in that you don't want a whole one way it is a disaster, because that is bad. and you don't want the market to go off into the races and into the fed. >> it is not falling apart all at once. the issue is from wilson's point of view, things could stay for a long time feeling like it is com coming. >> and more big stuff is coming. that is mike santoli "fast money" is right now. right on "fast," a major warning for wall street. a market watcher said he's out right negative on stocks. >> jp morgan marco kolanovic is here for why the s&p could test the october lows in the first half. plus frugal under fire, the doj firing a second lawsuit in just over two years. the biden administration wants to break up the ad online business and later, senators slamming live nation over the botched sale of taylor swift concert tickets saying they have a

monopoly like control. but is this the usual senate saber rattling will live nation just shake it off. we'll debate that. i'm melissa lee, and this is "fast money. no bad blood on this desk tonight. tim, dan, guy and bonawyn are all here with me we start off with a big bounce higher in microsoft. the big tech names to report earnings and the company saying rfb gross margin in azure beat the conference call starts in about half an hour steve kovak is digging into the numbers. >> we're still waiting to hear from guidance. but let's talk about what is sending shares higher after hours. the big one, azure cloud growth beating expectations at 31%. just a hair above the 30.8% expected now before investors would want to see a huge beat on azure but expectations have fallen dramatically around this company and there is foreign exchange headwinds and reduced i.t. spend

from small and medium businesses hurting the growth rate of azure. also a beat on eps and a slight miss on revenue at 5.52 billion and revenue up 2% year-over-year, that is the slowest sales growth in microsoft in six years or more the more personal computing segment is down 19%. that includes businesses like xbox, down 12% but windows revenue really took a hit. down 39% and that is your sign right there pc demand has collapsed after so much growth during the pandemic. now like you said, we'll get guidance for the current quarter on the call starting at 5:30 and i'll bmore for you. >> steve kovak, thank you. up 4%. t, what do you think? >> well this is all about where we came from and in the last couple of weeks. when you cut 4.5% of your work force and you don't reaffirm, suddenly the community got onp

top of that. this is where we came from in last two weeks there is nothing in here -- steve used the word dire i would say some of this pc dynamics are well advised. the 24% intelligent cloud growth i think is strong. we know that microsoft pulled a lot forward. what i do want to pay for this company. somewhere around 22, 23 times, 2024 free cash flow is the number that i think the street is at and i think much above that it starts to get expensive. >> so isn't it expensive now. >> it is somewhere in line, it is just north of that. >> okay. dan. >> i think it is interesting tim just said it depends on where your coming from this year so it massively unperformed and you see the stock sell off and the guidance because everything that steve just mentioned was reported in the quarter, i think you use the term smidge, i think that is a technical term everything was a smidge better

whether you think about the 2% year-over-year revenue growth, they haven't done that since 2017 so to me, i think one of the takeaways, satya nadella said we're committed to help our customers and tools to do more today and innovate in the future they're talking about the open ai and this is when they do reaccelerate, but i don't think you'll have a one quarter deceleration so be so weak so let's see what they report when they guide for the current quarter and for the full year. but i suspect it is going to be a multi-quarter event. >> we've seen in the conference call, back in june, the earnings came out, the stock closed at 256. it was 242 in the after hours and we sat here and listened to the call next thing you know it is 258 and the broader market rally along with it. stock traded up to 300 so here we are so the numbers that we haven't talked about dan makes fun of me before the show, operating margins came in

38.7%. a year ago same quarter 43% and less than the street was looking for. but it is clear that the only thing that i think the market is focused on is intelligent cloud and the azure revenue growth which is up 38% year-over-year all good things. valuation matters though and this conference call is going to matter. and i have to tell you something, dan mentioned this and jim cramer brought it up on his show, that satya nadella interview, he did not paint a rosie pictures going forward. >> no, but when it comes to talking about the opportunity with the ai investment, analysts are jazzed up there terms of the long-term. so if satya nadella is able to paint the picture of what microsoft is after, what it sees with that, people could get very bullish on this one. >> possibly. but i'm kind of taking a step back and looking at this

particular action post earnings, vis-a-vis what happened with the tech names over the past four weeks and microsoft hasn't had that participation in the upside value that the other names do and that is without me stepping out on the risk curve and looking at the highly leveraged type of names. so to me this is a proverbial sigh of relief we were extremely concerned around azure growth. that came roughly in line with expectations, it wasn't a complete collapse. we had already expected weakness in pc demand, that was in line i'm still curious to see what they're going to say about smb's and customer base. but if you take a look at price action today, and compare it to what we've seen from other tech names, to me this is really just people saying okay, perhaps we got a bit too negative on the name but i wouldn't read as much into the positive one-day price action as a one-day pov might suggest. >> just taking a look at other

cloud names. amazon is up 3%. is this enough to give tech the halo, or give tech a little bit of that sigh of relief that everybody is looking for, yearning for >> well, big tech has had that halo for a couple of weeks now the big tech has outfunds the s&p by 5%. and we've been waiting for big tech some of this is the fact that interest rates have moved decidedly lower. there is a perception of safety there. some of this is everything that came out today their business isn't falling apart. azure growth and if you read a handful of the analysts, i look forward to the one we're about to talk to i was reading report, they have azure growth by the end of '23 down to 24%. so let's see where we go and i still get back to pricing power and some point in a competitive at some point commodity space doesn't hold up. >> guy just mentioned satya out of the gate saying it is a difficult couple of years so i would be surprised to see guidance that gets too far ahead

of that for the full year. i think we're going to see death by a thousand cuts we're seeing companies do things on the cost side and seeing them come in and meet lower guidance. so for me, i think that they probably notch guidance down just a little bit. they're not going to kitchen sink anything and a lot of these guys are cautiously optimistic that that the full forward in 2020 and 2021, the deceleration that we're starting to realize right now, it is not that deep and that long. and therefore you don't have to guide for too much longer than the current period and then come in and the guidance is going to get beaten as the analysts come in line a little bit so to me, i don't think we'll see a huge downgrade if we do, i think you would see tech across the boards be lights out. that is it for the next couple of quarters. >> we had companies giving guidance and then a couple of weeks later when things changed quickly, they issued revisions to their guidance. within short order. >> with microsoft.

>> with microsoft. >> and we've seen it and again the conference call will matter. it does with microsoft again, i've said this, it is one of the three or more most important companies in the world. it was a fine quarter. you are seeing deceleration though across a number of businesses people looking at cloud which i think is 40% of revenue and if the growth is there that is good enough for us. buy first, ask questions later but you are seeing a slow down in most of the other businesses if not all of the other businesses. >> that is where all of the growth has come from so it is 42% of the business and 100% of the year-over-year growth but let's be clear i mean mega cap tech, and we're going to have a great marco conversation, marco kolanovic from jp morgan, what big cap tech is doing here if you're a market bull is very interesting. because you can't rally from here without big cap tech and that is what we've had. >> so what is the read through in your eyes, bonawyn, from the microsoft results so far granted we don't have guidance yet.

>> um, i'm with guy. this is one of the most important kcompanies. and we're talking about azure and looking at that for growth but there is a pocket looking to microsoft because of the perceived market of safety so cash on hand is still there the read through is what multiple we're willing to pay for the company. where is growth coming and if that disappoints, then you might see it trade down from 26 1/2 to perhaps 24, 25 that still is a premium to the market and there is a debate that it should trade at such a rich rate when you look at rating in technology it hasn't happened because earnings have fallen out of bed, purely because price to earnings ratios have come in and ratcheted down and that is the read through i'm looking for to microsoft. >> conference call gets underway there 20 minutes in the meantime, the new york

stock exchange created volatility at&t and uber and verizon and uber and mcdonald's halting name 251 tickers were effected. due to a systemish, the nyse did not conduct opening auctions in a subset of the listed securities resulting in the stocks opening at very different prices the exchange is investigating what caused the glitch they said a mall number of trades were canceled and others were aberrant, not used to determine the day's highs and lows this is all in the first, what 20 minutes of trading and everything went back to normal like that. what crossed your mind when you saw some of this swing. >> you're inside of my head so you know i think it is something nefarious and something far worse going on were they hacked, what is going on. >> she called on you when the term aberrant was said. >> i don't know what that word means so i sort of -- but with

that said, they'll explain it. but it is worth mentioning, nobody explained what happened in may of 2010 either when we saw the flash crash. so they'll chock it up to system or something like that i think there is something else going on that we'll learn about later. >> if you follow candlestick charts, you have some fascinating intraday candles to lay. i'll call this aberrant. whatever the reason is, at the end of day we have seen a handful of moments over last couple of years, didn't change anything i did today. >> coming up, a big tech crackdown as jthe justice department goes after goolg again. and lyft and lulu getting analyst attention but which of the names is a buy don't go anywhere. "fast money" is back in two. [office sounds] ♪upbeat music♪

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those smiles. that's why i do what i do. that and the paycheck. welcome back to "fast money. the department of justice filing its second anti-trust lawsuit against google in just over two years. merrick garland saying they have used anti-competitive tactics

violating the sherman act following a 2020 suit which charged the monopoly power to stifle competition shares falling more than 2%. the government's latest show of force trying to let big techno it doesn't want the companies to get bigger and more powerful we're tracking this story and the reaction >> well the doj 153-page filing traces google ad business back to the 2008, $3 billion acquisition of double click and they tried to create a moat around the advertising business that harmed both advertisers and publishers for years attorney general merrick garland said the department of justice is simply enforcing the law. >> no matter the industry, and no matter the company, the justice department will vigorously enforce our anti-trust laws. we'll aggressively protect consumers, safeguard

competition, and work to ensure economic fairness and opportunity for all. >> now google responded with a statement this afternoon saying today's lawsuit from the doj attempts to pick winners and loser in the highly competitive adding technology sector it largely duplicates an unfounded lawsuit by the texas attorney general much of which was recently dismissed by a federal court. now this is all part, as you say, of a much more aggressive effort to challenge the technology industry. just last week we saw president biden publish an op-ed in the "wall street journal," accusing big tech of a wide range of misdeeds, in it he said that when tech platforms get big enough, many finds way to promote their own products while excluding or disadvantaging competitors or charge a fortune to sell on their platform. my vision for our economy is one in which everyone, small and mid-sized businesses, mom-and-pop shops, entrepreneurs could compete on a level playing

field with the biggest companies. this is just the opening salvo so this dispute is not going to be settled any time soon back over to you. >> thank you in washington for us. he used the word build a moat that is what every single business in the world tries to do it is building its business. putting that aside though, on top of this, on top of the two suits against google in the past two years, there is also the action brought by the ftc to block activision which has been held up for the past year. so there is a far-reaching effort to stop big tech from getting any bigger, dan. >> it is funny i guess it comes down to the remedies when you think about this is it nine competitive, that one thing. if it is disadvantaging consumers, that is another thing. there is no evidence right now that amazon's monopoly that they have in e-commerce, that their monopoly in digital search is disadvantaging consumers i think when investors have been looking at overhang about regulatory, there is a lot of

shots across the bow at this and none of them really stuck. so if revenues are not that big, i think these guys will figureoit how to move on and i don't think it will hurt competition. i don't think of the remedies are breaking up this company. >> a lot of big tech, as tim points out correctly, you want to break up google, that is fine fine it is worth a lot more sum of the parts for before it is trading right now. this stock made a multi-year low back in early november, it is rallied 18% since then i think they report earnings on the 2nd of february. you talk about a stock that you could wrap your head around va valuation. >> we've set here before where there is some alleging anti-competitive, anti-trust sort of practices and it is always been nothing for the stock, in this particular case though could it be more serious? because if you make google or

alphabet divest its ad tech, that platform from search, what is search then for google in terms of revenue >> this is so much better, this is a more comprehensive case that has been brought than the different states so this is a more comprehensive moment and a bigger moment i think than all of the other ones. it appears they don't go after the buy side, they're going after the sell side of the business and that is something that is notable. so again you go after the part that is either a more public outcry or a part that you could actually win on because it seems like on the buy side it is still reasonably competitive. >> bonawyn, do you look through this >> i think you do. i think the freak wedquency of make your eyes -- and the microsoft deal also makes you take a second look but the fact of the matter is until they're able to really drill down into the technicalities of where the violations have happened and as said, what is the cure

there has to be damage and the cure has to be skosh tent at this, i think google is a compelling story. >> here is what is coming up next. >> announcer: driving high and stretching low why analysts are ready to roll on ride share but are skipping yoga class the details next. plus, the earnings keep rolling in as investors await another key fed decision so how should you position your portfolio as stocks continue to swing. a top strategist lays out his bear case next you're watching "fast money," live from the sdnaaq market site in times square. we're back right after this. so we're hard at work, helping them achieve financial freedom. we're investing for our clients in the projects that power our economy. from the plains to the coasts,

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welcome back to "fast money. call of the day on lyft. upgrading the stock to an over weight in the bullish cost cutting measures seeing an opportunity for meaningful growth, the tock in the green morest day but lost steam to end a percent lower. shares are up almost 40% this year tim? >> well, i'm a lyft shareholder. it is the ellen lags it is a story that i say is ideosyncratic to whatever he may have in this economy they've advised on a billion in ebidta by 24 that may or may not happen i think the biggest place to improve is management communication. the analyst community is critical of this management team i think the information to the markets has been awful and we've made some changes and i think their business has to get better i stay long. even after a big move like that. you had two or three 30% plus

moves in the stock since the lows but i think it is starting to show something. >> lags. >> the lags. >> it is the -- >> today is the last day, the cut-off point is on eastern time today. >> it is the last day to vote for the acronyms >> you know, don't be a wisen-heimer if you go to the website, it is like secretariat and a number of after rants. >> somebody is out ahead. >> somebody is out in front. >> could i say one thing about lyft this is the l in my tlsq and i was thinking this was near the lows up about $10 and i thought there would be strategic m&a and that could still happen i don't love to see in a month a stock go from 10 to 15 and tim you just said if they make that ebidta, they're not likely to. on a gaap basis they're still losing a lot of money. so you don't want to see the

stocks run too far, too fast in front of results and -- >> and i think what dan just said that the ellen tlsq is not what you want to vote for but the ellen lags -- >> it doesn't make any difference you could go there right now and vote 100 times in a row and i don't think it will move the needle. >> you could stuff the ballot box. >> i voted many times. >> for karen >> mr. mojo rising >> we still have until 6:00. turning to a buzz kill on lu lu lemon. slumping after they downgraded the stock to underperform saying earnings growth should cool due to a growing demand and so far in 2023 it is down 2.5% but the etf has surged nearly 10%. had a lot of inventory, bonawyn. that is a problem? >> yeah. we definitely have to read through early on this with the inventory and the subsequent selloff there.

and the only company i've seen do this in a meaningful way is nike they were able to turn through -- churn through inventory there. but the difference is they were able to restructure in a way that allowed them to become more dtc in a meaningful way and right the ship there so i expect there could be continued downward pressure on lulu if you start to look at valuation, it has started to cheapen up so you might look for a place to start nibbling but this has been head and shoulders above other rertailer and i expect that advantage start to shrink as we see the same pressures that we've seen other companies in the space feel >> guy >> 290 is the price target that makes sense bonawyn is right, at least value apgss are getting more reasonable they tried to explain away an 84% inventory year-over-year you can't explain that away. that is catastrophic. >> do you stop buying? >> i'm done because once i get it -- once i get a codry -- >> what is he buying.

>> it is important that is just -- that is one-on-one stuff inventory build was too much $1.9 billion, which is like six months worth of sales or something crazy. it is going to go to 290, i think, take a look at it there. >> what does one do with all of that inventory i'm asking seriously because wholesalers don't pick up lululemon stuff. >> i think lulu, part of the brand and the power is they've made this nonubiquitous. you don't find this at t.j. maxx and they need to do that i have a tactical short of nike. i think you have a case where the bulletproof top of the food chain discretionary companies have been priced to perfection it doesn't change their business they're still top of the food chain and they could trade cheaper. >> what did tesla just do. they lowered their prices and saw demand come back they sell $66 men running shorts or $120 yoga pants there is a a lower price point

but they don't find themself at t.j. maxx so they are stuck in a consumer high end -- >> do you wear fansing running shorts. >> i don't want to know about anybody's shorts. >> clearly tim does, though. >> no, i don't >> cut-offs. >> let's go on senators grilling live nation over the taylor swift ticketmaster fiasco. could the stock shake it off or is there more bad blood in store. and marco kolanovic joins us and he's out right negative on stocks that is straight ahead "fast money" is back in two. >> get your trades to go with the "fast money" podcast catch us any time, anywhere. follow today on your favorite podcasting app we're back right after this.

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welcome back to "fast money. another check on markets today the dow gaining 104 points and the north asdaq dripping a perct microsoft kicking things off for the group. the stock rising in the extended hours after delivering a top line beat. microsoft cloud unit showing solid growth but revenue coming in slightly be lee street

estimates. the call is just taking off. meantime, texas instruments, the chip maker beating expectations with revenue of $4.67 billion. and capital one, dropping and missing estimates. jp morgan making a major move this month cutting the market exposure to underweight to overweight. hall of famer marco kolanovic is the chief market globalist great to you have with us. >> thank you for having me. >> we're just talking about how difficult it is to make a call like this. especially at this point when stocks are going higher. so what is a primary driver behind this. >> so, you know, short interest rate move a lot in the last six months and they'll probably still go a bit higher and stay there. consumer took a lot debt, interest rates went up consumer was resilient and that is was sort of our thesis last

year but as the time progresses, they're less and less resilient. so we do think that we'll have a recession, but the question is whether it is mild or less mild both here in the u.s. and in europe so as the time passes, we think that from the fundamentals are deteriorating. and so that has to clash at some point. >> it feels like investors are hoping that things won't be as bad and the recession will be mild we've heard that time andtime again from ceo's we don't see things as being that bad it is almost like people want to be lazy long how would you characterize the market arks yourself. >> it is a little bit like that. there is a sort of a technical move higher. like the trend followers started covering shorts and add something longs, volatility, vixes is declining so it brings some inflows, some discretionary. and then people start doing narratives we have a china that gives us a

little bent sentiment dollar is weaker so that creates a narrative that the worst is behind us or recession is over or happened last year and now we're gabout to grow. which we don't see like the regional service and empire and philly and richmond, they're going lower. so for me question is what is going to make the survey turn up these data points turn up. and i don't see that happening unless fed cuts. and fed doesn't have an intention to cut now so i do think things have to get worse before they get better. >> so the vix, i'm puzzled at a 20 vix i hear you on that but you often cite investor positioning and you're great at this and to me there is a lot of cash out there. there is also, if you look at the economy, but you have $2.6 trillion in new china savings that could get unleashed. >> that is what makes it tough because positioning is not that high and that is a bullish argument and that is an argument that we kind of use extensively last

year and didn't kind of save us. position was already in june and july last year and we still went to lows. but i agree. on a positive side, positioning is not that high and that makes it difficult, that is why it makes it painful and the market drifts higher because there is that positioning pain or ability to rate as the volatility comes down but overall, we do think that the direction of economy is south. and at some point we'll have to -- corporate ceo will say things look fine now but are they fine in three, six or nine months and the market should look ahead of that. >> marco, what is the math around earnings for this mike wilson low end is 180 and people are ratcheting down their s&p numbers, what are at. >> we're at 205 which sort of prices in mild recession so now if there is no recession, again we don't think that is the case it is probably 225, 230. if there is a recession, it

could be another, you know, 10% lower so 180, 190. so we're sort of in between. so very mild recession, that is what we're pricing in. it could be worse or better. but we do think it is 200 and then 205 and then multiple is high now given that the fed is still moving higher. >> it doesn't sound like you're p.e. matches with what you foresee for the economy though if you say that the 205 reflects a mild recession and the indicators that you take a look at indicate that anything -- everything is going to go south, that doesn't say to me mild. >> you're right. so that is why what we are projecting and it is a little bit convoluted so we think things first get much worse then fed quickly cuts, or reacts or signals cutting, and that takes us higher so we still are hoping that there is some backstop in the -- in the -- when you look at data

rolling off, if they are left unchecked at 5% plus interest rates, it will be much worse more along the lines of what our competitors are saying but we think at some point they'll backstop it. but the question is where. is it 3600, 3400, 3200, we don't have a strong conviction but we think lower is the direction. >> whether you think of your 205 s&p for this year. think about the large multi-nationals make up a big part of that right now we're waiting for microsoft guidance right here. and what are the incentives with the dollar you just mentioned that is so weak and that is one of the reasons why they warned say six to nine months ago do they have any incentives, these major companies to inch it out quarter by quarter rather than take big cuts >> so that could be part, we gradually deflate and get rid of the some of the excesses, the dollar stays a tail wind at these lower levels so that is sort of a soft landing scenario whereby consumer could kind of still survive six to 12 months

it is possible it is a risk to our best case scenario i happen to think that there is usually some contagion or something that happens unexpected, you know, one thing leads to another and market a little bit kind of fronts all of those developments so i think it is less likely that you have this soft margin until we're ready to rally say in 2024. so it is possible. in that case we're not going to be right. >> your fundamental is that the fed will quit. >> that is my view and you remember 475 or 525, there is not too much of a difference er but last time we had this type of rates we're in 2007. and then they went to zero after that so i just don't think that 5% rate, we could have this economy functioning and financial markets and all of the changes that happened in the markets

leveraging the markets, and private asset class, venture capital, all of those things i don't think they could stop at 5% long-term so i think something will have to give and fed will need to flinch. >> marco, great to see you thanks for coming by. >> thank you. bonawyn, what do you say to all of this? >> very interesting in terms of the fed flinching. ultimately at some point they will cut and i tend to be in the other cam there. but he mentioned two things very important. he charted a lot of dow and nontech names over the course of the last 12 to 24 months and you see they've been relatively flat year-over-year versus the fnasdq being the massive laggard that shows that price to earnings compression. i think the other thing that along the lines of positioning which was very interesting, when you start to drill down in terms of pension funding and how the moves and rates might lead to a larger rotation out of equities and into fixed income. that is historically been 1% and

2% that he's depositing could be as high as 3% to 6%. so i thought he made some very compelling points there and i do agree with him that we're likely headed lower we're rallying on negative news and at some point bad news is, in fact, bad news. >> you could make an argument this market surprised a lot of people in the resilience this reversion trade, it is either very long in the tooth and about to reverse the other way but that is part of the dynamic. you have to expect the mega cap tech stocks an respect the fact that there is a lot of places i think could be long and make money in '23 but microsoft tonight tells you exactly, if a top line is not growing and guy said lower numbers and 2% top line growth year-over-year, you can't support valuation if that is where you are. >> we're not strategists, we're negative about maybe there is some truth but when someone like mike wils

con comes out and makes a call like that, i don't want to talk about career risk, it is a bit hyperbolic but it is not easy to make a call like that but he's agnostic in terms of the data and the data suggests this is where things are gomming. >> coming up, the taylor ticket debacle. and when they look in the mirror and say i'm the problem. plus options traders placing their bet as head of results tomorrow so this casino stock worth a gamble tas rahtheig aad back in two.

there are still a few minutes left so to vote on your favorite am ron im do you think tims lags will be a leader all of the picks are on our home page pick by picture or acronym you could vote often, too. head over to cnbc.com/fast money or scan the screen to vote you have 15 minutes here. congress can't shake it off. senators slam live nation over the botched taylor swift ticketing on the hill. julia joins us with all of the

details. >> reporter: senators from beeth sides of the aisle come together to question live nation about whether its ownership of ticketmaster which controlled about 70% of all tickets disagreed saying his company is not anti-competitive >> why is it that you can't identify a -- >> ticketmaster has lost now gained market share since the merger and today's competitive bidding process are numerous credible alternative ticketing companies resulting in getting less of the economic value in a ticketing contract every year. >> reporter: he apologized to fans about taylor swift's ticketing issues saying that the real source of the problems were bots and scalpers an they're working to do better with those issues but many of the senators took issues with his defense. >> why is it that you can't identify a bot attack. you told me yesterday you have a hart time distinguishing between

a bot attack and a consumer. but the local power company down here that is not the billion dollar company, they could tell when they have a bad actor in their system. >> reporter: rejecting the call to break up live nation, instead calling for laws to tackle ticket scalping and the like. >> julia, thank you. tim, i know you have a lot of thoughts about this. >> it is about time and this is not going away and i think there was -- however we described where their market share is, i think it is -- they understated their market share i think there is credence in the defense that the venues are getting well paid. and the venues are part of this. but the control that they have and the biggest dynamic that i think ultimately regulators should look at is the dissent decrees that they agreed to in the merger that are not being abided to. but i won't state they are not

i'll say those are the things that the people should be looking into it is one thing when the artists and some of the venues and again talk about zdominating and controlling distribution and artists scared to come forward because they don't want to mess with the bully and that is what exists right now i'm talking about major bands that are not willing to speak out because there is no place to go when the distribution is c controlled so this issue is not going away. >> guy >> it is interesting, the numbers in terms of the stork, i think they report in the middle of february. but when you talk about a 60 trading six times last year's numbers but you have close to 55% eps growth trades are basically a one-time revenue. so it is not an expensive stock given the huge sell-off and you wonder and we go back in history, when you see events like today, that typically is at least in the short-term a bottom for names like this. >> so then that means there is no belief that there is a breakup risk or anything like that >> i don't think it happens.

that is another story. i think it is a trade. you get long the stock here on the back of this >> coming up, what happens when the options pit stays in the option pits. traders eyes las vegas sands, so how should you play the results. tus.asmoy" when "ft ne rern lily! welcome to our third bark-ery. oh, i can tell business is going through the “woof”. but seriously we need a reliable way to help keep everyone connected from wherever we go. well at at&t we'll help you find the right wireless plan for you. so, you can stay connected to all your drivers and stores on america's most reliable 5g network. that sounds just paw-fect. terrier-iffic i labra-dore you round of a-paws at&t 5g is fast, reliable and secure for your business.

welcome back here is a sneak peek at cramer cam. he's talking with the ceo of logitech catch that on "mad money." results after the bell tomorrow and one option trader is betting the number could give it even more of a boast. mike. >> there is a move of about 5% after they report earnings that is in line with the move that we've seen over last eight reporting quarters the most active contract were the february 3rd weekly 56 strike calls the result of 1500 of the 5660 call spreads that traded for 87 scents. a buyer is moving 2.5 to the 8

up to the upside what is interesting, is the upside break even is 5687 and the average analyst is 56 spot 88 and this stock is up 60% from the october lows $20. so if one is long the stock and they'll report after the close tomorrow, this is a low cost way to give yourself some upside participation after the run that we've seen. >> bonawyn, what do you make of this action? >> i would be more inclined to li likely take profits here it has had one amazing run if you do want to press long you're risking a small amount of premium. >> this had been your acronym for last year. >> this wasn't mean. it was the ellen lif >> you look at me and get mad at me i'm sitting here minding my own business >> it was dawn >> i'm sorry

that was last year there are a lot of acronyms right now to vote for. >> you should still vote. >> six minutes >> i like vegas sands, i think the macau central pacific for the reasons that we've talked about with the reappointment of their licenses and what is going on in china and also in valuation. this isn't expensive it is a big one. i was selling 60 calls out to february and i think you could get paid to do that with the move it had. the valuation is half of ebidta to pre-covid levels. mike has an acronym to vote. full show tomorrow, friday at 5:30 p.m. eastern time we have not forgotten about microsoft. the conference call is about 24 minutes in the sok is holding on to a gain but after-hours session up by 2.5% right now up next, final trades.

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welcome back to "fast money. another check in on shares of microsoft. took a leg lower back up again.

almost 4% right now. no guidance so far let's get back to steveco vac. >> we did get some color about the disappointing results especially on tconsumer side. he said pc sale have gone back to pre-pandemic levels that according to nadella has fallen but he did brag about usage saying that people are using their pc's 10% more than they were before. so even though there aren't as many -- they're not collecting as many fees off the windows licensing, they're seeing increased usage and upgrades to the latest version of windows. also on the gaming side, they are hitting record number of users there. under 120 million users on the xbox game pass that is the service for a library of games that you could play and, look, that is an important metric because the whole thing is with xbox is about getting people locked in and playing that subscription service for the recurring revenue. hopefully we'll get guidance

soon but that is where we're at so far right now >> steveco vac we're back to after-hours session highs. 4.2% was the gain. guy, what would you be listening for? >> it seems to fly in the face of what said two and a half or three weeks, it walks some stuff back so my first question is has anything fundamentally changed since the interview three or four weeks ago. >> it is time for the final trade. around the horn. bonawyn? >> vix, whether you think that you want to put on protection or press along, i would be doing it through optionality. >> tim >> the a in the lags acronym is for airlines and you could still vote it is a shame to finish in the basement, people so, jets etf, airlines going higher. >> dan >> i'm on the other side of that not even an acronym. i would not be chasing microsoft

here. >> guy >> i love these polls are the best thing >> they are fun. >> it is a nail-pieter. >> who is the guy with the khakis. >> steve kornacki. >> he should do the "fast money" poll. >> dhi. >> thanks fo welcome to "mad 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 trying to make you money. put it in context, educate, call me 800-743-cnbc or tweet me @jim cramer we can figure out the so-called