natural gas. we've been hearing commentary about cost pressure. rh comes to mind so we can continue to watch. >> a very nice move higher for lululemon. up 8 or 9% we're out of time on "closing bell." thanks for watching. "fast money" starts right now. live from the nasdaq market site overlooking new york city's times square this is "fast money. i'm melissa lee. tonight on "fast" the epic battle brewing over payment for order flow former fdic sheila bair coming out swinging the fdic needs to do more douglas vfiu of virtue we have both sides of the debate coming up. watching a developing story on

coinbase that stock under pressure as the sec takes aim. why regulators are calling for a crackdown and flaw twist for amc. the theater chain operator dropping bigmoney and big star power on the first nationwide ever tv ad will it pay off? we'll debate that. a trio of earnings alerts tonight. lululemon, rh and gamestop all on the move. digging into each one. lulu is trading at all-time highs after its report seema mody has the details >> reporter: melissa, that is right. lululemon shares surging in after hour trade which would be an all time high here's the story the athletic apparel retailer topping the top and bottom line. the company getting a boost. meagan frank said our performance in the second quarter was driven by a strong response to our product

offering improving productivity in our stores and sustained strength in ecommerce. international sales up 49% north american sales 63% wall street was very bullish on lulu channel checks from piper sandler showing strong sellouts from women's and men's apparel a pick up and growth in mirror, the company they acquired. piper is more challenged by air freight. the conference call is underway. stock, wow, up nearly 12% in extended trade melissa. >> what a move stephen, thank you nike as well as under armour are higher on the after hours session. guy adami, what do you make of this quarter >> ridiculous in one word. operating margins came in 20.6%.

the street was looking for 15.9%, up from 13.6 a year ago if tim were here we'd talk about kager. on a two year the kager was off the charts their inventories are in line which suggests to me given the sales growth they have, margins will be even better next quarter. the only knock on this company that people have been making now for years is valuations. that knock has been unwarranted and clearly given this quarter it feels like it's off to the races. i want to give kudos to the four analysts i think callan, mkm, piper and telse all raised their price targets ahead of earnings today. you know, i think 475 is high on the street given this quarter, i think the stock could trade there. >> in case your "fast money" trader is not working. compound annual growth rate is cagr air fright was an advantage

given the supply chains. in the past that was a knock on the company in terms of eating into the margins than a cheaper way of getting goods here we are. it worked out great. >> guy really got to the heart of it. operating growth not promotional at all that's how they run. but it just shows the strength of the brand and then that operating margin so as revenues grew gigantically, they're able to leverage their expenses. that's how you get operating growth like that the magnitude of that growth is extraordinary. i saw a couple of little bits from the conference call that they had some supply constraints. so the quarter would have actually even been better had they been able to get all the product and that they're already hitting their -- expecting to hit their 2023 goals in the next year so that's kind of amazing. it's at an all-time high

it should be at an all-time high it should be expensive very sadly though i no longer own it and that was -- that is a huge bummer but -- >> applied kudos to them. >> execution was outstanding. >> supply constraints means sales deferred and not sales denied i asked -- maybe i'm asking you from firsthand experience, you being a lululemon customer if you get rid of the stock, what happens >> well, if it's not in stock, they're going to ship it to you. they're going to take care of you. you know, here's the most amazing thing about the quarter for me, mel. as we look at all of these numbers. men's is where they are growing. it's still in the infancy as they have said many, many times. there's still plenty of growth there. 69% of sales continues to be women. as they grow on the men's side of things, i like the fact seema did point out the mirror as well that acquisition for 500

million, i think they stole it calvin mcdonald, the ceo has done an unbelievable job of navigating things. but they were also in such a great position, mel, going into this whole thing, going into the pandemic, coming out now of the pandemic all of that. this is a company that not only thrived during as people got much more casual but they continue to thrive and i think there are a lot of folks out there, new people, that are finding out more and more about lululemon. i'm talking about older, like past the age of 30 i think there are droves of people that are going to find themselves in lulu clothing because a, it's comfortable. b, it looks very, very -- it's getting much more of a corporate look yet stays very comfortable. you look at the margins. everything that both karen and guy were talking about in terms of the numbers the numbers are outstanding. dtc numbers were great the one knock on the stock for a long time is well the pe is stretched. i would challenge this to say why doesn't anybody ever say that about nike.

nike trades about 40 times their growth isn't anything close to this company and yet it doesn't really come up when you talk about nike. i find that very interesting i think lulu has got a lot more room to the up side. it's a name i've been in for a long time. i have absolutely no thoughts at all of getting rid of this stock. >> that's exactly where i was going to go with this, pete. forward pe on lulu is 55, nike is 37, 38, guy under armour is about 35 both again higher in the after hours session on the back of lulu's quarter which one do you like the best >> you didn't do it. you're giving me would you rather rather and for me it's pretty easy. i think under armour is getting dragged up just on the back of this respectfully. it's lululemon it continues to be that's not a knock on nike you look at this quarter karen hit the nail on the head when you see that type of operating margins given the expectations for it, it's a

company running so much better you look at the sales growth and then look at the underlying inventory build, it suggests they're going to continue to do exactly the same good for them. kudos to those analysts that raised their price targets i think that 4:75, i think that's what could youwan has. >> let's get to rh restoration hardware let's get back to seema mody with the details. >> reporter: let's talk about high end furniture rh delivering an earnings report on all front the company beating analyst estimates on both earnings and revenue, raising its revenue growth outlook for fiscal 2021 the company providing some perspective on how else' dealing with supply chain issues inventory did increase by 32% due to the destructions and delays it's seeing it's expecting a manufacturing

restart in vietnam in october after a closure due to the delta variant. the company is delaying rh contemporary, its line until spring of 2022 that rh guest house in new york city will open later than planned. also another time you see this enks season, it's raising prices raising prices in most product categories relating to shipping and higher raw material prices earnings conference call does get underway on the housing front. the stock has been of course a beneficiary of this acceleration to the suburbs shares up 51%. >> karen finer man, you've gn doing some digging they've announced a new strategy. >> i get some tangential strategy they talk about being an arbiter of taste they want to build a restoration

hardware world where you can go to restoration hardware napa, you can go to restoration hardware hotels. even talk about other lines besides contemporary which they may have announced those before. rh jets, that seemed new to me rh yakchts, that seemed new to me correct me it seems rather broad. generally i'm somewhat skeptical when companies go into different lines that -- i mean, this isn't wholly outside but it's somewhat outside of their core competency but they have been able to execute on so many fronts. so i'm impressed with the management team, how could you not be it's just i get a little nervous about spreading themselves too thin maybe with all of these other things maybe they're liking these things i'm not really sure. that is a little bit -- certainly something worth watching because that's going to

be hard to do that. >> rh, integration of food, art, wine rh yacht in the caribbean and medite mediterranean. is this a stretch or logical extension of the brand >> i don't know what bespoke is. when they come up with restoration hardware intertube, maybe i'll get involved. you have to give them the benefit of the doubt every time we've talked about retailers, one name that comes up with williams sonoma has been restoration hardware louise yumata, the longer in outer space the greater the room to the up side, whatever the saying is. that's what's been going on in april. it's been going sideways ever since. i would make an argument, karen and pete might agree, the stock

is greater now than prior to earnings the stock takes out the all-time high of 740. it continues to go higher than here. >> the longer the base the higher in space. pete knew that >> of course >> do you agree on the stock >> i do, although i will say this you look at williams sonoma and you look at what that pe is, guy, in the upper teens. then you look over at restoration hardware, they're not even close to one another. but that being said, the growth is there they continue to impress the transformational processing to digital has been very, very impressive that's something they're working hard on to get that taken care of there's a lot of different reasons to look at this report and be impressed with what they're doing. supply chain restraints that they've got. it really was an unbelievable quarter they've put up the problem i have now is just valuation itself yes, it couldgo a little bit higher it could test some of those highs. up at 7:40 not that terribly

long ago if i'm going to have a would i rather, i'm going to go with williams sonoma. >> would i rather, 12 seconds into the show. that's a record, pete. gamestop shares are dropping frank holland has been on the call and has the details hey, frank. >> reporter: just ona call a second ago that's still going. the ceo focused on the growing logistics capabilities and offerings including the new ability to ship coast to coast 5% eps 76 cent per share loss. just for context a year ago. they posted a loss of $1.40 a share. no guidance and no concrete information about major shareholder ryan cohen's transformation strategy. three interesting developments gamestop said the sec requested additional documents to the trading activity of gamestop first announced back in may.

the company has leased a 530,000 square foot fulfillment center in nevada and customer care center in florida. kind of sounds like a strategy to become an online retailer announced by ryan cohen. half an hour before the bell, adam aaron announced a potential partnership on another outlet. both stocks spiked up a percent and dipped back down gamestop trading value around the 30 day moving average before the bell with shares falling after hours. we'll have to see how retail investors react and if that volume story continues frank, over to you. >> frank holland, i feel like you traffic in some of these names. at least in amc you do. >> yeah, there's a lot of these various names i've definitely been part of gamestop has been one i've admin steered away from, mel it's still less about the earnings and more about what this company is and why it's where it's trading right now let's be honest, when you look at the 52-week range of where the stock has been from lows to

highs, it's absolutely ridiculous what the options were telling us today, we were looking for something close to a 15% move in the after hours. we are not getting that. as a matter of fact, the applied volatilities of the options were over 240 applied volatilities. so just an incredible number that number is going to come down in a hurry but let's not forget it's still a stock that has a fairly decent short interest nothing close to what it once was but, you know, it's not trading off of earnings. this is a stock that's trading far more on different types of momentum and all of the different things in that category when we talk about these meme stocks. >> coming up, a crypto crackdown. c coinbase shares as this is up 3% today. the epic battle in payment for overflow sheila bair out with a new op ed doing more to curb this practice ugs eo other corner, virtu c

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money. shares of chipotle getting a pop today. cowan going to 2,250 bucks on the stock. that's about 17% higher than today's closing price. the stock is already up nearly 40% this year. guy, what's your take? >> you say that knowing full well what my take is i mean, just yet again an example of the burrito blowout playing its course among many analysts in the street we've been bullish for quite some time. this is one of the great turn around stories of the last 20, 25 years or so and i think you could absolutely see that price target in earnings in october. look at their digital sales growth it's ridiculous. as you know, i'm a qudiboa guy i love what cmg is doing good for them on the burrito blowout front. >> karen, i know it's pretty expensive for your taste, no pun intended, but what do you make of this stock?

>> i can afford it but, yes, it's -- yeah, it's too expensive for my taste the execution has been flawless. guy talked about digital sales clearly they were able to pivot during the pandemic. they were wildly successful at that that's going to stay with them and they're the master of that so far i do own starbucks which isn't cheap either i hope they get as much traction, as much profitability from their digital as -- i mean, chipotle has just done a phenomenal job at what point is it too expensive? i don't know i would have said that hundreds of dollars ago good for them. it's interesting to me that the analysts are fighting over themselves who can be the highest on the street. we've seen that a few times. we'll see that with rh and lulu as well. >> yeah, that kind of fight doesn't always end well when you're fighting to be the highest on the street. digital strategy and what they've been doing beyond that, pete, in terms of customer

loyalty plans and new menu items. they've been innovating as well. >> absolutely. brian nichols has done an unbelievable job he comes over from taco bell he absolutely transforms the company that had safety issues, they had a terrible experience sort of a thing going on and that all changed and he literally has made that change over the past couple of years, but it almost happened immediately. i mean, he was very aggressive on what the path was going to be so that they could become the company that they have become now, which is absolutely almost flawless i know that they are stretched when you look at these numbers and you look at what the pe is for a fast food company, it is outrageous but when you look at the execution, digital growth that both karen and guy were talking about, they've done an amazing job, mel they've obviously shifted away from safety. innovated the menu as well they've really done everything that they've needed to do and i think going forward if they can continue to execute the way they have -- by the way, the loyalty

that you brought up when you look at what's going on and they were able to raise some of the prices but also he was telling everybody, hey, look, we're also raising the pay that we're giving the employees people like that sort of an experience as well they like the fact that this is a company that cares about their employees. i think that's a big part of why this company is so -- they've got the loyalty that they've got, because people see this company as part of their own and its amazing experience he's been able to create. coming up, the epic battle of payment for order flow. sheila bair coming out swinging saying the fdic needs to make their case then you'll hear from a man who pays for order flow. douglas cif usaid an fdic crackdown would be absurd. when "fast money" returns.

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sheila bair saying the practice lacks transparency. sheila bair is live with us tonight. we're going to hear from virtu ceo douglas cifu he says an sec crackdown would be absurd. we first want to start off by talking about the op ed that is getting a lot of buzz today. sheila, welcome back to "fast money. great to have you with us. how does it hurt the public markets? >> well, it defeats competition. you don't have to publish the best price to draw the 0order, you decide whether to take it or

not. if you take it, you provide a bit of incremental price improvement on whatever the invested ask is or you send it to an exchange, it's your option it impedes competition you don't have to compete based on getting the order on your quote. you're going to hide your trading interests. that's what's going on there are two trading interests. some of that is being reflected from payments to brokers as opposed to giving spreads to retail traders i know that's hard for them understand they like the commission free trading but believe me, they're still paying for it, just with poor quality executions. >> so you're saying it's not transparent in that retail traders, when you're getting a free trade, you're actually paying for it by not getting the best price >> you're not getting the best price, exactly right >> yeah. >> they are hiding the trading interests. they don't have to display it, publish it to you. they don't have to attract your order. they're giving you an inferior

execution, taking some of the money they would have been willing to pay and giving that to your broker that's what's going on. >> if a retail investor doesn't like this payment for order flow, they can go to a broker where they have the option to turn that off. >> that's right. >> so why is this an issue it's up to the consumer, right, to do his or her homework and decide what -- you know, if they want to pay for it, whether it be a trading commission or pay for it in terms of maybe not as good of a price. >> well, that's true, there are some brokers like fidelity that do not pay for order flow and they also don't charge commissions so that may be the best of both worlds. sure, you can make that choice, but, look, this is an inherent conflict of interest should our regulations permit this type of conduct the current situation hurts the quality and depth of the markets because again it doesn't require market makers to compete based on price if they had to compete on price

you would see more lipid markets and narrower spreads there is a larger public policy issue in terms of the impact on market structure it's just an inherent conflict of interest. usually those things are illegal by regulators. >> a while back the ceo of robinhood, vlad tenev said they should be able to price in fractions of pennies and that could increase the competition between them or wholesalers. could that be a solution or does that need to be revamped >> that doubles down the other way. market makers can also just step in front of a published quote with very minimal price improvement. i think that would really hurt the depth and transparency of the markets. it would be an insider's market. we should go the opposite way. have a minimum requirement for price improvement for off exchange market makers

that would be an i have found even better exposexposure another thing i would hope retail traders would think about is when these wholesalers pay for your order, they are not just paying to get a little, you know, extra spread from you because they're not giving you the best bs, what you're truly willing to pay, but also they're getting your information and these retail orders are now moving stock prices. didn't used to be the case used to be the institutional business which had the informational advantage. now as you're seeing with game stock and other m&m stocks, these retail orders will move markets. having that inside look, the first look by paying for the order flow is also benefitting the big institutions that's your information. your broker's selling it to a big market maker and they're benefitting from it. >> some would say, sheila, that the retail investor hasn't had it this good in a long time.

>> yeah, they would. >> are they actually being -- i mean, do you think they're actually being cheated by payment for order flow we're talking about fractions of pennies here >> well, if you do a lot of trading, pretty soon it's real money. nobody wants to go back to $25 commissions, no. the fact that we have very little commissions, i think some -- you know, there are some brokers who are not doing payment for order flow and also not charging commissions you can still make money off of trading. offer the best bid and price be smarter than everybody else in terms of trading stocks you can make money that way. but it's -- you know, it's a conflict and they are -- you know, it's just -- they're not getting reduced costs, they're getting less transparent costs has it improved? technology has 2345enabled a lof that we don't need to drive down costs. technology has been the lions share of that. we will have that benefit even if they do away with payment for order flow at the sec. >> if you had it your way, would

this be banned would this be eliminated from the system entirely? >> yeah. i think in an ideal world market makers would draw orders based on publishing the best price, publishing the best bid ask. yes, i think that would be the ideal world. this has been going on since the 1980s. bernie madoff, i was working for the new york stock exchange, so this has been around for a long time it's been a big factor in the fragmentation and less transparency i think it is harmful. do i think we'll actually get a ban? probably not but i think it's good to show a spotlight on it, educate retail traders and perhaps there is some movement in terms of reforms that the sec could institute to improve the situation. i think we're the only ones that allow this they don't allow it in the u.k they took a look at it a long time ago and said, ew, we don't want that. they were right. the genie's out of the bottle so

i'm hoping they can at least curb it if not ban it. >> sheila, i have the utmost respect for you, you know that, thanks for coming on the show. we're going to hear from doug in a second this is a complete nonsequitur to a certain extent. here we are talking about it, mel said it, a playing field that's never been more level i understand you can get exercised bythis last night we broke in about a story of robert cap lain trading stocks, everything he did was above board. then you have congressmen and women allowed to trade stocks. you talk about -- that's where it lies. we can talk about tenths of a penny all night long this is why people get so exercised and why, you know, playing field that's supposed to be level is anything but >> yeah. well, you know, there is -- i'm not going to defend all of these other abuses that are going on this is one of many issues that blake securities trading these

days there are a lot of conflicts everywhere i don't think two wrongs make it right. i think there is an inherent conflict brokers should worry about getting the best price for their customers. i don't think they should worry about getting the best deal for themselves i think there are some brokers that do it already, no commissions and they don't pay for order flow that would be the ideal. some brokers can do it you have to ask why can't all brokers do it. you've got to hold your nose, look at that enforcement case against robinhood. there was an explicit tradeoff they were taking worst executions for their customers to get more payment for order flow this is coming out of the pockets of retail traders based on poor quality executions it's less transparent. it's hard j err to explain i get the realities of that. that's why i don't think we'll ever get the message through in a way where we're broadly expected to stop this practice, but i do think it is possible to have zero or very low commissions without payment for order flow

i would love for things to move in that direction. >> sheila, before we let you go i want to ask you about some books that you have coming out next week. >> yes. >> this is very exciting >> yes right. well, thank you for asking yes, i've got -- i wrote a series for children called money etls for albert whitman. two are coming out september 15th billy the borrowing about affordable borrowing and the compound interest when you don't pay off your debt. the other is princess persephone loses the castle they're fun, entertaining. the kids will like it. the parents will enjoy reading them with their kids feel very strongly about this and thank you for asking me that. >> i'll wait until my twins turn 2 until i start telling them about a booby. great to see you, thank you. >> thanks for having me. let's get back to the

payment for order flow debate. joining us is douglas cifu virtu financial. payment for order flow is part of your business, doug. >> yes. >> what are you paying for >> well, i just want to commend ms. bair because she's a very, very talented, smart person. the marketplace she is describing is 1995 the ideal marketplace she described where brokers are routing solely based on best price and wholesalers are competing solely based on best price is the marketplace that exists today her facts are just inaccurate. she, i'm sure, writeswonderful children's book. i think she's incredibly intelligent. she has not kept up with advancement in the marketplace not a single retail broker that takes payment for order flow will route based on the amount of payment they are routing to the wholesalers solely based on the best price that we are competing for. so as guy said, we have a system

today where retail investors for zero commission can get a price that is at or better than they can get on any of the stock exchanges and the aggregate amount of price improvement that we provided as an industry in 2020 was approximately $11 billion, right so we should all be proud of that the execution the retail client gets today is frankly better than what any institutional client can get in the united states with all due respect to ms. bair, she's really just out of her depth here >> there will be some out there, doug, who argue that best price is set based on the nbbo and that price is distorted because so much volume is traded off exchange the nbbo price is set on public exchanges or liv exchanges 40% of total volume goes off exchange so how can we know what that best price is when so much is traded off that liv exchange

skbl the other factual error she had isevery time we fill as a holder, there's an immediate print. the market knows there's no information asymmetry to the wholesaler. if anything, it works in reverse. we sit there prepared. we have bids and offers in 8,000 regs and names we have to take the flow so she's just factually incorrect. we don't have a choice we don't cherry pick it. we don't route it to an exchange we are contractually obligated to have filled execution on every single order that hits our environment. at the end of the day if folks want to come up with a different metric for us to price a group off of, we're happy to do that the nbbo today is the only agreed upon metric people say it doesn't include odd lots include odd lots tighten it up. the value provided by wholesalers is unique. it's unique and we should be very proud of the service that we provide the environment and the

execution quality that retail clients have in this country is frankly unparalleled i don't know where she's coming from who's complaining about this retail clients have zero percent trading. the institutional clients aren't complaining. who's the plaintiff here who's the person making the complaint? who's behind all of this controversy? there really isn't a controversy when you look at the facts and data, there is no doubt that this is the best marketplace in the world. >> doug, you know, there's an army of people on twitter, not saying that these people should be the arbiters of whether or not the system is fair, but there is a perception that this system is fair and certain shares where the bulk of the time of the shares don't go to exchanges, let's just route and amc, there's a perception they are not getting the best price because it's so distorted that

nbbo is so distorted because so much of that volume of that share goes off exchange. can you address that are there some shares where pricing is more distorted than others >> sure. obviously there are more stocks that are of more interest to retail investors you'll have more of that sent by the retail brokers to wholesalers. there are approximately 200 retail brokers wealth managers 10 of them take payment for order flow, the other 190 do not. they still send to a wholesaler. they send it because of the segmentation of that order flow. ironically all of the folks that you just mentioned that are complaining, they're actually getting better execution than an institutional client that's going to pay us commission that doesn't get any price improvement. so the retail folks that are watching, you're getting better execution with immediacy, with a full print to the tape than -- as compared to any institutional investor in this country i get it it's a political pinata right now. it's very easy to say dark

pools, robinhood, citadel, all of this stuff happened but when you dig down and look at the facts and the data, that's what sensible regulators have done in this country for the last 30 years, every time they have looked at the practice and the ecosystem, they concluded it inures to the retail investors there's not another system that is as beneficial to retailers in the united states. i will debate with anybody about that publicly. it's all out there we're a public company we're very proud of the service we provide. >> have you talked to gary gensler? do you think he's off base when he says that banning payment for order flow is on the table >> no. it's his table, right? he's not off base. he's a brilliant man a very smart guy we're scheduled to speak with him i believe next week. we've spoken to dozens of folks on capitol hill. we've spoken to commissioners, staff. reams of data. virtu is all about transparency.

the sec has historically always reacted to facts and to data the facts here are compelling. $11 billion of price improvement. >> right. >> immediacy around execution. 100% transparency. no information advantage when you lay all of those facts on the table and you get rid of the history on anythings that sheila bair is throwing out there, when you look at facts, it is so compelling, the notion that you would change that system because of some innuendo or rumor to me is absurd >> histrionics is a strong term, doug one last, last question. that is if payment for order flow is banned, what happens with your company? what happens -- >> ironically, it's an expense. >> to earnings, anything >> it's an expense our bottom line would improve. why are we doing it? because it's the right thing payment for order flow has created innovation and enabled a company like robinhood, which is a client of ours, to offer commission free trading and to

democratize the market and make trading more available i believe in that passionately i believe in what we have done with them. from a virtu perspective, our earnings would probably go up. sure, i have an interest in this robinhood is a client. we have another 190 clients who don't take a payment for order flow they continue to use our services when you look at the fast, you get past the histrionics, i'll use the strong word again, she doesn't present a piece of data behind anything she just said. all i have is data and the facts and they are compelling. >> doug, thanks so much for joining us >> thanks. appreciate the time. pleasure. >> doug cifu of virtu financial. >> i find myself on the side with doug. as a former market maker, i stood on the floors for a long time, mel. i've got to tell you something i think he's right it is the data we're not talking about 1995 we have progressed things have changed.

the speed of the markets is why we trade the kinds of volumes that he's talking about, $11 billion. i mean, when we talk about this day in and day out, and i see what he's saying about where is the data show us how we are doing something that is in any way illegal or somehow ripping off the customer, i think he's got -- he makes great points i have to agree 100% it's why, however, i left the trading floor because the speed of the game and everything else, it turned into a far more digital type of world because you no longer could stand down there. you can't compete with what's going on with companies like virtu. >> yeah. karen? >> so i know we good-byed the guest but i think your question was at the heart of the matter what happens if that goes away i found it a little hard to believe. please, i want to know the answer if my supposition here is wrong. he said, okay, a cost of his would go away, but clearly some revenue somewhere, right, some

benefit would go away. i don't think he's buying that just for cost so what is the revenue from that? so how do they make money? how much money do they make off that >> right. >> i'd be interested to know i'm not saying people shouldn't make money off of business, but it seems like they wouldn't buy it, buy the order flow, if it weren't valuable somehow how valuable is it >> virtu financial is not a charity. >> nor should they be. >> right nor should it be but to say it's the right thing to do, guy, do you buy that? they do it just because it's the right thing to do? >> i'm 100% -- i've got no horse in this race, but i'm 100% with doug on this i thought he came and acquitted himself extraordinarily well sheila bair is brilliant a lot of what's going on here is absolutely political it resonates with a large part of the audience that doesn't understand the nuances

the playing field, i'll say it for the hundredth time, has never been more level for the retail investor, and that's for a lot of different reasons i think doug is a gentleman for coming on. i thought he made excellent points and i'll say it again, we're looking at the wrong thing. i'll say this again, you should be looking at what's going on with people that are allowed to trade in positions where, quite frankly, they shouldn't be allowed to trade you want to talk about a rigged game, there's your rigged game. coming up, we're going to take another look at gamestop. that stock is taking a big leg lower. much more on this move plus, amc is doing something it's never done before making a $25 million bet on the future with the help of star power. elizabeth holmes leaving the courthouse after day one of her trial. we're following all of the money on this. "fast moy"s ckn o.ne iba itw

in 2016, i was working at the amazon warehouse when my brother passed away. and a couple of years later, my mother passed away. after taking care of them, i knew that i really wanted to become a nurse. amazon helped me with training and tuition. today, i'm a medical assistant and i'm studying to become a registered nurse. in filipino: you'll always be in my heart.

welcome back to "fast money. take another look at gamestop. it was remarkably short. it lasted eight minutes. there was no cfo talk there. the cfo didn't go on the call.

they didn't give any forecasts, karen. an eight minute conference call is usually not a very good sign. we did see the stock move lower by as much as 12% at one point on this. >> yeah. this is like no other company. well, maybe there's one or two others this is their mo for the call. as pete said before, this has nothing to do with fundamentals, nothing to do with earnings. so why spend time talking about that it seems since, you know, people don't really want to peg the valuation here to earnings or anything like that. so let's not spend time with it. that shareholder base, you'd think they'd be pretty up in arms if they wanted to hear more but i don't know it's crazy it's about something else completely >> yeah. all right. down 8% right now. meantime, amc making a big bet on its future with the help of some serious star power

check it out >> we come to this place for magic. we come to amc theaters to love, to cry, to care because we need that, all of us. >> that is amc's first ever

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