it's in the mode of general digestion at this point. i think if the s&p holds 4,000, you'd consider it a net victory on this run. >> may they say sell in may, go away june, who knows? could be a split right now on "fast" a mega move at meta cheryl sandberg stepping down at 14 years on the job, saying it is time to write the next chapter of her life. from storm clouds that might blow over to a full fledged hurricane on the horizon how in just over a week did jamie diamond say the economy is remaining strong to now believing we need to brace ourselves for a big storm. amazon's massive move over the last week. what is behind this nearly 20% rebound? can it keep going?

i'm melissa lee. this is "fast money. kare breaking news at meta cheryl sandberg, the coo, is stepping down. she's been the number two at facebook since 2008. shares dropping, bouncing back now in the after hours session julia? >> that's right. cheryl sandberg telling me that the decision to leave now is because of her personal goals to focus on philanthropy and helping women in particular. she said her departure is not because of the challenges the company is facing with slowing revenue growth or because of a beginning or end of an ads business or the company's metaverse focus. she said, rather,i if you want t make room for more in your life, you have to do it. she called the job the honor and privilege of her lifetime, but

she said this is not a job she can do and do other things she'll be with the company through the fall to oversee the transition she told me the timing has more to do with how much confidence i have in the team, saying, i'm very optimistic about the future of the company she also noted that the new coo will have a very different job than she did general counsel, policy and hr will not report to him, but every piece of the advertising business will report to him. mark zuckerberg saying in his facebook post about sandberg's departure, that the role will be a much more traditional coo role saying javi will build on his strong track record of making our system more rigorous he wants product and business groups to be more closely

integrated it seems like the fact that sandberg is sticking around and also that there is this management transition seems to be reassuring investors. >> she didn't rule out working for another company. you got to wonder if she wants to be coo of another company she knew she would never be ceo at facebook with mark zuckerberg >> i asked her about that. >> what about disney i'll throw it out there. >> i did ask her would she consider running another company. she said, look, i'll never say never, never rule anything out definitivet definitively, but my plan right now is to focus on the philanthropy she focuses on well. she did create lean in her implication of why it's more important than ever, there's a little bit of an implication of

the importance of roe v wade being challenged maybe that's top of mind for her as well. she has been involved in politics before. perhaps she'll become more of a vocal advocate ahead of the midterms this fall. >> julia, thank you. that was the talk when she are first released lean in back in 2016 or so karen, i want to get your take on this. we do take cheryl sandberg's word at face value, but in terms of timing for the company, this is on the cusp of an advertising slowdown this is as the company still struggles with regulators with how to police regulation on the platform there are a swirl of issues over the company, not to mention the stock price. >> yeah. although the company has been mired in swirls for several years now, right so that's what they do, they swirl around i don't know that she could wait for the perfect swirless moment.

i have always thought that for cheryl sandberg, there is something much bigger in her future than facebook as a shareholder, i don't love the sort of grown up in the office leaving,ing but i think that she is staying for a little while. she will be on the board hopefully there's enough talent there to fill in i think it's been interesting the last one or two scandals that she's been less visible to me, i always thought she wanted to protect her image, because i believe one day she will run for president i think she wants to sort of desensitize -- i don't know if that's the right word -- the sort of close affiliation with facebook, which we know is somewhat controversial in many circles. i think she can do a lot for women. i think there was a chance, maybe if hillary clinton were elected, maybe she would have gone to the treasury

she's tremendously talented. i think those aspirations are bigger than running another company. i'm very intrigued i don't know that it would be in the next two years, but i believe there is a run there somewhere. >> i agree the three things i would emphasize, yes, she's been a champion of women in i.t she clearly has been the public face of controversies. whether that's fair or not, it's part of why -- do i believe this was for personal reasons probably do i believe the company is in transition we know they are she was most responsible for a strategy that i think was a culture of grow quickly and fix problems later i think in facebook's case, that led to privacy issues and content moderation issues and things that were not necessarily her fault. i'm just saying in terms of the strategy of facebook

facebook has grown at a time when social media has grown at a time that they've created the environment. everything has had to change and facebook has learned sometimes some very difficult lessons as social media has evolved. now their headwinds are ios changes, tiktok. you're getting to a place where, frankly, i think the company is very interesting in easy comps the valuation is absurdly cheap. if they do 14 bucks a share next year, which is not a stretch, you put a multiple on it, this is a $280 stock easily there's a lot of challenges in terms of esg, public perception. they clearly are pivoting on their core business model because they believe it has to change the market punishes the stock for that. >> a lot of problems facebook faces today are byproducts of grow at all costs. you have to start thinking about

how closely she will be -- do you remember the instagram controversy with the study about young girls and how it impacts them does she want to be affiliated with that when she's trying to help well around the world this seems like a smart move from her superspective. for facebook, does this matter with this stock valuation down 40% this year? does it not matter because it's so cheap >> i think it matters. clearly it's been derisked you mentioned that previous instagram scandal and the effect it was having on young women i think she is actually the perfect person to combat that and stand up and be a champion for the company. i think it's a massive win for her. i think the stock price is telling you i don't think investors view this necessarily positively moving on from her, essentially when you're going through all this transition, you want part of the old guard that's been

battle tests that can bring you through to the other side. it's an interesting time, being that there are so many things in f flux, to lose someone of her caliber. >> gene, what is your initial take >> you framed it in appropriately. i think all the risks and dynamics they're going through, i think the one piece missing from the conversation is the reason why the stock is still hundreds of billions of dollars of market cap, is they have a global reach, 2 billion daily active users, 7 to 8 billion people in the world. 2 billion people visit a facebook property daily. i think that's the real substance here cheryl leaving, you can get into the reasons. at the end of the day, i'll go back to a text i got from somebody i know inside of facebook and their comment was,

this is zuck's company if he left, it's a big deal. i think that's the core here my sense is that, yes, there is turmoil in the near term this is negative in the near term this company is going to have to navigate the macro headwinds one thing isn't going to change. people are addicted to their products that's global reach. advertisers are going to be back. >> steve grasso, what's your take >> i agree it's actually down around a technical level. around 180 is where support is karen started saying that it's headwind after headwind nap's true the problem is since september 2021, the stock has gone down, where in the past headwind after headwind was rewarded with higher stock prices. something has changed.

we know what's changed fundamentals have changed. this is a negative no matter how you slice it she could be leaving for personal reasons the market is going to see it as a negative mark zuckerberg, i don't think he knows what the metaverse is he said it's going to take ten years to be profitable i don't think cheryl sandberg knows what the metaverse is, and i think that's why she's leaving. she doesn't want the headwinds she doesn't see a future for the metaverse. >> gene, you're a big metaverse believer or you were once. are you still? >> i still am. i appreciate steve's view. i do agree that the metaverse is yet to be defined. i come back to an unfortunate, i think, reality of human behavior is human behavior gravitates to easy experiences and enticing experiences. that's why you see tiktok taking off.

ultimately the metaverse is going to be an even more inviting for our time spent. yes, melissa, i am a believer in the metaverse. no, i cannot define what the metaverse is going to exactly look like beyond it's going to take up more of our time i think that despite my issues around what it is doing, i think, mentally to all of us, i think facebook, meta will benefit from whatever that metaverse looks like five or ten years down the road. >> gene, thanks for your take. appreciate it. it's fascinating that the company has rebranded itself to meta and not even gene munster can define what the metaverse is but is confident in five to ten years it will be the leader. karen, it does have its issues, its headwinds. you take a look at the path the company is plotting toward the future to something that not

many people -- i'm going to venture to say no one, maybe except for mark zuckerberg, can truly define, let alone how to monetize it. that is the end goal how do you think about this company? >> i think about zuckerberg in the past having faced these sort of existential threats or changes to the business. we've seen it a few times now. you know, we always talk about he did it with mobile when that was an existential threat. it seemed like they couldn't figure out how to do it. and yet they did we've seen him face various challenges i don't know what the metaverse is going to look like, but i think he deserves the sort of benefit of the doubt to spend the money to try to figure it out, right just think about how forward thinking he was when he bought instagram. i thought, wow, that seems like a lot of money, i don't really get it it ended up working out all right, far better than all

right. if you want to bet on the metaverse, i think he's a reasonable way to do it, particularly when you've got that money machine attached to it that already exists i like it here i don't know what the metaverse is going to be if it's a giant bust, all right, i'll lose money from here. >> let's switch gears. talk about an about face from jamie diamond. it was just nine days ago the ceo sparked a major rally, saying storm clouds around the market may dissipate flash forward today. he's singing a very different tune he says we should brace for change what's changed in nine days? >> i think the message is one where you're at an investor day

for jp morgan and you've asked to assess a lot of different parts of your business, including the macro. jamie diamond back then said he saw storm clouds dissipating today we've returned to hurricanes and what not and it's hurricane season that has people concerned. the greek god of janice who was the two-headed got who saw backwards and forwards and what's he doing here, i think the context of the conversation is still very different. we're going to be conservative we're going to protect our balance sheet. during periods of difficulty, we are going to play it conservatively that's probably why financials, which traded down earlier in the day, there were comments from the wells fargo ceo about loan modification banks ultimately had a chance to get back off of those lows

the headlines are easy to make because jamie diamond is someone we all listen to and he has his finger on the pulse of the economy and credit i think there was a context of understanding why these comments were made today. >> mike santoli made a very good point on the overtime show that is that all these measures jp morgan is taking in terms of being conservative with its balance sheet seem to be preventive as opposed to predictive he's not saying it's the worst, but he did throw out that it could be a super storm sandy how do you take these comments they do seem scarier than a week ago. >> to your point, he did give a bad hurricane, not so bad hurricane. for him, he did temper it on his own. i'll go back to ceos are cheerleaders for their stock, but if they do the cheer leading at an extended pace with

headwinds, they lose credibility. if you lose credibility, then you're not going to be one of the most revered voices in the financial community. that's what i think happened in a nutshell, you're seeing his stock bounce he talked about quantitative tightening quantitative tightening is going to double in september that's a massive headwind. i think he's worried about recession, as you know so am i. i think he wants to talk recently >> i think it is an about face i will say i think any time jamie diamond speaks, people are going to listen. he's well aware of that. he understands the audience that he reaches i think jp morgan historically has always been more conservative if you think through the gfc and exposure to the mortgage crisis, things of that nature. so i think it is kind of true to character for them to lean on the conservative side.

but i do think he's also making a point that perhaps people are underestimating the extent and effect of qt all the discussion is around rates. it's as if qt has been moved off to the left. last time we went through this, we deid go through this whole situation. >> guess what started today, qt? today it begins. i agree with you not enough attention on this and the impact if you think about the asset bubble that's been inflated and the bubble that the fed was targeting, lowering interest rates have not done it the four faces of qt are the ones that have been the ones that have increased both the stock market and the housing market. >> a momentous day for this economy. let's bring in steve liesman w we got the beige book today. that told us a lot about what

different regions are seeing the qt effect, we talked about the impact of rising rates on the consumer, that's clear qt will also have an impact. >> for sure. it's interesting you've had about 18 minutes into this show and you haven't even talked about what happened to the two-year today it rose by nine basis points the market has almost started to internalize or normalize the volatility out there in the market that really comes from -- you know, the question you asked about jamie diamond, what changed in the last phone line days what changed in the last nine minutes? you could make a case that any particular time this economy is headed for recession because the fed is tightening, then you could turn around and say, maybe we're going to make it through this today the beige book gave a

little hint that maybe some of the heat is coming out of the wage market, maybe some of the heat out of the inflation market there was some talk about pushback about prices for consumers. just a hint, not necessarily like it was all over there's still a worker shortage and huge inflation problems out there. i also talked to mary and asked her, hey, are you going to go to 4% or 5% on rates. here's what she said >> i absolutely am open to pulling the reins back on the economy after we've removed the accommodation. but it's too early, in my judgment, to proclaim we're going to do oning e ithing or ar because we still hav unfolding. >> it's too early for her, but not too early for the market the market has to price it in

every day. >> steve, you talked about the impact of qt being the equivalent of how many points of tightening >> 25 to 50. others have said as much as 100 basis points of tightening. >> wow we got to remember that one. steve, thank you. >> just one more thing the key is the volatility. that's really where quantity tay quantitative tightening has an impact i want to leave you one quick chart. it's 97, 95 for june and july, then it drops down to 59 that possibility for september was 30% last week. we're going up and down on this next 50. you just put 25 basis points back in the market you're taking it out last week it's the kind of volatility that comes from qt and what the fed

is doing now and the various emotions around that >> thanks, steve my first reaction when i saw the probability go down is something really bad is going to happen in the economy and the fed is going to back off. that's just me glass half empty debbie downer on this side, tim. >> we got some manufacturing numbers today that were very robust i think some of the regional fed surveys says data points are incredibly volatile. if you've listened to some of the fed speakers and even the ex-new york fed. peter bookfar wrote a great article talking about the opinion piece written by dudley, saying you think it's 2.4% but that's when the fed has unemployment at 4% it's not even close to that right now. their neutral rate may be significantly higher that's part of what we need to worry about. >> coming up, prime for gain

shares of amazon adding to an impressive run for the e commerce giant more on that ahead more on that ahead first, losing altitude as worth is giving the people who build it a solid foundation. wealth is shutting down the office for mike's retirement party. airline stocks sink into the red. with you, the party of a lifetime. ♪ ♪ wealth is watching your business grow. worth is watching your employees grow with it. ♪ ♪ your shipping manager left to “find themself.”

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welcome back chairs of chewy surges in the after hours, reporting better than expected sales. the call kicked off at the top of the hour. christi christina? >> it's all about the surprise right now, because the online pet food retailer is surging that's because they posted a small profit the street was expecting a loss. the ceo highlighted its insurance program and how there's still much potential for this segment to grow for chewy's earnings, chewy is facing higher shipping costs, higher labor costs that caused margins to fall slightly the ceo pointed out inflation still a concern in 2022 and that consumer spending will ebb and flow as people spend on

restaurants and travel and speaking of pets, take a look at this graph that shows that the pet adoption rate has dropped to its lowest level since the start of the pandemic. on the stock front, though, 22% of the company's flow is shorted, so we could be seeing some covering. nonetheless, the company beat expectations, grew active by about 4% and the stock is surging in after hours >> steve grasso, i hear you own this >> yeah. this has been a disappointing stock. it's obviously been lumped in with a growth stock where profitability was not seen until out to 2024 or 2025 depending on who you speak with when you look at the pet adoption we've had since the pandemic began, people have to feed their pets. even if that pet adoption rate has gone back to a certain

level, they still own all those pets i think they got lumped into a growth stock maybe people will change that narrative going forward. >> i can tell you i don't have any pets, but any around my house with food prices where they are, they might starve. >> you're going to get in trouble on twitter, buddy. they're coming after you. >> jokes aside, we were doing a game of over/under on the short interest on chewy. i think this is poster child for the dangers of leaning into shorts in this type of market. you have a situation where you did get the surprise looked to me like there's a rush to cover there steve summed it well in terms of the expectations in terms of profitability. i think you're seeing people rush to cover there. >> the jets airline falling 3% listen to what the ceo said

earlier today on cnbc. >> demand is phenomenally strong the guidance that we provided this morning indicated that in the current second quarter that we're in, we expect to be fully restored to 2019 expecting that we've only going to have 85% of our available seats for sale in that market. >> karen, it feels like the opposite of what we saw when jamie diamond first had positive words about the economy, about storm clouds dissipating and such we saw a huge reaction to the upside when it came to some of these discretionary names like travel stocks. here we are on the other side of it. >> right i think they're facing costs like everybody else. are we capturing all of this travel that really won't be

recurring, so it's sort of a bubble of travel i think maybe that is the case but one thing i always come back to in these airlines is they talk about where they were pre-pandemic, but the balance sheet is very different. they have twice as much debt as they did the balance sheet is wildly different. there's so much more debt. so the enterprise value is the same to me when i think the balance sheet is different i missed a huge runup and swhat of a rundown, but i don't own them. >> karen has talked about the enterprise value moving forward. if the earnings stay the same, the stock can actually look cheap on certain multiples and really not be. delta is different they were actually a little bit more active than others.

if you listen to ed bastian, he talks about that company that's intrinsically more profitable that it was in 2019. the stock has traded in this range from 40 to 45, near the bottom end of that range with all of this good news. i understand there has been revenge travel they've always talked about international, the most profitable parts of their business business travel coming back on, i don't think that's revenge i think the world is normalizing. i am long. >> here's what's next. >> amazon on a tear. the e-commerce giant surging over the last few sessions so is this trade primed to keep delivering the details ahead. plus, retail roundup shares of capri getting a boost on strong earnings but will other retailers check out with the same results?

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welcome back to "fast money. check out shares of amazon topping the tape today the stock has been on a tear recently, rising in the last five sessions since hitting a two-year low last tuesday. it is up a whopping 8% in just over a week. tim? >> they made a lot of investments during the pandemic.

this is a company that's made a lot of investments in their infrastructure and erp and logistics in the last 15 years and they've been rewarded for it when they gave guidance on that q-1 and they said 7% growth and the outlook wasn't so great. i'm not sure you're chasing it here even though i'm long amazon i talked about it yesterday, and this move is heroic. i think this is the kind of move you're getting from mega cap tech stocks. traders probably want to lay back for their next opportunity. >> steve >> i bought it on the dip. tim laid out a good picture of the fundamentals i bought it just for the split i thought the stock came down from $2900 to almost $2,000. so i bought it off that selloff. i'm going to ride it right into

the split. just think about 20 for 1. all these retail investors -- i know you can own fractional shares, but all these retail investors and the like are going to buy this thing after the split as well. i'm going to stay long a little bit after the split. >> does that still work? we've seen it where markets are going higher now in a different environment do we say that little trick doesn't work anymore, karen? mean the retail investor is not necessarily there anymore to trade the options and be more involved in the stock. >> right that wouldn't be surprising if some of the retail investor versuinvestors have left. we'll get a good sense of it when we see the option trading and that part of the story, which are these smaller lots will allow for options in retail that never could have owned it before. coming up, we counting down to the big jobs report on

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welcome back to "fast money. check out capri holdings, finishing in the green today the stock was all over the map in today's session, even dipping into the red at one point. grasso, you own this one >> yeah, i still own it. they beat on the top and bottom line and they bought back 3% in buybacks in the last month they're quietly taking this company private through buybacks they've been hit with kcovid, te zero covid policy in china that's one of the headwinds. i'm looking for a hybrid multiple they're not gettingfu any multil at all they traded basically seven times. if you look at lvmh, they traded

23 times they have a champagne business that shamchampagne business hasa low multiple this stock should be a triple. i'm staying long it gets lumped in with regular retail >> who has a champagne business? >> lvmh also has a champagne business that's involved in it too. so they get a blended multiple that drags down their luxury multiple. >> learn something new every day. wow. let's get to lululemon it's going to report results tomorrow tony joins us for the action. >> that's exactly right. with earnings, lululemon options traded very active today, nearly three times the average daily volume because of the wreckage we've seen out of retail stocks recently, options prices have been bp subsntially going into the event

the options market are currently implying a 9.3% move on this particular earnings event versus the quarter over the past quarters of 5.8%, so nearly double selling 400 contracts of the june 215-360 strangle, collecting about $3.14 this is a strategys lululemon is between 212 and 363 really taking into account the big moves we've seen in retail and trying to bet that we're not going to see that from lululemon tomorrow. >> tony, thank you coming up, all eyes on friday's jobs report and what the data could say about the the data could say about the fed's fight against inflation.

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money. markets anxiously awaiting the majors report friday our next guest is decidedly not optimistic about what we could hear, saying even a broken clock is right twice a day unless that clock is the federal reserve mike green joins us now. great to have you with us. you sound pretty down on the fed right now. what are your concerns the notion of zombie companies we talked about a couple years back, but now this seems to be an issue that would come back to the fore with rates rising >> yeah. that's correct two separate issues. one is that the federal reserve has basically been backed into a corner where it's perceived as having to do something it got the transitoryinfl inflation narrative wrong last

year the difficult through the system of the supply chains being disrupted. we're looking at a system that requires investment. high interest rates do the opposite instead of investments in inventory, on shoring and production, we're being forced to divest. that's the world we're creating under the federal reserve's policy. >> you say roughly 25% of the russell 3000 are zombie. how do you view how that impacts the rest of the market >> it actually is a relatively small percentage of the market cap of the russell 3,000 the russell 3,000 is up $43 trillion in market capitalization the 700 zombie companies are roughly three-fifths the total market cap of apple computer the problem is they employee 16

times as many people we're talking about taking companies and shutting down financing. we're already beginning to hear stories of even the largest companies beginning to encounter difficulties in their lablabor, where amazon has announced they've over extended for example. man >> so it sounds like you're investing for a recession scenario you think strong recession is likely at this point so what does your portfolio look like i see that you don't like these buy now pay later stocks, which have already contracted quite a bit. >> so within my portfolio, i just want to emphasize that it's an etf firm launched in 2020 to take advantage of a change in

regulations that allows traditional exposures like u.s. equities and adding the derivative overlays for downside protection or to augment income or returns we have grown rapidly from that point but our portfolios are typically reflective of underlying market exposures with a derivative overlay in terms of the portfolios we're discussing today, we recently launched f ed fig, which is a mo portfolio that combines many of the exposures we created in our etfs it allows us to have exposure to the s&p 500 while at the same time limiting that exposure. so roughly 60% waiting to the s&p but ultimately only about 8% of the portfolio is at risk. >> we're out of time mike.

i'll get your thoughts on the firm another day mike green, appreciate it. >> thank you very much. >> bonawyn are these views too strong for your taste? >> they're strong. not too strong i think he makes a lot of good points there he also mentions the household expenditure on food and energy and how that should look like a different prism. i think he makes a pretty compelling case. me being an options guy, i do like the equity exposure through options and they're deep in the money. even if you get a spike in volatility, which liesman and everybody has said that's a real risk, that's kind of dampened. so i think that's kind of an

intelligent approach

welcome back office or bust elon musk reportedly telling tesla employees that they should be in the office at least 40 hours a week or leave the company. the ceo saying, quote, pretend to work somewhere else

many companies are opening back up but many like meta and twitter continue to offer the option to work from home karen, where do you stand on this >> it's interesting. maybe there is such a cachet to working at tesla that they'll do it, but in the hunt for talent now, i think that's got to be kind of a big thing if you don't have to work in the office it will be interesting to see if they actually lose employees over it. >> yeah. i mean, i think karen makes a good point my thing is, this is just the wrong reason to be in the headlines. why? you have a situation where you have all these companies perceived as being innovative and progressive in terms of their thinking and they're saying we're willing to accommodate the best and the brightest. unless you tell me productivity is down, i don't see the reason. >> don't people need to be around to build the cars it's one thing to work for a

tech company the dynamic at tesla to me is different than the dynamic at google also explains why he wanted to get out of california and into texas and places where i think the labor markets are stratified differently. i would say certainly the labor market in california, especially where tech lives and breathes, it's a lot more clhallenging to push people to get into the office. >> you could throw darts at this generation and say they don't want to work period, or they want to work in office i've had guys and girls on wall street that are looking for jobs that i'll say, hey, let me help you shop around your resume, and they say to me, it has to be remote this is a life changing event for everyone%

the pandemic has made erveryone want to work the most flexible and remote capabilities they can. i agree with tim >> the balance now is in favor of the worker. when that tilts, because the vibor market changes, then we'll resit this conversation. we'll see how many people are saying only remote up next, we have your final trade. hey businesses! you all deserve something epic! so we're giving every business, our best deals on every iphone - including the iphone 13 pro with 5g. that's the one with the amazing camera? yep! every business deserves it... like one's that re-opened! hi, we have an appointment. and every new business that just opened! like aromatherapy rugs! i'll take one in blue please! it's not complicated. at&t is giving new and existing business customers

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final trade time grasso >> amazon. as i said before, i'm going to play this one into and after the split. i'm also going to see how this experiment works out. >> karen >> on the heels of that, i like google for the exact same reason we'll see monday how amazon trades a month later we'll see how google trades. i think it will trade up on the split. >> bonawyn >> i think all the discussion of

comm commodities, gold. >> i think the chasm is better than people think. >> thank you all for watching "fast money. we'll see you back 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. my job is to educate and teach you. call me. tweet me the hatred for the market -- okay it knows no bounds. >> boo >> i can't