>> and we're no so far wide of the mark and company by company, you react in kind. and in other words, it is not necessarily a macro story any more it is, you know, companies kind of plus or minus 5% on the day of that is okay that is not a macro meltdown. >> that is a healthy debate. that is mike santoli with the last word. i'll see you tomorrow. "fast money" is now. right now on "fast," we're back since the start of the year, what was all of the rage in 2021 is red hot again airbnb and amazon and netflix but should the names be rocketing higher right now and united airlines serving on a big boost to guidance. the ceo scott kirby will be here for a cnbc exclusive. and goldman's less than golden quarter hammered after the worst earnings miss in a decade what is wrong with wall street's once mighty titan.

and then ip vesting of hundreds of millions in alibaba what is behind it. will others follow this is melissa lee. i have a full house. tim, karen, dan, and guy we start off with the high growth, high risk rebound stocks may have been mostly flat today but a couple of areas have seen big moves. take a look at gains in meta and amazon both up double-digits in 2023 the semis have been on a tear led by nvidia rising 21% higher risk assets catching a bid once again bitcoin surging back over 21,000 with a gain of nearly 30% this year even the so-called meme stocks finding new life amc and bed bath & beyond up so the market bulls are back the question we ask, though, is should they be dan i'll go to you first. >> the jury is still out we're two and a half weeks into the new year and i said this to

you earlier, six months ago you could have thrown a dart at your fact set screen, i have 200, 300 tickers up there and would have landedond a stock 23 plus for the year right now you could do the opposite, for being up on the year 10%, 20%. we've been doing this for a long time after under-performance, some of the once higher growth and higher valuation names, they've been correcting since mid 2021 so when you get to the end of 2022, that is about 18 months. that is a long period of time. and and i think a lot of investors are looking for a way to play catch-up but the names that are moving the most are still very expensive, right with a lot of uncertainty about future earnings growth and it is just not particularly sustainable here to have those sorts of moves this early in the year so to me, i just wouldn't be chasing a lot of names i think a lot of it does depend on your time. >> leave the dart throwing to

the professionals. >> that is when you throw it at a screen and it bounces back >> the professional dart guys. >> okay. >> actually there is a great video out with a cat that needed to get triple 15s. sorry about that, mel. tim does a great job of dissecting semis, since you mentioned nvidia the stock is still despite the move of 70-ish percent, down about 15% from the all-time high rallied from the 145 level recently it traded at 15 times revenues-ish and trades about 43 times next year's number and in this environment that is not a cheap stock. i think people are trying to game out the environment right now and they're staying with stocks that are working to the upside until they don't. and i'll tell you, when nvidia reports earnings a month from now-ish, you have to ask when you do pull the rip cord in the case of nvidia, 190 where

we were. >> we've been saying for a very long time, expect some bumpiness when it comes to earnings season because of the guidance that we could be getting from the companies. >> just to nvidia, i had a little position in nvidia and sold some today. i feel like this is sucha big run up to your point, it might trade higher but i feel like it is still down a lot and up a lot from the bottom but sit is still nowhere near cheap. you don't want expectations to get higher into the earnings season i don't know what to make of it. i think it is still pretty expensive. >> i would say, while nvidia which up is 25% in 15 or 8 sessions, semis are up 15% from the deck 28 number but last week taiwan semi derisked 2023 for semis. they let you know that things are -- that they cleaned up the

inventory and they've given you some guidance and said '24 could get interesting and that is a stock down 11% and up another 2.5% today i'll say getting back to a conversation that is the fed certainly is not going to be as aggressive in the next three to six months as they were. but people don't understand how tight the labor market is and how much this will weigh on the fed moving for longer. so i get the fact that inflation in terms of goods is down and i get the fact that year-over-year comps is pretty good people are underestimating the length of how long the fed needs to stay higher and how shallow the growth could be coming out of that. >> it is really great that you focus on semis because they're an early cycle when investors think how does the economy turn, you want to hit a sector like that and when they just decided to, to spend in capex, also supports other parts of that sector, that

have been really beaten up but think about it this way. some of the other stocks that we've had crazy moves where valuations are high and balance sheets aren't great and the tail winds from covid are reversed and they might not come back and these are the things that you want to be careful are there some things in fin tech land like a paypal versus to me a square, i wouldn't go for th for the square, i would go for the paypal and i think it is a great opportunity for 2023 to pick stocks that you think are going to be longer term winners for fundamental reasons that have valuation support, have managements that could navigate in difficult environments and have great balance sheets. because to tim's last point, rates are going to stay higher for longer in a period where we've -- can you remember the last time we've come off of difficult economic period where rates were high. last two times rates were low and that is what the fed -- >> the fed has been cutting. and back to square, it is above the 200-day for the first time

going through to the upside, probably since i think early '21 but hasn't been through the 200 since november of '21. so it is a -- i agree. >> i know we all know this, but there is a real lag effect in terms of what the fed has done and what we're feeling in the economy now and there is no question that they're looking to get the unemployment rate somewhere around 5%. which is leap years from where we are now and the question you have to ask yourself, if that is, in fact, their mandate. >> light years leap years happens once every -- >> light years >> well leap years -- tell me when year in the next leap year. >> i think we just had one. >> did we. now i lost my train of thought >> and the fed is borrowing -- >> so the question is we have not seen it in the form of earnings without question. we're clearly not seeing it in the unemployment rate and at a certain point regardless of what they do, put them on the back burner, it is going to have serious impact to earnings and

earnings growth and specifically margins as well which should be detrimental to the market. >> we should discount that in the markets prior to it happening, no? is it different this time around that the market is not a forward discounting mechanism and we should reach the valuation reflective of the earnings estimate cuts prior to them actually happening, no >> but the most troubling thing about what is happening, this is what everyone expected to happen and the most troubling thing right now is the consensus is that at the end of the first quarter we're going lower and because everyone could do math, at 17.5, the s&p shouldn't be here so this is the toughest part of this and how many times last five years have we see the wall of worry rip the face off of people so far the start of the year is not a face ripper because you get the january effect, because if this continues into february, you could be good until april and that would destroy people. >> and what is out of consensus

in terms of the view of the markets which does seem like every single strategist, we have one sitting on set and we have the same consensus view, that now the markets are investing an anti-consensus and it is positioned in growth stocks that areas that were beaten down. >> the dollar down from 150 and the index, down to 102. >> huge tail wind. >> the 10-year at 3.5 versus 4.25 a month ago if you were the biggest bear and don't call me the biggest bear that you know on the street, those are things that will cause you to rethink your view about stocks at some point in this year especially if both continue to go lower and even if that unemployment rate does tick up a little bit, maybe up to 4 1/2, it will re -- make you rethink where we bottom out and that is

why investor chase a wall of worry but we're about to go into a wall of information as it relates to what the biggest companies on this planet are telling us about what they see or the visibility that they have and that is why i think you sit on your hands and wait for that a little bit. >> and on top of the dollar, now treasury yield, we have a china reopening and we have europe probably not any recession, those are the holidays coming out of davos from the german chancellor today and the winter is not as cold so it is not as dire in terms of the energy crisis. these are things that should bode extremely well. these are tail winds that didn't exist probably three, two months ago. >> and by the way, the german confidence number this morning, was so far ahead of anything they've seen in a long time. but it tells you why you could play from the long side a little bit this year and i think sectors like energy will do very well i think emerging will do very well i think you'll have health care that is defensive and i think big pharma, the valuation is still not difficult. that is why investors should feel differently in 2023 than

they in did 2022. >> our next guest thinks investors should avoid the recent winners julian manuel, good to see you here in person. >> great to be here. >> what is going on here in the market you think this is just foolish >> no. this is about as complex an environment as you'll ever see, okay so you go back to december when everyone knew the seasonality was going to be bullish for stocks, and the market tanked. because we had tax law selling that was epic. it was on par with the liquidations we saw in march of 2020 and we know what a great contrary buy signal that proved to be. that is when we decided to take off our recommendation that you have index hedging in place. and we transition to this idea that the likelihood as it usually is, is at last year's losers end up being this year's winner, it's just that we've seen it on a scale that no one expected these first two weeks now, can it continue to run? history said you could get an

entire quarter of that we don't think that is likely. so that is the short-term setup. the medium term setup is that we are in all likelihood because of the tightening in the pipeline, because of the fed's desire to get unemployment towards 5%, likely going to have at least a mild recession at the end of this year or early next. and that is the head wind for stocks for us, that is the opportunity in thinking about options now because the vix is way too low for that reality and then the long-term picture is ultimately if we do get the sell-off that we expect, you're going to get the new bull market buying opportunity that frankly we've been waiting for for over a year now. >> so does that mean you're positioned buying the value oriented stuff now and short -- or waiting on the high fliers that have run a lot and then flipping later when you -- if what you expect happens? >> so we wouldn't chase the high

flyers here. they've already moved a very long way you said it yourself, they're names that could keep running but risk-reward looks poor with a vix at 19 and a fed on february the 1st that is going to remind us all that interest rates are going to go up again at least once, maybe two more times after that because the cpi hascome down, but it is still over a six handle and all of those are medium term headwinds so for us staying with the value trade, consumer staples and health care, they actually work in an environment that is called stagflation. but when inflation is coming down, that kind of stagflation could actually deliver positive equity market returns. >> twice last year the vix was flashing green to buy stocks it happened in june and again in october. the vix was about 35 or so i don't know what happened last week but that precipitous sell-off in the vix was alarming to me people look at that as bullish

i think you're pointing out that it is anything but. >> it is definitely cautionary look, there was an element of call it gamesmanship around the three-day weekend. very clear that downside protection right now is really not, you know, terribly valuable in an environment where professionals continue to be somewhat underinvested but the closer we get to that fed meeting, the more we think that protection in your portfolio makes sense. >> julian, we have to leave it there. thank you so much. tim, what do you think >> i think that the dynamic around the vix is what also concerned me here. it is a counter trend. it is counter trend indicator. you can't have -- we had friday on vix almost got below 18 no way but i do think that dollar dynamic and julien and his team have talked about this and even a v-shaped bottom in china and if you look at the charts and this is their call, i think you're getting that. i think the dollar dynamics are really important because as much as we have an 18 month rally,

another conversation before we got on air was it is his view that we've had an 11-year rally in the dollar. that is over and if youreally have that, it is a major time for international investing and because your xm and em is 50% of your return profile and international is 25 to 30 and i think we have that back drop here. >> and karen you're touting international. one country in particular in your acronym. >> mexico if i recall. >> yes >> bww >> it is not the greatest ticker but i think the back drop sets up well. and i think deglobalization is part of the fundamental thesis there that they're the beneficiary of that if they could get it together. which i think reasonable chance of them doing and i think the pace will appreciate, that is good as well. >> i think consensus is obviously mild recession, slash soft landing right now and the rates where they are and

where they're expected to be and where qt is expected to maintain this year, i don't know how that is a good investment environment for anything other than what julian just expressed to us, because we have a lot of stocks and seblgctors with headwinds w growth or getting near the growth levels that justify those valu va valuations when rates were much lower a few years ago. i'm still scratching my head here but i think there are opportunities to buy names when they're down and out and not up 34% in three weeks. coming up an earnings alert on united airlines the ceo scott kirby will join us next and dig into the company's quarter. what he said are the biggest challenges facing the airline this year. that interview when "fast money" returns. back in two.

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that's why i do what i do. that and the paycheck. welcome back to "fast money. we've got an earnings alert on united airlines. the stock jumping as much as 5% after hours after posting top and bottom line beats. it is up 1.4%. scott kirby sitting down with

phil lebeau to discuss the results. phil >> thank you, melissa. scott, better than expected on the top and bottom line as melissa indicated. much better than expected on the bottom line. and i think it has some people questioning what is it that wall street is not appreciating, because you're not alone in saying that it was a great fourth quarter. >> yeah. i think there has been structural changes in the airline industry as we're coming out of covid one, demand is turning out to be higher than it was before because of hybrid work and making many more weekends possible to travel for holidays. but the bigger one is the structural change for supply and there are constraints outside of the industry's control, whether it is hiring pilots, faa, oem, aircraft deliveries that are just limiting the growth in capacity and what you see as a result of that is a really strong revenue environment. >> the outlook for 2023, the first quarter strong better than expected in terms of your guidance.

but your full year basically way better than the street is expecting. $10 to $120 and the street is at 654. and if there is a recession and i don't want to be part of the group talking everybody into a recession, but if there is a recession. >> you're confident that the demand will be there. >> we are. the street is having a hard time to catching up what is happening not just in the united but aviation in general and the fundamentals of supply and demand are strong. we're building into our forecast a slowing economy and probably a mild recession in our numbers and we think that gets us to 10 to $12 a share which is pretty amazing place to be, back to where we were pre-pandemic even in a weakening economy it speaks to the structural changes that have happened particularly with supply constraints. >> and let's talk about that because i think people sit there and they want to look at the airline stocks an the airlines and think that they're operating the same as they were before the pandemic but things have changed.

there is just not the amount of capacity that used to be out there and that constraint gives you great pricing right now, right? >> well, there is -- there are huge constraints on the industry to grow. pilots are one of the big ones the industry -- just the big four this year are planning to hire 8,000 pilots. the traditional number produced are 67,000 and that is before you add everyone else into that mix. pilots, you know, we've seen in spades last few weeks, the operational challenges, whether it is the faa, or storms or what it could do to airlines over the holidays, what it does with the notam and today there is a couple of airlines that canceled 10% of their flights it is -- there are structural challenges that the system is really at peak capacity. >> the faa issue,i want to ask you about it from this standpoint everybody agree there needs to be better investment in the application of funds but it seems like we're in this mode

where we talk about this every so often and yet we're back in the same position where something goes wrong where it should have been better funded are you optimistic it changes the story? >> i'll hopeful that it will change the truth is that the faa budget is lower today and in real terms than it was two decades ago. there were fewer air traffic controllers than 30 years ago and the faa has been to do space and drones and massive certification programs for aircraft and because of that they've had to rob peter to pay paul. >> is florida a good example of that. >> everywhere it is. florida gets into the news a lot. but everywhere they did some amazing things over the holidays. i could tell you some stories of things that people in the faa good for the newark tower or where water main breaks and they evacuated other facilities but they don't have enough resources. it is simple and straightforward and we have to get it if we're going to continue to have a world class aviation. >> how much time will you spend

in d.c. or with legislators in washington saying we need to do better >> well i've been on the track saying this for the last year. >> right. >> and i spent a lot of time in d.c. i'm probably there twice a month. and i'm telling everyone this. and look, this isn't a partisan issue, this is not a democrat or republican >> this is funding. >> this is structure for the country and it is one of the biggest paybacks that we could have because if we do this, reducing delays and cancellations, all of down line implications for the economy, this is one of the easiest pay backs out there. >> scott, i believe melissa has a question for you. >> there are a few ceo's who will raise guidance to the magnitude that you have tonight without being very confident in the out look i'm wondering how investors should look at the 50 cents to a $1, what are the key drivers there. is europe looking better than we thought it might be a couple of months ago, the dollar backing off, your increased confidence

that the recession here in the u.s. will be mild, how could we think about this >> well mostly it is a strong demand environment and we look out at it and we have really good insight, particularly for this quarter what is going to happen. we have reasonably good insight for the second quarter and beyond and what we could see is really strong demand patterns, especially in the second half of the month. the first half of the quarter is not quite as strong. that is mostly because this new travel patterns that come from hybrid work are less strong or around thanksgiving and christmas where people do their traveling on the big holidays. but we're just looking at the data for what the revenue environment is and it is just really strong. >> so 50, which is a -- >> go ahead, melissa. >> that is basically the mild recession, so that is your worse case scenario. i don't mean to -- to hammer this home, but i mean, if things turn a little worse, is there a scenario where 25 becomes your

old guidance becomes the guidance or is that in your mind out of the question. i'm just wondering how confident you are in terms of your forecasting and also how confident you are that demand will hold up even if unemployment reaches closer to 5% >> well, this is our base case scenario. >> okay. >> and i never say worst case scenario i've always said there is always something worse that could happen covid proved that. never say that because there is always something that could be worse. but we have a lot of confidence in the forecast. could something happen yeah, we've seen it in aveiation it is not 100% but it is our base case and we have a lot of room on that and particularly with the economy. what typically happens, if the revenue environment got worse because of a recession, a deeper recession for example, usually we'll make up a lot of that on the fuel side. so fuel prices go down along with a weakening economy so there is a natural hedge for us between the revenue and the fuel environment >> let me ask you about china.

from this perspective. now that they are opening up, if you will, there are a lot of people who are wondering how quickly demand, from the u.s. over to china, with so much of that was corporate driven, not entirely, but a lot of it was. how quickly do you expect that to come back >> we don't know it is tbd. there is still rules about going back and forth i think for now we see strength in demand for what we call visiting family and relatives. but the corporate is holding off a little for right now and our guess is that is probably for at least the next 90 days or so. let things shake out and see what the status quo and what the standard is going to be. and then there is the additional question about adding flights and particularly russian overflight most of the flights to china need to fly over russia to get there and because of the recurring war, can't fly over russia so my guess is the number of flights, even when demand starts to come back, it is mostly a west coast to china set of

flights. because you can't get there. >> on the the other side, transatlantic. you are are expanding aggressively toward the summer all systems go in terms of what you're seeing with demand. >> yeah. this is -- this is turning out just like we thought it would. two and a half years ago we decided to keep all of our airlines and we negotiated a deal to keep everyone in position and in their seats for the recovery and because of that we're going to grow across the atlantic 36% this summer we think it is going to be great and gang busters the total industry is going to be flat. because other airlines cut back on their aircraft and downgraded pilots and that takes years to reverse those decisions. so, it is again it is an environment where there is a strong demand dynamic and a big constraint on supply. >> last question, pilot contract first half of the year or maybe by the third quarter things get locked in? >> i've very optimistic. in fact, our pilots union has had some leadership turnover and

they've been doing recall elections an they expect to actually have their union leader elected later this month and they've told us they'll be back at the table with us starting about february 7th. because of that, and because of the delta deal, i think we all kind of know we're in the same ballpark so it ought to be done pretty quickly once we are back at the table. they have to wait until they get their leadership structure in place to get back to the table. >> scott kirby, on a day when they beat on the top and bottom line but the guidance is what people are talking about not just the 1d first quarter but the full year but $10 to $12 and they were at 654 so well above what wall street analysts were expecting. send it back to you. >> thank you phil and scott to you as well. tim, we have to go to you. >> yeah. so, first of all, the whole thing about wall street doesn't recognize it united is up 40% in nine trading

sessions so, because this -- a lot of this was understood. united is doing a great job and scott kirby is doing a great job and the thing that he said, the airlines have a history of not being efficient, specially when times get good that is worse thing that could happen to them and when i hear someone say and i'm not implying that is what they will do, these are scon astr - constraints. and right now this is a optimal pricing environment and airlines should go higher and they're trading at significant discounts to where they were pre-covid. >> if you look at the chart, into 2020, that was lower left and upper right and this was way $95 stock in the fall of 2019. just putting it out there number one, i mentioned 2019 because the comps now are against that

prasm. >> it is up 24.6%. not versus last year, but versus 2019 average fuel price is down 12.5% from '19 so you start to do the math and say this stock could go higher from here. i don't know if it gets back to $95, but $60 is where we broke down from in march of last year and that is where the stock should trade up to. >> i tried to come up with an a accron em that could include e for ex pedia if you think around this -- >> what was your acronym again in. >> dslq. >> earnings are supposed to rebound and they're supposed to be up 30% year-over-year on 9% sales growth this is a high gross margin business and trading at 11.5 times. really cheap. >> here is what is coming up next. >> announcer: new year, new

rally. bitcoin is about face as the token pushes past 21-k and the move has karen making moves in the crypto space as well. plus what is eating goldman sachs. the investment bank posting its bigger earnings miss in more than a decade. the traders weigh in on the financial folly. you're watching "fast money" live from the nasdaq market site in times square. we're back right after this. [office sounds] ♪upbeat music♪

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welcome back to "fast money. crypto's recent rally giving a boost to the gray scale bitcoin trust. the gbtc trading at a discount of just 36%. the discount got to nearly 50%

at the end of the last year. what should we make this of move, karen? >> well it is nsurprising that t would move with bitcoin. here is an easier way to buy bitcoin and it traded at a decent premium that seems like a long time ago and a world away it is a long shot, the possibility that somehow this is restructured and the str you are that keeps it at such a discount will be dismantled and that would move things dramatically i don't know if it is with digital, if something has to happen there to make this unwind at gbtc but as bitcoin moves up, i would expect this to move up and for the spread to narrow. >> it is amazing move that it has had over the last couple of months, flat lined at 16,000 and, 17,000 and guy said you're going to get a move in bitcoin when people are

convinced that the fed will pivot. gold moved first you've been pounding the table on it and then all at once bitcoin goes up from 17,000 to where it is at 21,000 and i think that is interesting. i think it is more emblematic of the other things we're talking about, this move back into the risk stuff that didn't make a whole lheck of a lot of sense i 2022 so i don't think it is that bullish for equities to see meme stocks, crypto and this other crap moving higher. >> one other thing though, i do think silver gate, the bank to the crypto world, they had a disastrous quarter in terms of deposits leaving but they have were able to meet the deposit questions. for today, i have an arbitrage and it wasn't that big of a difference from the street. >> coming up, how the meme stock

baba is getting in on china tech and ryan cohen's latest moves. and some major bank blues for goldman. have they lost their way "fast money" is back right after this been married for 32 years. i think the most important thing in life is to stay healthy. i noticed i was having some memory losses. i discovered prevagen. since i've been on prevagen, i've noticed more clarity, more sharpness. the recall mechanism is a lot more concise. i've been taking prevagen for almost 10 years. it's wonderful. prevagen. healthier brain. better life. if your business kept on employees through the pandemic, getrefunds.com can see if it may qualify for a payroll tax refund of up to $26,000 per employee, even if it received ppp, and all it takes is eight minutes to get started. then we'll work with you to fill out your forms and submit the application; that easy. and if your business doesn't get paid, we don't get paid.

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welcome back to "fast money. another check on the markets today. stocks closing out mixed as the do you dropped 400 and the s&p falling and the tech heavy nasdaq getting a boost now riding a seven-day winning streak into tomorrow some action. energy one of the top performing sectors. the oih oil services hitting the highest level since may of 2019. and take a look at the after hours moves in moderna jumping after seeing the rsv vaccine is nearly 84% effective in older adults what is wrong with goldman sachs? what is wrong with it? the once gold standard posting the biggest earnings miss in 11 years thanks in part to weakness in consumer banking. setting aside a billion dollars for credit losses after an increase in chargeoffs and operating expenses up 11% and shares tumbling more than 6%

morgan stanley surging 6% after beating top and bottom line estimates for the quarter but the wealth management business lending support. so what is goldman doing wrong we didn't even mention the whole consumer banking which they're now pulling back on, guy. >> that is part of it. new old days this was a preauns noment quarter and nobody does it any more. an it is not a great quarter and if you dig, it is not that great. here is what i look at quickly if you want to figure out where it is going. book value this quarter was a lot lower than last quarter. goldman sachs has traded at book value a number of times last year and it feels like it is heading there now. it was a miserable quarter in light of what morgan stanley did was, i wouldn't use remarkable, but almost a remarkable quarter. >> i'm long morgan stanley and i'm not long goldman sachs on a day like today it feels great. but in general, i think it is starting to get interesting. but morgan stanley is changed

their business there is an overlap in the investment banking part and the capital markets part but then the rest, morgan stanley, the rest of their businesses, management and they've done great job and recurring revenues and so even though the same earnings stream over ten years they could have, because goldman has some big wins an big losses, it is waymore highly valued at morgan stanley than goldman sachs. >> so goldman's issues were around the cyclicality of what is going on out there in the world and relying on some of the higher -- i would just say margin businesses but it was an expense story and it was an dispense story and i think that is what people got people off sides. i think people knew this wouldn't be a great quarter for high margin and trading businesses and the return on tangible equity, 4.8% last year it was over 12%. and this is as efficient as anybody in the street.

i wouldn't count goldman out and i look at it and say it is almost time to go the other way. morgan stanley has outperformed goldman for something like 80% in the last five years ands think it is a case where some of this stuff has been well priced in but in the last two years they've had this oscillating back and forth morgan stanley over bought to goldman sachs. >> and i agree with that more than 10% lower, you think about what the base case scenarios if we just have a soft landing and a mild recession, this company, like, coming back leaner in front of what isgoin to be a gang busters capital market environment because the lack bog is so massive after last year. that is how you want to buy a stock like goldman sachs and i think this is in this environment where we see activists pushing things around or whatever, if this company continues to underperform, you might see some smart investors get involved pushing for stuff, less consumer oriented and more

of the stuff in their dna. >> coming up, the so-called meme stock king ryan cohen is setting his sights on china tech and what his buy means next plus one more acronym for the new year mike chui will lay out his guilty pleasure stocks ahead don't go anywhere. we're back there two because you've got the next generation in global secure networking from comcast business, with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want... your team, ours or a mix of both... with the nation's largest ip converged network, from the most innovative company. bring on today with comcast business. powering possibilities™.

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welcome back to "fast money. activists investor ryan cohen has a new target in his sites. the chewy founder and game stop chairman taking a big stake in alibaba looking to amp up share buy back program shares of alibaba have doubled since hitting a 52-week low this past october but still down more than 60% from the all-time high. for more, let's bring in spencer jacob, great to have you with us he's also the author of the book "the revelation that was" and the perfect person to talk to about this yes, he could have already made a bundle on this but, i mean, who does he think he is if he's approaching this as an activist investor, basically taking on beijing when the company has already said, you know what, we're with you

beijing, there terms of the common prosperity message, why does he think that he could restore or help restore profitability in revenues to pre-pandemic levels? >> yeah, i mean i think today's action said it all, melissa. the stock was down 1.5% after the news came out in the journal. nasdaq was up slightly and shanghai was flat and the stock underperformed because the chinese don't care about apes. look at the relative size of the company. game stop was at the time that he aunnounced his stake, 700 times as valuable as alibaba is today. bed bath & beyond last year in the spring was about half a percent as alibaba so it is a much bigger company and he can't influence them and he doesn't have the same voting rights or the same show of interest so their unimpressed and while

it might be a good investment, if you bought it last summer, he's probably up 10%, 15%, and it is up 30% year-to-date and it might be a good long-term holding. i don't think that he could influence the company. >> what is his standing in the reddit community at one time he was meme lord and after exiting abruptly, the bed bath & beyond position, the opposite of lord he was hated basically by a lot of reddit folks. where does he stand right now. when you read the headline, did you think that that means that many, many people could follow him, not necessarily moving the needle on the stock but you could have a retail flow into the name. >> when i saw it, i didn't think that we'd see a lot of retail flow i didn't expect the stock to be surprise and we didn't even get that and so what is the standing? the apes are a very forgiving bunch because they're the sad sacks of the stock market, they get dumbed on a lot.

and whether it is cohen or elon musk, they tend to treat them badly, the way that bed bath and beyond shook out because he rammed it up with his disclosures over the summer and than it was reported that he was out. and he made a profit at the expense of many people that doesn't mean he's not influential because people still watch what does he but this is too big of a fish for him to fry i think in terms of size and having an influence. apes don't matter. you need king come to move alibaba, not apes. >> that is the line of the day great to speak with you. thank you. apes are also very forgiving of being taken in the stock market and going back in. we're seeing it right now with i'm sure they're going to get plenty of hate about this. we're seeing it now though with a resurgence of the stock has had been once great trading vehicles probably wronged many

people and now we're back >> look, i understood that there are people that are aggrieved and they have reasons to be aggrieved and there are ifirms selling short stocks but the stories that got the most attention were broken companies and bust and you had a couple of guys run rough shod on what they were able to do with liquidity and move it around and i love the title of the book i'll let the title speak for itself a lot of retail people are very smart investors that should not and were not chasing this guy. >> coming up, one more acronym for 2023 professor chui and the trades that he said are going to be golden this year "fast money" is back in two. it has been a long road, but now i'm working for schwab. i love to help people understand the world through their lens and invest accordingly. you can call us christmas eve at four o'clock in the morning. we're gonna always make sure

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welcome back to "fast money. we've got one more big acronym reveal coming your way last but not least mike khouw joins us to unveil his pick mike, what is it >> it is guilt gilt so g is for, as you might guess and acronym would suggest, it for gold this is something that i've liked for a couple of months now. it is had quite a run i have to say. but i think if we're taking a look at short-term market-based interest rates rather than the feds fund rates and rates ab gold are anti-correlated i think there is some potential room for the upside here. so specially as rates may

potentially level off or come in "i" is for ibv, that is the biotech etf. i think generally in times of economic distress, i still think we are in a little bit of it health care is a place to be but there is obviously an element of innovation in there "l" is for ticker land, l-a-n-d. and they own farm land and leases it on a triple net basis and they focus on noncommodity, so that is produce and nuts and berries and lettuce rather than less perishable commodities like wheat and "t" is for at&t. think about this on a total return basis and dividend yield just under 6%. i think that dividend is at this point well covered >> all right mike, thank you.

you could have aadded a you and changed the whole thing. gilt we want to hear from you what was your favorite 2023 acronym from our traders was it calm, flom bay, lo jo and they are all on our home page. so head over to cnbc.com/fast money and scan the qr code to vote the and you can't settle on one. you could pick up to three favorites. >> oh, pick one. >> well the t in mike's guilt trade, what did you see? >> calls outpacing puts by about two to one the biggest trade was a purchase of 4800 of the march 20 calls, buyer paid 52 cents makek a bullish bet over the next couple of months. >> wlle' see you on friday at 5:30 for the show. up next, final trades.

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final trade time tim. >> boeing is going well. boeing if you have it, you have to go there. >> chairwoman. >> i think this goldman morgan think went, i would be selling upside. >> dan. >> i like health care, pfizer

looks like a good level. >> guy >> try to get into a mcdonald's over the weekend couldn't do it. >> why >> too long of a line. >> mcdonald's all-time high. >> order online. >> thank you for watching "fast money. m "mad money" with jim cramer starts right now . tech