2020 >> when you look at the st statistics for the market move, some are chilling. some back to 2,000 i don't know what that says about the market right now >> and we're going to graduate from these concerns to more fed centric concerns as we get closer to powell next week, obviously. that does it for "closing bell." "fast money" begins now. >> this is "fast money." i'm melissa lee. tonight's lineup, guy, tim, karen, pete najarian tonight on fast, we are following all the late breaking developments out of ukraine. investors on edge, but stocks staging a massive comeback today. plus, the invasion putting the fed front and center will poll icymakers rethink pla for aggressive rate hikes? richard fisher is standing by.

and crude oil sky rocketing, by but oil stocks falling first, we start off with a stunning market reversal stocks starting the day deep in red as investors digested the full blown invasion of ukraine s&p down more than 110 points at its low, then things started to low. stocks rallying into the close with the s&p finishing up 1.5%, but the real stand up story was in tech. the nasdaq erasing a 3.5% drop to close out the day with a massive 3.3% gain and the moves within tech were staggering. cathie wood's ark innovation soaring. the igb software etf surging 6% to finish up the day so as russia declares war, wall street rallies what do you make of this action, guy? >> i don't think it's over, i want to be clear with that you mentioned it today is really interesting. the three things i took away

amongst the many obvious things and i'm glad you mentioned the software etf heavy microsoft, probably 9.5% adobe, salesforce. 305 in november. up to 448. back down to 305 today and bounced. that's a really good sign, number one second sign and i'm sure everybody on the show tonight would agree. apple literally traded down to the 200-day moving average 151.60 great sign and i mentioned the hyg last night karen mentioned it the night before not a big deal today, i get it, but the fact it reversed all three really good. >> if you cthink about the move in apple it's the day you started out, we talked about the market that's been held up by five stocks. it's the day we were going to

see the market follow through. from 9:30, 9:45, you hit a bottom you talk about that trqqq, you could draw a line back to january 2021 at that level we were almost 7% off the intraday low, but to that, it was down 22.5% from the highs. so absolutely bear market territory. i thought the turnaround was as much in high multiple tech what's fascinating is look, in a world where suddenly everyone today is questioning global growth differently than a couple of days ago, whether that's appropriate or not, that's one of the ramifications i do think big cap megacap tech always outperforms in that environment when we actually see some question about growth and we found a way to call microsoft and certainly google absolutely facebook valuations that people get excited about. so very interesting day, but it

was high multiple tech that actually also, look at that ark, arkk got down to april 2020 lows. so basically, almost the lows of, not the lows, but the april move of covid and it was extraordinary. >> karen, you always talk about the pendulum swinging too far. so where are we in that pendulum swing you think when it comes to these higher valuation names >> i guess some like a salesforce, it's not absolutely cheap. it's certainly relatively cheap to where it had been and to others, but maybe guy's right. i'm short the igv. i didn't cover any today against that, i'm long a number of faang stocks which did pretty well today not as well as the high fliers that have been decimate. the faangs haven't been hit nearly as hard it was a stunning reversal today. it was stunning. the 6.8% move is enormous and so

i really didn't do a lot i felt like, you know, i watched the vix closely. it hit up to i don't know, 38, maybe. pete, you probably know exactly where it was i thought it could go higher, but that wasn't the case then i'm not even sure, was it just this down 20 plus and that's it and buyers came in then i don't know if there was something biden said that people were excited about that accelerated or if it was just the rally. it was sort of off to the races and didn't really matter what biden said i don't know i'm kind of perplexed and didn't do anything today. >> that's a smart thing to do if you don't know what is driving the market action. we spoke on the halftime report today and the upswing was in play, but not to the extent to which the markets rallied through the close and so i'm wondering what your take, what happened in your view in the second part of the trading session? >> i think it directly was what

president biden had to say and his delivery on how he said it all you've got to do is look at the final two hours of the day and look at the dow that went up 700 points in that final two hours. almost all the gains that we've gotten in the nasdaq happened then and that coincided with about the time that the president was up there giving us you know, exactly what the united states was going to do and the stance we were going to take it certainly did flip fast guy had his three. i've got three stocks i'll throw at you that i thought were unbelievable turns nvidia, amd and tesla. tesla's been my barometer for a while now in terms of the nasdaq all you've got to do is watch it and how it's moving. oftentimes it's moving in front of the nasdaq, but that was an incredible reversal there along with so many other names where we saw a lot of different reversals. you're right, karen.

the volatility was extraordinary. almost up to 38, then we closed below 30 the amazing thing is we started off february at 22 and we closed yesterday, you know, close to 29 and here we are once again after this wild ride we had today. we've had wild rides throughout this month of february it's been incredible the velocity, the volume, everything is part of it obviously the volatility is incredible but that's the markets that we are in right now and it seems like there are a lot of folks out there that are very, very, very short-term. if you guys think i'm being an option guy, i'm the short-term guy, i think we're seeing guys out there that are absolutely day trading like i've never seen before >> the tesla turn was in spite of the sec announcing an insider trading probe into elon musk as well as his brother. that tells you how strong that turnaround was guy, when you heard the president, what was it about the comments do you think it was what he said or maybe what he didn't say about what the u.s. would or would not do

>> no, politics aside, i mean i don't, in my opinion, probably helped to assuage some concerns, but i think it was the footage out of russia. the protests by russian citizens maybe that was something the market didn't expect now putin's getting feedback or pushback from his own people i think that's a big part of it. to sort of echo pete, nvidia traded down to the january 27th low. that's coming off an all-time high a few months ago, 346 and the amd intraday move then the announcement of a stock buyback. >> here's the question i have tonight and i asked this same question on halftime report, but i think the market rally into

the close is more sort of you know, credence or weight to this notion that maybe we've seen a bottom in technology maybe we've seen the worst of it did we, tim? >> i think we were oversold. we've talked about investor sentiment. we've talked about some things though yesterday the technical picture didn't repair itself today. and it was nice to see a close on the high after a day where we closed on the lows, but theoretically, again, i think it's a lot easier to own, especially in a world where there are geopolitics and while megacap tech companies have inflationary exposures certainly on labor side, but not related to oil and gas per se directly, and to the extent these are businesses boom ing in this country. businesses that haven't been allowed in china and russia. it's natural that they can catch a bid and be a flight to quality. if you look at the qqq, the nasdaq 10 o etf, it looks like

it wants to go back to 300 it wouldn't be devastating it's another 10% or so i just get the sense that you know, great move in amd, in tesla. you talk about high multiple stocks, nvidia, are those stocks you want to buy today? i didn't come out of today's market, first of all, and i think we do this every night you have big days. i'm not coming here to tell you to do anything in particular i don't feel any better tonight other than i'm happy to see markets didn't close on the lows again because i think there's a lot of fare and trepidation out there. >> i didn't do anything. like i said, but it's interesting to me, sentiment is now what's driving them. they all moved together in an enormous way now we're past earnings. so we don't have anything tangible to hang on to to help us evaluate and come to a valuation, so it's just all macro and sentiment now and flow of funds and that sort of the game i'm not particularly good

at so i'll leave it to the day traders or hourly trader it didn't feel like to me it was the bottom >> time will tell. joe is blackstone's chief investment strategist. has your investment outlook in terms of the u.s. being the safe haven here, has that changed given the geopolitics? >> no and first off, thank you for having me. we want to acknowledge the humanitarian tragedy taking place in ukraine, but in terms of an economic impact or fallout from it, most of the world had been dealing with a number of headwinds from higher input prices, from commodities and oil to coordinated central bank hikes and our view had been that the u.s. was an island of growth because the u.s. is one of the only major economies in the world that has this cushion of $6 trillion in stimulus that has been created more or less out of

thin air over the course of the last 22 months or so that sits on household and corporate balance sheets and means the u.s. has this tremendous cushion for growth as the rest of the world faces these headwinds. so i think there are risks that we'll see. higher inflationary numbers not only from higher oil prices, but also commodities and i think that presents a greater headwind to the rest of the world we don't expect the rest of the world or g-7 countries or europe to enter a recession as a result of the higher oil prices, but we think it will be a headwind to dw growth indep think the u.s. is insulated. >> i don't want to ask you about the fed, but i want to ask you about the fed in the context of the housing market you're bullish on and if i'm going to listen to anyone, i'm going to listen to blackstone on housing. what part of this market do you get so bulled up on? we had toll earnings a couple of nights ago home builders that are trading at multiyear lows or at least through the lows of the crisis

and you have a case where housing conditions still on the demand side still looks good input prices are a problem what part do you want to invest in. >> great question. when most people think about housing, they're thinking about it two dimensionally you see median home prices hitting a high mortgage rates backing up. 30-year mortgage hit as high as 3 3.95%. they look at the median home price and rising mortgage rates and think about affordability. well, i think it's a little bit more than just that two dimensional calculation because you have to factor in rising wages. if you look at the prices today versus pre-covid, it is more expensive to buy a house and to finance it and the monthly mortgage payment's gone up, but personal income has gone up more than the increase in the mortgage rates so i think as we consider more

housing and look at housing strength, i think it's important to consider that we have strong labor markets and rising wages and historically, housing ends up being more correlated to labor than it is to mortgage rates. so where in particular, you know, we've seen this migration to the south and to the southwest. those housing markets remain the hottest and i think one of the permanent changes we'll see as a result of covid is this greater flexibility with respect to time in the office versus working from home or anywhere. i think that strengthens the case to the south and southwestern parts of the united states i think they continue to do very well >> joe, how to you factor in the impact on consumer sentiment and confidence the squishier things to try and actually calculate you can calculate the impact per household of you know, x dollars per gallon of gasoline, but the overall impact on the consumer psyche is something that's hard

to grasp it reminds me of when economists and strategists were trying to calculate the exact impact of the tariffs. would the impact on overall confidence in business outlook was completely different and much more profound >> we've seen a hit to consumer confidence and we've seen the outlook deteriorate. there are different surveys out there. some more geared toward income or labor and employment markets. others more toward stock market and the value of people's assets you see a difference emerging in the surveys. my view and base case is that labor markets will continue to be strong. when you look at the shortage in la labor markets, as long as unemployment is falling and today, we have somewhere around 1.6 open jobs. i think that ought to strengthen the long-term case for the consumer now, the consumer's got a lot of issues they're facing in terms of these higher input prices and

there's a lot of different things competing for wallet share, but when people feel confident about their jobs, and when you look at consumer net worth, most of that is anchored in the value of one's house. we continue to see home prices moving up. i'm optimistic about the consumer and i want to put at least, have part of my investment strategy geared toward experiences consumer spending as we move back towards services away from goods, i think consumers are going to choose experiences over things and i think in-person experiences will be a secular theme in the united states >> always great to speak with you. >> thanks for having me. >> experiences we were just talking about, the live nation after the bell earnings yesterday. the rally into today guy, you always say never bet against a consumer but when the consumer opens up his or her, and i know this is, we always talk about this, you open up your quarterly

statement, your 401(k) et cetera and see the stock market is down by this much and it's continuing to go down, that has an impact you remember that quarter back when restoration hardware specifically cited the stock market declines as why people weren't buying sofas >> yeah, i wish i could tell you exactly when typically, i have a pretty elephant memory when it comes to stuff. i don't remember that, but i remember the show. i'll say this. i think as long as the market doesn't have a precipitous selloff, which we haven't seen, consumer spending will stay robust i'm with joe on the experiences thing which is why e in my hope trade expedia, and a in my dawn, airbnb airbnb has done a round trip i think it's getting sold off with the broader market. >> clearly, guy has been to restoration hardware those leather chairs behind him.

luxurious. yes, those chairs, guy those are the ones when i think about discretionary retail, i think there's a lot of support for margins and the companies we've been loving to love lululemon. nike some of the other discretionary apparel names. i think you have a case where this is where the consumer who's got money in their pocket is actually willing to spend and willing to override inflation. i think we've seen this and those companies passing this on like those companies are doing fine on margin >> i agree with that >> the retail space, a lot of value there. as an event and as a really cheap valuation. that's really interesting to me. those chairs, i think he took it from the -- somehow you arranged those. >> familiar. >> they do those tapestry foot stools are nice, too, guy coming up.

more fallout off the invasion. energy stocks not so much. more on that trade ahead plus, cybersecurity stocks ripping. we're breaking down the big moves when "fast money" returns

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welcome back check out the monster moves from names like crowdstrike, fortinet, all moving higher. the moves come as a new round of sanctions. let's get to eamon javers who has the latest >> the u.s. government is telling american companies to prepare for the worst and be ready for any type of cyber mayhem in the days to come analysts have long said the point of greater danger might be right after the u.s. imposes sanctions on russia, which president biden did today. now, cyber attacks are one say russia might retaliate, but they're in part psychological. so experts say one key to doling with them is not to overreact. >> the important thing to remember is we can prepare now we can deal with these issues and we can, but ultimately, we're going to be able to make

it through this. there's nothing i think in the cyber realm they're going to be able to throw at us that we can't handle >> so what could russian attacks look like? we simply don't know because cyber war on that scale has just never happened, but u.s. officials believe the russians have long since planted cyber weapons inside systems they could detonate when they decide to go on offense another area of concern is economic retaliation cutting off the west from vital raw materials to cause more supply chain problems and ramp up inflation inside the united states that could put political pressure on the biden administration to back off >> didn't we get a glimpse of what anattack would be like with colonial pipeline >> absolutely. one expert said it would be colonial pipeline times 100.

now you've got a situation where the russian intelligence agencies might be involved in an attack and they have an order of magnitude greater capability so if they were to do that, they could cause significant problems here again, the pressure is aimed at being psychological and political. the idea from the russian side would be to put pressure on the biden administration to have americans freaking out about gas supplies and other problems, putting pressure on the biden administration to back off and say you know what, these sanctions just aren't worth it >> thank you a disruption in energy here in the united states, a disruption in electricity, in internet. all those things could have major psychological impacts on the american people and the willingness to back this sort of move to defend nato. guy, we've seen, you know, a certain amount of reflecksivity. does this stick this time?

>> yeah, it's something i have when i have my burrito from cmg, but that's probably another story. no, i think, i understand the problem with some of these names in terms of valuation. people look at palo alto and say at current valuation, it makes no sense i get it i think you can take out the recent all-time highs. i'm glad you mentioned z scaler because the stock was up 10% during the day it's given that back and then some on the back of earnings they just released if you think thpalo alto is expensive, still trading 200 times north of the numbers there's a secular shift going on we've been talking about it for years and now it's in the spotlight. i think you can own palo alto. i think it continues to grind higher >> pete, you like any of these names? >> you know, i'm right there with guy in terms of it's really

difficult because we talk about these high valuation no valuation stocks all the time and how difficult it is to wrap our arms around it and we're waiting for the day when these companies get into some reality zone that being said, i agree with guy. i think palo alto is one of the top if not the top i think fortinet and crowdstrike. there's a lot of different names for all the right reasons. they should want to be in there and should want to be able to attack what is a very, very critical area within the markets. cybersecurity, you know how important it is. you brought up several instances we have to deal with and we will be dealing with in the future. we've got to have some poxsition in some of these names despite the fact to say this is a value at this point. i like that palo alto. >> speaking of cybersecurity, cramer is sitting down with the ceo of crowdstrike

catch the full interview at the top of the hour on "mad money. coming up, inside the fed. does russia's war on ukraine change the game for a liftoff? plus, we're all over the after hours action coinbase shares are on the move after reporting earnings a conference call gets underway in moments you're watching "fast money. back right after this. every big idea every game changer every "how'd they do that?" starts here the blank page artists and writers know the tyranny of it well

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stocks staging a stunning comeback today, but does it change if game for the fed let's bring in richard fisher, former dallas fed president to break it all down. richard, thanks so much for joining us we've been all wondering whether

or not geopolitics, whether or not the situation, the impact on oil and gas and inflation, will that factor into the fed's thinking what do you think? >> probably very little. obviously what's happening ukraine is going to add to some supply and inflationary forces i mean, they produce 2.3 billion tons of maganese mercury oil, shale gas reserves. it's got the third largest black soil land in the world lot of wheat lots of commodities. et cetera, et cetera so short-term, i would assume by the way that putin wants to exploit all that, but short-term, we're going to get price pops we're seeing it in terms of market and commodities, but the fed can't do anything about that what the fed can do is begin to reverse course they've made it clear they're going to do it

i think what it does, they'll be gentle we're going to have most likely, the odds are 85 to 90%, 25 basis point move in march. and whenever the federal reserve bank of st. louis is talking about, i don't think will occur. it's the beginning of a process. they need to go in this direction. i don't think this changes >> mr. fisher, it's karen. thanks for being on. we have eight maybe. i know the fed has talked about having room over 2%. where do you think they could get, try to get down to in say a year and a half? >> i don't know. if you look -- look, you guys are better than i am at earning reports, but almost 80% of the ones i see are ceos and cfos talking about how they're going to phase in their pricing to

protect their margins. particularly in goods. you don't just move overnight as you know you guys are great security analysts you don't just change the ecosystem of a company in one fail swoop everything from how you pace your payables. you lag them, sell, all the way up through capx inventory management everyone i'm listening to and i'm sure you're listening to, are saying pretty much the same thing. they're going to go as far as they can go. they want to protect their margins. cost of labor's gotten rich. i don't think this waits until the end of the year. i think it continues on through 2023, at least through the first half then maybe we can get inflation down to the 3.5% range still pretty rich. >> at what point, or at any point, does the fed actually factor this in if we see sustained inflation, they go ahead with a rate hike,

25 basis points, slow and steady but inflation remains high and is given the extra boost because of what is going on in ukraine at what point does the fed say maybe we need to re-examine things >> i think they're just beginning this process i don't think they know, to be honest with you. what they do know is they need to shift gears the question is the speed with which they do it they're going to stop expanding balance sheet. they're going to try to figure out whether or not they should be reducing the balance sheet. we have almost a trillion and a half short-term treasuries that is one year less maturing as of last thursday within one year you'd have to go out longer. the fed doesn't sell anything. you've got almost all your mortgage-backed securities ten years or longer. going to have to discuss that. all these things have to be done at once. project the market, what they've talked about, reflect it in the minutes. the signals will come out, but i

don't think they're quite ready to come out yet. we'll get more during the march meeting. it's not just fed funds. it's also the balance sheet. what are they going to do with it how can they do it at what speed? there's a lot of uncertainty here and i think it's royalling the markets just as ukraine. >> last quick question my producer is going to be screaming in my ear for this do you think, did you ever think it really existed? >> i got in trouble in the committee when i told ben bernanke we were having a put with qe and making it clear we stayed there forever, which we pretty much did. we tried, 2013 got the taper tantrum. i think this is one if it begins to roil the economy, but this is probably my cheap way out,

melissa. the strike price is different now. it's not quite where it was before >> yeah. i think that's what most people think. richard, great to get your thoughts as always former dallas fed president. guy, what do you think >> i love richard fisher and you know, the thing about him. that's him being, parsing his words. if you read between the lines, what he'll tell you is we've made ourselves a slave to the market we should never have been. the fed, you think it's there, it's not i love his candor in this. i've said it 100 times david tepper correctly has said for years, don't fight the fed he said that when they were add add liquidity and if you were bearish, you were feighting the fed. now, if you're long-term bullish or short-term, you are effectively fighting that federal reserve. >> and he calls it as he sees

it one of the great thing about this country is we have a central bank that's independent. this is not the case for other countries in the world i applaud the fed for hanging in there. i think there was a long line of central banks around the world that have been much more aggressive against inflation than we have and it's amazing how quickly we flipped on a dime this is a fed that said transitory, transitory, transitory, then one day, you had everybody in the fed lining up telling you we're concerned and here we are. >> pete. >> i would agree with what tim just said. that's exactly right the one thing i would say is that powell has been very clear. he's been very transparent right up in front. and he really hasn't stepped out from that. so if you're willing to listen to the fed and don't want to fight the fed, you have a pretty good idea of what their plans are for the future, but i still think everybody wants to figure things out and get in between everything that's not the right way to do

it i think powell's been very, very clear. >> let's take a look at this live look at washington. the white house just kicking off a press briefing following russia's invasion of ukraine we are monitoring this we'll bring you any headlines that come out of it. let's take a bring coming up, palantir soaring, but first, coinbase shares after reporting earnings the call is underway the details, next. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.

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we've got an earnings alert on coinbase shares are dropping after reporting. kate >> hey, melissa. coinbase with a beat on the top and bottom line for the fourth quarter, but forecasting a slowdown in users and trading volume for the current quarter that appears to be weighing on shares here after hours. the stock had initially popped about 5% coinbase benefitting from bitcoin's all-time high in the fourth quarter it saw net income roughly quadrupled from the year earlier. beat on revenue and eps.

trading volume jumped about 67%. mtus came in at 11.4 million, but that's back down to about 10 million. coinbase says retail and volume will be lower in q1. i spoke to the ceo after those numbers came out she talked about engagement in areas aside from trading about a third of customers she says were using investment and non-investment products in the quarter. things like staking, their custody business, and the debit card subscription and services revenue now makes up about 7% of the total revenue. that's up from 4% a year ago as far as that slower growth, she talked about the strong colation and because crypto prices are down, they're looking at a slower q1 and as for the rest ofthe year, coinbase is a pretty wide range of outcomes based on what happens with crypto prices and volatility

quote, the markets go up, down, but we're prepared to navigate through all of this because we really think this is a long-term bet and we're prepared for short-term noise back to you. >> all right thanks and of course, we'll bring you any highlights >> i'm long coinbase the underper fformance the fact we see crypto fluctuations, we know that i get what analysts had to do. i think the stock's performance given the guide was very cautious is a function of a lot of analysts had downgraded i think there's any major surprises here we've done a nice job of highlighting where this is one of a couple of core ways to be playing the some of the digital future and that's something we believe in >> we're watching shares of

block. up 27, 28% we're not clear what is causing this massive pop because we did see initial decline which did look like a beat karen, i don't know if you have thoughts on this >> no, i was surprised saw it down a little some of the metrics looked good. and then i don't know what this move is. so tweet us if you know. >> we're working on it just wanted to bring that to your attention coming up, a surge in palantir shares, jumping more than 11%. our next guest thinks the company could see trouble from its spac buying strategy more on that next. plus, oil higher as russian soldiers move into ukraine, but oil stocks fell. so what happened here? we're going to take a look in the options pits for an answer details when "fast money" returns.

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the afterhours session palantir, a big, bright spot rallying more than 13% the company has been on a spac buying binge palantir pumped more than $400 billion into two dozen spacs in 2021, but our next guest says the strategy could come back the bite them. tyler at citigroup joins us now. great to have you with us. you've got a sell rating on palantir so it's clear on where you stand. on your note, if you back out some of these contributions, commercial growth would be much, much weaker. this doesn't sound good. sounds like they're making investments in spacs in return for contracts. is that what's going on here >> yeah, i think you hit the nail on the head i mean, there's a number of these contracts out there where palantir is invested often in pre revenue companies. companies that are going public

via the spac routh e. there's a very clear line here in fact, palantir discloses the amount of revenue from those spac companies so investors can do the math. but i think the key point is it is a big growth driver for them in the commercial business and i think our concern is just that that's a lower quality growth driver as investors evaluate the performance of the company >> what is the risk to this strategy you say it's lower quality growth because it's not, you know, they're not customers who actively want palantir services, but i don't want to say coerced, but almost like a -- what's the downside they're disclosing everything.

it's revenue what's wrong with it >> i think the concern is that you become dependent on the spac market, which clearly market conditions where we're at now, you know, there's not as many new spacs as there were over the last couple of quarters so that becomes your dependsy on growth. this is views conted by investo. they had to take a huge writedown on the spac investments. this past quarter, their loss on a lot of these spac revenue contracts was greater than you know, any revenue they've earned so from a pure mathematic p perspective, it isn't working out well and i think these types of arrangements don't set you up for sustainable growth, which is

what investors are looking for >> to the extent the spac market has kind of imploded, you're gong to have tons of spacs that don't get a deal done, and need to be dissolved or, i mean i guess some of them will be renewed for some amount of time. so those would end up being short-term contracts relative to the sticky ones that palantir likes to have their book be. stickier, long-term contracts. how do you think about valuing those? >> i think that's another great point. they've largely been large corporate contracts. the smaller ones, i think it's really hard to hold that on the same level it's not a government or a you know, a large entity like a fortune 500 company that has deep pockets, right? and so you know, i think our concern is just that investors are going to assign a lower

valuation multiple for a business that's dependent on this funding mechanism >> this time last year, i think palantir got caught up in the whole reddit crowd probably the worst thing that happened to them i was on that band wagon incorrectly. is there an argument to be made, if they could figure out mid sized business, a down scale offering, does palantir make sense at a certain point >> yeah, i think that's an area to watch for sure. i think our concern has been, it's been a business that has, you know, very high exposure to the government 50, 60% of revenue there's very few software companies out there that have that type of exposure. this is a business that's been around for a while despite the recent public listing. they account only a little over 100 customers. our view is that a lot of customers have looked at the

palantir technology and passed on it. it doesn't mean they won't ever revisit it but i think if you really dig down in deep and understand what palantir is, it really isn't true out of the box software it's really kind of packaged, custom software that's being deployed by palantir's engineers. so i think that type of motion, very successful for the government we're optimistic that palantir can continue to grow in the government, but in the enterprise, that's not the way software has worked. the fact that number is kind of being polluted by these spac deals, you know, we just haven't really seen any signs they're turning the corner, but it's something to watch >> tyler, great to get your thoughts appreciate it. >> thanks for having me. >> fascinating analysis. again, a sell rating on the stock. karen, you alerted me to this.

i didn't know this was going on. to be honest either investing in spacs, so i didn't realize why or one of the major reasons why they would be doing it >> i know. it's sort of a fascinating story. it doesn't -- i mean, the markdown in the spac share price is temporary they'll be able to redeem. but it just seems an odd way to get revenue that shouldn't have much of a valuation. if you look at spac income statements >> they're meaningless >> there's nothing in them >> great to shine a light on it. i think the street breaks down spac versus ex spac. then if you do the guide, just looking at the report here, the guide ex spac is about 22% the stock was down 5% or so because of that. in other words, i think people see right through 22%. i don't think it's a big mystery as much it is hey, this is disappointing and this is a growth company that should be in

a sweet spot right now, with all the other things we're talking about going on in the world and this isn't impressive enough crude at $100 a barrel ener dn'gyidt follow suit. what's the deal? we'll take a look, next. esg is responsible investing. who's responsible for building esg into your investments? at pgim, the pursuit is on for outperformance. as active investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. (vo) this is a place for ambition. a forge of progress. a unicorn in training. a corner to build a legacy.

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welcome back check out the move in wti crude oil, hitting nearly 100 bucks a barrel before giving up nearly all its gains? >> the wti futures did see call options about triple and saw the april future hit just over 100 those april 100 calls were the most active today. we saw about 14,600 of those trading for $3.80 a contract buyers are betting it could exceed today's highs by at least that amount. futures represent 1,000 barrels. so 14,600 call options is quite a lot. that represents 14 million plus barrels of crude oil >> mike, thank you

what do you make of this oil today, pete? the energy equities that is? >> yeah, i guess we shouldn't be surprised by the movement, but i continue to be bullish on the equities themselves, mel i continue to load up. it's not just about ukraine. this started over a year ago they just continue to go to the upside i'm going to continue to buy as well and i continue to have more and more and more positions to the upside for energy. >> should we be concerned about the energy companies that have exposure to russia specifically like a bp or total, guy? >> i mean, i would think a certain amount of concern, but in terms of the broader picture, by the way, this is playing out the way paul said it would i think two days ago, if memory serves short-term selloff, but he's bullish. i am as well this is long before russia ukraine. the fundamentals are still in

place. for oil to go significantly higher than we even got today. so i still like the entire sector >> he also said buy faang, sell faang. the tech stocks. is it time to get rid of that trade, tim >> i think energy is now a case where this is hardly a contrarian trade i think everything we're saying here, russia, 7.5 million barrels roughly on export to the rest of the world. you mentioned u.s. companies conoco's done a great job getting themselves out of russia bp still has some tide >> options action tomorrow, 5:30 final trade time petey. >> i'm going to give you fcx >> guy i want to say hi to mr. ed tucker paypal's got to bounce on that square news. >> i like tkohl's

there's possibly an event. >> lowe's really didn't participate. cheap to home depot. >> thanks for watching "fast money" on this crazy day today "mad money with jim cramer" starts right now my mission is simple to make you money, i'm here to level the playing market there's always a bull market somewhere and i promise to help you find it. "mad money" starts now. >> welcome to "mad money," my job, not just to entertain but to educate, put these days in context, call me 1-800-743-cnbc. how can the stock market not crash when it look