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tv   Fast Money  CNBC  November 22, 2021 5:00pm-6:00pm EST

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it's matter of where people laid too heavy a bet in terms of individual part of this market going into the final few weeks of the year. >> who was not hire was bitcoin? >> i think the same people own those things >> very strong dollar today. s&p closed pretty much flat. dow up thank you, carl. that will do it for us on closing bell fast money begins right now. live, inside new york city time square, i'm melissa we're all over the action shares of zoom. the stock turning negative after a post earnings pop. it's bringing the latest from the quarter straight ahead a bold call on bitcoin one says the crypto currency is headed to $250,000
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you're looking live at chicago o'hare airport as thousands of passengers get a jump start on thanksgiving travel. we'll break down what's at stake for the airlines as we kick off a very busy week ahead the s&p tumbling in the last hour of the session despite trading in record territory for messiah of the day two year yields spiking to their highst level since march 2020 after fed chair jay powell wads no, -- was nominated for a second term take a look at what that's doing to some high valuation names dan, what concerns you this evening? >> the nasdaq was trading poorly throughout the day we talked a bit last week at that break out in the russell which was another sign of the
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market broadening out. down to small caps and maybe suggestin ing that growth will better than expected there's so much action in the nasdaq that acts so badly. i'm going to say not just the stocks badly but the crowding and the megacap name that's really troubling to me also because it really feels like the last peeler of this rally. it was up on the opening a new all time high. i was looking at my screen apple was up 2%. microsoft was up a percent home depot was up. exxon was up jpmorgan was up. under the hood, there's devastation. some of the other high valuation names that have hung in there. smarter market cap were getting destroyed too. it felt like a lot of bad action the stuff they were crowding in and the stuff they were selling, there was no low low enough for.
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>> talk about crowding apple and microsoft are up 10% in the past month. it's not just today where apple hit a new record high. tim and bk, both on our 12:30 ampbs call said this is a huge day for the market i'll start with bk why do you think so? >> well, dan hit the nail op the head when he said you expected that growth wads going to be better they are going to slow the growth of the economy. that's why you see that today. you saw the bond market move that translated into the high pe names. the names that aren't going to do well in a slower growth environment and that's what we're seeing this is a bit of a change in the guard. when i look at the bond market and take the ten year, once you
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get the ten year above 1.75, that starts to become a drag on economic growth. all of those things together, you have to readjust what your economic and earnings per share forecast was tim talks about this a lot he's nailed this one, the u.s. dollar the higher the u.s. dollar goes, the worse it is for the global economy. it's the new vix you watch that go up, you want to sell equities >> the flip side is it should be helping the fed out a little bit and dampening down inflation dollars had a 5% move since accept up 3.3% since november all of what both dan and bk are talking about is related to on
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some level just where we have come from. it's always in the context of where we have come from is how you have to talk about the market this is the s&p up over 10% from the october 4 lows 35 sessions you had a massive move and the nasdaq has out performed the s&p by 4.5% since the low. the fact you're seeing high multiple tech stocks and then the despac names if you look whether it's draft king or open door, you name them, something was going on today. it's something that's been going on for six weeks. this is the market that is pushing the fed around
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he's going to have to term two than not in term one >> let's take a listen to what she said >> i think we do have to be concerned about inflation. it's reached a level that concerns most americans who are seeing it in their pocketbook when they go to the store to buy food or fill up their cars at the pump i think it's partly a reflection of the fact that pandemic is had a severe influence in our economy and it's part of demand supply and balancing getting on track. the administration, the white
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house is doing everything we can to address supply chain bottlenecks that are boosting prices and over the longer run, the fed needs to play an important role to make sure that this doesn't become indemic. >> it almost seems like she's opening the door to rate hikes here sooner than later call me a conspiracy theorist but i'm hanging around you guys for too long, but that's the way your mind goes when you're in the markets, right >> whatever role they play going forward will be them playing from behind. they're playing from a position of weakness, not a position of strength that's my opinion. i think the market is coming to
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that conclusion as well. yields should not move with that type of speed, in my opinion the fact that yields are moving with the volatility that they are, to me is very concerning. i've said that for a while the stock market hasn't cared. for a brief moment they seem to care we'll see if that continues on the fact that ten year yields can go from 163 to 142 back to 162 in about a week, week and a half of trading is really problematic. when that volatility manifests itself in stock market, i don't know who katie is but she better bar the door >> if this change in the market translates to dip buyers not coming in tomorrow, dan, it
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should be very interesting to see poeople step back into this market >> i think the stuff that didn't work in q1 when rates were going higher, when the treasury yield was at 1.77 p%, that was megaca tech after a quick ramp in january in the start of february almost gave it all back megacap tech, which is the market right now, if you look at the top six names, you know what they are, they make up 25% of the s&p 500 and nearly 50% of the nasdaq, they didn't like higher rates that's the risk right here with the s&p 500, the risk is those names start to under perform look at the apple chart. do we have it here it went up straight line, 10%. that's not normal for the largest market cap company many the world or if you look at microsoft up about 20% in the straight line over the last six weeks. that's the risk.
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if it goads from 1n't 61 now, then you'll have a problem what does that mean for stocks maybe down 10%, might that be the best set up we have going into 2022 where valuations are investors have to reprice risk with rates going liar. again, i don't think rates are going much higher. i think its own set of problems for some of these growth names also >> they still did pretty decently on the day. riddle me this, tim, banks are looking more at the steepening yield curve versus the impact of higher yields on growth? >> possibly. this may also be a day when banks breathe a sigh of relief that the same sheriff meet the new boss, same as the old boss
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i think the federal reserve go go governs the bank the last six weeks have been kind of reprieve period for the move in banks. look at bank of america. just a whisper off of all time high i think this is a combination of a bit of powell call it good will and just banks reasserting themselves after pausing i think in terms of valuation, it's been tough to argue that banks don't give you the best combination of value increased capital buy backs. >> pretty bearish for next year.
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long u.s. dollar, long volatility, long real assets bryan, do you like that play book >> yeah, it sounds like my portfolio. many commodities, let's take oil for example. even if japan and theist will have millions of barrels, that's only a drop in the bucket. if they decide they are going do release from their spr, we might not increase our production. i think that's probably one of the best places to invest. real assets. let's think about -- let's go six months down the road and the fed raises rates of what happens to the economy it slows down. what's their tool?
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their tool is you raise rates, you slow the economy enough so people go out of work, become unemployed and can want buy as much stuff they reduce the demand side. what will happen then? the fed has to print money we have this six month period on lots of volatility but when you come out the other side, you'll want the buy commodities you'll want the buy oil and people are doing that now. >> the mother of all bubbles is happening right now in crypto. we'll get to that later in the show put a pin on that for now. we have an earnings alert. the stock is giving up afterhours call. christina. >> it's quite the turn of events because shares of zoom are up. shares are flat. the company that replaced face-to-face communications during the pandemic posted q3 earnings in revenue that beat the street they are up 35% year over year zoom posted higher than
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anticipated fourth quarter earnings per share with customers contributing more than $100,000 each annually that's up 94% compared to last year as we know, the schools and workplaces reopen. concerns about slowing growth and competition have contributed to zoom sell off in the last three months the stock is down over 29 prts in the last three months that decline cause zoom plan merger, $14.7 billion merger to completely fall through this past september investors say it was a lost opportunity to broaden capabilities but zoom highlighted several new capabilities in the earnings report zoomtopia. businesses can host large scale conferences, zoom phone and zoom room it's going on right now. i'd like to point out we will have a zoom cfo on squawk box this upcoming wednesday. back to you.
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>> christina thank you. tim, how you feeling about zoom these days >> happy i don't own it. i think it's a case where even after they gave you some guidance on next year, this stock still 60 times earnings. i realize it's a growth stock but when you have the biggest companies in the world looking to take a piece of your turf or you have or just operate in your space and offer a broader platform, that's what the stories been about i think zoom will find its space. it's not going to find its space in this market as we talked about. i still think high multiple stocks will be under pressure but it doesn't really matter right now what they talk about in terms of the broadening of the platform, the engagement, the enterprise growth that they are seeing it's going to be relative to what it comes from i don't think it's time to step in and buy a high multiple stock like this. >> it's been down a year
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what do you think? >> you dpgo back to august 2020 and it exploded. it's selling off now stock trades about four million shares a day everything tim said is spot on they wailed away on this stock for a while. you might finally get that day where sellers pile in, buyers say no mas and you get an opportunity to buy the stock for a trade. i think it comes in the form of 235. i think it happens on bill volume day tomorrow. coming up, the big rush. three days until turkey day. thanksgiving that means millions of americans are hitting the skies. weaver live at one of the nation's busiest airports with what is at stake this week for airlines bitcoin going bust sinking below $60,000. weitowtoouhe dn y wn return.
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look, if your wireless carrier was a guy,
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you'd leave him tomorrow.. not very flexible. not great at saving. you deserve better—xfinity mobile. now, they have unlimited for just $30 a month. $30. and they're number 1 in customer satisfaction. his number? delete it. i'm deleting it. so break free from the big three. xfinity internet customers take the savings challenge at xfinitymobile.com/mysavings. or visit an xfinity store to learn how our switch squad makes it easy to switch and save hundreds. welcome back millions of americans expected to take skies as we close in on thanksgiving weekend let's get to phil live on the
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ground with more on the holiday rush >> reporter: a quiet start to the thanksgiving travel rush that's exactly what the airlines and travelers want to see. this week how busy will it be? pretty darn busy the busiest since the pandemic 4.2 million people are expected the fly. that's down 9% compared to thanksgiving in 2019 the busiest day is the sunday after thanksgiving take a look at theeds stocks all of them believe they are well prepared to handle the thanksgiving travel rush one thing you cannot change in pandemic thanksgiving in terms of the airlines and air travel is the fact we're not talking about unruly paz jssengers that's not something we
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discussed in the past. according to the faa that percentage in other words, the faa is still concerned about it as the airlines. it's not good for any of the airlines jet fuel prices up 70% year over year and that is a concern for all the airlines yes they are raising air fare but when you have jet fuel going up 70% in a year, it makes it tougher on the carriers and the investors are showing that given what we seen from the airline stock over the last month twor back to you.
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>> they are incredible trading stocks and i think delta airline is up. this is a level. that's been testing for a year we are starting to really challenge any of the delta head winds. if you look at the stock and the valuation within the group, it's the most interesting of the names. i like it. >> chancellor talk about germany going into lockdown again. there's still another wave going on around the world.
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>> if you want the relative value trade, that's probably right. you buy something like a spirit and sell something like a delta or something like that because you're not going to get the higher level of business travel. it's not as full as it used to be the question you have to ask yourself with the airline is this as good as it get what more do you want? you have pent up demand. huge holiday travel season everybody is booking and yet they still can't get out of their own way. i'm more of a trader of these stocks you look at these in the low end, sell them at the top end but i don't think i'd be an investor in this >> some people like that seat by the latrine because it's more convenient
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>> that's an age joke. people my age have to go to the bathroom a lot it's fine. i get it if you recall you asked us what's when you link letters together and make a word, what's that a homonym or something. you asked us to do that. if you recall it was expedia they reported a decent quarter technician will say major double topic, 191 that took the wind out of the sales. you have to get back into the stock. where do you get back in it's about 135 gets you to 162 and a 50% retracement. that's where you buy the e in the hope trade bathroom jokes notwithstanding. sdp s >> for the record, you've been talking about your bathroom patterns for more than ten years. it's not about age here's what's coming up
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next >> the crypto drops below the 60 k mark we have the details, next. one group hitting the jackpot as one payment player gets declined the traders digging into those trades you're watching fast money happd to miss work for a long period of time? why would i miss work? i don't know. you could sprain your ankle, throw out your back... get hit by a school bus. or a regular bus. get kicked by a horse. fall off a ladder. bathtub mishap. polio. boating accident. stuck by a fork. rabies. wolves. scurvy. talk to us about disability income insurance today. feel comfortable about tomorrow. massmutual. when it comes to autism, feel comfortable about tomorrow. finding the right words can be tough.
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next always good to see you >> way back when, it was at the thanksgiving dinner table where people talked about bitcoin. they started opening coin base accounts and they sent it to a record high in short order >> i kind of like this pattern we tend to get together after these 20% drops. it happened in 2018. i say the same thing down. we're down about 18% from the peak and you should buy it
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don't mean buy it all right now. buy some today buy some next week buy some next month and the month after. keep increasing your dollar cost averaging. all this discussion with the short term price, i've said it on the show before and i'll say it again the price of bitcoin doesn't matter price is a liar. what matters is owning a piece of the most powerful computing net work the world has ever known. you want to keep increasing your ownership. >> you can say it doesn't matter but you believe it's going to 250,000. that doesn't hurt when making the case to buy bit coin instead of saying you want to own a piece of the most computing network in the whole entire world in the course of mankind what gets us to 250 in four
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years? that's your call >> the 250 now is not just pulled out of the air. that is gold equivalent. the monetary value of gold equivalent total value of gold is about 10 trillion about half of that is jewelry and collectibles the other half is the monetary value of gold. i think bitcoin is digital gold. i think it will easily get to that gold equivalent which will be about $250,000 per open e coin >> mark, it's bk, i'm cure you, you mention this in four years maybe because we're seeing ththin things accepting bitcoin and having digital wallet, paypal and all these things, is it possible that four year boom
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cycle won't happen as we get further into this adoption phase? >> great point the four year having cycle is the primary methodology for moving the price up. that four year cycle is real what adviser to happen in that four year cycle and we're about 60% of the way through the current cycle is the speculators come in when the price move starts to happen we saw that in the speculative price moves up into the high 60s. there's some calling for a hundred or higher this year. i think that's certainly possible i think in this cycle, it got truncated a bit but your point
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is on the downside 84% draw down in 2018 and 2050 i don't think we'll see that this time. there's so much institutional demand so much increased use. i think the bear cycle will be lower. >> happy turkey day. dan, you follow the nft world a lot. i'm wondering if you sit around thanksgiving, your grandma, uncles, what are these things or rocks. should i buy one of these things
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>> i think you have it right i think mark did a really excellent job making the case for bit county but he layed in there and the platform that the nfts i think that will be the thing that people are discussing about. i just inked into a couple last night here that's where a lot of the excitement is going. this constinstitutional demand great but you need some retail interest in it and not just focus on bitcoin that's what i find interesting i agree with mark and bk when he says this. i'm dollar cost averaging this up and i'm not thinking about it on the short term basis. >> we love mark and we love the points he makes. it's acronym
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tim, you're an investor. if you're a believer that nft will have a little spike, that should help in theory. >> i think there's so many investors that do the mental math and that's what they are doing. i'm a major believer in the nft world. there's a lot of zeroes out there. it happened to be close to the nft music world where i think you are unlocking value but you have artists thinking about the world differently. you have the business model changing it is converted back to ethereum i agree with all of that it's why i think most folks are having the conversation as much about heath ethereum because it has every day applications for them >> bitcoin baller, where are we? >> if anything we're going to have a shallow type of bear
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market i think it's interesting ha we're starting to see in the crypto market is dispersion. mark mentioned base. you're seeing things like avalanche and atoms are up today with bitcoin down. the market is maturing a bit i think it's here to stay. it's not going away. it should be 5 to 10% of anybody's portfolio. if you 're not there, get off your seat and buy some mastercard under pressure today. the stock is now down more than 10% in a week. take a swipe at this pull back plap
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now, a bridge connects hong kong that makes a day trip possible if only the bridge would open to traffic. the hong kong free press reports a chinese delegation evaluating pandemic check points and facilities and that's why fueled in part the optimism about easing travel restrictions the market could be close to bottoming with current local covid out breaks in china falling to single daily digit cases and partial china-hk border opening before year end it has the potential to crimp any recovery and it adds uncertainty and volatility in a year, next year when melissa, concession renewals are scheduled. the u.s. listed casinos with exposure you're seeing them you have las vegas sands up 6%
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mgm which is much more reliant on its u.s. operations up. i just think the mobility factor in asia, southeast asia are ones that are exciting and venal. i think that's way over done i think las vegas sands is the one to bet on and pun intended a combination has divested some vegas assets to go into higher growth areas the travel restrictions are real
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they have been real. they been a head wind. you're buying vegas sands. >> i think it was 35 and up. it did i think lvs got lumped in with the rest of these chinese stocks whether it's fine or not, i think that's what happened people come to the realization, you don't buy these names when it's best. you try to get when it's at its worse. i think we're through the worst of the news. i think there's upside you look at the price targets in wynn, you have analysts from 105 to 131 absent of any further bad news, i think lvs is the one you want to buy soon. >> let's get to a buzz kill here on mastercard.
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shares falling more than 5% the stock is near its february lows it's been great said lower left to the upper right this is something different. we haven't seen a move of this magnitude. this sort of 320 level is where we bounced off of in february. it's critical we hold here what i find really interesting is seemingly for the first time in the last five or six years, people are starting to question mastercar and visa on valuation, conversations you have not heard oaf that period of time. now people starting to talk about it it's interesting i'm not ready to write it off yet. there is a critical level that we need to hold this 320 level >> yeah. dan, what are you thinking
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>> yeah, it's not just mastercard and visa. look at paypal we have been talking it's down 19% of the year. those two stocks, visa and mastercard down about 10% this those are comcombined. throw in how square acted today and you say, something is going on here. i don't know what it is but something bad is not, we don't know what it is yet. the s&p is up 24% of the year. a lot of these other banks, they act really well here i don't know you guys tell me what's going on these not dips i feel like we're ready to buy yet >> do you think it's all the same they are different companies maybe paypal has a host of other issues with the skepticism surrounding the proposed basic acquisition that happened. >> yeah, there's a couple of different things you have when mastercard and visa and american express are
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under tremendous pressure from fintech. their fees will go down. we know that on the long term basis, it's not a great business model when you talk about paypal and square, those are you fin tech competitors and they still aren't doing well. you have to ask is this telling us something about the consumer or is the market anticipating something about the consumer that means they will spend less or change their habits it probably means they will spend less after this holiday season that concerns me elizabeth holmes wrapping up her second day of testimony in her criminal trial the late breaking details when fast money returns main ch ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations,
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. welcome back we're following a developing story where former thernos ceo just wrapped up her second day of testimony in a criminal trial against her. scott is live outside the courthouse with the very latest. hi, scott. >> reporter: tremember the heart of the government's case is the
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idea she was lying to investors, patients and doctors about her blood testing company that supposedly could perform hundreds of tests on a single or couple drops of blood. in her testimony today, she talked about the things that she was hearing and the reason she had to be enthusiastic about the company. talking about breakthroughs the company was making on a regular basis just within a couple of years of starting up. monitoring soldiers for infection and post-traumatic stress syndrome. she's trying to paint a complete picture over what the government has painted. we asked her about that as she
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left court today >> do you feel like the jury is getting a clearer picture of you with your testimony? >> reporter: she didn't answer she rarely does. she did give us a look the idea here is they try and show that elizabeth had a lot to be enthusiastic about. perhaps she didn't tend to some of the problems that the company had but that's not necessarily a crime. she will be back on the stand tomorrow with more questioning from her attorney. then they take a thanksgiving break. the ideas perhaps the jury is left with that elizabeth holmes testifying on a positive note. that could be brutal melissa. >> should be interesting thanks, scott. we want to call your attention to zoom. the stock is taking a bit lower. hitting lowing of the session with the company's call under way down 6%. dan, what are your thoughts on zoom >> listen, i suspect they are
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executing just fine in a really difficult environment. we have been talk for months about the accelerate was going to happen here dparts think there's valuation it still has a great balance they raised billions of dollars. >> traders are playing that one into be pints. you're watching fast money you're live at the nasdaq markets. back right after this. machin as i observe investors balance risk and reward, i see one element securing portfolios, time after time.
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what's strong with me? i can find strength in a rest day. what's strong with me? there are some nights i sleep so well... i'm ready for anything. find out what's strong with you with daily readiness on fitbit. look, if your wireless carrier was a guy, you'd leave him tomorrow. not very flexible. not great at saving. you deserve better—xfinity mobile. now, they have unlimited for just $30 a month. $30. and they're number 1 in customer satisfaction. his number? delete it. i'm deleting it. so break free from the big three. xfinity internet customers take the savings challenge at xfinitymobile.com/mysavings.
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or visit an xfinity store to learn how our switch squad makes it easy to switch and save hundreds. . welcome back here is a sneak peek catch the full exclusive interview at the top of the hour you can have cramer delivered right to your inbox.
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sign up at cnbc.com/investingclub gap is reporting earnings tomorrow after the bell. stock is well off the highs of the year there could be more pain to come before 2021 ends mike joins us to break down the action hey, mike. >> hi. gap store as we saw nearly three times the 20 day average right now the options market is implying a move of over 11% by the end of the week. substantially higher than the 5% or so that the company is averaged d over the last eight quarters the most average was the weekly 22 a lot of that was institutional purchases. buyers are betting that the news could be disappointing and we could see further weakness following the earnings report. >> what are your thoughts on gap? >> the low hanging fruit of a restructuring story and some of the repositioning and some of the loyalty programs and whatnot
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is out of the stock. the fact there's core brands in there, some reacceleration at old navy down 36%. you've been seeing short interest increase. it's up near 10% again that's attractive but i still think there's negative sentiment that is approved on this company. i think an incredible run. i think it's back to business. i'm not ready to buy in. >> how about you, guy? >> that 22 level is where the stock took off like a race car back in february of this year. traded up to 35. back down to this level now. i think it should be on your radar screen i think we'll know by noon tomorrow which way if it gets to 22 given the short interest, i think you buy it into earnings. >> i notice about gap, a lot of the pauses have dramatic. what i've knowned is i'm getting coupons now 40% off everything again. there was a time when they
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didn't happen but now it's 40% off everything with the 25% on top of that and so on and so forth >> i know how careful you check out those coupons. >> i do. >> i think it's interesting. it sets up really well going into earnings. yeah there's some negative news but it had a bit of a run. i would love to see it dip on earnings and rip right higher. that's when i would be a buyer bad news, good price action. that's what i'm looking far. >> thank you out there the next show is next friday at 5:30 p.m. eastern time chalras. fin tde main i'm searching for info on options trading, and look, it feels like i'm just wasting time. that's why td ameritrade designed a first-of-its-kind, personalized education center. oh. their award-winning content is tailored to fit your investing goals and interests. and it learns with you, so as you become smarter, so do its recommendations. so it's like my streaming service.
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well except now you're binge learning. see how you can become a smarter investor with a personalized education from td ameritrade. visit tdameritrade.com/learn ♪ (swords clashing) -had enough? -no... arthritis. here. new aspercreme arthritis. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain in the aspercreme.
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. final trade, tim >> bank of america >> dan >> where it broke out from lyft >> bk. >> rates are going higher, tbt
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that doesn't mean throw back thursday that means bonds >> i think rates are going higher metlife. met. >> thanks for watching my mission is simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now hey, i'm cramer! welcome to money money my job is not just entertain you but educate. call me 1-800-cnbc or tweet me@jimcramer sometimes

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