has fully ended but some things are starting to line up for where the market should respond on the upside, at least for an attempt. >> as we hand it over from "closi "closing bell" to "fast money. the happiest of 15th birthday, have a great show and a glaet year ahead happy birthday, "fast money" starts now >> and thank you, "closing bell." tonight we're celebrating 15 years of "fast money." we have a premier guest list for the party. one of the first guests on the show carl icahn and howard lutnick will break down today's market action. and a peloton shares closing mr. the ipo price. can the company climb over this mountain or is this the end of the road and later shaky foundation, the housing trade getting wrecked again, the sector down 15% what does that mean for stocks to break it all down on this special occasion we're bringing in our longest serving traders

-- this is "fast money." we're live from the nasdaq market site as we have been for the past 15 years overlooking times square i'm melissa lee. and we start off with a earnings alert on netflix let's get straight to julia boorstin with the latest numbers. >> reporter: that is right, melissa. netflix shares plunging not on the top or bottom line results because revenue was in line and earnings was a big beat but the stock is now down 18% on guidance for the first quarter now looking at the fourth quarter, the company added 8.3 something subscriber as head of analyst expectations but below the 8.5 million that the company itself forecast. first quarter subscriber and revenue guidance, though fell far short of expectations. the company said it is looking to add 2.5 million subs in q1. that is less than half of the

6.9 million that analysts had anticipating netflix saying that the guidance reflects season two of bridgerton that is weighted toward the end of the first quarter. co-ceo's writing their letter to shareholders saying, quote, while retention and engagement remain healthy, acquisition costs is not reaccelerated to pre-covid levels saying we think this may be due to several factors including the on going covid overhang and macro economic hardship in several parts of the world like latam. they knowledge the impact of rivals talking about competition more than usual saying that competition has, quote, only intensified over the last 24 months as entertainment companies around the world develop their own streaming offerings. netflix's video call starts at 6:00 p.m. eastern. we'll be listening, melissa. especially for any commentary on whether that increase price here in the u.s. and canada, if they

anticipate it driving churn. >> julia, thank you. with the latest on netflix and the real question tonight, dan, is what do you pay for netflix? do you pay a growth multiple for a stock that doesn't seem to be growing much any more? >> well, hey, here is the thing, mel. their bottom line will grow because of the price increase. so if you could do the math on a few million less subscribers, that is the problem. stock trading at like 40 times or something like that i don't think investors have cared about price to earnings multiples when it comes to this. it has had a lot to do with the expense of building out the library. listen, do they have pricing pressure we're going to see or pricing power we're going to see soon enough but we make the joke, we've watched everything on the internet, we're getting back to it in a way. so this as far as subscribers pre-pandemic kind of got bailed out here so down 20%, that seems like an awful lot. it is round trip, the multi-year

move here. i don't think it is a great press year if i own it i wouldn't sell it down at $400 because given the guidance, they're likely to beat that 2.5 million sub number going forward. >> i thought you didn't care about price to earnings ratios when you're seeing subscriber growth and the growth in international markets which is what netflix was supposed to deliver, tim at some point you do care and this is that point in time b but is that a false -- should you be actually looking through this thinking, you know what, other parts of the world, they will get better in terms of the economy and places like latin america will recover >> yeah. first of all, wish we could all be there on the birthday in person welcome back and we miss you and we have a case where 90% of the sub growth is outside of u.s./canada. the street coming into this number, as dan said fourth quarter is fine but the guide on q1, it is not even close to

where they could have guided and it is very concerning for analysts and i think it is piper sandler that has in their most recent note on netflix, we expect 25 million plus annual subs for the foreseeable future. that is the problem. i'm not saying that we should treat the first quarter guide as gospel but for those that think that they pulled forward so much good news and really the only free cash flow we've ever seen from this company during pandemic and here we are and reed hastings to his credit always pointed out that the death of linear tv was the rising tide that would take all boats. he wasn't particularly worried so the fact that the competitive landscape is something that we're talking about and it is the margin pressure. i wonder for a business that is so built on economies of scale, what analysts are going to do if it is going to be, you know, take two quarters of this for them to downgrade expectations which are significantly higher and at 420 on the stock you're back to july of 2018.

>> we're down 20% at this point. a round number karen, is this over done at this point, do you think? >> well, it is sort of not a great day to announce a miss and so it could be over done, yes. but i thought they said a couple of things that were really interesting. one, they said there would be free cash flow positive. now i guess it is about a $200 billion market cap. okay, that is good but the other thing was them talking about competition. which they have talked about in the past it is interesting to me, all of the other competitors are down in the after market and that may or may not make sense. but the question is did the pie stop growing and so their all going to be limited in their growth, or are any of them taking share so i don't know. this is a glass half empty kind of world right now so they're all going to be down. but i thought that was interesting. the other thing is in the past, they have talked down numbers, right. this is kind of tending to

underpromise so i don't know -- and many times we've seen they don't know what they're subscriber growth is going to be so i don't flow if this is one of those times but agree with dan if i had owned it, which i don't, today wouldn't be the day to sell it. >> yeah, pete your thoughts? >> yeah, you know, what i really do like about the company, mel, as you're talking about well would youwant to buy it here i think do you on this kind of a drop we're talking close to a 20% drop in the stock. that is pretty extraordinary and i think what makes sense, why did they sell it off, when you look at the subscriber numbers that they're guidance there is such a huge miss, of course that is concerning. but i still look at the content and it is supposed to be extremely strong and also from the international standpoint as the markets start to recover more and more from the pandemic, i think that will be -- because that is the growth they're just looking for north america to just kind of continue

to grow maybe at a very slow pace but the real growth that they've been talking about for a long time, we've been talking about for a long time is the international growth and if that starts to kick back in once again with that content, i think this is a company that is probably gotten back to point where maybe it is a little bit too cheap down here at 400 this is a stock that not that long ago was a couple of hundred points higher than it is or was today before this earnings report so i think there is room the multiple was high but i think now they're a bit oversold at this point. >> we're less than an hour away from the video call at 6:00. let's get more reaction on the numbers from rich greenfield joining us now on the "fast" line your take on this decline of 20% after hours? >> look, investors are clearly saying the growth story at netflix is over. like they're just throwing in the towel and saying growth is over the tam, the total addressable market, how many subscribers could netflix have, the belief was they could have 600, 800 million, or a billion subscribers.

they're at 220 million today investors are panicking that the potential market growth is substantially less i don't think that is true but that is what the guidance is making people fear remember, the guidance of 2.5 million, when you add it to the 8 plus million in q4, they're doing 10 million in those two quarters so given what the q1 guide is, and everybody is looking at it going this is heading toward 10 or 12 million subscribers for the year and they're panicking before their even thinking about what is the long-term potential market size for netflix. and that is why they're also punishing every other stock in the group because they're saying the streaming wars are over. >> so when you think about the total addressable market which karen was thinking about, should we think that pie is not growing as fast and so there are more players trying to eat a piece of this not as quickly growing pie? how do we think about it at this point? >> i mean, the reality is

netflix just put up one of the best quarters in the u.s. in quite a while in terms of subscriber growth. and that is their most penetrated market. so you think about in asia where they have 30 million plus subscribers, there is probably 200 million subscribers available in asia, maybe even 300 million when you include mobile there is just massive long-term growth potential i think the question is and the question that management needs to explain to us tonight, is their ramping content spend but subscriber growth appears to be slowing. that doesn't make a lot of sense unless they believe subscriber growth will reaccelerate i think dan or karen mentioned, i think there is a good chance that the expectations are conservative and it is hard to predict the business over the last 18 months but i don't -- they're not acting like there is a fundamental change in the total addressable market because if they did they would slow the content spend and there doesn't appear to be any signs of that

they seem more bullish on the global potential, not less bullish. >> we're talking and just quickly, about the sell-off in some of the other related names in the after-hours session which declines are warranted and which do you say to clients, you want to go buy this dip? >> look, the obviously one is disney because they have taken the netflix playbook and run it and done it incredibly well. but as could you tell with disney stock over the last six months, fear has continued to build about their streaming business and how many subs could they have and how much content and now you're starting to see that people are worrying if netflix can't get the growth with this amount of spending, what does disney have to do with far less content just how much is disney going to struggle to add subs not so much in calendar q4 but as you get into '22 and '23, could they set up with the market for 2024 and beyond that is why disney is selling

off and people are worried about the implications of the netflix news across the whole sector this is going to hurt viacom and warner media and at&t and discovery, it will hurt everybody. >> thank you for phoning in. >> dan, what do you think? >> well, here is the thing, mel. we take the talk about long storied rumors in the markets about m&a. you remember that it was just kind of widely thought that apple should have bought these guys years ago well we just saw microsoft make a $70 billion deal for activision, paid cash, why won't apple, the largest equity in the planet, north of $2.5 trillion, this thing is going to be sub $200 billion market cap, i just think that that is going to be a question that starts to happen if they miss this q1 guidance the stock is lower and have a three handle in the not so distant future and m&a could be in the sights.

they want to get into gaming they have to be a platform and they're going to have to maybe, if they're not in acquiry, they're going to have acquire a spotify. throw some music or gaming subscriptions. it is more things to more people if they can't grow on just the video. >> and that is what we're going to belistening for on the vide call listening to the gaming efforts and some of the off platform efforts. quickly tim, on disney, we're down 3.8%. what do you think of that move >> look, as a disney shareholder, part of that excitement over the last 18 months has been of course around streaming and in fact getting a netflix like multiple. well guess what, disney streaming business has got a netflix streaming multiple and in fact, it is actually more expensive. maybe not after today. sorry, well let's see. obviously netflix is a lot cheaper. but i think the story here is really about margin and compression and let's see. but if you don't have the subs, and you have this competitive landscape, do they have the

pricing power and that is really the question yesterday everybody thought they did. we'll see. >> all right for more on the tech troubles and overall market let's turn to a ceo leading to firms howard lutnick is here to mark the 15th anniversary he is the ceoof the spac cf-6. great to see you thanks for joining us tonight. >> great to see you. >> and congratulations happy birthday >> thank you very much we appreciate you being a guest with us for all of these years want to get to the markets here, howard i want your take on where we are in the markets it was a sloppy session to finish at the lows and we seem to be beholden to rates wrxt do you think we are >> i think people are over doing it you have to remember, the fed has got $30 trillion of our debt you were in charge of the rate to charge on that $30 trillion, wouldn't you charge zero so the concept of the fed is going to go out there and four

hikes, i just think it is -- i think it is overdone so what i think they're going to do is they're going to move twice, they going to jaw bone the heck out of inflation, inflation, inflation, but i think four hikes is just not in the cards. two hikes for sure then a long pause. so after the election, maybe a third. but i doubt it i'm betting on two for sure. i think it is over done and people are getting ahead of themselves. >> you think we've seen the near term bottom? >> well i just think, look, these are volatile markets and we give up a lot and the pushback of the stimulus package and build back better matters as well. so you have the president saying he's going to cut it up and get some stimulus out there. well when that is back on the table, you're going to see a rally again. when you see the fed cut it back, you'll see a rally again i think there are bounces off these levels and i think you'll

be able to trade higher than where we are today maybe not tomorrow but i think there are good things coming. two hikes and some stimulus from the federal government and things will be better. >> i want to talk about rumble for sure which is, if people don't know, rumble could be a youtube competitor twitter competitor and i do want to -- but you like to make bold calls i want planning on asking you, but i'll ask you any way, you could make a call on the marks for the year >> yeah, i think, like i said, i think overdone so i think we're going to hang in there if it gets stimulus done and there is only two hikes, i think we're going to be much better people think i think people are over doing fed hikes. i think that is overdone and when they realize that pause is coming and there is some stim list coming. >> i thought you were going to giver me a percentage higher on the s&p 500. you don't want to go down that -- >> i'm not that guy. i talk macros and i talk companies. and so i'm happy to talk to you about rumble and sat logic

those are two companies that when you talk about spacs. >> let's talk about rumble what do you see as the potential for if company i have noticed the people that are seem to be in my twitter verse who are part of this reddit crowd, people would like to talk about the meme stocks, they broadcast on youtube, they've been complaining they've been censored and they're urging for people to see them on rumble instead. what do you think rumble provides in this sort of social media eco-system >> well if you think about it, so youtube is now becoming echo chamber of itself. if you think anything and it disagrees with their view, they throw you off or they sensor you or you feel like your unloved and rulable is a neutral network. think about this they have 1.6 million active users in 2020. the third quarter of 2020. and 36 million active users.

so you're talking about netflix and growth here is a company that grew 35 million users, 30 million in the u.s. that is 15% market share of youtube's u.s. business, which is where youtube makes most of the money. and they just put out rumble, and just put out record consumption, record creators just record after record and jarn tends to be their seasonally the slowest month and the record after record. so i think this is a company with tiktok like growth and people haven't looked at it. it is a rock star. it is such a great company you should go take a look. but it is neutral. they have -- they're happy to have president number 45 and number 44 as well. >> howard, it is tim seymour, thanks for joining us tonight and over the years an congrats on contor success in the spac business but i want to talk about wall street because this week jamie dimon took heat about talking

about jp morgan. as wall street has contracted, kantsor has largely grown. give us your outlook on the fear of brain drain and the future of the industry and the fin tech at cantor and how you see all of this. >> the world of wall street has to be pivoting and moving. you have crypto and now the banks just allowed to get into the business of custodian and clearing and they're going very slowly, right. but these things are opportunities for wall street firms, the great trading firms and all trading crypto they do huge and fascinating things in crypto over the next year brgc partners, the largest wholesaler in the world, imagine when it goes into crypto you're going to have the greatest asset, billion dollars spent on infrastructure to blow it up so we're going to have a lot to say about crypto so i think if you use the tools of wall street, across the new horizon, you're going to see immense opportunity and growth from

certain that take advantage of it the banks will figure it out the banks go slowly. but kantsor fitzgerald just go more quickly it is just got the tools it is the greatest exchange wholesaler in the world. when if goes into crypto, they haven't seen anything like bgc partners. >> is that a first half 2022 story howard. >> it is in june, july, august, this summer will be the beginning of a whole new world for bgc partners as we announce what we're doing in crypto you have to remember, they think the world largest wholesaler, it is going to be electronic. think of all of the assets we've announced huge exchanges and we're going to have all of the banks as our partners. it is just exciting stuff. >> well we hope you'll join us when you have that announcement. great to see you as always >> super to see you. howard ludnick karen, what do you make of that. that is an interesting line of

business for them. >> it is howard is always looking for interesting new lines of business and very often he finds them and i mean, we all know that the storied history of cantor. but i'm sore of excited about exchanges in trading and the evolution of trading when i look at something like a robin hood and a morgan stanley and i think about where the two relative are in valuation, for me, morgan stanley >> coming up, we're keeping the celebration going tonight with a big interview from carl icahn will join us in a few. plus a huge drop in peloton. one of the traders said it is still not cheap and we'll find out why. don't go anywhere. a very special "fast money" is back in two.

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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.

welcome back to "fast money. check out shares of peloton clocking in a loss of nearly 24%

after cnbc reported the company is temporarily halting prodestruction as demand for pro products wanes is it still expensive at this point, karen >> it is cheaper than it was but i don't think it is cheap. i look at subscribers an the amount they pay per year and the current subscriber base is valued at i think it is 6 or 7 years and that obviously doesn't include growth but it doesn't include churn either and it is a back of the envelope calculation. but that seems pretty expensive to me still. so even though it is down, it irrelevant where it got to the question is where is it now and what is it worth and so even down today, that was actually by the way an incredible scoop because that was excellent but even where it is now, i still think it is expensive.

if you look at something like a netflix. that subscriber base is cheaper. and that seems like -- it is a lot easier to sit on your couch than do your peloton. >> oh, yeah. i could say that from personal experience pete, do you think this becomes some sort of acquisition target. >> that is a possible. i was going to mention that, because i've been as negative as anybody. when it was in the 250, they called me too harsh on the company and i was wrong. but the reality is people are social people do want to get back to gyms during the pandemic it worked out extremely well well and everybody was jurping on this and i kept looking at it, we've been through this many times. anybody over the age of 50 understands over the last couple of decades we've seen this play out more and more and more where we've seen some sort of a fad that becomes the most expensive clothes hanger in your house as karen was talking about. it sits right next to you while your watching tv and you're not

sitting on it, you're sitting on the couch. and that is the couch. after some of the halts, it was a monstrous day when you look at the options world. they traded almost 800,000 contracts in there 70% of which were on the put side and they were continuing to buy. as a matter of fact, very short-term they were going down to the ten strike. so this was an extraordinary thing to watch and amazing i participated a little bit as well but i will tell you, there is that possibility that somebody will look at this and say, you know what, it is gotten to the point where maybe it is an acquisition target i don't see it but i'm sure somebody out there is doing the numbers and trying to find out if it is. >> i thought this was supposed to be a software company, dan, and that it would make money off of subscriptions to halting production of the hardware should be no big deal. >> that was going to justify the valuation as you broaden out the potential subscriber base. i'll say this, mel we get asked this question all

of the time by some of the kids today, what was it like when you saw the internet bubble inflate in the late '90s and pop in the early 2000s and this is emblematic of hundreds of great story in the late '90s and they kept on going lower. here is the thing i'm going to say. this is happening all over the place in the stock market and we're just starting to pay attention. look at zoom is down 70% from its highs. snap down 50% from its highs coy go on and on but here is the thing. and this is going to become very clear in next few weeks. when you have netflix who was a near $300 billion market cap company now down 40% as we speak from the recent all-time highs, you know amazon is down 20%. apple and microsoft only down 10%. if they join this party, if there is anything that is not to be liked in their report, we might really have a serious decline in the broad markets, finally we've been talking about the names under the hood and the

things that have been propping it up. that is the thing that i think investors have to pay attention to right now. >> coming up, "fast money" turns 15 we're keeping the celebration going. one of our very first guests carl icahn will join us next to break down what is in store for activision and the k-web etf jumping more than 4% so what is behind the move much more on that and more when "fast money" returns >> i'm going to hold the food for you. >> thank you, mel. >> hmm bang >> do you want to see my fingers? >> what in the world. >> bon appetit >> shove it in tre >> ta-da. >> i got it right? >> you got it right. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

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welcome back to the special edition of "fast money." as we mark our 15 years on air, take a look back at one of our first ever guests when i took over the show 13 years go, investor carl icahn, this was the two of us back in 2009 we actually extended the set so thatco sit there with us it was called the side car i think. he's back with us now to help us celebrate on the fast line welcome back to "fast money. it is great to have you. >> good to be here, melissa. >> want to get to -- >> and congratulations on your anniversary. >> thanks very much, carl. it wouldn't be a party without you. i want to get your overall take on where we are in the market. you said in the past that you think we're heading for massive trouble in the economy and i'm wondering if the fed in your view could anything to avert

that massive trouble i mean it is on the road to tightening at this point >> yeah, i don't believe that this necessarily is a mass of trouble coming soon because i don't think anybody could really know when it is coming but with all of the factors, you don't have to really be a genius to understand that if you keep pushing money into the economy, the way we've been doing with the money velocity today and the balance sheet, that you're going to have inflation. suddenly it comes as a surprise. i'm surprised it hasn't happened sooner but i do think that the way it is going to going to be inflation and a number of other things but i certainly don't let it bother my investment philosophies, activism and i just keep going. but i think it is -- and we keep a pretty big hedge on. >> right >> but eventually who knows. i think it is going to be a

little tough it could be now and it could be three years from now but it is going to happen. >> we're focused on inflation in the prices that we pay for various things, carl, but do you think there are bubbles, inflation in other things? do you think that the stock market is in flated in do you think there are pockets of the stock market that are inflated >> very much so. in other words, i do think that some of the multiples are crazy. some of the investments are just out of this world. i mean, you know as far as any manageable ratio so i said, you know, i caught enterprises where we've been doing this for years and years, i always keep a hedge on but activism still works as a paradigm it is best one but you do have your ups and downs on that too. but happily since, well i can't talk about this quarter yet, but

for the first three quarters of '21, our net asset value of iep went up $1.8 billion so we're happy about that. so that is with having a lot of hedges on. >> right. >> so what happens is the activism came to fruition on a number of companies and in those three quarters >> well, we are celebrating 15 years here on the show but you've been at this activism business for a long, long time and you're still at it how many years have you been doing this because i asked you this because you've said -- you've said that you think you might be the last activist out there you have the luxury of having permanent capital to do the long-term battles and it is going to get more difficult. and gary gensler, the chairman of the s.e.c. is looking to shorten the 13-d filing window >> yeah.

yeah, look, i really think that could be one of the last nails in the coffin. i think the s.e.c. doing a lot of things and i think gary gensler is doing good things and there is a lot of things in wall street that should be cleaned up there is a lot of abuses, so in that sense i agree with him. but i think activism is very important break on corporate america. i really don't think this corporate democracy, i think you have corporate futileism i have said that for years so you -- it is very hard to get across that moat and charge in, in the futile society that you have so it makes no sense to plaque it tougher and tougher for the activism to work and with me, we take big positions, we make tender offers and have permanent capital, but what you are killing is the smaller activists who, you know, if you don't give him time to accumulate his stock position,

up to 10%, up to 15%, even up to 5%, if you don't give them, then why -- there is no incentive to spend the great deal of money to do a proxy fight to try to get these guys to account. and believe me i've seen it over and over again firsthand how many companies are just terribly run. terribly run and that is why we make so much money over the years we clean up these companies and it is just amazing the abuses that corporate america places on the shell of many companies. there are very many good companies and many good ceos and there are many bad ones and i think it is crazy to throw the baby out with the bath water i don't get involved in the politics but i may get involved in this one. last time they were going to do this, i wrote an editorial, i'll probably write another one

and if you don't have activism, you don't have accountability. the business round table is a huge lobby paid by the shells getting abused by them i could go on and on with this we do activism and there are so many companies that is why we made a billion net asset value went up a billion eight even though i was hedged on the technology stocks which are working out a little better today but it really is a problem and part of that is that we're not productive we're not really productive and that is one of the reasons that we have inflation and we're not well run and i could attest to it because i've been there so many years. i'll just leave it at that talking about it any more. >> carl, it is karen finerman. thanks for not just being here today but over the years and i followed you as an activist from when i was a wee

child and you're one -- i followed what you do for so long and i found it fascinating i love your letters, their entertaining but i'm wondering, given how high the markets are, even with this sell-off, how difficult it is getting for activists, do you still find that there is places, i know you have a couple that you are working on now, but do you still find there are opportunities for you? >> yeah, you find them because bad corporate management has no time limits there are plenty of them that are bad. we're working on one now, southwest energy, which is a quintessential example of what i consider to be bad management. almost abusive management. and we're going -- we're going after them but i could afford to wait we could afford to do a tender offer and but it is really -- i wouldn't say criminal because i getting it is legal what they've done they went out and -- to avoid

somebody challenging the great spending, the reg agencies in california and arizona have challenged them quite a bit. their sg and a has gone up 37% in the last four years and they went out and bought a company recently, there is a company, a pipeline, quest star, and you know the old saying, you know, fools run in where angels fear to tread so that is -- in that area, the most that anybody would ever pay for this pipeline was i think it was buffet at one point said there were synergies and they made 2 billion and i think they did it and we've said it publicly, they did it so they could place stock in a companies that the stock was down. i think the utility is a bargain. obviously i just made -- we made

it tender at 75, the stock was 67 but it is there. it is just a terribly run company and yet there are so many barriers to entrance. so many barriers they're putting up but i'm just using that as an example because it is unfair to pick them out. i go on the boards, i have people on the boards and it is just unbelievably abusive. and the lobby they have, it is just very -- a lot of power and it is -- you know, we've been talking about this since you've been on those shows and i think you agree with me to some extent so i keep doing. i don't have very much else to do i'm getting older. i play a little tennis and that is pretty tough. so i enjoy doing it. but if you ask me, there are always examples for this

and you can buy and pick up on i'll say this, when secular changes come, markets fall apart, so you have to have the staying power. that is what i think was just mentioned. where you can't have -- you can't have a capital that could be called away from you in two years or one year. sometimes you have to wait three or four years, motorola it took three or four years to work out tremendously well but it took a great deal of time we're going way back it took four or five years but he made ten times your money on the stock there. so it is a very fascinating business and it is sad to see that i think the last nails in the coffin of activism are coming on but what can you do? i honestly, i'm not here to criticize the s.e.c. or gensler because i think they've done some good things but this one i think they're missing it completely. >> right carl, it is always a pleasure to speak with you we wish you many, many, many

more years in the act vix business and we hope you'll come back on the show be well. carl icahn, the legendary carl icahn. tim, we've had him on many times. ironic considering he's long patient money and we're called "fast money. but he's always giving us pearls of wisdom. >> well, look, he's an absolute legend on the street and you talk about the patience, he's basically waiting for the fat pitch for a guy by the way that hasn't lost any miles an hour on the fastball so the lesson really is that he takes a position and he's there and think about the energy sector again, carl is one of the great cyclical investors of all time and some of the big positions we started seeing and put on as we get into the middle part of last year, when, yes, energy was having a resurgence, but speaking of poorly run companies, the energy sector is full of it and this is a case where we talk about this on the show all of the time, that these companies

now actually have to run themselves for shareholders. they don't have the pools of capital and the growth at all costs. so it is been a treat. it is been a privilege to litten to carl and be at the table and be around a couple of his big battles and have a couple of his opponents on and get their side of the story but he's done it for a long time and activism does play in a role in a efficient market but in a market that needs governance from corporate america. >> we'll get michael burns on some other time. we have a lot more in "fast money" aerft this break, don't go anywhere. employees need something different. oh, we can help with that. okay, imagine this. your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, like asap! so basically i can pick the right plan for each employee. yeah i should've just led with that. with at&t business. you can pick the best plan for each employee

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check on shares of netflix it is down nearly 20% after earnings report. the conference call kicks off top of the hour. up next on "fast money," a special message from one of the traders very favorite people >> guy adami. >> why do you need to wreck this company. >> because it is wreckable. >> tim seymour. >> what does it all end. how many yachts can you water ski behind how much is enough >> brian kelly. >> i get a strange call from the s.e.c. they ask to see my records that is heavy, bud

>> a "fast money" wall street. amazing. jerry, you gotta to see this. seen it. trust me, after 15 walks... gets a little old. ugh

ok, let's talk about those changes to your financial plan. bill, mary? hey... it's our former broker carl. carl, say hi to nina, our schwab financial consultant. hm... i know how difficult these calls can be. not with schwab. nina made it easier to set up our financial plan.

we can check in on it anytime. it changes when our goals change. planning can't be that easy. actually, it can be, carl. look forward to planning with schwab. schwab! ♪♪ karen, it is jamie dimon and i'm here to say happy birthday i love watching you and the

"fast money" gang but you are my favorite. >> thank you you are my favorite as you well know, jamie. now that the restraining order is just about over, i'm looking forward to seeing you soon >> that was of course jp morgan ceo jamie disciplon wishing karen finerman a happy birthday. you were so surprised, right warren. >> i was very happily surprised. >> we've another surprise for you. take a listen. >> happy birthday to "fast money" 15 years and karen finerman -- >> now if you're just listening to that and didn't see the video, he was blowing you a kiss, karen. specifically to you. >> uh-huh. okay i'll accept it e.c., if you could send over a little video of that for me to keep, please i'll send him a note but again that restraining order might still be in place.

i don't know if i'm allowed to contact him. he is the greatest finance executive of our generations no doubt. >> coming up, get that landing gear ready, the jet's etf losing altitude and had options traders fearing the worst. we have the details next ♪ ♪ 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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listen, clearly notice some changes here on the set but as a show and network, we like to wish melissa lee the emissary all the best as she takes the center seat here on "fast money. >> the center seat it is an honor to sit here amongst you guys >> i really didn't think i would still be here 13 years later and with nobody around me. hopefully we could do this in person the next anniversary, guys thank you so much. time for the final trade around the horn. pete >> well, a little champagne because it is a great event. i'll take that sip in a second i'll give you netflix. i think down here at these levels, it is time to buy it. >> tim >> first of all, guy should be at this party. we missed you tonight. melissa, thank you for running this nursery school so impeccably costco. >> karen >> well we're just glad you made it back for the second day

then we knew we had you. mine is short hyg and win with credit and rates. >> dan >> shout out to guy and starbucks. >> thanks, guys. thanks for 15. heres to the next. thanks for watching "fast money. "mad money" with jim cramer starts right now >> my mission is simple. to make you money. i'm here to level the playing field for all investors. there is always a bull market somewhere, and i promise to help you find it. "mad money" starts now >> hey, i'm cramer welcome to "mad money," welcome to cramerica other people want to make friends, i'm just trying to save you money. my job is to teach and educate so call me at 800-743-cnbc or tweet me at jim cramer what do we do after today's absolutely brutal meltdown the dow went from up to down