>> maybe that is the last word, they're just okay. >> they're not giving you anything to be too extra concerned about. >> well, you've got some big earnings coming in the nights ahead. i know i'm going to see you back here that's mike santoli. "fast money" picks up the story. i'll see you tomorrow. right now on fast, the vision april's sell jo shows no signs of letting up. nasdaq down over 12% this month. tech is sinking, alphabet now dropping after hours texas instruments lower, too elon musk got twitter, but at what price tesla the worst performing stock today, losing over $120 billion in market cap. is there still more pain to come general electric tumbling more than 10%. take away the f8 for 1 reverse

split, and this is almost a single-digit stock welcome to "fast money" in the heart of time squares. we start off with that major market sell-off on wall street the nasdaq plunging nearly 4%. the index now on pace for the worst month since october of 2008 s&p and dow also dropping more than 2%. the s&p's lowest close since the middle of march. the five biggest companies in the world lose ago combined $420 billion in market cap alone. netflix with another tumble, the stock is down 43% since reporting the earnings last week take a look at the moving on alphabet, microsoft and texas instruments after hours. we've got team coverage.

we start off with deirdre boso d-bo >> it's got diverse verticals and low s&p concentration. youtube is more vulnerable than the broader ad search business it has been surpassing the last few reads the cfo saying while it is primarily an ad-supported model, time on the platform growth she said the team is liking th innovations there. cloud was a bright spot, stinting to see top-line growth, slightly narrowing losses, still about a billion, however the earnings call is just kicking off. i am expected to hear more on the ad growth deceleration and when they might expect a recovery

we will bring you any updates as we hear them. >> now to microsoft lower despite earnings and revenue beat steve covac has the key takeaways. >> that's right, keying in on cloud growth and azure delivered. it's the sect consecutive growth it's not good enough to beat on the estimates, you have to absolutely annihilate them, and then there's office, the productivity segment that includes office, is up 17%, and this includes the first months of price increasings, with more coming in the summer as they rise prices. and that's the story around office going forward, using that pricing power microsoft has in office as they run out of room to sign up new customers

once we get on the earnings call, i'll be back with more >> steve, keep us posted the declines in the afterhours, on top of 3-plus percent declines earnings, tim, not too bad here. >> in google's case, down over five sessions. a disappointed by youtube. when i think the ad revenue and think of google, and a company that's still going to grow 20% maybe this is a bit of a disappointment this is a company that is a laeler, 29% in a $660 billion global market. it's a company that should not be thrown into high multiple tech land. i'll $140 a share next year, a 16 multiple on 23, with big buybacks coming. look, half 6 the s&p reports this week in a market that's

freefall this is extraordinary crosswinds in fact, i think held to its own standard, these numbers were not bad at all. >> they weren't. it's not about the valuation of these particular stocks, but a rerating the ever the overall markets, karen what did you make of the quarters in the context of the market >> microsoft just -- i mean, that cloud number was, i thought, laughably good. the stock is down three bucks, which iguess is now known as up, but it seems to me, wow, the street just -- they're going to be disappointed, no matter what. but for google, you know, a slight miss. that's not good, but it's not like this company was trading as a multiple, sky-high multiple. it was trading at about 20

change, if you back out the cash, so to miss this much and but down whatever it is, $130, let's say you annualize this quarter, so a miss by $5, that seems like an awfully big sort of extra penalty for some disappointment very painful to me it's my biggest position i still like it. i feel like the story has not changed. >> on top of the $81 billion they've been buying back so much stock. >> they have they have really changed their financial engineering. it used to be they would sit on the pile of cash and not do doing, now they're putting it to work. >> there's a poor output on the google shares. >> finally. >> grasso, what did you make of the quarter? and, you know, it's not helping the overall markets right now. i don't know if this goes giving you an indication of how we're

going to go tomorrow i think tim touched on it, if the overall market, it's obvious this wouldn't be here, just at another one, i think it's trading at a by over 12 times. the ten-year average is actually higher, so it's not expensive, then the stock went from 2875 down to 2370, basically around the close, now after hours, getting hit get in the face. so i think that people are misconstruing growth and growth at a reasonable price. this is not zoom this is not peloton. this is not anything else you thought about in this market this is google but people are scared, they're jumpy, they're nervous, they're worried about russia/ukraine they're worried about powell i think the overall market wants

to dip below 4,000 in the s&p. having said that, i think microsoft could actually be positive before we get off the show >> it may not be a zoom or peloton, guy, but for a lot of investors, it feels like that wild ride, when you're talking about a 16% decline in google, which wasn't cheap to begin with, in one month that's the scary thing here. >> yeah. welcome, it's a paradigm shift scott talked about it in his show what is the right valuation? the world changed clearly in november for a lot of stocks, changed over the summer in terms of being, you know, worried about valuation. i'll say this. i think everybody would agree. we've seen better quarters out of google. they did miss eps significantly and did miss slightly on revenue. with all that said, the question is, is 27% down from the

all-time high enough you get into levels where i think it is. i'll say this as well. the world is re-rating everything google was one of the cheaper names for a while. i think it's cheaper now obviously, microsoft quickly, to steve's point, you go back to this time last year, when it made an all-time high of about 262, sold off, then off to the races. that prior resistance becomes support. in a different environment, i think pre-november, this microsoft quarter with -- i thought it was 49% azure growth year over year, but i think we're splitting hairs. i think the stock is actually up 5%, but we're in a new regime for the market >> put it in a note today, saying the unfilled gap is in

play do you feel that way as well that's about a 4.5% decline-ish from where we are. i was just checking on appear the after the market, and it's down it's do you think apple is the one i want to see. the smhtf, that's the most that brought through support around 220 today. the triple qs, so unfortunate, the probable here is this is such an important week for tech, the kind we almost want to get it out of way, before we can really assess, but we always listed it to the penny whether we get there or not in the next couple days, i do think we're getting there. remember, tech had been outperforming the s&p by the

couple days. i think we said on this desk, let's not get carried away semis underperformed tech, and that worries me for the s&p. and then we got texas down 10% on the -- and the concern with texas instruments, nobody seed to care now everybody seems to care. we'll just continue to go down the rabbit hole. look at the sell-off for nvidia, and look at amd, which has now been more than cut in half from its recent all-time high of about 160 and change these are significant moves, to tim's point. if you want to play the s&p game, absolutely we did the math for you, how you get to 4,000 on about -- perhaps, there you go, that's your number.

>> jaret, great to have you with us , i want to get your take overall. the nasdaq is at its lowest levels since december of 2020. do you think there's more of a re-rating to come? >> i think we are talking about it on the show, with the pricing of risk assets, and it's the worth performs sector in all of the market right now, specifically within -- semiconductors have been leading us to the down side. we see what's going a with the shape of the yield curves. semis have been in a rough spot. and that's having its consequences so, you know, tonight in particular, really rough night of results from google and t.i. in particular.

i thought that was certainly the standout of the three that reported tonight, but the quick answer is, i think we're facing headwinds and tech is certainly facing the brunt of it >> what was wrong with google in your view? >> i think the big standout was absolutely the deceleration in youtube. it's now decelerating to only 14% growth year on year in the current quarter. that's certainly impacted a bit by fx headwinds, but we saw what happened to netflix, there's just more eyeballs you think about the competitive landscape in the internet and tiktok is gaining share to the point where even google has introduced their own competitor to tiktok, and we're worried about tiktok competition for google, worried about it for facebook i certainly think it's a

combination of youtube dece decelerating, google was stepping up investments. they hired head count, the head count went up 17%, so the deleveraging of the model. >> just to expand on what you were just talking about, with the read-through of two negative things for netta, which is the advertising more broadly and then specific to youtube what will we see from meta is it low enough or not? >> you know, i think we'll see more of the same from snap or google, where we saw businesses, and then we have the russia/ukraine conflict. you know, when you think about google and facebook, i think they have twice the amount of media exposure meta is further complicated by the fact they've been impacted really significantly, also from

the apple privacy changes that have impacted the business, so i think all eyes will be on incremental commentary, associated with whether they have navigated the 4headwinds. meta is such a divisive stock with the conversations i've had, mark zuckerberg has changed the name of the companies to it, so i think that's more complicated relative to google. >> jared, i'm trying to figure out what the impact is of the supply issues. is it enough to say china is locking down as much as it had in the earl yes days of the pandemic, so the supply chain issues will be just as severe, so maybe we'll face them for the next year-plus, or have we learned a way to work around in any fashion so the supply chain issues won't be as bad

>> it's probably unfortunately closer to the former i think the companies we're talking about have done an amazing job i think texas instruments earnings are the best example of that, right? it puts them at a solid march quarter, but they talked about the june quarter guide being impacted because of the lockdowns and covid-19 restrictions, so we're still dealing with complicated supply chain issues, just given what's going on right now in china and shane high in particular, it continues to have significant implications, including a company as large as texas instruments. i was talking about t.i. a few moments ago, and maybe there's a bit of a silver lining this is the first quarter they've bought back stock in a meaningful way versus that $100 million or so

for the last year and a half or so maybe we're getting closer to the bottom, but maybe that's the silver lining. >> jared, always great to get your thoughts. thank you. >> thank you so much >> jared weisfeld. >> what do you think about the rest of the week as we continue to get more earnings >> yeah, i think technology is obviously going to be under tremendous weight until we actually see what the fed does versus what the market has assumed the fed is going to do the fed has no about is in trying to talk themselves down, you know in a more dovish fashion. they want the market to adjust to what's happening right now versus them doing all the heavy lifting, but the other important thing is the neutral rate that everyone keeps talking about with the fed, that's neither

dovish or hawkish, nor a tail wchbd or headwind to the overall market if the fed wants to stop inflation, they have to go past neutral. they have to push us into a recession. if that's the case, then the market wants to go lower 4,000 might be not be where it stops. we were close enough to that just a few weeks ago i think we'll see an over-shoot. we could see a 38 handle in the s&p before all of this is done. coming up, tesh blens at -- turbulence at jetblue. and then gm shares are -- let's see where we are, up barely it was going back and forth. asmoy"etnss ene the numberwh "ft ne rur

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peeling back its growth plan, or phil lebeau is here with the jetblue ceo on a cnbc exclusive. >> thank you, melissa, thank you, robin, for joining us you had to scale back the remainder of this year er people confident this is it at least a base where we can grow from here, or is it possible you may have to scale back capacity growth beyond this >> as you know incredible demand for air travel, but a number of change in. >> where he got to april, and it was really a coninfluence of internal events like weather and

traffic control programs, and all of those came together to create an environment where they really didn't deliver customers. we took a look at the year, made a significance reduction, and, you know, right now based on what we know, we family good obviously prices is -- demand potential in the back quarter of the year, but right now we feel good about where they have adjusted to. >> were you overly ambitious in scheduling flights, which led to the problems in april? >> we had ramped up very successfully through all of last year as you know, the new york carry was significantly impacted by covid. we saw a big bounce back

when we got to april, i think that combination of some of the external pressures in the environment, the staffing challenges aren't just unique to the airline industry it really impacts all of those around up. when we realized that, it was important to act decisively and quickly to restore both our crew members and customers' confidence in the operations that's what we have done here today. >> robin, where do things stand n now? >> we are excited about the possibility of acquiring spirit and creating a true national low-fare challenger to the large legacy airlines. obviously we're in that process now. i'm going to respect the confidentiality of that process, but, you know, i'm pleased that the spirit board is engaging with us. >> i have a ton of questions, but we have some breaking news

we'll have to go back to melissa. thank you for joining us, robin hayes. julia boorstin has breaking news here on twitter julia? >> yes we have some of the details of the deal of elon musk acquiring twitter. there is a termination fee of a billion for either side, for either musk or twitter's side if either side terminates the deal, and also if the deal is not done by october 24th, either party is able to walk away. so these are the details, and october, julia boorstin. thank you. karen, you are short twitter. >> i am. >> are you still short twitter >> i am so the termination fee,

that's sort of interesting, a billion, i guess to either party is not that much money, but i want to see the details -- we saw some of the loans. there's no financing condition, but six months is a long time. i think we'll see very bad twitters earnings especially in what we've seen tonight. i just don't think the spread with narrow that much. >> 551.58. >> i did buy back a tiny bit on the buck or so down, i might be out it's elon. we could get something out of the left field dan talked about pressure on tesla stock, even though i doubt that's an out. if i were the twitter board, i would never let the price of tesla be an out for this deal.

>> so this is, you know. >> is this an overhang >> we want tangentially, the ancillary play is what happens to tesla we talked about at the day tesla reported it was the quarter that everybody that had been buying the stock for years had been waiting for. they finally got it. it was a remarkable quarter. now we want the bulls have to prove themselves. >> this 900-ish level was, remember, the prior high way back in february of 2020, or something like that, 2021, whatever it was. i would have to go back and look also, remember, this was a $700

stock, so there's still some room. >> that's what i would say market, market, market, i know the elon stuff makes a lot of sense. this is a high multiple tech stock. maybe google's numbers -- tesla's numbers have been fantastic, but this was a $700 stock on march 14th. it's got a date with 7hands at least. gm volatile, the automaker doubling down. let's get back to phil for details. >> he, melissa, that call going on, mary barra a few minutes ago said she expects 250 bil-- 50 billion in revenue -- the revenue was light of expectations the question is, did they change

guidance they have not, expecting to earn $13 billion this year. in q1 they saw headwinds by $2.5 bill chron although they haven't given us an exact dollar figure now they also see the chip supply improving a lot of questions for gm chair and ceo mary barra when we talk with her exclusively tomorrow morning. we do not want to miss what she has to say, especially as she's doubling down that they will be profitable when it comes to electric vehicles. >> two quick questions, phil, maybe not so quick on the answer thins, in terms of the commodities costs, do they just eat those costs? or does it have any impact on margin >> reporter: the price of cars, i do know believe they've been able to make it all up in terms of pricing, but yes, they have

enjoy better pricing there's a lot of cost cutting that's been going on for a number of years under mary barra. they've absorbed some of it through cost cutting, but ultimately that's going to hurt. they'll be paying the price. >> and the chip supply problem, phil, we're seeing lockdowns china, so i wonder how much of that will rear its ugly head once again even though things look like they're improving at this moment. >> right, they were cautious they simply said they believe it's improving you mentioned china, melissa, that question did come up to mary barra she said, look, we think we can ultimately get back to pre-pandemic levels. clearly the lockdowns has an impact >> thank you, phil lebeau.

a couple things, this is an extremely cheap stock now, so after a pullback of 30%, to 35%, i think it's somewhat relevant here i think that profitability, that demand in their business is still there, at least 5 to 6 times. they have extreme pricing opportunities, so i think they can pass it on so they are not necessarily running into walls on manufacturing. >> steve, the stock is up a fraction a percent >> you know, this actually fits under that pick your poison title, where you have gm is down 35% year to date, ford is down 29% year to date, but touching

on the chip shortage, i think we'll go from a chip shortage to a chip glut. it will probably happen sooner than everyone thinking, because all the car companies and everyone alike will start on order whenever you can, and they'll just keep them in a warehouse someplace. i think things will go ahead rosier, but for me, and i think the marketplace, this is about evs, about the chevy silverado, about the ford f-150, the problem is evs are thrown out with growth stocks right now that's what we're several from these aren't priced as car companies, but growth companies. ev is the growth element as we've seen, they're thousands out growth let's get back to the day's top story, and that is the massive sell-off the nasdaq erasing more than a year of gains.

could there be even more pain ahead? china ramping up covid testing in beijing, with the possibility if anyone -- if anyone tests positive what kind of impact could shall have on the market the supply chain has gotten us into a lot of trouble. guy, when it comes to meeting gee mand appeared production levels, it seems like back to square one >> you have to wonder, though, i mean, not to play the conspiracy theorist that i like to play all the time -- >> oh, play it >> this is ab-- if the chinese want to hurt or economy, why not shut things down there i think they're willing to deal with the short-term pain that's obviously a huge market

on our reply klain, but is there more pain to come? i think the answer is a resounding yes believe it or not -- we just talked about some of these chip stocks, even with that, i don't think you've seen the could pip lace. >> tim loves to talk about the v. xiis other than the very beginning when we shut down, 35-ish is where the signal was on the vix. >> and we're seeing a treasury response that's at least a flight to quality or safety. i've had a 25 basis-point rally, and essentially -- same thing on the two-year note. the other dynamic, we've had a 5% move in the dollar over the last 20 sessions you have six of the world's

largest central banks, a fed meeting so the largest next week you can't not see markets preparing for this i notice we priced in a lot of fed. but this is the other part of what the markets did today a massive dollar move. another big move in treasuries >> the real estate investors is what do we hear today, robinhood laying off 9% of its workforce maybe that's sort of a barometer where we are at. the impact of the retail investor helped the markets go higher we heard that again and again from the e-brokers >> not only are they pulling only, but think logistically they're going back to work they spent a lot of time sitting on their computesers on zoom

calls, where they keep their stapler on the mouse, and act as if they're trading but trading on whatever order management system they had. i think we'll see the new dynamic when people actually get back to the workplace. no do you this is affecting the retail investor, the stock markets, and cold america as a whole. the stapler a the mouse. it's a great trick >> i've never heard of that before. >> my neighbor told me thisiers. he was at work from home, and i said how do you do it? i see you running around town. >> yeah, i put my stapler, and my mouse, they think i'm there

one whale made a bet that -- mike khouw, what do you have >> you would expect options -- pretty much the only area seeing well above option were the broad market proxies one of the trades that certainly caught my eye was a huge trade that took place in the spx index. we saw trade against a combo that's a buyer of the strike puts in july, seller of the 4550 calls. if you're buys those puts, then you think the damage is not doing or at least there's ke considerable risk. that's starting around -- around

3850 >> mike, thank you my coke. f -- mike khouw. more earnings coming your way. the details are next don't go anywhere. "fast money" is back in two. hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this.

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welcome back coming up in just a few minutes, on "mad money", the interview with brian niccol. here's a sneak peek. >> we're doing everything we can to not pass on pricing, but it's getting harder just in the last 18 months, if you look at what our food costs have been over the last ten years, they're up like ten points 50% of that increase that is happened in the last 18 months >> all right well, chipotle shares are earnings higher. kate rogers has been digging into the numbers here. kate >> melissa, chipotle beats on the top and bottom lines

same-store sales also up operating margin, a bit below estimates. those strong sales helping to offset partially the higher costs of beef, avocado and more. in restaurant sales increased 33.1%, while digit at sales represented about 42% of food and beverage revenue the brand's loyal program rewards 28 million members for the second quarter, the company is projecting comps to increase, also better than projected. they're also time-outing pollo assado as the most popular protein they've had to date. >> thank you, kate i love how they put something on the menu, and it's something that's well known.

>> i'm not that impressed. stock is up after hours, which, in the context of a market is a burrito blowout. again, another solid quarter they beat on eps, for context 20.7% this year, same quarter last year, 20.32 p%. not a disaster i happen to thing you can make a compelling case for that the high on the street is 2100 you know i love the company. i love the stock it's just a question of, are people comfortable with the valuation? they should be, because they're doing everything right >> i had a higher one.

they we aren't penalized even with a high flying stock, it seemed immune to some of the other reactions. >> it's always immune. >> 10% to 12% comp coming off a 9 which beat an 8, these are crazy numbers. when you think about a world where at some point food prices will be coming down. to the extent they have some pricing power, but they have pricing power. he said that clearly for now people are going back into stores, though i think digital sales is still -- >> who else in food, grasso, has pricing power like cmg >> what i was going to say, to tim's point, guy's point, when you say you have pricing power right now, they're trying not to pass on price increases, but that doesn't mean they're not going to pass on price increases. if you look at the burrito

blowout you called it, it's still trapped under its moving averages, the chart doesn't look so great to me it's still down 17% year to date the nearest moves around is the 50-day if you want to talk about pricing power, i would probably go down a little on the food chain on pricing and go to mcdonald's mcdonald's only down 7%. if the consumer becomes more strapped as we're moving forward in this environment, as we start to move maybe into a recession, i think he go with mcdonald's. coming up, the earnings are not stopping visa reporting april is financial literary month, and here's why personal finance should be taught in school >> i'm a strong believer that a personal finance class should be given to every student in high school, it should be given to

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welcome back to "fast money. we have an earnings alert for you on visa, the financial services company beating on the top and bottom line. kate rooney has more kate >> hey, melissa, a strong quarter for visa, thanks to a rebound in consumer spending, as some of the covid restrictions and travel restrictions in general ease a bit that's measured by processed transactions, coming in at 44.8 billion. payments volume up 17%, and cross-border volume, showing some recovery as well. that was up 38%. the call is still going on, the ceo talking about the strength of the consumer, saying they're not seeing a slowdown on spending he says, quote, after a short four to five-week impact of omicron in december and january

in the u.s., he says continues to be robust at this stage, in terms of volumes, we have seen no noticeable imbalance his comments nearly mirror what we heard last week on american express, the strong consumer we also get mastercard and paypal this week, a big week for the fintech. and, guys, a big interview tomorrow night al kelly on "mad money" with jim cramer, you don't want to miss that one kate, thank you. karen, what's the read through here to the other ones >> i think good for mastercard those two move together. paypal a bit of a different animals. i would like to buy more, but i want to see who you new cfo is first. then we always talk, about, we

want a kitchen sink quarter. do we have that with a new ceo, but do we have it with a new cfo? >> guy. >> 18% eps growth, the stock has sold off i don't think you can get hurt here i like visa. i think you can own visa here. >> these numbers were fantastic. the ceo sounds like an airline ceo. with a day with so many doom and gloom, the international transaction fees are great, business is up 113%, so, i think this payment space looks great even if you're getting slowing, it's penalty up. coming up, shares of ge dropping hard. what had investors unplugging.

"fast money" is back in two.

welcome back to "fast money. we have a buzzkill on ge, plunging despite an earnings

beat they closed 10% lower. steve, you on this one >> i still own it, and yes, it's been disappointing now with everything with the reverse split, it's hard to say, when i said 20 in 2020, everyone is just so confused that what 20 looks like, but it's not there yet. it doesn't look like it's getting there soon, but when you have culp saying we're entering or in a very challenging environment, it's not going to help existing shareholders and it certainly will not help anyone who will be buying it, but getr ge aviation, you're starting to see companies, obviously the airlines are starting to add a bit of tailwinds to that ample of it. health care is not growing nearly what it should be growing. there's just too much under the hood there if the economy is slowing. that's why you see major headwinds, in my opinion.

>> tim, you ones owned it. >> we joked we put them in the lame camp for this reverse split. you're not fooling anybody what they're definitely not fooling, one of the big problems with these numbers is they were free cash flow negative. they've been trying to pay down the debt, and the aviation business was very strong, but the other parts of their business, they're citing inflation, citing russia, where they've had a very big business. up next, final trades.

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time for the final trade steve grano? >> chewy is my final trade they've got to feed pets i don't care where the margins are. by the way, microsoft is green. >> i hope they feed them guy adami? >> cmg, sister. >> wow tim? >> ccj uranium didn't die overnight

karen finerman >> yes, now i want to bike them back they report tomorrow. >> wow, fast money. in the meantime, do not go anywhere, "mad money" with jim cramer starts right now. my mission is simple to make you money. i'm here to level the playing field for all investors. there'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. we're just trying to save you some money my job not just to entertain, but to educate, teach you about days like today. call me or tweet me. we know the headlines. do