curve glaring them in the face, and all the rest of it it seems like the fed was the enemy most of the year, and it's a little bit less so >> still waiting for this end of year rally we had a nice move, and then we've had a pause. somewhat elongated in days ahead. >> could be a plateau. >> good stuff. that's mike santoli back tomorrow for his last word i'll see you too "f "fast" is now. the disney board ousting bop chapek and replacing him with his predecessor, bob iger. is the old boss coming back to a new media landscape the right move we'll debate that. outbreak in china, 26,000 cases on sunday. beijing tightening the covid controls market ripple effects coming up. h hero to almost 0, 300 bucks a share one year ago to 7 today.

i'm melissa lee, this is "fast money" tim seymour, courtney garcia, and for the best day since december 2020, the move coming off the company announced bob iger would return to the helm o. of the media and entertainment giant. with today's gains, disney is down 37% this year has been cut in half from its all time highs hit in march of last year. can old blood breathe new life back into this storied stock tim, your tame >> i think the song is meet the new boss, same as the old boss i think the who do it better the second time. bob iger is a cult hero in ceo land, and i think it's great to have him back. as a shareholder, as it relates to where the media business is going, and the different parts of the business and distribution bob chapek on the park side.

things have never been going better this tells you just how poorly the execution seems like it is on the most important part of the business clearly linear tv, what's going on with that, what's going on with screaming, certainly losses that remain significant in the near to medium term. the valuation back of the company, again, you have to look at it as a sum of the parts, the core business, really attractive here, and then the question is, look, if you're going to price disney at a premium to netflix, which it was getting for a while on streaming because it was growing faster are you rethinking that here >> i guess the question is, can bob iger revive or change the fate of linear tv in how the company deals with that decline that had been in place prior to his leaving the company, and can he make more profitable the streaming service, which by the way he was the architect of before he left, dan, you're a shareholder. what do you think? >> i think all of the above. i think the market was speaking. investors were speaking.

it's interesting rg, if you loot analyst ratings, one input as it relates tosentiment about a story. despite the stock's decline over the last year or so. still 28 analysts, raided the stock by five holds and no sells. this stock was trading at five-year lows execution wasn't good. investors were not if you want to get some confidence back in the plan for in company, i think it's important. sf as far as i'm concerned. iger will go down in history as a genius as it relates to m and a, pixar, marvel, the fly wheel that exists for the properties, that's the core of it. it's not lost on any of us that they took on a lot of debt to buy, you know, that deal right? the time warner, excuse me, not the time warner, the 21st century fox deal in 2019 that's kind of what they're sat ld -- saddled with at this point

>> again, if you want somebody to fix, you know, some of the parts that were broken over the last few years, he's the guy to do it. >> clearly you're seeing this, investor sentiment, you're seeing this in stock price people like to see him brought back in. the stock has done well under him previously, and i think you're going to see that move forward. the valuation is coming down so much from where the highs were it's a little bit more expensive than where the markets are it's starting to get attractive. espn is one of the big things they need to figure out, and if they can prbring profitability there. sports betting has been discussed. if he brings up the stuff and can mix those things, that's really only going to be a benefit for disney. >> seems like one of the latest problems, that 1 1/2 billion dollars loss in disney plus. can bob iger do anything to change that. he can cut spending. will you have the content needed to have that streaming service. >> acknowledge that it's a loss leader, and tom is going to come

on i'll let him discuss that. he's a robust 71-year-old guy, soon to be 72. looks like he's in his 50s dan mentioned,he was the architect of so many great things my sense is instead of trying to fix things that might be unfixable. he'll trying to figure out ways in new world i think he'll succeed. the question comes down to, and tim alluded to this, as did courtney, do you want to be short a stock that's trading, which is historically cheap itself a stock that traded down on november 9th we saw it march 18th, 19th, 20th of 2020. and has some up side now with him back in the role so i'm not saying you necessarily have to go and buy with both hands. if you have been short enjoying the ride down, you'll absolutely have to cover, given the news we just heard. >> you're not sure and you're not in the stock, would you buy here, tim.

>> i think the evaluation is c compelling, i'll just say i've been nibbling around these levels i voted it higher and lower. i think that the story, i believe, that the streaming tail wind dynamic all we have done is talk about, unless we're going to reevaluate everybody, and i think media stocks have been destroyed for cyclical reasons, seeing their worst pricing in, companies with credit issues. i think on the media side, we kind of get the sense, and people sold first and asked questions later. disney had a lot of that the losses in the streaming business are things that are challenging. they're not going to change in the short to medium term i think, if anything, maybe bob iger puts some of that on hold, believe it or not. i think you need to send the story that this company is ready to do what it takes to beat the leader, and i think they're going to do that >> is stlreaming a tail wind wih the 1 1/2 billion dollars loss

in the quarter that's what punished the stock i understand maybe in the future, it's a talent. right now, isn't it the biggest wait around disney and its valuation. >> we're going to see incr incrementally smaller losses, and the catalog, building and spending on. it's interesting, you look at today's gap on the opening, filled in the gap, the stock was down 10% trading near a two-year low, and if you look at the covid low, traded about 80 bucks or so. prior to that. i think that would be a buy with an 8 handle. here's the thing especially i don't think like the market here actually at all. even with the news, it will be interesting. i think the stock will go back and retest the lows. not only a couple of weeks ago, but the other lows from march of 2020, and i think the s&p is probably headed back toward the lows at some point over the next few weeks or few months or so. this stock will not be immune.

they already have the buys on the stock. they're not lowering the ratings now that he's there. investors that have been patient, sticking around here, i think you probably have to give him two years. >> and that's exactly what he has. >> and interesting, didn't we just sign bob chapek to a three-year deal in june. >> he can be let go. >> i understand. we all took the under on that. do you remember that, on the desk we did that over/under, three-year contract. >> nobody believed it. >> you taking the over on iger >> i saw him at the code conference in september with kara swisher the guy was on fire. i'm telling you. >> i don't think there's any question about it. didn't he leave because it was time no one was pushing him out he wanted to leave he totally dropped the mic, so, you know, maybe he re-ups for another couple after this, but i don't think that's the plan. >> if he dropped the mic because he had accomplished so many things, he was the greatest ceo ever, all that, maybe there's a

belief on his part that he can, in fact, turn this company around, that he's not going to come back for two years only to have the stock continue to just, you know, lose momentum. and things to go pear shaped again. he's not going to give his legacy up for that, is he, for a million dollars which is really not that much money. >> that's exactly right. if he didn't think what he saw was fixable or he had ideas on how to take this into 2023 and beyond, i don't think he would have taken the job no matter how hard the board pushed. i think he thinks this is a situation where he can come in, put his stamp on it yet again, and take it to the next level. i don't -- to your point, if he thought there was any semblance of failure here or something that could tarnish his legacy, i don't think he would have touched with a 10 foot pole. >> for more on bob iger's return and what's next for disney, let's bring in tom rogers, a cnbc contributor, and a friend

of "fast money" of course, tom, bra great to see you. >> great to be here. thanks, melissa. >> how much of disney's problems will be solved by bob iger's return in your view? >> well, the first thing i would say is this problem didn't have to happen. they needed somebody in this role who really understood the media side of the business, somebody in this role who had success with streaming somebody in this role who understood how to build up the key content franchises somebody in this role who was a deal maker they had that person it was excekevin mayer. they still have that person. he's still the right choice. the board made a mistake i hope they don't make the same mistake a second time. bob certainly brings some stability, brings some real ferry dust to a tarn iished disy story. at the end of the day, this is not an issue that had to happen. now, as i said on the show many times, the market got ahead of

itself when it came to the disney story first people were totally ignoring the whole issue of a legacy business deterioration and what that would mean to profitability. the market was getting all caught up in headline sub numbers, even though sub numbers could be looked through when so many of the subs were coming from india where they were fairly noneconomic now the market, of course, is focused on profitability the first stop before profitability is engagement. you got to get more viewers spending more time to be engaged. why? because engagement is what allows you to raise process. engagement is allowing you to reduce churn, and iger and his focus on content should really help get the company more focused on engagement in its core streaming areas, and with that profitability should follow >> you made the point in the notes that disney plus's engagement is less than that of

netflix. i wonder what you're measuring that buy, and is that a fair measure. many maybe of disney plus's subscribers, while they may be old enough to subscribe, it's really for children who don't have the attention span. but that 20 minutes that that kid is watching tv is gold to that household >> it is for you >> well, engagement is measured by number of hours spent watching the service, and disney plus is about 25% of what netflix engagement is. and there's an issue there that all of these services are going to have to raise price, raise price substantially. you can't do it if you don't have people wanting to spend more time with the service, and content focused that iger brings, i'm sure will be helpful for that there are two things that i think he really needs to focus on going forward one, he's partly done already by being brutally honest, that the

legacy business is pushed off the precipice. it's going to fall off a cliff he doesn't know when he's honest enough to say that's going to happen. what needs to follow from that is disney needs to stand up and say, look, this is our legacy business, this is what we get by way of subscriber fees, advertising, for each of those subscribers, and this is the margin on that legacy business and they are going to fall off drastically, and then they have the streaming business, and this is what we get by way of bees, and now with advertising support in there, what we get for advertising, and what's the margin on that business. and one completely falls off, and the other presumably builds up do the lines cross does it exceed neutral it's not a hard math analysis to show but in the interest of transparency, and people being able to follow that story, that's what they're going to have to do the second thing they're going to have to do is solve the hulu comcast problem. that is just hanging out there

some people are saying they ought to sell it to comcast because they shouldn't take on the additional balance sheet burden of buying comcast out others say, if they do that, they're going to shrink this down to what you were just talking about, melissa, kids and family, only kind of future story. and it needs to be one that's broader and bigger to compete against netflix, amazon and apple. in there, there's a jord major dilemma. that needs to be resolved. >> you're also a media mogul, another term we're going to use for you. i'm going to ask you to comment on streaming everything you're saying about disney's losses in streaming, you could say about netflix. i'm long i know you're bullish on knnetfi too. what happened to the premium of this kind of growth. it seems like disney's issues are everybody's issues as far as i can tell >> well, tim, you know a lot

more about a lot more companies than i do. i dispute that analysis of netflix. netflix is profitable. has been both on a net income basis and a cash flow basis. the bear story on netflix was this thing is never going to throw off cash it's throwing off cash and ebita to the tune in the last 12 months, i think $6 billion of ebita. it has a very different streaming position right now i happen to green with barry dillard that netflix has already won, given that it doesn't have to worry about the drag on a massive drag on profitability of legacy declines. i do think that because of the push and pull that streaming remits for companies that have declining legacy businesses, it gets a lot harder to figure out these issues because streaming right now isn't profitable for them for disney

it ended up being surprisingly more unprofitable than last quarter than many people thought. when that hits profitability, i think many people are still not understanding and i think when it comes to wlornlhether or noty need to make a massive additional outlay to buy comcast from hulu, it complicates that analysis even further. >> tom, it's always great to see you. thank you so much. >> thank you tom rogers, engine media guy, how many times have we played would you rather on this television program. >> hundreds. >> thousands. >> i'll take the over. >> how many times have we done would you rather, netflix or disney, maybe 50 times, you know, dozens of times. >> i would say 8% of the game has comprised netflix versus disney. >> that's a lot. if we've played it tens of thousands of times the last time we played it, you

chose netflix over disney. does that change now that chapek is out >> no, it doesn't change at all, and you know, that was a decent call then. i think it's going to be a decent call now. again, what happened over the last 24 hours does not necessarily change the short-term fate of disney, although i don't think you want to short it. but the netflix story has been reinforced i was hoping that bob iger, you know, went to politics or something. he's intimidated by him. that was somewhat tongue in cheek. i think he realizes the position they find themselves in and even with the rally at 25 times next yo year's numbers, i think netflix is attractive. >> both on the move with the company's latest results could a tiktok block be coming the warning from top lawmakers on both sides of the aisle that's ahead "fast money" is back in two.

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let's go! oh yeah! it's not the same. what could you do to solve the problem? we could get xfinity? that's actually super adult of you to suggest. i can't wait to squad up. i love it when you talk nerdy to me. guy, guys, guys, we're still in session. and i don't know what the heck you're talking about. welcome back to "fast money," zoom video shares

dropping, despite better than expected results the guidance coming below estimates. steve kovach has the news. >> beat on the top line, sorry, beat on the bottom line with eps, 1.07, versus $0.84. revenue was in line with expectations at $1.1 billion it's that q4 guidance sending shares lower after hours the big miss, $0.78 adjusted and revenue outlook shy of expectations at $1.105 billion cfo was just on the call and speaking of foreign exchange, companies saying growth hurt this last quarter by foreign exchange head winds like many software companies, shaving 2 percentage points off revenue growth year over year. customers still growing, though, more than 209 enterprise

customers up 14% from a year ago. zoom shares, though, down 56% so far this year. and don't miss zoom cfo kelly steckelberg going over those results on "squawk box" tomorrow at 8:30 eastern. back to you. >> steve kovach, a lot of reasons businesses are citing a slower economy, inflationary pressures and specifically losing small business customers which i thought was interesting. where do you stand on zoom, court? >> i'm going to have to go against this here because i think if you go into a slowing sk economy, you're going to see i.t. spending. you're seeing microsoft teams coming out who are, you know, arguably going to compete with them, and might take a lot of their share, and we are going into a slower growth if they continue to slow as well i don't think it justifies their valuation. i'm not a buyer zoom here. >> what can zoom do to increase its revenue. >> the lower it goes, it's a one trick pony here, they have a good product we know it there's a lot of bigger

competitors, big platform companies that have, you know, they have competing products they're not as good. they're just that simple here. i got this thing, 17 1/2 billion dollars enterprise value this could be a bolt on it a much lower level when you look at results, one of the things, when this company went public a few years ago, it was profitable not like a lot of other tech companies went profitable in the last few years he's tweeting about this stock-based compensation $305 million in this quarter up from 119 a year ago over the last year, they bought back a billion dollars in stock to offset that it's not a great setup here at a time when they're probably losing good people incentivize them, and buying back symptom that's going lower. >> i hear you. you said something that i think is fair. there should be a takeover bid in it. the software multiples that are out there, and its software business, they're trying to tell you it's more than it is, and trades at 1 1/2 time versus

mu multiples that are 6 to 60 times. i understand there's nothing to get excited about. we have done that in the stock, and at this point, the business, you heard enough signs of stabilization over the last couple of quarters that i think the business is stabilized. >> we have an earnings alert the tech company despite beating on revenue and profit estimates. frank holland joins us from atlanta with the latest. frank. >> reporter: at one point up 8%. the guidance that came out, mixed eps guidance, leading the stock to decline when you look at the previous quarter, a solid report. the eps beat was fueled bid the b-to-b business. sales of networking up 14% the laptop was soft but expected consumer sales down by 29% when you look at that eps guidance, especially for next quarter, mixed at best the top end of the range, beating the estimates with the low end, blelow the estimates o

the call a shaky and uncertain environment going forward. >> there's a high degree of complexity out there around inflation or interest rates. what's going on with fx, global growth in general, supply chain, geopolitical, i could go on, but you get the point that at this point, as we look at it, there's a pretty wide range of financial outcomes. >> dell also cited a big hit forward revenues in eps due to currency impact due to the stronger dollar. they also said that revenues would decline next year. you're seeing the impact on the stock. but they did say they expect to gain market share when the latest report comes out in december back over to you, mel. >> frank holland for us on dell. that was a kitchen sink guy. if you gave him ten more minutes, he'd probably give you a lot more reasons. >> which is probably why when you're digging yourself a hole, drop the shovel, and that's probably what's going on here. the stock made an all time high in late january, early february,

62 bucks, a series of lower lows and highs since. we bounced off, i think, 32. if we start to roll over here, we test that 30 buck level again. people will point to valuation that's probably the wrong reason to look at the stock you have declining eps growth, declining revenue growth i think the stock is headed lower from here. >> i would say we, we're speaking french. >> as opposed to w-e >> the point is the complexity of the business he outlined in his comments what i heard that's the most troubling is the competitive landscape getting worse. the pressure what's going to happen when these guys try to out do each other. that's where this is going and a lot of the electronics and hardware, and we're going to hear it out of best buy tomorrow. >> there's a lot of "fast money" to come. here's what's next. >> the heat is rising on tiktok as top lawmakers push for a ban

on the china based app what's behind the latest campa campaigns and what it might mean for u.s. social stocks and speaking of china, more covid lockdowns threatening the world's second largest economy one market expert say there may be an opportunity in the wake. you're watching "fast money" live from the nasdaq market site in times square. we're back right after this.

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welcome back to "fast money" lawmakers from both sides of the aisle calling off on the app, the warning comes as the biden administration weighs a proposal to spare the app from the u.s.

ban. tiktok has more than 138 million monthly active users in the u.s. imagine if a ban went into place, the uproar, especially amongst the youth of our country. but, you know, this is gaining bipartisan support, so in theory, maybe it's closer to happening? i don't know, how do you handicap this. >> you bring up a great point. as americans, we don't know how to make choices like this. it's interesting to see the pressure two senators say thcat there's probably an increasing chance of that happening the more serious thing for china, the economic stuff, it's low hanging fruit. we have talked about it a lot. this would be a huge benefit i think for facebook and snapchat, which have just seen their attention, their eyeballs go down as tiktok has become a monster. >> you mentioned facebook and snapchat, and i actually think this is a better beneficial for snapchat it's the younger demographic on tiktok

i don't think they're going to go backto facebook if this wer to get banned. i think that would be a better beneficiary for them or somebody else to come into the space. i for that reason i'm not going too social stocks. i don't see this as helpful for me meta. >> how much does meta go up if the u.s. announces a ban >> 25%. >> that much >> i think so. $134 a stock that's reasonable to think given the sell yauch i'll tell you who else might benefit from this, barnes & noble, maybe people will read books instead of being immersed in mindless nine second videos that are completely lost on me, yet again, i am a 58-year-old dude. >> you're not the key demographic. that is for sure. >> no. >> so 25%, are you with him on that one >> i want to see facebook cut their capex spending by 28%.

that's more realistic. i'll point out that tiktok isn't perfect. their ad rev is down 20% just like everybody else's they did announce they are hiring everyone else in silicon valley is hiring. of course they're not in silicon valley they're adding 3 now engineers so i think their core business is under the same pressures, i mean, facebook's issues are somewhat existential we've got new developments on disney. kareem daniel, disney head of media, out following bob iger's return not too long ago, the company re-orged in order to get content to the right place kareem daniel was part of the reorganization, not too much reaction in the stock. of course we'll expect to see a lot more movement in the upper ranks of disney with bob iger's return >> covid setbacks continuing to hit chinese stocks

julian emanuel will join us to lay out his take on the space. the dramatic upside he says is in store do not go anywhere back after this. >> get your trades to go with the "fast money" podcast catch us anytime, anywhere follow today on yoavitur fore podcasting app we're back rikt after this -- right after thchlt. t. h. i. s.

welcome back to "fast money," another check on the markets today. stocks kicking off the holiday week lower nasdaq dropping 1% the s&p and doe, disney jumping more than 6% as bob iger returns to the ceo spot replacing bob chapek but tesla stalling, almost 7%. shares at the lowest level since june of 2021 meantime, a down day for energy and oil stocks two new covid lock downs and tighter rules in china reigniting global growth fears state media reporting the first covid deaths since march evercore's senior managing director great to have you with us. >> great to be here. >> it feels like we're one lock down away from major growth

stalls in china, so you see this as an opportunity potentially? >> that was certainly part of the narrative when oil was down $5 today, and we reversed, obviously there was other news look, 2022 is the year that's all about getting to the long-term through a series of very volatile short-terms. but the fact is that coming out of the party congress, the government is changing the narrative around this, okay. deaths as a percent of total cases, low the fact that the cases have been spiking in multiple cities as opposed to shanghai, all of this trying to change the psychology, and we do think that the zero covid reopening is on schedule for march and april, and that's going to be a tail wind. >> so do you think china equities are an opportunity? do you think also there's some u.s. stocks that have been hit disproportionately because of the belief they are one lockdown away from supply chain snarls, and i'm thinking of apple specifically today and in recent

weeks. are there certain discounts embedded in certain u.s. equities because of a fear of a china lock down? >> it's the two part question, first of all, we think there's value in china equities themselves we like the tilt towards the consumer you've got $760 billion, of excess savings, if you go back and think about how vaccines spurred consumption in call it the fourth quarter of 2020, and into 2021. it's the same type of effect that you could get, and then the other aspect of it is that you're going to have a surge in imports in all likelihood, the whole idea is that there's a slew of companies. we all know them, whether they make athletic apparel or energy, or a bunch that are going to ramp up their sales when things unlock. >> jui'm curious your view on te

xi jinping biden summit, and you mentioned a consolidation of power coming out of the party congress sometimes in emerging markets, these are opportunities once you have cemented power for the equity markets to rally. you can get the pressure off companies that have been smacked down is that's what going on here >> the visuals when hujintao was let off the stage, conjuring up memories the fact is the biden and xi meeting was calming the waters, along with the fact of xi making the point there was no desire to see nuclear weaponry deployed in europe all of these things point to the fact that it's going to be contentious between the u.s. and china, we know that, but they need each other. >> what if we get to a point where china is going to reopen in the spring but it hits when

the u.s. is in a recession and they just cancel each other out? the other thing is, i heard from a friend of mine, an executive from a high end travel company, he said there's a half billion people in china who have taken really bad vaccines, and when they open up and start going all over the place, there's a likelihood that we have another wave of, you know, a covid breakout the way i see this, and think about this, we're still talking about covid three years on here, this all may gnash itself out, and we may be in a slow growth environment globally. >> and that is a very fair point. the whole idea of it cancelling itself out when, if, frankly, the conversation has turned not from if in the month of november, but to when the u.s. goes into a recession, and how deep it is, which is why we think there's likely to be more pressure on u.s. equities looking out over the next several months, we still think that when you think about china and you think about the

potential to really reengage with the world, there's lots of up up side, particularly when you think about the valuations and the cash that's out there. >> so jewels, one final, would you rather, and that would be, you know, today. >> i'm going to have to call you mel, then. >> that's fine everybody does it sounds like you like china's equities over u.s. equities right fnow? >> we do it's one of these issues, you have had a year and a half basically to divest, given the acceleration of the political risk that's been internal to china, and we think a lot of people have done that, reduced or eliminated china in their international benchmarks, and again, if you think that the united states and china need each other to keep the global economy going, it's a very good risk/reward situation. >> jewels, thank you, julian emanuel of evercore isi. guy, would you agree with him on

that choice? china equities here? >> i mean, they're trading vehicles i'm going to disagree slightly, and i'm not looking to meddle this thing a name like alibaba, we have done a decent job, 7, 8, 35 to 50% rallies off lows we just saw one over the last couple of weeks, traded down to 58 on october 24th i think it traded 86th last week, pulling back now i think you're strategically and tactically looking for opportunities to trade these things from the long side. as an investment over u.s. stocks, i'll take a pass >> courtney. >> i do think one thing you want to consider when you look at emerging markets, they hit a 25-year low recently, and when emerging markets currency come up against the dollar, they tend to out perform the decade after 2001, emerging markets did out perform. a lot of investors weren't this that period. you want it as part of the

portfolio. >> ambassador. >> wo two weeks ago, the referee jewels made, since that point, outperformed the s&p by 9% and the dollar is also up, you know, a couple percent off the pull back it's had. i think we're not going significantly lower faster on the dollar but i think the dollar has largely peaked. so fee, shares of the personal finance company dropping how they're responding to lawmakers when "fast money" returns. (vo) hi, we're visible. a different kind of wireless company. in sports, catches are a good thing. wireless? not so much. so we don't do catches. with visible you get a one-line plan with unlimited data

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as you plan, protect and retire. ♪ welcome back to "fast money" sofi tumbled 6% as lawmakers call for a review at the personal finance firm's crypto business sofi announcing it does not partner with sam bankman fried's firm even if you don't have a relationship with ftx, there's a crisis of confidence across the industry no matter what. >> yeah, so not great headlines, and we have all been through these periods at a time. they won't stop because

companies put out these reports. this is a company i have been positive on, and not anymore you just don't want to see headlines for companies you're invested in for other republicans owner crypto listen, look at the way coinbase, some of the banks lending these things it's a bad swaituation in the meantime, steer clear. >> i can't speak for what may or may not be going on in crypto. before these headlines, this is a company that was priced like a fintech company, a high multiple tech stock and has an enormous credit exposure, i believe based on their core business, and it's not a good combination. again, you have seen a lot of folks running to companies that look like they're reinventing the wheel. more importantly, i get concerned about credit exposure. i get concerned about the consumer lending and then the multiple never made sense. >> at some point, at some point, and i don't know when that point is a lot of these companies could

be biassed, guys, in the carnage, there's some that emerge people will still wantaccess t crypto in some way, a way to buy and sell it. so how do you think about that about that point in time >> let's back out crypto for a second in terms of coin base, gene munster came on a year or two ago, and said, you know, coinbase will be the bank of the metaverse. that might prove to be true. we're years away from that at $4.80 stock, given it just got obliterated today, i think it came within 3 cents of an all time low here we are, i think you're making a bet on the expertise and the navigation skills of west point grad anthony nodo, and at this level i'm willing to make that bet. >> mike khouw has the action. >> coin base has traded 1.5

times it's large daily opening out pace in calls 2-1, and the busiest options were the weekly 35 strike puts, trading for about $0.36. buyers of those bet there's further downside, which did hit a 52-week low today. i don't know if it's going to hit below 35 this week, but clearly bear sentiment in the space. >> you have to bet there's going to be congressional hearings on all of this, and everyone is going to be hauled up to testify. the mess is not all out there. the fallout is not seen entirely yet for sure. >> absolutely, and i think this is likely going to continue with anything that is somewhat related to your cryptocurrency is, and so i do think it's something you want to be cautious of. this is not something i have invested in. i can't speak too in-depth i think that regulation is coming. >> here's the thing on coinbase, and this is a company i have been positive on, and i think they have done a lot of really good things, but, you know, people in crypto are saying get your coins off of these

exchanges because if you're the next thing to go, you're going to lose your money, and i don't know how a publicly traded stock is going to do well. every statement they put out about it, people are going, let's see. it's a tough road. we have been through this. this feels like september of '08 sort of stuff in the crypto space. much smaller and not the potential for the systemic risk to the regular banking system. it doesn't feel great here >> mike khouw, thank you, for more options action, tune into the full show, not this friday but the following friday, 5:30 p.m. eastern time. coming up, shares of carvana, the latest headlines that sent the stock to under 7 bucks a share during the day it was over 300 bucks a year ago. stick around, much more fast in two. you ok, man? the internet is telling me a million different ways i should be trading. look! what's up my trade dogs? you should be listening to me.

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check in on your current speed through the xfinity app today. welcome back, a sneak peek at the cramer cam. jim is talking to the ceo of dominos, catch that full exclusive interview, top of the hour on "mad money," carvana shares plunging 12% after it would slash its work

force. carvana is down 97% this year. 83% in the last three months alone. we've talked about this one. we've talked about what the debt is telegraphing, not good things, dan. you highlighted this on our call today. >> i highlighted it. it's a doughnut. the equity is going to be worth nothing, and we're going to see more of these things in a day like today, we saw meme stocks get killed, high valuation stocks without earnings get killed. the list goes on and on. i don't think you need to see crude oil at its lows today, it looks like people don't want to be in risk right now, and this is going to be exhibit a bells are going to go off when things like this file for bankruptcy. >> argus downgraded it today from a sell to a hold. >> big help. >> after those huge declines exactly, big help. >> this could have been part of the last block, somehow the

multiples didn't make sense, everybody where you're selling cars to people at their door steps and selling the auto loans in the market to other lenders at a profit. that's the core business and business that has gone bad quickly on top of their own debt whether it's a zero or not i agree with dan's view. what the markets need to see is all speculation. we have wiped through it i'll push back a little bit. i don't think oil fits in that mode at all. i think it's become maybe a less crowded or it's become less of a under weight i think investors are starting to get inside a massive move first of all, brent finished flat on the day. i kind of feel like if you look at where the demand profile where energy is and the supply profile for energy, we're not going to be in any different of a place. >> the only connection is what i'm saying, today, crude almost made a new 2022 low. it was down 5 1/2%, after being down 35% what i'm saying is people are shooting first and asking questions later. it doesn't matter what the trade is, and that to me, when you start seeing that, that means

correlations are going to one, and a lot of people wanted to call a bottom of the this market just a couple of weeks ago, because the cpi rating was 2/10 less that's all i'm saying. >> the vix is a 23 should the vix be a 23 in this environment. >> on a day when tesla continues to slide lower these once stallworths of the market just continue to go trade very poorly. >> warning signs are there i think people are belting on the fictitious seasonality i don't think it's going to happen listen, short we, pillektycay markets levitate it ain't happening, at least today. up next, final trades. i'm a new york hotel. yeah, i'm tall. 563 feet and 2 inches. i'm on top of the world. i'm looking for someone who likes to be in the middle of it all, but also likes some peace and quiet. you hungry? i know a place, and few others nearby.

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final trade time, guy. >> northrup. >> tim seymour. >> health care trades, cheap, s&p, you want to own j&j, their med tech deal is innovative for years to come. >> courtney garcia. >> the e mermerging markets, gw

a great way of playing that. >> dan nathan. >> i like the iger, but doesn't mean the stocks are going to sell off i think it's a buy. >> thank you all for watching "fast money," we'll see you here tomorrow at 5:00, don't go anywhere "mad my mission is simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere and i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money." welcome to cramerica other people want to make friends, i'm just trying to make you a little money my job is not just to entertain but to educate and put this in context. call me 1-800-743-cnbc tweet me @jimcramer.

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