broken highs of a year and a half of contending with those levels. >> and in terms of other things to focus on today, we did see decent sort of performance dollars slipping >> dollars slipping. >> macro is fine it was just a bit of profit taking. >> that's right. >> we're out of time on "closing bell." >> "fast money" begins right now. live from the nasdaq market site overlooking new york's time square this is "fast money. i'm scott wapner in for melissa lee. traders are steve grasso, dan nathan and gia dam uy adami tonight on "fast" shares of tesla hitting the skids despite the company marking a major milestone in china we'll have full details ahead. plus, well, wells fargo's mike mayo says we're entering, quote, a golden decade for banks. why he says the sector is in for its own roaring '20s check out this mystery chart on pace for 2010

we'll tell you what it is and what to expect in the new decade but first -- ♪ it's the final countdown ♪ >> cool. the whole show lousy song >> yeah? >> it's a miserable song right up there with "the eye of the tiger" which is one of the five worst songs of all time. >> great movie. >> the movie it was in >> jordan's bulls were introduced to this song the other night, weren't they? >> good memories for me. >> okay. >> well, it is the final countdown nonetheless, guy, whether you like it or not ♪ it's the final countdown >> there's one trading day left before we ring in the new year and a new decade and it's looking to be an ugly end to the year with stocks posting the biggest losses in four weeks so should you hold off on popping the bubbly or was today just a minor blip >> i think it's a minor blip i thought the market was going to go down since september

i said it earlier that december is going to be at best a choppy month but at worst a volatile month. didn't pan out that way. ♪ ♪ look, i do think that things have gotten ahead of themselves. i've thought that for a while. some things will work again into welcome back to "fast early 2020 health care has done money. you just saw the shot of the unbelievably well. crowd. i don't know, are they really i think big cap pharma continues already starting to build out to outperform in my book there for tomorrow night >> no. hospitals we've talked about no. >> they'll be happier tomorrow that talk about gold later on in the show i do think that's a huge story nice, 50 degrees. >> really? >> decent weather. i think the dollar weakens and i >> i know you're not with us tomorrow. >> i'll be here in spirit. think energy stocks will >> no, you won't >> stop, stop, stop, stop. continue to grind higher, scott. by the way, that was the great miley cyrus, as you know, "party >> entitled to a down day. >> i think there's been so in the usa." little volatility and it's important to remember what's >> thing. >> good rest of the show been going on in the last few miley cyrus. months the fed has gone into some form she watches the show, by the way. of quantitative easing she's a huge "fast money" fan. this happened after we had three >> is she a guy adami fan? consecutive 25 basis put fed >> that i can't answer funds cut since july 31st. i know she is a "fast money" when you look at the lack of fan. hi, miley. >> go with that. volatility you look at the way the market recap the day on wall has moved over the last few street stocks putting in their worst months it's making sense.

day in four weeks today. it's running the days of qe up despite today's losses, s&p 500 and you put the calendar in still on pace for its best there and the removal of the december since 2010. near-term trade fears and you they're trying to get the best have yourself a number that's year since '97 but now we have a inching to record highs and little bit more work to do tomorrow if we're going to get all-time highs i guess the issue is where does it go early in the year. there. we were .3 away entering today are we extended? now we're a little bit further is sentiment overly complacent >> let's do final trades. you have the trend line back to >> a stock i've been waiting for to break out has been microsoft. 31.25. >> this was an over shoot level, i've owned it for a while now. it has broken out. i know we're in lofty territory 32 to 32.50. this was where i thought in a here i'm staying with it. perfect world it gets to i think that jedi contract is we're there. the tip of the iceberg i think you've got to sell the stay invested in microsoft market now. >> really? >> yeah. steve? q1, what are we hoping for now 20189 stimulus becomes 2020 you're going to get guys that miss the market rally, they'll reacceleration the russell 1,000 valuation iwd. take another shot in q1. try to short it again. mayo on gold playing for why risk it? why be too cute? that analyst day. >> it feels like a lot of the >> do you like mayo on a ham major stuff is so out of the way burger. >> i don't like mayo until earnings. >> but they always say you -- mike mayo blacksneto breaking >> barring -- out. >> thanks for >> we've already been waiting. we've climbed that wall of worry. we've had trade.

we've had the fed. we've had the worries about economic slowdown. what else is there >> my mission is simple, to make >> i don't know, but why would you money. i'm here to level the playing we be done just to be done field for all investors. >> well, you can be done because there's always a bull margaret the calendar switches over and somewhere and i promise to help you find it. you have a lot of portfolio "mad money" starts now managers putting on new bats not going to do it now. >> hey i'm cramer. welcome to "mad money. >> they chase the market if you think of how everyone welcome to cramerica needed to get a lot longer than other people want to make they were, there were a lot of friends i'm just trying to make you money. funds who had to do that my job is not just to entertain now they're going to maybe take but to educate and teach you so a shot on the short side. call me at 1-800-743-cnbc or >> look, of course there's going to be a pull back for the first part of next year. tweet me @jimcramer. the market's not going to go up tough days don't matter forever forever in a completely straight but when they come along you line, but we think buyers have need know how to respond you need a game plan totally weakness our view is that if you can't put up the recession, shut up about the bear market. bull markets end in recessions that was our call a year ago when we were calling for 3100. it's our call now. we're calling for 35 next year we think there could be up side for that target. if it drops, that's an opportunity to get in. >> what happens if you get to 35 in somewhat short order.

that's the market nervousness. pull 10 to 20% back if you have a melt up to 35. >> let's go back to january of 2013 the stock market was up 8% in the month or two after the tax cut was put in place i think you couldn't find anyone to sell a stock and then what happened is the realization that earnings might not be where the market was trading at that point. i think we have a very similar situation here we have a stock market that's up nearly 30% we have earnings estimates for 2019 that have come down materially since the start of the year so we have no earnings growth but we have a stock market that's up 30%. >> right i think you said earlier, when you have the fed creating this liquidity, there were a lot of people who didn't believe in the market rally, that's why i think we overshot a lot of different targets for the s&p, i do think you get that shot. to your point you're making it on earnings estimates where i don't think people have brought them in enough going forward. >> you think people are too optimistic >> i think people are too optimistic going forward a lot of this was created.

i do agree with steve. i think this dip that is coming that eventually will come is a buyable event but i think you're too cute with the to think we're going straight to 35. >> if i were to tell you we're going to get 5% growth is that good enough to keep the market climbing >> i think people would be happy. you have negative to flat youings growth at best.ar get 5% earnings growth, i think people would cheer that with both hands i don't see that happening quickly, in terms of recession, i understand my push back would be i think a market selloff causes a recession more than a recession causes a market selloff. it's a longer conversation but i think it's an important one because i think people view the market as the ultimate arbiter of the overall economy. >> you would need one heck of a selloff to cause -- >> quickly, quickly, go back to lastrket went down basically 19% over the course of a month and a half consumer spending stopped on a

dime consumer spending is the economy. >> the market was down on fears of a recession, that the fed was going to put us into a recession. >> that's why i would beg to differ. >> and the fed was tightening too. they were strengthening the balance sheet. so there was a whole bunch -- we have the opposite of everything that's going on. the economy's in a much better position as far as the unknowns with unemployment rate the way it is, with trade where it is and the fed where they are. >> that's what's so important. you can't talk about just the over the next year, 2, 3% 30% increase in the market without talking about the 20% earnings growth, little bit of decline that happened in the multiple expansion, it's not heroic. >> look what it took to get there. -- >> it was the fed. >> you have the 10-year treasury yield below 2% >> jerome powell -- if jerome powell does anything, he's going to lose credibility. he is on the sidelines rates are going to stay low. >> but he's still adding. >> he's still adding. >> still adding stimulant.

>> expanding the balance sheet because when the letting stuff roll off on the balance sheet it was equivalent to tightening now they're expanding. it's equivalent to loosening even if he does nothing he's easing monetary policy. >> it's as steep as it has been in almost a year and a half. look, i think for the earnings growth and gdp glorowth, i think it's bottomed. >> is it that important that the fed fixed the yield curve, that's why they lowered rates 75 basis points to me, the 210 spread, that doesn't mean a whole heck of a lot. the fed cut rates for the first time in ten years. ten years into the sickcycle. when i'm thinking of the stock market into 2020, a lot of this year was multiple expansion. you're looking at them trading 20 times earnings after no earnings growth. that's discounting a whole heck of a lot of good news in 2020. to your point, scott, you started the conversation, what's

next earnings that's what the market trades on if we're not going to get material earnings growth or get signs of that as we get guidance for 2020, i would expect that's how a selloff comes. you'll probably get back to 3,000. that was the breakout level of late october. >> depending how low rates remain because relative to where interest rates are, the market at 18, 19 times, whatever it is, isn't necessarily expensive. >> if you go back over three years. 85% of the run is on earnings. yeah, mu story in 2019 off of that 20% decline. go back 3 years it's 85% go back over 5 -- >> but 0 interest rates for ten years, right record buybacks. so it's not really organic earnings growth, is it >> we're up 500% and it organically is sitting in our account so we'll take it >> let's talk some more about the risks to your money heading into the new year. bob pisani is live at the new

york stock exchange for us hello, bob. >> hello happy new year's with the markets up 30% this year, it's put up or shut up traders have come to believe there's greater clarity on what i call the four horse men who have moved the markets all throughout first, there's a trade truce that is likely the fed is neutral and unlikely to raise rates in 2020 the u.s. consumer remains strong low chance of a u.s. recession in 2020 and finally the global economy is showing signs of bottoming or is it now december has seen a slow meltup on light volume but when the adults return in january, there's going to be a little bit of a reckoning the market has largely priced in recognition of a trade truce and a bottoming of the growth. it's not clear what we're getting or that the global growth is bottoming. november japanese data released last friday was already poor so was the south korea data over the weekend. this week we will see critical

data that may or may not confirm this global bottoming theory we're going to get china pmi and the services pmi tonight eurozone pmi on thursday u.s. ism manufacturing on friday policy makers may look past weakness but it's not clear the investors are going to do that even without that, the market is over bought and due for a pause. that's what we saw today the 14-day relative strength index for thes&p 500 it's a momentum indicator widely watched. it's at 78 that's the highest level since january 2018 any reading over 70 is over bought readings near 80 are very over bought hard to move the market forward. that's what it's telling you right now. a pause like today, therefore, is welcome the market does a little bit better with two steps up and one step back. it would be nice to get a little digestion before another leg up and i think scotty that's exactly what happened today. back to you. >> bob, we appreciate it

santa claus rally does typically last into the firsthandful of days into the new year that's one thing the other thing is when you have a strong year the way we have had in 2019 when you're up this much, better than 20%, you are up 75% of the time going into next year. not only are you up, you're up double digits. average 11%. history is on the side of the bulls. >> right the s&p -- i hear what bob is saying on the rsi, relative strength index, but it has a knack of working it off pretty quickly. i think any selloff you see will be short in duration and a buyable level. >> last comment? >> no. >> i feel like we should hear from you. >> do you? >> hot shot. >> hot shot? there's 45 minutes left in the show my quick push back will be don't confuse -- >> if you don't answer the question we'll have 43 minutes left. >> i don't believe in consumer strength they shouldn't be spending

>> why >> 54%, it's at ridiculous levels you talk about people living paycheck to paycheck. >> wages are increasing for the first time in years. they're outpacing inflation. >> u.s. consumers' want to spend is always there. their ability to spend i don't think is there if the market were ever to go lower, you'll seehow fast they stop spending. go back to october or november if you want proof positive of last year. >> well, of course, but that doesn't mean the consumer is not in decentshape. >> pardon me >> that doesn't mean that the consumer's not in decent shape. >> they're not in decent shape. >> if the market goes down 40% -- >> the consumer -- i'm just telling you right now, consumer debt to gdp is at levels unsustainable. i don't care where rates are. >> that debt is now financed over 30 years at a historically low rate -- >> let's keep playing that game and see how it works out. >> aren't you glad i asked you for another comment? >> you got yourself into it. >> whether america is or not,

i'm not sure are you? coming up, ride share or wreckage what's causing shares of uber and lyft to drop so sharp today? total domination you won't believe how much of the box office belonged to disney break down what's ahead of the media giant heading into the new year neve from times square in w york city. much more "fast money" right much more "fast money" right after thiscide on the flyers again? uh, "fifteen minutes could save you 15% or more on car insurance." i think we're gonna swap over to "over seventy-five years of savings and service." what, we're just gonna swap over? yep. pump the breaks on this, swap it over to that. pump the breaks, and, uh, swap over? that's right. instead of all this that i've already-? yeah. what are we gonna do with these? keep it at your desk, and save it for next time. geico. over 75 years of savings and service.

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simple. easy. awesome. call, click or visit a store today. welcome back to "fast money. the ride sharing companies hitting the skids today. >> hi, guys. nice to see you. being here in person no respite whatsoever for the ride sharing companies uber down nearly 1.5%. lyft falling 5% in the second to the last trading day of the year for them this is the 11th hour on january 1st, california's new legislation, ab5, this is the gig economy bill it goes into effect. they still have not won a carve-out. it can require them to reclassify their employees as drivers and not subcontractors that can up end the entire business model both companies say they will not be changing the status of their

drivers on january 1st the drivers on their platforms are not core to their business drivers and lawmakers could take issue to that and what we're likely to see, guys, is a slew of lawsuits challenging that assertion. neither scenario is good for uber and lyft's balance sheets this comes at a time when investors are having a hard time in buying into what they've outlined lawsuits and an expensive ballot initiative, that's the lesser evil the more bearish situation, actually having to reclassify their drivers as employees could be disastrous. so investors getting jittery just less than two days ahead of that doom date is not a good sign for the stocks and it's no wonder that investors are getting jittery. >> the last thing investors need when it comes to these stories is a further lack of clarity on profitability. >> these companies don't ever seem to me that they'll ever be profitable they have lack of growth or

slowing growth decreasing margins and high multiples. and the nature of the business is so ultra competitive that with multiple players, i don't see it happening here. >> here's the thing. so there's two players here for all intents and purposes lyft is focused on north american ride share. what they've done since they went public in the spring is they've printed three beat and raise quarters and they've pointed to when they're going to be profitable you're seeing their ebitda you're seeing active riders, active revenue per user increase those are the sorts of things. if you believe in this ride share model, then this is one way to play it this is definitely a headwind because if you're seeing losses being reduced but then you have unquantifiable losses in the future, that's the issue >> as d said, this is the game changer. you have these companies classify their workers as employees and raise the cost of everything -- >> if this happens, remember,

california now but other states are considering similar legislation, it takes away the flexibility. it's really no -- it's really difficult to argue that this is still a tech company than it is a car service or a taxi company because they have to start putting their drivers on shifts so it's very, very different is it likely that they will reclassify their drivers maybe not, but they'll have to spend a lot of money getting to that point what's ironic, too, you talked about lyft being the north american play, uber is more international. they actually consolidated in the middle east. they got the nod from egyptian regulators to go forward with their acquisition. they're making a bunch of accesses there it's hard to see that case now. >> would you own either of these companies? >> lyft i would. that's the existential -- that's the tailwind that deidre pointed out. this stock has gone from 37.5, it just traded 50.

so the move down to 43.5 is a 50% retracement. it makes sense we've seen a 15% correction off that high. go back when stock was 63 bucks. that was an outstanding quarter. they announced a huge lockup was expiring in august 290 or so shares, then uber came out and the stock cratered you have a lot of analysts that upgraded the stock goldman sachs is one loop ventures. i think you buy at 43.5. >> if the market is coming in, wouldn't they come at these stocks with high multiples first. if you think the market is coming in short order, then you wait if you don't have earnings, we think it's going to be an earnings resolution in the first quarter, a lot of these names that don't have -- >> i think it's really interesting that 2019 was the year that public investors were pining away to get access to the growth companies, disruptive tech companies they got them. they didn't like them in the markets. if you can have longer than a one or makes sense

they're massively disrupting it. >> one of th with an uber, for example, you could make the argument that, yes, it's a growth company. it's a very mature growth company. they went public too late. >> they would argue that when you look at the total addressable market, look at enterprise opportunities, they would say they're probably in the first inning if you take a longer term view, you can see how cities are going to be transformed. >> you know why this worked for me the way i looked at it, ride sharing. you said you have to believe in it i don't believe in it. when you had protections with taxis, it was a government regulation that's all out the window. it's game on, war on there's too many players chasing the same -- >> what's the incremental margin it's not as if they give you additional profitability it's hard to see how they scale. >> if all the time. >> that's the thing. if you have regulatory change unless and until you can get to autonomous vehicles, it becomes a difficult scaleability story. >> you're competing for drivers

and riders you have a two-pronged approach. you're right the best growth days are behind the companies. when they were private companies you have to wonder how much do they go into food delivery, logistics, other industries to become that growth story. >> good to see you here on set, d.bosa. a lot more "fast money" coming up after the break. here's what else we have on the docket tonight. top banking analyst mike mayo is saying hallelujah. we'll find out what he says the 2020s have in store for the financial sector and a major milestone for tesla in china that's not enough for investors today. we'll tell you what's weighing on the stock in today's call of the day. enfa motorthat and a l me wh "stoney" returns.

welcome back to "fast money. bank stocks wrapping up 2019 with a bang. jpmorgan touching a new all-time high today citigroup hit the highest level in nearly 20 years both stocks gave up the early gains to finish the day in the red. despite the losses, our next guest says we're about to embark on a "golden decade" for the ages let's bring in mike mayo good to see you. >> thanks for having me. >> there you go. i don't mind waiting a second for it golden decade. why? >> this is the golden decade of banks and technology let's pull the lens back here. the 1990s you had record bank consolidation and they never integrated the system. in the 00s you had excessive growth and that ended in tears with financial crisis. this decade was the cleanup from

the financial crisis with all sorts of derisking and deleveraging now, finally now, 25 years after national banking was first permitted, banks can leverage their scale, they're more prudent growth, along with technology that's better enabled for banks and banks are more receptive to using technology. tech the enabler is going to take banks on this multi-year trend of improving efficiency, better returns with a lower risk profile that's still being under appreciated by the street. >> under appreciated i mean, people have been buying the heck out of these things >> pull the lens back. you've had two lost decades of bank stock performing. bank stocks under performed this decade by over 20 percentage points yes, 2019, you know, was a recovery, and we think that's just a taste of the decade to come. >> who's doing it the best who's got the technology thing

down the best? you have outperforms on all of the majors >> you know, i've talked with you a lot, been on your shows. >> you have. >> our top three names, stay with the winners, you know, ahead. citigroup, bank of america, jpmorgan that doesn't mean citigroup is doing it the best. jpmorgan, talk about a best in class bank jpmorgan is killing it bank of america, talk about fintech. they're one of the best fintech players around citigroup is still our favorite because it's so inexpensive and buying back so much stock. citigroup is still under appreciated for the risk reduction. the sustainability all of these times we go on your shows and people have concerns about recessions and rate risk and regulation and spotty growth and look what the banks did. look what those three big banks did this year, especially in the third quarter. grew revenues greater than

expected and when you do that great things happen. >> what about goldman sachs, it's up, outperforming the market up 37% still down from the 2018 highs consensus has 10% earnings growth, 5% sales growth. trades one times book. why is this thing stuck in the mud? jpmorgan has highs and you have a bank that has head winds. >> needs to start growing again, right? >> look at trading for the decade >> yeah. >> trading for the big investment banks for the decade declined by 1/4 to 1/3 depending on your starting point capital markets revenues for the last five years, you know what they've grown? zero they have not grown. and in our forecast we don't want to assume a whole lot of growth having said all of that, we do think goldman sachs is better positioned with their new ceo, david solomon. we think they're going to put their legal issues with one mvp behind it. our estimates are above the

street for the quarter and for next year and they're having their first investor day in their 150 year existence at the end of january a lot of things happening with goldman sachs. >> when you did your chronology, where i stick on is we've had the most deregulation and the most tax cuts in the last couple of years why would it get better from here i hear it's the digitized or digital era, but how can it be any better of a backdrop than it's been? >> i think banks are not getting credit for what they've already delivered. every quarter and every year that banks deliver, you know, consistent returns, they regain some of that trust that was lost so what we're looking at is big and boring is beautiful for banks and that's not appreciated for the sustainability of it. >> how much do the leaders of these banks matter for your golden decade forecast if i was to say, well, what's the likelihood that diamond,

moynihan, gormon and corbat will be running these, how would that factor into your output? >> i would put sell on everything if you said the same people are going to be there ten years from now no matter what, i mean, we need to hold -- the biggest risk for the banks is complacency this has been a period of several years in a row of consistent results and don't confuse brains with a bull market all right? so everyone should be worried about the next recession, the next crisis, the next bad loan, the next bad trade so i don't assume any one of these ceos will stay around longer than the current year they don't perform they deserve to go just like any employee that works at one of these banks. >> my point is if none of those four were running these institutions would you have outperforms on all of them or would that factor into the way you run the banks? >> let's look back at the last decade and give a big thank you to the regulators. the regulators have hard wired

the banks for greater safety and stability. so all that crazy stuff that was done before the financial crisis, i'm not saying that's all gone but a lot of it's gone. part of this is is this is just a machine that keeps running and running and running when you're the likes of jpmorgan and bank of america now citigroup, there's a reason they have worst in class returns and worst in class stock market valuation even though they did perform so well this year, and that's because they still need to restructure more. if you're saying that it's business as usual, then we'd say you probably wouldn't have the same ceo in place in five years. >> mike, when you are looking at these companies, you're talking about tech, what are the technology solutions that you're most focused on for driving the profitability. is it ai is it blockchain what are you focused on here >> that's a great question i went to the wells fargo securities conference. 800 attendees and one bank analyst. >> you got invited to your own --

>> you said you got invited to the citi bank -- >> i got myself invited. >> if you are having a new year's eve party tomorrow night, maybe i can come to that i invited myself to this tech event. what hit me was the solutions that are out there now for the banks. i mean, it's like paint by number tayli tailored solutions the banking industry i run into the attendees, we've seen this done we've seen this done in the retail industry. we've seen this done in the manufacturing industry now just apply it to the banks so we're looking at, you know, ai we're looking at big data. we're looking at cloud computing. we're looking at digital banking. we're looking at electronic payments we're looking at faster processing with faster computers and then we're looking at the governance around all of this as scott mentioned. the ceos are very important. you need to have the chief technology officers in the c suite at these banks to drive down these decisions because so many of these technology solutions impact different parts

of the banks so you can't always go in at the low level. you need more authority to the chief technology officers. >> good stuff. happy new year. >> happy new year to you >> got a quick trade on that >> one of the best in the business no question. jpmorgan has a price target. book value 75. i mean, it is getting rewarded more than most of these banks for certain not to say it can't go higher. one bank we mentioned for a while, you've done it on "halftime" is blackstone that's the place i would still want to be. >> you have a conviction, buy on mayo. >> mike mayo's been coming on this show for decades. >> the guy just wandered into john varbados and bought out the shop or something. >> all right up next, the streaming wars ready to kick into high gear in the new year we'll break down the winners and

losers. plus, shares of new mining bucking the slide. why that's pure ld fgoor one trader we'll explain when "fast money" returns. you should be mad your neighbor always wants to hang out. and you should be mad your smart fridge is unnecessarily complicated. make ice. making ice. but you're not mad because you have e*trade which isn't complicated. their tools make trading quicker and simpler so you can take on the markets with confidence. don't get mad get e*trade and start trading commission free today.

money. disney having a magical year the stock is up more than 30% thanks in part to the company's total domination at the box office disney accounting for nearly 40% of all u.s. ticket sales this year it wasn't just the box office. disney also entered the streaming wars this year in a big way. it is a crowded space though here's julia boorstin. >> reporter: tech titans are battling for viewers first, netflix will lose more subscribers in the u.s. as a slew of new streaming apps gains traction with peacock launching in april and hbo max launching in may, on toop of disney+ and apple tv plus, netflix will face steep competition for subscribers putting pressure on it to invest in content and to invest in

international growth second, ad supported streaming with peacock entering the fray will be the new thing in streaming wars consumers, advertisers and content creators will shift focus to streaming ad supported content for free third, the success of streaming video will eat into the box office which will decline next year all of that streaming content raising the bar for going to the movies in a declining box office lacking the big name franchises that broke records this year is likely to put pressure on studio's bottom lines. >> so that was julia boorstin reporting. who is the best positioned to dominate the streaming wars heading into the new year? forgive me, it's been a long day, grasso. >> i think that disney for me. i think netflix is actually a sell at these levels it's had an unbelievable run i was tremendously bullish on

netflix, love the product. i think you're going to see their multiple shrink and disney's multiple expand how about the theater stocks, amc, cinemar demolished. that's a gone era. it's all about your living room now. it's all about all the other streaming that you want to look at but it's really crazy to me that disney -- people are second guessing this now. that multiple is going to expand even further. >> i think that those theater receipts that julia just told us, disney had 40% of them in 2019 that's really important. that's going to fuel disney+, that's going to fuel the competition with netflix when you think about all the money netflix is spending losing on a free cash flow basis to create that content, disney already has the infrastructure to create that content and they get paid how many billion dollar names did they have in the theaters, five or six or something like that to me, i'd agree with steve. i'd be a seller of netflix. >> every one of those movies is

going on to disney+. we went to the movies last week with my kids we were arguing over which disney movie we were going to see. it was 100% of what we're seeing if content is king, they have a great install base disney is the greatest content company ever i think it gets interesting after that you've got amazon, at&t, you've got nbc now entering that. there's going to be a battle there. and the wild card is apple because it's clear that apple tv or apple plus is not there yet so who do they go buy. you think they're going to look to do that in the new year it's fair about the disney multiple >> throwing into that multiple you can make that argument comcast has had a stealth move as well at 13 times. it's not even close. everything streaming head over to our website at cnbc.com coming up, slamming the brakes on tesla

the analyst call that sent shares tumbling today. if you listen to the political debate in this country, it sounds like we have a failed society. americans are compassionate and hardworking. we aren't failing. our politicians are failing. that's why i'm running for president. to end the corporate takeover of the government. and give more power to the american people. that's how we'll win healthcare, fair wages, and clean air and water as a right. i'm tom steyer and i approve this message.

welcome back to "fast money. shares of neo topping the tape after a china based electric car

maker reported a smaller than expected loss. the stock finishing up more than 50%. not the same story for rival tesla. that stock hitting a rough patch following a cautionary call by cowen. while they did up the price target on the stock from 210 to 190, that still represents a nearly 50% drop from current levels cowen says it comes despite key markets where tesla delivered the first model 3 cars built at the new shanghai factory the facility is assembling more than 1,000 cars a week and hopes to double that rate over the next year. the stock's been on a tear lately so does tesla have more room to run or is this record rally done guy? >> well, i mean, i thought this was going to stall at 325 or something. kudos to dan nathan when the stock was cratering, sentiment's

probably gotten way too bad. the stock is worthy of a buy he was spot on maybe steve did, but i didn't think there was any shot the stock was going much past 350, let alone 420. 210, it was just there in september. think about that for a second. >> i know. >> it's not crazy to think we can't revisit it, but i have to be clear, i've been wrong now for at least $150 in this stock to the up side. >> the shorts have chased it. >> don't you own it? >> i do own it i have been in and out i thought it would pop the reason i thought it would pop is the rsi, it bought really quick. the stock has basically run 145% since june, 100% recently in the last couple of months but now it's running into that wall of resistance yet again i do think it trades lower from here if you've been lucky enough to ride it, you can't be greedy at this level >> guy, you're too kind. when the stock was trading down

there at 180, it seemed kind of obvious, a little bit overdone the news was horrendous and you couldn't find somebody to buy the stock. i've been wrong for a bit on this thing i think mike santoli said something interesting on the show with you earlier today. this is a stock that trades off of the eternal tomorrow, whatever that is i liked it. can't trade $68 billion market cap on the delivery guidance that they're going to give us next month and what they end up doing because they routinely disappoint on that i think the shorts have been wrong to focus on those sorts of things because they get burned every time and they get too negative, they say, well, they're going to do 400 cars and they're only doing 370 it doesn't really matter at this point. i think it's also notable today they have their wholly owned factory in shanghai. delivering cars. stock down like this into the stock and a lot of good news in the stock. >> i think you make a great point, that eternal tomorrow the big story here is that ev vehicles are real. that's a good thing. it's a more environmentally friendly and sustainable kind of

transportation future. the question is is given the run it's had, as this company tries to enter automotive adulthood where they need to be able to deliver, how much forgiveness is there going to be? because there's a lot of things to be positive about but expectations are high at this price. coming up, a new year and a new rally. find out if the trade will continue to shine heading into 2020 first, here's a look at our cramer cam jim is raking out his selloff playbook what you should do if the markets turn south toofcongp catch that mi u p the hour. we're live at the nasdaq in times square more "fast money" still ahead. ♪

some things are too important to do yourself. get customized security with 24/7 monitoring from xfinity home. awarded the best professionally installed system by cnet. simple. easy. awesome. call, click or visit a store today. money. golden year for gold investors the commodity is having the best year since the start of the decade, up more than 18% as you can see, gold is still far from the all-time high of more than $1800 an ounce so will gold continue to shine in the new year? what do you think? >> i don't care. when we take other people's money, it's our job to try to figure out how to put the odds in their favor over 50 years gold's underperformed the s&p by 10,000%. that's a huge number and how do we put odds in the investor's favor bye

worth in multiple. there's no cash flow i'm left trying to figure out what people are going to say gold rock. i'd rather bet on the innovation of companies. >> sorry, guy. >> no. >> is that something when you look at the fed, direct correlation when the fed eases gold trades up there's obviously a correlation. you see with crude there's a correlation with the dollar. when i look at it, if you're a gold bug, you buy the minors the minors always outperform two to three more times more than the underlying commodity if you happen to be a gold bug you buy the gdx -- >> there's a real company around it gold is rallying with commodities. i think it's a reflation naryury trade that's based on better economic growth projections next year, not some armageddon scenario. >> that's one way to look at it. i'd say to steve's point, it's a play against central banks not globally torching their currencies tripping over themselves to be the cheapest one out there. i think people are finally figuring out that gold is the asset of choice.

i would push back and say i don't think it has to do with economies getting better, i think it has to do with people losing faith in central banks because they're finally realizing the genie's out of the bottle and the wizard behind the curtain isn't as all knowing as they say they are. >> do you continue to still buy gold >> yes mike khouw is going to talk about it. >> do you want to read the intro? >> no. >> live a little come on. give it a shot. >> it requires me to -- >> just for once america is waiting for this. >> made a big bullish bet on a gold miner mike khouw is in san francisco with the "options action." mike, what are you seeing? >> reporter: yeah, so we saw quite a lot actually we saw two times the average daily call volume in numont gold corp the trade i saw was somebody making the bet that guy's talking about, that the stock is breaking out here.

they were buying the january 45.5 call, 715 of those traded for about 21 cents the buyer of those calls is obviously betting that the stock is going to finish above that strike price by january expiration which is two weeks from this friday and that would represent a 5% increase from where the stock finished the day today. >> okay. let's trade it >> gdx that would be my trade up 37% year to date. i think you're going to get another shot at it if the fed continues to ease even if they're just expanding the balance sheet, that to me means that gold can go higher. gdx will outperform. >> i'll add one point to that trade. there's obviously demand for the gold miners for gld, the etf, that all started what guy was talking about. the fed move, the lack of confidence, the gld took off just of late, the options prices in the gld have spiked up 52-week lows there's demand for gld

people want exposure to the up side. >> you think that's going to continue. >> i don't care about gold i'd rather look at companies. >> bet, it's not an investment. >> well, okay then thanks, mike khouw for more "options action" check out our live show this friday 5:30 p.m. eastern. natrestoo t we're going d fil ad ♪ ♪ ♪ ♪ ♪