nervously. >> the one thing you can always get from the ceos when they talk on the call, the economy is really strong and we're confident about it and that can help sentiment. >> as long as you think the ex sfangz is going to go, the banks are going to be okay. >> we are out of time. that does it for "closing bell." >> "fast money" begins right now. >> yes, it does. live from the nasdaq market site, this is "fast money. i wam brian sullivan and your traders on the desk are tim see hour, and guy and the u.s. equity capital market. welcome. we apologize in advance. tonight on fast we are going where the money is, the big banks. you just heard wilf talking about it jpmorgan, citi, wells fargo all reporting their results before tomorrow's open. we'll break down what to expect. and we go west, to the jpmorgan chase health care conference in san francisco. we have the first on-air

interview with the ceo of agios. the stock got more than 6% today. we'll find out why. and pay attention. can you name today's mystery chart, the stock dropping at 1.15%, bounced back a bit, had a bitter cold holiday season any ideas? >> interesting that means something >> you probably do it's a retailer. we'll give you the name coming up but we begin with news on trade. the united states officially dropping the currency manipulator designation for china. aman jabbers in washington with the developing story. >> that's right, the treasury making it official at this hour, they are dropping the currency manipulator designation that they slapped on the chinese last year they're removing it today. the treasury department saying in a statement that's for two reasons. one is the appreciation of the currency that's happened since last fall and the second one is agreements that they've made inside the so-called phase one

trade deal they're saying in the agreement china has made enforceable commitments to refrain from competitive devaluation and not target its exchange rate for competitive purposes china has also agreed to publish relevant information related to exchange rates and external balances so the treasury department here saying that those are specific details agreed to in that phase one deal, which will will officially sign here in washington on wednesday. we still don't have a lot of specifics on what's in there this is some new information about what might be included the chinese dell gegation arriv here in washington today we got pictures of them at the airport getting into their cars. we are told they will be at the white house for an 11:30 a.m. ceremony in the east room on wednesday. i just talked to robert lighthizer just a couple of seconds ago on the white house dri driveway he said that there will be a

social component to this as well on tuesday night they expect to have dinner with the chinese counterparts so a lot of diplomats surrounding the sign we expect to see the fine print of what's in the deal, according to larry kudlow we'll see all of the text on wednesday for the public to mull over and find out what is in and not in this deal. >> aman, thank you very much all right, guy adami, the chinese had already been on the upswing prior to this deal it's above 7 to 1. is this material for the equity market, for the currency market? >> in my opinion, clearly i think most of the rally today was predicated on the news that was sort of announced earlier today. great job by aman. with that said, and as the kids say don't @ me they were expect that they were manipulating their currency except they got it back wards. the last two years they were trying to strengthen it.

the biggest currency indicators in the world have been us given what the federal reserve has done i just wanted to get that out of the way. that being said, i think it helped -- >> you're going to get some @. >> sometimes the truth is a painful thing and that is the truth. however, the market liked it today and the melt-up continues. >> i agree with you. i think, if anything, china has been very focused on stability because they want to be a major global center. the most important impact is emerging market assets 40% of that is all based on the chinese economy directly and indirectly their influence as a currency on southeast asia notice, the out-performance today, notice a lot of these assets that continue to move but what it ultimately means is we can find a deal when we're looking for a deal go back to why we started all of

this i'm not sure we've solved any of this. i think peter navarro has been very much the leader of the hawk territory and must have found something in a negotiation path that seems like a compromise because even during good times and i think now are good times, but peter has found a way to dig in on important issues he believes are part of this. and i don't think we got anything here. >> don't we want them, tim, to be a currency manipulator? because i think to guy's point, if it totally free-floated, most people that we talk to believe it would fall farther. it would weaken, weaken, which would then make their exports to the united states less expensive, negate some of the impacts of the trade war that we used to have and we want them to keep it stronger. >> we want stability and i think as guy pointed out, every nation is going to do what's in their sovereign best interest, but part of that is what is best for trade and stability. and currency and china if you think about the social issues that they confront on a daily basis and do i think a

reasonable job balancing, and i know it's easy to be critical, we don't have the same issues in this country so the currency is going to be something that i think they have to control and i think they will. >> it just seems like an odd concession considering there's no news about this deal. what we know about it, it really has increased ad purchases by the chinese, which they stopped buying once we put the tariffs up a year ago. so to me there's a deal, no nothing. and the president said last week that we may wait until after the election to really get into the meat of phase two. so there's no deal all it is is kind of like an easing of tensions and then you have to ask yourself why are we negotiating against ourselves? why are we giving to big concession two days before we're supposed to have a signing ceremony for nothing i think that investors are going to be disappointed when we actually get the piece of text or paper on wednesday. >> now, i agree. and i think it's so odd that markets are celebrating something and we really have no idea what's actually in it

except this vague notion that it's not going to be all that substantial and all that important, and by the way, we're about to start negotiating phase two where all the hard stuff is really going to be so i worry the market is going to be disappointed once the drama comes back. >> maybethey're giving something up ahead of the phase two. >> but i thought that we had all the leverage that's what i don't understand >> that could be a different point. i'm just saying maybe they're trying to give a gift, a preemptive give. >> maybe, and i think that's a fair point and we had a nice little move today. but at the end of the day i think you have to ask yourself is this a lull in the action or have we made substantial progress and i do think the market is going to have ample opportunities, especially given where valuations are to get a little indigestion later on. >> let's turn to what could be a major moment of truth for this record rally citi group, jpmorgan and wells fargo are reporting results, on wednesday you're going to hear from bank of america and goldman

sachs and on thursday morgan stanley. will the banks add more fuel to the fire or could we be in for a rude awakening on a sector that some might argue is priced to perfection >> well, depending on the metrics you look at, look at citi, for example, which is now trading close to, i don't know, $1.7 times, right around book value. talk about jpmorgan trading north of two times these are lofty valuations in an environment where, quite frankly, i don't think we deserve it now, people will say they're cheap on the pe, that's fine but we're getting to levels we last saw in 2008 and 2009, and they didn't deserve it then and i'm hard pressed to believe they deserve it now. >> if you look at the loan to deposit rates, and i'm just looking at data from 1985, there's a lot of things that could be head winds. but the tail winds are the fact

that the banks are being run to be more aggressive in terms of their profitability. not just balance sheets. and i think this is something that people are missing except for the fact that the market is pricing this in terms of the re-rating. i think in the case of the banks the fact that they're giving money back to investors, that has everything to do with what you're seeing in the chart everyone has talked about the break out from the banks this has been a ten-year re-rating period that i don't think stops because you broke through or near resistance so i like the charts but i think the fundamentals are fine. >> lori, the price-to-book ratio and i'll look at jpmorgan by itself, the rest are about the same, remain main 0.8 and 1 for about eight years and now it's doubled in three and a half to four years time. does it merit that kind of valuation? >> does the market generally deserve these lofty multiples. probably no. and that's why i think you have

to go back to the relative valuation call where things are not quite as bad as they are in the market generally and shareholder return, i'll tell you one thing i really like about the financials, it's one of the sectors where we'seeing buybacks ramp up we're seeing the announcements start to slow in many other sectors, so to me i think you've got a long sort of stable base here for a while. >> i would add that the bank trade in the last few months is really about the fed, it's about the fed fixing the yield curve bank stocks did not like it this summer when we had the yield curve inverted, so we had those three consecutive rate cuts and then we saw the expansion of the balance sheet. if you look at what bank stocks have done versus the s&p 500, they've almost doubled so it really comes down to, again, where you think the fed is, what are they going to be doing for the balance of 2020. and i would suspect, at least as far as the guidance that we get out of these banks, that it's

going to be somewhat cautious given where the stocks have come, focus on the stuff that they can control, which is the return of the capital, that sort of thing and as far as capital markets, it may be more volatile, that may be good for them we just won't know that for a couple of quarters. >> if you want some insulation -- i think your point is well taken in terms of the fed and the impact and them kind of tapering over a lot of issues but if you look at the regional banks, they don't have the same kind of repo exposure. so if you are concerned i think the regional banks should be more defensive they were very interest rate sensitive and i don't think rates are going to get away from us here, but i do think there are reasons, and we see this in asset allocation, that has to do with we see inflation, we see renation and we see the yield and that will be a driver but that won't be great for concerns

around credit. >> good discussion on the financials it's going to be a busy week for the banks. amid the oncoming slew of big bank earnings, a chart master says there is one name that has maybe looked a little too good for too long. carter worth is at the plasma to tell us what it is >> i wanted to focus on jpmorgan, the darling, and gold man stacks, frankly, but let's look at jpmorgan and maybe make the case at this point you can see the charts, annotations. now, let's focus on the breakout and it's a textbook breakout you can draw your lines this way in an ascending wedge, but well defined tops at the common level and a breakout once a stock breaks out, how far can it go? it can go forever. but there is an old technique called a measured move this drtraded in a range for tw years before ultimately breaking out. and if you look closely, $88 is

the christmas low, $114, $114, it's a $26 range take a look at the next slide. a measured move is the width of the range from the point of the breakout we touched exactly $140 on january 2nd and we stopped dead cold my hunch is that this is overdone and you want to play laggards rather than a stock like this that has already sort of met its objective and as you guys were speaking earlier, it is reaching a price to book that makes one say hmmm. this is the bkx since 2009 it's a double. and then just banks in general, and this is kind of the issue, what do we know? if i draw a line here in january and i draw a line here, the bkx has made no progress banks as an aggregate, as the theme, as a bet, and they peaked right after the presidential election it's where alpha goes to die after the last two years, no

results, unchanged absolute in a big bull phase, a disaster on a relative basis compared to other choices one could have made. >> carter, why don't you come over here and let's talk more about this here. as you said, lori, he's looking at the chart and he's not making a value judgment initially but he looks at the charts and says this is what i think. what do you think? >> well, again, i go back to, you know, is this potentially signaling something about the broader market as a whole, and i do happen to think we're a bit overdue for a pullback at this moment in time i am also sensing that investors really do want to find the relative value calls right now investors we talk to think stocks are overvalued and they're trying to find things that haven't run up quite as much. >> are they selling? it's overvalued but i'm going to still own them >> we did a survey and we found that most of our clients were bullish but thought things were overvalued they're bullish on valuations, there's a lot of liquidity

slashing around the system but just to get back on the fnl financials, we are sensing that people have saying things are gotten overheated and where are things not overheated. >> let's put your psychiatrist, behavioral economics out you heard what she said. i believe it's overvalued, but i'm not going to sell it. >> but i don't want to quit. >> i can't quit. >> or i want to pay taxes. that's the nature. and we also know that clustering in big names like apple and microsoft. so much does depend on the financials and the valuations and many names are reasonable. in the case of jpmorgan, that's the apple, the microsoft of financials i would rather do something american express, where as jpmorgan already broke out >> and i would just say i'm not going to defend sort of the leader so far. i generally like the idea of laggards at this point. >> if you look at the kre, the

index that tracks them, it had a brokeout and it's been ranged down i think in late august it touched 48 and it traded almost $60, and now it is trading at 57.5 and it is sloppy and you didn't great the breakout, what does that mean? >> there are very good regionals. i just wouldn't do it. >> this came out today from the wealth management division and i got it and i read it and i thought this is really sort of a bluntly honest assessment of the markets. here's what morgan stanley said today, comparisons with the 1999 stock market, complacency operators are high, valuation are above the average, compressed premiums leave little room for investment, consider rebalancing the portfolio quarterly rather than annually >> are you sure those aren't dan

nathan's notes >> this is morgan stanley. this is what wealth management is sending out to all their clients and they're basically saying the markets are wildly or close to wildly overvalued this is not like some guy in his basement with a blog no offense to that guy. >> there are always buyers and sellers, but we all know that sometimes you get into a period where it's almost frozen and in autopilot up and that's what this feels like. >> i mean, the sentiment is dumb the price action is dumb all the points that they just littered in that paragraph, they all make sense but right now nobody is taking them seriously, and this feels so much like january 2018. i know there's a lot of people that are going to give me a lot of reasons why it's not. but it also feels like a lot of other times in my career over the last 20 years, where indiscriminate buying, it won't

end well and i'm not tell you we're going to crash it's just not going to end well. no one can three a 3% to 4% pullback and it's going to take -- in january of 2018 it took ten months to make a new high. those are the conditions that are ripe right now >> a frequent guest of this show, he wrote on his blog today that tesla is probably all short covering and it's likely going to have a sharp pullback at some point. how risky are things right now >> they are, the point you're citing and the point in time, january of 2018, the two-year anniversary t. transports are below that level, the materials are below that level the energy it's all dependent on this apple, microsoft if there's any trouble in paradise and these darlings ever have a setback, the market cannot sustain it. >> i think that's an important conversation people are writing in and this is the bear version of "fast money." >> they're @ us.

>> and valuations matter and it always come back to valuation. >> and everything is earnings growth and by the way, earnings growth is expected to fall. coming up, why lululemon investors are feeling very cool today and all the biggest biotech bosses in the world are in one california hotel right n now. with the group lagging, could a big conference turn it all around 're ure to check out our app welive at the nasdaq and we're back after this. ♪ ♪ ♪ ♪ don't get mad. get e*trade, dawg.

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welcome back to "fast money. lululemon looking like the apple of investors' eyes, hitting all new highs today. raising guidance thanks to a strong holiday season. lulu is up more than 85% in the past year. guy adami, is this still a good bet for our viewers? >> we have to address this i had to bring my dog with me right now. now jason is playing all the dog park we're bringing the dog outside, number one number two, this is a stock i think across the desk we've been

positive on for quite some time. we poind oted out the valuations stretch. the growth signifies they're moving to the upside i think this is a name despite the ridiculous move and despite my thoughts about the broader market, you can continue to own it >> i do think dropping this into the conversation we had last block, would lulu be doing this in an environment that's anything close to this it would not be. it is a great growth story, the addressable market in terms of the male addressable market. it's going to grow significantly. that's exciting. the valuation is not exciting. >> it's not all sunshine and locally pops and rainbows for rainbows five shares falling more than 10% today. sales fell short of expectations and blamed in part on the shorter holiday calendar

five shares now trading at their lowest level since january of last year. any hope that five below will heat up from here? and i will remind our viewers that all retailers operate on the same calendar. they know this calendar years ahead of time and everybody operates in the same retail framework. >> and this is a stock that's been on fire until then. it's not like they slightly missed comps they were expecting comps to be up 2.6% and they were down 2.6%. that is a significant miss so i think at a certain point this will become interesting again on valuation but i don't think this is necessarily a one-day event. and if you broaden it out, you see how the market takes names like this out on the woodshed when they miss and this is just one instance but it can happen across the board. >> interesting is the retailers like lululemon that sell $100 stretch pants seem to be outperforming companies that sell $5 items. >> i think it's also people who own apple shares and microsoft

shares and have chunky positions and are up 100% year over year and you go out and buy yourself lulu or something like that. and i would throw nike in there. on the flip side, you have dollar tree and kohl's there were some disappointing kind of sales in that quarter. >> and you like music, right wouldn't five below be a great name for a boy band? >> let's go to commercial. the hottest boy band in the worth right now is bts, my initials so every time i see that, i think -- i could have been somebody all right, for a roundup of today's big retail movers, you can head to our website, cnbc.com in the mean who i am here's what we've got coming up. >> announcer: the biggest health care conference in the world has descended on san francisco we're going to get the latest on

the pipeline and later netflix racking up lle nods for this year's oscars. wi that translate into wins for investors? we've got that and a lot more when "fast money" returns. every new job. and attempt to parallel park. (electrical current buzzing) each new draft of every novel. (typing clicks) the finishing touch on every masterpiece. (newborn cries) it is humanity's official two-word war cry. words that move us all forward. the same two words that capital group believes have the power to improve lives. and that, for over 85 years, have inspired us to help people achieve their financial goals. talk to your advisor or consultant for investment risks and information.

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to help you maintain balance and help keep you active and well-rested. because hey, tomorrow's coming up fast. nature's bounty. because you're better off healthy. welcome back to "fast money. shares of agios pharmaceuticals falling more than 6% today they're down 17% in a year despite a big december ruling giving agios a big break through therapy designation and in the analysts community that is overwhelmingly positive on the stock. at the health care conference in san francisco with the ceo of

agios. >> jackie faust, thank you for being with us. >> thank you for having agios on the program. >> we were talking about the stock going down today, being down overall basically what people are saying it's not a newsy start to this conference as many people had hoped for. they also talked about an analyst community that loves agios and we saw that today, that this is overblown what do you think of the investor action today? >> i think maybe there wasn't a whole lot new in what we were saying i've gotten very philosophical about short-term stock price movements. we're in the business of bringing beneficial therapies to patients and that's what we're going to continue to focus on. we talked a little bit about some of the milestones that we have coming up in 2020 that we're very excited about and we went a step further and put some stakes in the ground around where we think the company coulden in 2025. and many of the more financial

type metrics around some of that guidance was probably largely expected by analysts and investors. we've been getting positive reactions in our meetings today, as you said the analysts' notes have been positive so i think investors have a lot to digest today. >> part of the forecast for 2025 is doubling the number of drugs that you have on the market. tell us about some of the opportunities you're looking at. >> so today we have two drugs for the treatment of acute myeloid leukemia we brought those drugs out of our internal discovery science in record time and got them to patients they've done very well with patients and how they're treating those diseases. so we're looking forward to having four drugs by 2025, and across potentially four times more diseases than we're in today. so in at least eight diseases,

and these drugs are going to take us into a new era for agios, which is consistent with our experience in hematology, but we'll be going beyond malignant hematology and into serious blood disorders that are non-malignant diseases, like sickle cell disease and some others so we're very excited about that and it speaks to the expertise of our scientists. these are all internally discovered molecules and we're very proud about that. >> one of the programs that you have is for a rare disease called pk deficiency and one thing that analysts are focused on is identifying more patients with that disease. and that's part of the business model when you're focused on rare diseases and rare cancers so how is the progress with trying to identify everybody who has this >> and i think this is one of the things that speaks to

agios's creativity because we're not afraid to tackle these diseases and there are no treatments for pk deficiency today so we're very proud where we are with the program. we have two phase three trials that are going to move out by the end of the year and we're going to file for approvals for therapy for these patients we've learned a lot about the disease and received a very positive reception from the physicians who treat this disease, as well as patients they are very happy that somebody cares about the disease and is working hard to develop therapeutic options for it and what we actually found in one of these two phase three trials when we were enrolling, we found more patients than we expected to find in the disease. so we think our patient finding efforts have gone very well and we're looking forward to bringing those therapeutic options to patients. we're excited about it. >> so you are in a sweet spot

for what big biotech and big pharma is looking for in terms of adding to their own pipelines. how do you look at the future of agios as a company >> well, i can't speak for how others are thinking about us, but we continue to do what we do we want to bring great treatment option to say patients and really leverage the expertise that we've built over the years in cellular metabolism and a deep understanding of metabolic pathways, so we're going to continue to work hard to do that and move things as fast as we can on behalf of patients and hopefully come up with some terrific therapies for them. >> well, jackie faust, thank you so much for joining us we look forward to having you back brian, i'm going to send it back to you and don't forget to tune in tomorrow for more coverage from the health care conference where we've got a great lineup. >> i'm sure you do look at the line up from megan has tomorrow we'll look forward to it tomorrow biotech trading lower today as the jpmorgan health care

conference kicks off the obb is up 9% in the year but 40 different stocks have done better than that, including more than two that are up 25% take on the space in general, if you just bought the ibb you gave yourself a chance of underperforming if you just threw a dart. >> you lose sort of the binary events, but i think you want to be in the space for exactly that the binary events. i think we've done a lot right in terms of some of these biotech names. look at biogen, the huge move off the bottom agios, this is an interesting company that currently has about $550 million on their balance sheet. it's down from last year, but they're healthy, they've done a couple of raises obviously to the shareholders but you've already endured a lot of the pain. i think agio is a name you can own right here.

>> as we said, there's a lot more from the health care conference coming up on "mad money. jim is speaking with the ceos of cvs, smith cline that is coming up at 6:00 p.m. coming up, the one airplane stock that is moving in the market and does not have a boeing 737 max problem first, we're on pins and needles. dan steps up to the plate to pitch his big idea will the social media stock be a home run investors e t n'fa pchit coming up. my biggeear was losing. mmm... good. so i've spent my life developing technology to help the visually impaired. we are so good. we built a guide that uses ibm watson... to help the blind. it is already working in cities like tokyo. my dream is to help millions more people like me.

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welcome back it is time for an instant replay no, we're not checking tape from the astros 2017 world series win, which i think would have an asterisk on it. >> i think we should keep moving i've contributed some bad humor tonight. >> at least you didn't bring youri your dog in. dan and nate step up to pitch sales force. >> when i think what's going on in the market, if people are going to reach for high valuation, high growth things, sales force is going to break

out. >> since then, shares of sales force went up 13%. you might not even know this, it's the best performing stock in the best performing sector of the market this year so great call. what do you think of the stock now? >> listen, it went up 10%, 12% in a straight line on no new news my target was about a 10% on the breakout i think you take the trade and you move on. >> great call again. dan, since sales force was just such a success, why don't you head over to the plas sqma d give us your latest fast pitch. >> here's one that i'm socializing and it's called p pinterest. this has traded as high as $35 over the summer. and in early november when the company reported their q4 fe thy had a disappointing quarter and they were down and showed decelerating revenue growth.

margins were better, net ads were accelerating a little bit but the stock was put in the penalty box. it closed the year basically flat from it's ipo price i'll just mention one really important point that i think differentiates it. on an adjusted basis this company is expect to be profitable this year, not expected to be profitable for a few years on a gap basis but they're growing sales at 35% so if you see a reacceleration when they report next month, you might see the stock move up. it's trying to bottom. it spent some time over the last two months below the ipo price kind of banging around between $18 and $19.5. i think $20 looks like an interesting breakout level and the last point i'm going to make right here, when we look at the focus on these big ad platforms like facebook and google, i think you might see some m&a activity for some of

these players. it is growing users and growing sales at 35% and they do not have the regulatory scrutiny that the other ones do i could see a walmart looking to buy pinterest at some point. i think the pinterest within a massive retailer like walmart would re-accelerate some of their e-commerce let's go to the chart. this is how the stock was trading since it's ipo it was trading well and broke on the earnings expectations are pretty low here i think you get this thing above $20, you might see a move next month when they report they're able to beat and guide higher. and you could look at february options, which will catch the earnings event and you could define your risk it would cost you about $5% for money calls in february. >> quick question for you, dan you've got an $11 billion market

cap on a pinterest so let's put a 40% premium, so you're looking at a roughly $15 billion deal. do you think walmart would be willing and able to digest that? >> i think this company should be a feature of amazon amazon can't buy another ad platform like that and amazon's ad growth is growing. this would be a way for walmart to expand their capabilities and put a ceo founder like ben silverman in to me that one makes a lot of sense. i think you buy it if they beat and guide up the stocks is headed back to the mid 20s. >> good stuff. no more questions. time to vote are you buying dan's pitch on pinterest, tim >> i am. and at one point i thought he was doing an airline so i drew dan in a plane i would be a buyer i think the mondfact that they'

significantly ahead of progress, early days of menetization i like the sell-off. >> i love pinterest. the stock has been difficult, but 330 million average monthly losers that hangs in. and you're talking about if there is an m&a deal, you're talking about a $16 to $19 billion deal, which in this environment is not a big deal. and i think dan makes a lot of sense. so i don't think you necessarily own it for that. but it's not a risk, it's actually a potential huge bonus to the upside. >> interesting stuff and a compelling m&a discussion. so the traders have spoken what about you folks at home vote in a twitter poll at cnbc "fast money. coming up, big sign of the times for hollywood. what this year's oscar nominations say about who is running the streaming game stick around

. welcome back to "fast money. let's go down to julia for the

details. >> netflix shares adding more than 3% today after the streamer due more oscar nominations than any other studio 24 nominations in total to netflix, up from 15 dominations last year. netflix's oscar nods topped disney, which has 22 nominations, and sony has 20 but the question is whether netflix, with two nominations for best picture, for the irishman can win the top award the irishman with near perfect reviews is considered a lead contender. it's going up against warner brothers "joker" universal's 1917 and sony's once upon a time in hollywood also have nominations they benefit if their films are still in theatres, but netflix will certainly try to make the awards attention work in its

favor. we can expect it to mention these nominations in marketing as it tries to add more subscribers and hold onto its current subscriber base and also as it tries to lure over more top content creators to work with the netflix platform. guys, back over to you. >> julia bornstein, thank you very much. netflix, any point on this stock? >> i've certainly had one. i've been a trader on this, if that means you're selling it historically trade and fade, i fade it. and i think you have a case where i'll let other people talk about the break of 325 there's no question this slate is very impressive and it's also, to be reminded, often the 4 q subs are back quarter weighted, which i think is going to be somewhat positive for the company. i think profitability is a major issue. and maybe more important is the report of disney plus q1 in early february than the january '21 earnings for netflix because

the competitive landscape is what's driving this move. >> they spent $15 billion to do it, that's $3.5 more than the catch they generated so to me it's a disaster when you put it together with the fact that they have all of the marvel, all of the lucas, all of the disney, all of the pixar the list goes on and on that is leaving in the next year and you say to yourself the only way they're going to be able to keep these subs is if they continue to produce content. and i don't think being a movie studio is going to do it i don't think dropping ten episodes of stranger things on a random july day is going to do it so i think this company is in a massive inflection, and all of that being said, when we saw tesla go up the way it did, there's no reason the stock can't go up on mildly improving metrics. >> lori, you're not talking individual stocks. but you believe as a group the faang stocks should be sold,

ignored? >> we talk to investors a lot if you want to move back into cyclicles that are undervalued and one that comes up with the communications space it's this place that people have hidden for the last year because of trade war concerns and investors are ready to let go of that part of the market. >> use that money to buy other things that are more valuable. and it's not a commentary on any individual company it's just simply that the opportunity is perceived to be greater elsewhere and the reason for hiding out in these kinds of names isn't there anymore. >> good stuff. up next, put your seat back and tray table in the upright locked position because airline earnings are about to take off we're going to tell you one name that traders are betting on and it does not have a boeing 737 max suise. "fast money" is back right after this

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>> delta airlines is far outperforming its competitors. we're in san francisco with the options action >> so we saw about four times

the average daily call volume trading in delta today for the best performing stock in the space. right now the options market is implying a move of about 3.8% higher or lower by the end of the week that's pretty much in line with what we've seen over the last eight quarters, which is about 3.3% or so the most active options were the january 60 calls, over 8,400 of those traded for about 80 cents. buyers of the calls are obviously betting that the stock could valley above the 60 strike price by at least the 80 cents they paid. that would suggest that they're making a bet that the implied move would be to the upside. if we take a look, we can understand why we see this sentiment. the stock has performed well and the street is positive on the name if you're inclined to press your bullish bets this might be an inexpensive way to do it. >> we're going to have full coverage of delta's earnings, including an interview of their

ceo tomorrow right now let's trade, delta, no boeing 737 max issues? >> it's another one of the reasons that i think delta is the best run airline out there i do think that the valuation is difficult to assess in this environment, but i still think that the valuation is trading as if the economy is in recession airlines are such great trading stocks that i don't think you have to do any one thing i think you should be trading the range to the upside. >> if you go back to july of '17, delta has been in this $55 to $60 range for the entire time now we're at the upper end so i guess the good news is you don't have to make a decision because this report before earnings in my opinion, this is how you play it. you buy it on $1.60, and it pulls back. >> for more options action, you can always check out the full show on friday at 5:30 p.m. > nt,n time

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dan's fast pitch on pinterest and the voters have spoken unfortunately, they're no. well, they're not buying, but it's not by much 53% of the people saying no, which means, dan, that 40 something percent said yes so not all the lost. at least you get to hear some toni braxton as we head into the final trades >> i think the fcc is going to dominate tonight i think delta will dominate the airline sector, even if airlines look a little difficult in 2020. >> lori, thank you very much >> thanks for having me. we're selling the consumer discretionary sector the consumer is resilient and there's more opportunities out there. >> slamming the american consumer, lori. >> pinterest was a trade idea. i think we're in a market where we may have a reason to move. >> i thought dan did an

excellent job on the power pitch. i mean, the fans at home might not have thought so but on the desk we did. number two, we talked about the double bottom, the stock is moving to the upside >> we like>> my mission is simpe you money. i'm here to level the playing field for all investors. there is 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" and the west coast edition o cramerica. my job is not just to entertain but to educate and but teach us call me at 1-800-743-cnbc. or tweet me at jim cramer. innovation is the life blood of