♪♪ cramelr is off tonight we have a bonus hour of "fast money. coming up this hour, social anxiety, snap plunging more than 26% today. is it putting facebook and twitter on notice as those two companies gear up to report next week we'll break down the trade china tech turning a big corner this week high pressure how he's playing it. pain at the pump gas prices on the rise nationwide oil surging to a 7-year high

we'll drill down on the big move we'll start with a big week ahead for earnings a third of the dow report next week thursday the busiest day of the season >> what is the set going into this week of earnings? steve, what does it look like? >> yeah, carl, all these names and you're very familiar with them with your midday show that revolves around tech those names have hit a wall and they sort of caught fire again a nak like microsoft is up 40% year to date but still is a favorite in every one's

portfolio. apple used to be every one's darling and now every one is worried about supply constraints. i think those are over blown i think apple will exceeds expectations going forward in next couple of months and that will be a great investment for people facebook is always -- go lead. >> go ahead, steve >> facebook and i'll wrap it there. facebook is always been able to defy the laws of gravity is it going to do that again, carl i don't know i think at this point there's too much come down the flood gates for facebook to yet again just shrug it off. >> mike, that's one thing we're beginning to pick up in a pretty good earnings season so far. that is the vulnerability kind of comes from technology whether or not it's the impact on yields, certainly regulatory pressure the changing business model which snap made clear today. do you think that will be the

weak spot? >> yeah. we have been talking about that for a couple of weeks. there's a lot of negative news, negative press about facebook. i think that will turn into earnings will not be a hugely pronounced event for it because it has already experienced some weakness we see that in the valuation and that's based on the head winds that will not be cleared up by earnings i'm not really looking for a whole lot out of facebook. it has a market impact because of its size. microsoft is concerned, i'm obviously, i remain fairly bullish on microsoft because they are doing everything right. they're in all the right places.

google maybe has a limited upside at this juncture going into year end. >> there's so much going on and it's different with any individual company we'll talk about snap and fac facebook you mentioned yields let me go back to that really quickly. i think moving past earnings into 2022, i think this is an unpopular point of view that cyclical dynamics are a good set up for technology and growth

as we get into next year, you'll see leading economic indicators start to roll over you'll see demand slow a bit just as you're starting to see supply chain issues work themselves out i think you see inflation peak and what happens is interest rates follow pmis lower. that ends up being a pretty good environment for a lot of these stocks if you want to be defensive about it, unpopular given everything that's going on but i think facebook fits the bill there. i think facebook is probably arguably the most undervalued fang at this point in time facebook is probably the last company to get cut in small business budgets you also have a wider range of

customers. hopefully helping the ad spend there. all of these things facebook is investing in properly. i like the set up. >> i think that's interesting. a couple of things on that point. one is morgan stanley had some amazing numbers on the capex cycle in the united states the strongest since the 1940s. a lot of that surrounds s technology. >> i like jeff have switched my portfolio and added a bunch of value plays.

that was done specifically because i thought we're going to be in a rising rate environment. rates hit a wall at 1.74 specifically the ten-year. now we seem to have hit a wall again around that level. we haven't breached that level again. i believe jeff is right. i think we're going to see inflation subside. you've been around this market a long time. i've been around this market as well it always sets up to hurpt the most amount of people at the same time. what i mean by that is that rates don't skyrocket and they start to come back in, that's great for technology that's great for growth. that's not great for value

i'll have to make a decision as to where we switch gears i think it's a positive for the overall market >> that's going to be interesting especially going into the fall. let's look at more shares of snap today the social media giant plunges more than 25% after reporting last night company warns of a slow down in growth news sent the entire social media complex into the red did snap shoot a warning flare into the sky let's bring in gene. happy friday good to see you. >> hello >> i heard a couple of things. . how did you respond to the last night's news >> it was clearly, i think you said the flare across the bow.

i think you really fleed to any about their comments, their negative outlook in two segments first in terms of apple and some of their policies around ad tracking i think first piece that jumped out on that front is when we talk to these companies, the social companies, they despise apple. they want to get away from apple. this is exactly the reason why they want to do that. that one was a little bit perplexing to me in part because this supply issue has been around a long time why is now snap talk about it.

they did mention on the call last night this was less of an impact the ad market compared to the changes that apple has made. we got a clear read about what the expectations are we'll see a lot of commentary next week. i think that shares will go higher i think jeff was talking about all this is bad news baked in. i don't think it can get much worse for facebook i want to end my thought with one thing. if you want to anchor the facebook results in one metric, it's pretty easy to do it's daily active users. it was up 7% last quarter. 8% the previous quarter. before the pandemic, every quarter it was up 8% this has been rock solid

>> i would add that facebook has opinion pretty direct in telegraphing this will be an issue for us on the ios side i wonder compared to snap if you think was snap, i don't know, maybe a not guiding the street a little more. >> yes, they will. i guess in facebook's case they talked about other times when be careful about some of the policy changes around ad tracking but around privacy and the impact on what that could be on their business every time they have done that, they just powered right through it they are the only global dire directory. i think yes snap probably could have done a little bit better of a job telegraphing this.

there's going to be some messiness around the language. >> we're talking about the impact on snap, facebook but throw twitter in there snap had an advantage because they were executing on direct response ads twitter hasn't done a great job of that yet. >> i think if you line them up, twitter best position, there's some dynamic around a broader ad market google is direct advertising they don't have the apple

privacy changes or tracking policies to navigate but i think if you put it all together, twitter is best position going into the related to do i understand of the tone and the outlook. i think facebook, if you just add up everything that's been said over the last month and a half, it is pretty bad usually when a lot of bad things have been said before print, it gets priced in >> it's going to be a great week have a good weekend. thanks let's trade this give me some of your favorites and what would you avoid >> yeah, i mean, i think we talk about this in the last half hour and jeff mentioned it too. at 24 times under any other circumstances, the fundamental basis. i like microsoft and continue to with the valuation you're bieg it right here.

if you can stick with that, amazon, you know, but the issue with facebook is one of taste. in other words, you have to hold your nose to buy enp it when you consider some of the issues that surround the company i think all of that has been priced in the market is probably going to hold its nose from here on in. >> interesting cramer is laying out his play book you can check out what's on his radar in the cnbc investing club newsletter sign up right now. we are just getting started. up next, we're following a developing story in the cyber security world hackers taking aim on the u.s. in a very big way. we'll tell you about the new threat emerging and the companies on the frnont line to fight. the crypto currency soars to a new high one says this run is getting started. why she does see 100k in the

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from anywhere, anytime. it's network management redefined. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. . welcome back we're following a developing story in the cyber security world. a new and emerging threat may be emerging >> it's crazey situation right now. american companies should pay attention. because of the risk of increased hacking activity it started when the u.s. government launched a coordinating attempt to bring down the servers of the ransomware group r-evil.

the hackers are complaining it's unfair and illegal to hack them. the dprup says an attack against some servers is another remiep d -- reminder of what we know they also come plaplain the peoe who launched the attack is drunk and intoxicated by immpunity and blood. show who is the boss on the internet also an emerging situation a lot of murkiness and you have to take these things with a grain of salt. they are known criminals and liars. seems like there could be action over the weekend if you run a server, you might

want to keep an eye on it and make sure you are safe over the weekend. >> your beat continues to be straing and chilling >> steve, assuming we would be looking at new episodes of a attempted hacking, how does this play into news week of trading >> to break it down, let's start off with this. if it's going to be government hacks, the lion share revenues come from government contracts this is a stock that has moved sideways and hasn't broken out i would think they have first mover. having said that, crowd strike is a crowd favorite. it's up about 30% year to date 23% of that is in the last two weeks. this one is definitely in every one's purview but carl, when you look at these names, the name that sticks out the most is palo

alto it exceeds its competition it's a huge subscription based business normalized earningings, subscriptions are over 3 billion dollar they are moving the needle in some of these stocks those are the three games i would play >> it's gotten more positive over time, right sgla i guess it probably should. i love how the hackers don't want to be hacked. that made me laugh these stocks aren't cheap. we're seeing more and more this is the single biggest threat to the country, corporate america. we have all of these high profile breaches

it's not just the big companies. i think you have 70% of cyber attacks on small and mid size businesses and you still only have about 10% of companies i.t. spend on cyber security. there is runway for these names even though they are expensive i have a lot of the same names on my list you have a crowd streak. they have great recurring revenues they have improving cash flow metrics. those are things you want to see for a stock priced to perfection to look at your net work in realtime is something palanter gives their companies a chance to do. not cheap across the board but at the same time i think you do have runway if you can be patient enough

>> mike, how to you look at the space in terms of the runway, the white space that they have >> it's interesting. we'll see something along the lines of 40% year on year revenue growth there it's an in demand space in there. if you run a small or mid size business and you see this is a

potential threat, you can face that threat yourself or you can try to enlist some service providers to help you out and maybe off load some of the responsibility of running those servers and things yourself. that would support the big cloud providers and now we're talking about aws which would be feeding into amazon and microsoft. i see this as basically continue pressure to get smaller and mid size businesses to migrate to the cloud as quickly as they can. i think this is obviously going to scare a lot of those businesses they don't want those disruptions and probably want to have a big partner on the technology side to help them through it >> it's interesting. still ahead, a very bold call on bitcoin. one crypto pro sees bit coin hitting 100k in next two months. china tech rallying this week. one of our traders is buying that bounce. we'll break that down that trade.

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try pure protein shakes. with vitamins and minerals for immune support. welcome back we're closing too week on a historic week for crypto bitcoin itself breaking out to a new all time high. it's great to see you. happy friday >> glad to be back >> what's so magic about 100,000. you're not first person to put that year end target on the books. >> absolutely. i think he was the first one to come on air and give us 100k target it's a nice round number

breaking six figures is a historic milestone for bitcoin we had a historic week in bitcoin. over a billion dollars traded in the first 24 hours i think every one has been talking about the etf for ages and ages not a spot etf but allocators are very seriously looking at bitcoin. every one wants to get off zero. this etf is the great new channel where allocators can access this new asset class. >> for a while, we were talking about mine share, market share between bitcoin and ether. we're coming off gold having its best week since august finally getting what appears to be a bit of the inflation trade play. do you sense it will be more competition for bitcoin to accomplish things that it accomplishes >> i think one of the things we're starting to see is the sector matures we used to only talk about crypto currency a year ago now we have over $100 billion of

market cap in publicly listed equities including companies like coinbase and a number of others that are nminors we have public equities and a greater number of crypto assets that have a sizable market cap bitcoin really is very unique in the pantheon of crypto assets. if we look at what's happening around the world now, if we look at how investors are thinking about portfolio construction and allocating long term in this environment, people are very concerned about risk people are concerned about the political environment, the social environment bit coin is unique and has a special place in portfolio and means bitcoin and other assets are complementary.

s >> thank you for joining us. if i give you a caveat that you can't answer this question with bitcoin, what else would you buy? i bought the etf this week for myself just to get a bit of exposure there how do you play bitcoin if you don't want to buy it directly for the viewers? >> great question. this is something we talk about often. i think a great play is buying the etf. it's a simple product and easy to understand. another option, we offer one in europe that trades under the ticker block it's about 1 billion dollar in market cap

i apologize. i'm outside. there's car alarm going off. another way to play there, we're getting some local color here. another way to play this is buying a market cap weighted bassett. there's a number of issuers in the u.s. that offer trust product with a market weighted basket it gives exposure to not just bitcoin but a number of other assets that you can buy through brokerage account. i think the asset class is no longer just crypto currencies but equities as well is really promising. >> our thanks as always. great to see you >> thanks. >> mike, were you impressed with the action in the space this week >> yeah, i think it's kind of hard not to be one of the things that we continue to see is that when you

have increased evidence of adoption that is going to be supportive of this space i'm not that crazy about is when you start buying a product where people who can try to play the the over value asset and buy the undervalued one just one up. that part is not so attractive to me. it's one of the reasons why if you have significant carry in something like the etf, i might be inclined to avoid it. it can expand before it contracts. >> fascinating china tech stocks are making a big comeback is that the all clear for that beaten down trade? we'll dive into energy oil prices surging to a fresh

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etf gaining about 5% its third positive week in row and part of the thesis has been based on valuations. morgan stanley reiterating its out performance saying the market might have over penalized

the stock. it's valuation does look more attractive alibaba at 21 times earning and cheaper that facebook. valuation only one part of an investment thesis. being in line where the government sees opportunity. one example being artificial intelligence it's a report that china is considering making more data available to search engines which analysts say could bode well for baidu >> appreciate that

how many mornings did we walk into the office to see a slew of weird regulatory crackdown headlines. you p tthink this is over >> many mornings no, i don't think it's over. i don't think that was ever the idea they were smart. they leveraged technology but they have their own culture and that's how they are going to proceed. i think that's going to be reflected in regulatory policy going forward. you're going to have some benefit from government investment and areas they think are important. it means less ennoi vags that will be with us for a long time i think you'll have challenges on even the wap we get exposure to certain chinese companies i think about the variable interest entity structure. alibaba is a structure like that what happens when you're no longer able to get exposure.

in terms of what we're doing, i think it has to be nuanced they're not cheap from an absolute standpoint. chinese exposure should be below benchmark. that's clear you stay out of the cross hairs and additional regulatory issues these are the things that we're trying to do because we don't know how things are going to play out >> that's interesting. steve, morgan stanley this morning, the trading did say some of the turmoil regarding the snap social media model

might allow china internet to get a little love or it hasn't happened the last few weeks. >> when i look at these charts, carl, when seema was doing the report, there's so many times you could have taught you were buying the bottom and to your point the way you introduce it to jeff, how many mornings did you come in hearing a new, weird odd headline here. i don't know if we're through that but i think the investor is getting a little impatient and wants to find some sort of out size return. a name like jd looks like it's breaking bovr all its moving averages i will take this as an offer shoot. if we think that the bottom has been reached in china tech, then i think you have to use that to buy the casino plays not that they have anything directly to do with each other

other than it might be all clear. >> i like that too still to come, pain at the pump oil popping to that fresh seven-year high. what impact will that have on gas prices. >> we'll tackle your questions you can tweet us we just might read your answer on air we're back right after this.

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welcome back we're coming up at the top to have the hour. let's get to kelly evans >> thanks so much. in a few minutes on the news, we'll have the very latest on the deadly tragedy rocking

hollywood. alec baldwin killed a cinematographer. we'll talk to a weapons expert about how this could have happened. there's new information tonight. what the laundrie family attorney says what the parents knew about bryan's state of mind days before the body was found the u.s. taking on china in a battle for the future. one of the foremost ai experts weighs in. all that when the news begins in a couple of mips time. time to tackle some viewer questions. first up is a question on nike sdpl >> good evening. i have a question for the fast money panel regarding ing nike is it a buy, sell or lohold

>> how do you think the pressures apply to nke >> i think it's a hold here, if not a buy. they had some troubles with the supply chain i think that's relatively well known many the market. there's a risk it goes on longer than a couple of quarters. i think the recent price action has reflected that it's going to be driven toward the growth stores. i think nike fits the bill and i think the consumer will be strong now it's bounce really nicely off of rising support. i think youcan play it higher here >> yeah. mike, i think it was about ten days ago, goldman says healthy industry backdrop. sourcing concerns likely priced in they initiate with a buy 172. what did you think >> yeah, i mean, we also have to

just talk about management they really been doing a great job for the past several years i think it's really important just obviously i think it's important for nike which i think continues to execute obviously, the demand is there i think it's important just as an investor that we have to be able to see pass some of these short term supply issues and not get a bit too caught up in it. we might learn it does crate some interim pressures we can see the other end of this then i think the companies that are executing on their business plans, niek key has and when they haven't shs they have been quick to reverse it. i do like nike on the upside here >> next up, sam has a question on gm. >> my name is sam and my questions is what are your thoughts on gm with gm doubling their revenue by 2030 and if you think the stock is a good long term investment to make? >> what a week for the autos

>> it's true when you look at tesla, they have so many different angles that they can improve profitability that you can't compare that with a gm gm would love to be compared and get that multiple. it's grossly out performed g plrks. i would say it's still a good investment i believe they are not getting credit for their autonomous drive, technology package. sticker shock. check out our image of the night. you are reading this one correctly. 7.59 a gallon. we'll break down the pain at the

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welcome back to this special edition of "fast money." crude has been on a tear nine straight weekly games and it's pressuring prices at the pump let's get to cnbc with the crude realities. >> oil blistering rally showing no signs of slowing. wti just wrapped up its nineth straight week of gains now up to 70% year to date

u.s. oil broke above 84 bucks this week for the first time in seven years. that mean pain at the pump for consumers. the national average for a gallon of gas is at a 7-year high hitting $3.37 that's up 18 cents in the last month. 1.21 in the past year. americans are paying much more in california, the average stands at 5.30 one gas station in big sur hit $7.59. although the stations remote location means it frequently charges well above the national average. if you thought some relief could be coming, don't hold your breath listen to what president biden said last night at cnn's town hall >> my guess is start to see gas prices come down as we get by and going into the winter, next year in 2022 i don't think anything that will happen in the meantime that will

reduce gas prices. >> he pointed to opec and allies with holding barrels from the market as fueling the price surge. here in the u.s. oil production is nearly two million barrels below pre-pandemic levels. some flass shorlt on fuel, analysts are calling for higher oil including topping $100 that means more pain at the pump for consumers. >> we'll see thank you. the market is notoriously intolerant of crude at levels just north of here >> i don't know if it's approaching rapidly but there is one thing for sure the united states was just recently, believe it or not, the world's largest oil producer surpassing saudi arabia. when oil prices go up, that spurs enp work and we could see the production numbers increase. it will bring down the price of oil. it takes time to flow flu the

system, so to speak. >> north american capital spending growth to increase about 20% on the conference call jeff, do you think finally these producers are going to say maybe it's worth spending a couple of dollars on investment. >> yeah, i think couple of dollars. i think they will be cautious just given what happened throughout the last boom bust sickle i think spending is going to increase i do think getting back to the price of the pump issue, so mike said it, overall economy probably fine because we're a net producer ultimately this probably starts to bleed into the consumer for now they are in good shape we always talk about the excess savings and the pent up demand we do have i think that probably holds true through the beginning of next year when we talk about retail, that's why i would rather be in a nike or lulu, those higher end brands versus a cheaper kohl's or gap

those valuations have come down. i prefer the higher end because of the dynamics that may play out as we move into 2022 >> let's talk about pr prices may be led global head of commodity strategy good to see you. >> good to see you, carl >> i wonder if you would argue that the world is not short on oil and there are reasons to look at whether or not it's come too far. s >> i think the big question is shell production even as spending increases, you cannot ramp up quickly enough if we do have an energy crunch in winter the issue is we may not be short of oil right now but if we have an unseasonably cold winter and we have real issues on gas supply, if there's an increase demand for oil for substitution for power generation then you'll have prices materially higher.

if it's warm winter, sure. if it's a cold winter, i think prices can move a leg higher absolutely >> do we have three straight weeks down and is that notable >> i think it is notable i do think the question is going to be what happens in winter they will supply more gas into europe we haven't seen evidence to date yet that they are actually doing so again, it's fine now you go into winter and russia cannot ramp up and you have other gas producers unable to meet demand then you'll have not only gas prices rising but oil rise as well

>> it's jeff mills seven years since oil last traded at the levels but the one thing that sticks out to many is a lot of the bellwether energy names respect trading at high. >> i'm not an equity analyst but when we think about what happened seven years ago, i think a real difference is we are sitting on four million barrels of additional opec capacity i doi there's a question mark on this market right now. will opec decide to put more barrels on this market and cool this rally what is different right now is we do have these opec barrels signature on the sidelines the question just simply is will

opec come to the rescue in the near term by putting more barrels on the market. sdpr . >> oil prices to rise an additional 5%. does that make sense to you? >> that's what i was saying. there comes down on what is winter again, there are real question marks over whether russia can make good on their pledge to supply more gas into europe. do they want to supply more gas into europe. are they trying to general rats an emergency crisis to force, for example, the german regulator to approve the pipeline i think there are real questions

about if winter is cold, can we get enough energy into the key markets. >> thanks as always. great weekend to you >> thank you >> steve, jeff, mike, great being with you tonight thanks for having me that does it for us on a special edition of fast money. the news starts right now. "the news with shepard smith" starts right now \s. i'm in for shepard smith this is the news on cnbc. alec baldwin pulls a trigger on a prop gun, leaving one dead, another injured. ed laundrie family lawyer, offering up new information, raising new questions about what the parents knew before brian vanished >> they tried to shoot me. >> alec murdaugh, on the night he allegedly tried to orchestrate his murder. er