tightening gestures to maybe get a little bit further it has been a little bit of an upside down situation where yields getting depressed, dollar going up i don't think it's the dog it seems to me the tail at this point in terms of really fitting in with the overall market moves, but yeah, hitting a little resistance. >> that does it for us today on closing bell thank you very much for watching "fast money" starts now. >> i'm melissa lee, and guy adami, breaking down the pull back with morgan stanley's chief strategist mike wilson he has been calling for a selloff, we'll get his take on today's draw and what happens next and baba down 10% in a week. one of our traders has longed this name, why they are hunkering down for the long hall, and twitter taking a tumble, the stock down 3% today.

we'll talk about that with cfo let's get to meg tirrell with details. >> pfizer giving an update on its strategy around potential booster shots that might be needed against covid-19. they're saying while it looks promising just to give a third potential booster of their original vaccine in terms of boosting th boosting antibody levels, they are developing a delta targeted potential booster shot that they anticipate beginning clinical trials of in august if they get the fda's go ahead they don't know that this will be needed. they are developing it just in case they are also saying what they have seen from real world evidence, including from israel makes them more convinced that they think we're going to need boosters within six to 12 months after full vaccination they say based on the data they have seen, while protection against severe disease remained high across the full six months, the observed define against

symptomatic disease over time, and the continued emergents of variants are key factors in the belief that booster doses will be necessary to maintain highest levels of protection so mel, they are covering their bases, making sure they are prepared against delta saying they are assured by what they have seen in the data. >> you cited data out of israel. dr. scott gottlieb when we spoke to him on "squawk box" on tuesday pointed out that was a small sample i'm wondering if they're continuing to study the efficacy of the original vaccine on the delta variant in a bigger size. >> oh, yeah, absolutely. they are going to be looking at a booster of the original vaccine to see how that does against the delta variant itself there are a lot of questions about those most recent data out of israel. it's not even clear they're talking about the questionable number, the 64% protection against mild disease against delta in israel or talking more broadly about the real world evidence that's been collected from israel. they say they start to see a bit of a waning in the protection

from the vaccine after six month, and that's why they think booster shots will be needed of course it's food for their business if they do. >> if they get the green light from the fda is there any sense as to whether or not they can give a time line after that. seeing the trajectory in which they develop the actual vaccine. >> it's a really great question about also the fda would need to decide, you know, are we switching to a different variant targeted vaccine, too. the fda and cdc would weigh in on that, and how does pfizer shift the manufacturing, to make the different vaccine. all of these things need to be considered the good news is it looks like boosting with the original vaccine does lift up your neutralizing abe hitters pretty high, and should be protected but they are covering their bases. >> meg, thank you, meg tirrell from englewood cliffs our headquarters brian kelly, i'm not saying this was a reason behind the market action today but if delta were a concern, this is potentially good news. >> to the extent that markets

don't like uncertainty, there was certainly a theme in the narrative in the market that delta, maybe not in the u.s. but the rest of the world was going to become a problem, and not only that, potentially it was pi piercing through some of the vaccines that would be the worst case scenario to the extent that this takes this off the table, one more thing that you have going on out there. i think this is an incremental positive for equities. >> we knew all of the vaccine makers were working on boosters, they have them ready for whatever time period they thought any variants might be poking their heads up. we're going to continue to get this news. they're going to have boosters ready. i don't think the stock market was particularly bothered. the rise of the variants was one of the reasons yields were weighed down the way they have been the stock market really wasn't reflecting that, and again, the s&p 500 down less than 1% from

all time highs as it relates to the variants really slowing down the global economy anytime soon. >> the context of the market move is important, and that is that the markets are basically at levels we saw just last week. we are just a percent or so off record highs but we were watching the ten-year yield very closely. when it got to 125 and pierced 125 every so briefly this morning, that was a moment where you thought, huh, i wonder if one is in the cards. >> yeah, i had christopher on from last night in my head who said presently the ten-year-year-olds would go down to 1 1/4% and made a compelling case why that would be the case. if you're a bination ry option player, quickly in terms of moderna and pfizer for every intelligent thing i say, karen says 100 intelligent things she said something in the fall, and said moderna is probably

best suited to monetize, and if you were playing the stock market, it would be mrna, and if crow look since then, we have talked on the show numerous times, the stock is going from 60, not in a straight line but we find ourselves north of $230 a share, and pfizer having peaked at 43 when their news came out, has been meandering around 39. moderna is still a way to play it i'm glad karen said that many months ago. >> i thought that ratio in terms of the number of smart things she says to you, that was a little low actually. a little low that was an excellent point on moderna in particular in that the vaccine business to moderna is a much bigger impact to its bottom line as opposed to a pfizer, which is much more diversified pharmaceuticals company, karen do you still agree with that, or is the best way to play the solution to the delta varnlt st - variant still the reopening trades. >> do i agree with that, the things i say, no, the ratio is

very very different. look how smart i am. i own pfizer, so you know, that's gone nowhere. and moderna is up a lot. but i do think that the delta variant, i think brian said it, it doesn't weigh on the u.s. so much, i don't think. but i think it does weigh on the global economy, and that matters to us. and so i do think that's weighing on the market and to the extent that there is good news on the that front, i do think that's better for the reopen trade i think also some of the sort of just momentum of the reopen trade was sort of a transitory excitement about the reopen trade. i'm still long reopen stocks, you know, i think we're going to continue to see strength i think, you know, look at some retail names, i think we're going to see in the words of the great jeff macy, who i love talk about retail with, a gigantic back-to-school season. so that's a reopen trade to me. >> you make a great point, karen. again, broad market is not down a whole heck of a lot.

had hasn't blinked at this stuff, there are sectors that have been hard hit, some of these majors that rely on business travel, and overseas travel are down 20% in the last few weeks or so, and it will be interesting to see how this pfizer news and if we get other news about other boosters, and they seem likely to come in the not so distance future, how some of these stocks and sectors react. if they don't really bounce, then, again, it wasn't about the variant. it might have more to do with the pace or the expectations for a global concentrated or coord coordinated sort of reflation trade, whether that's going to happen or not or what is the level of deceleration we're going to see relative to expectations, and i think that's probably what's going on in some of these sectors. >> that's a good point it's the level of deceleration we're going to see to the extent that getting rid of the delta variant globally is going to release that deceleration to a certain extent we'll talk a little bit more about what's going on in the actual market, but what to me today, you know, it was really

about what central banks were doing and will this liquidity spigot be turned off or turned down and are we going back to liquidity again. >> what do you think. >> we saw what the ecbd d, they came out and said we're going to have a corridor of inflation, and high inflation we're going against as well. what we have to see now, i think ultimately, the economy is going to weaken. central banks are going to be forced back into opening up the spigot, expanding their balance sheets, and that's how you get rising yields in the second half of the year. >> what happens in that scenario, what happens to stocks because at the same time we're seeing better earnings, more earnings power from companies in theory, unless what bk says really impacts what the companies are doing. >> it's interesting, i mean, i know you're a man of the football, the american football, the oblong shaped ball that you kick through the goal post, and i mention that because in the nfl, the goal post, if you remember, used to be basically

on the goal line, they moved the goal post, but the nfl only moved the goal post once, central bankers moved them every week if they see a sign of weakness, they move the goal post. i mention that because it will continue to probably be bullish for equities until somebody or something calls them on it maybe we're close in terms of what's happening with yields, although i do think we're going to bounce. at a certain point, somebody's going to call the friendly bs. i won't use the entire word if you know what i mean hold on, i'm holding on. you look like an elephant. don't you remember the transitory tantrum, you were screaming at the fed, they had it wrong inflation was here, it was high, it was here to stay. right? what happened, man the fed got it right, and they have the same kind of crystal balls that we do, don't they a little bit

i'm just saying. >> you had a good point. >> it's kind of over because we did what we needed to do. >> it's punditry >> what i'm saying is the pain trade on yields, everyone was screaming that the fed was basically going to overstay their wealth, and i don't think we're going to have runway inflation. i mean, my point is like yields went down, they might go lower maybe some technician will tell you to the penny where it's going to stop. i suspect that maybe we see closer to 1% before it's done. you tell me, is that supportive of equities, maybe it turned into a situation, i don't use the term weakening economy, if you think about where we are, we have to think about what would normalize 2022 growth rates based on pre-pandemic levels and what happened in 2020, and 2021, throw them out, it doesn't matter, let's get back to stuff where we can start to model it. >> let's get back to more on today's market action. >> finish your thought, guy.

>> no, ichs was going to say, interesting, you can draw the conclusion gthat the fed has the right visa va rates. that inflation hasn't gone away, it's manifesting itself all along. we'll see. again, as they say, that's what makes markets, mel, sorry to interrupt. >> no worries there. let's bring in mike wilson, morgan stanley chief equity strategist thanks for being with us you have been calling for a pull back are we seeing this unfold as we speak? >> thanks, melissa we have had pullbacks, we have had the rolling correction go through the market it was the high priced tax earlier in the year, and spacs and now they're getting into the reopening and recovery stocks as perhaps people are worried that the change is in this is all part of the same narrative which is, you know, after you reach the peek rate of change on growth and policy, the market always goes through what we call a mid cycle transition, and during that transition, the market is searching for the next

leadership group, and it's confused it doesn't really know, you know, what it wants to bet should inflation be transitory, did the fed stop that, are we going to have a growth slow down that's more meaningful in the back half of the year. all the factors are weighing on the rotations in the marketplace. number one, we can peak liquidity already happened, in february and march, on m 2, m 1 growth that hit the high priced stocks in speculative areas, meaning some of the speculative assets are no longer trading at ridiculous multiples we're taking some of the air out of the balloon there as we go through the transition into the second half of the year, we think one thing that's being estimated, the delta variant is important for international markets as karen said but for the u.s. it's not a big deal i think the bigger deal for the u.s. market and economy is the fiscal cliff we're going to experience the stimulus was so huge over the last 12 months, there has to be a pay back in demand to some degree

i mean, i think part of the yields coming in is related to that, there's going to be a deceleration that's bigger than what people are anticipating >> hey, mike, it's brian kelly so today we saw ten-year yields go below or the dividend yield on the s&p 500 go below the 10-year yield. you kind of had the shift there. in your world, is the bond market and yields going below 125, is that over now? are we looking at the other side have they priced in everything you're thinking about? >> i think, you know, dan mentioned maybe 1%, i think that would be probably the lower limit, but i think there's a point where lower yields are no longer good for valuations, and that's the part of the mid cycle transition that's not over yet pes are still elevated at 21 1/2 times forward, we think the right number is 18 times this is a tough game to play but we have to play. it, and we have that pe attraction will occur as yields go lower, meaning lower yields are no longer good for stocks, because lower yields are telling

us there's going to be a growth disappointment we think there's some risk for earnings to come down in 2022 because of taxes going up and because of margin pressure because of the cost pressures which we do notthink are transient. it's not run away inflation, these are structural cost increases we believe that we think will translate into the lower margins next year. >> do you think the bond market and the move in the ten-year yield is actually telegraphing a message to the markets or is it purely technical and something you look through i feel like a lot of people who are bullish on the markets in particular are saying you know what, look through this, this is just a technical move. this is short covering, et cetera >> it's both clearly we got a little bit over sold toward the end of march there were a lot of technical things that way. the move began in april that coincided with the change. it's a little bit of both. the part that's being under estimated is there is information in the bond market, not as much as there use ds to be because it's somewhat

manipulated and there is information in the curve flattening and the information is telling us we think growth is going to be softer that's why we think the index level correction is in front of us 10 to 15% would be quite healthy. we think that happens in the fall, and that will complete the mid cycle transition >> mike, great to see you. thank you. mike wilson, 3,900 base case for the s&p 500. karen financials have been having a tough go of it because of these yields. are they going to get a respite? >> i hope so i do think so. we'll see. i like that they're going into earnings having sold off a lot i think j.p. morgan is down. i don't know, maybe a little less than 10%. i bought some j.p. morgan just for earnings because i think the risk/reward is compelling. they're definitely cheaper going into earnings. the question is are they cheap i think so what we really need to hear from them is their economic output, and will they grow their loan books. if rates are here, and they don't have more loans, then that

will continue to be pressured and i still think they'll have good trading revenue and banking revenue but nothing like the white hot this year's first quarter with spacs and deals, and they will still be good but notas good, and we saw their credit card portfolio is in great shape but it's smaller and that's a high yield business all of that has been weighing on bank stocks, and i'm staying long going into earnings we'll see, tuesday, j.p. morgan. >> it's coming up real fast. guy, here's the question, though, what's more powerful when it comes to the bank trade? positive words from jamie diamond, the ceo of j.p. morgan or the ten-year yield? >> well, as you know, i don't have a restraining order filed against me by jamie diamond so i'm free to say what i want. as powerful as he is, i think the ten-year yield transcends -- and i think he would agree with that by the way, if and when he comes on the show, we can ask

him, but ten-year yield, and listen to what chris said last night, really really thoughtful work carter has been on this, as has dan, to karen's point, the bank is probably set up well in earnings next week. shares of alibaba under pressure, the stock is down for six straight days. is this pull back a buying opportunity, stick around to find out, and later we're speaking exclusively with twitter ceo ned segal, he'll anll us what's next for the compy. stick around for all of that and much more when "fast money" returns. sometimes, you want speedy but reliable. state-of-the-art but dependable. in other words, you want a hybrid. so do telcos. that's why they're going hybrid with ibm. a hybrid cloud approach with watson ai helps them roll out new innovations anywhere without losing speed. from telco to transportation, businesses are going with a smarter hybrid cloud,

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welcome back to "fast money," we have a baba break down, the stock slumping 3%, down six straight sessions as china continues its crack down on big tech. karen, you owned this name, you stuck by it. at what point do you say you know what, maybe it's not some of the parts anymore maybe the regulatory issue is too much of an overhang. >> well, that probably was like 30 points ago, i guess, but you know, i've been in a lot of unfashionable trades in my

career this is really turning out to be one of them as well, and i am going to stick with it i know the regulatory environment is obviously awful i think people don't think it's good, right, so that's somewhat priced in. the question is it enough priced in, and is the risk/reward compelling enough. to me, it is i mean, the flipside of all of this crack down is do you think that you're going to see a lot of new start ups, a lot of money flow in, and a lot of, you know, competitors to the big tech? i don't know probably not would be my guess but i'm not sure i do come back to valuation, and i do come back to this incredible business of alibaba, forgetting all of the pieces that they own. forget ant, and whatever other ones i'm forgetting. still, there is a real business there, and balance sheet with a ton of cash, so it clearly

hasn't worked, certainly not this week, thank god it was a short week, although it wasn't in china, so i'm staying with it, though i think ultimately i'll make money from here. >> you know, karen we had a long-term chart here from its ipo going back, and it just broke on a log basis that up trend since 2014 the lows there, kind of nasty business, all that being said, all the fundamental points you make are pretty good the one we have no idea about is that regulatory crack down, how much longer does it go if you look at the all tie highs it made last november, that's when they kind of disappear, jack ma, and everything like that, think about how far we've come, how much reach they've had with other companies, i don't think they want to kill the champions, they want to flex with the hundred year anniversary of the communist party, and president xi knows better than that not your money, it's our money here, get in line, and we're

probably close to a bottom. >> but they can inflict a whole lot more pain before they kill an alibaba even for companies that are listed on u.s. exchanges, the chinese government could make it very difficult for these companies to have secondary offerings or other share offerings. >> and that is the reason why we have the weakness, right, is you're getting this turnover in shareholder base so, you know, you definitely have to watch out for that we are probably coming towards the end, at least in my view, if i look at the bigger macro picture, we have the credit impulse has come down. now they're talking about potential rrr cuts, which is going to increase the credit impulse again. that's probably good for alibaba. if you can get through this period where china is simply trying to take control of their champions here, i think the fundamental, and the macro tail winds line up for this. >> we're just getting started on "fast money," here's what's coming up next. coming up, media moguls are wheeling and dealing in sun valley we'll talk to twitter cfo ned

segal about what's on his radar. you don't want to miss that interview. plus, a crypto take down, breaking down today's big moves, and what it means for the crypto current space. we've got that a and lot more when fast money returns. pr what's on the horizon? the answers lie beyond the roads we know.

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. welcome back to fast money, shares of twitter tumbling today, but that stock has been on a tear over the past month, up more than 13% what is next for the social media stop let's get to julia boorstin live with ceo ned segal. >> thank you so much for joining us in sun valley. >> thanks for having me. it's great to be here.

>> i understand you're in a quiet period we're not going to get into any of the things you can't discuss. i'm curious about the pace of product development. twitter has been unveiling so many new things, especially over the last six months, spaces, twitter blue, the subscription service, and you're working on all of these different tools should we expect you to continue that pace of product introductions. >> i'm so glad you have noticed. we are moving a lot faster and we feel like we have been moving faster for years at first it was laying the infrastructure, setting the strategy and establishing the team now you're seeing it in the product, subscription offers, we have twitter blue available in australia and canada, in spaces you mentioned we're allowing now to have ticketed spaces to schedule spaces, this is our live audio chat room where you can leverage your twitter network to find people who are interested in the topics you are and talk more about them. >> when you talk about ticketed spaces and subscriptions, these are two new potential revenue streams. at what point do you think those

two streams or other revenue streams outside of advertising can be meaningful for your business. >> we hope they will be meaningful over time what's important when you think about the subscription offerings and some of the other things we're doing, we want to get the whole world to use twitter space is another way to give people access to great tools and content. second is we know that through a subscription, we can both provide people a premium offering that they otherwise might not get, but also we can help people get paid for bringing great content to twitter. some of what you will see from us over time is where the subscription value accrues to twitter, it goes to the person creating the value. >> a quick follow up on that, what percent of twitter users do you expect to be paying users. >> it's too early to say what that will be over time, we think we can provide real value to a subscription they might subscribe to long form content, seeing news letters about topics they care about deeply they may be subscribing to a service we're giving them access to features they may not have

access to. one way or another, there's a lot of value we can provide to many people beyond the ads they see and great tweets they see today. >> melissa, you want to jump in here >> yeah, i wanted to ask you about activity on twitter these days with the rise of the retail investor i can tell you personally that i have seen so many tweets regarding a lot of the reddit favorite stocks like amc on a regular basis. you can see #amc something trending in the united states. i'm wondering what sort of up lift you have had because of the rise in the retail investor? >> this is a really robust conversation around investing on twitter. we try to be a part of it sometimes. i joined a space to talk about our earnings call after the call last quarter to not talk to constitutional investors but to talk to retail investors who otherwise might not have access to a management team to talk about the company's performance. we want to make sure that we provide people a way to talk about the topics they care about most, whether it's retail

investors, sports, entertainment, politics, or anything else. on the advertising side, we mentioned back in april that we saw 10 x growth from investing, bedding and crypto advertisers, in q1 of 2021 which demonstrates that this is an important trend, that we have a lot of audience on twitter already, and that our advertis advertising products are getting better and better. >> at the same time, twitter has been very active in battling this information, putting labels on tweets that may contain questionable information are you doing that with the same vigor when it comes to financial information, whether it be in crypto or in stocks? >> well, the health of the conversation on twitter is so important to us, whether it's making sure that people can trust the information they see and feel safe being a part of the conversation around investing in the united states or around politics in europe or another part of the world. and that means giving people the tools so that they can control who replies. it means making sure that we

remove spam and suspicious behavior before people see it through machine learning tools and other actions that we could take, and making our rules really clear to people so they know what to expect from us. >> are you ever concerned that in terms of -- sorry, julia, just wanted to follow up, in terms of the health of the conversation that twitter is being used as a platform for manipulation particularly when it comes to cryptocurrencies and the smaller stock, for instance, a dogecoin, one kind of person can tweet one word and move that market. >> one of the great things about twitter is somebody can say something, everybody gets to see it, and that means that people can respond with their own point of view. we don't feel like it's our responsibility to give people a point of view. it's our opportunity to show them what other people think and allow them to be a part of the conversation, whether it's around crypto or around sports. >> and ned, just a final question about advertising we've talked about some of the

non-ad revenue streams, your bread and butter is advertising. i'm curious about the changes that apple has made that are limiting targeting, and also the changes that google is eventually going to make limiting targeting via cookies are going to impact your business is there an opportunity there, is it going to damage your business, what does it mean? >> these changes will certainly bring adjustments for the entire industry for advertisers, for agencies, for ads supported platforms, for the operating system providers and for customers who have to decide what information they want to share. everybody is going to have to adjust this is going to take a long time we'll have to see how advertisers choose to pay for ads. do they adjust their campaigns to reflect this. we see opportunity for twitter we choose to be transparent about information we ask for them, give them choice around it, and use it in a really transparent way to give them hopefully ads that are informative and helpful and relevant to the conversation they are a part of we think this will end up leveling the playing field where many will have the same

information they work with to show relevant ads with advertisers. >> before we let you go. i want to get your thoughts on cyber security twitter has been hacked in the past, and high profile user accounts hacked in the past. as we see this growing threat of cyber security risks, how are you addressing that at the company? >> at the highest levels, we're constantly considering and investing and learning to make sure that we're developing best practices and applying them. for example, we recently have given people the ability to use a physical key to keep their account secure, so even if somebody got their password, even if somebody had their phone number, if they don't have that physical key, that's an example of a way that we're allowing people to secure their accounts that they hadn't been able to do before we'll continue to iterate and learn around cyber security so we can make sure that advertisers, the people who use our service can continue to trust twitter to take care of their information. >> certainly a topic that's on a lot of minds, ned segal thank you so much for talking to us

today. >> thank you for having me. >> julia boorstin in sun valley. guy adami, you are been a twitter bull. >> i think twitter is doing everything right i have said that for a while the stock has had fits and starts, i think it's going to continue the rally on earnings the 22nd they have a real opportunity there, not only to take over from clubhouse, but to monetize in a way they haven't been able to i think twitter is going to change that $80 level i believe it was on march 31st this year >> i found your question interesting about whatever the trend is, whatever the hot thing is, whether it's meme stock or crypto or whatever, it's happening on twitter that has always been the premise, this kind of global kind of meeting place or whatever, so to me, the scarcity of that, and then the ability of these new products that they're launching where a lot of people, let's say they're influencers or whatever, their social graph maps to it, do live audio, a

micro casting platform, and spaces, whatever, there's a lot of interesting things going on there. to guy's point, the stock has rallied 50% in the last few months, since it kind of got washed out over your last earnings report. i don't love that action but i will say this, 2022 estimates and 2023, eps up 4%, and sales up 23% that seems pretty reasonable for a company that might be inflecting here. i think you might want to buy on pullba pullbacks. >> bk is here to break it down later, taking cover, what we spot in the options market today, following today's pull back, we'll bring tyowhito u en fast money returns ♪ ♪ ♪ digital transformation has failed to take off. because it hasn't removed the endless mundane work we all hate. ♪ ♪ ♪ automation can solve that

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welcome back to "fast money," crypto prices down, bony, ether, pulling out of risk assets in the market sell off. what's your take on where we are? >> what's interesting about bitcoin is that we have all been playing this adoption theme. what has driven adoption, it has been federal reserve policy and central bank policy, money printer on the twitter what we have seen since the

jackson hole meeting of 2020 is that bitcoin and bond yields have trended together and traded together it's not a perfect correlation, but they're tight lily correlat or trend in the same direction bitcoin has become a macro asset, number one, number two, it's being used as a pro cyclical inflation hedge when you have central bank policy being very loose, and you think there's going to be inflation, macro funds and players are buying bitcoin, and what we saw as we saw the money supply start to come down, you saw bitcoin come down, so if you are a bitcoin bull like me, what you really want to see at this jackson hole meeting is the federal reserve to come out and say hey, listen, we were wrong, this was a policy mistake or at least walk back some of that talk and have bond yields go higher you even saw today, intraday, bond yields started to tick up, bitcoin started to tick up. >> in a world where you expect the fed to start tapering, you

have a limited window. >> so i'm not sure i don't necessarily expect the fed to start tapering. i actually think the taper talk was a brilliant way to kind of knock the stuffing out of the inflation, reflation trade, took a little bit of the heat off of it but i don't think they can raise rates that much! so this is her show, she usually asks the questions, but i got a question for you, buddy. we are sitting here spending so much time talking about this macro asset as you called it, it has a $600 billion market cap. in macro world, that's the smallest trade on the board. so like are we wasting too much time trying to figure it all out here, and let it play out, and see what happens with the great experiment with the federal reserve, and maybe, you know, maybe it is that value. >> listen, the whole theme on crypto is it is an adoption story. will it be adopted as an asset and what i'm saying is it is starting to be adopted as a macro asset. now, the bigger picture is if it's adopted as a macro asset, will it disrupt gold and so at

$600 billion versus gold's 10 trillion, if you think that's going to happen, which i happen to think it's going to happen to some extent, then 600 billion is the wrong number it's in the trillions. >> coming up, media mogul tom rogers is joining us about the state of the industry. and going all in on insurance plays, we'll break down the big action, how you can protect yourself, too. stay tuned miss a moment of fast, follow the "fast money" podcast. . even after paying for this. love you, sweetheart they guide me with achievable steps that give me confidence. this is my granddaughter...she's cute like her grandpa. voya doesn't just help me get to retirement... ...they're with me all the way through it. come on, grandpa! later. got grandpa things to do. aw, grandpas are the best! well planned. well invested. well protected. voya. be confident to and through retirement. hey, dad!

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welcome back to "fast money," check out the media stocks, how should you be trading big names. let's bring in engine media's executive chairman, tom rogers, a former nbc cable president and cnbc contributor, fast money friend, and now we should know the executive chairman of a publicly traded company engine media just listed today. congratulations on that, tom before we get to that, i do want to ask you about the media space. sun valley going on right now. will any deals come out of it, you think? >> well, there's usually conversation that if there isn't an immediate deal announcement,

there's something that lingers and ultimately turns into a deal announcement, so maybe months down the road but there will be conversations that lead to some deals. >> you want to give us a prediction of what conversations will linger? >> well, traditional media has a lot of challenges so traditional media has got to find a new path and when companies find that they need a new path, usually they find their way to some deals, so something involving traditional media going someplace is my broadest prediction >> okay. karen, you got a question for tom? >> well, i do. i'm going to take your broadest prediction, and just overlap that with something i have in my portfolio, which is viackom, so you saw the crazy ride had nothing to do with valuation whatsoever, they did raise money, do you see them as, i mean, will this still be a public company i'll give you a lot of time, in five years

>> well, my guess is that they will have to find a path to value beyond being independent, but i wouldn't think that would necessarily happen near term they have some very challenged cable assets, some of the more challenged cable assets, particularly in the kids area, and they have a sub scale streaming effort that's gaining a little momentum, but clearly on its own it's going to be very difficult, i think, to break in to the top four or five streaming services that people have this their homes. so i would keep my eye on that one as something in the intermediate term that transacts in some way. >> hey, tom, it's dan. congrats on the listing at the nasdaq, for intermedia you've combined hot trends and digital trend together with e

sports, and gaming and the programmatic advertising, influencer bolt on here. tell us about why all of those pieces work so well together and the opportunity, specifically i guess in e sports, too. >> thanks, dan we have talked on the show about media trends we have talked on the show about gaming trends. what engine media really is a combinationo of gaming and media assets where the two really reinforce each other, and each has a differentiated way for people to play the gaming sector and how media world reinforces the gaming sector. so we have a company that provides viewing experiences for people who are watching sports on tv and gamifys it the same for the hundreds of millions of global viewers of e sports, and gamifys that we have a platform that allow e sports competitors to play against each other, major tournaments that we hold for the

likes of 10 cents riot, and microsoft, and we broadcast those tournaments out to the fans of the e sports world, which again, are hundreds of millions a lot of people thought that the e sport viewing trend was a pandemic thing that would fizzle we're actually seeing that viewership across the major e sports platforms, twitch, facebook, gaming, you tube gaming are actually up 80% year over year as we're coming out of the pandemic so as you said, dan, you also combined that with how to reach influencers in the gaming environment, how to sell programmatic advertising in the gaming environment, very importantly, the data and analytics for gaming that are so important for media companies to navigate how they reach the younger demographics that are there. so it's really a collection of businesses where gaming meets media, how the two reinforce each other with, again, a differentiated way of playing

the gaming sector. >> tickers game, up 80% year over year. that's staggering, tom, thanks for joining us, always good to see us. >> we have game, and we have symbol game. it's great to allow me to talk about game with you guys thank you very much. guy adami, i know what you're going to say. >> say it yourself can you even say the word on national tv, i'll say it the man's a stud, and i'm actually surprised it's not up more than 80% because not only is he a stud, he's midas because everything he touches turns into gold the stock has been trading sideways effectively since this time last year i would submit this is about as important an earnings call as they have had in quite some time to see if you get that re reacceleration of growth and i think netflix is in

earnings on the 20th. how traders are protecting against the market pullback. don't go anywhere. much more "fast money" right after this i'm 53, but in my mind i'm still 35. that's why i take oste bi-flex to keep me moving the way i was made to, it nourishes and strengthens my joints for the long term. osteo bi-flex, plus vitamin d for immune support.

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talking with the ceo of poshmark, catch that full interview at the top of the hour on "mad money," the dow following more than 300 points as treasury yields fell again. traders and the options market are wasting no time buying insurance. mike ko joins us with the action mike. >> we were taking a look at spxu, this is a triple inverse s&p 500 etf. it is a trading instrument that is designed to deliver three times the daily inverse returns of the s&p obviously a long bet in spxu is a bearish bet, and that's exactly what we have been seeing in the options market. today we saw 53 times as many calls trading as puts, the most activity was in the july 18th calls. those expire a week from tomorrow, and the average price of those was about 32 1/2 cents on 18,000 traded of course options traders are using short dated options because you can't hold on to

these levered etfs very long because they experience a lot of decay if you take a look at a long-term price chart, you can see that these are short-term bets, and it does seem that they are setting up for potentially more downside >> yeah, and i think mike would agree, those are pretty treacherous inmates, he mentioned you don't want to do them long-term trading options seems crazy to me at the money put with the etf that tracks the s&p 500 next week expiration that mike's talking about on july 16th would cost less than 1% of the etf price. maybe that's your jam. it's a hard way to make money options on triple leveraged things. >> karen, what does your portfolio look like now? >> it doesn't have that. i have some protection i'm long i am always long, right, so, you know, days like today, actually some of the things held in well, target, walmart, amazon, those kind of things did okay, but you

know, i have some protection but probably 80% net long. 85% net long. >> i'm going to go off topic a little bit karen mentioned amazon, that was an interesting move in light of today's action, particularly in big cap tech guy, thoughts on this move higher by amazon >> off the board for 500, please if you're a fast money fan, you know we said the third time up it's not going to stop at 3550, and we thought amazon set up well into earnings to be honest with you, i'm surprised that we have done it this early, still a few weeks to report i'll say this, i think amazon will continue to trade higher into earnings but as well as it set up two weeks ago, i think that's as precarious as it sets up now i would be looking to take profits a day or two before earnings towards the end of the month. >> mike, thank you for more options action, full show is torrmoow, 5:30 p.m. eastern time up next final trades ♪

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final trade time, guys >> biogen. >> karen >> going around the globe, imdy,

ndi shares. >> it looks like the bond market may have run its course, i think you buy tbt. >> nathan. >> i'm with you on your pfizer breaking out above this range it's been in for two months. >> thank you for watching "fast money" i'll see you in 12 hours on "squawk box". mad money" with jim cramer 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 other people want to make friends. i'm just trying to make you a little 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. may i kindly and politely ask the politicians around the world to c