percent but the pound is a percent move interesting dynamics u.s. yields followed suit. not like we saw a gap in the spread >> are we in a new focus where it will be on higher rates now the discussion goes. is the market going to be okay with that. >> i am sure "fast money" will be driving into all of that. >> we shall, live at the nasdaq markets this is "fast money. tonight's lineup tonight on fast we are all over shares of nike, the stock moving well off of lows following earnings we will bring you any big headlines. salesforce surging we will break down how the traders are playing this name. heavy lifting. steve is taking the mound for the fast pitch

why he says this fitness stock is about to pump serious gains the s&p jumping over a percent the dow rising more than 500 points all three major averages erasing losses for the week. the s&p is now up 3.5% from interday lows on monday, leading the gains today. energy and financials, both up more than 2% excel up financially so what was behind today's big move is this momentum for real? guy. >> hoping you will tell me, mel. i think on both sides it is for real i think you would acknowledge this is the market we have been finding ourselves in we have seen it for a while. i don't think any of us were too over the moon bearish on monday. as a matter of fact i thought a lot of people thought it would be a one or two-day event. i said we will see 4100 at the

s&p, i will stand by that. what finishes to work, financials we have been behind are off of the mat look at the oil service names today. really big moves at levels we have not seen in quite some time. i think those names are poised for a breakout >> like all of the fears we had on monday dissipated, plus we have higher yields today which super charged the bank trade >> you have some sense, and i think there is better understanding where the fed is ultimately more comfort that a november tapering will be something that will be rate positive and that rate positive for certain parts of the subsectors under pressure since the middle to late june. either the market is applauding inflation or there is a sense that we can run hotter, and if anything we were concerned about deflation and that we were

concerned about covid-19 dynamics that we were questioning how strong the economy could be going into the fourth quarter you know, we went into the week, and even as we started to heat up on the down side with a lot of pain we have seen across transports, industrials, commodities and some of the energy it is not surprising to see them moving higher. fresh 52-week high almost at three-year highs when i think we will be in a deficit mid-next year where we are coming on supply very good. i will say it one more time. i said it for nine months. these companies are run differently than they were five years ago. that is why it is not just a trade. investing in the energy sector at a time you are seeing inflation. the dollar got out of the way for today. that is part of the trade today.

>> what were you trading today, pete >> a lot more energy i have been trading energy for almost a year. it is incredible tim's point, talking about all of the different reasons it has gone from $38 over to $73. it has been on an absolute incredible run when you look at the price of crude it is the beta names that just continue to come each and every day. i look at all of the option trades just consistent on a daily basis. we will probably have 20%, 30% of what we see is coming up in the beta world of energy just continues to help us be there. i am not as excited about holding the stocks but i am going to trade the options the applied volatility remain very, very low and giveyou a great opportunity when stocks like these make the moves they did today. i call them the beta names they certainly do work at a much

different pace when you look at the names versus a chevron or exxon or some of those even chevron and exxon have been moving nicely of late. energy, looking at the financials, they really do take a page from the ten-year, constantly the reality is that some of the names had an absolutely incredible rebound capital one. 175, all the way back and now pushing towards 170. there is a lot of different storylines playing within the markets we are in right now. >> yeah. what were you doing today, steve? >> well, it is the value trade for me i am trying to see if this will be a lasting event, and it is all based on what the other guys just said. it is the ten-year, the fed, the energy space, the financials remember, the reason we sold off was china. china was closed when we sold

off. japan was closed when we sold off. people wind up selling whatever market they can. they were able to sell the u.s. market bounce back the next day, and i believe china was closed it bounced back the next day i think people led to, as tim said, if rates are going to be rising and the ten-year is only up one spot. we need to get rates back to six or seven before we can see value return but that is where i am at on my bets as well >> i get the level is not high, but the move in today's session was large when it comes to yield. a ten basis point move in the ten-year yield in a single session. >> which shouldn't happen. i am upon nonot suggesting i am.

but just over the last year or year and a half, some of the moves we have seen on a percentage basis in what should be the most liquid asset on planet earth they are astronomical. i think we would talk about it all day long every single day. i think it is just a matter of time before the volatility makes it way in. steve is right, 160, 170 level is critical and we will get there a lot faster than people think. >> the message in the market in the last two sessions seems to be, fed taper, not a big deal. global contagion from china, not a big deal or not existent is that a message you believe in or there is no alternative that is ultimately driving the market >> yes, our friend tina. i think it is a case where ever grand is a story i don't want to

minimize the potential impact in the e.m. region. joe will come on the show, and he is one of the best and will outline it it has been a story in slow motion for a long time we woke up we had a number of dynamics including coming out of a holiday period in this country expiration at the end of last week you have a lot of people concerned about the fed. getting a fed meeting out of the way. a lot of the move, outside of the 52 s & p handles we got on monday afternoon a lot of the move has been since jerome powell got out there yesterday afternoon. that tells me a lot of it was fed anxiety as well. seeing rates move higher, healthy. a reminder that normalized rates were closer to 175 to 2% on the

ten-years. we don't want to see yields in the low 110. that was the place we started to build back up. banks, look, the best combination of exposure to an accelerated economy where i think you had decent earnings. the money that banks give capital back to investors in the forms of dividends and buybacks and offer the best exposure across the board and traded the best at first they traded down. as they do they picked up momentum as people understand. the banks are executing across four or five business lines. >> i know i may have used the word contagion i do not mean to imply that the concern is at this point contagion when it comes to systemic risk but a china slow down that impacts the united states and s&p earnings, should we put it aside.

a third of chinese economic output is in the real estate industries bank of america said a 90 basis cut will equal a 3% decline in the s&p 500. seems like something to be factored in. >> i think it is something that everyone is cognizant of but are willing to look at other ends of the market the velocity of the move shows you, and it was important steve pointed out the closures as well it gives you a little bit of an idea of what type of markets we are in right you no. i have not seen the volatility index move like that in a while and i certainly have not seen the velocity of the markets moving the way they have it just shows you what investors are looking for. i don't know what it might be, but i think there are a lot of storylines out there we are constantly looking at and looking for quite honestly storyline after storyline we move to the fed.

another storyline. we will start with another one very soon. obviously it just continues to be this baton toss going on and on and on. but i will tell you, i am just amazed, mel. one day i am looking at volatility days ago trading near 29, and here we are back at 18, just that fast and the way that the markets have gone. the volume and the velocity of the move has been incredible >> yeah. a 3% eps decline on the s&p 500 in case i left the eps part out. very important if someone told me a 3% cut was on the table, that might cause me to reevaluate where we are valued right now >> yeah. i think it is fair to pete's point there are other storylines that are overriding everything there listen, i would submit this might be somewhat orchestrated to try to hurt our markets in the united states, without

question the bank of china effectively said they are going to -- i am paraphrasing they are going to let nature runs it course good for them. maybe we should do more of that here in the united states. i think there is a longer plan in terms of lose the battle, win the war type of thing. i think that is just one aspect and for every one situation in china that we are talking about, probably five positive ones here we don't and that is what is ruling the day >> we have an earnings report. hi sarah >> hi melissa. the ceo is speaking to investors now and boasted about the more than 20% digital revenue growth which is a source of pride he said we are going to be coming out on top of our competitors on digital and on sales. he did reference the supply chain issues which is the issue

right now with nike. he continued the tradition talking about some of the highlights in sports over the quarter, how successful the olympics were. if nike were a country they would have 85 goals. the stock is down a percent. analysts were looking for a number closer to 12.5 billion. north america fell short a bit gross margins were solid 46.5 it speaks to the pricing power that nike currently has. the brand heat is there and very much intact, but the supply chain is an issue. inventory numbers were flat and reflects the two issues nike is dealing with sources 40% of total production

from vietnam the country has been in a mandated shutdown for the last few months and that will delay shipments. they are dealing with shipments around the world being delayed and held up at the ports we expect to hear more when the cfo jumps on and that is usually when the company announces guidance it is not the demand that is the problem. it is just what it calls temporary issues like the production and the delayed shipping >> sarah, keep us posted obviously there is a big facet to the call we are still waiting for and that would be the guidance that sarah mentioned, tim. we talked about the issues, particularly with vietnam and sourcing from this part of the

world. extremely low, single digit vaccination rates and whether or not the issues will ruin christmas. christmas and the holidays in general put a different spin on sales delayed versus denied. there may be a higher ratio of sales denied when it comes to holiday buying >> guy's favorite christmas special is the year without a santa claus. i think we already priced that in you know, the supply crunch coming from vietnam is a warning that we got a while back i think the stock priced in a lot of that. so far held the 152 level, the june spike sarah highlighted the fact that the gross margin in the company are extraordinary. their ability to push around suppliers and exact out as much as they can. the pricing power is america digital in north of 43% and

seeing recovery in their own retail there is nothing in the numbers that are bad i think it is out there. relative to these folks are purchases that would be forgone if they don't arrive out of the christmas tree they will wait to get them in january. nike medium term is so far ahead of their peers i don't think anyone is coming close any time soon. >> yeah. digital revenue basically as a percent of sales is over 20% it is going to be honing in on 25%. i chose it last night when we discussed this under armour i will stick with that under armour was up over 3% against nike and 1% today. i would not count nike out, but i think there are a lot of head winds that will get in the way

that under armour does not have right now. i would stay clear of nike for the near term. >> i remember the self would you rather it is in the ledger. guy, what do you make so far of the quarter for nike >> i think it is a fine quarter. they spoke to the problems they are having we talked about it last night. tim is smart enough to point out we held the level we broke up from over the summer you have to get comfortable with the valuation. digital sales overall are up 28% year over year i think it is fine i think it is going to be higher tomorrow i think the levels that it traded down to off of the 175 all-time high gives you an opportunity to buy it with a very strong risk/reward. >> is nike worth the valuation right now? >> no.

>> quick as i can. >> that's quick. >> coming up on the break new developments now in china's ever grand debt crisis. we are live in beijing with the latest llh ouorce rallying as it gets buisabt the future don't go anywhere. (vo) at t-mobile for business, unconventional thinking means we see things differently, so you can focus on what matters most. whether it's ensuring food arrives as fresh as when it departs. being first on the scene,

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can your internet do that? welcome back to "fast money. salesforce stock soaring after the 2023 guidance above analyst expectations, up 30% in the past six months guy, what do do you with this? >> i know you have a great memory as do the other esteemed memories it was back in august dan nathan called it the best looking chart there was. the stock is going to trade up to the prior all-time high, 270 and probably pull back to 250 and buy it there almost to the penny in the words of carter braxtonworth you have officially broken to the upside and i think the stock is ready to make the move

significantly higher it is a valuation concern. the way the stock is traded is everything you need to see >> i will ask the same question. is salesforce worth the valuation it is at right now and you can expound beyond a one-word answer. >> the one word would be yes the reason i say yes, i look at the company and i continue to see what the growth is there, mel. it is incredibly impressive. every single quarter, each and every year you look at the revenue growth, it continues to swell up more and more and the acquisition of slack i think this is something that has been overlooked. it was a huge acquisition at the time they did it and now i think it is a company that will really fit in well with what salesforce wants to do in the future. it trades at an ungodly p.e. right now but it hasn't been scary the entire ride up and i think there is a lot more room to the upside because it

continues to grow in all of the areas it needs to. i am willing to bite the bullet and go into this high p.e. name. >> you are a believer in the value trade time to be in a high valuation stock. >> there are a couple of ways to play this. the name everybody talks about, the large cap tech names they are seen as value the i.g.v. that salesforce is in, the expanded tech software i was in the low 200s, sold it in the middle 300s trading at 420 now the names in this are microsoft, c.r.m., adobe. they carry an 8% weighting in

the index. if you are worried about c.r.m. on valuation, you can mute a bit of your risk with the other ones but microsoft seems like it is over valued to a lot of value players as well. i am just trying to crush a bit of the risk and buy the i.g.v. instead of any one of the names. >> costco, the company's conference call is underway and we will bring you the latest we are following new developments on evergrande >> deadline for a interest payment has come and gone. what happens next, after the break. ♪ ♪

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evergrande, a major debt deadline has come and gone >> reporter: thanks melissa. the deadline for the dollar bond interest payment for evergrande has now passed and bond holders are eyeing a 30-day grace period where they hope to have more information because the company needs to settle payments of interest or face a possible default. now, the reason why people are somewhat hopeful that perhaps a company would prioritize this is communicating with bondholders to avoid a near term default is one of the priorities the financial regulators had given

to the company and late on wednesday night the company's founder had followed through on to other recommendations by financial really give confidence to wealth investors. they convened a meeting of 4,000 managers where he said just that and he wanted the company to go all-in and to make sure that the company guaranteed homes and then secondly to prioritize wealth investors the journal, "the wall street journal" had also issued a report which really gave the support of the general impression here that the company or the government did not want to step in with their own direct support but wanted the company to be able to work out the

issues in order to avoid a disorderly potential ramification on the economy. and the journal quoted sources saying the central government had told a local official to prepare for a possible storm by that they meant the government and the local officials needed to talk to local state as well as private developers to try to look at ways to potentially take over a real estate asset and also to prepare for possible unrest. and so the government had said local authorities should only step in if they felt that evergrande was not able to sort out the issues themselves. and we started to get some other indications that evergrande could have some problems, the e.v. unit apparently has stopped paying some of the staff

also the company lost a key shareholder. chinese estate, one of the big property developers said they were going to sellout $32 million in shares. melissa. >> thank you are you surprised at all >> this is going to be a complex, drawn out process and i think it will be state guided and a debt resfrrkting that is reflected in the marketplace right now. you know, you will have the government taking a role in this in part. if you take a look at the property sector in china as a

percentage of gdp, it is about 30%. we do see implications to the macro out look for china i think this is going to be a long process we need to focus on the wealth management prospect i don't think you are going to see everything overnight this will be something to watch over time. >> you hit on the aspect that i am particularly interested in. do you think given the reaction we have seen in the bounce back in assets in today's session, do you think that fully reflects and digests the possibility that there could be a hit to the chinese economy if it is the

confidence of the consumer or investor >> we had growth projectically down to zero financial tightening that had better been underway you had a slow down going on in china because of the delta variant. this is more of a downward revision that could be forthcoming given the property market is 30% of g.d.p we do not see it as a systemic problem. if you look at the property there, only about 7% of total lows if you take a look at the size of the total debt of evergrande, at one point $2 trillion that is around 41 basis points in total credit, and the loan loss

provisions was 340 basis points. talk of a systemic problem, i don't see. talk of a macro impact i do see and rising the default rate for chinese high yield bonds >> joyce, it is tim. not systemic but certainly in terms of sovereign risk, macro concerns and investors confidence credit investors have a different place in china than equity investors i would not ask you to comment on each asset class. we have been going sector and sector in china. how are you guiding investors with how to price in the risk? >> well, this is something this is not systemic but it will be industry wide we saw a 5% default rate in high yield chinese bonds. you could easily get into double

digit levels for what the defaults should be it has had more of an impact but evergrande is the largest non investment grade issuer in the corporate bond market. this will have reverberations and it has been less of an impact than one might have thought given the size of the issuer we have to look at what is and isn't surprising china had been allowing corporate defaults the issue is the size of this one, and it will take time to work out we have been taking down the growth forecast before this. we still have china's word that above 8% for the full year property is 30% of g.d.p there will be an impact to be felt on the macro side i don't think this type of contagion has global ramifications and those are the questions we are getting and don't think it is systemic to the banking system in china.

>> not systemic. no global ramifications. do you think that investors here should entertain the idea that s&p 500 earnings could be impacted by a deeper slowdown in china than had been forecasted >> that is a possibility we are comfortable we took the s&p 500 target to 4700 and earnings based on what we have been doing on the covid reopening. we do see infection rates are going down i think that is a bigger factor to look at than what is going on in china but you know, we are seeing an impact in the commodity markets. you know, on the china slow down i think that has less to do with evergrande than some of china's policies and the real question for investors, looking at the economic risk. but we have to look at the

policy risk. a long-term agenda for china and it is not just the economy a lot of this, consumer protection, social welfare, sectors that are important structurally to the middle class. it is focused on disposable income you can see it having ramifications apart from evergrande >> joyce, great to have you with us thanks so much is it a no touch in your view for all of the reasons joyce elaborated on? long list. >> it is a long list i happen to agree with what she was laying out there for us and one of those parts is covid getting better here. the improvements in the -- i

said it for a while and not what is going on of late. if you look back to see what is going on with the government involvement, it makes me nervous for the equity investments, the stocks i literally stopped all chinese stocks that i was trading. i will trade the options the stocks i don't feel comfortable at night anymore because of situations that can happen that we have absolutely no control over whatsoever >> it is an interesting world that we live in when we can say coming off of the bottom from covid is a stronger lift to the market than the downward pressure that could be put from a china slow down that is deeper than we thought it would be. >> yeah. i think we priced in some of the pain from the market's perspective in the last three to six months has been coming from a china slow down and not only clamping down and some of these policy risks you know, i do think that

ultimately in the same way that china was an eye to the recovery we were looking to china also with covid as being the place where we started to see the reopening and we began to measure that we have seen that covid has been the head wind to follow. to think of flat g.d.p. growth in china, i think we are through that if anything, go back to what trades make sense here because of what trades we have seen out of china and evergrande. the transmission mechanism has been commodities and that is something giving you a major opportunity once the dust set - settles. >> coming up all over the after hours action in costco we got the details straight

ahead. grab peanuts and crackerjacks. he said isth fitness stock is about to do some heavy lifting the name when "fast money" returns.

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not too late to sign up. register right now time to get off of the couch and get moving steve said the fitness stock is going to pump higher take it away capital partners put $100 price target 20% upside from where it is at right now. they came to the level based on 29 times 2023 eboda. i do not disagree with them. when we are all talking to the neighbors, they want to get out of the house they are all on their pelotons i know guy does and i know he loves his. people want to get back to a sense of normalcy and back to social life in the gym and they want to get away from their

families they have seen nothing but their families the last two years. you have the near term you have the short-term. it is always a bullish sign. then you also have new products they are coming out with if you want to sit at home if delta becomes more of an issue. you are going to have classes you can dial up virtually. membership a standard $10 a month the $22.99 comes with the virtual classes in addition to it they have also set back and not got involved with meal plans and any other ancillary things they can sell to the gym community. these guys are back, almost to

pre-covid levels the gyms are flourishing as other gyms closed. >> time to vote. are you buying steve's pitch on planet fitness what do you say? >> i think this is a very, very buff presentation. this is judgment-free steve. i am a buyer i think ultimately the membership trends are the key. >> i am going in the no judgment zone i am going to tell steve that is a great pitch. i will tell tim, the reason they have $10 and can make money, people forget about it they still want to hold on to it it is easy that is how they grow so fast. it is amazing. >> guy

>> can you read my smart board for me >> as usual, steve is tougher than morgan stanley. >> i was reading the board.

they talked about their experience with covid factory closures, saying in that experience they learned ramping the factories back up and to reopen takes longer than expected as well there can be delays when the government mandated shutdowns can be lifted. that meant the closure of all of the foot wear factories. it is not producing foot wear in vietnam. what do you make of this a downgrade by nike is not shocking to get but there is nothing here we have not heard already. i think you have a case where investors can focus on the profitability of the business, the operating margins and the sense they are in control of their own destiny. this is a headline on top of other headlines. the stock is resilient in the after hours on the first

announcement let's see where they go. >> this is about where the level of the stock was immediately after earnings we will go back to you what do you think about the action of the stock and what it tells us >> this is not something people wanted to hear i think it is not going to last forever. i still have the view of -- i look at what they are able to do you know, supply chain issues haven't been resolved. we don't know when will it happen what pace will it happen you look at the stock trading 40 plus multiple, i think it has more room to the down side for sure.eing off of the low right now, guy >> he is concerned about valuation and rightfully so. this is a level where we took off from many months ago and where we should hold now i think a lot of the news we have surmised already. let's see how it trades

tomorrow >> we have got earnings alert, costco is on the move with their call >> reporter: it takes a lot to move the consumer staple stock and even good reports don't often do it. costco releases monthly sales. shares are higher by about .7% of earnings beat by a decent margin total more than 15% in the fourth quarter with e-commerce up jewelry was strong and sold a couple of rings in the $100,000 range. home furnishings, pharmacy, sporting goods, electronics were also strong. and on the call the ceo talked about the supply chain challenges and delays and estimated inflation overall between 3.5 to 4.5% range. up from 1 to 1.5% in march and

3.5% in may. price increases include costco or vendors paying two to six times more for containers. charted three ocean vessels for next year with several thousand containers to transport goods on the vessels. by category inflation he provided information paper pulp is up 4-8%. plastic and resin increases on pet products, trash bags, plastic plastic plates 11%. fresh food inflation is middle to high single digits. a lot of color there >> those are all things in

everybody's pantry have they passed on price increases to combat a 4-8% increase >> he said we want to be the last people to raise the price increases. we want to be the first ones to cut the prices when we are able to we have to make thoughtful choices about the business that is his way of saying yes. some price increases are being passed on and we are doing our best to mitigate the cost. that is why they decided to charter the vessels for the next year and they will take matters into their own hands when it comes to costs and potential delays >> thanks. you know there are a couple of things in there that caught my attention. that is a notion that costco will bear the brunt of the price increases where it can that means the consumer will not feel the inflation the other thing, you know, you would look to roll back price

increases when they can. that is not something that you assume at all. >> yeah. they are saying all of the right things you didn't see it this quarter in terms of operating margins, they came in at 3.6% so, for a quarter they did not pass them. but i will take them at their word it comes down to the same thing we have been talking about all show are you comfortable with the valuation, you know, currently trading 38 times next year's numbers. i will say for a property like this i am. memberships do not go, way that is a huge recurring stream. pete can speak to it he will stroll through the aisles like he is running for governor i will stay with costco here >> a lot of people think he was governor strolling through costco how do you like the stock? >> i like the stock. it feels incredibly stretched. that hasn't stopped the stocks

at all down at 317 in march and now 455. this is an amazing company they pass along things when they can. i think they will raise the prices to make up for some of this the question is will they be of their word and cut the prices back down? i am unot sure about that. >> it is game on option traders are doubling down on the name. we have the trade. as we head to break a message from oscar munoz as cnbc celebrates hispanic heritage month. >> you have to specifically focus on the recruitment of the talent and the professional development and while inside the company making them feel like they have value and equal access to the top that takes a lot of effort and work and focus make sure they get people a

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jumping after the price target was raised mike spotted a big bet on i.g.t. in the options market. >> 14 times the average daily volume all of that the result of a trader purchase 20,000 of the 2 26/33 adjusting an earlier position they had had. taking profits on today's bounce and pressing into a larger upside trade >> all right thanks for that. more options action, tune in to the full show. up next planet fitness and the results from steve's fast pitch and today's final trades when traders tell us how to make thinkorswim even better, we listen. like jack. he wanted a streamlined version

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we got this. we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones let's get to the poll results. are you buying no you are clearly not buying steve's pitch on planet fitness. final trade time steve. >> planet. mic drop >> tim >> two biscuits a side, twitter

going all the way. >> steve >> i am going to -- >> not a word. bye. >> metlife, met goes up. "mad money". my mission is simple to make you money. i'm here to level the playing field for all investors. there is always a bull market somewhere. i promise to help you find it. "mad money" starts now >> hey, i'm cramer welcome to "mad money. i don't want to mfriends, i'm just going to make you money must job is to educate and teach. has the delta variant peaked or will the millions of kids who have gone back to school