l lab rate more on the pace of the products and the longer term cash flow whether positive or negative and cash burn. >> we'll have to see if oil can have a karma day in the next couple of days we are out of time on "closing bell." thanks for watching. melissa lee has you covered next. >> i'm melissa lee, your traders for the next hour is guy adami, tim seymour, karen finerman and dan nathan big-cap tech stocks falling hard today's sell-off we'll find out what fueled the tech wreck and plus more on the historic collapse. mike novogratz and later, beyond in incredible. what sent shares of beyond meat soaring today. we kick things off with a flood of earnings hitting the streets. netflix, chipotle, snap, texas instruments all reporting

results. julia ba julia boorstin is in los angeles and very volatile in the after-hours session. >> melissa, great to have you back netflix adding 15.7 million subscribers and that's about double what analysts expected. the company also forecasting the addition of 7.5 million subscribers in the second quarter and that's more than 3 million more than analyst predictions for that ceo reed hastings saying there are three main effects of coronavirus. in addition to subscriber growth temporarily accelerating due to home confinement and he says that international revenue will be lower than previous forecast due to the dollar's sharp rise and he also says due to production shutdowns and spending on contact will be delayed. hastings also expects viewing to decline and subscriber growths it decelerate as home confinement ends and as for the impact of -- netflix does expect

some delays and they do expect second-quarter content to be modestly impacted. since we have a large library with thousands of titles for viewing and very strong recommendations. our member satisfaction may be less impacted than our peers by a shortage of new content. netflix is hosting its quarterly video call and that will start at 6:00 p.m. eastern back over to you. >> julia, thank you. julia boorstin let's trade this dan nathan, i go to you first because there are interesting comments about who might sign up after this confine am periment and also the concern for netflix shareholders >> i want to make one point, too, here. for all of the people sitting there telling you don't pay attention to earnings, q-1 earnings aren't important. q1 earnings are very important and it will give you a guide post for how the companies perform for the rest of the year

and the commentary, despite limited visibility, very important. that being said, here's a company that had very high expectations coming in the stock was up 30% on the year or so. that subscriber number was fantastic. reed hastings not afraid to tell you the truth that things will decelerate subscribers were decelerating prior to this pandemic so then the other question that you have is the negative free cash flow that they had to obtain and create content. that is going to continue and you've got to remember, the story about netflix at the end of this year was the competitive situation and that spend on content. so why did the stock fade in after hours? because it was as good as it gets in 2020 for this company and an unforeseen thing that's affecting most of the competitors and it's helping them out and it's probably a downhill battle from her for them to me, the stock in the 450 level is still a sale. >> going into this quarter, guy, a lot of analysts were expecting

a pull forward in terms of sign-ups and people in confinement, if they've not signed up during confinement they're not likely to join after which is a signal to me, at least, that it's almost as good as it gets when it comes to getting new people to sign up because of this confinement and if they're not going to sign up now, they're just not going sign up ever. >> you can make that argument. dan nith athan said it, you sait and a good movie, and it just keeps getting better, and i saw this tiger man, tiger king and that thing was ridiculous, and people are signing up in droves. so i can understand why you'd want to take profits in the name especially given with what the broader market did today i would buy it again, against

the old high i think it was july 2018, $419 i would be concerned on a close below 385, otherwise, i think you stay with the name one thing i would be worried about was, and this is a tim seymour thing and i'll let you tell everybody what it means, but the numbers were disappointing and that's the one thing in this quarter that would give me some pause, but the net ads are ridiculously strong. >> rpu >> thank you for cueing that guy. what i worry about here is there are a lot of things that may or may not change in terms of consumer preferences and lifestyle after covid-19 settles down one thing that's not going to change is the competitive landscape. hbo max goes live may twefrpth there may actually be some offering to at&t subscribers that that's actually free. i look at netflix and whether

it's as good as it gets as has been said or where they have the ability to improve on the comps and i struggle with their ability to raise taxes any time soon netflix had the ability to raise prices and we were surprised by that and it was a consumer environment that we'll find ourselves in, and i think we've proven that it's a cash flow burn is still an issue and i know they say they'll be around a billion in 2020 which was down from last year the debt levels are materiel, i'm not saying it will be an issue near-term, but i think this company has to generate money and generate free cash flow and the multiple makes no sense, specially in the competitive landscape or you need the multiple to other companies in the same space. >> if you're going to be looking at a subscriber base and right now the dollar is an issue there, but in the u.s. and

canada, if the subscriber base will be somewhat stable and not growing terribly fast, materiel price increases or any price increase will be the way for netflix to make up on money that they get to spend in con tkt >> question to you has net flikflix become more val to you or less valuable or the same >> it has become more valuable to me, but i agree with you. the issue of the ability to raise prices is the question you think about this massive subscription number and it was massive. how sticky is that new subscriber base, right so when things are -- when re-open the world, are we going to see big changes to that and it gets to the point also of how sticky and also how much can you charge for that? and i think they probably maxed out for the near-term, and so it's an extraordinary company and they're so far ahead out of the competition, but there is

competition and even though it's fantastic, to me, it doesn't mean you pay any price for it, no matter what and this valuation is just so out of my range, and the great product and let's bring in gene munster, managing partner of the ventures. >> what's your take so far on the quarter? on i'm on the same page and agree that the word of the day is not their 15.2 mill dprn set ads and the rd wo of the day is temporary. they need to tap into an undeniable truth about the future and when you think about netflix and their valuation and where they're going, streaming is no longer an undeniable truth. we've uncovered that years ago yes, netflix is a leader, but at the end of the day what's powering their business today is this is strong medication for shelter in place, and ultimately

is as people experience that they on the other side of this, the truth is they don't want to be in their home as much, and there are going to be these types of services that will see diminishing growth i'll emphasize to other aspects to this belief i'm on the rest page that this is overshvalued there they'll be beating numbers for the next couple of quarters. think about the june quarter, with the 7.8 million paid ads and the same thing will happen in september as someone who is negative, i'm sure the positive be numbers will last and i don't think the will respond. >> i want to take a pause and go straight to washington, d.c. and kayla tausche. >> melissa, good to see you again. >> the senate has unanimously

passed a $500 billion loan package that will expand it by $300 billion, and about $100 billion provided to hospitals and testing resources to combat the kroecoronavirus at the stagd agency level many stood up and objected to the process run on capitol hill with legislative text not made available before many cast their votes and ea votes and even so, it will tee up a vote in the house as soon as thursday and it will be several days before that before small businesses can get this new money. kay kayla tausche in washington and more relief for small businesses on the way gene, let's continue our conversation about netflix and they did comment about liquidity and they said there was a $750 million credit facility they've not yet tapped and they had 12 month of liquidity, it at least

spend time in the contact bought of delays and production what is your sense of person, they're innes it of therefore million to fund this contract. netflix will be around for a long time, but ultimately they have fueled the growths of content from debt, and i think that that is an important differentiator between netflix and the other fang stocks. there will be a coin concern and no question in my mind that netflix will be around next year, i just think the stock will be lower than it is today >> all right gene, thanks gene munster, luke ventures. guy adami, we're seeing the stock move around a lot and when i say a lot it was up about 11 points and now it's down 0.7%. what will you be listening for

on this video call tonight >> there's new methodology and when did they become paid subs i understand why you've ridden the stock and my inclination is that's been true for a couple of years and they always seem to pull a robert out of tabbit outd they seem to understand the ads understanding the backdrop i think you buy it against that previous all-time high and the july high of 419 385 had the prior level and i would be worried on a close below there. i just don't think, all things being equal, i've been wrong before, and we'll see what happens. >> breaking news, mean time on united airlines, phil lebeau has the story. >> this say big secondary offering from united

35.2 million shares and the reason is very clear here. this is all about building up as much liquidity as possible as united and really all of the airlines are in the same boat. they know that it's not just going to be a terrible second quarter. summer's going to be bad and third quarter is not going to be br great and the fourth quarter, maybe they'll see improvement and they need as much cash on hand as possible and united with a secondary offering just over 39 million shares and they'll price it somewhere in the 25 to $27 range and that will raise just over $1 billion back to you. >> just quickly, united applied to borrow as much as $4.5 million in the treasury and they're getting the grants and pay loans under tpp and they've raised $3 billion in debt and on top of thashlths a billion dollars and most people expect

that not only with united, but with the airlines that we'll see this >> i think steve was out with a note and they added all of the capital raised since february and it comes out to 32 $33 billion for the major airlines and nobody believes that we're at the end of this yet, melissa. so when you're looking at the airlines, remember, they have made this commitment as part of t the c.a.r.e.s. act look, this company will have the money to pay, not many people are expecting a big jump in demand come september 30th >> phil, thank you >> karen finerman. you're a shareholder, what do you make of all this >> i am not. wa not a shareholder.

this is what happens when you go away, melissa, still i understand why you did it. >> the stock is down a little bit. i know it will be priced in the whole 3% or so, but for $1 billion, i think that's pretty good and you know, you talked about the debt they'd raised and this is good for the debt and any equity coming in below the debt is good you've got to do what you've got to do. i can't think of an industry, you know, in more peril than this one so good for them, and i agree with phil also you would expect others to come out and do something similar, aswell. >> we are just getting started here on "fast money. we have got much more by ways of after-hours action that we're tracking up next, we'll break down the latest numbers with chipotle, snap and texas instruments more on tonight's mega meltdown esd we'll find out what sent the tumbling stay with us fast money is back in two. save hundreds on your wireless bill

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♪ ♪ welcome back to "fast money. we have an earnings triple play. snap, texas instruments, chipotle all on the move after reporting results and we have full team coverage to break down the headlines. we kick things off with kate rodgers and more on chipotle's big quarter. >> hi, melissa welcome back a solid fourth quarter with revenues coming in right in line same-store sales coming in at 3.3% digital continued to show strength of 81% for q1 making up 26% of sales at $372 million that's the highest quarterly level ever march digital sales alone were up about 100% year on year the majority of chipotle's restaurants are open for to-go orders executives sounded upbeat and noted this is important because digital customers are sticky and they tend to come back

average daily sales and order ahead have doubled since before covid-19 the company's rewards program now has more than 11.5 million members and daily sign-ups spiked 4x. it has $900 million in cash, restricted cash and no debt adding it believes it has enough cash to sustain for well over a year chipotle's ceo will join us exclusively on "the exchange" tomorrow and the stock is higher by 6.5%, melissa, back over to you. >> kate, thank you kate rodgers with the latest on chipotle >> tim, what struck me in reading the research notes on chipotle is raymond james said the company can maintain positive store level ebitda in a down to 40% to 50% comp environments and they've got a stellar balance sheet. it's pretty remarkable >> it's remarkable they definitely have operating leverage in their business and if they think about how those restaurants are structured,

there is an ability to keep a lean team in there they're seeing that kind of digital sales growth, they were a driver to this multiple as it came back from the food scares of a couple of years ago higher ticket amounts and bigger basket sizes and have been a driver for the multiple. it would be tough for me to get on here and say i love chipotle after these numbers. i do think the market has rewarded this and based upon expectations this is a relief, but i don't think this is something you have to dive into. >> karen, can you get your head around this multiple here? >> no. i feel like -- yeah, over and over, great company. it was very impressive two things they said that they think they'll hang on to the digital gains which is fantastic, and they think that there's fatigue in cooking, and i can guarantee you that is happening. certainly in my house and probably millions of others. i'm right there with tim great company, they're really

impressive, but i can't get onboard and i feel they're priced for perfection, and i do seem to deliver perfection, but i can't do it. >> we get back to julia boorstin with all of the details. julia? >> that's right. snap shares soaring 21% in after-hours trading after reporting that it grew its users and its revenue faster than expected in the first quarter. snap ending the first quarter with 229 million active daily users growing by 11 million over the course of the quarter and while snap won't give earnings guidance, second-quarter revenue growth through april 19th is up 15% and it expects the addition of around 10 million act itive users. its shift from direct response ad which is now comprise over half its revenue

>> while many advertising budgets decline due to covid-19, we expect high-revenue growth rates in the first two months of the quarter which offset our lower growth in march. these high growth rates in the beginning of the quarter reflect our investments in our audience, ad products and optimization and give us confidence our ability to grow revenue over the long term >> make sure to tune in tomorrow morning in "squawk alley." i'll have an exclusive interview with evan spiegel. >> dan nathan, where do you stand on snap and are you concerned about declining ad revenue, and not just for snap, but for other companies out there? >> i think it's more significant for the other. i think the ads were dedicated is much smaller for advertisers and it's important to remember this company is expected to do maybe $2 billion in sales this year that's versus facebook at 70 and it's growing over the last few years slower than facebook's

been growing i just have a problem. evan spiegel has this ship going in the right direction and they're expecting to do $2 billion in sales and on that basis lose $1 billion on nets income i just have an issue of 21% and the guide for q2 on the revenue front was good and i think consensus was basically confirming that those trends should continue through skwshgs2 how many of these companies stick i expect that happen, and there is a 21% pop in the after hours saying 13% of the shares are short. where do you stand on snap and are there other things this quarter to other earnings that we expect in the future? >> well, again, i think digital ad sales are probably the good and the bad as i think digital programs can be cut very quickly as well, but i think they've

been a beneficiary here and the daily average users of i think they came in at 229 versus 220, 4.5 expected this is very bullish and it's hard for me to feel like all these structural and maybe even kind of headwinds in terms of their audience were changed overnight. i think it's a company that as dan said, certainly the ship has been righted, but the growth and the dau growth is very good and all relative to expectations in a short interest base. i'm not a buyer here, but i do think the stock can move higher. >> we never defined it, by the way. >> that's why i cued you before. >> average revenue per user. >> we'll say it and then explain it >> yes our audience is so bright that i assume they watch this over and over again, but rpus, whether you're talking about a twitter or a mobile service, even snap, yes, that is rpus. >> thank you for that.

we want to round it out with texas instruments and the chipmaker topping wall street estimates expanded its q2 guidance range and guy, this is interesting. 64 to $1.04 a share for the second quarter 261 billion in revenue to 3.19 billion so it's a pretty wide guidance. >> yeah. >> and the estimate, the consensus estimate is within the range of the guidance that they give so maybe that's the upside, but why do you think the stop is up 2%? >> that's a good question. the quarter was very good and if you look at the quarter in the vacuum, and the supply chain disruptions in the future. in terms of the revenue guide, the 3.19 billion was the number and they basically took that and dropped it down to 2.61 to that number and eps is 64 to 1.04 and

the brief use guide is 103 i see what they're doing you just have to get comfortable with the valuation and it's trading basically, even if you give them the midpoint and you're talking about 23 times, and i think it's expensive so people are looking at the quarter and if you tear this down a bit you have to say valuation's excessive and i would be more inclined to sell it than buy it >> what do you think like what texas instruments is doing they're using the opportunity to withdraw guidance and that's the safest thing to do because i don't know how this will shake out. >> so is this positive that texas is willing to give guidance that it includes the street consensus or would you say that's fooey and i don't believe it at all. >> maybe they have confidence and more than a little bit of confidence i think anyone who can withdraw

guidance and that's practically every business now should. i never believed companies should give quarterly guidance anyway because i think it incensed them to sort of run their business to the number and i think anyone who can should withdraw guidance and maybe keep it off keep guidance off. we've seen a few companies do that we've seen walmart take away guidance and we've seen gm take away guidance that others give on a monthly basis or whatever it might be and they're not punished for it and i think everyone should do it. >> dan, do you have a quick comment? >> i totally disagree with that. i think as private citizens who are public investors, and how do you make decisions as the company gives you some guide post or some sense of visibility under their own businesses and you're essentially trapped so i think companies should continue to give guidance and in this environment they should be

rewarded for giving guidance >> for more on today's movers you can head over to cnbc.com and more on the maga meltdown, and what sent high-flying tech stocks crashing down to earth and a big bright spot in today's sea of white and investors are sinking their meat into beyond meat the icjuy details when "fast money" returns life isn't a straight line. and sometimes, you can find yourself heading in a new direction. but when you're with fidelity, a partner who makes sure every step is clear, there's nothing to stop you from moving forward.

welcome back to "fast money. it is closing deep in the red and the beloved sector leading the charge check out what happened to the high-flying maga stocks which will be microsoft, apple, google and amazon you watch maga very closely and it's a key indicator lighting

every day. what did you make of this meltdown >> listen, they became a safety trade and they definitely led to the upside in the last few weeks as the market made that bottom in march and the nasdaq's outperformance has been astounding and it can all be attributed to these four stocks and amazon is up 25% on the year microsoft is up high single digits and apple and google are only down less than ten% and you say to yourself this is where people have been hiding out in monopolies they've been hiding out with great balance sheets and they've been hiding out with these massive moats that these companies have and that's fine, i get it. these are companies that will do far better in a sustained recession or a deeper recession than most of the other names in the s&p 500, but at some point something's got to give and i suspect a day like today if they were to start to no ball that would be the thing where the consensus came from the bottom's

in to where we'll retest especially when we see the devastation in so many other sectors in the s&p 500 outside of maga. >> tim, you're nodding your head do you agree with dan? >> always agree with dan not really, but sometimes. i agree with him today look at the qqqs or the nasdaq relative to the s&p. and it was an outperformance by 1300 basis points and they have the last four sessions the nasdaq's underperformed by 2.5% and look at the nasdaq and the semiconductors and the smh today, you broke through the 200 and the 50, you have a bear cross, and i do think you have a case where the market priced a lot of these stocks to key levels you almost crescendoed this with everybody and their brother and sister upgrading amazon.

i remain largely constructive on markets and i don't think these stocks get in the way of the upside. >> it seems like a potentially dangerous setup going into earnings season, karen >> yeah. i mean, i find myself in an uncomfortable position agreeing with everything that dan said, but i do think if you look at alphabet is up 2% after hours on the heels of snap. i think that the market knows that advertising will be down, right? it's a question of how much and then i don't know what kind of guidance we'll get they're not super cheap here facebook and google, but i don't think they're crazy expensive either so i'm a little concerned about earnings, but i'm not selling going into earnings, and i think we'll hear from both of them, facebook and alphabet next week. >> i know a lot has changed since i was here before, but everybody agreeing with dan? i mean, come on. that never happened, guy

>> it's gone nuts. >> i mean, you know i love dan, and i love when everybody gets along and by the way, it was helen hunt not diane keaton, and i apologize to everybody. >> oh! >> my view on amazon was it was going to continue to rally into earnings on april 30th and at that point you pull the rip cord ahead. i think it will wind up retesting the 2170 level which was the prior high that makes a lot of sense so i think you stick with it in earnings and pull the rip cord ahead on the 30th and look for a pullback to 2170, mel. i don't know if i'm agreeing with dan or not and since i can't see him making the face at me i'll just assume that he's in accord >> he's smiling. there he is. >> coming up, legendary hedge fund manager michael novogratz is with us and why he says the worst may be over for the market and where he's finding the next opportunity and more on the crude collapse and why this major oil company could fall 10%

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>> welcome back to "fast money kwmoney. check out the collapse in the uso oil etf losing a quarter of it's value that's just today. our next guest says this historic drop is not done and he's a macro investment manager. michael, welcome back. nice to speak with you >> thank you congratulations. >> thank you

where do you see oil going and what would be your next move if you're trading commodities >> listen, so i think the oil move is important for a burch of reasons. one, it shows just how much demand we've had, right?nch of reasons. one, it shows just how much demand we've had, right? oil trading through zero and just as when major markets break and it broke again today with the june contract collapsing and hypervolatility, it sends a message that something's not right. i remember in '08, everyone thought swap spreads would never go negative and 30-year swap spreads just a few weeks ago were minus 80 basis points and so you have the paradigm shifts and markets aren't prepared for that yet and we've had a huge rally off the lows in stocks and everyone thought we'll get out of this thing adot one point.

the commodity, a lot of this was uso, the etf was all in the front-month contract which was trading at a huge discount they basically half way through the day to day or close to the end of the day said the old uso doesn't exist anymore. we'll re-create this product and re-make it and roll out at least two-thirds of the exposure to the next couple of contracts and so i think part of the volatility was just that etf getting crushed. what's a little bit sad is if you look at the big buyers of that etf over the next three days and you can look on robinhood and all of the retail platforms, retail piled into this etf at the exact wrong time and a lot of the pain was retail and not professional >> that's the problem with the structure of these sorts of instruments that rely on futures contracts. michael, more broadly. if you were someone who normally trades futures contracts, does this throw doubt and do you start thinking, does this --

will we see this paradigm shift, as you call it or a broken market happen in other commodities? >> i think there's a possibility. i mean, you look at the corn market and if you look at the corn chart $3 has been support for a long time it tested it today and it bounced off the end of the day corn is 35% of u.s. corn production goes to ethanol crude collapses and ethanol prices aren't going higher and so you could see the corn market get whacked and the next thing you know we'll be talking about farmers and needing to subsidize farmers. and so what it does tell you is to open your mind to things that you didn't think could happen might happen, and so there's just an increase of volatility, potential volatility out there and it's not going to go away for a while until we re-normalize the economy until it's six months at best. >> we know now that you're focusing on cryptocurrencies and the opportunities there

specifically, but are you getting the itch to step in and take advantage of some of these potential breaks in markets? >> i always trade -- i have two hats i have a macro portfolio and i trade it just as aggressively as i ever have and then i have the crypto business, and they're very much linked i think crypto right now, hard assets and gold have a big position in geld and a very big position in bitcoin. i think bitcoin has this moment right now where just today we did half a trillion of stimulus. just money growing on trees and my mother taught me when i was young, money doesn't grow on trees and so as we have more and more just fiscal stimulus, being monetized by the central bank, more and more people i talk to want to find something with scarcity they're only 21 million bitcoins that are ever going to be mined and 87% of them have been mined and next month the inflation rate gets cut in half and so there's a really good story and the problem we've had up until

now has been one of adoption and i tell you, i am seeing more and more people starting to buy, calling me up and wanting to learn about it and so my sense is that you're going to have the mack o macro tailwind and gold has its story and it's going to put new highs in this year, and so i think that's a really powerful story that, you know, policymakers will continue to play into. >> so you said you're trading your macro portfolio as high as you ever did what exactly are you doing it sounds like you're long gold. >> i've been shorting stocks the last week. i don't think we'll have a collapse of the market again one of the things that was unique to this collapse versus, say, '08, was that by the time we bottomed it, whatever, 2180, i call it the bill ackman

bottom the liquidation was almost complete partly because the fed provided so much liquidity, people, if they wanted to sell could sell in '08 i had tons of mortgage and there was no bid so you never got yourself flat, and here anyone that wanted to get out could go out because the fed put so much foam on the market. >> you are down. >> some stocks bounced 7%. right now i think we'll trade soggy and i think we can trade back to 2600 i don't think we put in new lows the liquidation was complete and not that much stock for people to sell, but the economy stinks and it's going to stink for a while, and so, you know, fundamentals will weigh on the market so i kind of thing that at 2200 and the 300 range on the wide and the tighter range, we're 2900 and 2600 and so i sold a bunch of top and i'll buy

them back at 2600 and look for other opportunities in commodities and currencies. >> michael, great to speak with you. thanks for your time >> you, as well. >> michael novogratz guy adami, how do we trade that? >> gold. i'm with novo on this one. i'm sure if b.k. were here he'd talk about the bitcoin you saw what happened in the may contract in terms of crude oil and it's because people were long and had no place to store it, if they had to take delivery that's why things happened there and quite frankly, there's a good chance it happens again with june. with that said, what if everybody was long gold and they said i want delivery think about that for a second and if the comex was unable to make the delivery. >> i think it sets up, troe extraordinarily well and when they're trying to torch their currencies and they have $17

trillion in negative yielding bonds and i'm with novo the gold trade. >> it almost sounds like the futures market and the people are going to -- i don't want to say, figure out that it's not real, but that there are pitfalls with the futures markets, right people were dumping oil because they didn't want to take physical delivery. you're saying people might want physical delivery of gold so what good is that contract >> well, we're going to find out, aren't we >> it will be interesting to see what happens i'm fascinated to see if the opposite happens in the gold market in terms of what we saw in the crude oil market and i'm not suggesting it will i'm fascinated to see if that's applausible scenario going forward because i think what we learned in these situations are, sometimes you want the commodity and other times you don't want the commodity because i think we'll be on both ends of that spectrum, and gold is the far end of the crude oil spectrum. all right. coming up, hungry for games. look no further than beyond

meat the stock rallying 50% in just the past month should you bite for more on that ahead, talk about fast money shares of equinix soaring. the company's ceo will join us next 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.

welcome back to "fast mon money. equinix outpacing the s&p 500 this years let's bring in charles meyers the ceo of equinix thanks for joining us. >> thanks, melissa welcome back good to be with you. >> thank you the stock hit its 52-week high just last week and there's a lot of expectation that this sort of work from home boom and the need for more bandwidth and the ability to work from other

places will continue can you walk us through, you know, if you're building a new data center how many more servers will fit in there? how many more homes or businesses could that serve? how should investors think this boom through when it comes to translating that into your expansion? >> yeah. i mean, i think the work from home massive experiment we've been forced into is one piece of the much bigger picture around the demand for digital which i think is a prevalent trend in an incredibly durable one and if you look at our platform i often refer to our platform as the engine room of the digital economy and some of the most important digital infrastructure assets in the world live in front of our data centers and 210 and 55 markets around the world comprise of 10 million technical space. if you think about that or try to envision 173 football fields put end to end all filled with networking compute, net storage

gear and fuelling and every digital brand you can think of and tons of capacity going in to serving the digital demands of the world. >> you recently indicated that customers are planning to accelerate spending in order to meet their needs how should investors think about this acceleration in spending when it comes to 18% of the revenues in the context of a slowdown globally? >> i say it's a bit of a mixed message or a mixed bag in that i think what we're seeing is certainly an increase from some of the service provider customers who are seeing acute demand and they're looking to increase capacity and those are service providers the likes of webex, for example the cisco unit of videoconferencing unit which we've been helping scale their capacity zoom, a big customer of ours and all of the networks, at&t, verizon, et cetera, they're scaling their capacity and so we're seeing, you know,

near-term demands from them and the enterprise market i think we are seeing that people are really thinking hard about their digital transformation strategy and realizing what an imperative it is for them, but i do think that every business will be impacted and you see some slowing in enterprise sales cycles, but i think they'll remain very committed to their digital transformation strategies >> so you think your customers are committed and you mentioned digital transformation and that bucket of money is teflon even in this environment? >> very much so. i think it's very much protected and i think in some cases i think they'll continue to look to add to that even in that dynamic there are winners and losers and the overall digital picture and we like our story and i think we represent something that is enabling customers to implement hybrid and multicloud as this they're the protect offer choice looking to prid their

infrastructure around the world and meet their needs charles, great to speak with you. thank you. this charles meyers, the ceo of equinix. options traders see a double-digit drop for this big oil name we're drilling down straight ahead. every financial plan needs a cfp® professional -- confident financial plans, calming financial plans, complete financial plans. they're all possible with a cfp® professional. find yours at letsmakeaplan.org.

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welcome back to "fast money. crude oil settling at its lowest level ever and traders are betting one of the biggest oil companies on the planet could drop double digits by the end of this week. mike khouw has the action. hi, mike >> hi there. bp which is already trading at 25-year lows and is due to report earnings next week has some options traders making bearish bets a head of that. it traded ten times the average daily put volume and almost all of that volume was concentrated in the weekly 20 strike puts over 80,000 of those ultimately traded for just under 45 cents a contract options traders betting that will fall below the 20 strike price by the premium they paid and that would represent a 20% decline by the end of this week. >> 10% mike, thank you. dan nathan, i don't know if you saw that action or any other action in some of the crude stocks

>> yeah. well, when you think about it the risk reward for making those sorts of bets where you might get some adverse financial information about, you know, dividend coverage and that sort of thing makes some sense and you might also see a lot especially with the dividends as fat as they are, you may see people hedging it at this point and i would expect to continue to see that over the next few months. >> dividend reductions, tim. just yesterday you were saying that some of these companies, you know, would protect their dividend pretty much at all costs. >> yeah. >> yeah. yeah, and i think it's a case where b.p. and rds are what i would be concerned about and the perception of ad sales is important for b.p. i don't think chevron has that issue and i don't think exxon does, but those two european integrateds have issues. >> for more tiopons action tune in on friday at 5:30 p.m.,

coming up, final trade ♪ ♪ ♪ ♪ ♪ ♪

time for the final trade let's go round the horn. karen finerman >> yes i'm going with alphabet, the one that brought me to the dance i know, we're going to see advertising revenue down, but i think we'll also see new numbers and valuations out there >> tim seymour >> j & j has been a v-shaped recovery and yield, buy it lower. >> dan nathan. >> yes snap, good quarter and want bad environment, but i'm not buying it up 20%. i'd sell it. >> guy adami

>> i'm going to put on that tiger cub thing and watch me some netflix there, mel. >> that carole baskin. the whole thing is unbelievable. >> terrible. awful. >> thank you for 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 is not just to entertain you, but to educate, teach context. call me 1-800-743-cnbc tweet me @jimcramer. today we have one of those periodic recognition days, one where we realize stocks are just pieces of paper and they can easily go to ski