obviously, again, breathing room, it should give a little bit of a lift going into tomorrow we have a jobs number in the morning. it is unclear how much of a market mover, but we always want to look at it closely no matter what. >> it could be a negative number we're expecting a weaker report because of omicron >> what a day once again we're out of time though for "closing bell" today "fast money" picks up right now. tonight on "fast ," we're all over the major sell-off on wall street. the nasdaq handing its worst day since september 2020 check out the after hours action, amazon, snap and pinterest, stocks rocketing higher on earnings the calls for snap and pins under way. amazon kicks off at the bottom of the hour. joining us tonight, guy adami, tim seymour, karen finerman and dan nathan deirdre bosa has the very

latest >> amazon first raising the price of prime yearly will now be $139 from $119. this is the first price increase since 2018 and goes into effect after march 25th for existing members. huge net income number for amazon that was largely thanks to rivian, 14.3 net income, $11.8 billion came from that stake that could lead to volatility on the pnl in quarters to come. in terms of segments, online sales grew 1% year over year but broke out advertising services for the first time a nearly $10 billion business. to give you context that is bigger than alphabet's youtube business, which many have been fawning over earlier this week i asked about any apple privacy impact, essentially said there was none, the opportunity for advertisers is unchanged and amazon helped by first party data, like alphabet, unlike meta

aws, the cloud unit, grew 40%. the rate of growth in this unit is increasing, even as this is the biggest player, even as the competition has become fiercer subscriptions services growth, that was decelerating, maybe why they're raising the price of prime. saying that revenue per prime user has increased significantly over the pandemic. that call kicks off in about 30 minutes. we'll be on it >> deirdre, thanks so much up 18.5% it was a quarter that good, guy. >> i'm all hyped up here on mountain dew, but you're asking me, it is exciting 20% move yesterday, 20% move today, everything is normal here in "fast money" land the quarter wasn't that good i understand what is going on here i think if you look at it in context, we're back where we were in january, i think 13th. people got themselves offside and the stock on the back of what we saw yesterday with facebook in terms of the quarter, it was

fine they missed on revenues and, oh, by the way, they guided lower for next quarter on revenues they raised prices for amazon prime, that won't affect me. i have no idea what it is. but if you look beneath the hood, it gets us back to where we have been since july of 2020. >> you know, it is funny you mentioned, if you had given me all the data points about amazon's quarter and said guess what the move in the stock would be, i'm not sure -- i'm absolutely sure that i would not guess up 18.5% so what is the quarter really and is the stock showing us what it is worth at this -- at these levels >> i don't think so. i think in the context of the broader market and what we have seen in tech in particular over the last couple of months, at least in megacap tech land, do you think that this stock deserves to be unchanged on the year right now versus a nasdaq that closed down 11% on the year i don't think so

but there were definitely some bright spots listen, you know, sentiment was very poor headed into this when this stock fell off the cliff at 3200 bucks, maybe a couple of weeks ago it was down at least 10% from its 52-week and all time highs made over a year ago, lagging many of the complex peers or so. advertising number that they said they broke out, nearly $10 billion in the quarter, growing 30% on the year, that's not far away from the way their cloud is growing. the cloud number close to 40% growth that's pretty astounding it is the fastest quarterly growth in nearly three years or so so there is some things you can look at and say, i want to be constructive here, i think the retail, the e-commerce sales up 1% year over year, not great it shows you there is a lot of competition all over the place listen, i want to be constructive on this stock i think the sentiment was poor headed into the malaise it was in over in january it was out of favor, relative to its peers.

but there is nothing in this quarter, and i don't like this move this move is a classic bear market rally move. and it is not something you should be buying up 18% in my opinion, given the market environment. >> we showed you the massive moves from the other earnings reports that we're going to get to in a minute these are not moves that we typically see. we have been in this business following the markets, trading the markets, trading the markets for a long time, karen i don't remember days where we see this snapback in market cap so suddenly and so dramatically in just hours here what did you make of the quarter, and also as a secondary question to you specifically, karen, how should we think about that rivian investment in the fourth quarter, because rivian has been a dogless stock this quarter. >> yeah, so i don't know where the mark to market was that is important. it could be down i think we should ignore it entirely that's what i've chosen to do. take that out, the quarter looks

very, very different but, it doesn't look bad and, you know, the idea we have these midteens moves down and up on a stock this size is as you said pretty extraordinary i do like aws, i thought that was great growth i'm no so concerned about the guidance they guide, well, all over the map. and it is sort of -- i feel like they just put in a really wide margin of guidance and i don't really focus on it so much i thought aws was good if you think about the 20 bucks of increase in prime, that's gigantic in terms of dollars to the bottom line. they face a lot of the costs and the labor issues that -- and supply chain issues everybody else faced, writ large, because they have almost 1.5 million employees, but they're in a good position to navigate that. so i kind of liked it when you put it in context of the stock has gotten crushed this year, and it didn't have a great year

last year, on the heels of particularly today on the heels of meta from yesterday, it was -- that was plenty good enough this earnings >> yeah, certainly this is up 17% is a sigh of relief, a huge one at that, tim what do you think investors are most relieved about when it comes specifically to amazon >> well, the fact this company can turn on the profitability and, yes, we -- let's break down that operating income number, karen has done that, it is not anything extraordinary, but i think there is relief that, first of all, some of the things that we're hearing on the comments from management are that revenue per prime user dramatically increased and outside of guy, guy, you can probably order some fresh eight-track tapes off of prime, people using prime are using it more than ever and there is stickiness, there is pricing power i love the fact that they can raise fulfillment rates too. they have done that by a percent. that's going to be $3 billion to

$4 billion in additional profitability. i think that, look, if you think about amazon in the world and i think we need to think about a lot of these companies, i've been wrong about amazon for three or four months i've been constructive and it has been tough to watch, it has been somewhat painful, but stock that underperformed the nasdaq by 25% in the last 12 months if you look back to a peak level it hit in the summer of 2018, it is annualized at less than 11% as the world has gone e-commerce bonanza. and the u.s. retail sales are around 20% in e-commerce an they dominate the space the fact the company can show this kind of profitability, they have tough comps about to roll off, and the move surprises me, but the fact that you should be constructive on amazon here doesn't surprise me. and i think, look, i like the stock yesterday. i like it more today >> the setup is probably the most important thing here in terms of trying to figure out whether 18%, 17%, is warranted and tim mentioned the

underperformance relative to the nasdaq last year and that is a setup. so with that backdrop, is amazon the stock, the big cap tech stock you want to own in a volatile market because it has been an underperformer and looks like it can put up the numbers. >> look, dan had the aarp trade, one of the as in aarp, i think there is two, is amazon. i agree with him for the back half of this year. i'm not trying to throw cold water on this thing. i'm trying to point out, i think tim did it as well, this stock has been sideways now for the better part two of years and we're right smack in the middle of the range your point about the setup, you're right in retrospect the setup was tremendous i would have said the same thing about facebook 48 hours ago, that the setup for facebook looked great in earnings look what happened there so, you know in retrospect and sort of -- i'm doing this to myself, monday morning quarterback i guess is easy. but i thought the setup for facebook was great so today amazon scared the you know what out of me given what

we saw and i think, again, back to my earlier point, that's why people got so offsides today specifically in the name as they pressed it down. now all racing the other way negative game in the stock is rearing its ugly head. >> we're tracking the after hours action also on shares of snap and pinterest, both surging after their reports. julia boorstin has the latest. julia? >> yes, that's right both snap and pinterest shares soaring after both reported better than expected top and bottom line results. snap grew its daily active users a faster than expected 13 million, adding a million more than expected. snap shares upo exceeded projections. ceo evan spiegel saying that macro head winds around supply chain and labor disruptions are unresolved and they're making progress to navigate the apple ios platform changes it will take a few more quarters

to advertisers to build full confidence in new measurement solutions. he didn't say the company's direct response ad business began to recover quicker than expected and you see those shares skyrocketing on that optimism about q1 pinterest, instead of adding the 5 million monthly active users analysts expected, it lost 13 million users in the fourth quarter, they said that was due to the pandemic easing the company also indicated that user trends are turning around with the addition of nearly 6 million users just in january. saying the pandemic unwind would be less meaningful after march they did warn, though, the macro environment for consumer products advertisers, those head winds could persist for a few quarters still ben silverman on the call now saying they're hopeful that new video features will help increase engagement. pinterest shares up 27%. >> julia, thank you. julia boorstin with the latest

on those two reports massive moves on the back of this, karen, you look at snap, and pinterest, and compare it to meta does it make it look worse, does it not matter >> well, it matters, i think it makes meta look worse. however, those meta being so bad allowed this gain off of what were good numbers for both snap, particularly snap, and pinterest as well as there are proof for both is higher that's good. actually facebook's was as well. but when you look at the valuation to me, you know, these are very, very different animals, but, i mean, kudos to snap, theyive in gate iviv navi well they seem to be really making more headway here than facebook. one thing i want to point out about meta, though, everyone keeps talking about how, you

know, tiktok is eating their lunch and alreat, all of that, k about why is he saying that. twofold, he wants to energize his team if you're under antitrust scrutiny, you should talk about how big a threat your competitor is, how scary they are, how difficult it makes things. so, just want to add that one point. >> that's a good conspiracy theorist theory for you. karen is mentioning the valuation difference between a snap and a pin, versus a meta, but, you know, one could argue it is because a snap and a pins are showing growth in the part of the market and the demographic that is so sought after these days >> yeah, well, you look at snap's expected growth for 2022 in revenues, it is expected to grow 33%, 34% next year. so you can get behind that, trading about seven times sales here and as far as earnings, they appear like they're about to inflect or so.

so this is one that i tried to be constructive on of late, when it fell off a cliff like it did over the last few weeks. i wasn't touching this thing when it was down 30%, 40%. i think it is important for listeners or viewers at home to also understand when you're down 40%, you get cut in half again and cut in half again, and that's the market that we were in right here. so the fact that they put up better user growth i think is really important, better arpu is important, they did kind of get a bit more comfortable with some of the changes as it relates to the ios system, but none of these companies are out of the woods now. it is really important rich greenfield was on the show earlier, the closing bell, and he was talking about how snap versus tiktok, they're different platforms. snap is a messaging thing, versus tiktok, which is really entertainment. that's fine. except that if you have daughters or teenagers in general and see how they spend their time on these platforms, it is more about the attention economy than it is about what they're using it for in my opinion. and so snap, with a revenue base

of $5 billion, we just talked about what amazon's ad revenues were, nearly 10, they're still a blip here. so they have to grow users aggressively over the next few years to justify those valuations. >> and zuckerberg did talk about that, that competition for your attention yesterday on the conference call. that was mentioned certainly, tim. how do we view this? everything, i mean, you can argue that netflix is also facing the same competition, it all falls into the bucket of everybody wants the younger demographic, the younger ys. >> they're not the same company. and so not even the same comment that dan was saying. they have different revenue streams, different margin profiles, and that's why they're trading differently. i think, you know, it will be and it has been a great stock picker's market and will continue to be pinterest has more growth than any peers and yet also proven since their ipo that the wild

swings in their revenue numbers, quarter to quarter, are things you should probably expect and you get to a case, it comes down to what are you willing to pay for these stocks in this marketplace and that's really what this comes down to. facebook is always traded at a discount pinterest even before the -- before the snapback today, after pulling back, i don't know, 72% or something from march, was trading at six times sales is that a good number? i don't know but i can tell you that there is a lot of stocks not still cheap, but companies that i think have more growth than others and that are in different businesses and different margin profiles and, again, look, the ad -- the digital ad growth in the world of e-commerce and the online engagement, these are trends that are fantastic for those companies. so if you think about it, and not all of them, but i think there is a case here to be made that you have to really understand which company is doing what. >> the reaction, of course, in the after hours session, we're seeing the dramatic reaction we're seeing of course is a reaction to what we suaw in the

regular session. let's fast-forward how does this shake out and what is the message we're getting out of earnings season for the social media stocks? >> we say this a lot, but now you see it really present itself if you miss, you get punished. and if you come in, you know, better, you get rewarded just to put it into context again, dan pointed this 50% in r to the upside. it gets us back to where we were three weeks ago in terms of the stock, to show you how decimated some of these names are. in terms of snap, julia mentioned it, we mentioned it, that was a good number 4.06 was better than the street was looking for, up from 3.55 same quarter last year the business is getting better, but the stock moves just illustrate in my opinion how offsides the entire market has gotten stocks of these sizes and just again my opinion should not move 20% in the matter of minutes

it speaks to what is going on potentially in the broader market >> yeah. but here we are, and that move is sparking a big move in the after hours session in the queues we have a terrible day on the nasdaq, nasdaq 100 specifically. the queues after hours up 1.9%, nearly 2%. big about face from the decline of about 4% following the drop on meta earnings did we see amazon and other social media stocks save the tech trade that's what it looks like so far, dan >> i don't think so. i think that something is broken in the markets here and we're all talking about it we're talking about snap and twitter, two companies expected to have a combined $10 billion in revenues, about five each this year. and snap just gained twitter's market cap in the after market okay so, listen, you can say it is a short squeeze, bear market rally, there are some fundamental shifts that have happened that we have learned on these reports.

i just don't think you're going to have three companies save the market last week, what did we say apple, microsoft, earnings and guidance, they put a floor on the market, the nasdaq was down 20% from the highs in november it did it momently if they can't hold it, on a friday tomorrow, if you want to buy this market, you think it will go rip roaring into the close, i just don't think so so, you know, to me, didn't save anything something is broken in the market until we start to see really a basing of some of the most hard hit names over the last year, not these megacap ones that just started to go down, but we start seeing some of the ones that have been down 50, 60, 70% over the last year or so, i just don't think that these megacaps are going to do it right now for us to put a bottom in this market. >> karen, how are you feeling about the markets overall at this point in time, seeing that we have gotten all the megacap tech stocks reporting. >> it is interesting what a mixed bag it was, right? normally you have sort of a

higher correlation so that's interesting to me. it does -- one thing i thought today that the vix would be a lot higher right. these are -- these kind of moves are gigantic and i agree with dan and both guy and tim that, you know, something feels a little bit off here. but i am not a market timer. i'm not going to be, you know, selling everything and looking to buy it back cheaper because i'll never be able to do that. i'll take a little dramamine and live through it. i like what i own. i know it can go down. but if it gets cheaper, i'll probably buy more. >> yeah, tim >> look, you know, i think the vix is too low i look at some credit indicators starting to give some ground high yield indexes at 15-month lows or wides and spreads. the world is not falling apart but what is the impact on consumer spending? that's something the market is concerned about and the market is trying to front run the fed and the market is trying to get

some sense of what happens when we get past these fantastic covid comps when the consumers has gone through its pent-up explosion and when you actually have a dynamic where we have blown through the euphoria of stimulus and some of the dynamics of covid. that's what the market is trying to do now. it has been an incredibly volatile week to speak to the -- to an understatement and i think you have a case here, let's see what the jobs number is tomorrow i think people are starting to worry about the economy. and i think that's, again, the growth stocks, if they don't grow, they're in the even close to being worth what they -- where they are evennow. >> though there are growth concerns, guy, we didn't even mention the ten-year yield creeping up to 1.84% in today's session. >> we didn't mention that. we didn't mention energy which continues to do the creep. there are a lot of things that we're not trying to bury any leads. this is the lead amazon and all the things we

talked about below the surface, damage is being done and this will sort of assuage the concerns for a day or two we'll see how long it lasts. i'll mention this as well in terms of why the vix isn't higher i saw a note i think from goldman sachs over the weekend how people were loaded up in terms of volatility. and in put protection and maybe that slowed things down and maybe that's why the vix is not exploding to the upside, but, again, i think that's somewhat short lived. it is right to point it out. i don't think that's all of it by me stretch. >> coming up, we're waiting for amazon's call to kick off. we're dialed in, ready to bring you the big headlines. we're tracking the after hours actions and shares of ford, under pressure on earnings we have the very latest when "fast money" returns

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welcome back to "fast money. we have an earnings alert on ford, the company's call is under way. phil lebeau has been listening in what's the latest? >> jim farley, ceo, just talked a few minutes ago, he's going to have the analyst questions shortly. he wrapped it up by saying emphatically we are through with

the incremental improvement. we'll have more about his comments in a little bit let's talk about the numbers for the fourth quarter that's the reason the stock is under pressure now it was a miss. 26 cents a share profit versus the expectation. revenue lighter than expected. people are saying where is the disconnect here? what did the analysts miss we had a chance to talk with the cfo a few minutes ago and said, what did they get wrong? he said i think they may have been a little bit aggressive, fourth quarter sales as well as pricing on vehicles. maybe a little bit too ambitious in terms of their expectations for ford that's their explanation for what wall street missed when it comes to the fourth quarter. 22 guidance is what this is all about. look at the ebitda adjusted. 11.5 to $12.5 billion, that's an increase of 15% to 25% if they can hit that mark. they're also expecting a margin of 8%. there is a big headwind out

there, commodity costs he says that they're going to be facing the costs of perhaps rising 1.5 to $2.5 billion he told us that the launch of the f150 lightning remains on track. that's expected here in the second quarter or there is no exact time when that is going to happen but it does remain on track. also they expect pricing to remain strong on all of their vehicles for 2022. now getting back to the call, melissa, jim farley had strong comments at the top of it. the first thing he said is, we're through with the incremental improvements and i know there are some people who say, what does that mean he said their goal is to improve their auto, ebit emissions, all auto ebit emissions as they ramp up battery production in sales pricing and the cost of the battery pack, that's expected to weigh on margins at least early on as they transition into electric vehicles. call is continuing we're going to hop back on and let you know if they have

anything else to say back to you. >> phil, thank you phil lebeau on the ford conference call. sounds like farley setting the bar high, tim. what did you make of this quarter? >> well, again, first of all, for folks who feel like they missed this story as it rallied well into the mid-20s, here is the shot there was nothing in this quarter that should surprise anybody. higher costs shouldn't surprise anybody in an outlook for next year chip shortage cost them ebit profitability in europe, no surprise there the fact that you got still an ebit issue, no surprise. f150 on track, great news. demands and diversification of the product mix, extraordinary it is a -- 7.5 times ebitda business or ten times earnings number for this company, so not expensive. i just think that if you're disappointed by the numbers, based upon some things that are shorter term dynamics versus the medium to long-term trends for ford, at this multiple, this is

what you've been looking to buy. >> karen what did you make of the quarter and is that 4% down not warranted? >> i agree with tim. this quarter was fine. it is a slight miss. europe seemed to be the problem there. i agree with tim, that's not the story at all this past quarter is not the story. if they're making a gargantuan change to the dna of the business and if we see the f150, if that product is a hit, that will be far more important, even though the dhaollar at the beginning may not be huge. it will be far more important that whatever miss happened this quarter. that will be a game changer for ford i agree with tim if this is what you -- if you feel like you missed it, you can start buying tomorrow. >> coming up, we're continuing to monitor amazon and the after hours session. shares continue to surge after reporting earnings the conference calls is about to kick off we'll bring you the details. you're watching "fast money"

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welcome back another check on shares of pinterest and snap and the after hours session. we're seeing snap with that astronomical gain of 56% pinterest up not too shabby 21%. joining us is an early investor in pinterest, rick heistman. these moves are just staggering. then you add in meta and the move we saw in today's session, down 26% you see the move in amazon why do you think there is such volatility gripping this corner

of the market? >> well, i think 2022 as you've seen from the mcet coarket corrn is a year of discrimination. what you saw with meta was disintermediation and competition from tiktok and their demographics facebook is a messaging platform, with facebook and instagram and you think about pinterest and some of the other social media plays and they have a different utility and use case users use it for different things and therefore they're able to monetize differently and show better results. >> hey, rick, it is dan. thank you for joining us when you think about just some of the indiscriminate selling that we're seeing, you know, it started out maybe a year ago and some of the sass names that were the winners of the pandemic and saw some of the market plays what are some valuation metrics you like to think about in enterprise we talk about price to sales all the time

is there levels that are going to be, like, okay, no matter what, get in, start buying these things, and is it different for consumer social names? >> i think it is different for each of those groups and probably in sub segments this is the year of the business model and discrimination so not even all consumer internet names are the same. but i would say in general about ten times revenue, which is kind of even below pinterest and snap, even after the adjustment are trading at a lower multiple than that. but even as you think about some of the other names that are rallying around aws, if you -- the snowflakes of the world, you're seeing that those -- the stocks have been beaten down, those multiples are still in the low 20s, which are kind of below historical average for infrastructure software companies. >> how do you think about tiktok, rick that was cited specifically by mark zuckerberg a number of times during the conference call especially in relationship to pinterest or snap and i

understand use cases as you said are very, very different but still all about the competition for attention. people have limited amounts of time and so whether it is short form video or finding a recipe, it is all time spent >> it is all time. read hastings said his biggest competition is sleep so we only have so much attention and there is only so many platforms we can parse it across i think pointerest and snap mentioned tiktok in their earnings calls today tiktok, the first time in 20 years that google wasn't the most used site and app in the world. it is now tiktok and bytedance they're taking a tremendous share, especially in the younger demographics, which consume most of the digital media on the whole. i think you're seeing meta, whether it be facebook or insta being eaten up by that the company is not public yet. you're not able to measure metrics apples to apples but i think tiktok is an

incredible threat to facebook at a time where they're not going to be able to buy that comparative threat the way they did with an instagram or whatsapp >> could that actually help/save some of the other social media stocks if regulation came down hard >> i don't think it can. it will affect ownership, but looking around, you know, the kids in my house, they love tiktok, they don't care who owns it, they love the creators that are on it, they love the format, so it doesn't really matter for the users. and that engagement is only becoming more heavily increased. so although it might prevent a facebook or a google from buying tiktok, it is not stopping that consumption pattern by users, especially the youngest users. >> rick, thank you so much

guy, i know that you like pinterest for a long time. both as a user and as somebody who watches stocks >> i was early user adapter pinterest. first time rick was on the show was the day i set up my pinterest account. what he points out is accurate i'm not going to use the word failing, but i will use the word slowing. i think in retrospect, it is pretty clear why facebook was quick to change the name of the company. they want to be associated with something else now as that business slows it makes sense but doesn't mean these other businesses aren't viable i think snap is showing that just in terms of the metrics, the fact they can charge more per user good for snap, bad for facebook. >> karen, did you buy any more facebook today meta, i should say >> i didn't. i wouldn't -- you know, trying to be more disciplined with the three-day rule this one i feel like really does

need a shakeout. will probably up tomorrow on the heels of snapback rally in the space. but i'm sitting it out for a little while >> all right coming up, amazon's earnings call is now officially under way. we'll bring you the fresh commentary on the quarter next and later, call a doctor big pharma stocks feeling under the weather today. we're breaking down the trade when "fast money" returns. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living.

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welcome back to "fast money. tough day for big cap pharma eli lilly and merck closing lower. the cash, the guidance, 2022 forecaster both drugmakers leaving shareholders wanting more what is the trade here, guy adami? >> both stuck in the mud though merck has gotten off the mat in a major way lilly hasn't done much in a while. bristol-myers tomorrow, that's an interesting one to me we talked about it for a while the 66 level has been huge resistance i think they come in, you see 25% eps growth, 11%, 12% revenue growth i think that's going to be enough to take this stock to the levels we haven't seen in a couple of years. so, bristol i liked for a while. it stopped at 65, 66, i think it

plows through. >> yeah, tim >> i like pfizer next week it had a big run year over year, outperformed other big cap pharma i think the covid franchise and capital deployment dynamics i think are also very important. and, remember, the megacap pharma names have been not just defensive because they have shown growth in a handful of cases in their pipelines, but also because they're not biotech stocks and such a difference between the classes that are so different, but when you think of the market we're in and allocation, you know, healthcare and big cap pharma continue to be a play that is very conservative >> coming up, we're starting to get some action out of amazon's call we're dialed in. we'll bring you the latest next. plus more on the meta meltdown what we spotted in the options market today that could point to more pain ahead. the details when "fast money" returns.

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age before beauty? why not both? visibly diminish wrinkled skin in... crepe corrector lotion... only from gold bond. welcome back to "fast money. amazon surging after hours conference call is under way let's get the latest from deirdre bosa >> they're just getting into the first question, but cfo who runs the call started it off by

talking about thanking employees and talking about aws, pointing out it is now a $71 billion annualized run rate business, up from $51 billion run rate one year ago, aws. he called out meta and a few hours as long-term strategic customers. he noted there is now 1.6 million amazon employees, that is doubling in a two-year period he also just spoke about that prime price hike and he's going through different offerings on the platform to justify that price hike, like originals and thursday night football. i will get back to this call and look at the questions and bring you anything as i hear it. >> deirdre, thank you. let's bring in gene munster for more gene, great to get your insights here how should we think about the guidance the quarter looked fine, it looked great i don't know if it looked up 20% or 30% at this point great, but the q1 guidance was a miss why are investors looking past

that >> well, i think it is a reaction to the state of where the market was at. i think it is less about what the fundamentals are i'm in the same camp as you given the press release and asked what the stock would have done, i expected it to be down on this. so i think you are seeing this bounceback but my attention, as i listen to the call, shifts away from march in the june quarter. we have march guidance, but the june quarter cfo was outline something head winds that will persist in march and june. for example, they had this surge in unit growth that has created operating leverage, positive leverage in their fulfillment centers. he said that is going to start to moderate. unit growth is only 3% in this most recent quarter. probably flattish to down in march. and then you lose some margin positive tailwind. also, pretty boring, but it is important, changing some depreciable life on their servers, which can have a little bit of a head wind to ebitda and

the march quarter. to answer your question, how do i feel about this, i start focusing on june, and i suspect that this 17% growth that the street has for the june quarter is probably a little bit too rich given some of the commentary >> gene, it is karen, thanks for being on i know there is a lot of pieces here how do you think about how to value this company you have great businesses and low margin businesses, put it all together, what do you think it is worth? >> well, i think over the next few months, i think there is more downside than upside. and specifically for me to get a good solid view of what this is worth, i have to get a better understanding of whate ing mode. we have to back out what happened with rivian, guided lower for the ebitda contribution for the march quarter by about 50% versus the street that's what they typically do. i don't have a good answer i think this is going to be still a theme-based stock.

i think that to try to do some of the parts with their advertising business, that's why they're breaking it out to give investors a little bit more framework to try to build a stronger valuation case here but it is still rich in my opinion. this is a great company, long-term, this is a winner, they're on the positive side of the ledger when it comes to faang, infrastructure company, not an attention company like some of the other content related. so i'm a long-term believer. i'm not answering your question because i don't have the guidance or the framework from earnings perspective to get a good solid answer. >> i'm curious to get your thoughts on the huge swings wear seeing in market caps. you're in big cap names in general -- one is in general, for some stability and this is the exact opposite of stability, what we have been seeing in the past couple of days >> i think that speaks well to why apple is and will continue

to do well is that they had been, i think, villainized for many years for having a hardware and software business and here it turns out it is more of a sleep well at night investment so i think that's one of the key pieces here. and i think that part of the sleep well at night is this noise, there is the fundamentals we usually have to navigate but now we have the noise of market i look to the fed to help moderate this. i think when the fed gives more clear direction, and whether it is five rate hikes or one rate hike, it could be either of those, we were going to get some employment numbers tomorrow, but i think until we get clear direction, one way or the other from the fed, i think the market is still going to be quite wild. and i would just kind of anchor back to what are the companies that -- the companies that are foundational, i think that apple is a foundational, google, easy to say it after this earnings, i

think amazon long-term is one of those companies. but they have got to work through some pretty big headwinds in the first half of 2022 before i think there is some stability in their share price. >> gene, thanks. gene munster >> thank you >> interesting notion that gene puts out in terms of investors want to sleep well at night when they're investing in big cap stocks, big cap technology is what we have seen in the past couple of sessions make you think that apple is much more attractive now than microsoft is much more attractive now >> i understand why investors are flocking to them they had good quarters and they had good guidance. the stocks have been relatively stable, especially relative to many of the other names, let's say, within technology or so i'll tell you this, if you're worried that six or seven stocks three months ago were making up a majority of the performance, the s&p 500 and the nasdaq and made up about 30% of the s&p 500 and 50% of the nasdaq 100, you

got to be more worried now because we actually and gene just mentioned what the fed, whether they do one or five hikes, no one is going to know, they're not going to tell us either if the assumption is we'll continue to raise into a slowing economy, and we have seen weaker data of late, ultimately you'll see apple and microsoft, you'll see their business slow down a little bit it becomes a bit more dangerous as you see more crowding and fewer names. >> coming up, meta misery. options traders are betting or more pain ahead for meta the details next you're watching "fast money" from times square. from times square. back right after this. his girlfriend just caught the bouquet, so he's checking in on that ring fund. oh, that photographer? he's looking for something a little more zen, so he's thinking, “i'll open a yoga studio.” and as for the father of the bride?

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welcome back the chairwoman is making a new investment today tell us about it >> yes, so, it is the largest raise ever for a woman's professional team. it is the wnba, really excited i think we're at an inflexion point for the wnba they have new guidance from kathy ingleburg, the new commissioner, the ceo of dl deloitte i'll take you to a game, we'll go to liberty game, come on. >> i'm there i am there. >> amazing athletes. >> i guess guy, tim and dan can come too final trade, tim >> awesome, karen. the garbage man is passing on inflation to you and waste management benefits. thank you. >> karen >> tim touched on it, hyg, a good hedge, short the high yield index. >> dan >> yeah, ea, electronic arts

lots going on in the space, good week, actually, believe it or not. i like ea. >> guy >> karen, can trade it from three. i've seen her play basketball. if you're selling ford, looking backwards. if you're buying it, you're looking forwards i choose to look forwards. >> see you tomorrow for more "fast money. "mad money 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 trying to make you some money. my jobis not just to entertain but to educate, teach, and explain what is one of the craziest markets i have ever seen call me, or tweet me at jim cramer enough with this market's bizarre mood