does remain the biggest player in the space advertising could be interesting as well. lots to dig through. the under-performer of the mega caps until meta, that is, reports tomorrow. >> and the pressure is on, there's no doubt about that, about facebook sliding 20% in after-hours trade. we are out of time on "closing bell." thank you so much for watching "fast money" starts right now. >> the nasdaq markets overlooking new york city's times square, this is "fast money. tonight on fast, we are all over the after-hours action, shares of meta, spotify and qualcomm in the red. we're breaking down reports straight ahead plus, the paypal plunge, dropping 24.5% for the worst day ever is it time to throw in the towel? and later on, what we spotted in the options market today that could have the bulls running

scared we start off with an earnings alert on meta platforms. the stock is plunging after hours after the call gets under way, down 21%. cnbc's julia boorstin has the latest. >> yes, those meta shares plummeting on lower than expected guidance. revenue in the fourth quarter of 33.7 billion did come in ahead of expected, but earnings of $3.67 per share missed estimates of $3.84, as costs grew from prior quarters the company guided to first quarter revenue growth between 3% and 11% now, that's down from the 20% growth they saw in revenue this quarter and down from 35% growth that meta had in the prior quarter. the company playing out three key factors impacting both impression and price growth of ads. first, ad targeting, measurement, headwinds from apple's privacy changes and they're lapping a period without

iso impacts. second, inflation and supply chain disruptions are impacting advertising budgets, and third, foreign exchange headwinds the company also showing stagnating growth at its core facebook app with facebook's monthly active users falling short than analysts had estimated, while daily active users for facebook declined between the third and fourth quarter with 1 million lost in facebook's two most valuable regions, including the u.s. and canada we are seeing other social stocks plummet on concerns snap and pinterest report tomorrow melissa. >> julia, thank you. a lot of the social stocks were down in today's session ahead of meta's print is down 22% warranted?

>> it seems a little overdone to me, but we talk about the three-day rule all the time and certainly, i think, let this shake out. also, we haven't heard the call yet. very often we get a different color on the call than we get from the release but there was a lot to not like, and julia hit on most of the high points there. obviously that 3% to 11% growth, that was thespookiest thing about it i try to think back, there was a time in 2018 where they missed on revenue and growth, and the stock went down about 20% then as well. at the time it was under a cloud of cambridge analytica and whatever the du jour thing was then so, to me, it seems like it's kind of overdone, but i want to hear what's on the call. the thing that i actually didn't expect, they talked about

enormous capex numbers for next year but they weren't different from prior capex numbers i thought they would scare the street with very big capex numbers that did happen in the fourth quarter but they didn't cite that for this current year we're in so that was, actually, a little bit surprising to me i mean, all that having been said, though, i think this reaction is quite extraordinary. let's hear more color from them. i'm neither a buyer for a seller today. >> the capex line was one of the first things i went for in the earnings release because i thought it changed its name to meta, so it coming in in line for the year, guy, was a little bit of a surprise. there's a lot to not like about the quarter, but i'm wondering if the stock has found a floor. >> karen makes a great point let's go back to 2018, because i think it was july of that year

the stock was making an all-time high of about $207, she mentioned all the headlines they had, and by basically christmas eve of that year it bottomed out. i think around $125. so this is not unprecedented the stock made an all-time high in august. in terms of the calendar, it's starting to line up. of all the numbers we mentioned, and they're all sort of lousy, the one we should mention is operating margins were a disaster in my opinion this quarter last year 45.5%, 37.5%, you can say, i get it, but still a lot worse than the street was looking for the question was, are we in that same type of thing where you have a few months of the stock underperforming. the stock topped out in august, it's now february. maybe we're getting close. by the way, clearly nobody expected, given the 22% move, but i think this is catching a lot of people off guard. it's reminiscent of what we saw in the summer of 2018. >> it is rare when you find so

many people getting the story so wrong going into a print i mean, if you consider the 52 analysts on wall street who cover the stock, 42 of them, 42 of the 52 have either buys or market outperform ratings on the stock. that's how off sides they are in terms of the print and the guide, tim. >> it's hard for them to have been in any other place when you think about the valuation coming into this and however you want to look at facebook, 22 times trailing, and now it's probably 16 or 17 times forward you're looking at around $13.50 to $14.50 as your range. look, i think everyone flagged the dynamics on capex and spend and guy's emphasis on margin concerns i think the shocker is that 5% to 5% q1 growth and we're going to talk a little bit about how some of the other social media names have fared, but this

started with netflix when you get this kind of an outlook on the next quarter at a time when, look, a lot of people are still -- for 2022, they need growth of 15% to get close to the numbers they're talking about. so that's a part of this what i heard that concerned me was just the competition for engagement and advertisers possibly then following through on that. and this isn't just facebook's issue. but the fact is facebook is the biggest, and there's not a lot of other places for advertisers to go. but the fact they're also talking about the competitive landscape and this seems to be a theme even though these trends are secular and these are the biggest companies in the spaces. >> and i think that would be the biggest concern, when you think about the forecast, the 3% to 11% revenue forecast, the biggest concern is the impressions that they're competing for people's time with other things, which is not going to go away, which is going to get worse as the pandemic

restrictions continue to lift. and then within that, there is a shift within their apps, their family of apps to apps that monetize in a lower fashion. if you look at the trends, that's what is hot these days, tiktok, youtube. it's the video stuff that doesn't monetize as well >> i was going to say, so we have all the headwinds are apple privacy, tiktok popularity, metaverse spend. it sounds to me like they're distracted and what happens when you're distracted is you spend a ton of money and you wind up taking your focus off the ball. we're not worried about congressional regulation anymore, we're worried about eyeballs, worried about spend. and we're also worried about the fact that you said this is rare when it happens. we're seeing this more and more with the after-hours swings. netflix, google to the upside, netflix to the downside.

we're seeing mega cap tech names trade like they're $5 stocks this is tremendous it doesn't do anything for confidence, for investor confidence so everything that we gained in the last day or so is probably out the window i'm more concerned what it means for the overall macro market than what it means for large cap tech. >> i think that's an interesting point of view. if you think about the investors who thought they bought smart when they bought the nasdaq dip a few days ago, and here they are, all those gains are basically gone, guy. i mean, that's damaging when you're looking at a market that's struggling to find its footing. >> i think steve makes a great point, the fact that a stock of this size can move 22% in the afterhours is markable the move in google is remarkable, and the only reason we don't talk about it in a negative way is because it went higher people panic to the upside and

downside we sometimes use the word only on the downside and i think you've seen it both ways what does it mean for the broader market you see the drag it's having on other ancillary names, snap, pinterest, and my sense is amazon is probably lower in the wake of this so the effect it has on the broader market, given the bounce we've seen off the lows, could make for a really interesting day tomorrow with a vix that's still north of 20. >> we were talking yesterday about alphabet and how positive the quarter was, how good the revenue trends were. so i'm wondering what your thoughts are at this point in terms of why that would be the case >> it seems so long ago, last night. but i think that -- i mean, it's somewhat of a different business they're not as affected by the apple ios changes as google and

facebook i would have thought google would have more slowdown in travel because of omicron. the thing that's interesting to me, though, is i don't know how much google -- or meta is down, $70. what is the multiple how much do people think earnings are going to contract such that $70 down is the right discount that seems -- this is not a super high-flying multiple stock. that's sort of interesting to me yourpoint also about 42 analysts with buys on it, you've got 42 analysts who are going to come out with probably, highly likely, lower numbers tomorrow so even though i think this is sort of is overdone, i've got to wait for that. and that will take a day or two, i think, to work itself out. but i love this name, i think it's value, clearly the price that i went on last night was not the right price.

this price, i don't think it's right, either. >> pe is now about 18, which, by the way, if this move holds to tomorrow's session it would be the worst one-day decline on the books. so, tim, how do you think about -- >> not including cash, though. >> yeah. >> the cash, even lower. >> right, even lower how do you think about the valuation and what you're paying for at this point when -- let's say 3% is what it posts in terms of revenue growth, the low end of the range they gave do you pay for that? >> look, facebook is trading at a discount for a reason. i've said this for a long time i think people have a lot of issues with this company, including just dynamics around the transparency and what kind of corporate governance score you want to put on it. so this is a stock that traded at a discount because their costs have been going higher, their product that rolls off the assembly line is your data, and

i think people understand that differently than they used to. i just get back to, what is the covid pull forward here and what are we willing to pay for stocks we had a great conversation yesterday that talked about a messy market that may, more or less, be higher by the end of the year that's what we saw today, again, high multiple stocks getting destroyed while the overall market was okay. and when you think about facebook, you think about a company that, yes, it's cheap on multiple, but we're at a place here where, first of all, they're pivoting very, very hard on their business into the metaverse and reality labs and some software and a family of apps what does it tell you about their current business which, by the way, again, is massive and is so far larger than the competition but this is a question that all companies are facing as it relates to the best of times in terms of engagement and margins,

in a world where labor costs have gone higher, inflation is higher, and, yes, i agree with guy, this is not a stock that i think gets added to the malaise in the next 30 days. i think it's going to suffer through the transition. >> if the growth of the metaverse as a potential revenue driver for the company is there, how fast can the baton be handed off from the current core business to the metaverse? that's a question for investors to start thinking about at this point with these earnings. are we going to be in a situation where a few days from now it will be like netflix, steve, where it's not a good quarter, not good guidance, but its value in longer term, it's the play, and so somebody steps in seeing value and things turn around >> so i definitely agree with that, not that it's going to be netflix in a couple of days. the fact that the metaverse is the growth engine of facebook or

meta platforms now i don't understand what people are going to pay for that, for does the market. so right now when you say it's trading cheap, cheap is cheap today, it can be expensive tomorrow if we're worried about slowing growth, we're always paying for future earnings. so if we're worried about slowing growth and higher spend, it's expensive right now and no one has any clue what the metaverse is going to make, what they're going to sell, how it's going to trade but to tim's point, this is always traded at a discount to the market it's very hard to give something that's traded at a discount a growth multiple overnight. so i think the next couple of days there's going to be more selling for meta >> so that's not necessarily good for the overall markets think about big cap tech so far, apple good, microsoft good, alphabet very good, netflix was bad. but then value players have

turned the stock around, guy what is this in the context of the tech trade >> i think it's going to be -- a week from now, although we're going to be dark in the next two weeks for the olympics, but you're going to have a headline that warren buffet is in facebook my sense is they've been waiting literally for years and maybe this is the opportunity. as i mentioned, and karen alluded to it at the top of the show, go back and look at the summer of 2018 into christmas eve. not to dog pile on the rabbit, but one of the things julia mentioned, they mentioned foreign exchange headwinds really i don't know who put that press release out or who was in charge of that put that person should be reprimanded because that's a joke. >> karen, is it a joke >> i don't think it's that funny. it's real. it wasn't highlighted way up top. i think the daily active users,

that was much, much more important. i think your point about the monetization, and the guide. so i wasn't upset about that i'm still upset, but i wasn't upset about that. >> we're about 17 minutes into the conference call. we'll keep you posted on developments we've got another earnings report on spotify. let's get back to juliaboorsti with all the details very busy night. >> very busy, indeed we see spotify shares down 10% on disappointing user growth projections, despite the fact that the company beat fourth quarter expectations on the top and bottom lines revenues of $2.69 billion was a hair ahead of the $2.65 estimated, while a loss was better than the 43 cent share loss expected. what's weighing on results is the guidance that failed to

impress investors. revenue guidance of $2.6 billion right in line with expectations, while user guidance of 418 million active users for the quarter was pretty much in line as well. now, the stock did make back many ofits losses. it was down as much as 20% earlier, when the company said on the earnings call that they do not expect a material difference in net additions for either users or subscribers in 2022 relative to 2021, saying that the first quarter is less important for user growth. they also said they see improving podcast margins and they are seeing an enormous amount of demand for advertisers. so the first question i have to note, melissa, the first question of the call was on joe rogan. the ceo saying he's proud of the changes they've made and the con con content advisories they are adding to address concerns made by medical and scientific

communities, saying both are already beginning to roll out. so it seems like they've addressed the joe rogan concerns and are trying to lay out how they see the rest of the year going after q1, to give a little bit of insight. >> it's interesting, because when i read the material difference line, no material difference last year versus this year in subs or additions. i read that as negative, that there's no growth there. and yet that was what turned the stock around >> well, it was still better than what the guidance just for the first quarter would indicate because if you just look at guidance for the first quarter it would look like more of a slowdown but what they're saying is the first quarter is not as important as the other quarters when it comes to adding users and subscribers and they see all these other growth drivers, such as podcast margins and advertising demands. so notable that advertising now making up 15% of revenue, but that's the most they've ever seen in terms of advertising so more growth the stock is still down about

10%, but not as bad as it was earlier. >> it's amazing when you can say 10% wasn't as bad as before. thank you, julia boorstin. tim, what did you make of the call fundamental to a lot of the stories is what do you pay for a stock when it doesn't look like the growth is there anymore? >> growth stock is not growing, and growth stock that was down 40 plus percent coming in. so this has been a story of high multiple stocks that have fallen here i read it as you read it, melissa. i basically heard no growth for this year. that means pull forward. that means some of the same things that a number of these companies have had the best of times, when you look at the quarterly guide, growing less than 2%, i don't know i'm not sure if i love that. so i'm not sure what multiple i want to put on it. there is some sense that there's long-term ad growth at 20% that is where the world is going and i do think this is a secular trend that doesn't change overnight.

i think the joe rogan headlines have probably been good for spotify. a little controversy, any publicity, whether it's bad or not is good publicity. people are checking it out and wanting to see what's going on over there i think spotify is caught in the same vortex as so many other names. remember, this didn't happen to spotify today. you have to look at these stocks on where they were pre-covid and where they've annualized from here to there, and somewhere around 15% for spotify, probably where it belongs. >> coming up, paypal pain. what is next for the stock details ahead. we've got more earnings rolling in qualcomm, stock down about 2% right now. we've got the details xtne don't go anywhere. "fast money" is back in two. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates

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emphasis you've got 60% year-over-year growth there, and part of that is because of share gains in china. remember, huawei having trouble with hand sets because of the action against it, so you've got others gaining share those are qualcomm customers and they're buying a lot of the premium tier snapdragon from them what you also see, qualcomm has been talking about diversification beyond hand sets, but particularly during the holiday quarter and lunar new year, they're short on supply relative to demand. they're moving that into hand sets where the demand is still there from other growth areas, as the year goes on. expect to see more supply flowing there. i'll also point out, he talked about android tablets and the demand there as mobile and pc sort of converge in that arena, also ar/vr and wi-fi 6

this is a stock that's been up strongly, not just during the trade today, up about 6 1/4% they're trying to project a lot of confidence and steadiness, melissa. >> john, thank you jon fortt with the latest on call come. it was a banner day for semiconductors in general. what do you make of this print >> i think the qualcomm quarter is great not only is the quarter great. look at the guide. look at the guide they gave for the second quarter it's wonderful, it shows, again, they have some visibility. you can say why is the stock down in the after hours? i would submit one of the reasons, it had a huge day up in the first place and i think the market is probably just selling everything on the back of what we've been talking about for the last 19 minutes. but if you just look at qualcomm on valuation, this stock should be significantly higher than about $210, $215, and i think it's going there and we've been saying this now

for months about qualcomm. >> steve, you like qualcomm? >> i do. and first of all, my position on the chip space is that i think there's going to be a glutton of chips going forward. i think everyone is over-ordering and it's going to be a headwind for the entire space. but if you look at the damage that was done in nvidia or amd, they have not made it back from where they just were at the recent highs to the trough, and then balancing off the lows. qualcomm lagged for a while. it's a different story qualcomm has definitely been leading, it's hitting its head on resistance, but the chart is by far the best on semiconductors. >> do not miss an exclusive interview with qualcomm's ceo tomorrow on cnbc coming up, paypal and after hours action, shares of meta, the stock is down more than 20%.

we'll bring you updates. you're watching fast meyon from sometimes square back right after this.

welcome back to "fast money. we've got a buzzkill on paypal, dropping nearly 25% for its worst day ever, after disappointing earnings report and guidance bgit calling paypal a show-me story, saying they need 20% on a normalized basis before they can give it a premium multiple unable to re-rate meaningful higher until the second half of the year listen to what kevin o'leary

said when i asked him about paypal earlier today. >> you're right, i'm dumping it because they suck. >> it's not often we go back to an after-hours mover from the night before, except that the stock got absolutely taken to the woodshed today it was the most actively traded shock on the fidelity platform so we felt it worth going back to karen, does paypal look any better >> well, it's cheaper. does it look better? i'm not really sure. i think that abandonment of the long-term outlook, the long-term plan, that's pretty much of a bad thing. i happen to see mr. wonderful. that was pretty funny. it was a lot of hemming and hawing and then he said, you're right, they suck, terrible that was pretty material guidance i agree it's going to take a long time for them to build back confidence among the street, but

also, even though it had come down a lot, it was pretty expensive going into this. and as we were re-rating expensive things, this deserved to be somewhat re-rated. it's interesting that a lot of the other fintech companies like square down a lot on this. square also is not super cheap so it was too expensive for me before, it's still actually still too expensive with the hair on it right now so i would not be a buyer. >> if you own paypal, is there a three-quarter rule you are a big proponent of three-day rule and i ask you this because it's been two quarters that i've been massively disappointing. do you hang in and give it a third quarter or say i'm done with this thing? >> well, i think that you have to see the moves and the magnitude of these moves, and if you go back on the chart when they were interested in making

that acquisition, some were on board and some were not on board. for me, it stuck out like a red flag and josh brown actually pointed this out on "closing bell," it seemed to me that they knew that growth was slowing, so they had to go out and buy what they perceived as growth and it wasn't going to be a great acquisition. that, to me, is a long-term tell so i'm not sure you could just make a technical play on it. this is more fundamental, longer term i think you really have to see it substantively hold before you get back in. >> fintech across the board sold off today on the back of this. tim, go through the rubble is there a name you think is overdone or is it all just a no-touch at this point >> well, again, wall street has a lot of vernacular and acronyms where suck comes in to be descriptive and assess whose

trajectory has changed i would just say that i think companies in the mega cap land are of a very different ilk and if you look at stocks that have been higher multiple stocks, paypal is a stock that actually, again, if you take it back to where it traded down to today, this is a company that was a high-growth stock in 2019 and, basically, has performed now to this point, to today's number, as a stock that's probably only worth a 25 multiple, not the 45 that it had. when you look at the competition in digital and online payments and frictionless payments, mastercard and visaare formidable and the numbers they showed were actually quite good. i think the environment we have where we're punching multiple stocks is not going to change. it's not going to change in a world as we talked about yesterday, the seven price hikes on the horizon for '22

that may be aggressive, but i think we're still trying to figure out what the multiples are on these stocks. the fact that jpmorgan went from 280 to 190 on an announcement, tells you that the street is still behind. >> it's interesting, a lot of price targets got slashed but the ratings bemand the same pretty much. cramer is all over the paypa plunge he wrote about it today. check out. all the information you need is on your screen coming up, retail on the rise. shares of capri are on the rise. we're getting fresh commentary from meta's earnings call. the stock is still down by about 22% after hours. yill tell you what they're sang about the quarter when "fast money" returns from day one to graduation to your dream job, that's why we're keeping your tuition low for the 10th year in a row. - [student] the affordability and the quality of education,

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competition, saying competition is why they're focusing on short form video format reels, saying they're less lucrative for now because they show fewer ads. take a listen. >> people have a lot of choices for how they want to spend their time, and apps like tiktok are growing very quickly this is why our focus on reels is so important over the long-term. >> now, in addition to reels, which zuckerberg said is his first priority, he laid out other riorities, including the m metaverse, saying they're looking forward to partnering with other ompanies. he talked about ads, commerce, privacy and ai, along with community messaging, something they haven't talked that much about before, chatting with people you have things in common with in terms of guidance on some of those headwinds, they said on the impression side they expect continued headwinds from both increased competition for

people's time, as well as a shift of engagement within their apps toward video services such as reels, which they mentioned monetize at a lower rate than either feeds or stories. so, melissa, we see that stock still down about 22%. >> julia, thank you. keep us posted let's get to gene munster, managing partner at luke ventures, who has been listening in on the call we've settled into a decline of 22% on this name no bounceback yet. is this warranted? >> absolutely. you took the words right out of my mouth, no bounceback, because the call has not comforted investors. i think julia's setup is right if you take that in aggregate, what you're seeing is a company that has a very loyal base, but their behavior is changing on top of that, you have some changes with apple, the impact of apple, and also sheryl sandberg mentioned some regulatory impacts for 2022. that is a different scope than

what they outlined when they reported the september quarter so the simple take-away is that investors really need to step back and think about what this means, i think, for the next six months it's going to be challenging for facebook, really, to recapture investor enthusiasm >> gene, no question about it. if you believe in the metaverse like i think you do and if you believe facebook is also at the forefront, which i also think you sort of do we saw a similar move in summer of 2018, the stock went from $207 to $125 from you'll until christmas eve and then you saw the bounce i think we're setting up for the similar thing. we stopped out in august, it's now february probably another month or so of sideways action, but people might come to the realization that we took a lot out of the leg and they are at the forefront of the metaverse and

maybe there's an opportunity. >> i think there is, ultimately. i think it's going to take a little bit for this to play out and put further detail on what you're describing, the metaverse, it's ambiguous of what it means. even zuckerberg says the vision is still to be declined. what powers that is their profitability. if you look at their ad business, they broke that out for the first time they have 50% operating margins. it's hard to make excuses for companies when they're doing what they're doing today, so i want to be careful there, but i do think the facts are the facts. they've got a very profitable business that can benefit to the metaverse. i am a believer in the metaverse. i think that facebook is going to be a participant in that. i don't know when the stock is going to be rewarded for that, because not only are they trying to build this metaverse future, but they're also trying to navigate the change in behavior. and i think when you put it altogether, i think that they will be successful long-term, but it's going to take a few months. >> i mean, focusing on the real

life business has got to be job number one for facebook ahead of the metaverse. gene, i'm curious, you mentioned six months for investor enthusiasm to rebuild. what happens over six months i mean, do you see revenue growth speeding up what are you seeing that will get investors excited? what catalyst? >> well, at this point it's a stabilization game, and there's a have and have-notes with faang. apple, google, microsoft, these are the foundational ones. if you look at what's happened with facebook and netflix and i think what we're going to see tomorrow with amazon, i think there's this rift, and you need to first establish that you're not going to have any negative surprises. this is the second quarter in a row that we've seen that from facebook to answer your question, first and foremost, they need to make their numbers. that is, i think, a positive i think that would be viewed as a positive and i think they're setting themselves up for that, but that's going to take a couple of

quarters for investors to believe this is sustainable, because they're going through a major shift in terms of how they're monetizing, moving from stories to reels that's a big deal. the simple answer is you've got to make numbers. it always takes longer than you think for them to navigate out of downturns. >> gene, thanks. karen, how are you feeling are you confident that they can do that, make their numbers? >> i think they've been -- well, i think that they've been pretty good stewards in the past, so i want to give them the benefit of the doubt. but, also, remember when they were getting mobile, they just weren't getting it and that was a problem and that really weighed on the stock i think it was like '18 or '20, and then they were able to do that and then instagram and now we have this huge metaverse change, whatever that will be. i don't know but i feel like they deserve the benefit of the doubt and i don't think you're paying a lot for it

at this price. but i agree with gene, i don't think there's any quick fix here, you know, unless -- i don't think buying a bunch of stock would be the quick fix here but i think that hopefully they give conservative guidance and they can beat and restore credit once again like they have done several times in the past. >> coming up, shares of capri climbing is it time to add this luxury retailer we will go shopping in the high-end space you're watching "fast money" from the nasdaq markets in times square we will be back right after this antibiotics right away.” we could bring it right to your door. with 1 to 2 day delivery from your local cvs. or same day if you need it sooner. but aren't you glad you can also just swing by to pick it up, and get your questions answered? because peace of mind is something you just can't get in a cardboard box. that's how healthier happens together with cvs.

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welcome back to "fast money. capri holdings topping the tape on earnings. the stock climbing nearly 8% brands like versace and michael kors forecasting growth in the year ahead steve, you must be smiling about this >> this is one i believed in since the high teens we power pitched it. it's still not getting multiple expansion from the street. no one is valuing this where it should be valued at. first of all, there's a scarcity

value put on lucksy brands in the u.s. so when you have jimmy choo and ver versace, these luxury brands trade from 30 times to 55 times. so even though you say two-thirds of it is michael kors, it should be getting a blended average of roughly 20 times. if you do 20 times on this name, you're talking about a $120 stock right now. and that's just the base case on this so i've stayed long. this has been resistant to the name it's got a punch through of $68, $70 to break out but i think we're going to be having this conversation multiple times over the next couple of months and we'll see a $100 handle sooner rather than later. >> all of the luxury goods so far have been giving us positive data points going to the capri print, karen >> yeah, i mean, this strategy

hasn't really worked as a stock, which was just as steve said, to build a luxury conglomerate. they bought jimmy choo in 2017 at almost three times sales. they bought versace in a very expensive deal and they were able to turn things around and grow they put up a quarter like this, and still they trade at the same multiple of pe, the same multiple of ebitda that they traded at before the acquisitions and only trade as a conglomerate at .5 times sales they're kind of the rodney dangerfield of the luxury market they're doing all the righ things i bought stock today i thought this was a good earnings report. and hopefully at some point -- they're never going to get a louis vuitton multiple, but if they can narrow the cap, there

is a ton of upside. >> we're gearing up for amazon, options traders bracing for a bad earnings report. more on that next. first, cnbc is celebrating black history. here is our contributor on some of the trailblazers that came before her >> it's a time of solemn reflection as i think about the individuals that risked so much to help us achieve the rights and freedoms that we have today, individuals like rosa parks, but also the countless foot soldiers who risked so much in pursuit of racial justice i think of my father who went to jail on multiple occasions and all of these individuals who risked so much to help us get to where we are today ♪ ♪

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check out amazon finishing the day in the red the stock is already down 10% this year and one options trader is making a big bet that there could be more damage to come when the company reports earnings tomorrow after the bell tony joins us to break down the action. >> melissa, the market is currently implying about a 4.8%

on earnings, but one trader is betting the downside could be more than double, buying 449 contracts of the put spread for $14. to put that into context, that's risking about $620,000 in premium to potentially make $3.8 million if amazon drops more than 10% by friday of next week >> guy, how are you feeling about amazon tomorrow? >> think about that, 5% move it's basically $150. it's incredible. it's very hard to be optimistic about any of these names because i would have said facebook is setting up great into earnings, and obviously dead wrong i look at amazon over the last couple of months and i would say this is a great setup in earnings i can't say anything with certainty right now. i think you've got to wait and see what they say. if they do miss and it gets down to $2,700, that's your level to get in

>> tony zhang, thank you options action is moowtorr at 5:30 eastern time. up next, final trades.

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let's take a quick check on some of the after-hours movers in the session meta is down by 22.5%. this, by the way, is a loss of about $200 billion in market capitalizations in this decline alone. spotify is down 10%. qualcomm is down and t-mobile is surging 8% time for the final trade let's go around the horn tim seymour. >> bank of america is not a tech company and i think bank shares are starting to get their mojo back after the earnings season, as they do. >> karen >> yes, capri, even though the stock is higher, it's a better value than yesterday without the earnings news. jessie is my therapy dog after this facebook print. >> steve >> i'm going to stay in the same sector, i'm going to go pvh,

another undervalued name in the apparel space. i think this one is going to get its time in the sun as well. >> guy >> i think the qualcomm quarter and guide was fantastic. it's lower and i'm not sure it'r qualcomm on valuation. "mad money" starts right now 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 "mad money. welcome to cramerica i'm just trying to make you some money. my job is not just to entertain you, but to educate and teach you so call me at 800-743 h-cnb or tweet me @jimcramer