can't really talk about one day but not a damaging pullback. >> that said with apple and facebook earnings we would have seen more negative. >> most likely and you see the after hours action people are not giving benefit of the doubt to companies missing. >> thanks for watching that does it for "closing bell" today. >> "fast money" begins right now. live in from the nasdaq market site over looking new york city times squares in "fast money. i'm melissa lee. trade esper tim seymour. brian kelly. karen finerman and dan nathan. tonight break out the rally caps because the man who moves the market says we are headed higher he tell us why he feels bullish. tim seymour stepping up to pitch the next investment idea why he sees magic in the media stock. pinterest plunging after results. the company's conference call getting under way. we till tell you what's behind the 19% drop we begin with the scary halloween on wall street. >> spooky. >> investors getting spooked to cap off the final trading day of

the month but after all october a treat. s&p gaining more than 200% hitting all-time highs along the way. here is the question this all halos eve have we reached the witching hour for the market's record run, tim >> well, look if you think the fed is on hold until mid-2020 it could be a spooky time for markets because the markets expected accommodation they are your friends and therefore the witch's brew is probably in the form of the data if you look at the chicago numbers this morning, especially the new orders component took you back to march of 2009. it tells you the impact of what the trade war has we don't know really where we are. but look in the absence much a political shock -- i'll leave it at that -- and in the abens of china walking away from the table, the fed is still your friend and injury you've had a third quarter where you had surprise to the upside. i would say it's not all that spooky this halloween. i think today's pullback is appropriate relative to some of the macroa day after the fed

you had a letdown from extraordinary earnings out of big cap tech. >> you think it's spooky. >> actually, yeah. i think. >> down right scared. >> i don't know if i'm downright scared but at this point in time you have to be concerned let's say by level of concern is at a high. and theprimarily the reason wh is the economy continues to get weaker consumer confidence has rolled over yes, we had a couple of little bit of earnings but then the headline from the dhienz again today which is the pattern that hey, maybe we can't get a long-term type of solution now you've got to price in everything that we priced in before, which is potentially a longer drawn out deal. a recession in 2020. all these things with the market at the high. so, yeah i'm a bit concerned i'm not deadly frightened shaking in my boots. >> here we go. >> but i am concerned. >> there we go. >> it was a bloomberg report this morning about the chinese not wanting to give in or bend on the thorniest issues and in the trade war. if we are in the situation where

trade war is not necessarily good, and we have the -- yes we have the fed at our backs but weak economic data where does that leave us. >> i think a few things with the trade war. i think that if we're in a situation of somewhat of a stealet stalemate where we don't increase tariffs and stay where we are, that might be okay still, it has a level of uncertainty, which isn't good. that part isn't good but not increasing tariffs, that is good and some of the economic data -- i know -- i wonder if the chicago purchasing manager number was somewhat moved by the gm strike. i'm not sure if that was in the survey, the expectations we'll see if that was a blip or not. that was -- i mean the repercussions of that strike for a lot of other businesses, suppliers i think may be what moved that somewhat. also then coming off of a really strong month and pretty good numbers you take a bit of a breather is not a big deal i don't think things have really changed. >> there is a half glass full way to interpret the market

action, that is the markets didn't do too badly krpg we got the chicago -- >> although you get that from dan. but dan -- >> i know i understand that in terms of. >> what gets interesting is that we're at 3% from the all-time high of 2018 i'm just saying think year over year, october 3rd, 2018, the all-time high. we are 3% above that. >> can you hear the water falling from the glass right now. >> there is a leak there is a leak. but let me tell you what's changed year over year what's change is the 10-year treasury yield at 3% now at 1.65 that's why i said the other day you almost jumped out of your chair because i said the market acts like you know what considering what dwreelds yields have done in the same pieters and only up 3% the last point i'll make is what did we do again here in the bulkiest week o week of earnings q 1 earnings in the last week of april, we topped out and largely because we ran into it because expectations for earnings were low. we ran into them once through the bulk of it then

there was a bad trade headline what happened in july? the same thing we ran into it. we topped out. after making two new incremental highs leahy we did it again in the last week of october i'm telling you tim i know sometimes you're a little dense. i don't think -- this. >> whoa, whoa. >> i'm right in the the maze here. >> wow. >> a warmup on the "closing bell" on the market. >> i was in the dmz today on the "closing bell." >> on the way o say rpt are are you aren't you nurnld by markets rose on the back of bottom up? you heard from companies thingts not that bad you had assessment fourth quarter a couple people really important people like apple upgraded fourth quarter or fiscal q 1. >> you trust that guidance how do you trust that after last year the quarter any blew it and blew it in china down 30%? how do you trust that guidance i don't understand it. >> it's not for me or you to trust if i can tell you the market endorsed the company the last woum split screen right now. when you talk about how isn't it sad we run out of gas in the

final big week of earnings i think the good news we were waiting to hear from companies, what was the driver for the markets? it wasn't the fed. it wasn't rl even a trade deal was the bat. >> the companies we needed to hear from, especially the ones occupying a major weighting in the markets aren't dead aren't rolling over that to me is more important i think we can run into just as we said -- i mean, doesn't surprise me the markets were a little bit dismayed by being out of earning season kind of core teeth and fed out of the way but we're going to assess the macroagain look at the dollar, a tailwind formarkets now you're back below the 200 process. there is some sense that risk is back on. >> the corollary to the dollar being down is we have seen a massive move in yields. >> in yields. >> in just the past two days >> you look at the front end of the yield curve it's flat at a pan cake with where the rest of the yield curb plan flattens out if you look a at the fed model on pricing in recession. pricing in 35 to 45% chance of

recession. that is as good as gold when it comes to forecasting it's not perfect but saying sometime in the next year you have recession the only caveat i would say -- dsh the reason i'm not uber bearish, lacking back in time you can get a blow off top we saw similar set off in the end of '199. 2000 similar stet up in 2007, 2008. you it had recession probabilities running and the market ripped higher for a quarter or two so i would use -- if we get the blow off top, i would be using that to get to trim out of a a lot of positions >> i think the earnings -- i'm surprised how strong the earnings have been actually. i've been more hedge than in a long time, that -- those puts are going away, going to zero. i've been surprised and i sort of look at the data from afar and say all right maybe, maybe we're going to muddle through and better than i thought. csx, you had so many companies that are the heart of american

business, thought -- i thought they would be much weaker. >> right. >> they weren't. they weren't. >> what i hear you saying is first of all sentiment as far as you were concerned you were not overly bullish into the numbers. >> not at all. >> i think you're representative of let eye of the poginging out there. seasonally it's a case where you're in a good environment the if he had is not going to spoil the party. they may not throw year yuell log on the party. >> fed is so much bigger than trade. >> apple, the largest market cap company $1.1 trillion market company. $260 in sales flat year over year flat year over year. zpoit buying back tens of billions of zak. >> we knew that. the exciting part was growing. wearables. >> and the stock up 57% on the year. >> i'm just going by apple but pushing back onthe view that i was a bat bad report. >> held on gain dan i almost feel like no matter what apple was going to tell us, you would say, apple is bad news

>> because apple gave a good message yesterday and you're still saying, do you believe the guidance >> listen if you believe theired guidance when they gave -- when they gave that holiday quarter that year then you got screwed that's stock went down 40%. >> how many times peak to trough. >> how many times have they guideden with been low on guidance a lot of times. >> sandbagging. >> they used to sand bag. >> apple is not the aggregate sales number our you're in the playing apple. playing more fortunate revenue mechanics and margin mix. >> the revenue mix iphones go fieer. >> the $15 million services company alone. >> installed base is not growing. >> i'll say it wasn't a bad report it wasn't a bad report and so you may. >> versus low expect aches >> we are going to talk about apple a little bit more later on in the show and why apple may run into some trouble. overseas in the meantime i want to back to broad are markets jp morgan top strategist expects

stobs to ramie between now and the next year. global head of macrohead and derivative strategy, known as the man moving the markets mark great to have you with us. >> thank you. >> you -- you and the firm's chief u.s. equity strategist had a mid-year 2020 target. >> up mum. >> and pulled it forward. >> exactly pulled it a little bit forward, 3,200 since about 5% as you said we think can happen late this year or sometime in the first quarter. overall we are positive. reasoning, you have a synchronized easing from central banks globally that tends to lead by 3 to 6 months we think actually this -- the inflection could happen now. if you look at manufacturing pmis theory pretty low or manufacturing recession right now. historically whenever we have this type of synchronized eatsing you do see nurn pmis positioning also is relatively low. everybody is a bit hesitant, in

defense he was and also net exposure not that high we think positioning plus central banks, if you can add to that positive news and developments on trade which seems like it's happening you could have this seasonal end of the year rally, certainly in the first quarter when investors take new positioning pl we think we see that 3,200. >> you think there is a bubble in the defensive stocks. which -- which areas within defensive are you most concerned about? >> it's generally stocks which have low volatility. so that low volatility investment style became very popular over the past few years. so basically you pick any sector and just take the stock with the lowest perceived risk lowest raeltzed volatility that's one approach if you want to more sectorize. bond proxy was utilities, staples, reits, megacaps that are kind of like very stable and safe so everybody piled in there. a little bit as the yields decline sort of from 3% to where

we now, 160, 170, investors moved actually into the bond-like equities they look at everything similar to whatever is similar to bonds but has a higher yield they'll go into that >> mark i'm curious you pulled forward your estimates. >> um-hum. >> does that dplie then the rest of 020 doesn't look so good to you? >> so, we will have elections next year. i think there is going to be -- there is going to be some interesting development between then and now and so it's very hard to have any visibility sort of november next year. so we are basically saying look we can rally now next year we will start assessing the probabilities for different candidates, different developments and will form a view based on that, you know so seasonality works for you also in the first quarter historically tends to be the strongest quarter. >> so mark, how did you get to the number whas was it a change in the multiple, earnings or both. >> it's a combination of both,

you know and then we also do look at sort of the positioning and potential market impact if investors were to get to some sort of average level positioning pl it's a combination of those two for earnings we think q 3 is where we see bottoming of the earnings q 3 is the toughest comparison year over year i think fourth quarter is going to be easier comparison not just for earnings but also economic numbers. as well as some of the technicals if you look at the trend for different sort of commodities or equities will turn a positive sort of when you start benchmarking off the fourth quarter last year. >> there is a argument marko that aloud the fed easing hasn't gone into the system yet we have three rate cuts. do you think we've seen the impact yet and do you think that impact won enough to maybe bolster stocks beyond your you know, 3,200. >> possibly. i think 32 is as you said about 5% that's not a huge upside actually we are more positive on

rotation away from defensive into cyclical. there when we think can you get double digit type returns. it is it possible the market goes higher yes given the a easing, where yields are if you relative value of equities to bonds it could go higher but there is a lot of uncertainty. as i said there is a gap stock which is very expensive and stock which is cheap if you converge the two a little bit- we don't want to go with some high number. >> you like the stuff that's really really cheap. >> we like it. and it's been -- it's been a bit of disappointing this summer was tough. we saw a rally in september and october of value >> yeah. >> still actually there is -- we think there should be a lot more to go. we like stock which is cheap sort of in the gutter abandoned. high volatility stocks, cyclical sectorwise, energy, materials, if everything that -- that everybody stays away we like it. >> marko great to see you thank you marko kovanovich.

>> do you like mark memo's gutter trades. >> back for the glass half full, the october high with the slight incremental high looks like a nice little base if you get things falling into line and there is substance to it brexit not a disaster and a couple of other things then you have a market break out expect aches are low still and then you have the situation where the karzs get easier i can see that i'm just telling you over the last year it's not been a great time to buy stocks at new all-time highs just that simple. >> well, i tell what you, the rotation in marko referred to that we saw in august i think we are in now and we have taken a breath over the last couple of days but that has included banks, transports i would think fedex has to fall into his gutter trash being cut in half in trading at a top multiple it doesn't mean that you have to think global pmis run away from you. you have toth from terrible to bad to stabilizing and maybe not even for a long time

but we started to see signs of that and i think that's encourage sfwloog coming up, on opinions and needles, pinterest plungingen on results. the stock now back to the original ipo price almost. the conference call under way. we bring you the headlines later racing ahead flipping the switch on 5g we tell what you it means for the tech space live in times square in new york city much more "fast money" right after this ♪ ♪ ♪

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well back to "fast money" check out shares of pinterest and u.s. steel both on move in the after hours. we have full team konchal to break down the earnings record seema modi standing by on u.s. steel but we begin with the big move in pirpts we have the latest. >> rahel. >> pinterest shares down sharply on quite a bit of volume after the third quarter results. you can see trading down almost 20%, almost 19% there. the revenue was in line with expectations it posted a positive the ebidta compared to the loss a year pai and important metric for them is monthly active usersers. that grew to 322 million versus the expectation of 312 million we had bush securities telling

me in an email that investors were looking for a big are top line beat but essentially saying we think shares are overreacting to an in line to better than expected quarter and that we continue to think pinterest is headed in the right direction and has a full iffy scaleable internet advertising model. you might recall that rbc recently upgraded to outperform from sector perform. that was based on stronger user trends and opportunities for monetization that said shares down 18fers in after hours which woult day of trading since going public back in april. >> rahel solomon back at headquarters tim's favorite metric rpu seem to have decelerated paymenting a growth multiple pan average revenue perusing decelerate that's not good. >> it makes you question the core business model. it means you're not getting the same amount of time on the site and ticket sizes i think you have a case where if

rpu is needing to be growing for a growth stock at this multiple, this stock has been sick a long time people were positioned in this direction and obviously the bears winning. but i think in the short run, it's not a company that you need to dive in on value because there is no value there. >> i don't know if there is no value there. there might not be. >> less than yesterday -- more than yesterday. >> appears to be much less than yesterday. i think some of the hrment pu might be from the mix of swrngs it might be unfavorable there. i think we have seen so many of these that used to be great growth at absolutely any price no matter what and it's now, well, what about at some point you have to start earning money. and so, i mean, pick -- i don't know that 20 is the right number for this you could tell me 15 i have no idea- dsh to me it's when to they start to make money and how much can ultimately they make and the revenues doctor -- they're not small they're pretty big. i'm surprised they're not able to. >> it's a huge jump in op exin

the. 66%. spending a lot on marketing. >> and maybe it's delayed a little you see the effect of it. i don't know, but. >> i would mention that like $1.1 billion in expected sales this year is not a lot when you think facebook is doing 70 billion and google 135 billion these are niche players. i think it's interesting the monthly active user in my at 312 million that's where twitter stopped out the growth really did he krerlted and when you you have user growth dekettlers ad loads get challenging. these guys fell victim to what recent ipos fell victim to is growth at a reasonable price where you have amania, that's fine but right now, it's just deflated. >> it's the wework effect, ever since wework investor sentiment has changed dramatically for companies that don't make money and get absolutely crushed if this was provider to we work the stock would probably be up

after earnings >> let's move to u.s. steel trading near the highs let's get to seema with the details. >> u.s. steel's results not as bad as feared. ceo david the buret said while market headwinds persist we focused on what we can control, rescoping the asset reviolatesization investments and reducing fixed costs now remember president trump's tariffs were supposed to save the u.s. steel industry. but if anything the on set of tariffs have made things worse the 25% tariff implemented back in march of 2018 has resulted in steel prices coming off highs and a softer macroenvironment combined with weaker growth in china has pressured prices further, forcing a number of steel makers sitting on high inventory to cut production over the past six months. now, u.s. steel stock mass underperformed the broader averages, down about 40% so far in 2019. it's also underperforming the peers like steel dynamics and ak steel. the earnings report came out

today. but the conference call is tomorrow at 8:30 a.m. eastern. we have to see what the ceo says there about the demand and also the impact of the u.s.-china trade dispute dploo thank you, seema. u.s. steel 33% short interest here. >> well, and going after the balance sheet. the reason is the underperformance is the balance sheet. cost cut something great but when the core prices -- the bottom line is the gearing in in whole story is what has people concerned. it's the move down in the stock. and ultimately their core business has not been affected as much as the share prices. but the cyclicality of the market and the gearing in that balance sheet means that investors think that the balance sheet is at risk they were supposed to lose. >> looking a moot schedule. >> bloody schedule. >> i'll tell you this was a perfect example i think of what marko was talking about where you have people p. o. boxed on wrong side

you mentioned 33% short interest you have a company. >> i'm on the wrong side i'm long this stock from a lot high are to get it out there. it's been painful. >> might be all right. bounced oh off $10 short interest lost less than people expected and the stock up 5%. to me that's the type of thing where a stock stops going down on bad news, you probably are bottomed out here. >> glass half full today beak. >> unlike other people. >> yeah, dan. >> dan when were you long in the stock. >> i've got it average price in the 30s. >> okay. >> and to me at some point there is -- is there a stop loss on it the point is that i believe in the management team and believe that like many people the trade war was not going to be as structurally flawed as it is so you know that's really the lesson here. i think steel and resource companies in an environment like this they can always get cheaper abbuying them cheap is not necessarily the right thing to do. >> you can read more about the big after hours movers from

pinterest to u.s. steel op the website cnbc.com here is what else is coming up on fast. >> announcer: china getting ready to jump into the 5g race tomorrow will the entry league u.s. wireless carriers in the dust and what will it mean for the u.s. china tech war sns plus the sector that's been a surprising standout in october. we'll break down what's driving biotechs to one of their best months of the year all that and more when "fast money" returns who says our bank isn't tech enough?

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those who need to move. and roar. and ride. up, down, over. powering through. this seat is for those that get down in it. into the fray. the arena. this seat is not for spectators. ♪ gladiator ( ♪ ) well back to "fast money." china speeding ahead of the u.s. in the race to 5g. let's get to josh lipton in san francisco with more on this story. hey, josh. >> so melissa that's right big news in china.

it's three big state-owned wireless carriers starting home china mobile china telecom and you know i come will make 5g mobil phone services available to skplers. that means if early adoptners china have 5g enabled hand sets they'll be able to us eye the service. that should mean faster access to everything from videos to games. i checked in with the urjia group paul t riolo he says there is a lot of hype here we need to wait and see how thrilled z chinese consumers are by the persons does it work as advertised keeping in mind he says there aren't that many fiechgt ready hand sets one potential winner hau with with oway introducing 5g hand st. pete though triolo says there are questions. specifically can they keep up demand, secure enough hardware it needs placed by the trump administration on the blacklist. he says that while u.s. carriesier have also offered 5g china could certainly surge

ahead in the availability of 5g mobile phone service back to you. >> thank you josh. josh lipton in san francisco we brought this up in the context of apple because apple glaringly doesn't have a 5g phone yet. does not plan to have one until later in 2020. while a lot of the other carriers -- the phone makers in china do plan on introducing their 5g phones earlier than apple's time line. huawei, josh pointed out is out there. but there are others s shchlt aomi, opo out there too. could we see a competitive disadvantage. >> i think so but apple has always been late on these things they're not necessarily innovative yes head they had the iphone but not the tech leader on this stuff. you generally see the droid phones come out with it first. but ultimately i think this is going to be the driver for apple. so if you're looking into 2020 and you're looking for opportunity to get into apple, you probably want to buy on some

pullbacks if you play this particular theme >> okay. so we're still waiting -- we're still waiting for this upgrade cycle. what were they calling it for years? it was like this -- the. >> the supercycle. >> the supercycle. we're still waiting for the supercycle because iphone users haven't grown in three years huawei had 42% market in market share in mc. 42% market lair and apple market share went from 7% to 5% if you tell me the big opportunity is for apple to sell a ton of 1,405g smartphones in the fourth quarter of 2020 and the stock at all-time high i think you are doing it wrong you had the opportunity when they told you on january 2nd of 2019 that china was disaster last quarter but things are getting better hopefully in the next six months and now the stock up 75% and to be fair, i was not bearish on the stock january 2nd down at 135 or 140 >> i think what's interesting, the most recent round of new

found bullishness on wall street about the apple is that the fiechg supercycle ee long gates. >> two-year cycle. >> people didn't really know but now the hardware tailwind that has gotten elongated it can be ee long gated if it's entered one of the biggest markets later than the competition. >> i think apple as well pointed out here has been falling behind the competition a long time i'm not sure theyare competing wit huawei they lost that five years ago. the hardware story for apple which is the ironic extra ingredient to the rally is also started with when they made price cuts on the last refresh, they felt gnat iphone shipments could be a bit stronger based upon the price cuts. and when you can layer that into 5g which in this market and the market that apple dominatesin' and really dominates it's a powerful story while services and wearables right now are better than

expected >> could i debra institutous fight with dan so much you never pointed out the multiple at the ink g of the year was 11 or 12 that's a hardware multiple on the entire business. >> yeah. >> and you look at it from where it was a year ago, flat, right so i feel like you are talking about it had the explosive revaluation when it really hasn't. >> it has. it's trading at 19 times i mean it's trading at a period of growth seer yoegt 10-year. >> it's a different company than most 10-years. >> they returned 3,000,400 billion to the shareholders in that time. >> the services industry is a high margin industry and it's $50 billion a year. >> spotify has 30% i don't know is great margin apple has blended margin of 38% and going down higher a few years ago you tell me. i don't know but like i just know. >> i got it. >> how about have at it. >> have at it. >> why are their gross margins

going down why at 38% and fie phones 53% of total sales. >> hardware is seen as a into. >> it's reflected in the stock right now. >> okay. enough apple coming up, biotech have a monster month we'll tell you if there is even an bigger sector rally on the horizon but before that we celebrate the nationals world series win with a fast pitch. tim stepping up to the plate with name he says is a sfiure re home run much more "fast money" right after this that's a live tease by the way so good! high protein. low sugar. mmmm, birthday cake! pure protein. the best combination for every fitness routine. wyou can see relationships.gy, connections. patterns. you can see what others can't. ♪

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one stroik away. one out away 3-2. there it is. >> what a moment welcome back to "fast money. a night to remember for the washington nationals defying the odds to win the first world series ever. some saying the victory nothing short of a miracle so that got us thinking. know who else needs a miracle, our traders and fast pitches it's been a while, a long while since one of them took home the fast pitch crown meaning they won the audience film is feeling the nationals magic. if they can do it so can he. go for it tim. >> i need it, mel. congratulations can we also

aexpos they're also the expos. great job. let's talk about disney the next one to why disney? first of all this is absolutely a diversified media company. this is a unique media company .. not only a company talking about studio and talked about disney plus to we're blue in the teeth and get to that here but this is a diversified media. cpg, consumer products and a streaming story. the cpg story is why disney i think gets a multiple no one else in class doesn't that's the way it's been. let's talk about the strength of studio this is something people forget about disney has the moments where studio really drives the overall earnings profile i think right now a lot of that's not in the price. we have the holiday slight "black panther" 2 coming out cruel eu a a lot of things but one thing about disney is that the studio is the gift that keeps on giving as it feeds through the rest of the consumer products and back again. i think that's a process processor very important point about dennison that people underestimate. let's get to the multiple. i mean this is really it gets to place where where should you

trade disney. >> i talk about this all the time and once again i talk about the hybrid multiple but disney plus with 8 million subs by the end of 2020 and possibly 25 million by the end of 2024 at least what they told us granted as a discounted rate is a very exciting thing to slap on the disney story now if you are buying in stock let's bring up a chart here. you can kind of get a sense of where you are you are no means jumping in at the top. we had the massive rerating. this was the story people dent think even though they knew it was happening and didn't we bottomed here very much an important level around 130 but you are not choice chasing the stock here in fact if it's grown into the stock where people understand what they do you ut .24 multiple on the stock which mangs sense given exposed yur to streaming and where others could be trading. this is $150 stock know at the stop you can wait for the earnings and hear what they have to say but if they surprise this has been trading with a fair amount of legislate averagy because people need the next round of

number. >> karen has a question. >> what do you think of the fox substitution and what that does more disney? is it in there. >> is the fox interrogation sorry. >> do you feel that's there's reflected in there already or no. >> i think it largely is i think people really had ultimately watched the stock and waited for the capital market story. and the m and a story to play out. but i think, look as these guys finally consolidated this in, i think people understand where these assets are a big part of the empire as well >> any other questions for dan otherwise we'll vote no. >> let's vote. >> let's vote. >> come on folks remember we want to win one or for the gipper. >> b.k. >> i think streaming is a big story. i say bieb short of actually buying los angeles real estate, because all the store stars are making money that's micky mouz. >> i thought he was a panda. >> no micky can't tell it's weird because piem a bad drawer. >> that's a mouse. as well. you remember the micky mouse chp. yes, tim.

>> looks like mythy. >> hello kitty. >> i don't know. >> i'm also a buyer but you know tim said something interesting to me about the gap if you look at the april gap from 120 to 130 and kept on going that was when they launched the disney plus service. so investors really expecting a lot of news about disney plus on the call next week i don't think they'll get it maybe the guidance disappoints a bit and maybe you have the opportunity to buy into the gap a bit. but i like it a buy little at 130, 125 because a year out it's. >> mikey likes it. wow the devg voted but are you buying or selling tim's pitch for disney vote in our poll at cnbc "fast money" we get you the results later. up next a scary good month which namered s led the rally and how to trade them. don't go anywhere, much more "fast money" after this.

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call unitedhealthcare and ask for your free decision guide. learn more about aarp medicare supplement plan options and rates to fit your needs oh, and happy birthday... or retirement... in advance. well welcome back to "fast money. kraft heinz topping the tape surging to double digits since 2015 on the back of the results process beating the street earnings estimates but missed on revenue as net u.s. sales

shrank kraft heinz down this year but after today's action anybody feeling more bullish. >> it's sort of interesting. the stock got obliterated in the questioning ever the value of the brands and people have left it for dead it's interesting because i was just looking at analyst covering it there was one sort of market perform. everything else was a sell, underth. >> really. >> it's usefully hated that's sort of interesting to me obviously the shareholder base warren buffett and three g the biggest holders half the company. they'll wait do what they have to the leverage is the story. how do they pair down on the pe basis it's chao cheap but with the debt it's not. universally hated, left for dead, maybe it's time. maybe there is a little -- maybe a little life there. i mean we saw p and g i can't believe how well they have done. >> s&p actually making the point about leverage with the turn around plan they have to get the leverage down. >> absolutely.

>> a lot comments from the ceo were interesting in terms of innovation he said before they were on innovation frenzy. >> what does that mean with a company like kraft. >> they have so many products that consumers were trying the new products and not bying the staples. >> within the kraft heinz. >> no more oreos. >> exactly. >> the financial engineering sometimes that's a bad word. i'm letting people decide for themselves this company was about financial engineering when 3 g got together with berkshire and they skeezed profit out of a existing business that was not high margin and you saw the stuff throughout the food streep and it's come back i'm not sure anybody anticipated the secular issues facing in terms of processed foods and terms of how people eat differently. that's not really their fault. so to speak. altd they should have -- you know, they could have envipgs the that but the financial engineering side of this was about let's make in a lean mean company and massive company and deliver on scale. and that just has not happened. >> all right sticking to the food space, we

have a big interview coming your way tomorrow starbucks ceo kevin johnson on you can squawk on the street to talk earnings. catch that 9:35 a.m. here on cnbc abel about a gearing up to report earnings foam we tell you who you options traders are betting. and jim getting in on the halloween spirit speaking to the head of smarties candy i love them. favorite all-time candy. much more "fast money" still ahead.

welcome back to "fast money. we've got a big update on the war of words between hedge fund war of words leon cooperman and elizabeth warren leslieicer has the details from headquarters hey, less. >> the war of words continue in a -- a letter that is a strongly worded rebuke of senator warren's tweet last week which urged cooperman to quote pitch in a bit more so everyone else has a chance at the american dream too. cooperman, who is not on twitter said her tweet demonstrated a

quote fundamental misunderstanding of who he is, what he stands for and why he thinks her economic policy initiatives are quote misguided. cooperman is lose using the letter obtained by cnbc.com brian schwartz to make the case that billioners like himself got where they are due to hard work and should not be villified for it he writes in the letter for you to suggest that capital sims a dirty word and that these people as a group are ingreats who didn't earn richgs through strenuous efforts and in many cases paradigm shifting insights and now don't pull their weight societily indicates that you are grossly uninformed or are knowingly warping the facts for narrow political gain. cooperman shots were first publicly fired at cnbc's delivering alpha event in september. >> they won't open the stock market if elizabeth warren is the next president you don't make poor people rich by making rich people poor. >> he was joking about them not

opening the stock market if senator warren gets elected but he did go on to say a warren victory puts stocks in a bear market and causes a decline of 25%. for that full letter, check out cnbc.com melissa. >> thank you leslie picker back at headquarters leon cooperman is not the only with unprocess paul tudor jones said 25% on elizabeth warren 20% dl decline on bernie sanders. they're -- i don't know what's happening here but more and more people are coming out. >> is it seems to be but we have to put it in perspective. i also remember these things when obama was going to be president and that's type of thing. there is a bit of hyperbowl here but if that's said all the economic policies of warren were enaccurate aed -- and you have to determine the probability of that actually happening -- then yeah you probably would end up in recession. probably end one a weak are stock market. >> there is assault on health care this is as it is assault and fracturing which you said she would make illegal if she becomes president.

so -- and regulatory probably role increases >> and the for banks. >> i would think banks go down immediately. if you think about what banks had they have had an administration that has been very clear on deregulation and be been clear on taking the target off banks backs whether you think they deserve it or not. the point is the politics around the banking sector have never been -- they haven't been in good a long time. >> switching gears here we have one more big tech stock reporting erngtss this alibaba up 30% in 2019 coming off the best month since june and options trader bet oh on more gains when the company reports tomorrow mike kmo in las vegas with the action, mike. >> high there, yeah, calls outpace puts in 2 to 1 in baba and options market imply a move 7.25 wers 4ers of the stock price. pgs ohs week the november no

neek november weekly 8,000 of those trading 2.25. buyers of though he is calls making a bullish bet that baba closes above the 180 strike price by the 2.25 that they paid least at least in line with the historical moves out of the last 20 quarters been up 12 months. 3.8 to 4% up when it has risen >> what do you make of it. >> investors i eyeing the 180 level that's been resistant. some of the consumer data in china week i like the idea of playing with the defined risk if you want the play short dated calls. >> singles day coming up. >> supposed to be a big part of it. >> it's been a big day less of a mover for the stocks from an options perspective i think the earnings are interesting. upside calls above 200 are a sure thing to sell the next three months the stock has done nothing for two years. i'm long the stock and to me i can make an argument all i want about valuation but it's looking for drivers and whether it's financial or

whether some of the elements of the cloud business that started to show life, this is a big disappointment as well even though i stay long and think it's an interesting value play. >> but to tim's point it's done nothing two years if there is the breakthrough as they say it's lou eye eastady motto the wide are in base the higher in space. >> thanks for that mike see you tomorrow for "options action" that's a full show tomorrow 5:30 p.m. eastern time. up next the last call to vote for tim's fast pitch did he deliver on disney we'll reveal the results when "fast money" returns ♪ >> announcer: options sponsored by think or swim by td ameritrade ♪♪

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>> announcer: final trade sponsored by interactive bake are broker minimize cost and maximize return. welcome back let's look at pinterest here because that was a become about big decline ner the after hours. still down 19% after missing revenue even though the company reported surprise profit for the quarter. the move bringing the stock within a dollar of where it ipoed in airplane this is one to watch in tomorrow's session. now the big reveal were you at home buying tim's pitch on disney? what song do we hear tonight

well it's truly magic. tim hit a dwrand slam because voters are buying his pitch. it has been so long since we played this music. >> this is exciting day on "fast money. this is almost as big as the gnats winning the world series. >> we'll take. >> it really is. >> thank you folks. >> time for final trade tim the victor kick it off. >> i think i need to dance with the one that brunk me here we have to go with disney. again i think it's multiple rerating on a company delivering in four five core businesses disney maid of earnings. >> bk brian kelly. >> if the economic news continues to deteriorate, you're seeing a weaker dollar, lower yields that we saw today gold should be a beneficiary gdx one way to play it. >> chair wom. >> well i still believe in the american consumer. i just can't many keep them down no matter what target has come in target has great momentum and the valuation relative to wal-mart still wide. i like target here liked it for a while but like it

if you go home long it's bliek like you bought it tonight. >> i would think bk said that about gold i like tlt, uz treysry yields lower buy tlt. i great tune. >>t is that does it for us "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 is always a bull market somewhere. and i'm i promise to help you find it. >> hey, i'm cramer welcome to "mad money. welcome to cramerica welcome to trick-or-treat. my job is not just to entertain you but to educate and teach you. so call me at 1-800-743-cnbc or tweet me @jimcramer hold on a second you don't go from fabulous t