reached the peak acceleration rate but also wall street strategists saying don't worry they're not going to 40% tomorrow this is not necessarily an excuse to change your investment posture, whether that's true or not, i think they're going to stay >> a bit of a jump in the vix. down a percent closing bell "fast money" starts right now. >> i'm melissa lee and this is "fast money. tonight on fast, the headline that shocked the markets stocks taking a leg lower this afternoon on reports of president biden planning a major hike to the capital gains tax. we'll get instant reaction from wall street's biggest bull he'll join us exclusively. plus, skyworks solution on some deal news. the full details and how they're playing this and mad skills. why this mobile gaming company could be the new target. what is driving these actions.

falling in the after hours sessions getting under way. josh lipton with all the details. josh >> remember, this stock was up about 25% so far this year and also, a big part of that high hopes, they say, for new ceo pat gelsinger. reports on the bottom and the top for guidance though, q2, 1.05 in the bottom line. closer to a 1.09 but $17.8 billion, close to $17.6 billion. they did raise their 2021 guidance as well turning to the segments, ccg business $10.6 billion and $10.2 billion and the data center, $5.6 billion and also looking for closer to $5.8 billion there look with chris roland it was upside for q1 but that q2 guidance is either conservative or suggests a slowdown in the

business the data center business did disappoint versus expectations that segment is the one that investors value the most the higher margin server chips on the call. told me he wants to hear more details about pat gelsinger's new outlook for the back half of the year the neutral ring and has his work cut out for him much more, you want to listen tonight to "mad money" jim kramer interviewing the new intel ceo. so tune in for that one. back to you. >> that will be a must-see josh lipton. keep us posted on the conference call by the way. how do you trade this one? you heard the comments given to josh by chris roland stacy of bernstein also on closing bell earlier and he said that he thought it sounded like effectively until it was guiding down for the second half, he'll want more color on this. a slowdown potential starting in q2 with a potential guidedown in the second half embedded in the guidance they've given >> i can tell you, if you

started with karen, that's what she would have said. a big beat in the first quarter. 24 cent beat but didn't have the commensurate guide for the year. the only raise their guidance by 5 cents. wait a second. what are they seeing in the back half of the year they're not seeing right now the quarter, take this quarter in a vacuum. it's a very good quarter operating margins are down year over year. 32%, better than the 30% the street was looking for people look to say, you know what 13.5 times, not expensive. the stock is sold off from that previous all-time high last january that we flagged early in april. 68.5 and the 61 level, it makes a lot of sense the concern is going to be the guide and why didn't they guide commensurate they just sought? >> you just asked the question but in terms of, i go to you because we often say that a ceo's first foray on an earnings call, you take the guidance down

explicit gelsinger did not do that when he unveiled $20 billion plan to build two new plants in arizona. he didn't really do it tonight either some analysts are drawing the conclusion it's soft if you thought he was going to take this opportunity to throw out the kitchen sink, he didn't really take it yet >> he didn't take it yet but we don't know if this is conservative this is a little bit of sandbagging if we just switch metaphors from kitchen sinking in to sandbagging it which is light guidance and i understand, anybody in this environment wanting it be conservative about guidance or not wanting to give guidance at all. i give management a free pass for this year and companies should do that in general, not give guidance but you know, it wasn't a bad quarter in that here's a stock that trades guidance talked about how low the multiple is. it's not like it's super frothy here we know there's a lot of competitive head winds

data center, of course, that's disappointing. but i kind of on the camp maybe they're sandbagging just a little bit >> yeah, they could be certainly, they could be but data center's data center and a volume basis it was down and i don't know what you make of the quarter overall in the guidance >> i think the other two panelists made good points about the guidance but it's new leadership we want to really allow there to be an adjustment for what type of cadence and guidance in the way he wants to maneuver there i'm willing to kind of give him there. when i drill down, i look at the gross margins and the data center those two things are kind of points of concern for me particularly when you overlay that with the fact that they have made a commitment to $20 billion in cap x you've got to have operations that adequately fund the new commitment to manufacturing and pushing forward and kind of rolling out this new strategic plan so those two things were

somewhat sore spots for me this textbook up to the right move from 45 back towards that $70 level. so like a lot of the other names that we're seeing, there is a bit of news but those two spots would be where my focus is >> that's the real question. 23% run year-to-date reflecting already all the good news that pat gelsinger can bring. a record time for notebooks. 38% on pcs i also thought i saw recovery in enterprise in government

spending and so, why go out there and say what you think is going to happen in the second half of the year this gets into the tea leaf reading, fortune-telling, whatever we think. the real message is. i'm not sure i care. so i think this is your question i'm not sure i care. this story was released in january and we got a pre-release of these numbers they were a little bit better. we don't know what the second half of the year is. we know this company is back on track. we know they're back committed to innovation. they're spending $20 billion and we know what's going on and we know the arms race creating with tsm to keep market share i think it's priced for investors. it's not awful, put it that way. >> you're invested in intel at this point, probably not for this quarter or the second quarter or probably for quarters and quarters out maybe years out at this point and the key question is here, can intel execute on the grand

plan they unveiled a matter of weeks ago? can they in fact, as tim mentioned, compete with taiwan semi which just last week, raised their capital spending forecast by $30 billion. this is an arms race, can intel compete? >> i think they can. i absolutely think they can. we heard his vision a month or so ago three or four weeks or so ago. if they just reported the quarter and said nothing about full year guidance, people saying why are they not guiding withstanding, the stock based off the quarter. the reason why the stock is lower is because the full year guide doesn't match up with how much they beat in the first quarter. with that said, i do think you can make that bet and oh, by the way, they probably have the heft of the u.s. government behind them in some way as well so at 13.5 times earnings, i don't think you're taking that much risk to make the bet that you just outlined. >> that would be a big plus for the stock if on the conference

call, gelsinger talked about taking government money potentially to help fund these plants in arizona. which they didn't mention when they first announce these plans. what do you want to hear on the conference call? >> i guess i want to hear, that would be one thing that would be of interest, of course, but you just said, a very short while ago about it's not about this quarter or next quarter. it's about how is this arms race going to shake out a lot of people are looking for arms, right? i think there's some room there for not just one winner. i think 13.5 times, he's got a little bit of room to take time to spend money, which he obviously said he would do, which hopefully he's a good steward of capital i believe he will be and i'm just going to sit back and watch. i don't own it now but this level, i mean, in the value spectrum, it's definitely on the

value side of the space. >> the conference call is 10 minutes in we'll keep you posted on developments and down 1.6% right now. shares of sky works. $2.7 billion deal to require the automotive business of silicon labs soaring on this news remember, skyworks solution known as an apple supplier what they do for mobile devices. what do you make of this deal in the chip space >> i think that's a positive i think the market is indicating that to you. i think they're paying about 2.7 times cash on balance sheet, right, so it doesn't seem like an exorbitant expenditure from their position if i had to pick something to kind of knock them out, i would say, listen, what i've seen, what we've seen in these tech names is the ability to use their shares as currencies to acquire other businesses or portions of that business. and i think if they would have been able to maneuver that, that would remain this entire grand

slam >> this cash debt to fund the steal from the slab perspective. i can't remember when we talked about slab, but about 2 billion of the 2.3 or so net gross to shareholders that's a huge bonus for shareholders of slab >> i wish i was involved in that you wouldn't see me here tonight, in terms of skyworks. ahead of earnings on the 29th, i mean, they have to be feeling pretty good about things to make a dealof this magnitude. we're about to take out the all-time high. i think it was 195 it's not all that expensive on a st stock. i'm usually one to say this but i think the stock continues to rally into earnings towards the end of the month >> you think this is the start of more consolidation or continuation of more consolidation in the semispace, tim? >> i think it's around strategic pockets and again, you talk about the references to where

effectively, these companies live and the auto motive space and some of the synergies and strategics that might be looking around here and the question really is, do some of these companies become more vertical and bring this stuff in house? that's always a debate, but yes, look the moves the stocks have had also means that there's certainly folks that are going to use the currency and stock is currency and their shareholders, even if they're overpaying for a deal because their stock might be that much more expensive than their target so yes, i think we are seeing that. >> coming up a tax takedown reports of president biden looking to raise the capital gains tax in a very big way. we'll get instant reaction from wall street's biggest bull jp morgan. but earnings alert on snap shares jumping after hours of the company's call later today trade on the social stock when trade on the social stock when "fast money" returns

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julia? >> well, snap beating expectations pretty much across the board for the first time since the company went public and hit positive free cash flow and reported net income break even rather for the 6 cent per share loss and also reported its fastest revenue growth 66% growth in the quarter and daily active users added 4.5 billion more than in anticipated a total of 15 million added in the quarter and that's also the highest user growth in over 3 years. the midpoint of snap's second quarter guidance range is above analysts' consensus as well. the growth seems to reflect the company's investment in content with the spotlight section which features posts featuring a spike in engagement over 125 billion snap chatters use spotlight in the quarter and augmented reality. 40% increase in the number of snap chatters engaging daily with ar lenses a valuable tool for e-commerce

evan saying they see e-commerce advertisers really starting to engage with these augmented reality tools and it makes them easier for people to both buy things and return them snapchat saying it's benefitting from the reopening saying that things begin to open up in the u.s. in late february, they saw inflection points in key behaviors such as storied posting and engagement with the snap map which is a tool they've been investing in. one thing, melissa, i just want to note since we've been talking so much about apple and operating system changes, they said that they are going to be watching some of the changes but they really believe their philosophy and early investments in privacy means that they are going to be working with advertising partners to innovate as they deal with some of those changes, melissa >> thank you, julia with the latest on stnap, up 5% tim, i'll go to you on this with the idea that maybe netflix

showed us there's massive pull forward because of the pandemic. what is snap telling us at this point? >> some level the opposite they start to take off we talk about, we just talked about to the extent that executives don't necessarily need to give a rosy outlook sometimes. i mean, ultimately, the rate of growth that they have seen over the last couple of quarters is not sustainable and yet, i think the bar has been set reasonably high and the belief is that their user base continues to grow they're saying second quarter should be somewhere around 290 million growing 22%. but look, i think in a world where the digital advertising world is where we are and there are a handful of leaders, snap has proven to be a leader and growing leader and for investors, the scarcity of real access in the social space,

having opportunities outside of facebook is why the stock was, it was a $16 stock in the month of june last year. we know where it is now. it's not cheap at all, and it was interesting how it sold off at first and that was up substantially after these numbers. >> opportunities out of facebook and yet, karen, this is still good news for facebook, i would imagine. >> right i think it's good news for facebook i think it's good news for google i think, obviously, it's good news for snap. it's interesting that it was down at first, maybe just because he said the stock has run so much but those are really, really impressive numbers. the rate of acceleration, so many years later good for them. i think the read-through is positive for them as well. netflix, is this a pull forward? netflix was a pandemic, more of a stay at home trade you could look at snap as an advertising trade where reopening is going to be better for facebook or google, especially with travel

>> there was some commentary that, and i'm just paraphrasing at this point, there was an inflection point in terms of people sharing stories getting out, sharing experiences but now there's more to talk about than what kind of sandwich you had for lunch in your one bedroom apartment. i'm just saying the reopening is actually a very good thing for snap too from that perspective >> seemingly so but i was scratching my head when i first saw my trading action post-market. it was a situation in which it doesn't have to be exclusively in one bucket or the other able to show themselves as being staying power, independent of the situation and now something that's been a stalwart, a bell weather in that situation, being able to show acceleration in a reopening environment, i think that really is a recipe for profitability and upside. >> guy, please button this block up before we go to commercial

break. snap, twitter or facebook? >> snap, facebook is going to score into their earnings. continue to go higher, i think, but snap, i think people are shocked by how quickly they've gotten to where they are tim will tell you, i'll let tim fill in the blank, better than expected and free cash flow came in at $126 million they blew away the numbers they were looking for and dare i say, pathway to profitability i think they're on it a lot quicker than people thought. the stock has bounced significantly but also significantly lower than the 73.5 level we saw in february. so i think the stock can continue to go higher for the foreseeable future. >> ad revenue per user, financial. big report out of washington sending stocks tumbling today. we'll get instant reaction from the bull and the best bets in

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but there's one thing i am sure of... welcome back to "fast money. we follow a developing story out of the white house stocks taking a turn lower this afternoon on reports of president biden considering nearly doubling the capital gains tax on the highest earners. the s&p 500 which had clawed its way into positive territory plunging immediately on the headline ending the day down nearly a percent let's get to ylan mui in washington >> promised to raise taxes on the rich on the campaign trail

and now appears ready to make good on that pledge. bloomberg reported today that the white house intends to follow through on raising top individual tax rate to 39.6% it would then tax capital gains at that same rate for households making more than a million dollars. now, already, that would almost double the capital gains rate from the current level of 20%. but in addition, bloomberg reported that the white house would leave in place an existing additional tax of 3.8% on investment income that biden helped put in place as vice president to pay for the affordable care act. all of this comes as the president is expected to roll out phase two of this infrastructure plan next week, focused on human capital >> can't get ahead i'm not going to get ahead of him making final decisions but the package will be laid out in the speech next week it will focus on the areas we've outlined, child care, ducation historic investments in those and as he did with the american

jobs plan, he'll also propose a way to pay for it. >> just to give you a sense of how much is at stake here, one estimate of the 3.8% tax projected it costs investors $212 billion over nearly a decade another analysis estimates raising the top income tax rate would bring in $112 billion and tax cap gains with ordinary income would be another $373 billion so bottom line, melissa, the administration here is looking at what dials it can turn to offset the cost of its proposal back to you. >> what's the likelihood anything like this could pass, ylan >> it's certainly strong support and then taxing capital gains as ordinary income. the net investment income tax at 3.8% tax, that is one that democrats supported when obamacare was put into place so dst hard to see them getting behind getting rid of that tax so i think there is support for

the broad idea, the question will be, how biden packages this all together we are still months away from seeing any type of legislation formally move through capitol hill here. so there's still a lot that could change. >> sure. ylan, ylan mui, thank you. the chief global market strategist at jp morgan, marko, great to have you with us tonight. we certainly saw the markets react to this. for new york city, the top earners, a parochial way of looking at it. how hard this could hit. the combined marginal tax rate on capital gains could total 58.2% for the top earners. do you think this could have an impact on the markets? >> it could have an impact but a bit too early to say we could see sort of the proposal and then there also is the level, which it is applied this year or next year some implications in the flow

and then finally, we need to see classes. i think it's a little bit too early to conclude. clearly, market today had a negative reaction. >> anything past this, let's just play this game with me, marko. humor for me two minutes let's say something passes this year and they say it's effective the day, two months after it passes in terms of the impact and the flow, you expect selling in advance of the caps gain tax raise. >> if it's supplied for the next year and investors can take advantage. it will be probably selling of winners, but probably some rotation out of momentum and perhaps some of the sectors like growth and momentum and margin segments over the last few years. that's purely hypothetical we don't know any of these. >> let's put that aside for now, marko and get review on the markets because you think that earnings season is going to prove and give the fuel for

another leg higher particularly in the cyclical names. i know you're not a specific stock picker but i look at whirlpool's earnings yesterday and they were very good. the outlook is very good it was a company that even though it's facing pricing pressures, it has power to pass these increases along to consumers. everything was great today, it traded sort of eh on the back of that why do you think earnings season is going to give the markets fuel for another leg higher? >> so it's actually for earnings season, i think it's going to coincide for the earnings season the pieces with the covid in the u.s. is going to start declining very soon. for two reasons, we have some natural immunity and immunizations going well so we think it's not well reflected in the numbers and happen soon in the next sort of maybe one or two weeks. it's going to coincide with the earnings, but earnings are going to also be decent. so we think the basically positive earnings as well as improvement in covid situation

in the u.s. which we expect them to see later on in the europe as well it will basically drive some rotation from growth into value and coincide with the bond yield taking higher and sort of driving also that, so decent earnings, improvement of covid situation in the u.s the value and from the cyclicals. >> marco, thank you for joining us reading through your notes, like you've mentioned some of the areas that you foresee rotation into would you mind shedding light into some of the choppiness we've seen in the financial and small caps and the last three weeks or a month >> absolutely. so you notice that very well, actually sort of three or four weeks that the market moved in the opposite

way. you had the rotation away from cyclicals, away from small caps into more sort of mega caps and higher quality names and so that was sort of last three or four weeks. what was driving that, a few different reasons. one, we did have some negative news globally in coronavirus, especially around india, brazil, turkey, and we also had some uncertainty around johnson & johnson. but that was the one driver. the other driver was bond yields sort of takes a bit lower and equity investors saw the bond yields lower from reopening trade into the quality, into the large cap names and more it's over and we think we'll resume sort of back to reopening trade and reflation trade and we think yields will continue on their paths higher

>> i like the energy trade and reflation trade. help me understand the context for where yields can go and the dollar is going to be by the third quarter. i think i can tell you somewhat how those trades are going to do your call on that please >> sure. so look, it's very hard to say where exactly dollars will go and be, but we think the yields go higher in dollar on the margin goes lower. so where can yields go we think sort of by the end of the year, closer to 200. 195 or 200 that's the best case obviously, that can go either way. if we do have a sort of stronger reopening and sort of growth a little bit to disappoint lower, but we think from here, sort of if we're not 155 or so, actually marching higher and we still think that's going to be good for equities broadly, especially good for value and cyclicals

but don't expect that has to go too fast like we saw basically in january and february. reopening starts in the u.s. and then we delay covid two months happens in europe. reopening everywhere at the same time maybe these should now and emerging markets i think that will allow yields to actually move at a slower pace which is not going to sort of spook the equity markets. that's sort of the dollar. and reflation with a strong view right now. >> always great to speak with you. thank you. >> thank you very much marko of jp morgan guy, your take

>> we started it with these headlines. the market down. i mean, i happen to think i have more of a chance to play shortstop for the yankees tonight than this has getting passed but and all it is and will be. and then a level in the dxy i think that's where we're headed and all lines up for the resource trade and still looking for something the copper names and these energy names. >> what do you think >> i think that's the least likely outcome maybe even less likely than guy

playing shortstop. much more likely and to marko's point, i think we won't see the 10 year run away even though i do think it will trade higher. but i'm a little bit nervous about, if everyone recovers at the same time, all over the world, that might be very difficult for the u.s. 10 year and very difficult for the fed that would make me a little nervous. >> coming up calling all at&t investors shares soaring higher on the back of earnings dial this one back bitcoin boom to a halt dropping more than 15% in one week but one investor said there's more opportunity in the crypto space a nt g ndexbi breakout fast money back after this

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welcome back to "fast money. at&t today, rallying on the back of the earnings beat this morning. at&t adding more wireless customers than analysts had expected the company also saying hbo max

streams service and cable network added 2.7 million u.s. subscribers in the first quarter and this really is what they said in terms of postpaid editions, tim, very different than verizon said earlier this week a huge contrast. >> the cash cow business is certainly more profitable than it was and more free cash flow and $15 billion they gave in investor day and guided, it looks better than that forecast now of $15 billion in debt reduction before the end of the year for everyone i think that's been cynical on at&t. we know the limitations and

they're no longer the largest non-financial issuer out there a stock wickedly underperformed all others in covid and it's as if the covid death nail that hit them in early march is something that somehow wounded the core business it hasn't. that's why the stock has room to catch up >> the performance, in the past three months, it's sort of tried to catch up 8% or so in the last three months dividend yield though. i know you're not a dividend yield investor, 6.6% >> no, it's really not bad and it's particularly not bad when you layer that on top of the points that tim is talking about where at one point, there was a concern about this balance sheet and so the dividend was high because people really believed, oh, the likelihood of the dividend being cut is real and i think that has gone down a lot so the dividend at this level is really attractive. you know, market pe come >> the rise of the alt coin.

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another leg lower. session lows at this point down by 3.2%. josh lipton listening in on the conference call. josh >> ceo pat gelsinger on the calls and pcs, shaping up to be the largest pc market ever

to sign of pc demand slowing but did talk about this historic chip shortage we're seeing and its impact take a listen to what he told analysts >> unprecedented demand stretched supply chains across the industry we doubled our weight for capacity in the last few years but the industry is challenged by a shortage. substrates and components. we expect it will take a couple of years for the eco-system to make the significant investments to address these shortages. >> the cloud inventory dig digestion. they're pausing orders as they work through their inventory focus we know on increasing

competitions and chip rivals bottom line, looking ahead for q2 and intel executives are saying expect strong demand on pcs though there will be fulfillment challenges, they say. they think the bottom will increase cloud digestion sub subsides. >> that was interesting bottoming the first quarter and getting better as the year progresses what's your quick thoughts on this >> that's the hope we've seen that before, by the way. i think three quarters ago, data center was a disaster and it did rebound in the next quarter and stock moved in kind. i'll give them this pass again i think it's about the full year guide. i think at this valuation, it's worth believing with mr. gelsinger and $16.5, wherever it is a pretty decent place to build a position >> pat gelsinger coming up on

"mad money." chips and cryptos now down 16%. last week's record high and check this out since last january bitcoin's market share, the crypto space dropping to 54% is it the best digital coin to park your money in, for more on that, pantera capital ceo dan moorhead great to see you. >> great to see you again. >> you're predicting bitcoin as total share of the market share less than 40% by the year's end but you're still a bitcoin bull, right? >> very much that's one of the examples why it's such a great asset class. up 700% since january of last year and losing market share that's a great asset class >> that's an interesting chart the market share of the coin market the crypto coin market ex-bitcoin and actually went to 34% to 16% in just three months. we're seeing all of these other coins sort of chartered ahead

while bitcoin is having this little bit of a stumble. why investors are going to some of these other coins is it a search for alfa? that bitcoin used to deliver. >> it's kind of like, bitcoin is not all of the same way that the internet is not all just one company. so as investors get interested in etherium, it allows people to invest in more things. they're all going up and some of the newer tokens going up more than the mega caps bitcoin >> you deal with institutional investors. i'm curious, do you think there's going to be a day when goouggenheim doesn't allow to invest in bitcoin but other coins which you're saying have a lot of promise >> so institutions are investing across the spectrum. we have investors in funds that

have 30 or 40 different coins in our portfolios you're seeing it it's not like a light switch where one day, every institution is going to be investment. it's a process of a couple of years. >> what's your top pick in terms of these non-bitcoin no non-etherium coins. >> more scapability, that would be my pick >> polka dot we have to look that one up. always great to get your thoughts thank you. >> thank you >> dan morehead of pantera capital. potentially a great asset to invest in. if you believe the projections. >> yeah. so you should be, we should all be listening to dan morehead because he's been on our show talking consistently about the asset class and he was three or four years or maybe more ahead of that and so the discussion

about the overall share. the platforms and the tokens themselves if there's no question that we see institutional adoption, there's no question that regulators need to address and have been very thoughtful about this and if you listen to most folks inside the industry, they're comfortable with the regulators at this point on this the institutional adoption, it's really just about understanding the use case and come at me, but i mean, doj versus reality, i think that's the difference here and obviously, sophisticated players like dan know that. >> as i understand it, polka dot helps independent block chains communicate with each other and so, if you're a believer in block chains in decentralized finance having to communicate with each other, in theory, they would have to do, then polka dot helps that happen. karen, you have been a dabbler in bitcoin and then are you

dabbling in alt coins? >> yes, well, i have cosmos, which are called atoms similar product of polka dot similar use to polka dot and trades a fair bit cheaper. interesting though to see bitcoin sell off because if you think about just the knee jerk reaction of the selling things that have big gains, bitcoin certainly fits into that category of, you know, you could have holders that have enormous gains that would need to sell if they really believe there was a tax change coming. >> 58% would be a pretty hard bite to take coming up. are the redditers at it again? big news in the game breaking down the action after breaking down the action after thise along the line cars just got boring. you deserve a car that thrills you. like sports cars with three pedals. trucks that take you to incredible places. quick breakrful crossovers. like sports cars with three pedals.

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april 23rd, super speculative in nature 8% move between now and then and the trade that really jumped out. 15,000 of the april 23rd, 20 calls traded for average price of 20 cents in a range of 5 to 80 this is going to be a short-term trading position. the 17 dollar

>> it's like invasion of the body snatchers the value of this business could it changed up 300%. >> for more options, catch the show friday. tomorrow, 5:30 p.m. eastern time time up next, got your final tradeso, and look, it feels like i'm just wasting time. that's why td ameritrade designed a first-of-its-kind, personalized education center. oh. their award-winning content is tailored to fit

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>> whether it be texas, covid, i think vix gives the opportunity to protect your portfolio here. >> guy >> you like tea, you've got to like tm u.s. there's the growth >> thank you for watching fast mad money with jim kramer starts right 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 i'm just trying to help you make money. my job is not just to entertain but teejo educate and teach. call me or tweet me. do we dump stocks wholesale? just get rid