eshs lon musk putting out targets of production or profitability or whatever it is and those having less and less impact because they're less and less meaningful so i don't like that we're in that right now >> does it buy us time the way i viewed it is the president's going out there and this is one more issue on top of everything else that's going on and this is one more issue and the president is buying six months of time is the way i viewed it and the markets liked that because how long do we think this trade war or skirmish or whatever word you want to put on this, how long is this going to last? >> right >> or hopefully not that long. >> i hear what you're saying about him buying time, and i get that, but if you're a ceo and you've got decisions to make about capital spending or where to source or things like that, you kind of have to pull in the reins because -- >> we've seen that >> so i think we're going to see that -- i don't even think we've really started to see it we heard a little bit about it

from macy's today. i love that. >> my point is if you think about where we went from march to june of last year that was the stick that was stuck in the bicycle spokes of the global market that led to where we got to in the fall when people were very concerned and by the way, the fed was more aggressive on hiking and then you had october through december >> what do we do now, pete >> the volatility is pretty low. >> that's exactly where i was going. in in terms of the derivative macks and we're averaging 19 million a day this year and in the month of may we're averaging 23 million a day and it's an amazing number right there and you look at volatility and we had the big spike up to twrae and the interesting thing is this market's all over the place, right yesterday alone just that late-day move and the fact that we're trading at 18, 19, and now we've pulled back a little bit more i still think when you're talking about the new market stretch of where we're looking is probably 13 to 15 on the low

side and probably 20 to 23 on the higher side. we're back to the area where it's okay to start buying again and i know karen and i were talking about this last week and you were talking about the volatility you owned and you wanted to start selling it when it was 20 which is the right way to treat this market right now >> for more on what the bond breakout can mean for stocks let's go it over to jason hunter welcome to the show. thank you for joining us we started our conversation the desk talking about the ten-year yield. what do you see mere >> let's say what that means for that and really what comes down to it, our note on ten-year yields and if we look at the chart and take a step back for a minute, as we got into late march we started getting technical signaling that was similar to what we saw as global bond yields bottomed with that and tracked that higher through the systemer time and the same systematic signaling that fired then started to fire in late march of this year and that also came hand in hand with first

quarter performance of semiconductors that was very, very strock and year over year performance was a good job in forecasting concerns in the global pmi data and the cross-market dynamic all fit and called for a move to higher global yields as we moved to the summertime you can quickly see semis were the most quick to react on trade headlines and this was from the middle of last year when things started to go south as things started to turn and bottom when the trade story started to flip in the other direction and this was very much in flux and this will probably be a headline-driven story. going back to the yield chart we're now approaching those same yield levels again, 230, 235 and the same levels that contained the rally back in march where we got the signaling. as the market traded sideways, things have had time to normalize and it's the overbought signaling that would have the systematic signals

again and you would need something like 220 and 2 1/4 and from what we can see right now that's where the market would need to get to in order to get that level of sell set up and for the time being as long as the market was at the 241 twrar and t area and the sunday night headline gap that started this whole risk off, and the songs were richer than that, and the bullish bias on rates until proven otherwise what does that mean for equities as we look at the s&p chart. we've seen the similar risk-off move as we've seen for equities is the market that's holding the key support that we've highlighted for the past two weeks ever since those headlines hit and that's really the 2800 and the 2840 area and that's been a big inflexion for the market for a while even going back to last year and as long as that holds you're not triggering the negative momentum signaling. if you look at the 100-day

moving average and the volume-waited average, and they track the s&p 500 and other three-month, six-month momentum member you ares and all of that is behind the 2700 and in a certain sense, there's a level of hope that you don't want to see the market get down there and test that or it can trigger an event that hasn't happened on the chart. that's our leine in the sand an we'll see the 53,000 and that, right now is tentative for the time being. >> so, jason, you're the head of fixed income and you do technical analysis and this is the perfect guy to ask is the bond market sending us a warning sign or is it confirming that we should be at this level on the s&p 500 >> i think it's more of a confirmation in fact, if you look at the bond market it tends to track global pmi and if you look at semiconductors and industrial metals and we've done a number of these on the firm and they

tend to be the leading indicators here, not bonds >> all right jason, great to have you jason hunter of j.p. morgan. what do you think, tim >> the correlations are really important. he talks about semis think about we talked about when was the last time we had this growth scare dan talked about 2015 into 2016 and we bottomed in the s&p before we started to feel we were not going to get a recession in 2016. the smh which now is close to 109 and 110. was it 52 in the first quarter of 2016? so think about what's run. think about equities, and think about what could happen if we could get to a place where people are very concerned. it's one thing to speculate about it not being 2% and you start to have a recessionary fear and equities have a lot of room down. >> we already see the fed fund futures has a 53% rate cut in september. >> we went down 20% in the straight line in q4 of 2018 because of those --

>> someone just called me to tell me there was a recession coming just kidding not fun. >> with rates where they are rid now if they do have the growth fear, we go to qe4, we literally had the 2015 volatility because we just ended three rounds of qe where the fed bought $4.5 trillion worth of bonds just to get us to where we were then and here we are and we were talking at fed funds with 2 1/4 about going back to zero and instituting qe again that's the danger here if you think 20% was a garden variety correction in a secular bull mark, what's going to happen if everything goes haywire? we have another crash on our i'm not saying that we're going to crash >> what does crash mean? a crash means what happened in 2003 and then 200 1k37 2009. >> the conditions -- we have a news alert here we have to get to

the $47 million unicorn gearing up to the ipo. and let's go to deirdre bosa for the details. wework releasing first quarter financials and revenue more than doubled year over year to $728 million, but the company continues to burn through hundreds of millions of dollars. net losses were $264 million in the quarter, narrowing slightly from the same quarter last year in part to one-time items. last year, though, losses grew even faster than revenue totaling $1.9 billion and that, guys, is more than uber lost last year. chairman michael gross telling me on the phone that the company is in spending mode for its long-term growth and he also urged me to look at losses as investments because he said co

working is a proven business model and guys that may hint at the narrative the company may sell to wall street as it heads toward the ipo trying to distance itself from other mono h money-losing unicorns since uber and lyft minson avoided a direct answer, but he believes the market will evaluate each company individually we'll see if that's the case back to you. >> all right, deirdre bosa i find it interesting that co working is a proven business model when they're losing gobs of money in this market after uber and lyft and after their trading which has been so disappointing, dan, will there be any appetite for this one >> it will be hard any time soon, and i think here's the thing. this has been a very transformative company the way we would have said lyft and uber are. i think the fact of the matter is private investors have really liked this sort of innovation and they've been willing to underwrite it. public investors right now have

shown us they are not willing to do that especially with community-adjusted ebitda. >> what the heck is that >> that's one of the metrics. >> you take out the losing part. >> and you have the really good winning part >> there's a lot of talk. >> winning this company is building a huge real estate portfolio and then they have this tech platform >> talk about interest rate sensitive, though. it seems to me that this is a company that would be more sensitive to an economic downturn than anybody. that's just me. >> the reality is you have to show us a pathd to making money, do these guys have any chance. >> that's why i can't wait for the puts to come out because i think all of these things have a lot more downside even from here. >> coming up, take a look at where we stand with the cisco earnings and we'll hear from the ceo right after this nvidia down 50% from its highs as it gears up for its earnings report later this week, but one top analyst says the worst is behind the chip stock. he will explain.

later, aurora flying high after its earnings report. it is the best performing cannabis company this year and the executive chairman will be here to explain what has investors piling into this pot stk. we are live from times square in new york city. much more "fast money" right after this

welcome back to "fast money. check out shares of cisco jumping after hours. let's go back to john. >> tariffs are no longer a

significant problem. on the call the company has shifted operations in the sense that the 25% tariff hike is factored in and the guidance is better than expected, by the way. cisco guided revenues to grow between 6.5% in the current quarter. the service provider business had a weaker showing and cisco saying that was natural lumpiness in the americas and other areas of the business made up for it and cisco touting growth in software and services and security in particular ceo chuck robbins also underscored that in the conversation with jim cramer on "mad money," take a listen. >> we've been proud of what the company has accomplished in the last quarter it comes from software and implementing subscriptions on top of our core networking portfolio which has gone incredibly well. so whether you look at our collaboration portfolio, our security portfolio or even our core networking portfolio, we have drastically increased the percentage of software in our business. >> consider that a sneak peek.

of course, you have the full conversation on mad at the top of the hour, guys. >> thanks a lot. jon fortt back at headquarters >> you love cisco? >> the combination of the earnings growth and the multiple makes the most sense and think about the themes that you're hearing and it's about security and software and especially security cisco to me is the company and the solution for so much of the enterprise world it's important for the market right now that these guys are also talking about enterprise and talking about the world that's not falling apart for them because it's a big tell >> core, security and all of those things are important and they actually delivered and the continued growth and the fact that they've been able to distance themselves from the fears about china right now. i think that's huge. chuck robbins is doing a great job of deflecting that microsoft's still my favorite. i still think there are different ways and verticals that they'll grow faster than the cisco. when you look at the margins every quarter after quarter you look at the margins and it's

impressive and you're doing something right and that's what they're doing. >> that's because of the mixed shift. >> that's really why this stock has gone from where did it get from 55 to 35 in the last couple of years on friday's options action i highlighted his name 530. listen, i took a bearish stance on this not that i thought the quarter wasn't going to be good, given the state of global trade that it wasn't going to be particularly great on friday the stock was at 53 1/4 i don't feel that wrong and let's see how this thing trades tomorrow. >> were you negative, though or were you looking because i saw what you saw in the options markets and it looked more protective to me and you've got the run up to 55 and 57. chuck robbins, he's put together an amazing team and they've done a lot of satya sort of things and how they changed that business model and i'll just tell you, this is not a

high-growth company and they have areas of the business that are growing and it's 17 times, 18 times railing and that's a high multiple for the name. >> do they think it will shift their mix? >> they never do they should, but they never do >> look at this quarter. look at capex spending from the carriers down 20% year over year >> enterprises did just fine the subscription is a higher multiple and that was one of the issues during the chambers years. >> let's not forget cash flow, too. unbelievable cash flow. >> of course, you don't want to miss jim cramer with the ceo and cfo of cisco tonight at 6:00 p.m. the trade war heating up as president trump signs a new executive order to ban foreign communications companies from operating in the united states read huawei. we'll tell you which stocks will get hit the hardest. i'm melissa lee on cnbc, first

in business worldwide. here's what's coming up on fast. >> chip stocks are surging back. >> people love comebacks. >> that's right. and there's something happening that can spell an en bgeevigr rally ahead. there's much more "fast money" right after this

welcome back to "fast money," semis climbing out of the track war and the etf that tracks the group exits correction territory after leading the market lower our bob pisani is at the nyse with that. >> here's the good news. the semiconductors, the semiconductor etf has recovered in the past couple of days and isoff the april historic high in early april, but the bad news is the fundamentals are still really lousy for this group. system is are more closely tied to china and trade than any other industry many companies like qualcomm and micron get a substantial part from china as much as 64% in qualcomm's case we've heard recently from

semiconductor groups and texas instruments, intel, qualcomm and texas instruments demand continues to slow across most markets with no second-half recovery and the similar story was intel and they said no second-half recovery and qualcomm also expects to be lower this year for their earnings and semiconductor exports have also been down and there have been reports of high semiconductor inventories and finally, the chip companies aren't cheap many names trade 20 to 30 times forward earnings and these trade typically at ten times earnings and that's when i say they're not cheap. only intel, in my opinion is looking cheap after dropping 25%. a lot of flashing lights, in my opinion. >> thank you, bob pisani bob mentioned intel and maybe it's trading down because it warned a couple of times where do you stand on chips with these trade tensions >> they're right square in the

bull's-eye of everything i'm happy about the direction and the big fall to the downside no i still believe in the company and obviously the weakness they forecast is something that's concerning and i think when we hear from nvidia, now will we hear is this an intel problem or does this extend out this is a direct competitor to intel. >> go back to that texas instruments call, too, where they pointed out the cycle for chips andthey said we're a couple of quarters away from being out of this cycle of a downturn and everybody is all over the map here and i realize that the chip space is diverse in terms of theunderlying usag and you have high-growth chips that no one can come close to and intel to me is the safest bet especially one d rated in the last few weeks >> it reflects all of the concerns >> i was saying that before it was priced in. i better be saying it now unless i changed my view on intel, and i haven't. >> pete mentioned nvidia >> a big, implied move and i

think intel's movement and earnings have caught investors off guard and nvidia is off, and that's about 12 bucks and you would just take the may 17th weekly straddle and the 160 straddle that will cost you 12 bucks and you buy that and buy the implied movement and you have it between now and friday's close and on average this thing has traded about 7% the next day in either direction. there have been two massive gaps looking back to november and we have a one-year chart and it's important to remember that this thek thing is down 7% and look what it did on the rally back and it basically filled in the gap and since then it's down 20% and it will be an important number, i think, for sentiment in the semi space. for more on nvidia, james wang is an analyst, and he worked at nvidia on the pc gaming

application and he knows the product and the company very well james, welcome to the show great to have you with us. >> thank you there are two main buckets of concern for nvidia and let's first address number one and that's the impact of the trade war. what do you think they're going to say tomorrow? >> so far, they haven't said too much about the impact of the trade war. when you look at nvidia's chart and you wonder what's happened it's all about crypto and the cryptocurrency mining from aier ago. so that's had a cascading effect and basically people who are mining t are buying tons of gpus and they're no longer selling those. they need a few quarters, as i said, to clear the channel and i think amd in the recent call said that they're starting to see the channel clear and the setup for nvidia is the guidance for the second half and do they still believe in the bounceback. i think investors feel fairly good about that. >> the other concern is the competitive concern and that is being as an, merging competitors

who isn't are are aren't in the chip space i saw your post on arc invest and why does it need to go to nvidia is that a threat your firm is invested in both, but is that a threat to nvidia's business >> it is not a threat. tesla is probably the best thing that will happen to nvidia and here's why when tesla goes full mode and full craziness and they say we'll do this ahead of everyone else it's bankly saying to the rest of the auto industry, you need to invest if you do not invest you will be future parody with the cars. if you are ford and gm and you don't want to fall behind you have to go to the best chip supplier that's comparable to the tesla solution and nvidia is the only company out there that's providing chips out there that's comparable. >> there are autonomy, forts going on right now

so america vidnvidia are the pry suppliers in which is a division of intel it's coming in from the low end and basically trying to prevent you from crashing and nvidia is coming in with the a.i. perspective and they want to do computer vision and those are the two primary competitive forces and nvidia has said that they'll offer a level five solution mobilize level five solution is still out. so if you feel the pressure from tesla, and you want future parody and control over your software stack, there are plenty of them out there. >> tesla bears will take a look at that chip, that picture that tesla provided and say this is phony. there's no way that tesla can catch up to an nvidia and make its own chip how could that have happened >> i am quite puzzled by what they money and thees it that computer is shipping out every

better chip than nvidia. this is a chip that nvidia will be able to build roughly in a year or two. tesla only has to build its is own requirement and everyone wants something on the silicon and upons it to do something and all of a sudden you have a complicated chip because you're satisfying many customers and upon one is a horizontal play and one is a vertical play one last question, would you rather >> we have to play >> tesla or nvidia >> think for this audience, i think nvidia is probably a gut-risk adjusted better stock because you're not going to go through the volatility of elon and you're not going to go through this overhang of liquidity and raising capital, and nvidia has, you know, their cash is -- they're flush with cash and will continue to grow top line and eventually grow bottom line, as well james, thanks for coming by.

james bank of ark invest i'll pose that same question to you. >> if nvidiais innes the guide down and it will go back to the lows that it was six months ago or something like that, but i grow with his thought process on it if you're buying nvidia only because of the autonomy opportunity it's probably years off and that's what the tesla bears are trying to tell you that elon is stuck on the autonomy thing right now because it's the sexiest stories when sales of ev are very slow. >> i've spoken to kathy wood and we're hearing this from james, the argument on tesla has to be that they've got such a competitive advantage on the data front because it's not an auto company and it's not a technology company so you have to believe that and ultimately it gets back to where they hav a competitive advantage and a moat certainly in nano technology it sounds like the chip is something people are banking on. at the end of the day it's something that people have to deliver on and that's where the bears are lining up. >> coming up, president trump

taking the latest shot in the trade war declaring a national emergency to ban foreign communications companies that being pose a threat to national security we'll tell you how that can impact the chinese tech stocks the executive chairman will be here to lls atte uwh is next in the cannabis craze when "fast money" returns 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 and a full education curriculum- just to help you improve your skills. boom! mad skills. education to take your trading to the next level. only with td ameritrade.

welcome back to "fast money. we have news from president trump blocking foreign communications companies that could block companies it from operating in the united states eamon javers is at the white house. >> i've been talking to officials inside the west wing about this executive order and the points they're emphasizing are one, the phrase huawei does not appear anywhere in this executive order and two, they say this is entirely unrelated to the breakdown of trade talks each though observers on the outside will look at the timing and say boy, that's coincidental right as the trade talks with the chinese break down and here's what the executive order does according to the white house readout they put out later today. what the president has done here

is declared a national emergency with respect to threats against information and communications technology it delegates authority to the secretary of commerce to prohibit transactions posing an unacceptable risk to the national security of the united states so they're going to give the commerce secretary here a lot of new authorities to reach into the economy and stop any transactions that he thinks in this telecom and communications space could potentially pose a threat to the united states. it all comes at a time when the united states has been making the case with european allies that huawei, the chinese telecom company is simply not trustworthy because they can bake in back doors that can allow chinese spies access to information here and the administration saying the commerce secretary will have the ability to block transactions if it's problematic and not saying anything is blocked and that authority will exist. >> it was widely expected they wouldn't name any companies within the executive order and

at the same time was it by design so wilbur ross down the road that another chinese company and another foreign company is a threat to the united states whether it's a chip company or another sort of technology company >> sure. it gives them the opportunity to ban transactions on a one-off basis or to single out individual companies if they so choose there will be a review and intelligence gathering procedure here so nothing is happening immediately, but these new authorities do give the commerce secretary new power that the u.s. deems to be a threat. >> eamon, thank you. >> eamon javers at the white house. when you hear this, these tensions are ratcheting up, in terms of huawei. do you think the trade war is going worse than expected? >> sure. you have to. think about it threats against communications technology that quote, that is the root of

a lot of this trade war. this isn't about farmers and ag exports and this is not about autos and it's about technology, intellectual theft and intellectual property and the new world order. think about the last time -- not the last time, but think about when we ruled against the chinese buying unocal and we thought natural resources were a national security issue and that was again an edict that came from the white house amazing how times have changed, but it's the same thing and i think this is the root of this trade war. >> the cfo being arrested and -- >> right >> it doesn't help ratcheting up the tension. i don't really get the strategy here of what seems to be just kind of spraying gun fear and then trying to pull it back. i don't really get it. bottom line, it's not great for the market. >> all right coming up, the 13 filings are out and you would not believe

what the smart money has been buying in the rally. that's next, plus wall street's hot for pot. check out aurora, wan pea and cronos, so what haths estocks growing like weeds the president of aurora will be here when "fast money" returns and you should be mad at tech that makes things worse. but you're not mad, because you have e*trade, who's tech makes life easier by automatically adding technical patterns on charts and helping you understand what they mean. don't get mad. get e*trade's simplified technical analysis.

welcome back to "fast money," check out shares of aurora cannabis. the company missing wall street expectations and still posting a 20% jump and quarter on quarter sales, and aurora the best

performing pot stock up more than 70% for more on the earnings results and the state of the cannabis industry is michael singer, head of aurora cannabis >> thank you for having me. >> you have sales along with medical and where do you see that pie shifting to in a year or two years and embedded in that question and how do margins look once that shift occurs? i'm presuming that medical marijuana has higher margins than the rec yigzal side our focus rid pow is on three second pensioner prints and the first move are are mostly those countries where we have very limbeded are condition and it's to build out the global footprint and we're also in the u.s. market and it's obviously too big toing peer

we are in the med will of lining in our strategy in our bassp that we need to look at that market of cba did and these obviously are lemm theed and we expect that to expand over time. aus ther autralis will operate overall, and we will leverage our relationship to make sure we deliver on a more global, u.s.-type strategy third and more importantly, we're continuing to explore a different number of partnerships with the help of nelson peltz. we had nelson as a strategic adviser and our relationship is nothing, but amazing nelson is a very thoughtful and strategic thinker and very well

connected in the goods or ironically and surprising to us in the pharma space. our model was very different than our peers where our peers decided to partner with one and potentially give away control of their business, we always felt the strategy for us to engage with multiple partners in different market segments. so with the help of niels op, we're exploring a independent of potential swipe at risk? >> do you think that dial was a bad deals leebl like, is that some sort of dechl lat that we not and that was a deal that makes sense for air oura, but not at this time for us we don't feel it's necessary to pick one horse today and we're looking at the inte entire value in the u.s. and it will help us determine where we want to play along the value

chain and we'll make decisions that are in the best interest of you on company and shareholders. we're patient as we've always been and we will ensure that when we make the decision to operate in the u.s. it's going to be one where we see a long-term potential. >> hey seymours and should we be concerned about the cannabis multinationals pause you certainly, and tell us about the road to profitability. >> we put out guidance early in the year and we put a stake in the ground that forced us to be disciplined about our business we said, one, we would obviously ensure that we were very careful about managing our expenses and the stake we put in the ground is that in q4 which is the april-june timeframe we would be ebitda positive. based on the results we just delivered, our revenues are up and our margins are up and our production volumes are up significantly and they doubled in q3, versus q2 and based on

the discipline we've instilled in our, for example, our sgna, where we perhaps we're on track to because it if you've been starring our sky facility is operating at capacity and so the volumes out of that facility will enable us to tap into the different channes that will exi the canadian, and the european or the international medical marks are something that we're focused on today. >> should we expect some sort of deal or partnership with a major consumer products company given nelson peltz's involvement with the company? >> that's our end game, of course. >> yeah. >> we expect that we will at some point announce some type of partnership. what i can tell you is nelson is incredibly engaged with us and

we're putting all resources to ensure at that time deals we make are the ones that make sense. we're actually prioritizing which of the market session wants and so on. we're already engaging in those types of discussions, you take time and with nelson and owe's thoughtful a vote, how we're thinking about our partnering opportunities. >> michael, great to see you >> michael singer at aurora cannabis. >> he has the most inquisitive track ridiculous you should look for them to do stuff, but again, being q3 or q4 ebitda, that's impressive and the market should reward that. >> coming up, tech the len we'll llte you which one of our bank stocks "fast money" still ahead.

welcome back to "fast money," the latest filings are out and leslie picker is back at headquarters with the details. >> hi, melissa tech appears to be back in vogue and mania adding to their positions and david tapper's facebook holds half a billion shares and they hold new positions in netflix while tiger global upped its netflix

483,000 shares worth roughly shy of a billion dollars at today's price. warren buffett told cnbc last week that he was not the ones making these purchases and one of his other portfolio managers was behind the buy in amazon and not all of the names are equally. tiger management each decreasing their stake in google's parent company. soros actually dissolved it, but soros did take a new stake in lyft about 200,000 shares of class a stock that appears to be in addition to the class b shares that he acquired from carl icahn ahead of the ipo a reminder of all of these positions are as of the end of march and they have changed in the six weeks since, melissa >> leslie, thank you leslie picker at headquarters. karen what stood out to you? >> well, google. today a lot of good activity in google, but it shouldn't have been where it was going into today. i think it was both fundamentals we had a couple of analysts, i think raise their price target

and i think whoever sold it by the end of march that was decent timing and i still like it here up $45 doesn't change at all >> i look at amazon and buffett and the fact that buffett wasn't the guy pulling the trigger and it's a fairly small position and i look at that and that makes much more sense now. warren buffett's buying this company and you know what? he really wasn't and it was someone else underneath him and i also like what i see in facebook because i'm a believer as well and i think it's the upside >> i care more about warren buffett's 13 fs from everybody and we know who the major hedge fund managers are and i have no idea what that position is today and war ebb buffett long term. >> this will be consistent for 2019 they'll be the ones that they always buy on pullbacks. >> up next, final trades

in the . demand the best. demand a cfa charterholder. cfa institute. let's measure up.

let's hold ourselves to the highest standards of ethics. as investment management professionals, let's measure up. cfa institute. time for the final trade petey. >> i like what i saw today amgen. buy and calls, giddy up. >> the conversation is about what's the multiple that you want to pay. it was a hard wear company and now it's a software and security company and i think it's higher than 17. i'm long >> chairwoman. >> two things, hiding out is something not in the china cross fire and ebay, speaking of investors with 13 fs

valpost, new position. >> karen did you check out how macy's traded today? horrible if walmart -- [ laughter ] >> you want to sell the xxe. >> cow. >> that does it for us i'll see you back here at 5. "mad money" starts right now. 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 we're out here in san francisco uncovering all things tech and innovation google makes friends, trying to make you money my job is not just to entertain you but educate you, teach you and put all of this ou