we did improve throughout a lot of the session and then sold off again towards the close. all three of the major indices down more than 3%. nasdaq down to 3.7%. >> now the market is lower for 2020 and s&p had its biggest one-day drop since february 5th, 2018 we will see whether there's follow through tomorrow and we will watch those numbers on coronavirus cases. now not just inside of china but outside as well >> we're out of time. that does it for "closing bell." "fast money" begins right now. >> a monster sell-off to start the week the dow closing down more than 1,000 points only the third thoir-digit drop ever nasdaq losing nearly 4%. buyers meantime rushing into bonds. yields nearing generational lows oil plunging and taking energy stocks with it but not everything was down. gold continues to catch a kbid, hitting its highest level in over seven years welcome, everybody, tonight

on "fast money" we try to make sense of what is going on and more importantly, what you should be doing about it your traders on the desk on this very important night are steve grasso, brian kelly, karen finerman and brian adomy let get right to it. today's market plunge, taking the s&p 500 negative for the year all of the gains, they're gone energy, tech, consumer leading the sell-off what are you doing with your money following a day like today guy adami, if anything because somebody -- a lot of somebodies, were selling >> i think you have to understand and we talk about this, markets go down a lot faster than they go up i don't think today is all that surprising in the context of what we have been seeing over the last couple of weeks and past couple months to answer your question, what do you do you have to sosht of draw your line in the stand. as much as we the root for sell-offs to buy things cheaper, when they come, they never feel the way you want them to feel. thalz seem scarier try to take emotion out.

let's talk about microsoft i go back to february 11th when we talked about it, huge move to the upside, traded 190 1/2 or so reversed a close later on huge volume that said, textbook reversals you have to see. what's next? look for a level to buy at 162 gives you sort of a level we bounce from. the same thing with apple we've talked about figure out what your levels are, draw that line in the sand and buy the stocks when they get there. in terms of s&p, and steve may or may not agree with me, but 30-30, 3,030 is the level. >> i want to give you a big shout out. i know you guys have been doing this for years and you take a lot of heat and people say you cheerleader of the market. i think it was two years ago where i said we wake up one day and coronavirus has 100 cases in america or spread around the world, what happens to the market i believe it was you guys who said the dow falls 1,000 points. that was an exact quote. and it fell 1,031.

>> and also what makes sense for a market bottom? we will talk about that later. i will say it again, unfortunately, i didn't think this coronavirus was anywhere near being contained and now we're finding out it's not, but i also say this, a lot of things that have been moving were moving way ahead of any time coronavirus was even a thought in anybody's mind. >> streev grasso,we talked ou on power lunch earlier today, what we need to remember is for every sell-off, there must be a buyer. there were people, as much as today was bad, there were buyers somewhere, i presume, stepping in what was the mood today? what was the feel and the trade? >> in the morning, you always want to look at as a trader is where is the panic and is there any panic this morning i felt for the first time in a very, very long time, because this market has let everything roll off its

back, i felt as if there was some element of panic during the opening session for the fist half hour to play. them you watch people sort of bottom fish. and then it failed that's the problem with bottom fishing. when it fails, to guy's point, everybody wants the market to sell off and whether it sells off, you have a chance to buy so you nibble and get run over again. >> are you talking -- margin calls tend to hit what, 2:30 p.m. and i wondered if margin calls generally for people in the markets come up short and there's going to be activity the market came up 200 points off the low. it tried to claw back and failed. >> what happens is because it's too early now. everyone is trying to reassess and say, maybe we haven't factored in what this whole coronavirus, the true extent it could have on the overall market you throw out all of the growth names that are fluffy or in the

market's idea are fluffy, you try to buy them back and then you cross your finger and you hope when you're wrong, you get so nervous, you throw everything out that you just rebought >> what did you do today, karen? >> i didn't do a lot really. just watched i was short jpmorgan calls and i closed those but they're very long. this isn't a good day t & l wise but i do think there are opportunities i didn't buy anything significant today i kind of would like to see us come in tomorrow off a bad overnight market and have a big whoosh down and then look to buy. >> you want to see more losses tomorrow because we ended just off our lows. >> i think i would like to see that most of today's move was coronavirus but not entirely look at the smh. i know it sold the last couple of days but that was straight up it happened to be coronavirus, i

think there would be something to take the fraught off a lot of these stocks i would like to see it come in tomorrow. >> big technology has been leading this market up, up, up today it largely led us down bank stocks down 4.1%, apple lost nearly 5% only two nasdaq 100 names, gilead and re-jen areaen, both seen as coronavirus plays, closed higher on the day as karen noted, semi conductor companies lost money today the fmh down 4 1/2%. smh up 33% in a year even with today's drop so we look at it as a big down day and still a forward up market, or the turn and end of the bull run >> i'm not to the point i think it's an end of the bull run yet. in general that's what you have to ask yourself in this environment, is something like the coronavirus a big enough shock to the global economy that

it tilts the u.s. and the rest of the world into recession? and what everybody else has said is a lot of these symptoms were kind of out there already in that you have weak economic news in germany, weak economic news out of japan, prior to the virus scare. >> a trade war >> a trade war for a year and a half all of these things had been adding up and the market didn't care now you have this spread of the coronavirus and the thing about it is we don't -- there's too much uncertainty right now whether or not this is going to end in three weeks or is it something that lasts the summer? nobody is pricing that in. that's why you have the sell-off today. that being said, i'm kind of more in karen's camp where as a trader, i'm looking for a down open with a reversal tomorrow. that to me would signal, all right rngwe're got a short term bottom here, or at least something i can trade against in this market. >> i think if you're looking at other signals, capitulation comes in the form of a couple of

things in my world, volume is a huge indicator and works on the way up we've outlined that a couple of times. i mentioned microsoft when it traded two times normal volume a couple weeks action on an all-time high in reverse you are looking for trying to find a bottom in some of these names you look for a slimmer move to the downside, why the price capitulates on two, three times volume buying and you didn't get anywhere close to that today >> just on levels, 3,160 is the next level to watch, 100-day moving average, 3,275 is 509-day moving average and we're along way from the 200-day or another day of downward trading. you got to know the levels because you just want to puke them and all of a sudden you see the support and the market rips back in your face. >> we did not end on our lows. >> correct. >> but we lost a lot of team in the last 30 minutes or so. we tried to recover, as you noted. what does that tell you about the setup that is likely for

tomorrow. >> first, we have to see what asia does and what leads us into the market the overnight markets will be very important so pay attention to that. if the global story gets worse and not better in the next 12 hours, then look for, as karen and b.k. noted, that whoosh to the downside you don't want to have it go green premarket because then it's set up to fail. you want to see a whoosh to the downside, up want to see a red-free market. and then in the first hour and a half or so, but look for the european close around 11:30, see where the markets are. if they're rallying back into that european close, odds are they're going to rally the rest of the day. >> and by the way, totally random but not interesting but important is tokyo is closed today, it was the emperor's birthday holiday so we can see a wild open on the ne nikkei tonight we will have a special later tonight. and bank and financial stockholders, is bond yields continuing to fall, which could

slam earnings at big banks it's a warning warren buffett acknowledged would be difficult for the sector here's what he said about it earlier today on cnbc -- >> the banks are going to make more money if there's -- there are higher rates with a steeper curve. the curve is more important, in other words, ten-year versus short-term rates, they make more difference than the absolute level. but american banks have made very good money with very low interest rates. >> good money with low interest rates. does that work, karen, for the long term? we know you love jpmorgan. tomorrow is their investor day it's going to be a very important conversation. >> it has been working, right? there's this motion banks are all interest rate driven, that's their whole business, which it is not clearly net interest margin is very, very important but there's asset management business, equity markets, capital markets.

so i'm hanging on to my bank for sure i think we will see a recovery and ultimately i think we will see higher numbers. >> you know what's interesting i think about today is a positive -- on the day when the dow is down a thousand, the yield curve didn't flatten even though we had yield curves go lower, the difference between the yields, which warren buffett was talking about, remain the same it's still quite small there's not a lot of net interest margin to be made there. but if you're looking for something to say wait a second, maybe the bond market is telling you, this is about as bad as it gets. >> you had a fed that was projecting, guy, what 3 1/4% fed fund rates at the end of this year we're now talking about rate cuts from already cuts and a bond yield, ten-year yield which is a couple of dips off 100-year lows. >> yeah. well, i mean, you're leading me down a path to fricksy of the

federal reserve. i have done that on a number of nights but tonight is probably not the night to do it but as bad as infinitum, they are worse. and you can take that as a glimmer of hope but i've said it a couple of times, the line in the sand in terms of ten-year yields is 140. below 140 you get that -- the points of diminishing marginal returns in terms of what it means for equities and we're pro carysly close to that level. we have a market flash related to the coronavirus let's get back to dana with more. >> moderna's numbers are higher after confirmation it shipped its first batch of coronavirus vaccine to the next ih a small temporary vaccine may be by the end of april.

this is incredibly quick for vaccine development and you're seeing moderna's stock up almost 6 1/2% on the news. >> thank you very much let's talk about this as well. biotechs, anybody out there in the market in the biotech space? >> yeah, the problem though with the biotech space is you have headwinds that are political so biotech and hmos, you have those headwinds coming then you have the tail winds of maybe a vaccine. but the problem is when you look at the charts, they've already given back all of those moves. meg just talked about a stock that rallied aggressively a month ago based on a vaccine and then came in aggressively or more so. so you can't trade it off vaccines, you have to trade it off political headwinds, and i still think the base is still a sell on every pop. >> sell on every pop. >> this sector, in my view, was going to do quite well up until about june then you end up with these political head hadwinds. i would think if you get any

type of a rally here going into the end of the first quarter or second quarter, you would want to probably sell these names and take profits now, let's turn to the days and the years and the decades biggest loser of all, and that is energy, of course the sector falling another 5% today. oil also fell again. let's give you an example, exxonmobil, down 4 1/2%. down 19% just this year. exxon is worth $238 billion. which may sound like a lot until you consider it was a $520 billion company, biggest in the world, back in 2007. the number of debt-laden smaller oil gas suppliers falling more than 10% today as well is there help anywhere for this long, struggling sector? >> for trades there are. we had this conversation a couple of weeks ago. for example, there was a great trade last summer into the fall. you pick up schlumberger off the bottom, 2 1/2, 3 months it's redone the whole thing back to the down side.

you mentioned exxonmobil i will tell you categorically on this desk we told you to avoid for quite some time. you mentioned $56 stock. we have not seen $56 in exxonmobil in about a decade or so and that's what is on a tremendous market tape like the autos, if it can't rally in this environment, when is it? the answer is it's not in my opinion. >> in the space, the refiners, their input costs are going down but the problem is a glut of oil and lack of demand and we see country by country shutting people in and people are staying home, other than streaming videos, you're not doing a lot to use any type of this output >> the problem is we don't know the demand drop. 14 million barrels of oils a day used in china. we don't know if that's down by a million, 2 million, 5 million? how many cars on the road? how many airplanes you do have, i will tell you this, libya's offline. iran is down significantly venezuela -- not zero but they're not close.

if we didn't have those things offline, b.k., you could see oil do a print $35 a barrel. >> if you look at the chart, yeah, $35 probably in the cards. i think the other then to add into there is look at the big importers you mentioned. talking about china, and what about japan? that was going into recession prior to these issues. that's what's holding up against oil. the only problem with selling oils down 5% today is saudi arabia and opec. at any point in time they can come in, cut supplies and it rips 10% in your face. what i would do is wait for them to cut supplies, wait for the 10% rip and sell it from there. >> this implies opec is going to be able to do that because russia has not been on board there's a meeting scheduled for march 5th and 6th. there's some people talk, hinting around will they get together because who wants to be in a room with a bunch of people who have been traveling all over the place at this point in time, maybe to a zoom video conference call, karen. >> absolutely. let me ask you, is china buying? are they stockpiling for their

reserves >> the charter ships and it's still imports because china's using cheaper prices to try to fill up their inventories so demand may be pulled forward a bit. if you run out of storage and you still got the demand destruction -- >> then we're going to find out. let talk more about today's sell-off and get real-world advice joining us now is julian emanuel. to be fair, you have come on this program many times and you have said, i think we will have a pullback and pullback will be healthy. but is this what you were referring to >> so when you have days like today within the context of the fact we are 5% off the high but we're only off the high in less than a week, you have to step back and you have to say, as has been the case throughout this bull market, 11 years of this, rg be prepared to be a buyer down 10% to 15%. you have been paid to be that way every single time. now if you are an investor and

you are uncomfortable with your holdings now, particularly if you've got lots of profits and high-flying technology names out 50%, 100% in the last year, you might think about trimming there. so to us, this is part of the sell-off we think there's a bit more to go here. >> trimming even into this weakness and how much more do you think there is to go >> if our point of view if you look at the past episodes of what we would call a growth scare, essentially something like ebola in 2014 volm-ageddon that we had in 2014 those were almost straight-line down over the course of two, three weeks. very, very scary but ultimately viable again, we don't know, is we have no medical insight on what the progression of the coronavirus is we just know, a, that the market has started to come off in a

reasonably violent fashion but we would have liked to have seen a little more capitulation today. i would suggest that rather than sort of a reversal tomorrow, maybe look for reversal on wednesday instead after the democratic debate. >> julian, the capitulation in terms of the volatility index, the divix, has come into form maybe three different occasions in the last 2 1/2, 3 years i think we closed at 25 today. is that sort of what you're talking about? >> yes, basically we think that if you're going to go down ten, we talked about the 200-day moving average around 3040, 3045 in the s&p 500, you're going to get to a number that's 30 or above, and that's the kind of really almost healthy but short-term panic that we think is viable given the fact there's a lot of liquidity out there. >> we talked about countries being weak before this, economies being weak is this a big enough shock for you to change any of your

earnings numbers >> not at the moment and the reason that we say that is because, again, if you think about all the stimulus in the pipeline that china hasn't granted a lot of this is in the pipeline now because 5.5 million people are in an apartment but the point is we think there's a potential for upward moves. >> julian emanuel, bti, b.k., thank you very much. we're just getting started here on a very busy "fast money. up next -- we found one bright spot in today's big drop the stocks and what to do about them and plus what did today's sell-off mean for market multiples? are stocks still on sale or too pricey we will be joined by the man they call the dean of valuations and we have more on tonight "markets in turmoil" 7:00 p.m.

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welcome back today was the worst day for the yoef all stock market in two years. one of only three times the dow has fallen more than 1,000 points only 13 s&p 500 stocks were able to make gains today. but there was one big green arrow out there -- gold. the precious medal hitting a fresh seven-year high. that was good news for the miners as well companies like barrett gold were high today guy adami, i assume you still like some of these names here? >> you have to still like them the fact everyone is talking about this gives me some concern, somewhat problematic. newmont traded two times normal, levels we have not seen in a very long time but the gold story is still intact barrack and now people will say nightly news, gold rush, coronavirus. the problem, i get it. the problem is it started in october before anybody heard of

the coronavirus. the earlier point is still the point now, these moves took place long before this virus was the story. these markets were trying to sell you something i think they will continue to try to tell us something oenk the next several weeks. >> i will tell you what's a glimmer of hope in this volatile market, the gold market reversed wildly today big up day, middle of the day started to sell off again, which would suggest perhaps some of the fear is coming out of the market and you had it on a large-volume day. so i still think there's probably room over the next six months or so to buy gold but i was buying silver coming into the day. i sold my silver today >> you sold silver? >> i sold silver. >> one thing i would imagine you have to know, steve grasso, what are newmont and bar ik's internal projections what is their budget, $1200 an ounce? $1300 an ounce

>> that's one reason gold miners outperform or underperform two to three times the mid-level to b.k.'s point, when they dumped when they had reversal in gold, they ran and bought crude, which was the oddest event that i have ever seen but i think there was rumors or chatter floating around with central banks and what they're doing with gold. keep an eye on that, if you hear patters through the grapevine through central bank and what they're doing with gold. >> surprisingly, there wasn't much of a move in bit coyne. >> is i was surprised by that. we did not see macro players in there. you would think digital gold, it would have moved up but it was relatively quiet in the bitcoin market we have much more ahead on "fast money. here's what's coming up next -- if you're trying to make sense of today's market mayhem, the chart master has levels you

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welcome back to "fast money. it was an historic day for the stock market, but not one that was good for investors the dow posting one of only three 1,000-point drops of all time only 13 s&p 500 stocks rose today. all 11 sectors in the red with even the best-performing growth, utilities, down more than 1% the question, of course, now is where do we go from here right now we go to the charts.

corner stone's macro carter worth is over there to break down the action and if there's any support out there. >> well, it's anybody's guess but here are my guesses. let's look at the setup. start october 2019 we had this five month advance, massive up 19% in five months analyzing at 60% the key is october 2019, if you went back to october 2018, the market was unchanged, an entire complex unchanged 12 months and then takes off the question is how much of this move needs to be corrected again, you see the move there. let's move forward this sell-off was fairly garden variety. pullback, dip, correction, whatever you want to call it, give back, 5.27% if i put the top channel on, you see that quite clearly there's data, we will talk about in a bit, 5% plus but at this point it's absolutely nothing.

basically it's barely even started. >> carter, why don't you come on back to the desk here. steve grasso, this thing has come right through the line there. when you look at this from a technical point, i'm big on moving averages. when you look at the 200-day earning average, it's about 6% lower than today if you go from the bigger scheme, high from the 200 day, that could be high barometer most people are looking for the market to sell off long want the markets to sell off. shorts want the markets to sell off. everybody wants a better enetry point. you have to stick to those level when's you get the better entry point. what i will ask carter though, do your clients ask you when we're going to see a real fundamental shift from growth to value? >> no, clients ask things about

the charts and not the way people handle it but let's put this in historical context, 93 years there's been 220 indents where the s&p dropped 5% or more there's something about 5% whether stop loss kicks in or risk manager walks over, once you go down 5%, it goes down typically more all 5% plus corrections median is 8.2% decline. the average is 12% so here we are -- >> you're not talking one day, obviously? >> all 5% plus corrections once you get to 5%, more often than not there's a follow through. they happen two, three times a year and you're looking at 8% to 12%. rarely do they just stop at 5 and bounce we're almost three days into it, duration 5.2% decline. so there's every indication, whether it's tomorrow or wednesday or longer than that, but the point is this is just,

again, whatever word you use, dip, give back, sell-off, decline, correction, it's garden variety as of now. >> carter, you put up those charts you had the chanel and trend line that's broken 67 what happens if we rally back up the trend line >> those are the people who reassure, i made a quick buck and get out. once you break and leave supply above when you rally back to it, it induces people to sell. who are trapped who see relief and those that are seeing the well and want to book the gains. >> and where do you find support having gone through it >> the real support, i'm not through move the moving averages, but the level in which you broke out. are you going to go all the way down and give back most of the october move, you're talking 15% give back. 10% would take you to december though and 15% would take you to the october level. they're both the third of the month. october 3rd, december 3rd. somewhere between 10% to 15%

and the line of historics is between 8% and 12%. >> so history says we have another 3% to 6% to go. >> and using words like capitulation and catastrophe nothing's happened we're at all-time highs. we had a down day and the whole world is like what's wrong with giving back? it's a part of investing. >> i don't think we used capitulation or catastrophe on this newscast a while. >> that's the mood oh, my gosh, let's panic nothing's happened. >> all right, relax. >> nothing's happened. >> carter worth, you happened. we appreciate you coming on. thank you very much. coming up -- outside of the macromarkets, there are after-hours movers we will hit individual names and did today's market move create opportunities to start building positions the traders are going to each tell you one name they could buy in today's pullback.

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welcome back to "fast money. we've got some breaking news right now from united airlines

let's get that with phil lebeau. phil >> take a look at united airlines they are pulling guidance for all of 2020. and that is because of the coronavirus. the company saying there's no way to predict exactly how long this virus will last, whether or not it spreads to other regions. it's sticking with his q1 guidance of earning between 75 cents and $1.25 but beyond the first quarter, the company says it's hard to know exactly what's going to happen, whether coronavirus spreads and impacts demand in other regions. just for some sense of how much united's business has fallen off both in china and trans-pacific, near-term demand has dropped 100% for china no surprise. they killed all of their flights at least through april there will not be demand there looking at the trans-pacific routes outside of china, near-term demand down 75%. as a result united is pulling its full year guidance until it has a better feeling for how this coronavirus plays out over the next several weeks and months brian, back to you. >> phil, obviously, we know the asia impact. and as you have said, those are

the most lucrative routes in the world. today was supposed to be the kickoff of the three gsm, mobile world congress billest cell phone trade show in the world. john goes every year that was canceled. i'm thinking a couple thousand people probably from the united states no longer going to europe any indication of how much, or if at all, there's been a drop-off in european travel for the american carriers? >> unclear how much there is at this point but i suspect we will start to hear about that relatively soon. fashion week in milan, you saw some of the shows inquiry being done to a completely empty arena. you saw other people saying we're just not going to travel to certain events that are happening in europe. i know a couple of people in the auto industry who said you know what, i was supposed to go to the geneva auto show i'm not going. it will be interesting to see what we hear not only from united but other carriers over the next several weeks about demand to europe. >> yeah, phil lebeau there with big breaking news. united withdrawing its guidance

for the entire year, phil. thank you very much. >> you bet >> karen, i have two questions, number one is on airlines. that's a big deal. i imagine if united is doing it other international carriers -- maybe not domestic, international will do it what does this also tell us about hotels do we see hilton and marriott say you know what, we don't know and withdraw their guides. >> why not if it's free to withdraw your guidance, down 50 cents. >> a hall pass. >> yes, and one legitimately because it's hard to know what their business will look like. i think they will get somewhat of a free pass american is domestic delta is very domestic but, look, look at a cruise stock now. >> all of them loss lost 9% today. >> going into today it already looked pretty bad. >> what's interesting i would say typically this is a buy the news event bad news come out, it's already priced into the stock. but you look at something like united and it's sitting

precariously on multi year support. you can have people really capitulate in that you have already seen it in the cruise lines. marriott looks horrible. airlines may be next here. it's not a typical environment. >> by the way, you're dealing with the 737 max issue, which has affected earn ins, southwest and united delta, they don't have a max issue but i imagine steve grasso if united has done it, to karen's point, expect other carriers to do this. >> i would expect. and i think we're getting very close to the buy -- headline risk on the tape just think what we talked about, crude going no that's a tailwind for the cruise industry that's a tailwind for the transports so i think on a whole they're still reacting to the first one, coronavirus and not knowing what impact that will be. when you look at united down 15% year to date or delta down 7% to 10%, you're getting around the levels where you could be a

buyer. >> and the second directive of this, we talked about it on this show, look at zm, zoom video that stock was up today -- i think it closed around 105 it's been a straight line now to the upside for about the last 3 1/2 to 4 weeks there were reports on march 4th. we said this is a name you sta long into earnings march 4th, given the short interest and given what's going on. if you have enjoyed this run, not a bad time to pull the rip cord, unless you really want to play the $100 table and wait until next week. >> side note, calling audible a second i know we have to go amazon, i get it, it fell today. but i'm thinking if you're afraid to go out, wouldn't an amazon be a sort of zoom video, netflix-like trade, where you're thinking i will order it -- >> got to get shipped from someplace. do you want to see that package? who's been touching it >> i'm not sure cardboard is a conveyor of coronavirus -- nor am i not sure! >> exactly.

>> i know if i stream netflix, that will not give me coronavirus. >> i get your point, if you're looking at zoom, why not amazon? >> that's fair and we have to go to commercial but 73% of this market is driven by people spending money and when they're scared, they don't spend. >> calling another audible, by the way. >> audible in the audible. >> big news here bring up a chart of mastercard m.a., cutting its guide anticipates for the year just happening now in the course of two minutes we had united airlines withdrawing all ul year guidance master guard updating their first quarter guidance and full year guidance due to the virus what is that guidance? i have to read if you don't mind me looking down, expect revenue growth of % to 10% year over year in a currenty neutral basis, and they are saying this is a coronavirus obviously issue thing. cross porter travel and economic

growth is being impacted by coronavirus. so basically ratcheting down some of thieir guidance here, b.k. >> i would expect several others out here to do this. we know the global economy was relatively weak coming into this i keep ask everybody the same question, is this a big enough shock to push some countries into recession or to have analysts and strategists change their earnings estimate and clearly the answer is yes at this point in time, because companies are doing it i would add one name to this that hasn't really seen the impact, but look at something like uber. it's been straight up. everybody else is saying i'm not flying on a plane, i'm not getting in a hotel room. how do you get to those places you get in an uber i think that one is vulnerable. >> thank you, b.k. gave me a minute to look through the press release from mastercard here are the numbers they're giving, year over year net revenue growth in the first the quarter will be 2% to 3% lower

than discussed on their january 29th, 2020 earnings call they still see net revenue growth of 9% to 10%. what's interesting they're cutting their revenue guidance 2% to 3% after 26 days. >> right i think they're taking the free pass but if you look at the international revenue number, it's $10. billion against a north american revenue of $5.8 billion. they have a 2-1 risk internationally where that's all of the effect of the headwinds that are predominantly happening. knock on wood, we get this coronavirus under control, but it depends on where you get it is directly related to your mortality outcome. in north america, it's been a lot better than it has been around the world so they're protecting that $10.9 billion international revenue. >> steve, thank you very much. mastercard and united both

cutting or adjusting their guidance down in the last few minutes. coming up, nyu's dean of valuation, as we call him, says don't panic until this happens what is this he's going to join us to explain. plus, our traders spotted four big buying opportunities in their sell-off we'll go around the horn to get names for you from each one. that's coming up stick around 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 dow down over 1,000 points only the third time in history it has lost four digits. on a percentage basis, it was about 230th in terms of percent decline but, still, nobody's making light of this that was a big down number let's bring in aswath damodaran, finance school of business aswath, welcome. one thing we talked about, valuations have come down. and we see earnings also get cut as mastercard, just on their revenue side, do you feel like the market is more fairly valued now? >> it is actually very ordinary move today, drop by 3% start of the day. it wasn't a panicky day. a day almost people were

reassessing. if i had to judge i would say more fundamentals than fear. led by change tomorrow there's a real story that could affect cash growth and explain not just a 3% drop but bigger drop the real question then comes what else do we watch out for? i think the earnings guidance is the first shoe to drop what i would be looking back are cutbacks and buybacks and dividends. those reflect long-term fears that you won't be able to deliver cash flows. >> it will be hard to value the market on the p.e. basis if we don't know what the e is united said we don't know what our earnings are, no idea. >> if you're already unsure of earnings, you're playing a dicey game next year is what you should be thinking about. >> would you rather see a panicky type of market than step into that? >> i think nobody wants panic. there's always the blood on the ground and i prefer not to see blood on the ground. i can prefer to see bargains even if the market drops in a normal way i look for bargains and shedding

things in my portfolio that probably is time to go. >> quick question, we look at the market in terms of valuation can get more expensive despite the fact the broader market is selling off? are we on the cusp of something like that? >> you could have that happen, yes. the market could get more expensive on a p.e. basis because the e for this year will go low which is one reason why i think it's so senseless to focus so much on p divided i e right now. viruses in the past have hit earnings but usually you come back there's a pent-up demand the question here is not whether or not the earnings this year will be down they will be affected by the virus. it's almost undebatable. but whether this is going to to have long-term consequence through other damage that it creates, that real sli what we're watching for. >> smart woshds, aswath damodaran, pleasure to have you on, on a difficult day thank you very much. coming up -- how you can use options to protect your money from a pullback if you don't

want to sell your stocks big night for jim. look at the cramer cam he will look at what you should be doing with your money as well get jim's take, vislobouy. "mad money" at the top of the hour meantime we will be right back

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welcome back if you think today is just the beginning of an even larger sell-off, we have a way to take cover using options if you don't want to sell stocks. let get to real world how-to advice mike khouw is in san francisco with options for us. >> first of all, don't chase, don't panic. second if you apply volatility that is more pricey, look for spreads that more high payoff. if you look at the march put spread, that would have cost you about 95 cents today if you spent a half a percent of your long input portfolio to the buy spread, you would cut your downward move potential to a half a percent and have an extent of protection. >> mike, thank you very much for "options action" tune into 5:30 eastern time and next -- four stocks the

traders would buy even on a down day like today we're back in two minutes. ♪ ♪ ♪ ♪ ♪

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the "markets in turmoil" special that will kick off at 7:00 p.m. eastern time, right after "mad money" with jim cramer we have josh brown, dan nathan, few of us. today's big sell-off could present a buying opportunity for some stocks. so what we did is we asked all of our traders to tell us the one name they are buying in today's downturn steve grasso, kick it off. >> this one i'm actually long, spirit airlines ticker symbol is save when you look at the domestic revenues, $3.5 billion there's not a lot of exposure to asia in this one i would be a buyer i'm still long on it i would add to it. >> b.k.? >> in times like this you want to look for babies thrown out with the bath water. companies that may not necessarily be impacted by the virus. the one for me is crowdstrike. cybersecurity firm, unlikely that companies are going to cut back on this because of the virus. >> karen >> if there's blood on the streets tomorrow, some of which will be mine for sure, i want to

buy ialphabet, particularly new money. i think they're insulated from coronavirus. valuation is attractive. >> look for companies that can take advantage of increased volatility, chicago america tile, green on the day. >> very much, big show with "mad money" jim cramer starts now my mission is simple -- to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere. and i promise to help you find it "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cramerica other people want to make friends. i'm just trying to make you some money. my job isn't just to entertain but to educate and teach you so call me at 1-800-743-cnbc. or tweet me @jimcramer.