decline ever for those shares. it gives you an idea of what we are looking at. the decline is actually greater at this moment than 26%. at the weakest ever sales growth for that company, a significant cutback in spending, including in hiring. and we will have to keep our eye on that. you can be certain that the folks who are coming up in just five seconds or so on fast money will do just that. let's go there now. right now, snap, crackle, draw. snap shares plummeting following over 25% after hours. a big-time miss. they are going to slow hirings. the ripple effect straightahead. from there slumped to somers's appeared at the big jumps that are surging this month. from casinos to high-growth tech and -- we are looking at where the charts say we could go next. and later, investors hanging up at&t.

tongues are wagging over the recent run in chewy. i am courtney reagan and for melissa lee. this is fast money live from the nasdaq market site in the heart of times square. on deck tonight, kim seymour, karen fireman, and steve grasso. but we start with an earnings alert on snap. shares plummeting as the social media company misses on the top and bottom line. remember, the company already warned about the quarter just weeks after his last earnings report. let's bring in the nbc's julie out for more details on this quarter. >> reporter: it's not that they missed on the top and bottom line, revenue growth so far in the third quarter was flat with a year ago period. that is compared to the 18% revenue growth that was expected. also down from the 13% growth they reported for this quarter. as you mentioned, all of this is after the company had already lowered its growth forecast for the quarter. uc shares are down 26%. all of that news overshadowing better than expected user growth. and the company added 15 million in the quarter and

guided to better than expected user growth in the third quarter to end with 360 million. now, snaps weakness is really dragging other social stock down with it. concerns about the macro economic issues. meta's share is down about 5%. also about 3% and pinterest down about 7%. snap's ceo evan spiegel saying we are not satisfied with the results . we are delivering in the current headwinds. he pointed to impacts from platform policy changes, macroeconomic challenges and also increasing competition for ad dollars. it dollars he says are growing more slowly. he says it will likely take some time before the company sees significant improvements. now, to address the shortfalls, he is laying out how they are expecting to build their direct response to add business.

they are creating new revenue sources. he also talked about trying to drive productivity, including with, quote, a substantially reduced rate of hiring and strict rear prior translation of goals and initiatives. in other news, the company authorized a $500 million stock buyback. back to you. >> there so much to talk about, julia. thank you for setting it up for us. karen, i know you have been digging through this report. kind of funny, but what else makes you scratch your head about this one? after the morning, still, what a dumb. >> i guess i mean it was, i don't know, maybe may 20th. i guess that is a really long time from now. and how quickly things are changing. they propped that bombshell. and now to do that again, have to be both a snap and bigger problem, not just snap. but i mean, you know, julia touched on it. this revenue miss is really, really bad. obviously doesn't bode well for

the other ones that just shorted pinterest on the heels of taking the whole group will obviously trend down tomorrow. along with meta. at that will trend down tomorrow. it is down now. but this is really -- it is concerning pressure. the valuation here though is -- >> different. >> totally different. >> ight. so, i think that i would much rather, much rather be in meta. the $500 million buyback is interesting. you do lose more money per share, but that is just math. >> tim, what do you make of this, especially evan spiegel talking about the competition for ads that is getting tighter, what does that go for meta, for pinterest, for some of these other names? >> we have seen this essentially three out of the last four quarters out of snap. if you think back to their announcement in october, which was a bigger blow on the stock.

here is a 75 stop going into that number. the entire -- where media and even let into some of the streaming names. this is the reality of being the first ones out there to really talk about these trends, even though snap is a very different company. but meta on valuation and on cash flow and user base is such a different company. in a world where advertisers really don't have a lot of places to go, i have to tell you, i don't worry that much about the digital ad business. i think we all know a lot of stocks have been price for recession. and whether we get there or not, we certainly know there is going to be a pullback. we know that. snap up to about 30% going into the summer. yet still is down 75%. so, i think very different company, very different figures. it is profitability though down. yes, i am going to utter the initials.

but the was down significantly lower. in fact it was down by about 18%. and that is distressing at a time when profitability has never been more under the microscope >> absolutely. it is down 25% here after hours. is there any trade to make? it has been as high as $83. >> we are talking about this before the show. to pinpoint for context, which i guess is important, this $12 gets us back to where basically a month or so ago. the stock went from 12 to almost 17 bucks. so i actually give them a little credit. if you continue to do the same thing over and over again hoping for a different result, typically it doesn't work out. i appreciate that. in this case, at least they are saying, the environment as such, we are not going to get -- good for them. at least they finally figured out more people shouldn't. i don't get to run out and buy it tomorrow. but i will say this, you know what, the quarter by itself, although bad, wasn't a 25% disaster in my opinion. maybe the fact that the stock rallied a bit. and again, up to that may 20

guide. they got it again. i think this is one you can start probably picking on around this $12 or so level. >> do you do a three-day rule here are no? >> steve is here, when we ask him? he is the three-day guy. >> three-day rule? >> it is always a three-day rule. whenever you have one that moves like this, you always have to put into effect the three-day rule. but the guide point of 11.90 around $12, that was a level where this thing pretty much stopped on a dime. the covid low for this is right around $8.20. so you know what you have for a downside risk. that is not to say i know tim has pointed this out, covid lowe's doesn't mean that that is your foundational low. that i think you can nibble on this stop around these levels. i would have been a buyer on pinterest. and i know karen thinks it will go low. i do think it will go lower.

pinterest was only up 13% for the month. this one was up 27% for the month. so, i think the three have a day rule, karen, you can use on pinterest as well, even though that was collateral damage. >> so, you would have been a buyer on pinterest? or you are a buyer or would be a buyer now after this snap result? >> it was a binary event, as earnings are. if they beat stock rallies, if it falls off, then the stop gets cratered. right now, you have very tradable levels in these names. remember, the three-day rule is you have to hold that low for three days. >> all right. fair enough. let's talk about markets. meanwhile, we actually closed with the highs across the board, the dow erasing a 340 point lost pretty firmly in the green. this came before the snap report. and ahead of what is going to be a big week for the market. the next rate hike expected, and wednesday. earnings from big tech names

like apple, amazon, microsoft and a number of others on the calendar. so, can these stocks sustain or strengthen as the month draws to a close? it feels like a positive momentum starting is to slow in the market, am i wrong? >> you are not wrong. you have more people talking about bottoms. somebody with a da vinci method at the other day, which i have never heard of. i've been doing this a long time. i think we have all been somewhat steadfast. the fed meeting on june 15, i think we all thought the market had been overdone. a lot of us that we were going to rally into probably apple earnings. and that is exactly what is happening. 4100 and the s&p. a level i thought we would overshoot to. we are getting closer by the day. i take it happens. but i do think, as seven of the biggest nasa companies are starting to lay off people, you have more of these things. across a special of industries

now. the environment is not great. i don't think it is supportive of a market that will continue to go higher in the late summer. i think we get the 4100. i think we hear from abel. >> the big question about whether or not we are freed of what is happening now or are afraid of what the, and we are talking about hiring. how are you going to be reading through these big tech reports as they come out? >> as you heard from snap and we are going to do what we can in terms of cutting costs, it almost seems like that is the bar that has been set. you re almost a fool. we are saying guidance might be foolish at this point on the show. we don't feel like you have to give it all the time. just to be not talking about how you will cut costs and labor. i don't think there is any question despite if somebody has talked about could we really be going into a recession when we are adding jobs of the pace we have over the last two quarters when people say we are printing negative gdp. but there is no question we are at peak labor. there is no question to me we are at a place where, first of all, when companies can grow, can spend and spend on labor, we have labor constraints.

which meant let's over higher. all f this stuff means i do think the job market is changing. and you look at what happened at the long end of the curve today, he saw -- starting to yield backup. so around 3%. you can make an argument, that is not great news. this is a case where bad news may be good news on a bad pivot but not good news on what it reads on the economy. things that the market likes are possibly that though. in the market also life likes a dynamic where inside positioning and we talked about sentiment and whether the bank of merrill lynch bank or -- all of these ingredients say positioning and sentiment were extreme by any measure, by any cycle, by any here, by any crisis. that is an environment where you get a 21% move on the 12 sessions. can they do that in the next 12 sessions? no way. i don't think that is too

aggressive for me to get out there. i think we have seen a good rally. i am not chasing. we are talking a lot about tech. and we are watching nasdaq, up more than 7%. but the 2000 is up stronger than that. what does that tell you about what is going on? >> i haven't been crushed more than the dribble -- maybe. one thing though just pointing out. the u.s. five year five year, which is the five-year look at what the five year will be actually went below 2 today. as recently as a couple of weeks ago, 2.6. so i don't know if that is telling you, yes, recession is really getting pricey. and if that is the case, if someone were to ring a bell and say recession is here right now, is that a bottom for the market? i don't know, maybe. >> i don't know. >> 15% ago on the nasdaq, it was 80%. now where are we? we have taken some of that back. you look at markets, the charts are very interesting, because i got to tell you, i talked to traders. these are the kinds people live

for. that's the one thing you have to be wary of on the short side. >> i want to give the last word. >> i think that -- i will pick up work i left off. if you look at the chart on the s&p, the 100 day moving averages that 4140. guy mentioned that level 4100- ish. i think we can rally to that level going into the dpi in august. i think we have to talk about peak inflation. if you get peak inflation, then maybe you get peak pockets nest by the fed. at least that is what market participants are hoping for. but we all know that the fed oversteps or has the ability to overstep. so i think this rally can be a little bit elongated. but i still think the pressing concerns over recession and how deep of a recession and hawkishness will still persist up until middle of august. >> well, coming up, we just

kind of teased out a minute ago. stocks ripping 14% so far this month. cannot climb continue? we will get those charts specifically next. stick around to find out. plus, a surprise from kiross the pond. hing interest rates for the first time in more than a decade. what impact will that have on our market and the global fight against inflation? we will break it down when fast money returns.

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welcome back to fast money. stocks ripping higher this month power are passing the broader market. our next guest says it might be time to phase that rally. it's time to go off the charts. chris, take it away. >> great to be here but when we talk about the semi's in particular, the thing to put in context as the broader market. where are we in this bear market? what is this rally meaning? how does it change the script? we look at three things. if the bear market is going to turn here, i would say, number one, we need better macros and we need the relationship to

turnover. i brought along some charts. we will look at some of the internals here. it's something that we see historically, when you are coming off a low, if a bounces when to turn into advanced come as a new bull market, you want to see the share of advancing stocks every day really start to surge. i think it is early to make that case. prices have been a little bit better over the last week or so. but i wouldn't say the internals are surging here. i think secondly, let's remember, the bar has to be high here. this is the seventh time that the triple qs has tried to rally this year. we are up about 12%. off the lows, i think 320 is a really, really big level here just in terms of evaluating where this can go. with respect to the macro, so, you have to go back to june 9th, the last time the s&p closed around 4000. we just compared the macro inputs today versus then. they are not much better. credit is wider. it euro is weaker. curve is inverted. bitcoin is still 25% below where it was just on june 9th but despite this rally. it brings us to the last point with respect to leadership and

semis. i think semis has been such an integral part of this market over the last decade, i think we should look to them for some signals here. and our suspicion is that they are rallying in the bear market. or they are rallying in a downtrend. certainly a big move over the last week or two. on the smh, the 250 neighborhood is a major, major level, not only are they at at absolute bear market, but they also have topped relative to the broader market. so, i think the bar here is high. look for leadership to turn. look for the macro to improve. if you are going to get to a point where you feel comfortable making a major low call, i'm just not there yet. >> three things to look out for her to possibly turn this tide, is there any one data point that you are looking for to maybe move that macro needle as we are talking about the gdp coming out, the fed inflation data? does it all have to go in the same direction for you to see

this bounce become an upward trend that is more sustainable? >> i think anytime you are talking about change of a trend or a new call, the data is going to be circumstantial. and we have got to do our best with the input or the facts we have. that is why i really emphasize leadership. if this is really going to turn into something, the move out of the semis has to persist. discretionary has to get better. banks have to really step in here and take over some leadership. so i think you will look for those signals. i would say it is still early, you know, a week or two weeks into this rally to make our judgment. we have been in the bear market for six months. the bar, i think, flip the call, or flip the script, still have to be pretty high here. >> hey, chris. it is steve grasso. when i look at the chart, i agree with you on the smh. it has been on a declining trend channel since january, basically. it looks like it wants to turn around and sell off the three top holdings. to me, it looks like the best chart in the semis. although it has lagged . and it

lagged for a considerable amount of time. it actually looks like it is leading now. what is your favorite chart in the semis? >> well, great point. if you look at the constituents of the smh, there is 25 docs in the smh. only four of them, 4 up 25 are above their 200 have a day moving average. so if you are talking about trying to find the best chart in what is otherwise a messy group, qualcomm is higher on the list for us than some. i think you are spot on there. >> fair enough. chris, thank you for joining us. let's trade it. tim, i think you are the one that brought up semis last time. >> i seem somewhat obsessed with semis. we are supposed to be. some of the things that chris is talking about is the chart has gone derivative. the ratio of the market to the s&p. if so, on the way up for two, three years, enclosed to 10

years, it outperformed firmed the s&p. simply divide the smh by the spx. and you get a ratio. you get this for a lot of stock to understand relative performance to each other. i think what chris is talking about is first of all that downtrend where semis peaked against the market on december 1st. it is a downtrend that i think yesterday, and this is the fun part about charts, they are exact, but they are not exact. we broke through that downtrend. is that the line in the sand that is adamant? no. i think you have to consider different factors. i think 310, until we get there, we are still in a downtrend. the thing that worries me most right now is i know we have talked about how there was such poor sentiment. i am a little bit worried about complacency. and i look at it with a 23 handle with all those factors chris has talked about. and you brought it on it in verse against the s&p. when we had these kinds of lows, the market has gone through a reasonable period. >> you mentioned qualcomm. steve mentioned it as well.

that is the name we have talked about. held the october low around 120. we pointed out about a month or so ago. you can make a pretty compelling case for it, which i think it still can make a case for on the earnings on the 27th. i think we would all be remiss if we didn't mention the fact that magically nvidia has gone from 140 to 180 on some extraordinary trading. i know that i bring that up somewhat to be funny, but not because it infuriates people. and it should infuriate people. >> likes to infuriate people. >> thanks for that. coming up, the global inflation fight. that one continues too as the ecb heights rates for the first time in more than a decade. what is the move signal for the feds here at home? the details are ahead. plus, late payment pain. at&t phone bill delinquencies rack up. a few of the traders are

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weather to "fast money." another look at our big story. shares of snap plunging, down 27%. is early on pace for the second biggest drop since going public. snap is not the only mover today. sam adams maker of boston beer, that stock dropping more than 8%. demand for heartfelt or continuing to decline. not at my house. mattel down despite in earnings miss after raising concerns. that is also plunging. the one bright spot,

healthcare. that is up despite an earnings miss. we will get to that in a second. earlier on the show, tell us quickly you put in a short for pictures. why that after snap? >> it was down way less than snap, which is not surprising. it shouldn't be down a whole lot. i think tomorrow it is -- they will trade really poorly. i really want to hear the call because he gives some interesting color and some context. i don't think it is going to sound particularly great. this is a very short-term trade for me. remember, elliott is there. i don't know how aggressive they are going to be. but there will be an opportunity for them to buy stock. they had a chance may 20th, or the day after. but i will want to hear the call. >> okay. guy, what about tenet healthcare moving higher? what you think of that? the quarter was -ish, you could

say. your guidance is good. even the low end of guidance, $5.87, you're talking about a stock that prior to this move was trading 10 times that number which is too cheap in this space. the hospitals are interesting to me. everybody loves tenet healthcare four or five months ago. i'm usually the market fell off. i think the stock is really interesting here, despite this move higher in the aftermarket. >> we will move onto a key decision overseas. europe central-bank hiking interest rates for the first time in 11 years. lifting rates by have a point. the market was looking for a quarter point. more aggressive move in that aggressive move coming about a week before the federal reserve makes its decision on rates. our next guest is underestimating u.s. policymakers. mike schumacher is head of macro strategy and wells fargo security. so, my, why when you see this move, after 11 years, does this pretend something more aggressive for our federal reserve and we have been making moves, they have been taking

aggressive stances? >> reporter: it's really interesting. it shows the inflation fight is global. it is not moving. it today, it did finally. it nonetheless, did something. that shows central bankers are in a aggressive inflationary stance. we think the fed will reiterate that. that's not the big news though. the news will be when chairman powell in his press conference, at least in my opinion, says, hey, look, this will be going on a mile. probably going to extent her this year, maybe into next year. so, buckle up. of the market is pricey. it >> you think it is less about the rate move itself that you are calling for 75 base points and more about what you're chairman powell says about what is to come? and you believe that messages changing? why, just because of the ecb? not necessarily because of the ecb. it is just really the latest piece to follow the line. think of canada, 100 basis points last week. you have had a number of data points come out recently.

i think it would confirm the feds view that inflation is not going to go down easily. again, it is global. we have to fight back. the chair is going to challenge because the credibility with respect to guidance. i think that will induce -- even harder than he would have done otherwise. >> when we think about the ecb and the conundrum that they are in and faced with record inflation, political discord across the european union and sovereign debt, not necessarily priced at this time, but what is your call on the euro as we refute this back into the nationals? we will take care of that side. i'm curious how you feel as it continues to move. the dollar is giving something back over the last couple of days. hard to see the fundamentals realigning in the paper of being along the euro. it >> that is right. the euro has gained if you sent recently. but we think the euro trans down over the next months. you have got a huge gap in interest rates. it makes it really tough to be long. and also, growing and economic

dynamics points strongly to the u.s. dollar. we like the dollar versus the euro. we can see the euro crying growing at 95% credit >> how long do you think it takes for these fed actions to take a bite out of inflation? >> it's a great question. when you think about it, whether it is fed leaders or leaders of the central bank, they always talk about the monetary policy. but they invariably point out that we are not entirely sure what they are. so, i would say that it is a minimum of six months. if you think about the first hike being in march, that would tell us september really is the first impact possibly on the real economy. but i think really what the fed is trying to do is tighten financial divisions. it translates to viewers and to all of us, really what that means plainly, equity takes a hit. credit spreads wide. mortgage rates rise. all these things have been happening. that is a big impact the fed has been able to get done already. as far as impacting economic

activity, probably have to wait a few more months credit >> ironic of course after they helped juice up those markets which they are now trying to cool off. michael, thank you very much for being here with your take. steve grasso, what you have to make about this and what mike has to say and what it means for us and our monetary policy? >> i think that tim had asked about the euro. and he said he was still a dollar bowl, which means, i believe, well, i shouldn't say what he means byetta, what i interpret that to mean is that the fed will probably be more aggressive than people think they will be. so, that means a higher u.s. dollar, which means it is probably worse for equities, as mike just stated. >> karen, what do you do when you are this many days ahead of a fed decision? you have so many other big factors between now and then when the corporate earnings report comes out. >> it doesn't change anything. we talk about, some days if you

gave exactly what they were going to say, i wouldn't know how the market would be. we have seen giant moves, then the next day the market is like, nevermind. we got that wrong. we are reversing all of this. it is too complicated to try to game that. so i just -- >> which is why everybody else watches "fast money" every day. >> dozens -- tell us more than we need to know? i'm kind of teeing you up. i think you have some strong opinions on this. >> i woke up in such a good move. i'm not going to go down the primrose path. i would say this though, people or something, pick inflation, 9.1, that might have been the highest we will see for years to come. crude and commodities have come down 30% since basically the numbers for that reading came in. if you take 30% of 9.1%, you are still talking about a cpa

with a fixed handle which is three times the amount of the phat watts for inflation. so they are about three years behind the curve. so, he was a spot on in terms of his assessment of the fed. people don't realize how steadfast they have to be to fight the exact animal now that they wanted for years and years to your earlier point. thank you, tim, for teeing me up. >> as expected. coming up, the letter t. two of our traders. are they hanging on? are they getting more? we will dial in to the telecom news next. , we are watching the after news next. much more on that trade down more than 26%. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so...

...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones

the consumer is experiencing a bit of stress. i see a lot of the same numbers you see. we know there is some trade- offs occurring right now in the decisions on designing and travel in a variety of other things. it is mostly hitting those in lower socioeconomic tears. >> that was -- this morning

after the earnings report, at&t tumbling nearly 18% and a big jump in payments by their customers. the tune of $1 billion for the quarter. at&t also lowered its guidance. >> at some level, i feel like this story has been de-risked. and this is a company that badly missteps in terms of their media acquisitions and whatnot. what is concerning about these numbers today in a world where we have 9.1% inflation, as guy gave us those numbers, they had a top line up 2.2%. that means they have no pricing power. they haven't been able to take advantage of this environment. the free cash flow cut from 16 to 14 billion boats very poorly for the dividends. this is what we are doing tonight. talk to me about dividends.

>> we talked about it all the time. buying a stock just for dividends. you can lose that dividend in one day. >> like today. >> it is a total bummer. for me, that is not the criteria. >> total bummer for you too, steve. i understand you are also in at&t. >> it is a small position. it is something that i have owned for decades. so, this is something that is always a little bit a position there. i don't just buy for the dividend, but it is sort of one of those -- i dare to say a core position. but if you look at verizon, and you look at at&t, how they have underperformed dramatically. and then you look at t-mobile. that is looked to be the innovator in this space, still, even after john leger is not there any longer. it is up 14% year-to-date. but i am more shocked that people are not paying their phone bills on time. the last thing that people forget to pay our their life and their phone

bills. i am shocked at what this means for the economy. mckay was kind of shocked at that too. they had so many dealing with these but will have to look into that a little further and see with those ripple affect me. sticking with telecom, verizon wireless on deck to report tomorrow. option traders are betting that result will be pretty similar from what we heard from at&t. mike joins us now with the action. hey, mike. >> we saw huge activity in at&t. but verizon also saw a big boost in trade, more than 3.4 times its average daily volume. right now the market is trying to move from about 3.3% or so after they were reporting urges less than the 2% of the company has averaged over the course of the last big quarters. in the most active options were the weekly 46 strike puts. that includes institutional purchase of 2000 metric place around -- overall more than 6200 of those were traded. end buyers of those puts are audibly with verizon. might have further to go after they report tomorrow. >> well, thank you very much for that, mike.

that is tomorrow at 5:30 p.m. eastern time. coming up, there is a wave on wall street. it has been a red-hot july for some retail names. we are bringing the trade on the summer sizzlers ahead. first, we ardiine ggg back in on the plunge and snap and what it means for the digital ad space. shares down more than 26% right now. we will have the latest from the conference call when fast money returns.

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welcome back to "fast money." the snap plunging after hours on and earning down 26% pays for the second biggest trap since going public. the conference call wrapped up moment ago. i know karen wants to share the details. look at more on that with "fast money" friend gene munster. >> courtney, as a small investor and snap, it was a total disappointment. black of confidence and black of visibility. that was one piece that really jumped out at me as they just

simply don't have visibility into the business. they said they will regain revenue growth when the macro stabilizes, which is code for, we don't know. how bad can this get? to put some perspective on it, there has been a lot of focus on the 18% growth in the september quarter. they are talking about that being flat now. we have to fast forward to what will happen with estimates in december next year. the street before this is looking for a 22% growth in december and 33% next year. i suspect that they will gravitate back to 5% for december and maybe 5% for next year. so, i think the take away, the biggest, simplest take away is the combination of the macro and competition that is softening demand to a point where they simply don't have the visibility. >> it's karen. thanks for being on. how do you think about valuing this stock? what are the metrics? what do you do? >> at this point, it is very

difficult. there is a revenue per user basis. you can look at it from that metric. but the challenge with that is we don't know what the revenue is going to be. and i think this is more complicated than what we will see you next week coming from facebook, from meta, and from google. but to answer your question is that i suspect that ultimately the numbers are going to probably come down by 25, 30%. and i think the multiples will continue to come down. investors have at least a glimpse and a quarter out that revenue will start to re accelerate. i don't know where the bottom is here over the next quarter, but i suspect -- and i want to just leave this one, give them fair credit around the evaluation credit, ultimately where this is going, because this is bad. but it is not -- it could have been much worse because they did grow. of 18% in the march quarter. they grew impressions by 9%.

typically, when you think about the platform, what is most important is for them to be growing users. and so, usually you take that over revenue growth. you factor in that eventually they will figure out how to monetize it. so, obviously when we take about a floor evaluation, i think it is important to recognize that the platform engagement is improving. it is just they are having a really hard time turning on that monetization. a >> i was just going to ask you that very balance question. it looks like the daily active users were better than what the three had expected. the revenue guidance was really disappointing. as you try to evaluate what you want to do here, you said you are a small investor, are the odds just too stacked against snap at this point it to build into the position, even at these levels? or is the daily active user count encouraging enough to nibble at this one? >> i am going to politely sidestep the question and say that we are thinking more about 2023 right now and haven't

answered that question at this point. it is pretty fresh and rot right now. but that is going to kind of make our decision, see where it trades tomorrow based on that. we are thinking a lot about what is going to happen next week, related to meta and google. if i may just, kind of, that is something i feel is little bit more actionable from our perspective. and ultimately, the street is looking for core revenue growth for september. snap has guided to flat for september. i think that probably implies, is going to imply that the street, there is probably a little bit of downside to meta. i do believe, as i think about all of this, i think about, you know, what hasn't happened yet. we try to prepare for what has happened, what is going to happen. i suspect there is a little bit of downside to meta and google, but not as much as what we have seen here with. >> got it. thank you so much for joining us. jumping on after listening to

that call and giving us a mere thoughts and headlines. appreciate that very much. steve grasso, you are nodding at one point. i will give you a moment to jump in. >> yeah. i think it was pretty interesting that his point about it growing at 18%. they obviously figured out how to monetize. it reminds me of a twitter story long before elon musk even whispered twitter's name. and they couldn't monetize, and they couldn't grow daus. i think for me, this is definitely one of those things that needs a little more -- we talk about the three day rule. but if the three-day rule holds that 1190 level, i think you could actually start acquiring a little bit of a position and snap, oddly enough. >> as to the 1190 level, right now we are just hanging on above 12. it down 26%. >> i am sure karen will agree with this but probably will be trading 111 or so in the after hours. we start doing the math.

a company that is trading in the market multiple. everything going on, probably still high gps growth, i would think. back out to cash, it is even cheaper. you add back the cash, i guess you should say. it is even cheaper than that. so, they have more revenue streams, more diverse company. if you want to be in the space, i think karen would agree, alphabet is the name to be in. >> will you agree, karen? >> absolutely. for all the reasons that guys said. just the valuation of a company that absolutely is far superior than an average market multiple. >> i just want to reiterate, we know spending has pulled back. how much of that has been already priced in? even if more gets priced in, it is a different story in terms of the advertiser base at meta and google. they are monsters. where else are you going to go? these are the biggest advertising companies in the world. and, yes, we know what is going on with the economy. at the budget, the cesom that

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welcome back. be sure to stay tuned to the top of the hour. jim is on the new set of the new york stock exchange. catch that pullets was of interview at the top of the hour on mad money. that is an interesting company. meanwhile, a couple retailers sizzling this month. some 38% on pays for its second since going public last month. at the climbing 32%. way fair seeing a really hot july. is it a little too risky? another name you're watching, warby parker. what do you see there? >> i thought, oh, my god, it was at 60, it's now at 12. it must be great. but it doesn't. i don't know what it is doing at 60. i can't -- it was just -- valuation still seems high. i don't know. same for allbirds. it is small. the balance, i guess is good. some of them i have some

shortages. there's a little bit of covering their british >> that is what i was going ask you. generally when you are looking at some of the names, why are they so much hotter right now? i think fundamentally really change, even if we feel a little bit better about the consumer, do these names deserve to be up so high just because they fell so far? >> i don't know. dead bird bounce here, i don't know what it was. >> i see what you did there. >> i get it. allbirds. >> what do you think about chewey? that's a big company. >> it is still a poor performing trade for me. it is still in a declining trend channel. if you look at it, if you pull back your lens on a chart. but for me, it is always that same thing, that people bought or adopted a lot more pets during the pandemic. i am assuming they are feeding their pets. i am assuming they are buying things for their pets. so, for me, valuation is going to be terrible.

it is not going to be a value stock. i am still on the name. i think it can still grind higher. i think that the market got a little off, offsides on value versus growth. and hopefully, this can break out. as i said, it isti i slln a declining trend. it has more wood to chop. >> all right. although, since may, it is looking pretty nice on that chart. up next, your final trades. with you, the party of a lifetime. ♪ ♪ wealth is watching your business grow. worth is watching your employees grow with it. ♪ ♪

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it's a rainy time for the final trade. look around the horn. steve, you are up first. >> rivian finally coming back to life. amazon headlines, taking deliveries for their electric vehicle vans. i think there is much more upside starting here. jim, you are. >> i will take her amazon headline and go straight to amazon. i think the one medical acquisition is genius. it makes so much sense for the national healthcare grid. it's what they should be doing. the stock is back to what away. it bounced. it was his pre-covid level. we talk about that all the time. it moves higher. >> down to 125. karen, what is your final? >> mattel. tonight it is down. 270 aftermarket. i like it.

>> you are buying toys lately. >> hot wheels was crushing it. they don't even have the movies. the barbie movie in there. i like it. >> can't wait for that will be pretty >> disappointing first game in houston. the pullout game -- >> absolutely, got it. >> it is amazing. she knows. >> i know you're i'm here to level the playing field for all investors. i promise to help you find it. mad money starts now. hey i'm kramer. welcome to mad money. my job is not just to entertain you but educate you. call me or