prudent and saying we always have to be careful about what lies out there >> remember we had the context of last week that could have led us to a darker place to say, wow, he changed his opinion that drastically in a short period of time who knows. mike santoli, we will see you tomorrow "fast money" begins now. right now on fast, the market shrugging off a big warning from microsoft has wall street already been there done that generon, the biotech giant announced a billion dollar deal to buy from a drug from sanofi and 11% in the last week we will dive into the actions that may help to electrify this one. on the desk tonight, tim

seymour, kim fighterman and dan na nathan setting unfavorable moves in the dollars is the reason for the change but here is what is interesting, we thought after initially dropping on the news shares of microsoft actually ended the day well in the green. and so did the rest of the market the nasdaq up 2.7%, with the s&p and dow following suit and this even after fed vice chair brainard suggested there was no reason to think the central bank would be less aggressive in its rate hike. so the question here, has the market priced in dollar volatility and peak inflation at this point bad news, good price action, tim. >> well,if you think about where we've come from -- again, i will cite 9.5% nasdaq up 11.5%. you could make an argument, i've seen different measures of this. we priced in 75% of a recession.

anything short of a recession you reprised a lot of stuff. it was extremely expensive that spread to the high-multiple stuff that was at a crazy level. when you look at the price action today, how about the day when we had target and walmart report and the impact they had on the overall market. we were waiting. dan said, i want to hear this from apple the problem with today's news if you're a market bull and want to say this was a great performance, i didn't hear anything from microsoft that said this was a demand pull back we have been talking about the dollar on the show for months. we heard there was a $300 million hit. i think the adp weakness, opec to bring more supply back online, these are two things that are equity supportive and just kind of go along with the sense that i think there's so many people screaming fear and bear market rally that the market kind of squeezes higher >> does today make you feel

better >> yes and no. there are some things about things falling apart that i find opportunities there, right >> when it's not your own industry >> and often it is my own. that happens all the time. but i kind of like that. when things trade down in integers for no other reason than sentiment we are now seeing we on cooperman said on scott's show -- >> on the whatever phone >> yes it was a very musing hit, i've got to say one thing that he said that really stuck with me, we'll know when it's over when bad news doesn't make things trade down anymore. i thought that was very interesting for microsoft. why they came out with this announce i'm not really sure. but it was certainly interesting price action on the heels of it. >> dan is ready to say this wasn't a bad news announcement >> oh, my goodness of all the pre annouannouncemene have lived with from major

companies that could move markets on one statement, this does not fall into the guidance relative to what they said in april that you would come out and preannounce. they're getting this out of the way, okay. this is just one thing when they made this announcement, the u.s. dollar has been down over the last few weeks. this is not going to be the same situation. if they were to guide for the current quarter or the next quarter, the dollar is not going to be a big impact sequentially. that being said, you know, this is a stock that still trades well above a market multiple. on a p.e. basis, valuation, compression here, i will say this we will know when it's over -- leon sehas seen far more market cycles you could have said it in the fall of 2000 >> maybe summer 2000 was the bottom. >> yeah. i guess the big issue with the

stock market the way a lot of our viewers look at it they are not looking at names down 50, 60, 70 persist it is 12.5%. you said relative to the last cycles when the fed was raising back in 2018, the stock market went down 20% in two months. i don't think it encapsulates everything think about what jamie dimon said. >> which day which day are we talking about >> q1 earnings in april. i think microsoft is the tip of the iceberg. i don't believe we're going to have these massive, massive sort of guidedowns. but we were talking that we were expecting this needs to happen here we need to see some of the huge companies. >> this is a huge company. fx for the most part they look through the fluctuations they could have used this opportunity to come out and warn on fx and say things are a little bit uncertain because of

ukraine. i would have thought, we're talking to investors, we're going to do this too and they didn't. >> i completely agree. >> why do they think other tech companies should follow suit >> i completely agree with that. if it comes out later that they knew things were going south, why come out with half of the statement? >> but, look, i think the point here is this is just an fx warning. it has nothing to do with demand >> that's good news. that's great news, no? >> i don't know, because i think it's inevitable. when i think about the construct of market sequencing, this rally, and i think we can continue to go side ways i don't think the consumer is going to die here. microsoft said on may 25th, even coming out of the pandemic, usage has never been higher across office suite of products and that the pandemic accelerated the shift to the cloud. they have given us recent points

looking into their business. i don't think their business falls apart. the pandemic pressed this move of the enterprise into the cloud. and i think that's something that has only just begun but we all would love to just fast forward a lot of this, right? i would like to see the fed be more aggressive, fast forward. and even on the economy. it's easy for me to say, but i'd like to see a deep and very swift recession because i think we can keep moving in the same way we have had all kinds of shocks. >> so maybe it's actually good news that brainard came out and didn't think there would be a pause after the 250 basis point cuts >> should he say the uber dove, by the way, to put it in context. >> we haven't seen peak inflation. and larry fain said he sees the next couple years with higher than normal inflation. these would have been very negative things maybe a couple weeks ago. and today, no big deal >> the sentiment was really bad. we didn't have any major

disasters that you could extrapolate. we talked a lot about what target and walmart had to say about the consumer and microsoft is not a huge consumer-facing company. the real issue is if we start to see the sorts of turns between the end of this quarter. we have one more month for all intents and purposes and when the companies report in late july. that's not off the table that we will see major shift listen, we have salesforce they talked approximate about good demand. db up 15%, 16% talking about good demand. but the takeaway from the retail is yeah the consumer is fickle and a lot could be headwinds to them and same with the enterprise that's the history of these past cycles enterprise spending can turn on a dime too >> i think corporate has come out of the pandemic even better than the consumer. i know that's hard to believe when you think of stimulus checks, savings and unemployment there's 1.9 trillion in cash right now. if you think about that, you can

actually take the multiple at least x cash of the s&p even lower. corporates are in great shape. they can spend on enterprise they can spend on security i think we will hear more about that we will talk about crowd strike and okta it doesn't fall apart. the conversation we're having, i want to see the tight epping on the consumer companies i think it's a little bit different. i think we all recognize the consumer is what's driving this economy. and the consumer has been fine it has a job. >> once you see the pact on the er, you're going to see the impact on companies as well it has to be that way, right >> no, i agree in fact, so maybe, as dan is saying, you get a glimpse of it. do you think we get that by july >> well, i think we might see by july we might see ordering, inventory builds that would be the next leg of a lot of companies we have dealt with retailers for a long time. that's kind of what we saw a

little bit with walmart and target they had the raw inventory if we see that in video space. look at invidia. it is an expensive stock for the market but if we see inventory build, those will come in >> shares are dropping after the auction for the company is delayed indefinitely indefinitely it is down 9%. i guess the board didn't listen to you, karen, the last time you yelled at them >> scolded scolded. >> the last time >> the board ought to be absolutely a shamed. they have destroyed shareholder value, lied to the shareholders. maybe not lied intentionally misled i find it impossible, impossible to believe they didn't know they were going to fire the chief marketing officer before the meeting. that is nearly impossible.

and they chose not to tell the shareholders i don't know if you knew that or you didn't feel the need to tell the shareholders medium to high '60s. we didn't see what other bids there were this is incredibly disappointing. i think the stock clearly was not trading as if there would be a takeover very soon it's down three-ish bucks. it is ridiculous short you have to let people puke it out. this is terrible corporate governance >> will you stick with it? >> i either get out or buy more. it's one way or the other. i think that -- >> you're offering the management team you regard as basically incompetent, a board that is not doing their job, in your view. >> at best case, incompetent

>> so that is not a position you want to be in. >> right i get that however, despite their attempts to diminish the business, which they have been successful at, i have to add, there are still huge cash flows here and i think we will see more i don't know >> all right we'll watch the story. shares are down 10%. this, again, according to the new york post that the auction for the sale of itself for kohl's postponed indefinitely. our next guest warnings too much has gone wrong for market bounce chief investment officer and kpb cnbc contributor isn't the market rally a good thing? >> yeah. for now, it is i think this is in the context of early last week where sentiment was extremely dower.

aii survey, bears above 50, bulls in the teens the cnn index in the mid index well more bears than bulls and i think there's hope that inflation numbers have topped out, which they likely have. and separate is how far does it fall we 3r5priced in the rate hikes people think there is this soft landing. earnings this year have not changed one bit, which implies the market's belief that we will have a soft landing and somehow the fed will pull this off we are all sending this information back we are at the end of earnings season we don't have a fed meeting for the next couple of weeks, but we already know what they are going to do. the and next big catalyst is middle of july when we review q2 results. and i think when with we get deeper into qt can which we know

started this week. >> i know we all questioned whether the fed could have any data, and the track record is awful. i referenced your note yesterday when you talked about bill dudley is the truth speaker, truth serum man of the fed when the fed can't predict out three months, we know they have nothing special in terms of information, is the fed underestimating what they have to do? >> i think the fed has their fingers crossed hoping if they can temper the demand side enough, over time the supply side will somehow fix itself and they'll get a short drop in the inflation rate it's -- the u.s. economy is way more complicated than an economy metric model can predict that is when they're easing and certainly when they're tightening so they are going to tighten because they know they need to play catchup here. they were mulled by the reality of inflation at eight.

they have a fed funds rate today at one we are pricing at maybe three. jay powell said that himself at the last press conference when he was asked what is the impact of qt going to be? and he basically said, i have no idea >> that's fair but isn't that -- doesn't that argue for the fed being a little bit cautious because we don't know what the impact of qt could be. that could be another wallop that we can't qualify. why not take it easy and not -- we were saying earlier today, pull the band-aid off. maybe it's not that easy >> it's not. and i agree. and i think we got a hypothetical of that from brainard when sarah asked her, what are you going to do in september because we know you want to raise 50 in june or july and she even said, well, if inflation numbers were high, we will go 50 if not, maybe we do 25 so they have left it open at that september meeting to be

more actually data dependent wherewe know they have been less of that over the past couple years so i do think they are sensitive. and it's not just the fed. the european central bank has acknowledged their sensitivity to their pace of tightening and its impact on the actual economy. and they have an even deeper problem with inflation above 8% and rates below zero i agree there is that sensitivity. but that is the difficulty of what they're trying to accomplish here. >> peter, thanks for your thoughts appreciate it. >> i love peter's work as you all know, i'm a big dummy. i read guys like him every day >> no comment. >> i know. i know what you think. i think this inflation thing is transitory i think we will be looking at in a year -- >> is transitory two years >> buy equities. >> but that's maybe why a lot of

people are saying the bottom is in maybe that was it. i'm saying when you think about the disconnects and all the things we have seen and the post pandemic stuff and the war in europe and china was just locked down 25 million in citizens in shanghai for two months. >> wouldn't that be inflationary >> there's so many things that are inflationary i think we will kind of come back to trend. and i don't think we will be deal with high single-digit inflation for that long. i just don't rh and lululemon we'll bring you the numbers next summer may be kicking off, is a crypto winter officially here the cuts they are making as investors brace for the cold we are back in two

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of the russian invasion of ukraine and further slowed over the past several months. the ceo also pointing that even though others are discounting goods, rh is not promoting or offering pwdiscounts to avoid brand erosion. a troublesome outlook. declining to 3% verses the 5% estimate fully revenue guidance is below expectations even despite the strong q1 quarter. the company did announce a $2 billion buyback program. and that buyback program constitutes roughly 30% of its market cap lastly, rh's ceo adding the next couple of quarters we'll face challenges as spending shift after the extraordinary growth from covid as rh continues to raise its product. quality shares are improving a little bit >> christina, thank you. we'll get back tore the second earnings release in just a

moment karen, what do you make of the quarter here >> it could have been worse. it is not surprising to see slowing down we have seen it in housing and all types of things. the buyback is -- >> it's good news. >> it's very significant when i looked at their 10k last year, they bought stock at $560, i believe. so they must really love it at 300. it could have been worse the pe multiple has come all the way back down. so it's now, i don't know, 13. >> 11. >> maybe a little less okay >> 11.5. and the stock price is all the way back 250 level is where it was in february 2020 before you knew you would have to move into your house, the place you already moved into and just buy furniture upon furniture and stay there >> that's interesting. if you back out the cash, it's really inexpensive

no wonder they want to buyback stock. we'll see how quickly they do it that is totally disjointed from the sentiment around the stock and oh, maybe this whole, you know, pandemic, whatever you want to call it, is over and so you should get out of the stock. >> they're smart to protect the brand. to not engage in promotional activity rh stands above. they stand above williams sonoma. they stand above some of the other folks out there. there is a segment that will pay more i like that announce many the. >> all right it looks like it will go positive in the afters we will keep an it's out lulu, earnings up after the bell the beat on the top and bottom line guidance coming in stronger than expected back to christina for the numbers. >> well, it seems like men really like lulu after all

it beat the street because of online sales in the men's division they raised their full-year outlook even though zumiez just an hour ago from warned about higher freight and labor costs keep in mind it indicators to a more affluent shopper, and the wealthy are shopping casualization of fashion, people who try to get away with lulu at the office it grew 32% year over year it expects q2 revenue to be 1.75 billion to 1.85 billion. hence, why the stock is up 1.5%. >> all right christina, thank you doing double duty for us i have a theory about men. >> how much stuff did you buy? >> a man finds what he likes, the abc pants that are so popular. they don't want to look anywhere

else because, i don't want to say too lazy, they are content with what they found >> you know us too well, mel >> high-end consumer discretionary stuff. rh or whatever the stock was anticipating a lot of great news about a year ago now it's at half and the fact that it's only up 1% on that news, there is no reason fto create here you look across the discretionary space. again, if you believe in the business, you believe they are growing in those categories, you are getting as cheap as you were able to get it the last 10 years or so. >> i did just -- the retail selloff allowed me to buy. for just the reason you said, the numbers are fantastic. comp store sales incident was a little margin tightening because they had supply chain issues and some of the other we hear from everybody else interestingly, the margins on

their direct to customer were really good. it's a great company i struggle now at 33 times, right, if the whole market is going down, this is coming down with it. despite their really good, really good investor day i mean, i struggle with what to do with it sell up side calls very impressive. it's the same customer, though, that i think is at rh. the overlap is probably remarkable >> and peloton >> is that jacket lulu >> i don't know. i want to point out the movement in the stock is 32 times forward. this is a company that had 2.6 billion in revenues in 2018 and will do 7.5 to 8 next year the growth is staggering the margin profile of the business, the fact that they have carved out a brand that men and women are going crazy for, you pay more for a company like

this >> here's what's coming up next. >> bio tech buys scooping up a new drug in a billion dollar deal. an exclusive interview with the ceo next plus, buckle up. we're charging into tesla. the ev maker driving higher as analysts plug in so, will shares keep surging you're watching "fast money" i live from the nasdaq market site times square. we're back right after this. expectations come with the territory. ♪♪ but raising expectations. that comes with determination. pushing ourselves further. lifting others even higher. ♪♪ and knowing that recognition isn't given. it's earned. ram j.d. power's #1 brand in new vehicle quality. ♪♪

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♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ humans and dinosaurs can coexist. welcome back to "fast money" shares of regeneron in the red after the company announced it will buy global rights from

sanofi a cnbc exclusive interview with the ceo of regeneron meg? >> mel, thanks so much doctor, it's great to have you with us. thanks for joining us this evening. let's start right on the news of the day, buying the rights to your consider immuno therapy, the global rights from sanofi. what will this allow you to do with your oncology practice? >> it was a drug invented at regeneron and we licensed it to sanofi in collaboration where we shared the development and expenses and the profits but things change. we have been through maybe half a dozen teams at sanofi. same at regeneron.

these guys are super capable they have a slightly different vision than we had we're going to be able -- we believe it is foundational to our onkolg effort. we have more than 20 different tiles going with 18 different combinations we think we want to play in a very large space which is now the p d1 space north of $30 billion last year. and so we want to apply in that space. we have a slightly different vision but we are going to be able to, we think, bring better drugs to patients with cancer

space. we don't any we could be the leading player. >> that is our strategy. we went into the receiptibbinal diseases and now we're the leading drug in that space which is a very large area that patients truly benefit from. we entered into the immunology space for type two allergic diseases and i think there is no doubt that dupixint is leading we feel the same way we're behind the larger players but we didn't enter if we didn't think we could become a leader. >> i want to ask your thoughts about this moment we're in, in biotech. and we just showed your stock price which has been a much

happier story. if it changes your thinking at all. >> yeah, no, it does change your thinking biotech goes in cycles weex been doing this as a public company since 1991 and we've seen many different cycles at times where you could mention the word biotech and the stocks would zoom and times when you would mention the word biotech and you were worth less than the cash in the bank and nobody believes you could do anything we're in one of those down cycles right now they change pretty rapidly but we're in one of the down cycles where there is literally hundreds of companies that would form that are trading in very low valuation relative to the technology and creativity innovative capabilities that many of them have. we recently acquired one of them like that.

check mate which we closed the deal on just literally in the last couple of days and we think there are other opportunities. regeneron by its nature tends not to compete with large pharmaceutical companies looking for late-stage products that are already have a ribbon tied around them where you could basically bring to bear let's say a marketing strength that a larger company might have. we're looking for like-minded companies. we've had relationships with companies like -- which is a great company and in its space with intelia and many others where we could find scientists who want to work together. but when the valuations come down, it is easier for us to do these deals and we will continue to look. but we have a robust internal machine led by george, which i think is really best in the industry >> sure. len, but how should -- it is melissa lee at the nasdaq.

how should investors think about your portfolio and the ours in which you want to invest even after this deal, you have about $12 billion in net cash on the balance sheet and a lot of the analysts are saying, you know, this is a great diversifying purchase for you from sante fe, but at same time your core political is i'llia and dupeixent. >> it is funny, we've been hearing from that i'llia for a decade, and sure we'll hear that from dupeixent it is in a big growth mode it is an amazing drug. recently approved for -- doing great things for people who have bad eczema for patients with asthma and for patients with nasal pal ops. and it is an amazing prodesuct. so i think there is a lot of opportunity there and there is

room for competition competition is good for patients people, many people bring new ideas, we welcome that same way we're going to compete in the oncology space. we're not a leader there and the others need to watch out because i think regeneron is coming and we've got a lot of great things that look good to us so we're going to pursue them aggressively >> all right, len, thanks so much for being with us tonight. >> thank you, meg. meg, thank you and our thanks to len. what do you think of the stock, tim? >> well, a couple of things here regeneron is in the biotech space that is different than other parts. it is 7% of the ibp, not the xbi, excuse me, which is the one that is really underperformed, the xpi. and i know piper was out there with a note saying the sell-off

around this deal was overdone. the full control of the underlying drug, the synergies and the aspirations even if it is an area where he just acknowledged they are behind this is a case where this company that trades at around 14 times and yes only down 15% off a crazy covid high but if you think about it, this is a company that clearly has a core pipeline, that is defensible and an evaluation that is not expensive. >> and karen you were marking on the roads of pharma today. >> there have been a bad couple of days. you would think. so it is a hunt for where is the growth going to come and also it is been a place to hide just as a market dynamic of it and now we're in a you don't need to hide any more and come out so get out of your hidden stocks i'm hanging on to mine i think there is value there. >> which are >> pfizer, bristol-myers, merck and abbvie and ridley. >> so we're dipping into the options pit to see how traders are playing it, we have the

details next and all over crowd strike results we'll bring you the numbers and the trades when "fast money" returns.

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welcome back to "fast money. check out tesla shares hitting the gas today after goldman

sachs said it is a buy saying the company might look to develop new models as capacity comes online mike khouw has the action. mike >> so tesla is always one of the busiest single stock options no different today it was the busiest it traded over 1.5 million contracts well ahead of apple and over $2 billion worth of premium. net-net options trader were bullish. they purchased net about a billion dollars worth of stock equivalent and the most active were the weekly 800 strike calls. we saw over 124,000 of those trading for just over $5.70 a contract buyers are betting that the stock could rally again tomorrow and see a rally comparable to the one that we saw today. >> this would rally, this sort of run in the stock, tim, it is like the run we've seen in netflix and amazon where there are buyers after the pull backs. >> and i'm looking at the chart. at some level, you could say it

underperformed an amazon, a lot has off this low i think this is going to continue to be a poster child for the volatility that we see in high multiple tech and despite the fact that in a lot of the high multiple techs it is a question of really is a proving model and cash dynamics which i don't think exist at tesla. but i think, look, the stock is expensive, the rally back off in a market where the nasdaq has been down 11.5%,take it, it is a decent time to -- >> last week at its lows it was down 50% last year it was down since the start of april, about 47% or so. so could this thing rally back towards that $900 level? yeah but i think it comes down to that immaculate quarter. let's see how they did with shanghai being locked down and demand and competition it feels like this thing is a series of lower highs since the high last fall i suspect it doesn't maybe have a 30% move and that would be nothing in this stock right now.

>> mike khouw, thanks. for more "options action" tune in tomorrow at 5:30 eastern time coming up, crowd strike, we're breaking down the numbers next and plus a mix safe for crypto but the winkles say we have the details. "fast money" is back in two. ma, we listen. like jack. he wanted a streamlined version he could access anywhere, no download necessary. and kim. she wanted to execute a pre-set trade strategy in seconds. so we gave 'em thinkorswim® web. because platforms this innovative aren't just made for traders -they're made by them. thinkorswim® by td ameritrade

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welcome back to "fast money. we've got another earnings alert on crowd strike. moving lower despite a beat on the top and bottom lines frank has the details. hey, frank >> on the call just a few minutes ago, the ceo explains how macro tail winds led to the beat and motivated the company to raise full year guidance. not clear why shares are down with quarter and full year guidance above estimates but take a listen. >> we continue to see powerful tail winds fuelling our market and we do not currently see any indication that these trends will abate any time soon these tail winds include a rapidly expanding attack service and digital supply chains as organizations embrace digital transformation and move to the

cloud. in a high threatened environment. >> so shares down 3% not clear why, all other mettics strong including margin and cash from operation, both well over estimates. back over to you. >> thank you the stock was up 8 percent and now down 3% too. >> and you have some numbers at octa if you think about cybersecurity and the des imation that went on in these stocks. ip sat here a year ago saying i thought the companies were worth the growth multiple. and gross margin is 76%. these are wicked profitable companies if if you listen to microsoft, their security, they believe this is a major business for them so it is a question of what you want to pay. and this is a company that loses money. so i actually think this is a major relief a company that was once a

$40 billion company, i'm back to octa is a $15 billion company. i think this kind of growth at a multiple, it is worth it. >> and i guess your right. 77% gross margins or growing sales and 40% a year he sounds really bullish about all of the tail winds and i think you could take them as face value but unprofitability on a gaap basis and that that is what investors are trying to grapple with right now. >> netflix jumping 6% after guggenheim said a new ad supported tier offered upside for the stock. shares are up 25% from the may 12th but still down 65% this year the annual general meeting is set to start at the top of hour. karen, what do you think you were in and -- >> and i was out i'm not back in. but if i had to do something, would you be a buyer here. i think that this -- the ad

supported platform, that makes sense to me. i on the know when they're going to get that together and i don't think it will be easy but it makes sense for them to do others have done it. paramount has done it with some success. it is right thing to do. it is not crazy expensive and i know it is a full forward a lot but still they do have a sticky base and i do think it is possible for them to grow. and even if they don't, i think that at this price, a lot of down side is out. >> the otheradd supported models exist at companies that already have an ad sort of presence they are already had advertisers and in netflix does not, it doesn't have any sort of ad model in it. >> yet. >> it has to build that from scratch. >> go ahead, or buy it were you catching this as soon as i was out, they pull me back in vibe from karen >> yes >> i would be mortified, godfather 3 is dead to him it is not a thing. >> sorry >> what, everyone knows that one. >> anyway.

>> i would just tell you that, i was surprised by the bearishness around this whole ad supported model. yeah, they went x growth but they are coming up with a plan that worked in a bunch of other models and they have the audience and the content and the category, i think whether they build or buy in the ad model, i think it works. >> well downgrading the stock, the poddel assumes 30% of the sub base goes to an ad model and they say it is a $75 billion sales company by the end of the decade with a downgrade. so a lot of bad news prices in here unlike karen, i didn't get out in time. >> coming up is say bitcoin blizzard taking effect, the cold call from the winkle boss twins. the details when "faston" tus. mey esg is responsible investing. who's responsible for building esg into your investments?

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a report from the new york post saying that the auction process for its own sale indefinitely but here we are just the opposite it is like an as the world turns episode in the past hour when it comes to kohl's, karen are you happy now? >> i'm happier they still have a chance do the right thing, board. do the right thing spike lee were here, that is what he would say. >> it is a long, dark and cold few months for the winkle boss twins and they say it is not over yet let's go to kate rooney for more on the crypto chill. >> the winkle boss brothers calling this downturn a crypto winter and announcing some layoffs as a result. gemini, the exchange they founded cutting 10% of the work force pointing to crypto market conditions, just this hour coin base also extending its hiring freeze and rescinding some job offers that they already made to candidates two weeks ago they said they were pausing hiring and in a

memo today executives say it is becoming more evident we need to take more stringent measures to slow down our head count growth. tyler and cameron winkle boss of gemini also out with a memo today saying that cryptocurrency's trais in the latter right now and they say the industry refers to this as a crypto winter all of this is compounded by macro economic and geopolitical turmoil and go on to say we're not alone and they are the first big crypto companies to do that but hiring freezes and layoffs are happening across techs we have robinhood and bitcoin is down more than 50% from the all-time high. >> back to you. >> thank you think about the rippleect. think of all of the vc money that went into ventures that are not profitable and plus the other layer is the advertising dollars that were spent and

being spent on crypto which will probably not be spent any more and you have to wonder if matt damon is going to be paid for his endorsement in crypto land. >> i hope so you could be des it tute. >> and let's look at ev and gaming and cannabis and some of the biotech stuff, you could make an argument they've traded as once asset class and it is uth. o say at >>p next, final trades 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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you do tim, you love roadhouse. >> it is time for the final trade. we talk during the breaks. >> is that a disney movie, if it isnot. it should be the mouse house and netflix growth with the reopening dynamics still going on in their lease aur and the theme parks, disney >> yes, lulu, the numbers were fantastic. it should be up. but the valuation is getting a bit stretches so i have to sell some upside calls against my stock. >> dan, should she tune in tomorrow at 5:30. >> for "options action."

>> i think the netflix thing was interesting, i know the huge gap was concerning but i like the long-term plan of capturing those other people who are not paying for it. >> thank you for watching "fast money. we'll see you back here tomorrow at 5:00 for "fast. 5:30 for options act "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 is 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 just try to make you some money my job is to educate and teach and call me at 800-743-cnbc or tweet me at jim cramer the asterisk it is a wonderful thing. it allows to you take all sorts of liberty as long as we're willing to take more rick.