s&p up about 4 points, 3820. and the low was at 4800 a week ago after the cpi report this is the high for this month. so far a tough month for the market this is going to do it or "overtime. "fast money" starts right now. right now on "fast," a covid surge in children will lead to a flood of variants spreading beyond beijing the global impact of a winter wave with former fda commissioner dr. scott gottlieb. plus a shocking decision by the bank of japan shifting target rate for bonds and sending massive ripples through the currency and yen market. a little 101 coming up. and tesla stock down overall 14% in a week, close to 30% this month and over 60% this year is this a fundamental flaw i'm melissa lee and this is

"fast money" and on the desk karen, dan, guy. a four day losing streak the major averages finishing with nine of 11 sectors in the green. we'll dive deeper. and that shocking move by the bank of japan coming up. but we begin with the covid fear on the radar of the u.s. state department a growing wave of the cases in china as they struggle to deal with a large undervaccinated population as we come into the holiday season former commissioner dr. scott gottlieb warning this could be a long winter for china and a worse spring here in the united states let's bring in dr. scott gottlieb dr. gottlieb, great to have you with us. how bad will it be in china? can china do anything right now to help the situation if has on hand >> well, look, i think the infection is out of control right now in china

they are doing things. they are implementing some mitigation shank high closed schools and businesses start to close. people are wearing masks and pulling back i think that will prolong the pain for china this could be a long endeavor. not the omicron wave where it lasted two months from peak to finish but a waiver infection that could last four to six months because they are taking some mitigation so they're going to slow the spread of the infection but not snuff it out and they have different variants circulating in different parts of the country so in beijing they have bf-7 which is wh which is more contagious and they have another variant that has immunoescape futures so they could have a situation where they resolve the infection in one of the country and they get reinfected with another variant that was spreading in another region. >> they have a large elderly population which is largely

unvaccinated they have a big population of people with diabetes as well so an underlying condition and there is vaccine nationalism, and we heard from our ceo of moderna stephon bon sell who said he had been in talked with beijing about possibly delivering his mrna vaccine there. but at this point, could that help if xi jinping said let's embrace the vaccine. will that help the situation. >> it is too late. because they have a multiple dose 2 there was a discussion to cut a deal and china pulled back from this i think it is late to get a western vaccine into the market. they are developing their own vaccine but it is not close to market they are trying to bring in

anti-viral drugs only 69% of those over the age of 65 had a booster and 40% of those over the age of 80 so the most vulnerable people in the population are un undervaccinated. if you remember omicron, one in 20 people were dying because the people who were most vulnerable, the elderly population were least likely to be vaccinated and boosted. the older population has not gotten vaccinated at the rate that the younger population has. >> walk us why you think it is going to be a terrible spring for the united states. because there are new variants which we are not vaccinated against here is the spread of covid there among an unvaccinated population is that revealing variants that are more virulent. >> i don't think we'll have a difficult swing.

it is too early to determine bf-7 and two variants that are going to escape the existing vaccines and escape the immunity are people are requiring as they get infected with ba-5 and bq-1 and the two airports of ba-5 so they're vulnerable. they're circulating here but in a higher proportion in china so china does become a global repository for variants that are worrisome. we don't have vaccines that are highly protective against the new variants, the xbb and the bf-7 now it is been pretty level for the last four weeks but that is the one that we're worried about for the spring that and bf-7. there will be a meeting of the fda after the new year and based on the new variants they'll have a vaccine for the elderly population and those immunocompromised to protect them in the event that those two

variants spread in the spring. it is a risk for the future. >> doctor gottlieb, it is karen finerman thanks for being on. how do you think we'll look at covid two years now? it is like the flu and people get it or how do you think it will evolve. >> right now there are 30,000 hospitalizations from covid and this time there were 60,000 and this time two years ago there were 100,000 hospitalizations that's when we were taking a lot of person precautions to prevent ourselves from getting infected so i think you're starting to see covid become like the other circulating respiratory pathogens in winter time and right now flu is a higher proportion of people hospitalized than covid. that said there will people vulnerable to covid. we know it is dangerous in the elderly and in those immunocompromised so for those individuals we have to make sure we have up to date vaccines and

therapeutics available i think everybody should be getting vaccinated but for the vulnerable population, they have to take more steps like with flu. but in certain populations, particularly the elderly population, covid is more dangerous right now than the flu. >> dr. got leb, thank you joining us and we're talking about this because obviously there are clear ramifications when it comes to the impact on global gdp, when it comes to the impact on supply chains, we thought we were through the worst of the supply chain issues and here we are again. we might be yet another lockdown or shutdown away from another snarl here, tim. >> think about china's role in volatility in china e-conand inflation and china is opening in 2020 and eased a lot of supply chain pressures we know what china has done to supply chain pressures on the other side and where they've been an inflationary impact at a time we had no room for it

but, look, i think the china policy and reopening and some of the resurgence that may make this a standoff, china's growth is not going to come back until the latter part of next year and if you think about the impact on commodities and global demand, this is something that i think is going to be a lot more stus stubborn and sluggish. this is the one central bank in the world that actually has easing and policy that is very different from the other three of say the g-4. >> you know what this reminds me of post financial crisis, think about all of the monetary and the fiscal that happened here and then it started rolling. it went to europe. and years after the bottom was put in and i think, come on, guys, a year ago, remember the roaring '20s with the crazy prognostications about what the economy would do and quickly

betting back to -- >> roaring 20s in the market. >> that is all it was. and that was a function of the stimulus it was a function of us putting $4 trillion worth of -- and look what happened to housing and the stock market and rolex and every risk asset that wasn't bolted down and on the flip side, we have sub par growth it is not a great environment for risk assets in general but to me, i think that if you go back and think about 2011, '12, '13 we're still dealing with the sovereign debt crisis all over the world and it was really a head wind to growth and i think that is what we're seeing here. >> what does it mean in terms of people getting vaccination and what is this for walgreens and i normally don't get a flu shot and this year i will and i'l probably continue to get a shot.

>> and you may pick up a pack of gum on the way. >> yeah. so i wondering, is this going to be good for them and then obviously moderna or a pfizer, whom ever, but what happens to the pricing. does it come down? does it become commodity like? so i don't know. you guys think we're big picture. i'm a little more lower down >> well there are trades all over the place, right, guy >> yeah. and what does it mean for the fed's job. does it make the job for difficult or easier? you could probably make a pretty cogent argument either way maybe inflation wanes on the back of this on a demand thing but may be for difficult if supply chain is a problem again and i don't know the answer. so i think it has ramifications for our market in terms of what a potentially could mean for chinese demand and what does it mean for the multi-nationals that have such a presence there. i don't know

but it is interesting, i don't know the answer to it right now. i really don't but if i had to guess, i think it makes the fed's job more difficult. >> when you said that, my mind went to what if inflation is going down and we're seeing china slow down. if they start picking back up as tim is predicting at the end of next year when the fed should be out of the picture, what does that then do to their job if they see inflation either stay high or go higher? how much -- how complicated does that become for the fed in terms of navigating what to do >> well i think if you bring china back into the equation, there is no question and i think for certain parts of the world, the emerging market trade, china is the most important story and it is not u.s. and even developed asia and south korea and somewhat japan that is something that i think is part of the opportunity with the dollar trade and been saying for last couple of months that the dollar is a tail wind. a dollar down 10%, we'll have a

great currency conversation later on in the show because that is really important for financial conditions and so the dollar was a deflationary head wind and now it may not be the fed's best friend. >> right karen yesterday we were talking about pre-pandemic levels and what is different now versus during the pandemic. and before the pandemic. so if you think about before the pandemic, china was still a growth engine. china was fully open and an area for growth now look at it so when we think about where things should be priced, do we think it should get the same valuation for a chp dependent on china and it seems like it should not because it is not going to be there as the growth engine for sometime. >> potentially not i think it is as much of a u.s./china relations issue as it is a pandemic issue, right the relations between two countries were much better then and it wasn't this idea of they would shut down any u.s. company

but now it is a different environment and we see apple needing to say we have to repatriate our important technology that is inflationary that is expensive. and i think they're going to retaliate. >> it is just fascinating. mike wilson from morgan stanley has been on the show and he's been right, called the tactical rally after being bearish and now he's gone the other way. i think he put $180 in s&p earnings for next year you want to talk about 2019, the s&p had $162 in earnings so if they did his scenario which most analysts are well above $200 a share let's say we do $180, that is up 10% and why shouldn't the stock market with all of the growth headwinds and think about where rates are relative to 2019, fed had tried to raise in 2018 and they stopped i think stock valuations are still way too high so to me, i stick to the 3400 target and i think there have a lot of investors who think there

is a good chance the s&p will over shoot and go lower but you have to focus on s&p earnings, and if china is a head wind, europe is not adding to anything going on with u.s. multi-nationals. and tim, you mentioned the dollar, it is down 5%, but still up a lot year-over-year. >> no doubt. but the dollar is a tail wind going forward, no? the dollar, talking about the head wind, we'll talk about nike and talk about fedex this is a big part of what they're going to talk about and what it means in constance currency i'm not worried about the dollar i think fed policy has peak and the rest of the world is catching up. it doesn't mean it is going straight down. but agree with what you're saying and i'll add to it. you're going to overshoot to the down side on the multiple, too so you shouldn't be paying 16 or 17 times that is a low relative to what we've been that is where people start talking about 13 times at least until you bottom. if you get 13 times 160 or 180, boy, i think we know how to do

that math. >> and that brings me to apple, guy. we're talking about apple yesterday with christopher ferron and we think that the problem with covid are going to be more difficult and there are shutdowns and lockdowns all over the country, that is another issue that china has forget about getting the fox con back up and running. >> i'm sure you brought it up last night but we'll bring it up again. it is an expensive stock low single-digit eps growth and revenue growth with declining margins and they're cash position which is still tops in the -- in the world has been dwindling the last few quarters. so it is an expensive stock and it is in this environment and apple is not immune to all of the things that we've been talking about for last 11 and a half, 12 minutes and nor the last few weeks so i think apple needs to have the day of reckoning for the

downside for the market to bottom and i don't think it has happened by any stretch of the imagination. >> coming up, we've after nike and fedex. nike up around 12% we want to see what they say about china. we'll go inside of the numbers next. plus tesla, the stock just getting crushed toe. and the session down over 30% this month what could be done to stop this truly electric slide we'll dive in later whether "fast money" rolls on.

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welcome back to "fast money. an earnings alert on nike. shares popping up close to 12% after hours with results topping the top and bottom lines earnings per share coming in 21 cents higher than expected and revenue hits more than $13.3 billion in the quarter steve kovak has been living in on the conference call what is the latest >> besides the beats, let's talk about what is moving shares after hours. so it is the same thing, it is just a different quarter with nike what we're seeing here talk about margins and inventory and china sales all in focus

it was another beat for noike bu there are a lot of other earnings call, they say they are behind the company as far margins they fell about 300 basis points and nike blaming clearing out that inventory forethat and it is the china sale showing signs they're bouncing back. sales were down 3% year-over-year but that is a huge improvement over the 16% drop in the last earnings report there were signs nike direct to consumer investment is paying off. those sales were up 16% to over $5 billion and consumer demand is still the lingering question, though as nike's call begins, the ceo just kicking it off saying, quote, our consumer demand stands out now the call is just getting started. we'll hear what nike has to say about guidance now that we're in the middle or the tail end of the holiday shopping season, mel. >> would love to what they're seeing in china. thanks, steve kovak.

guy, what do you think of the quarter? >> yeah, i mean it is a great quarter. i'm just looking at it direct sales were up 16 is% year-over-year that is very good. what concerns me, a couple of things the inventory build of 43% year-over-year, $9.3 billion that is not insignificant. they'll try to talk that away. but you have to take that into consideration. in stterms of the stock, that i where we topped out back in august before we cratered. so this is probably a level where it you've been long the stock for last month and a half, you take money off the table i'll say this though, quickly, at 28 times next year's numbers given the eps growth, it is not a valuation concern in my opinion. >> so i'll respond to that first. if you think about nike's pre-pandemic eps, excuse me, the p.e. multiple it was about 27 times on a five-year average what do you want to do maybe a debate, we're in a different rate environment and you don't deserve the pandemic

one. i'll get back to the margin profile which was better than expected i think the fx dynamics in constant currency is around 21% and the sales are surprisingly you know -- i was going to try to come up with a vocabulary word, but of course you just used a couple of big ones in the last block i was listening to virulent. >> that is a good one. >> and we bring this up, because z we notice there is an s.a.t. vocab book. >> how do you on the practice? >> it is interesting i also have a pocket thesaurus but this is -- but this is my favorite one look at this look at this one can you read this? >> great monologue for young actors >> could be dangerous. dangerous game. >> wow >> could i say something on this >> yeah, go ahead.

>> interestingly enough, three months ago when they reported, the stock was trading at $97 and i still have a small position and they guided lower and a bought some and it traded to the low 80s and now we're at 115 the flip side of this, good quarter and they beat that guidance here. the lower guidance, if you're buying this stock at 115, you're doing doing this wrong what did we talk about for the first ten minutes. this company had a expectations that were lower and they just beat them. let's see atlwhat the guidance s i wouldn't buy the stock at $115 every head wind, they may have had the tail wind of the world cup and other stuff that caused a surge in demand. but guy is right about that inventory level. so if you're skeptical, i think you have to be skeptical at 115. >> let's get to fedex. the stock is higher. earnings coming in above analyst

expectations, but falling short by $900 million. frank holland is here to take us inside of those numbers. >> well hi there, mel. the aggressive cost cutting ever flights and labor hours and focusing on higher margin volume is working shares up but started off with a roller coaster the estimate was lowered after he said we were heading to a global recession fedex also updating the cost cutting plans saying it will say $3.7 billion this fiscal year above the previous tarkts of 2..2 and 2.7 and they moved with urgency to make rapid progress on the ongoing transformation while navigating a weaker demand and when you look at the segments, it shows that weaker demand fedex still remaining strong pricing power and price per package increased by 8% and the volume fell by double-digits and weakness in china likely to blame.

the freight is a bright spot up 20% and call coming up in a few minutes. expecting more commentary about china that you touched on at the top of show. >> frank holland karen, finally it is trading higher off of earnings >> yeah. so i so i don't own it any more i swapped into ups expectations were low. the multiple is very low the bar was low. and they kind of -- they jumped slightly over the bar, i think it is a miss as frank said i think that is still a show-me story. they've had a erratic kind of execution path we'll see. ups is up a little on the heels of this. and it is more expensive i think it deserves to be more expensive. i just feel more comfortable with them. i understand the global story is slowing but i do think the secular change is real and i like ups more because they're

focusing on revenue per package, revenue per delivery, not necessarily being bigger, just making more money. >> you still own it? >> i do own some to me, this story at fedex, the problem is this company is disappointed so many quarters in a row up until this one which right now the best news is that the capex is down for next year and that the cost cutting is going to be increased. that is great and that does sound like efficiency and the reason why ups trades four or five turns north of fedex is a lot to do with that. but i just think it is a while before the analysts community upgrades i think the multiple has a weight on top of it and it will take multiple quarters for people to start to believe again. >> it looks like they did have a big accelerating buyback of $1.2 billion i'll have to check that. they must think there is value in the shares there. but it is surprising given how much they're also spending. >> frank said it is a weakness in volumes in china which we were just talking about. so, guy, it is interesting to

see for nike and for fedex what they see right now on ground there terms of color >> no question listen, it is important you but at least this quarter they're operating better and i look to operating margins in fedex express which is half of the revenue typically' they beat significantly 3.2%, the street was at 2.1% and oefrm margins were improved. so freight, i guess they did better but freight is not a big part of the business it comes down to expressing ground and both ever those seemingly doing better on the margin side of things. and if you could get past their missteps over the last two years, you could make a pretty good case for fedex, maybe the worst is over. so we've gotten back what we lost i'm not getting too crazy but it is a good sign. >> there is a lot more "fast money" to come here is what is coming up next. >> announcer: hungry, we're munching on some chip options next micron giving up quarterly

results so how should you position yourself? the details on that trade next. plus a yield curve, curveball from the bank of japan a. ever and global markets are feeling the heat the impacts on rates anz currency and more. you're watching "fast money" live from the nasdaq market site 'rinim sar wee back right after this. [newscast audio] hello, world. or is it goodbye? you know, it seems like hope and trust are in short supply.

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mike >> so we saw it trade 1.3 times, a lull more than that above the average daily options and puts outpacing calls and implying a move of about 5.7% by the end of the week that is larger than the 4% that the company has reported over the eight reported quarters. most active were the january 13th weekly 48 strike puts and we saw 1500 block trade around $1.22 this morning over 5,000 contracts and buyers are betting that micron will fall below that $48 price over the next couple of weeks. >> that would be around levels not seen since september of 2020 or so. >> dan >> what mike just identified is someone hedging a short-term position or defining their risk and if you look at the chart, the $58 level is not that great level and there an air pocket down to $40. we've talked about this stock as a bit of a value trap.

you want to look at names like this and see if the news is bad and if it holds in there because the valuation because people are sa saying we know about the double order and we know some of the trends that we've seen in the se semi business. but micron is likely to show some good relative strength so it is interesting to see how is actsar poor guidance. >> tim, is that what you would say? >> sorry to put words into your beautiful mouth there, buddy. >> nobody said it better than i could. there is a couple of things, one is there are is a major asp erosion and supply and demand seeing a lot of cuts how much of that is priced in. it is a lot but it is not time to go out and buy it and the level looks awful. >> guy, quickly? >> nvidia is just initiated reduced at hsbc i think on december 14th and as tim as i talked about last week, it is a stock rallied 70% from the october lows so when they report in february, i think this is a stock that is probably going to

do that back and fill. so the names probably overextended the upside over this little rally from i guess mid-october or so. >> mike, thanks. mike khouw for more option action tune in friday, christmas eve, 5:30 p.m. eastern time. what the central bank did in japan to send the yen surging. and tesla heading lower and lower. are there any red lights in sight. the traders are digging in when "fast money" returns. >> get your trades to go with a "fast money" podcast catch us any time, anywhere. follow today on your favorite podcast app. we're back right after this. power e*trade's easy-to-use tools like dynamic charting and risk-reward analysis help make trading feel effortless. and its customizable scans with social sentiment help you find and unlock opportunities in the market ♪

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welcome back to "fast money. another check on the markets today. stocks closing out in the green snapping a four-day losing streak and the dow jumping 90 points and the nasdaq just eking out a gain now to the staggering move by the bank of japan policy change that rattled investors around the world. the boj siding to allow the ten-year bond yield to move a half point to either side of the 0% target. the bond yield spiking

up over 60% sending the yen to the highest level against the dollar in months our next guest believes a green back will weaken and take it with it. yen is here to talk about the yen. jens on the yen. >> come on, jens. >> never heard it before >> how significant is this >> so we've had essentially around the world since 2009, we've been coming out of it. japan was last country, last significant country to start to move away from interest rates. it is a big, big deal. japan it a big investor in all kinds of markets, especially fixed income markets around the world and we could see when there is a shift in japan, we have have all yields globally shift up today from europe to the united states. >> right. >> so it is a big deal and it is not just today, right. this is a signal that they're

going into a different direction. >> what other steps could we be in for if it is the toe in the water? >> so today they stopped anchoring the ten-year yield, right. and they have not done anything with the short end yet we still have effectively like minus 10 basis points interest rates in japan, right. so if inflation is around three, all of the models we have tracking inflation, japan should be around three right now. is it correct to have slightly lower interest rates, that is clearly debated. they have a new governor coming in in april. so the new governor actually after what happened today, it has to be much easier for the new governor to do something because in a way, a difficult job has been done today. getting started. >> so i agree. and you said big deal. and i'll say big, big deal and may you're saying that too and when we think about the yen over the previous nine to 12

months, that is the move against the dollar when you see the yen strengthen like this this could be seen as risk on. but it is doing this for different reasons than it has at other times. >> yeah. like the whole correlation between equity markets and the yen is our window. the relationship that people were used to from 2008 and other crisis, it is not been working at all this year so we have inflation in the world. and inflation changes everything all of those correlations were based on no inflation. and we have inflation. even in japan. so, we have to just get used to environment being totally different. i think also we have so much to talk about, fed pivot. even if the fed is going to slow down the pace and so forth, we're still going to be in an environment that is not good for interest rates and this is global thing and they're not

going to come back any time soon and today's news is just reinforcing that. >> so let me ask you, the yen carry trade which has been gigantic for a long time is there a rush to the exit? what happens to trade now or is it still enough room there to do it >> when i look at price action today, this is literally what i wrote to my clients when i just observed what was going on the carriage trades did not do very badly today that tells me that, you know, em carry, those type of things, i don't their they're subscribed to it is different from 2007 when there was a lot of currency markets. people have been doing other things and the price action today tells me that people don't have those trades yet. >> yen, so brings it back to our viewers who again this is a bit wonky for me what does it mean for stocks because what you just described was global stagflation and in japan it is finally joining the party this basically

puts just a hammer on the nail that 2023 is going to be a stagflationary environment. >> and think in japan's case, they have been looking at the evidence, more and more inflation, but they've made so many mistakes over last two, three decades about radsising interest rate z too early and they very late to the party. so if they move interest rates from slightly negative to to plus one, is that going to kill the economy? one thing i thought was very interesting in the equity market was the banks loved it banks love itted. >> they loved them in europe, too. >> but it is not a typical oh, this is going to be a catastrophic recession, there is some parts of the stock market that like this type of normalization. so i don't think it is uniformly bad. if they over do it, it will be bad. not enough for japanese stocks.

>> thank you for coming by jens norvig. the poland moves not in the equity market in the united states but in yields we saw move and currencies and defendant in kcommodities when you called out on our call today. >> it is gold and silver and what i find fascinating another way to central banks intervene, now with interest rates, but i think all roads lead back to gold and silver and that stealth move in silver from the high teens where we are now and danny moses, the chart looks fantastic and it is time to shane and i happen to agree with that so you're seeing gold and silver start to, i hate to use the term, decouple from crypto i think it has legs here.

>> you said gold and silver and could have said silver and gold. everything that the boj is doing will trigger gold and you want to own miners in this environment. they have a beta of three times and if you think about the world, and one thing that jens said that we shouldn't underestimate, people think that yields will go longer in the long end because of what is going on in the economy and pricing recession. i mean, he just said this. japanese investors in u.s. mortgage backed securities in some of the other asset-backed securities around the world, the japanese buyers are the biggest in the world and this is something that i think upward pressure on rates. and if you look at european sovereign yields, spain and italy and germany are back near the highs when we were at 4.25 i don't t i don't think yields are going straight down. >> we're in a lower growth environment and we spent a lot of time of headwinds of growth in 2023 and if global rates are going higher in a way that we haven't seen in a long time, that will weigh on equity valuations so to me, looking at the

weakness with the spike of 20 basis points in the 10-year in the last couple of weeks art complex, they look like they're ready to just take a dive and maybe they wait until january. but it seems like they'll overshoot to the downside and that is happening next year and largely a function of rates and valuation. >> coming up, tesla shares dropping yet again now down 15% in the last week. are tesla's troubles revealing a fundamental flaw for the ev maker or is this just a referendum on a distracted elon musk. plus fedex still cutting costs while reporting a big time revenue miss it is trading higher in the after-hours session. frank holland has been listening in on the conference call. he'll give us an update. "fast money" is back in two.

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welcome back to "fast money. tesla shares tumbling 8% today the worst day for tesla since early october. the stock is now down 29% this month. 61% this year. and it is the wort performing ever about the stock across both of those time frames are there more shoes to drop dan, or carter put out a note and said this is time to nibble

here. >> it might be the stock is obviously pretty pressed to the downside. but what is going on is the zbie that the ceo of the company is selling stock and aggressively and why that on a date that he closed on the the twitter deal for $44 billion. tesla stock was 227. we've beensaying on this desk that tesla is on the hook for all of this shareholders and right now there is a margin call and the people that he pledged the stock to are selling the stock to raise thecapital for it and so think about all of that that has gone on justic-- just s he wanted to be the guy that oebs twitter and the fundamental that believe in his long-term story, but if -- >> i feel story for them because he's been asleep at the wheel. the guy is a liar and he said he was done selling stock how many times over last year it is just a fact. look at me and you roll your

eyes an tell me whatever he lied to his shareholders and he has been not there for them over last two months when the stock has massively underperformed the nasdaq over the last two months that we've seen a huge rally. so to me, i feel sorry for them but the rest of the shareholders, you know what, they're all indexers and two years ago on november 16th, s&p added tesla and the stock doubled and it has round tripped that entire price. it is trading exact price of where it was on november 16th when s&p said it is going into the index. sorry people. >> a couple of bafrns lowered their price target from 177 to 240. it is elon musk relate and brand destruction over at tesla, distraction, those are the reasons, karen. >> right i think with twitter not doing well, and that debt being very expensive, it is understandable that he would want to equity-ize

sp some of it maybe he needs to get the money from tesla shares being sold i don't know i'm not sure but i do think that he has damaged the brand. i don't know that it could be -- i don't know -- say he gets a new ceo into twitter tomorrow, does that stem the bleeding? it might for briefly -- i don't know. >> it didn't change the need to sell stock >> it doesn't. >> even if he's not ceo of twitter. >> right but we don't know how much stock he sold. >> right. >> and we also have no idea how much the revenues are down how much money the company is losing we don't know any of that. so, it is sort of hard to say. but i think that when you say it is tesla's -- tesla's short of bill to pay, you're saying in terms of shareholder. >> shareholders have been on the hook >> because he keeps selling. >> and to pledge all of his shares to buy this. >> but here is one thing that is a little bit -- he's been selling $3.6 billion the other day, maybe sold a few more

billion. this is a gigantic company shouldn't is be able to with stand a few billion dollars of sales. >> right >> except that it is from the ceo. >> which say totally different sign signal shareholders. >> does it signal, i need the money for something else. >> i think it is not as bad. >> i do think that >> coming up, fedex conference call underway. details after the break. "fast money" will be back right after this

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let's get another check on fedex. the shares are up by 3.4% so holding on to the gains after the company posted mixed results, eps beating estimates by 36 cents and revenues more than $900 million below consensus. and frank holland has the headlines. frank? >> listening to just now, the ceo focusing on efficiency and a leaner fedex he said global volumes have fallen even harder than he previously expected.

when he issued a dire recession warning last quarter >> the declining demand trends we saw at end of q1 softened further in the second quarter. and we're moving faster and with more determination than ever to accelerate the cost actions. today we will provide more detail on those cost actions >> yeah, so he said that inflation was also a factor in softening the volume so overall, when you look at the results, the margin could be a sign that fedex plans are working to cut costs and become por efficient. and they reduced capex and they're announcing a driver initiative and the company said they're going too provide an update in the first half of the next year. back over to you. >> frank holland tim? >> it is great to hear about cost cuts but that is on some level efficienty is something that fedex needs badly, that is

why it trades at a discount. buts in an environment where we're hearing about demand dynamics that are i don't think are reason to buy the stock. even though you've had a nice rally here and off of the lows after the last earnings call, this is been -- this is an excellent chart which i think leads, this >>sion a leadership poti. up 3.6% right now up next final trades

time for the final trade guy? >> as dan would say, silver looks like it is getting ready to party which leads me to pan american silver. >> and dan >> and the other half of that, gold but in this case barrick gold with the ticker gold better run, free cash flow and i think gold is going higher it will do three times what gold does. >> remember back in the day it was abx. >> yes. >> a long time ago karen? >> what we haven't seen is big credit trouble and i think we're going to see risk reward and hyg, rates and credit. >> how you could not do the b

side from joshua tree. true gold. great song nike it is a nice run off the lows given what we're headed into i'm a seller if you own this thing here. >> 12.5% after hours thanks for watching "fast money. don't go anywhere. "mad money" with jim cramer starts right no is. 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 not just to entertain but to educate and teach, talk about how a market can turn around so-call me at 800-743-cnbc or tweet me