here and policy and markets kind of thinks it's okay. >> unless powell takes that message. they believe us. we can engineer this softish landing. >> yeah. >> remains to be seen. >> it does and as you were saying before, credit remains so far in decent shape. >> big story appreciate it. that's mike santoli with his last word. i'll see you tomorrow. "fast money" begins now. walmart gets whalloped what that says about the strength of the consumer, plus, a semisurge. one chip stock getting a bullish call from wall street and that is helping the rest of the group rebound. can the sector sustain the rally? and fintech faves. one top analyst says it is time to buy into the beaten down sector the reason for his call and top picks coming up. i'm melissa lee. this is "fast money" live from the nasdaq market site guy, steve, tim and karen. we start off with two very

different tales of the consumer. retail sales data painting one picture, spending up more than expected in april. the news helping markets rally, the nasdaq up more than 2.7% today. a different picture though out of walmart the stock plunging to its lowest level in over a year after posting its biggest earnings miss since at least 1992 the stock cutting 130 points from the dow so which side is giving us the true read on the consumer and what could it mean for the markets? karen, there was some pretty staggering and un walmart like numbers in this. like the 32% inventory overhang. >> the 32% inventory, i mean, walmart really shot themselves in the foot and then seemed to like drop the gun and it went off again and shot them in the shin and then the knee they had a lot going wrong this quarter. that 32% inventory, i still don't exactly get it we know they cited things like

landscape and patio furniture that maybe that's expensive inventory. they also talked about gas prices, okay, maybe that's so. then they talked about this odd thing and i wonder if we'll see it again, about covid and how they expected absenteeism to be stronger and through attrition, they say, they seem to have that under control. all that having been said, the stock should have been down this much, i think. i don't think it's so crazy that you know, it's painful i own some i have a much bigger position in target and when we get a look tomorrow, we'll see. is this a walmart problem or wi wider than walmart walmart has a bigger grocery business hopefully the news from target is better. this was very disappointing. they lost a multiple plus more than one multiple point. should they be i don't know do they deserve, it's a premium market not sure i've got to rethink my position here >> 46 billion in market cap off

of walmart today off of walmart one fail swoop that's six macy's. to put it into your language but i think karen makes a good point in terms of the ability to contrast the results with target and determine whether it's a walmart specific problem or if it's actually a retail problem >> well, scathing remarks from karen and she's probably right i'm going to, you know, i'm long walmart. i actually think this was an overreaction i hate the fact that they miscalculated their business as much especially on the inventory side walmart, during a period like this, is expected to navigate these times better they're a price leader they can push people around. this was a credibility hit to walmart on a day when you know, walmart and target, for this market right now, for a judge on the consumer, i almost feel like we're in the middle of big tech earnings the u.s. comps were fine they were slightly better or in

line with expectations plus 3% the general merchandise was weak and that maybe a read. not trying to impugn anything negative and good for karen and target where you really outperformed, but that might be a bit of a negative to look through to target. but i think with walmart, this is a case where all of these moving parts, this is a company that should be doing better during this and doug mcmillan was somewhat apologetic you almost got the sense, he said i want to put this quarter beh behind us. even where the top line was fine the bottom was not they don't usually give you a full year guidance until after the second quarter said the first half might be slightly stronger. so you're kind of net net where you are. disappointing. they should do better than this and this was a brutal day. shareholders, i'm tempted to be nibbling back in but you have wiped out all those gains this year. >> they called it an unusual environment in the conference call gas prices really spiked up so

qu quickly but they couldn't adjust prices in store to compensate for the outlay they had for running their own business, guy. but still, i mentioned this seems like an unwalmart like miss because you think of them as being among the best in class in terms of execution. so you wonder if they're getting 32% inventory overhang, what are the others doing in this quote unquote unusual environment? >> execution is the word i'm glad you used it because that's what i was going to use to tim's point, they beat on revenue pretty significantly it's not like consumer's not spending so i'm not going to impugn the consumer. what i will impugn is how they operated it was just, they whiffed pretty much on everything they potentially could have whiffed on with all that said, karen's right. maybe they don't deserve this valuation. i would say i think they do. i'll give them this quarter as a complete miss and if you look at where the stock traded down to today, this 130 level, this is

where we bounced from in march of 2021 and that huge move to the upside so traded 44 million shares, about six, seven times normal volume might be enough i know there's a three-day rule steve will talk about, but i think you can take a shot at walmart in these levels. >> i think that will be interesting given we get target earnings tomorrow morning, steve. >> yeah, actually, i'll talk about the technicals guy brought up if you look at the pandemic low and the high that walmart achieved in recent months, you come up with a 50% retracement that's 131.88. let's make it 132. we are close enough to guy's point to take a stab at this one right now. if you would like to wait a couple of days, you can certainly do that if you want to play the three-day rule, but certainly i'll start off where you started. retail sales or walmart. retail sale ss is a leading

indicator. earnings are lagger. i think everyone kind of touched on this. feels like a kitchen sink quarter to me. it definitely felt like they were throwing everything out there. the colder weather they couldn't sell anything. too many people coming back. there was a host of issues that they threw out there and i think if you look at the overhang alone, tj max and roth stores comes up for me if you're going to have too much invi inventory in some of these huge stores, then the other stores are going to do a lot better going forward. >> how do we think about inventory though, karen, when we think about barbecues and patio furniture. for the walmart consumer, gas prices, a much bigger dent in their pocketbooks. >> that will be the big

difference between the target consumer, which is a much higher earner than the walmart consumer and i don't know what to do about some of this inventory we're talking about a little before the show, does some of it age not well because it's spring or summer? and then the apparel mix, you know, they did say that they can still discount apparel and still have improvement in their margins. so maybe they do that. i don't know if that puts pressure on others in the apparel business like a kohl's i'm not really sure. i want to give them a chance, but oh, my god this was bad >> so you're really considering selling? >> i am. >> is there a three-day rule on selling it >> you'd want to get in the first three days i missed the first three days. day one. i should have sold it by lunch i got to write that down for my next miss. >> first day lunch rule. guy, you're talking about the consumer, don't want to impugn

the consumer do you believe the consumer is still strong are we sort of blowing up walmart's earnings to you know, try and extrapolate there unjustly so? should we take the home depot quarter instead and say that's the state of the consumer? >> home depot quarter was very good i was surprised by the stock action given the selloff the stock had seen never underestimate the u.s. consume's want to spend. they'll spend in just about every environment other than a precipitous stock market decline, which we really haven't had. so if this stock market continues sideways to slightly higher, i think spending's going to be just fine. but the balance sheets may be fine, but credit very quickly has gotten to levels we haven't seen in a long time. that's something to keep in mind and just one other thing before i give it back to you. the hyg, which had every reason

to go higher, every single reason imaginable, closed lower and flirted with a 52-week low just something to keep in mind >> let's get more on walmart with an exec who's had a front row seat to the action bill simon was a walmart ceo he's now on the board of darden restaurants and haines brands. good to have to have you with us how does one explain that? i understand that supply chain issues, all sorts of unusual issues, but 32% is a gigantic number >> it's crazy. 15% would have been terrible 32% is apoapock liptic that's not managed well. >> was this an execution problem mostly in your view? >> well, it's hard to say. but you know, it would seem to be if you take the 32% inventory

in conjunction with the $100 million they reported on markdowns, they had even worse problems so they solved for some of it. i think maybe they were ordering to try to stay ahead of the supply chain issues and the product came in late and they didn't cut the orders in time. there was a lot of things that could have, should have, would have been done that weren't. >> thanks for being on especially today back to this gigantic number, do you think this is going to weigh for several quarters on, potentially mark down this inventory? >> you know, it could likely because most of the inventory overage has to be in the hard lines business which is potentially seasonal apparel and spring patio they said was slow getting out it's going to be difficult to try to cycle through that in time they may be able to get through some of the apparel. still plenty of warm weather

left patio sells in the spring and doesn't sell for the rest of the year they'll probably get through it by fall, but it will be hard to digest >> bill, i want to talk about gas prices and the impact of the consumer how big of a question mark in your view is this on the strength of the consumer given gas prices are remaining elevated i mean, we're above what, $4 a gallon on average in every state in the united states today >> well there's a lot of contra contradictory information. typically gas prices in walmart customer world is one of the most difficult things for them to absorb and impacts their purchase habits and their decisions. we saw that in their food business it was up low double digits as customers traded out of wants and into needs on the positive side, i think the broader retail data for today along with home depot, which by the way did a really

good job managing their inventory and margin selling pretty much the same stuff that walmart said they couldn't, which is another head scratcher. i think bodes well for the consumer the consumer has really kind of done a remarkable job working their way through these gas prices and inflationary pressures and i think that's because employment has remained high and wages are growing maybe not as quickly as inflation, but growing enough to keep the consumer above water. >> hey, bill it's tim great to have your expertise on the desk tonight how about a transition into their digital business ecommerce up 1%. very difficult comps digital ad business growing at 30%. this is a pretty impereressive t of the story can you lend insight into how compelling this part of the business is? >> well, i think it's something they felt they had to get going

because their competitor on the digital side, amazon, had become quite good at that along with other revenue streams online that they didn't have. i think that's probably where some of the margin went away the shipping costs and the picking costs because labor probably tore into their business 1% growth is not really very good although their stack was pretty good. it's just a little bit odd to see that along with amazon who i think had single digit growth and sort of shifting back to physical retail right now, which has been quite interesting to watch. >> bill, thanks so much for joining us great to see you >> yeah, thank you appreciate you >> bill simon. guy, the inventory will weigh according to bill, he should know for a few quarters quite a few quarters what do we do with walmart, the stock? >> my sense is that it will be longer than that i think bill is being nice

i think you can buy it here for a trade. to steve's point, these are interesting levels i would understand why you'd want to wait and see i will tell you, and i'm sure he would never admit this, but i'm quite certain that doug mcmillan is going to be up at night praying that target has a similar quarter because then at least you know everybody's in the fox hole together. but if target pulls something off tomorrow, by the way, i think they will, operationally, that makes this walmart quarter look worse >> bill made a great point in terms of home depot, selling the same stuff doing well by selling it, steve. so there's already a contrast. it's already in the hole by one. so what are we going to look for by target? >> i don't think you take out a second mortgage to go buy stuff at walmart but you could take a home equity loan and buy stuff at home depot. so i don't necessarily think that's an apples-to-apples comparison i think that you had one of

probably the last good quarters at home depot andyou could be buying this dip in walmart if you want to look at it that way. >> all right coming up, is the bottom in for inf fintech? that's from a top analyst. and shares of amd surging. the details next "fast money's" back in two

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amd -- overweight increased price target to 140. that's upside from here. the firm saying to quote, buy good companies when they're down the stock is down 37% from its peak so is this an opportunity, guy >> well, i never thought it would get down to 85 the stock got cut in half from its all time high seemingly just a few months ago, but you can make a good case for amd on valuation. i didn't think it was going to get down to 85 here we are 105. i think it trades to that 130

level. for the first time in a while, valuation is somewhat compelling and the space seems to have their tail wind back so i agree. >> tim, do you extrapolate this call to chips? >> well, i think you do. i think they're clearly excited by and you should be excited by amd's server, appliance cpu. those businesses, their semicustom business. they're cruising i think a lot of concern around pc weakness has been priced in and may or may not come through. but they're still guiding for 60% growth at amd. when i look at semis more broadly, they're all, they don't all have the same business what they have in most cases is very profitable cash flow generating businesses at a time when the market is putting those types of stories into the m microscope and destroying those that don't have it am amd pulled back, has rallied 23% off the lows

still down almost 35% from those highs. >> steve >> yeah. i think you know, i've been consistent on this i feel like the same thing we saw with inventories with walmart we'll start seeing with chips if you can make that analogy. you're going to go from a deficit to a glut in chips, but if you want to compare apples-to-apples, micron's chart looks exactly like amd's i agree with guy and tim i think you can with a trade here because people got so lopsided thinking this was going to be a cataclysmic selloff and maybe it has been, and they're just trying to play these beta moves and the semiconductors are in bull's eye of this beta move higher if the market continues >> you know who else thinks am d is a buy cramer does. you can have his recommendations to your inbox. sign up at cnbc.com/jointheclub

or the code on your screen here's what's coming up next >> has fintech found a floor a top tech analyst making his case why you should buy now and gain later. plus, put your rally caps on we're gearing up for a fast pitch. the real estate stock our next guest says is a heater for your portfolio. you're watching "fast money" live from the nasdaq market site in times square. we're back right after this.

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we have lots of different types of investors so first timers is what we've

been talking about but we have lots of advanced investors as well. so customers coming to robinhood for our competitive crypto offerings. customers that actively trade options and you know, during this time, i think it's a great opportunity for us to get closer to their needs, understand them, and build great products for them >> that was robinhood's ceo telling kate rooney who and what he is seeing lately on his company's trading platform robinhood's gotten bludgeoned this year, but our guest says the bottom may be in for fintech more broadly and the space is setting up to outperform the second half of the year. dan joins us now to dive into his latest call. dan, great to have you with us >> thank you >> obviously, sentiment has really basically gone down to the basement at this point i was going to say to the floor, but when it comes to the space, to the basement. so i'm wondering, that seems to be a major reason why you think there's upside for the group

that there has been a rerating >> exactly and thanks again for having me on show. always great to be here. we've done real work, rigorous work we've actually analyzed almost 50 payment stocks and nearly 450 tech stocks. the stocks closely correlate with the growth. i.e, excluding covid it's almost 100% correlation you're seeing analysts expectations for the next four quarters are very modest they're talking about a deacceleration in growth it's great because it can only go one way, up stocks are actually pricing in a severe deceleration and if things don't deteriorate dramatically, you should see those expectations go up and that would be a boone for a lot of these stocks. >> does it mat whater what the

environment is and whether these tech stocks have ever operated in an environment like this? where interest rates are going higher, inflationary pressures on the consumer, et cetera, or does that matter >> if you think about some newer names like sopfi or affirm, ther was a great deal of controversy and fear heading into the quarter, the upstart earning, for example. the most interesting surprise was that actually everything was fine right? they were beating. they were raising. they were making money in the case of affirm, which everybody thought couldn't happen. the high quality borrowers are stabilizing. so i think there's a lot of fear out there, but the reality is that these business models are a lot more stable than a lot of people give them credit. >> it's karen. thanks for being on. let me ask you about credit quality. in your model, you must have some thscenarios where credit

quality gets worse how much downside do you think an affirm or sofi might have in a worsening credit scenario? >> this is a great question, karen. i think that the, right now, given you know, we lived this phase, right we talked to investors all day long i'm sure you know the same people we talk to. i think right now we're at that epicenter moment where it basically prices in i wouldn't say a disaster, but close. so i think the downside of our bull bear scenario, we've come close to that bear moment which means there's more upside than down it doesn't get much worse from a sentiment perspective. again, i'm looking at sentiment versus reality of course, things could d deteriorate down the road. i checked my crystal ball today. the battery ran out so i have no idea what's going to happen.

so far, the evidence shows things are stable despite the fear >> you should try prlugging it in, dan. when you say you know, that there's a lot more downside, i'm just trying to figure out at what point do you get concerned about credit quality because we've been operating in an environment where consumers have no excuse to have bad credit they've been getting free money. from the government. they've been getting free money in the form of interest rates. they have no excuse to have bad credit so i would imagine there's an inflation in credit scores so when you take that away, the downside could be much greater than you think >> again, i want to point you to some real numbers which i thought was fascinating in affirm this should be the focal point of credit issues borrowing without fico in their measure of credit, every quarter until this quarter the percent of borrowers on the highest kind of quality borrowers came down.

i.e., they were getting worse. this in this quarter, it levelled out. so i know there is a lot of fear but the evidence shows that the business model isn't necessarily you know, getting into that adverse selection of you know, worsening deteriorating credit what the future looked like, i don't know, but so far, very stable and very strong >> dan, great to speak with you. thank you. >> thank you >> steve, do you like any of these names? >> yes i mean, if you look at affirm, if you're talking about a bounce off the bottom where people have overestimated the downside, affirm is down 75% year-to-date. 28% for the month. that's way outperformed in a bad way both sofi and robinhood. so if you want to, you know, throw something at the wall, i would say take a look at affirm

here, but i don't know, priced in recession and is it a hard landing? i didn't get that from him we're talking about credit quality. but i didn't get that exact answer from him. >> yeah. guy, what do you think about the, you know, the notion that some of these companies never operated in an environment like that does it matter >> no. i mean, i hear, i understand that, but there are a lot of things that people haven't operated in. listen, the last 13 years for a lot of people, nobody's seen markets like we're seeing now based on a fed pivot so i mean a lot of people are dealing with situations that we haven't seen before. so i'm not looking to give anybody a free pass. i'll say this. paypal traded down pretty much to those march 2020 lows and is subsequently bouncing. i think for a trade, paypal looks interesting.

but that's coming from someone that thought it would stop going down 35, 40% ago, but these levels might be interesting. they report at the end of april. guided lower so paypal for a trade. >> all right, citigroup surging after news berkshire hathaway is taking a $3 billion stake in the company. the stock seeing its best say since november of 2020 mike >> so we saw more than two times the average daily call volume. usually trades closer to 57,000 contracts and the most active ca calls were the june 50s. we saw a substantial amount trading just around $2.80. buyers betting it's going to end up above that $50 strike and that would put the stock at or above the highs we saw in mid april. >> tim, what did you make of this buy >> i think it's interesting.

i think banks have been overly beaten money center banks have overperformed here i saw that the texas capital guys regional banks rang the nasdaq bell. if you look at the un underperformance of regionals, i think that's overdone, too especially in regions like texas where you have enormous growth i think kre over kbw i think money center banks look interesting here again, in the environment where people are reassessing and saying credit's not going downhill overnight, we priced in a lot of bad credit here >> thank you for more, tune in to the show friday coming up, hiring halts hitting the tech world is this the sign of bigger trouble for the industry we've got the details ahead and our fast pitch is on deck. this beaten up real estate name. our next guest says is a change-up for your portfolio "fast money's" back right after this

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welcome back shares of warehouse down, but our next guest says the name could bounce back. malcolm is stepping up to the mound to give us a fast pitch. so malcolm, in this environment, this inflationary environment, you say this is a good hedge why? >> i heard you mention that it's been beat down quite a bit going into the break, but for anybody who's in the real estate space, having the type of pricing power that prologis is a dream. for reits, now isn't a great time to be in the space, but for someone in the logistics space, it's a dream they're doing everything they can to keep preventing long-term leases >> explain to me how the contracts are difrferent for say a mall and reit like pro logis

do they have longer contracts so it's harder to get out of them >> well, normally in a commercial lease, you're going to go somewhere ten, 20 years down the road on some of these leases and they're going to build in what inflation, an average inflationary target for their entire period into that contract so you're kind of capped on how much you can expect to receive each year in addition from those tenants, but now they're offering something like five-year on average leases and people are taking them simply because warehousing distribution space is so hard to come by. so they have pricing power right now. simply because the supply chain, it's still broken. those same air, fraeight, and sa shipping issues that companies like dick's sporting goods, home depot, amazon, those are all customers. they're still having those exact same shipping problems they were having at the beginning of the pandemic for the most part and so it's just a seller's market i

guess in this case or a landlord's market as far as they're concerned. >> it's karen. thanks for coming on let me ask you about amazon has talked about maybe a little bit of indigestion in the distribution center and i wonder how that affects prologis. >> amazon i think is guilty of overbuilding and it's a little bit of an outlier i would say in the sense that amazon had the able the i abi ability to go out and build their own fulfillment centers in addition to leasing spaces from prologis who's finding a tenant to take them up on so they're building on speck amazon went out and built their own centers. they probably had very good indication of where the pressure points were, but i think amazon is a bit of an outlier because they just got too far out over their skis trying to scale up to

the demand we know is very temporary. >> steve's got a question. steve? >> so malcolm, it sounds like the supply chain issues that we're dealing with right now are a big part of the tailwind or the bull these es on your part if that frees up, do you lose your bull thesis >> we probably would but the challenge to that is that a note that came out from bank of america early in this year estimated that it would take something like a trillion dollars spent over the course of about five years for retailers to -- the first half, you know, the first half of the supply chain that gets built in china right now. china and other places, but primarily china. it's very unlikely that a down market like we're having, we're talking about recessionary times now. we're talking about cutbacks and layoffs and everything else. it's very unlikely to see those kind of capital expenditures from the same companies i just

mentioned. dick's sporting goods, home depot and the like, who are going to go and build the facilities necessary to bring those items onshore to not have the type of logistical nightmares and fights over shipping containers and those things they're currently experiencing >> thanks for coming on the show it is time for us here to vote so are you buying malcolm's pitch? guy, you have your white board all ready. >> yeah, well i do and can you read my smart board? >> where is tim's smartphone you need a new marker. >> smart board i'll just tell you because i know tim wasn't paying attention. just calling him out right now i brought mine with me i'll say this. they reported a strong quarter may 19th jim cramer has the ceo on. the stock has sold off from the double top i like this power pitch. >> so you're a buyer

tim, do you have a smart board >> i got a surprise for you. look what i found in my closet and in fact, it's my smart board and it says i'm begging you because guy was begging me on the call to find my smart board. nice job, malcolm. very thoughtful pitch. i think some of the issues we talked about amazon. also the attempt buying duke i think tactically you have a buy opportunity here not sure you want to hold this one forever, but i think the stock's beaten up. >> two buys so far steve, what do you say >> yeah, technically, i'm going to go with a buy as well technically it's right at that october 2021 level, which is, it's got to hold $120, but he did alleviate my concerns that he has some time here on his bullish thesis >> karen >> i went with a pass. it wasn't so much about, i'm not

a trader and it seems like an interesting trading vehicle here so i have a pass i wouldn't short it for sure >> three of the guys say to buy. but now it's your turn to vote are you buying malcolm's fast pitch? head over to cnbc "fast money" on twitter to vote and we'll bring you the results later on coming up, a hiring halt several tech companies announcing hiring freezes. so what does that say for the state of the job market? the traders are breaking that down when "fast money" returns your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

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coinbase also saying it would slow hiring. robinhood, carvana announced job cuts in recent weeks could this be a sign of a cooling job market or at least within the tech sector and how do you think about that impacting, you know, we were talking talking about the consumer at the top of the show. not that long ago, you said you worked on netflix. that would be a great thing, then there's a question mark

over that. >> anecdotally i don't think this is a good thing at all, obviously. one has to wonder if you can't pass on the cost, what's the next thing you're going to do. you'll start to see layoffs. then things slow down. this is something steve talked about for a while. almost seems as though a slowdown has become inevitable almost comes down to has the stock market priced it in. i thought and think everything we're seeing now, there was inevitability to it without question now we're seeing it front and center one has to wonder what it means for the stock market by the way, i still think there's another leg lower here and we got that 4 or 5% bounce we talked about after thursday's close so here we are at a level where i think we should start selling things again >> we also, we know about the publicly traded companies. vc firms, firms still in the private sector they're getting small. halting growth, right? they're reevaluating themselves because what is happening in the public market on bear valuations

in the market market as well, steve. so there's o whole other ripple effect we're not necessarily seeing in the public markets >> yeah, i had my price target in the s&p to 3800 i agree with guy when you look at netflix tdown 68% or coinbase down 72%, if you don't start laying off people, your shareholders are going to revolt they've already revolted you have to do something and that's what we're seeing right now. so i don't think it's over yet i'm tempted to take a stab short-term as a rader, but i think the market has to revisit some lows that we have seen. >> i agree with steve. not just your shareholders, but other employees i think are going to have to work harder it was kind of the, they were living off the fat of the land for a while and if you're in a

business that has growth at all costs as your business model, which many of them are, that's not going to cut it anymore because the market won't allow it so i think this is the beginning of what will be a lot more >> tim >> look, a lot of the companies you mentioned, people are paid in stock so think about the incentive a lot of these people had to work at these places. think about how they're going to revalue these shares and the monopoly money carvana what they were playing with cutting costs for a company that's going to lose 7 bucks a share, they have to do that. but in terms of morale and their ability to attract new employees, this is a reality >> coming up, we've got metal on the mind copper, euranium are the resources rallying will this trade go to 11 there's still time to vote on malcolm's fast pitch are you buying prologis? head over to twitter to cast

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copper hitting its highest level on news that china plans to ease lockdowns. the move in copper helping boost metals and mining etf for a third straight day guy, you flag this one >> well, i mean, finally but you look at fcx. it's gotten bludgeoned from the 52 level down to 37 but we've seen moves like this before in these names and tim points it out a lot. just got to basically have to stick to these names because i think the fundamental story is still in tech and if china were to ever pull back the reigns and allow things to get back to normal, i think these stocks go back to levels we saw a few months ago so as difficult as it is to own these things, i think you want to stay with it. >> if china's the lynch pin to this trade, the jd.com ceo said that the lockdowns this time are

more severe because of the major cities they cover as opposed to two years ago when they covered the smaller, more rural areas. >> as it relates to china, think about iron ore, steel demand too much chinese steel being reduced. no reduction in production so exports and more steel flooding which gets you to the place where i think not all kmoodties are created equal where i think they were trading as a group i'm less constructive on steel, iron ore i think copper and aluminum fundamentals are excellent i think aluminum was way oversold probably a shortage out there and i think on copper, again, there are supplies that i think are constrained. so china is the largest consumers of commodities and i think their weakness is going to hurt certain parts of the sub sectors. >> steve, where are you on the trade? >> yeah, i think this is just an oversold bounce. to guy's point

freeport was at 52 went down to 32. alcoa was at 95. traded down to 60. so i think you're just getting a bounce here and i think you probably sell any strength in the resource trade >> all right coming up, there are just a few more minutes left to vote for malcolm's fast pitch on prologis are you buying this one? head on over to twitter fast money to vote. we've got the results and your final trades right after this. ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq

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here with things to watch before the bell tomorrow target, especially after walmart's down 11% day karen, what are you looking for? >> i think the street is looking for 306 in earnings in 24.3 or so in revenue, but it's going to be, to me, it's all about the margin what is the mix, right do they have a much better blend? i think they will because they have less grocery and gas. that will be really interesting. then i wouldn't have focused on it so much, but inventory. right? hopefully that's just a unremarkable, uneventful number.

>> if it is uneventful at target, then you think you'd be out of walmart >> i might i got to sell some i think bill simon, the former walmart u.s. ceo called it apock lip tick earlier in the show >> apocalypse now apparently he's a man they should be listening to this is the biggest retailer in the world. >> to the poll results are you buying the fast pitch on prologis our traders said yes, so you out there said no. 60% of you not buying. like clockwork time for the final trade tim. >> by the way, mel, ds closing first one in the ninth citibank yeah >> steve >> sofi. looking for a further bounce in this one

way, way, way oversold >> guy >> devon energy. >> karen, what do you say? >> i got to say i'm going home with the girl that brought me. the boy that brought me. target really looking forward to hopefully good earnings tomorrow morning. >> thanks fo 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 other people want to make friends, i'm just trying to make you some money my job isn't just to entertain you but to educate and teach you. put in context call me at 1-800-743-cnbc or tweet me @jimcramer. new narratives here. get your new