at fed funds curve to a fair degree so it will be interesting to see if the market reacts to anything that sounds hawkish from powell as to say, hey, this is what we already thought was coming, so maybe not news >> right we have also got a big line-up of ceo guests tomorrow here on "closing bell" from the icr consumer conference happening right now. we are going to talk to ceos of krispy kreme, shake shock, domino's and crocs everything you need to know about the consumer, how big a hit omicron is causing in stores and what the economy looks like. >> everything from eating and walking it off, sarah. all right. we will talk tomorrow. that does it for "closing bell." "fast money. >> begins right now tonight on "fast" we are charting the come back tech trading off the lows but the chart master says don't be fooled by this he sees trouble lurking in the charts shares of aluminum jumping in the after hours session the company presenting right now at the jpmorgan health care

conference the ceo will join us later later, why this map shows it is game on for sports betting and the boon bear. i'm melissa lee. we start off with a major tech turn around on wall street the nasdaq down more than 2.7% at the lows of the session, climbed back to end the day in the green. tesla, alphabet, microsoft and apple reversing major losses at the open to eke out gains on the day. while the s&p and dow closed lower, both well off the lows of the session. does the late day action give you reason to be optimistic? like a test. we love these things how do you read these things >> welcome back, by the way. listen, i don't know what to make of it today i think you can look at this if you are the optimist, you say, listen, we tested the lows, we bounced, a meaningful bounce into jerome powell tomorrow. great news ahead

all systems are go i look at it and say maybe the market was squaring up ahead of powell tomorrow, thinking potentially he could be more dovish than he has been. which, by the way, he could probably only be more dovish i will push back and say there's a chance you actually hear more hawkish jerome powell tomorrow as he testifies in front of congress because inflation is a big concern. i'm not sure the market will come up. again, i'm not sure what to make of it. i would like to have cbw's take on it in a few minutes on a margin, it is not a bad thing the market bounced like it did. >> a big part was the yields piercing last year's high on the ten-year right now it is running about 1.76, still elevated above that level, dan how do you read this all because it does seem like the ten-year yield wants to go higher >> well, it does until it just fell back to 1.75 after making those new highs, mel you know i keep an eye on the russell 2000, the small cap index, where it was higher back in q1 of 2021 when the ten-year u.s. treasury yield was trading

back at those levels it just can't get out of its own way. i think year over year, it is just what the equity markets are doing relative to where rates expectations are going right now is not particularly bullish for stocks you know, think about this kind of seesaw action we saw today, in a way it is like the markets are really trying to price in all of this news that we know is coming, at least as far as the taper, contemplating what a roll-off means you know, we just saw goldman sachs go to expectations for four quarter point rate hikes this year. i don't think they're going that way, and i think that's actually why the yields came in towards the end of the day to guy's point about squaring off or at least the market squaring off before powell, we had a little knee-jerk reaction today in both bonds and in the stock market we'll see. i just don't expect him to go before senate confirmation hearing, change his tune we had that move last thursday when the fed minutes came out from last month here just for the credibility sake,

they can't change it to me i think equities are probably in this one step forward, two steps back until we hit some sort of point where it feels really oversold, of. not on an intraday basis or one week basis, but a multi-month basis. >> tim, what do you make of the turnarounds? on an individual basic, some of the big tech stocks, heroic turn arounds intraday >> i felt it was over sold today. dan is referring to the big reversals, these are not necessarily recalls. but, remember, we got to the dread correction at least criteria intraday. we were down 10% from the november highs on the nasdaq so i just think you have a dynamic here where, first of all, look, i think we have two fed hikes by june. i think they're going to begin tapering after that second hike, and i think there's a lot of that in the market i think today's move is indicative of the kind of stock market we have in 2022 it is the "v" in my live acronym, which is volatility i think we will have a lot of

this i think you have a dynamic that ultimately, it is very good for equity prices. not volatility per se, but, again, higher rates and higher -- i would just say, you know, higher growth globally is what the story really is around rates. yes, it is fed-induced as well, but i think that rotation into more cyclical and industrial and the things that we've talked about, it is very good but this market can take higher yields let's be clear we always talk about the velocity of the moves, that's part of the fear factor. but, again, this is not fear of the fed hiking two times in 2022, even though i think we have a lot more volatility ahead of us. >> maybe it is the fear of the fed hiking four times in 2022. but i mean i get the point there because strategas has an interesting stat where they say there's been four distinct fed rate hike cycles in the past, and in every one of those rate hike cycles on average technology is one of the top performing sectors so why should it be different this time around, guy? why is there this panic around

rising rates as tim mentions, they're rising for a reason the economy is doing okay or well, so theoretically technology should do well. >> that's a fair question. i think to answer it, i think for many of the technology thames that we talk about, so much of it has been predicated on low rates you have these high growth, high valuation names that, you know, valuation doesn't matter in a zero interest rate environment, but when rates move precipitously to the upside all of a sudden people are taking notice, saying, listen, you don't have to take my word for it if you just look at some of the names in the ark etf, again not to cast aspersions, the growth has been brilliant but some of those names in a high-tech name in a zero interest rate are fine, and when it moves it is problematic you see some of those are down 30% to 70% intraday today, i think ark made another 52-week low.

to me that's what is going on. whether or not it is justified remains to be seen >> the qqq etf crashing through a level before recovering some losses the chart master says beware the bounce you sent out a note i believe at 10:21 a.m., not to the penny you are highlighting the trend break the nasdaq 100 was making. what happened in the end with the massive turn around? >> so for the first time before we look at the charts, for the first time in basically 18 months the qqq, while it recovered intraday, broke a key trend line so the question is, is the recovery the primary the data point or is it the breach of the line and the recovery is the secondary data point that's my hunch, that the breach is the more important and the good recovery at the close less important. let's look at three charts so this is the qqq with the 150-day moving average think of it as an automated

trend line it has come down to the penny repeatedly, and today for the first time in 18 months it undercut the line. closed above it, but it is the first time in a year and a half where we breached that line. look at the next chart. it is candidate cal. it is the actual trend line. the point of the moving average is you are automating the process of drawing lines computer do it for us now. the moving average should track the actual trend line. not once has the qqq touched the 200 day. it really doesn't have the hit rate at 150. so here is the question. final chart. this is looking at the qqq -- it is a ratio chart, so you are not looking at a security itself you are looking at the qqq's relative performance, the index to the s&p 500 what is so fascinating is that we in the past 18 months have gotten back to the dot-com peak. now we are churning there. the bear would say you are putting in a double top. what i think we're doing is

actually just consolidating, and ultimately the question is looking out over 36 months is the s&p a better bet, spy or qqq? ultimately i want to stick with growth i want to stick with innovation, and that's where the qqq comes into play. >> wow carter, thank you. carter braxton worth of worth charting >> you bet >> is that where you want to be, dan, ultimately? >> yes, 100% i think the big question here is what sort of excess can be worked off in the near term. we know that some of the smaller market cap components of the nasdaq 100, the qqq, have been down 40%, 50%. i mean zoom at the lows today was down like nearly 70% it was a massive market story. this is a company with over $100 billion market cap at a tie. so i think it is important to put some different things in contest. if we want to work off some excess, the next place it has to happen are the largest components in the nasdaq 100

it is worth noting that, you know, the nasdaq had a 12.5% peak to trough decline last q1, 2021, when rates were going higher here, and every subsequent sell-off it had 8.5%. 7.5%, 6.5% so it would make sense if we were going back towards the lows of, let's say, late september or early october, that would be about a 13% peak-to-trough decline. if it were to happen that means you have outside moves from apple, from microsoft, from amazon, from google and maybe nvidia and tesla, and throw those in there that would be a healthy setup for all of the strategists who have year-end targets somewhere about 5,000, maybe as high as 5,500. >> if the chairwoman were here -- by the way, she is having camera difficulties we didn't fert about her she made the comparison last week i believe to the dot-com bubble and the way the sell-off has been feeling in technology these days tim, i am wondering where you think -- obviously there will be the rubble, there will be the

pets.com out there, those types of stock that may never really fully recover back to its heyday but there will be others like the amazon.coms that emerge, the microsofts, et cetera, that are stronger, as dan mentioned, if there's excess worked off. >> yes look, i think a lot of the internet stocks and ones that are also related to security and software, i mean, look, palantir is a real company. i actually think zillow is a real company we have talked about zoom. i just think it is absolutely 2.0. if you look at -- dot-com crash 2.0. if you look, you could put together a basket of stocks that were some of the high flyers that are down anywhere from 65% to 80% off the 52-week highs takes function of, first of all, those valuations never made sense. it is also a function of where we've seen rotation in the market that's been going on not for six weeks, but more likely six months in fact, really most of this stuff paeaked around the time we got the first kind of market,

you know, fed fear this started to happen in april and may. so i think the higher rate environment is something that's not great for these stocks, but it is setting up for a great opportunity. i think a lot of investors need to understand, first of all, you know, which of the companies that are real, that are secular stories that the trend is anything, is as good or better now. i think that's really how you have to play it. but multiples are important at some point, and this is a market environment right now where those high multiples are punished >> yeah. guy, are there high-multiple stocks right now where you would say, you know what, that looks interesting here, even with the volatility ahead >> yeah, two nvidia i think had a nice reversal today, but it is amazon kudos to dan nathan, and this is crawling through the wreckage for your dave edmondson fans you crawl through it and you find amazon that traded to the may low, to the august low you are looking for an opportunity around 3,200 and i

think you got it today there are names that have quietly been trading lower you might have gotten your opportunity in both of those >> julian emanuel joins us in new role as chief equity derivatives and quantitative strategist at evercore great to have you with us. >> great to be back with you and the team, melissa. >> you have your price targets out with your new gig. you are one of the strat jipss with an s&p target above 5,000 your best case is 5,509 and the worst is 3,575 in the best case, what does the backdrop to that look like you have to have, i would assume, the leadership of technology be in place >> it doesn't have to be leadership as we've known it the last couple of years it needs to be at least a market perform, but what that really is, is if you go back -- we've talked about this a lot. we have been talking about this a lot for about a year now, all of these elements of the

similarities to 1999 and 2000. the critical element here that would get us to that kind of overshoot is if the public, which has been a major player for the last year and a half, it is something we spotted at the end of 2019 before the pandemic, really emotionally embraces. they've put their moneywhere their mouth is, but they haven't really committed sort of every last dollar in the way that was the case in '99 and '00. if you get that kind of emotion, particularly if the pandemic turns endemic at mid year, that's how you get that kind of overshoot. >> so the difference between your base case of 5,100 and your upside case of 5,500-plus is the notion that the retail investor will go head-in, every last dollar into the stock market >> that's right. look, we've seen very vigorous participation for the last year and a half without actually the

concurring emotions that you tend to get with that kind of participation. if you get that emotional surge and if you get bounceback trades in some of these stocks that we're talking about, areas of the market down 50%, 60%, 70%, and we're not saying that they're going to be the leaders, they aren't. but if you get those stocks to bounce back along with the perception that the fed isn't going to derail the rally in any way, shape or form, that's how you get that kind of emotional surge. >> hey, julian it is time nice to have you back. happy new year is any of this scenario/analysis a function of inflation staying static in other words what do you do with inflation at 6.9 or 7.1 or whatever we're getting this week is that part of a downside scenario if it stays sticky? >> it absolutely is. because what we don't know is, is the fed going to under react or overreact obviously this whole idea of

inflation being caused by a number of factors, supply chain disruptions among them, which is really showing some of the first green chutes of easing up, we don't know how that plays out. but ultimately to get stock prices to move to those kinds of extremes on the upside through our price target, you are going to need a perception that inflation is going to moderate we actually do think it moderates later in the year, but stays high for an extended period but the market in general, given the earnings power, given the economic momentum, can withstand that scenario. >> 5,100 which sector gets us there which sector is leadership >> we actually like value here we think that the price action you have seen in december to start the new year really carries through for the balance of the year. we think financials look very, very interesting they've had a great run

recently those stocks still in comparison to their weighting are barely off of their financial crisis lows industrial is very interesting to us. they should have been an outperformer in the second half of the year. they weren't because of the supply chain worries those are going to abate that's a sector that plays catch-up and health care, defensive and immune to interest rate moves and geopolitics. >> julian, good to see you happy new year thank you. >> thank you >> julian emanuel of evercore isi. i know what you are going to say, guy i dig julian do you dig what he wants you to buy this year? >> you know, it is funny i dig julian you're so in my head it is scary after 15 years >> i know. >> i'm with him. i would add energy to that i'm sure somewhere in there energy lies. but health care was an outperformer today, if you look, some of the big cap pharma names. i'm not sure those in the collective can get us to 5,500,

but i like the sectors without question. >> what do you make of julian's premise that if the real tail investor wins full on into the market we get to 5,500, plus there's the notion that the fed won't derail the rally is that realistic under your scenario in that view, dan >> yeah, but not from here the retail investor, they're the ones that were chasing meme stocks, they were the ones chasing crypto, they were the ones chasing a lot of stuff that's down 30%, 40%, 50%. i feel it is easy to say we had the new entrants into the markets over the last couple of years and the consumer balance sheets were buffeted, think had nothing to do, easy on-ramps and demockerization and all of that. that's fine and good until it gets bludgeoned and that's what happened under the surface if you think about passive investing, that's one of the reasons the s&p is only down 3%, but all of the stocks individuals own has gotten killed that has to work its way out a little bit

you can name all of the value sectors. you can name indenergy and industrials and they're not going to get the market to 5,500 at any point in the next five years if you don't have the mega cap names. i know there's some new ones emerging i know that facebook is nearly a trillion i know that tesla is a trillion. i know nvidia is 700 billion, and ultimately all of those names for the most part have massively outperformed everything else. so i just don't know you get back up there if you don't have those names participate, but they need to probably rally from lower levels in my opinion >> all right we have an after-hours alert on intel. those are soaring on news of a new cfo. kristina partsinevelos has the details. >> reporter: you saw it ease off a little bit after the company announced david zinzler who will be the executive vice president and chief financial officer. he holds pretty much over 20 years of experience in the semiconductor space but is

pretty much a cfo switcher ooh ziesner was head of micron, but a quick search online shows his biohas been taken down from micron's site. micron says its chief business officer and executive vp will serve as interim cfo while the company searches for a new cfo meanwhile, david zinzner will take on the role of finance head at intel starting january 17th until though, today was one of the bite spots on the nasdaq 100, but it is still 20% from the 52-week high melissa. >> thank you tam, what do you make of this move >> i don't know that it is a market-changing move again, intel was actually in the green during the blood bath earlier in the day before this news was announced clearly when you consider the drivers for intel over the next three or four years, it is a massive capex program. when it comes to the c-suite and how they manage the balance

sheet, i think it is very important. i think intel is one of those stories in chipland where folks looking for rebuilt foundry, rebuilt importance in the dynamics of intel have really had them underperforming tsm and some of the other peers are starting to slowly turn. i think it is a rotation story and i wouldn't put a ton of credence behind the cfo story as the move in the stock. >> rivian shares are dropping in the after session. phil lebeau has the details. phil. >> reporter: melissa the reason rivian shares are under pressure is we have confirmed what was first reported by dow jones about an hour ago, that the former coo, rod copies, left the company in january as they were ramping up production of r1t and r1s and getting ready for first deliveries of the amazon delivery vans. the significance is two fold first of all, any time the coo

of a ffrg company leaves it raises questions, why was he leaving. rivian sent a statement saying that copes' departure was months in the planning process. by the way, he became coo in mid-june after 19 years in the motorcycle industry. he wasn't with rivian terably l terribly long, a little over a year, year and a half. the other question is when did he depart. the company reported q3 results and had a market call with analysts on the 16 fgt was it after that? why was it not released in a safety saying that he left the company. why was there no mention of it during the conference call with analysts those are a couple of the questions out there after the news that the coo of rivian has departed at this point the company is saying that his duties will be shared by the rest of the management team. there are no plans at this point to name a specific person as the next chief operating officer

melissa, back to you >> phil, thank you phil lebeau. certainly plenty of ways to explain this move away, guy, and merrick it seem like nothing at the same time. you can look at it and think, this is the coo who is departing amidst one of the biggest -- its first, most important, arguably, product ramps in this young company's history. why? >> yeah, the bears will say, you know, abandoning ship. other people say, you know, not a big deal again, all i know is this. i think we've done a decent job with this name in terms of sort of guiding people from the fall on the questionis when are we going to see the capitulation in name maybe on the back of this news it comes tomorrow. for you that want to play the home game, stock typically trades about 25 million shares a day. i think you are looking for a day where it trades north of 65 million, 70 million shares, which, again, might be tomorrow on a new 52-week low that could be your capitulation. until then you stay away still >> coming up, lululemon shares

losing steam will the deal work out later, heading to the biggest conference in the world. the head of illumina joins us. stick around, more "fast money." >> straight ahead. that helps you build a future for those you love. vanguard. become an owner. well, would you look at that? jerry, you gotta see this. seen it. trust me, after 15 walks... gets a little old. i really should be retired by now. wish i'd invested when i had the chance... to the moon! ugh. unbelievable.

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welcome back to "fast money" we have a buzz kill on lululemon. shares tumbling after the retailer said it expects q4 earnings and sales to come in at the low end tv previous investment the company experiencing major staffing shortages and reduced store hours due to the spread of the omicron variant. karen, what do you make of this? >> well, lulu obviously is a great retailer so if they're having issues, i can't imagine that others won't as well. if they're going to miss because of that, they actually -- it might be a little worse than it seems because lulu has an excellent online business. so to the extent that they can do online sales when they can't do in-store sales, that would help lulu versus a company that doesn't have the great online presence that they do. so this may be a lot worse for other retailers. and really bad for restaurants now, i don't know if the market is going to give a free pass, an omicron free pass for not having

utilization for stores and for restaurants, i'm not sure but then i look at how far lulu is down, and it is still not cheap. it is never going to be cheap. it is a premium company, but at 40 times earnings, even here, even with this hit they took today i still can't quite get there. >> it seems like if lululemon is going to warn on this, that opens the flood gates for a lot of the other retailers, guy, to take cover >> right exactly. karen makes a great point. if almost the best in breed is saying this, what does it mean for everybody else a couple of things in terms of the level, i think the marlow in lululemon was about 290 or so. maybe we get there i think the stock was down to 325 today, so there's that shot given valuation now a concern. xrt is what you have to be focused on we talked about it specifically on december 20th we said it was imperative that it held 80 it didn't. it bounced but here we are back around the 85 level, so if karen is right in her assertion that xrt has a

bull bull's-eye toward the $80 level. >> does this get you worried about nike if lululemon is going to warn, maybe a nike can do it, too? >> well, first of all, that nike chart, there's a lot to be concerned about. it is kind of in -- you noknow,n no man's line. nike has endured some of the same dynamics. nike is somewhere around 33 to 34 times this is why the stock is stuck here i just think that a lot of the dynamics we are talking about with labor, with hours, especially on the lululemon side, are certainly temporary. i think if you look at, there are other retailers out there, there are other people -- you know, crocs guided higher, fig has guided higher, despite the fact i'm not sure who is wearing fashion scrubs, but apparently a lot of people. i think it is not a universal

story, but i think the higher market stocks will be vulnerable >> or crocs, crocs, dan. are you wearing crocs these days but apparently they're guiding higher, people want them does it spell trouble in your view eaven for the weak retailes that may not have the problems lululemon and nike have? >> yes, near term, we know because of the fear of supply chain issue we saw a lot of consumer behavior in front of the holidays pulled forward into november so december's data is probably going the look a little weak maybe the consumer spent a lot of the cash they had sitting on their own balance sheet at a time we know stimulus has just been running off karen mentioned something about restaurants, and i will say another high premium sort of restaurant would be starbucks. that stock has not confirmed a new high in the s&p 500 in months, and it is down about 15% or 16% from its highs, you know, earlier in the fall or so. that's one i think that is also, you know, grappling a little bit with valuation and expected growth that is not there

this is -- i think expectations for the current fiscal year are kind of mid, single digits for earnings and sales growth, again, trading at 30-some times. we will have fits and starts there's other names outside of technology, and this segment highlights it, where valuation is becoming an increasing concern in a year where we are just seeing all sorts of metrics decelerating >> all right we are just getting started here on "fast money". here is what is coming up next coming up -- betting boom online sports gambling officially goes live in the empire state what you need to know and how to profit from the frenzy ahead plus, red hot health care in focus. the jpmorgan health care conference kicking off today we'll be joined by the ceo of illumina next. more "fast money" after the break. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description.

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"fas welcome back to "fast money" check out shares of illumina, jumping more than 2.5 peshs in the after hours session. let's get to meg tirrell with the interview with the ceo >> thanks so much. frances de souza joins us now. it seems that the stock jump came after your presentation at the jpmorgan conference where you came out with guidance ahead of expectations. tell us, what is driving the outperformance beyond the street's expectations in the last quarter and the upcoming year >> hi, meg you are right. i think the street was pleasantly surprised by the strength in both 2021 numbers where we announced revenue that grew 39% over the previous year and then the strength and the guidance for this year where we guided for 14% to 16% growth, which was significantly ahead of where expectations were. i think a few things are playing out, and if you look at last

year, you know, every quarter last year we ended upbeating expectations, raising expectations and then beating them again so what we're seeing playing out is something we saw play-out starting last year, wheres firstly we are seeing an expansion of reimbursement for genomic testing. last year we crossed a milestone where over 1 billion people now around the world that have reimbursement for some kind of genomic testing. that's continuing to grow, and we said that that expects to get to 2 billion in a few years. a lot more people have access to genomic testing, whether it is to select the right therapy for a cancer or for genetic disease testing, for the 5% of the population that has genetic diseases, and that's probably one of the biggest drivers of the growth in our core business, just more access to the test through expanded reimbursement >> well, of course, another area where your technology is used and that i like to ask you a lot about is the sequencing of different variants and the tracking, surveillance of what is going on with this pandemic you noted in your presentation

today marks the two-year anniversary that the first sequence of the coronavirus was posted online from china, from folks who were using illumina's system and technology. hough would you grade the kind of genomic sequencing and surveillance we have ramped up since then is it where it needs to be or is there further to go? >> it is hard to believe it has been two years since researchers in china identified sars-cov-2 and sequenced using illumina machines before that, almost no one has surveillance around the world. if you look today, over 117 countries around the world are using illumina to do genomic surveillance for covid we are making a lot of progress, and some countries are well ahead of others. i think the uk started in the spring of 2021 and laid out the first genomic surveillance infrastructure in the world and other countries are capping up, but they're catching up quickly.

if you look even in africa, for example, you now have sequences from 51 out of the 54 countries in africa. so we are laying a global infrastructure for a pathogen detection. that will be essential in terms of helping us get out of this pandemic, but, equally importantly, it is laying an infrastructure for global pathogen surveillance that will help us identify future outbreaks more quickly that could be the next coronavirus, it could be emerging anti-microbial resistance or a bioterrorist attack although we won't be able to prevent future outbreaks, we should commit to making it the last pandemic, and genomic sequencing is an essential part of that. >> amen to that. you know, i always want to ask you about the sort of future of illumina in terms of you provide a lot of tools for doing all of this work, but you also provide products like rail's gallery, blood cancer detection -- not -- blood tests to detect early cancer should we expect more from

illumina along that front in the future, actually developing products to offer? >> yes, i think one of the things that probably investors, you know, would like from the announcements we made is that, as you point out, the opportunity set for illumina continues to grow because genomics is emerging as a fundamental tool for so many areas of health care we are used today in cancer, to match cancer patients to the right treatments in genetic disease diagnosis. we are used in noninvasive prenatal testing, to fight infectious disease like this pandemic but the number of areas continue to expand where genomics can add value. we are doing research in cardiovascular disease and how genomics can play an important role there we are also expanding into the protein market with our announcements with somalogic today. it continues to expand as you point out, one of the more exciting is the market we are addressing with grail.

last june grail launched gallery with is a multi-cancer early detection blood test for cancer. if you do it it can help detect one of 50 different types of cancers. 45 of those cancers like pancreatic cancer, some deadly cancers, have no other screen. grail has a less than 1% false positive rate. so we announced today that, you know, grail is off to a really strong start, that they're signing up employers they signed up 11 employers including u-haul we at illumina rolled the test out internally to our employees. they signed up a number of health care providers. last year there were 1,500 prescribing providers of the grail test, you know, to people to use it as a screen. in addition, they've signed up some health care systems so they announced the knight cancer center today, that's part of the oshu up in oregon the knight cancer center joins other partners like the mayo clinic and the cleveland clinic

that are embracing the grail test so real strong traction of that test in the market we know catching cancer can make a big difference in survival rates, catching it early there's a lot of excitement how a it is like grail could help save lives going forward the fact it has good early traction, exceeding expectations that investors had, i think was very well received >> all right frances de souza, thanks so much for joining us we look nord to hearing more of the updates going forward. thanks again >> thank you, meg. >> back to you >> thanks, meg tirrell with the ceo of illumina. a lot of analysts on the street were thinking that illumina would make big news at the jpmorgan health care conference. guy, they're saying, you know what, they've been steering stored conferences in terms of new products, in terms of financial guidance, and here we have it. at the same time a lot of analysts on the street have neutral or underweight ratings on this one. >> that's right. you hit the nail on the help

unde underweight, neutral i think the average price target is 3500 or so. the problem is that valuation is expensive. i think it is trading close to 90 times next year's numbers the question is, is 32% sell-off from the high of 555 this summer enough i think you will see a relief rally here i don't think you will get to 435, but i think you can get about 400 or so. if that's enough for you, i think you can own the stock here coming up, game on a sports betting boom is sweeping new york state. we will bring you the data and how to profit next plus, shares of lrtiay blazing higher we will hash out that trade next

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earn about covid-19, the more questions we have. the biggest question now, what's next? what will covid bring in six months, a year? if you're feeling anxious about the future, you're not alone. calhope offers free covid-19 emotional support. call 833-317-4673, or live chat at calhope.org today. welcome back to "fast money. it is game on for the sports betting boom new york seeing a huge turnout in its first weekend of legalized mobile gambling. contessa brewer has all of the details. contessa. >> reporter: oh, this weekend, melissa, the digital turnout for the launch of mobile sports betting in new york, absolutely crushed expectations it wasn't even close take a look at the locations of the betting action this comes to us from geo

comply 17 million bets over 36 hours. estimates are with a 51% state tax rate, new york will bring in more than two days of mobile sports betting than it has in two-and-a-half years of in-person wagers at upstate casino sports books. now, the technology was not totally smooth in fact, i wasn't the only one complaining my cesar's app did not recognize i was actually in new york state and could legally wager. ceo tom reed called it a pinch point and promised it is all going to go better still, scaesar's had a million bets, more volume than the other 20 states combined in nevada, caesar's get 50% market share the industry estimated in a few years new york could overtake new jersey in terms of amount of money wagered, but it may achieve it faster if this weekend is any indication.

don't forget, alabama and georgia play in the college championship game. both 13 and 1. another chance for draftkings and fan duel bet rivers and caesar's to gauge the appetite for sports betting in new york. >> at 8:00 p.m. eastern. contessa, you know the beauty of mobile gaming is that you can do it from inside, not on the street. >> reporter: yeah, but you know, look at this beautiful new york live shot. if i were inside you would be seeing the inside of my beautiful new york living room just got to change it up a little bit >> yes contessa, thank you. contessa brewer there are two ways to look at this, tim maybe it is the novelty of being able to bet in new york that drew people in, but at the same time, you know, even caesar's had some technology issues there could have been even more bets placed. >> yeah, i get it. but this turnout was enormous, and you have to love the 51% take by the state. every other state in the country that's not gone legal yet is staring at this and drooling

this is the story for, you know, a draftkings, which i'm long, and it has been a very frustrating investment over the last, you know, few months but, again, it is taking that addressable market and it is a bit of a market grab right now so it is certainly a case where the profitability is something that is very challenging, but you are buying the long-term growth, and it is going to be a huge game tonight. i don't know do you think -- do you think the sec team is going to win >> you saw my first and only sports tweet, ever, ever, ever that i have done in my history on twitter -- not the history of twitter, obviously roll tide, that's all i have to say. a few words. >> yes, i know >> just quickly, karen >> i didn't. >> do you like any of these sports betting plays i mean 51% tax and yet the turnout was that huge >> yeah, i mean that's pretty impressive i think -- for me, i have mgm which actually has bet mgm

product, but it was not yet eligible hopefully very soon because obviously there's a lot of business to do here. that stock has sort of gone sideways, maybe been a little bit trapped in the omicron as things were reopening very strongly and maybe now a little bit softer but that's how i'm playing it. >> all right coming up, the cannabis climb. shares of tilray burning higher on some surprise profit. is this the pot stock to bet on? we will break it down. plus, looking for protection plays of stock sell-off. mike khouw will layout how to do at th is next you're not going anywhere. "fast money" is back in two.

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welcome back to "fast money" let's take one more look at today's action stocks finishing the day off the loi lows, and the nasdaq rallied off the low. mike choe is here to break it down >> so i was taking a look at lqd. this is the investment grade bond etf now, this thing saw about eight times the average daily put volume that was largely the result of a single trade in the march 129/125 put spread we saw a buyer of 75,000 of those spending $1.5.

buyers are obviously betting lqd could move to the lower strike by march expiration. lqd has fallen, a move of about 45 basis points in the ten-year. however, the investment grade spread did narrow somewhat that's the interest rate you are looking for to see it trade to that level >> mike khouw thank you for that up next, tilray surging higher we will break down the trade when "fast money" returns. 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. 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

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welcome back here is a sneak peek at the cramer camp. jim is chatting with the ceo of decks.com. sign up now with the information on your screen shares of tilray topping the tape today the cannabis company posting an unexpected quarterly profit before the bell this morning tim, what is your take >> well, look, they beat and some of this was just sgna synergies from their merger. look, best profit in canada. it is a story i think they have pricing power even while they've lost a little bit of market

share. it is hard to get really excited about the addressable market opportunity in canada. they have 40% export growth. they are probably the leading global cannabis company in terms of what they're doing in israel, what they're doing in europe irwin simon knowns brand, so they've made a couple of acquisitions in the spirit space that i think have been largely misunderstood as a way to back door i think it is about buying companies in the cannabis sheets i think it has been a very difficult ride for tilray over the last couple of months and it is a relief bounce for sure. >> all right up next, "final trade. thanks fo. now when it comes to a financial plan this broker is your man. let's open your binders to page 188... uh carl, are there different planning options in here? options? plans we can build on our own, or with help from a financial consultant? like schwab does. uhhh... could we adjust our plan... ...yeah, like if we buy a new house? mmmm... and our son just started working. oh! do you offer a complimentary

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♪ time for the final trade tim. >> good luck tonight, mel. intel. value play in mega cap tech and a new cfo. >> dan >> yeah, xbi, holding 100. >> karen >> yes sorry for that tactical mishap my final trade, pfizer >> guy >> do you wear like an alabama jersey when you watch the games? just out of curiosity. are you one of those fans?

>> houndstooth >> listen, i don't know about the game tonight >> you're surprised i knew that. >> i know disney wins the -- disney, tis. >> thanks for watching "fast." "mad nemoy" with jim cray myrrh starts right now my mission is simple, to make you money