what drives this is longer-term technologies for technology companies to benefit from artificial intelligence, 5g technology, electrification of vehicles and these billion dollar businesses that are alive and well. we are really focused on the fact that those businesses appear to be continuing to innovate and drive investors. >> we will leave it there. what is your final.? it is great having you on. we will have you back. what a day we have had on wall street. a great two days. i will see if we can carry it to 3. fast money is now. right now. the two-day rally for the ages. major averages not a form of 5% from their lows of the year. entertainment, autos, retail, chips mr. is this a rebound you can believe in? >> plus, let us make a deal. elon musk is reviving the deal to buy the company. same price, same deal. what now?

what is the market saying and what impact will it have on the rest of the social sector. amazon put a hold on hiring. i am melissa lee. this is fast money. we are live on a desk. as we mentioned, and other strong day for the market. the best day since may. the nasdaq up more than 3.3%. we will get to that in just a minute. first, the latest on twitter. shares surging after more than three-hour holds. elon musk reviving his offer to acquire the social media company at $54.20 a share.'s original offer above the close. we have the very latest. >> we knew what we were talking about earlier. this is obviously a surprise. it is a surprise to many investors and a surprise to twitter's board and something mr. musk apparently took it upon himself to do yesterday in

the evening when he sent the letter that we now have read that has been filed to an amendment. that was the price originally agreed to by the parties on april 25th after he had taken a large stake in the company. we talked about joining and decided not to. he made an offer to acquire the company. he waved his due diligence as well, they reached the $50 $0.20 deal. fast-forward through a lot of very bad blood, litigation. we were set to go to court the 17th of october. as i said let us reversed course . we are not quite there yet. one can't blame twitter for being someone circumspect at least.

this offering includes dropping litigation and i move ahead. they are not going to drop litigation until they have everything actually signed that they want done. it doesn't mean you have to sign or come up with a new merger agreement. that is not the case. they need things like these things to be signed by the current cfo. and number of other things that go along with a closing like this. typically you would have one side reach out to the other. they reached a potential settlement in all of this would have been taken care of. it hasn't been. we may in fact see the two parties in court perhaps tonight. although, it seems less likely that will be the case. perhaps as soon as tomorrow to try to iron out these final details so he can take control of twitter. that, he can do very quickly. we have talked about the deal itself some 13 billion coming from morgan stanley. they will be funding that. they have a 15 day.

in which they can market that if they choose to use it. it doesn't mean i have to pick you can take a look as to what we are talking about. all of that will cost them a little bit more because of course when they sign this deal the markets were a little kinder to a credit like twitters will be. certainly noninvestment grade. there are certain ceilings they agreed to. when they got that deal down whenever they may choose to, they are going to be taking a haircut on certain things. >> ultimately, these somewhat surprising or very surprising thing is we find ourselves at this juncture. it did appear very likely we would go to court. mr. musk was supposed to be deposed later this week. whether that is figured into his last-minute decision last night remains unclear. back to you. >> skeptics on this panel and in the control room back and englewood cliffs. they would say he did not want to be deposed at all cost. you see why the deal is proceeding as it is. i am wondering wasn't an option for him to offer to close the

deal at a lower price? saying i am going to go back to the original offer, it seems like desperation that he wants to sort of move forward and not be deposed at all. >> that is as good a guess as any. you are raising unimportant point. it would seem if he is recently with the approach as many of us expected would potentially be the case, it is often that we see disputes like this without a contract resolved prior to them getting to court. there has been an expectation may be saying $50. will you take $50? we will get this done. that didn't happen. at this juncture, even if they had entered into some sort of negotiation around the settlement he may have been deposed. you may be right. things haven't been going well for musk in court as anybody that has been hearing to the

various hearings. mccormick has been somewhat skeptical about some of the claims that he has made. not to mention privileged a claim for certain communications or communications they were supposed to come up with, that they have yet to. it may simply be he saw the writing on the wall. he didn't want to be deposed and decided to move expeditiously and finally to get this deal done. although, we are not quite there yet. we still have to get a little more done. >> david, thank you for joining us. great to see you. >> you are one of those skeptics, tim, who believe elon musk did not want to be deposed at all costs. the simple fact is he could have been asked about anything. >> i think there are a number of different corners of his world that this could come up.

there is plenty of reasons why he wouldn't want to do this. the fact he is not negotiating for a small improvement or even a victory the other cynical assessment i make at least the comments i have read so far is yes, i will do the deal if you drop the lawsuit. david pointed out the have got to be some formalities that he needs to come up with. how about the one that says if i get the financing. is a different world. it is a very different world that we went through where the credit would look like in the beginning of the price talk around that. that to me is still in out. he is going to end up back in court, but ultimately if that market is changing you can't raise capital in the same way. by the way, look at how tesla traded yesterday. you have a case where it is as if tesla's stock new yesterday something was going on. >> the point they would be is if they don't get the deal done and he had to provide more equity. the only source of equity for him is to sell to raise the cash. a lot of these same banks are on the hook at least four kind of raising this debt and they got clobbered in this deal

where this deal was done earlier in the year and the market condition is changed. they ere on the hook for it. i have to assume a lot of these were not in a great position. we talked about some of this going on as far as what are some of the risks in the market about banks. this is far from over in my opinion. david is reporting it is phenomenal. i don't see this thing closing out. all of those equity providers we saw were evaluations are in the markets. doesn't make any sense to me. >> even when twitter was there two days ago. in this market that is not a stock. >> think about where the yields were. you have a mind like a steel trap. the 10 year yield was around 2.8%. so many things have

changed in terms of the evaluation of the company and also the financing. >> it makes you wonder how scared was he.to go down this route. it is interesting about twitter. you have people putting a $22,000 price target over the summer on fundamentals of the business. here we are back at 54. it is incredible. a couple of things stick out. what does it mean for tesla? tesla is probably down 42% or so from the all-time high. very quietly it has not been performing well. if twitter is worth $40 billion, which i think is where we are in terms of market cap, i am not suggesting interest or snap should be like that but it should be a percentage.

>> i don't think the market would pay this. this is a very specific instance where he has come out and he is willing to pay a price that may be made sense. if you do back of the envelope conversations you are talking about 75 times earnings. that is not what the stocks are trading at any markets. there could be some movement there. >> i we will have much more on the impacts the twitter deal could have in just a few minutes pick in the meantime we want to get to the market. a solid rally for a second day

in a row. the est today gain since april 2020. the dow climbing 825 points to close above the key 30,000 level. that seems like a big number. >> it is pick nasdaq leading the way. all three indices up more than 5% from the years low. take a look at treasury yield down again. the 10 year touching a low of 3.56%. does this bounce off and a move to last? a key thing to answer is do you think this move in yields? do you think this moves in the dollar and it will last? >> it is so early to talk about a pivot. we had some job numbers that called the jolts. those of the job opening numbers. it may be a prelude on friday

that begins to give the fed some relief. everything we have heard from the fed is you are not going to see them even if they were ready to actually pivot. they are not going to do anything in the short term. i call this another one of the most fantastic trading markets of all time. we have had a 17 moves of plus or -5% or 5 1/2%. we have had nine lives of 9% or more plus or minus. again moves up and down. he probably had 4 or 5 north of 12 to 13%. it is a traders market. there have been some clearly defined ranges technical and certainly our guys carter and chris have had some great calls here. you have had a classic head and shoulders. you have had oversold conditions where markets bounce. i am not saying it is that easy. i am telling you there is a lot more to come. >> he said you could walk in and see a 5% rally. we saw that in the past two days. maybe it is a few days off but still, this violent reaction to the drawdown. >> we are all sitting on the desk. dan said similar. early is wrong. we were early but we talked about it on tuesday. one of the things we pointed out i think it was tuesday.

they traded up to 34 and change. it sort of stood to reason we were setting up to be able to play the market from the long side which is brilliant until thursday and friday happen. now monday and tuesday happened. we discussed this last week. the question you're asking is how much is left. there may be a little more left without questioning the upside. we are in a very defined downtrend. maybe we need this to get there first but don't be full. we talk about it. the most violent rallies take place and i am pretty convinced we are still in one. >> carter was on last night and showing us the lines that he draws since january 2nd. to tim's point, all of the volatility we have seen they really have been a series of

low highs and lower lows. if you do just kind of a simple charting. if you get back to 4000 in the s and p that is a 50 day moving average. if you were to overshoot that would be from friday's lows. that gives you a rally that was basically equal to what we saw from the june low to the august high. could that happen? of course it could happen. if this jobs number coming up on friday is again to tim's point shows some of the stuff the fed has been doing give them a little air cover then we get the cpi next week. maybe that is not so hot. maybe earnings that we get into bank earnings in the next week after that maybe they are not so bad. j.p. morgan was up nearly 5%. that is astounding. j.p. morgan did what it needed to do. it filled in the only unfilled gaps going back to november 2020. my point is we could have a similar move like we saw in june and july into those highs.

i have been saying this for about a week now. i would not be surprised if the fed has data that goes their way in late october a week before the midterms when they have a november 2nd meeting. just before that we see where the futures have moved toward a 50 basis point rather than 75. maybe they take their foot off the pedal and maybe that is the thing that allows the market rally. >> i am short a dollar. i am short yields. i took that off last week. you have got to let in debris. i said at last we. you do not want to present situations in a key technical spot. all of that i am telling you the market did not bottom before we had the recession. >> short-term bullish but extremely skeptical in terms of parole politics in the trajectory on interest rates. if you buy that or it is just a

simple notion that maybe things got so bearish and there was plenty of shortcoming to go around in the past couple of days. maybe we are sort of getting repositioned into what will be a lot of news that could determine what the fed does. >> i think sentiment has to be a part of it. you see the moves in bear markets all the time. this is nothing new. i think that will be they key whether the narrative is legitimate or not. it hinges on that. i don't think it is. tim mentioned job openings. they have done 1.8 million from the top. the fed wants to see that. look at the quit rate. it is still really low. there is tightness in the labor market we are going to see come out to see any wage growth acceleration. that is what the fed is going to look for before they are willing to blink. i will say this relative. we are not seeing the momentum spark off of the bottom onto the surface.

how can you say that after the last two days? if you look at the percentage with two standard deviation daily advances, so the big move to the upside, you are only seeing 20% of names doing that. looking under the surface and trying to see if the spark is there is just not yet. combined the technicals with some of the fundamentals and i still think they have a tough case to make. >> for more letters bring in kristin. she is the head of investments. kristin, great to have you with us. >> what is your take on the rally you have seen in the past few days? >> i agree with a lot of the comments that have been made. the overarching piece is don't fight the effects. nothing has changed. the past couple of weeks have been very bearish. we have seen some oversold conditions. these bounces are very indicative of what you see in bear markets. in fact, 8 out of the past 10

bear markets we have seen bounces off the low of 10%. not just one, but several. this is common in this environment. i think until we see any type of change in terms of the fed's trajectory, they are very resolute. we don't expect any significant deteriorating employment conditions in the short term. as long as employment is in check and inflation is nowhere close to the 2% they will continue on the task. >> we were showing on your best case scenario and unemployment would be 5% and earnings would contract by 10%. what are valuations in that world? what is the s&p 500 in that world? >> this is the biggest thing we have to think about. it is this difference between recessionary bear markets and non-recessionary bear markets. our base case is we need to increase the possibility of seeing a recession in 2023 up to about 70%.

a lot of the tightening that the fed is doing both in terms of rate hikes as well as quantity to tightening, it will not go through into the economy or the earnings for at least 6 and sometimes upwards of 12 months. we are calling for an earnings contraction of about 10%. additional downside to the s&p 500 we expect a lot of volatility. you could see some additional downside. >> kristin, it is 10. with the backdrop, i locating toward the long-term, this is what you do. how about this environment where if i have a checklist of things that need to happen, one of them is valuations need to trough. we are 15 times forward on the s and p depending on where you bring in the earnings estimate. that is not bad. it is a long way off of where we were. at what point do you start nibbling? there are great companies that are for sale right now. >> this is one of the things. if you are someone that has a

medium-term outlook or a long- term outlook, be able to buy into the market creates opportunity. the situations where we have seen that the s&p 500 has declined by 25% or more, when you look at the one year forward return and you look at the three-year forward return, over a three-year periods there isn't a negative observation. on average he returns in excess of 40%. if you extrapolate that you are seeing returns close to 85%- 90%. as an entry point, i agree. there are a lot of good opportunities. one thing i should clarify, we are not sitting this out on the sidelines. we are positioned on the equity side above the fixed income side in quality. we are benefiting from things like this in terms of the balance. we want to lean into the companies that have a strong balance and can weather the next 3-6 months. >> what are valuations like and review? >> i think it is a market where valuations get to levels we saw. obviously i am not saying financial crisis but multiples have traded down to the low

teens. i think it is reasonable to see multiple trades bottom out around 15 or so. it depends on what earnings you are looking at. it is an s&p lower than here. whether the fed comes to the rescue or not, the backdrop suggests things are slowing and you shouldn't pay as much for earnings, which to me, that >>wns the market goes do. coming up, much more on the saga. what can elon closing the deal mean for the rest of the social media space? we will share answers. we will bring you details and the trade next. don't go anywhere. more fast money coming your way.

millions have made the switch from the big three to the best kept secret in wireless: xfinity mobile. that means millions are saving hundreds a year with the fastest mobile service. and now, introducing, the best price for two lines of unlimited. just $30 per line. there are millions of happy campers out there. and this is the perfect time to join them... see how easy it is to save hundreds a year

on your wireless bill over t-mobile, verizon, and at&t. talk to our switch squad at your local xfinity store today. welcome back. micron jumping more than 4%. they announced plans to build the largest semiconductor factory u.s. history. the new plant which will take more than 20 years to build and cost up to $100 billion will be in central new york. the governor on hand for the announcement. it comes as the white house rules restricting chinese access to technology. what do you make of all of this? sort of a security theme in terms of reassuring chip production and also limiting

others from having our technology. >> exactly. i talked about the localization of the supply chain and tips before. 1 maybe things get more expensive. i think this is a long discussion. from and inflation standpoint localization. at 11 times earning the profitable business i think that is interesting. kla is another one. another name more expensive but higher growth. i think if you are playing the long game and thinking about the localization of supply chains which will continue across the board especially in chips given how important they are, there are names i think you can play to take advantage of it. >> they are proposing to build this plant it is literally 17 miles from my home. you can underscore how important this is to bring this manufacturing back to some of the regions that have been

decimated over the last two decades or longer. we talked about the chips. we need to bring these jobs back . the globalization is happening. a host of other reasons and again doesn't bother me that it is going to take 20 years to complete? here about how these phones will be made in vietnam. once you have this infrastructure it makes it so it can be a bit more modular in the states. i don't think it is anything you go out and buy a micron for. >> and tell it's getting all the support and they are going to build. this stock has been a mess. if you think about that sammy and first of all today's rally i don't think they were really that strong relative to where they should be in terms of an early cyclical recovery. i wouldn't get too carried away. there was a note out that we looked at and they said this thing 2023 earnings it is trading at about 12 times when it is five years probably closer to 18. you should especially for folks

you should be buying them 6-i months in advance of where the cycle actually is. at this point very cheap to itself and very cheap to its peers. that is the one i would go for. >> the restrictions in terms of export of technology to china will affect some of the semiconductors negatively. we saw that in terms of nvidia. what the biden menstruation will do is formalize what has been floated before. >> we talked about it. this was a conversation we had picked the only thing i think you say this to the other side. the big tech hiring freeze.

the latest name putting a halt on hiring and what it means to the market. first, twitter takes off. what's changed for elon musk so late in the game? we will find out next. we will be back right after this.

it seems like things are falling apart lately. the economy. the market... everything. but upwork lets you strategically hire talent to weather all ups and downs your business might go through. look at all that talent. ♪♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪

elon musk making headlines after news he is reviving his $44 billion deal to buy twitter. the stock halted for about three hours. they search more than 20% to close out the session at 52 even. for more on with the deal could mean let's bring in andrew boone. >> let us say this is finalized and happens and elon musk is free behind closed doors without the scrutiny of public shareholders to do whatever he wants.

>> i did the it benefits them. 85% of twitter is advertising in brand dollars. think about the companies that have been most recently impacted i think those guys are direct beneficiaries of advertiser saying okay, twitter is really volatile. >> would changed for twitter from their analyst? i think they're doing a lot of things that are right in terms of user engagement. that has been one of the better purposes over the last couple of years. on the advertising side it is

about building up these tools to really replicate what facebook is built over time. the next question is look across all of social. how do you replicate what you had pre-idsa? how do you bring back the targeting before apple made quite a few changes and how do you improve for advertisement? >> jeff mills is here. a quick question relative through the timeline of taking twitter private and relaunching as a public company. i know i am putting the cart before the horse but they were talking about a three-year time. do you think anything has changed relative to the platform? >> i think it will be all about execution. if he can have success it would increase regular visibility if he can start to rebuild the market in fact if he can get me

accelerated in terms of user growth, all of those things would accelerate at the timetable to come back at the open market. beyond that, what else? i am the exact opposite. if he has trouble i know there have been multiple headlines there. if there are bigger privacy headwinds that have yet to draw and apple continues that may take on. >> great. enter, thank you. what you think? did you think twitter what is going on maybe they chaos with the uncertainty will cause advertisers to go elsewhere? >> know. i think people want to stay. i have always thought twitter is an extraordinarily powerful property and being underutilized and under monetized. that was wrong for a long time. here we are. i don't think advertisers will play. there are only so many places they can go. my problem is this is what we

talked about at the top of the show. this has to get paid for in this environment. what is the knock on effect? i keep coming back to it. to me and negatively for tesla the stock again if you are looking for second derivative place, i think dan would agree on the long side it makes sense. >> i don't disagree but it is interesting when you think about twitter's business. very soon we will not talk about it if this deal closes. to put some context, 10 years ago, facebook/meadow went public. it had $5 million in sales. that is what to later is expected to have this year. think about how poorly they have grown that revenue based on how they monetized the users. they haven't been growing them. when you think about the margin differential between meta-at about 80% gross margin versus twitter where they are at 60 and not getting better, this

business isn't going to be impaired. the management and the plan that the whole team was looking at when the news hit the wire today, that team has blown up. it is gone. what i am staying at this is kind of like a dead stick. >> it is even worse off. there is a company we are questioning what they are reporting. >> it is a huge part of the companies instead of people this company is being taken out in a manner that is massively overpaid. is double paying. usually what you want to buy an asset and take it private to lever it up and you want to bring it out of a higher evaluation. that is the incentive for new management to come and pick that is out the door. that is blown up. i think the service probably gets worse before it gets better.

>> that's plan they reinstate donald trump onto twitter. would you reinstate? >> i am not on truth social for a reason. no one other than you and i. >> you don't have to follow him at all. you don't have to see anything on donald trump or from donald trump. that is the beauty of it all. >> we all use it much less. we don't really engage with it. i don't know how they monetize it. i don't see a lot of ads. there are a lot of things. i am not doing that. if i don't find it -- >> it lost relevancy in general i think is what a lot of us are scene. i don't know. >> it is not a publicly traded company we will talk about it far left. i think that hurts the relevancy within certain verticals. >> i by that. twitter exploded in response to the latest twist. what did you see?

>> twitter traded well over two times the average daily call volume. most of that took place after it commenced trading late in the session. most of the activity was concentrated in the weekly 55 and 54 strike calls. over 30,000 of the 55 at about 60,000 of the 54's. are called traitors expecting it is going to go above the strikes? no. this is a pretty conventional trade you will typically see in merger situations was the greater certainty that a deal will close. the participants will buy the stock and sell cause at the strike that are on or slightly above where the deal is expected to close. in this case it is 5420. what we can take from this is they actually think there is a probability the deal will close and it is quite high. better than 80% based on where the stock was trading before it halted today and the activity we are seeing right now.

>> can you actually put on a trade? >> this is maybe a bit cheeky when the stock was trading in on the close. i bought in november so i have about a month and a half expiration. it cost about a dollar and a quarter. they break event on about 6 1/2%. think about the risk/reward. we know nothing. david has been doing some great reporting. it looks like it will close in what they are saying. think about the peaks in the valleys of withholding. that seems relatively dollar cheapen the options market to make a play were if for some reason this is off, the stock is back at 40 and i am risking a few percentages. >> quickly, did you see much activity in tesla? >> tesla was the busiest all day. it traded over 2 million contracts. one of the other point i would quickly fill out with respect to twitter is it was a privately held company. look at the cost of capital.

interest rates are rising. figure 6%-7%. that is more than $2 billion a year on $5 billion worth of revenue. to me that will pressure the economics of the business pretty materially. >> thanks mike. coming up, it is a bird, it is a plane, no, it is triple play. the screen names getting the attention. first, a tough year for shares of amazon. now the big tech company announcing a hiring freeze. we will bring you the details, next.

amazon reportedly freezing corporate hiring in its retail business. the company instructing recruiters to close open job postings for those roles in the coming days and cancel recruiting activities. they joined the ranks of several activities announcing cost cutting efforts amid years of economic downturns. >> when will this show up in the numbers? >> this is sort of step number one. i think it is starting to show up in the numbers. we talked about the $1.8 million job openings that have

been lost. companies aren't firing people get but they are removing some of the postings. you are seeing an across-the board. that is step number one but it is not going to be enough to get the said changes core. it is not going to affect monetary policy. relative to amazon as a stock i have been talking about apple, amazon, tessa. amazon is 50% above those. i think that gets retested. as a business, i think you have to consider amazon on the long side once you get that capitulation. you have had the revenue mix shift. now 50% of the sales that is what you want in a business going into this economic slowdown. wait for capitulation. out in 2024 it looks good in the 30s. this is stock you can buy once we test those june lows. >> i own it. the value is in aws.

this is one of the greatest stocks to be nibbling at. after this move, i still think you will get a chance to buy back near the 105-110 level. it is not the 100 where you should be diving in. >> we have a traitor triple play for you. dominoes heating up. we will bring you the trades and throughout hispanic heritage month we are celebrating teammates and contributors. here is the ceo of the norwegian cruise line. >> one of the things my parents instilled in me at a young age was exllceent. whatever you do, be the best at it. work hard and good things will come. if i can give someone a piece of advice, that would be it. reach for the stars. we can all get there.

wait, i don't do tai chi. i don't do most of the things you see in medicare health insurance commercials. cut! all the ads look the same because the insurance companies all see us the same. humana is different. they get to know you and listen to what you need. they have all-in-one humana medicare advantage plans with medical and prescription drug coverage. most plans include vision, hearing and dental for as low as a $0 monthly plan premium in many areas. humana has a large network, and they offer ppo options for even more flexibility. members saved an average of $9600 a year on prescription drugs. most plans include a yearly allowance for

over-the-counter items. you can get tier 1 prescriptions with no co-pays or deductibles. call humana now to speak to a licensed sales agent. they'll treat you like a real person whether you actually go speed walking, or not. better care begins with listening. humana, a more human way to healthcare.

that commercial happened to be dominoes. what they advertised is 25% off everything. everything. prices are going up in there trying to help the consumer. i thought that was interesting. i also saw pressure on margins. >> what is that linear tv? when you have a clicker in your hand and you scroll? that is the one i watch too. you save yourself -- does that manifest yourself and the price? when you go back to march of 2020 when the stock rallies from 325. >> that is a mean belt.

>> next up, four chairs. four chairs revving up by jumping almost a percent after posting updated sale numbers. they fell almost 9% from last year. for the full third-quarter sales were up almost 16% from a year ago. tim, you are along for it. >> this has been rep. back to some of these charts, as is as classic head and shoulders you can get. where that takes you from here is not guaranteed at all. you have the sales numbers and they came out. they were not great. although, in some of the most important models they were extraordinary and quick to toot their own horn on their ev business where they are the clear number two and they grew 197% off a really low base. the annual is around 50,000. the one thing that is negative and i have to point this out, we think these stocks have priced and a lot of negative demand in terms of where the consumer will go. you look at auto loans they are of 250 basis points from where they were when the stock was

still getting its butt kicked. you have a dynamic where it will force them to eat some of that. i think they are going to have to lower costs. >> dollar general sending up the rally. dollar general, the third worst s&p 500 performer today. >> inside out today. it has been a lot of staples and etc. but this is out before hundred 35% since may. sitting out one big day not necessarily the end of the world. i am making the argument consumers are trading down. they are shopping at dollar stores. they are selling 75% staples in terms of their products. you are talking about less discretionary relative to spending. i think the economic slowdown in the ultimate impact in the labor market will be a tailwind to the relative performance. >> the office looks better but what happened to his tie? >> it looks like he decided to completely blow it off. >> you have got a mess going on.

>> i can't get it right. >> what happened to the plant? i guess you put it back in the lobby. you were red-handed.>> i told you it wasn't mine. i had to get it back. >> anyway, enough about jeff. coming up earnings around the corner. what can investors expect from the big bank? general mills has a hot take on that. we have more on that, next. ♪♪ be ready for any market with a liquid etf. get in and out with dia. ♪ icy hot pro. ♪ ice works fast... to freeze your pain and your doubt. ♪ heat makes it last. so you'll never sit this one out. icy hot pro with 2 max-strength pain relievers. ♪ ♪ i was having relationship issues with my old bank.

it was just take, take, take. so i moved to sofi checking and savings. get 2.00% interest, and earn up to $300 when you set up direct deposit. sofi. get your money right. want an engaging website to boost your business? you set up direct deposit. you're just a click away from five star fiverr talent. hundreds of freelancer skills like web design. head to fiverr.com today and get something started. (vo) this is more than just a building. it's billion-dollar views. perfectly located. an inspiration. and enough space to start an empire. loopnet. the most popular place to find a space. our internet isn't ideal... my dad made the brilliant move

to get us t-mobile home internet. oh... but everybody's online during the day so we lose speeds. we've become... ...nocturnal. well... i'm up. c'mon kids. this. sucks. well if you just switch maybe you don't have to be vampires. whoa... okay, yikes. oh sorry, i wasn't thinking. we don't really use the v word. that's kind of insensitive. we prefer day-adjacent. i'll go man-pire. millions have made the switch from the big three to the best kept secret in wireless: xfinity mobile. that means millions are saving hundreds a year with the fastest mobile service. and now, introducing, the best price for two lines of unlimited. just $30 per line. there are millions of happy campers out there. and this is the perfect time to join them... see how easy it is to save hundreds a year on your wireless bill over t-mobile, verizon, and at&t. talk to our switch squad at your local xfinity store today.

welcome back pictures of j.p. morgan jumped more than 4 1/2% today. citigroup saying the nation's biggest bank could be by at least $.30 from rising rates. j.p. morgan joins goldman sachs, and bank of new york on the conviction buys. jeff, what do you think of the call? >> it is a name that has underperformed. the stock probably will pop. generally, i am not so hopeful about that if you are looking at a quarter. i think we put this chart together but just very quickly, banks tend to outperform when rates rise. we have this massive spike that we have had some outperformance but not as much as you may expect. my guess is once you see long-

term yields peak, which i think they are close to doing, the economy starts. i think you lose that support for banks through the higher rates narrative that is propping them up and pulling up in the relative performance goes away. i would not be chasing out this performance. >> on your op domestic. that is all blown out of the water. >> the stocks traded a two-year low on a 104 and change. i think it can continue to rally in earnings without question. in terms of valuation it is probably the cheapest it has been since the financial crisis. i was watching that linear tv thing the other day and i switched. i am convinced it must have happened to me because clearly it is hollowly and it is one of the wall street boroughs. that is the only possible explanation for that outfit. >> it is my fault wall street tuxedo.

>> a kind of feel bad about it. j.p. morgan, tim? >> every time i do the show from this office i could never do it from this office again. >> looking good. j.p. morgan of all of the banks they are looking better than all of the rest. it has been an unpopular trade but they are about to outperform in the last six weeks. if anything they are rallying around release of interest rates. >> up next, final trade.

nurse mariyam sabo knows a moment this pure demands a lotion this pure. gold bond pure moisture lotion 24-hour hydration no parabens, dyes, or fragrances gold bond champion your skin

time for the final trade. let's go around the horn. >> if i didn't love him, which i do, i wouldn't do that. he is a part of the tribe. >> take a look at lmd on the long side. you are looking for good charts in a tough market. this definitely touches the breakout level. i think he goes higher. >> it may come in at a great point about the cost of twitter. when i looked at the november expiration the options was about 30% probability that the

stock is below 50. dated 52 and less than a 5% above 54. >> that is going out of the door. you didn't have a lot of time are you barely realized you have two dollars in the upside. i think these casino names seem to keep it down multiple by one third and we are starting to get a breakout. >> you are holding out for 220? thank you for watching fast money. mad money with jim cramer starts right now. other people want to make friends, i'm just trying to make you some money my job is not just to entertain but to educate and put these days into perspective. call me at 1-800-743-cnbc or tweet me