>> okay. ryan williams, founder and executive chairman of cadre. thanks for joining us and giving us that insight. >> thank you >> well, it was a rally for major averages today with the s&p finishing the day up 1.7%. we'll see what tomorrow brings. >> indeed. that's where we'll deep it >> that does it for "overtime. >> "fast money" begins now right now on "fast," regional relief. bank stocks rebounding as the treasury says all deposits at u.s. banks, not just svb and signature are safe we'll dig into the details on that is this the right way to fix what's broken with the banks plus, meta's monitor move. shares surging more than 7% after it announced another big round of layoffs face book up over 60% this year, is firing friends. the new recipe for driving stock growth and later, boeing's new international flight plan. and crypto's spring awakening. i'm melissa lee. this is "fast money. we're live at the nasdaq marketplace.

a full desk here on set. tim seymour. >> karen finerman, courtney garcia, and guy adami. we start off with the regional bank rebound the kre climbing more than 2%, this after the treasury department said this morning that all deposits in all banks, not just svb and signature are safe look at the gains in first republic, pac west, metropolitan and first foundation good times apparently. does this deposit insurance for all make the group more investable was this the right move? ken griffin of citadel says no he believes capitalism is breaking down before our eyes. he is blasting the decision to make all depositors whole, adding there has been a loss of financial discipline with bailing out deposit or the depo. this goes to if we do this, is the sector better off from an investing standpoint are you more confident in it or does this just eliminate the moral hazard and let the banks do whatever they want with their

balance sheets >> i took it as two different questions. but i can understand how you can morph from into one. in terms of investable, i don't necessarily think any of these things are investable. i think they're tradeable as hell tre traded down below 43 that could probably spike back up to 58 which were we broke down from. and nothing has effectively change if you're looking to trade the space, yeah, i think it's tradeable on the long side here without question in terms of where we are in terms of capitalism, i've said it 50 times on this show if you think we're capitalists, think again. we cometlize gains and we socialize losses in this country. with that said, i think we will all probably agree that the people who had their money in these banks, the depositors should be made whole i don't want to be nuanced here. it's much different than bailing out the banks like we did in '08, '09. >> it's not like we bailed out the ceo orrer haves. >> for the debt and the equity zero for the entire management

team, whatever stock they held, now we're zero we'll get to the side of whether they should have sold stock before so the moral hazard for -- that exists, right? i think. so to your point for the depositors, i agree. we can't expect depositors to think wow, boy, their duration risk is really too high, right we did a renovation, and they engineered, and we took their say so that yes, this is structurally sound if it were on me to let's figure that out, i would never be able to do it we wouldn't be able to function if people had to deposit in institutions that they only understood that doesn't make sense to me. but i think what is another issue is okay, if we kid bail out or say to deposits or the. >> right. >> no worry, you're insured. is this a free ride? there are no other strings that go along with this for the regional banks, or for any bank really >> what separates --

>> what would the sum of those strings be >> oversight, regulatory capital, you know, inability to put i guess some conditions on their loan book, their asset book, their duration risk. we needed that last month for sure but all kinds of things. and so the unintended consequences and costs of that, i don't know this knee-jerk reaction makes sense. >> you've effectively socialized banks at that point. there is no difference between the safety of your deposits -- i get why there is different reasons why you go to a bank but for a lot of these community banks, if you make them all guaranteed, they look the same that sound you hear right now is the sound of tightening standards going on around the country. and you can't tell me as an investor in banks that that's good you can't tell me as an investor in banks that their cost of capital didn't just go up. they've got costs to pay back. they're now competing more than ever for depositors. it's great for us. we're going to get more on that -- red cross those red

cross accounts >> sure. get a toaster. >> oh, yeah, or a calculator >> absolutely. >> sosh that bothers me. by the way, is that all you got? they finished up 2% after that kind of an announcement? i don't think that was very good priced action at all this is -- and i would say this more broadly both for the economy and for the country. we're not better off today we're worse off on some level because of what has happened just because if you get back to ground zero, i don't think we can now get past this. >> the flip side is if there are more regulations, in theory to prevent this from happening again, then you won't be the bag holdener a situation like svb, right? there would be less of that sort of danger of that -- of the rug being pulled out from under you from this sort of circumstance in theory, if there are more regulation to prevent this from happening. >> right i think that's really the problem that's happening right now is there isn't at this point in time a systematic issue with the banks. but if everybody loses confidence and starts pulling

their money out, it will create an issue i think what's happening right now, they're just trying to ensure that doesn't happen the confidence loss doesn't happen fundamentals are there, right. but if we all lose faith in everything, it's going to be gone at this point in time, they're not actually guaranteeing everything they're just saying it's safe. which is different than changing legislation. none of that has changed yet i think it's too soon to say are the banks going to be overly regulated? is this going to be bad for their bottom line? at this point they're just trying to tame confidence is all that's gong. >> a ranking member of the house finance services committee has said that he wants to pro peas at least temporarily maybe 12 months or so guaranteeing all deposits so that could be an interesting development. and that's talking on the gop side of things which is a little bit surprising. >> it is it reminds me, during the pandemic, the fed came out and said we are here, we will do whatever it takes. we will buy governments, we'll buy investment grade we'll even buy high yield. and just them saying that alone was enough they actually didn't even need to do it

in fact, they hardly bought any of investment grade or high yield, and yet just the statement enough was enough to sort of fix the finance -- >> right. >> fix the financial system that was on the verge so they're doing that again. it's the same thing. i mean, it seems to be working at the moment. but we don't know yet how it's going to -- what's going to shake out. that's an interesting proposal >> that was the same comments. but hank paulson back in the worst of the financial crisis, again, he used the term having a bazooka in your pocket there is no question again, i get back to we don't really know the regulations, right. you can't speculate. but you can't tell me that banks who are trying to give more money back to investors in the terms of dividends and buybacks, and it finally got into a place after 15 years citi bank has a 4.5 div yield. all the banks have become a place where big pensions and endowments and people who want to own div stocks are giving money back you can't tell me that banks are

giving that marginal dollar back more now if anything, they're going to say you've got the stay more capitalized. keep the money in-house. it really puts i think a cap on what banks can be valued at. >> the other side is from the smaller banks, they can lose deposits, and those deposits can go to which is what they're dealing right now floods of people right now want to move away from a smaller bank. >> which you can understand. okay, karen? >> they are already those the civs are already under great scrutiny and regulation, right and that's why possibly that they don't have this problem that the duration, you know, mixes much better. so they're already operating in that i don't know that it will get harder for them first before it gets hard for the regionals. >> i rarely find myself agreeing with elizabeth warren, but i will this time stop the press.

>> mark it. >> mark it down. we had things in place it was something called dodd/frank if you recall then. in 2018, they rolled some of it back and one of the things that happened is a bank like silicon valley bank no longer had to be under a auspices of a stress test do you think it traded north of $700 million a meteoric rise when other banks didn't? was right when she called bs on it way back when 17 democrats voted for that rollback as well if that had been in place, one has to wonder if this would have happened so there are a myriad of things that went wrong here i think that was the start of the entire things. >> barney frank of the dodd/frank on board at signature bank. >> yes, he circumstances and advocated for that rolleback let's bring in danny moses, founder of moses ventures. danny, there is so much to unpack here with you that i want to to get to. what do you think of this bounce and are you finding any shorts or longs in this sector at this

point? >> kind of taking it all in here a lot has gone on in the last week a week ago maybe some people knew this might happen, but is new. it's hard to buy or sell securities, stocks that is, not knowing how the plan is going to be unveiled. and we're getting a little bit more clarity on that in terms of this btfp, which they could have called btfb, if you know what i mean the problem here is really sifting through. it's not just about agency securities and treasurtreasuries there is commercial loans on bank balance sheets, cni loans, et cetera that are still going to be a problem. now is the time to really dig into these banks >> yeah there is a lot of work to be done to think that people whose sole living is to analyze these banks, whether it be wall street analysts, ratings agencies, san francisco fed, you name it, they all missed the boat on this so for all of us out here,

there is a lot of work to be done in terms of, though, guaranteeing all deposits, does that make anything safer in your view if this became the norm, if this became the rule that there is a back stop for everything, does that make the sector any more attractive in your view, stabilize things >> no. i think that should scare people, the fact that the regulators think they need to go out and actually do that so now i think what we're going to see is the banks maybe come to this window and use this program is going to raise a lot of questions and you can't assume that the regulators have any idea what they're actually dealing with now, considering that they were completely caught off guard it appears by what just happened at silicon valley bank that should make people nervous. again, the first innings out of the gate that we get for q1 are the banks. so we're going to see a lot of interesting information come out. we're definitely not out of the woods. and i think the fed is kidding themselves if they think that this situation is just going to go away. i think a lot more people will come to this new window so to speak to deliver some of these assets

>> hey, danny, it's tim. >> hey, tim. >> i feel like the fed and the dollar and even rates were kind of the previews, and we're now at the matinee it's credit time and to me, we may have peaked on fed. we may have peaked on dollar, may have peaked on rates this is a great time for owning equities but we've just gotten a glimpse of what goes on at credit. how you playing it we went up a full 1% in about a week on high yield oas i realize it's not extreme levels, but everybody says there is no credit dynamic working right now. i'm not sure i agree >> there has been a credit dynamic in place since the fed started raising rates. we're just now getting the lag impact of that look in fall when blackstone had to negate their funds, starwood had to negate their funds. that's really on the commercial side occurring two defaults, pimco, brookfield, defaulting on office buildings these things have already been in motion. this is what i mean we didn't see this coming a week ago, or

99% of people did not see this coming now it's the all clear, i don't think so to your point, tim you made earlier about the cost of capital moving higher. rest assured that banks now will be forced to have more capital and like it or not, the big banks are about to get bigger. as we're sitting here, it's probably happening right now that is not what the regulators wanted to see. to your point, it doesn't change anything what it did was basically moved the fed from a terminal rate or market expectations from almost had gotten as high as 6% here really to 5. and now attend of the year, i'm looking, see a meeting and fed fund futures are at 4. what we did is got the relief rally associated with the fed stopping, but the truth is the aftermath of this i think actually the economy, if you believe it's going to slow down, it just aksel rated that slowdown because banks have to really pull back in their activities >> danny so, the saying is the fed keeps going until something breaks was this it? >> this was a small vase sitting on the window.

what i really think is in terms of breaking, this wasn't on a lot of people's bingo cards, right? it wasn't certain people who have been actively shorting some of these names that saw this balance sheet that had massive issues i just really feel like we still have underestimated in this market in general what is happening when you raise rates 4.5% of what may end up being 5% we'll see what the fed does next week maybe it's another quarter point. and the other thing, melissa, this whole ching qt, quantitative tightening. we get down to 8.4 trillion. i think we can say qt is probably done here and we're back in a qe, at least a neutral mode we've got some stuff done. but the problem here is we still have inflation and i believe that you're now brought forward the potential for stagflation as a result. because the fed still has to do their job. what we don't want to see is them to stop while inflation is still running hot. >> it's a tough choice financial stability versus price stability. it's a tough one danny, it's always great to speak with you

danny, thank you so much danny moses. as we sit here talking to danny, wells fargo filing for a 9.5 mixed shelf securities debts, warrants, purchase contracts, guarantees your first reaction to this, karen. >> good for them everyone should file a shelf, right? everyone should. if you can do it now where there is sort of no cost to it in terms of your reputation or anything like that, you should it does also make me wonder, if you go to this window and bring whatever assets you have, is that a walk of shame >> yes. >> is that like going to a methadone clinic >> yeah, totally. >> i think so. but do we need to have that disclosure i don't know >> the disclosure that it's a walk of shame? >> the disclosure who went to the window, how much did they bring? >> right. >> in '08, the government said we're giving all of you a huge swath of common. so we're not going to tell you who really needs it. >> this is wells fargo who is the lowest loan to deposit ratio. they're the ones we are lauding yesterday. they are at 37% -- sorry, of the

federally insured ones they seemingly were the most defensive money center bank here based upon at least those ratios >> so i guess the question here, courtney, you've been in some of these larger banks does your view of them change now? >> what's been happening with this even before last week is people have been looking at actives, even the big banks. they're putting their money in treasuries they're not paying anything on the bank accounts right now. yes, you're getting the shift right now from your mid region banks to your large mid cap banks. they're going to have to pay more interest to keep people there or see more deposits go out, because people are realizing if i have above the fdic or if general they're not paying are going to start to park money elsewhere, which does affect their bottom line if they're going to have less margins. it does affect the banks in general. >> guy >> it's interesting. i'm getting on the twitter, you get a lot of twitter comments on the show and people are saying well, there was a study apparently that silicon valley, if they were under the auspices of this stress test, they would have

passed it. okay i'll play that game. so what does that say about the stress test ten? >> they're lousy. >> they're lousy >> something wrong. >> there is something wrong. there is something fundamentally wrong. so i don't think we're nearly out of the woods to this thing to danny's point, small vase, i don't know what broke. something clearly broke. we've been saying it for a while. but the pickle that they find themselves in now is if they stop and inflation is the problem, which today's numbers indicate, what happens from there? >> stick around. some wild "options action" in the regional bank space. mike khouw will bring us all the details in just a few. and shares of meta moving higher after announcing 10,000 more job cuts. what else can we expect out of the company's so-called year of efficiency more on that next. plus, another dream order for boeing securing a huge order foreits dreamliners. but it's not u.s. airline making the deal the international orders when "fast money" returns we got this.

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welcome back to "fast money. meta cutting 10,000 more jobs. this comes just four months after the social media giant axed 11,000 roles, sharing jumping more than 7% today julia boorstin has the details julia? >> in addition to the layoffs, mark zuckerberg also closing 5,000 open positions that meta

had. he warned of the, quote, possibility that this new economic reality will continue for many years, and he also lowered meta's 2023 expense guidance the company now forecasts a range of $86 billion to 92 billion in expenses, down from a prior range of 89 to $95 billion. the company saying this is inclusive of the layoffs and 3 to $5 billion related to facilities consolidation charges and severance. evercore reacting, saying the year of efficiency is becoming more efficient with a new lowered expense guidance, meta is declaring that it can recover to growth to de minimis growth which will create a slingshot opportunity as revenue growth rovers. zuckerberg saying the company is focused on increasing developer productivity and also improvements to the company's processes. and zuckerberg, interestingly, used some new buzzwords. instead of talking so much about the metaverse, he wrote in his

memo that meta is building the future of human connection, and trying to build new ways for people to feel closer using ai and melissa, it's also worth noting even with this elimination with now 21,000 jobs in the past six months, meta still has more employees than it did as recently as summer 2021 melissa? >> julia, thank you. julia boorstin a lot of buzzwords in that eps, slingshot opportunities. >> it's a great term. >> connection opportunities. and of course you got to throw in a little ai while you're at it >> absolutely. >> why not >> right one word notably absent, metaverse. >> right >> during the peak of the frenzy and how much money he was going to spend, if someone had told me this is what he is going to do instead, he's going toe just cut, cut, cut, talk about efficiency, don't even mention the metaverse, you would think wow, the stock could get back to 194, maybe i didn't think we'd get back that quickly, no way >> actually mentioned efficiency

90 times there and i think they know that the impact of those buzzwords, right? everything is going to be listening. they heard efficiency. nobody can conceptualize what the metaverse is so they shifted to ai. i just think they know that. what i do think is interesting is they're really focusing on people coming back into the office last year, this wasn't just meta, but it really the economy as a hole productivity was extremely low. i think they're starting to realize getting people into the office is going to increase productivity, even if they have less workers i think if that becomes a theme this year, it actually could become something good for the general economy. i thought it was interesting >> i'm trying to figure out how to trade the stock do you remember that >> who doesn't, guy. >> apparently the market doesn't. >> create a little panel so when you mention it pops up like the pop-up videos vh-1 >> i'd love to see. >> the correct staff could put that together. maybe we go back upstairs, they'll visit ready. i thought the reversal was going to hold.

it didn't. now 195. basically, a year ago today effectively, this was the $225 stock before it took the next leg down 225 passed resistance, past support becomes resistance i'll say this, it's also a 50% retracement of the all-time high, than that low we saw in the fall maybe ultimately 225 is where it gets to. >> all right there is a lot more "fast money" to come here is what is coming up next boeing, boeing gone. the plane maker inking a big order for its dreamliner jets. and the buy is coming from overseas the details next plus the crypto surge. bitcoin rocketing higher as the regional bank fallout continues. so is crypto winter finally thawed out you're watching "fast money," live from the nasdaq market site in times square. we're back right after this.

young lady who was, you know, mid 30s, couple of kids, recently went through a divorce. she had a lot of questions when she came in. i watched my mother go through being a single mom. at the end of the day, my mom raised three children, including myself. and so once the client knew that she was heard. we were able to help her move forward. your client won't care how much you know until they know how much you care.

welcome back to "fast money. shares of boeing up almost 2% today after the company closed a deal to sell nearly 80 of the 787 dreamliners to a saudi arabian airlines estimated to be worth $37 billion according to the white house. demand for wide-bodied planes seems to be picking up there is a boeing side of it, but then there is the airline side of it too, tim. >> well, if you've listened to the airlines, they've been talking about renewing their fleets and it's really been a function of getting the business back to a place where demand is -- and in fact we've heard from a lot of these folks that they're pre-2019 on revs to the extent are you hearing from the airlines that you're starting to see some of that demand taper off either way, planes have to be

replaced either way, these order books are going through. and either way, remember, all the unfortunate news around boeing over the last five years, the biggest issue was covid. it really was. it was people just not flying. how can you tell me that this company is not going to make 25 to 30 bucks a share at a time when that's what you want to be investing on in this economy i think boeing goes higher i think this is great higher where else is she going to go? especially for the wide bodies, which is really where they make most of their money. i think they compete very much with airbus on the 320s and the slimmer planes, but i'm lon longbowing here. >> united just came out and said demand has come down, which i think is one of the first times we've heard that but it's more of a seasonality shift. people were traveling all year round after covid. but now they're shifting to traveling around the holidays and the summertime, but the demand is still there. weapon a boeing, i do agree with tim. they indudo have to increase th fleets and with energy costs so

high they need more efficient planes boeing, airbus are basically a duopoly. that's going to continue to benefit them >> spirit a aero systems you col go 15 times next year's numbers bernstein cut on operational problems, but cut to it a $38 price target trading 31 bucks they reported a quarter i think the end of february which was not bad. i think if you think bowing is going to do well, almost by definition you have to think that spr will as well. up next, bank pain, crypto gain so has spring sprung for the crypto winter? our next guest sees a fed asu pause on deck. mark zandi lays out his call when "fast money" returns. get your trades to go with the "fast money" podcast catch us any time, anywhere. follow today on your favorite poasngppwee ckdcti a 'rba right after this.

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welcome back to "fast money. another check on the markets today. stocks rallying after the consumer price index came in line with expectations the dow jumping nearly 350 points, breaking a five-day losing streak. the s&p climbing more than 1.5%,

its best day since january and the nasdaq surging more than 2%, trading both above its 50 and 200-day moving average take a look at crypto, surging on the back of all this bank drama. bitcoin jumping nearly 25% in just the last few days guess when the system is broken, tim you go out of the system >> well, people that have been long bitcoin and talking about it for years and the decentralization, we're talking about socializing our banks. this is why you have bitcoin and i'll channel my inner bk, who we miss here effectively, when the fed stops hiking, they're going start rallying and i don't know if the fed stopped hiking, but that's clearly the message you got from bitcoin. >> yeah, that's what we've been saying for a while once they show, they flinch, whatever word you want to that's when bitcoin starts going higher this was 17.5 a couple of months ago. 25 now bitcoin is telling the story here for sure. >> yeah. but the market reaction, it's still the fed is greater than any bank meltdown problem,

right? that's what the markets are telling us the notion that the fed will be on hold, or the terminal rate will be lower. that's much more valuable to investors as a piece of information. >> that push. >> that trade on >> yeah, i mean -- >> i think so. it's interesting to me, though i would have thought any speculative activity in bitcoin would be kind of out now i mean, so much money has been lossed in the speculative part i don't know if that's -- maybe none of that is driving this this is interesting, though. so if the -- well, bitcoin, what do you think it trades, if they say 25 basis points? >> yeah, i don't know. >> down a lot? >> theoretically but what's going on with the banking system overrides for the bitcoin trade. i don't know >> i think 25 is happening but i think the more important point, and you mentioned it, mel, the triple qs, the nasdaq 100 had a golden cross or the 50

traded above >> not a dodgy star. >> and we're waiting for that emoji. >> keep waiting. >> it hasn't gone to the upside 50 day over 200 day to the upside since june of 2020. we all know what that meant in technical land and i'm not the guy that's dyed in the wool in stuff but there is no question that a golden cross or even just a bull cross is something that i follow >> you think 25. our next guest is in the camp that the fed should pause next week let's bring in mark zandi. he is the chief economist at moody's analytics. mark, great to have you with us. i'm guessing you think pause now because of what has transpired in the banking sector. is this an explicit choice of financial stability over price stability for now? >> yeah, i think they'll pause i think they should pause. will they? that's more of a debate. but i think policy making 101 says there is a lot of uncertainty, and there is a boatload of uncertainty about

all of this, then you err on the side of being overly accommodative. that means no rate hike at the next meeting i think then they can stop, take a look around, make sure the system is on very solid footing, credit is flowing, take a look at the economic data over the next few weeks, the inflation numbers, the jobs numbers, and make a decision at the may meeting. and resume increasing interest rates if they need to. at this point, given all the uncertainty, given what they did, right pretty aggressive actions when you set up a new credit facility to provide liquidity to the banks and you're part of the action to guarantee all the bank deposits given that, it seems you'd want to pause here and take a look around >> hey, mark, it's courtney here i noted in your notes you actually made a point that we should watch for oil right now, right? you're seeing because of the supply and demand, and it has been lower, you're expecting that to increase i'm curious if you can expand on that i think the supply-demand has been argued the past couple of

months but energy prices remain low. what is your tick on that? >> courtney, i've been surprised at how low oil has remained. that's fantastic that's key to tin nation outlook, the indirect impacts. but most importantly, the impact oil has and gasoline prices have on inflation expectations and wages. so keeping oil down in the 70s, low 80s, that's really been pretty good. and surprising, in large part because demand has picked up china has come back and demand has picked up. of course, you have the russian sanctions that increasingly are budding. have i been surprised. you know, i do think as we move through the area into next, the supply-demand balance will start shifting towards higher prices i wouldn't be surprised that at year end we're closer to $90 a barrel than 75 there are some calls for $100. i doubt that i don't think we're headed in that direction but certainly higher than what we are today >> hey, mark, it's tim this is not scientific, and this is qualitative, but your view is

very important to the audience what's going on with banks what does this mean for the economy? what is the element of this that is a slowing and lending at a time when we started to see a couple of years of really in cni loans and dynamics in the banking sector we hadn't seen in a long time. i think it's very negative, but your view is more important here. >> well, it's negative all else being equal, the banks is key to the credit to households and businesses. credit growth has been good. there has been some tightening in underwriting. we've seen from the senior fed offices survey, for example. the actual growth in credit has been pretty consistent with the growth in the economy. that's exactly what you want i suspect here given what's happened, we'll probably see some further tightening in underwriting, some weakening in credit growth, and that will be a drag on economic growth. another reason why the fed may want to pause, take a look around and say, you know, say how big tightening will be and

how significant impact will be having said that, tim, other financial conditions have eased up mortgage rates which were 30-year fix were over 7. now back down closer to 6.5. and so we're kind of crosscurrent here is when you add up all the impacts on financial conditions, and the net of all that is probably, at least at this point, a wash. but again, given the uncertainties, if i were a policy make other tonight fed, let's just pause here and take a look around. >> you said what's going on in banks is not a systemic failure at all it's not a systemic risk is it because of the intervention that had gone on over the weekend that does not make it a systemic risk? or would it not have been a systemic risk any way and we did this intervention for whatever motivation, to protect depositors, political, whatever you want to call it. >> yeah, no great question obviously with the back stop, the system is money good the message here is that the

government is going to do whatever it takes to make sure the system remains on solid ground so we're good. i would have said before all this that one of the strengths of the economy, one of the reasons why i've been generally optimistic that we can avoid an economic downturn is the strength of the banking system subjectively, take a look. the tier 1 capital ratio very high obviously a lot of that is related to the reforms after the financial crisis dodd/frank. liquidity very good. credit quality, it's starting to weaken but basically, just normalizing for most loan categories so profitability is strong look at return on assets or return on equity it feels like the system was the reason for optimism about the strength of the economy. i still believe that to be the case i think we've got a few idiosyncratic institutions that this went sideways here and got caught, you know, the rise in interest rates and i don't think it's broadly symptomatic of what's going on in the banking system. look, i could be wrong

there is a lot of uncertainty. let's just take a breath take a step back and assess things don't push harder on interest rates until we're absolutely sure about the system. >> mark, great to see you. thank you. >> sure. any time >> it's not getting that money out into the economy, which is good for the fed's fight inflation, but mortgage rates, interest rates are down. where do you come out on it? it's a wash. >> i think they've been doing the right thing all along. i still think they should stay the course they've been extraordinarily vocal in their want -- >> did you just say the fed has been doing the right thing all along? >> no no, since they've been raising. i've been clear they're finally doing the right thing. and i think they're pretty clear at explaining what they're trying to do if they are speaked by what's going on, that's an entirely different situation. 6% is nowhere near the target rate of 2. coming up, an earnings alert

for you. shares higher after reporting results. we'll report on that next. and throughout march we're reporting on women's heritage. here is the ceo of slack >> i am a brazilian latina woman, and i'm just so proud to bring all of the experiences that i've had my entire life to my job today and far too often, we are shy or we don't embrace that full richness of our experiences makes us who we are. so i encourage all female leaders around the world to embrace being proud. i'm proud to be a woman. i certainly am proud to be a woman leading slack, and i hope all female leaders embrace the same

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if you're out there. if you're looking for more. we're looking too. we're calling on a new generation of builders for navy's next-gen submarines. i'll say this. this morning as soon as our trading window opened, i was waiting at the door and bought 50,000 shares for my personal account on right as the market opened that much confidence i certainly have in this company >> that was schwab ceo walter bettinger delivering a competent message on the exchange today.

also saying schwab stock was the top stock purchased by the firm's clients on friday schwab finished the day up more than 9%. meantime, shares of first republic rebounding after dropping more than 65% in the last week. trader thinks this move has legs mike khouw has the action. mike >> so first republic traded 24 times its average daily options volume today it was the 13th busiest single stock option and the fourth busiest amongst financial. activity really went both ways there were both bullish bets and bears bets the largest trade by the end of the day was the march 30 straight puts. we saw those trade for a little over two bucks, that by traders who are a little bit concerned because they're risking 5% of the current stock price on a 25% out of the money that expires at the end of this week implied volatility has come in and we're seeing an increase in the bullish bets in the regional

banks, particularly first republic >> quickly, karen, you're in this first republic trade. >> i'm in the trade. it's a bit of a capital structure arbitrage. long the preferred just got annihilated yesterday and short some out of the money calls. i think in a lot of scenarios, i think they'll be okay. i wouldn't be shocked if you woke up tomorrow and warren buffett or somebody like that, he would be the best name, took a stake here with a nice sweetheart deal with some warrants, something like that. we'll see. i'm surprised we haven't heard anything else from them yet. >> mike, thank you for more "options action" tune in friday at 5:30 eastern time lennar, shares higher after a beat on the bottom lines home deliveries up 9% from a year ago let's go inside the numbers with diana olick. diana? >> they beat in tough market conditions, but it really, really about mortgage rates. delivery is up 9% while new orders were down 10% that's not actually that bad given the market take a look at mortgage rates

during that quarter that started at the end of november they started falling and then were decidedly down in january that's when we saw both sales of newly built home and pending sales of existing homes jump nationally then came february rates got ugly again but lennar's chairman stewart miller said while traffic dropped in february, sales helped he said home buyers are considering the possibilities that today's interest rate environment may be the new normal and we've seen wide swings now in rates due to the banking rates. rates plunged and came back today on the cpi report. experts tell me unless we see more big pain in the banking sector, rates will likely continue to rise melissa? >> diana thank you, diana olick the conference call first thing tomorrow morning guy, what do you think >> we've talked about home builders you can be bearish in the overall market, but you have to trade these from the long side we've been steadfast look at the names, all made

highs in december of 2021. they're all within probably 8 to 12% of approaching those levels that we saw a couple of years ago, which is remarkable if you think about it it becomes not unlike oil. this is a supply-demand situation, and the supply is not there for the demand i think you stay long these names. >> tim >> i don't chase them. guy is right on the supply dynamics, and they just said this coming out of this earnings call, i look at the dynamics with the consumer everything else that we're talking about on the show tonight doesn't bode well for the housing market i still think sales continue to grind lower. >> if we have rates still high and lending standards tightening, that's sort of difficult for the home buyer even with the supply-demand constraints. >> something has to give rates have to come down or prices have to come down it's to a certain extent i think that supply and demand is a lot more dramatic then you realized there are tons of buyers waiting

to buy i still like the home builders here but especially if we do start to see rates come down, you are seeing the expectations later in the year for that to happen, that it could mean mortgage rates eventually come down which would be a beneficiary for these. >> still in lows >> still in lowes. still in home depot. lowes in particular attracted me, price cheaper than the market and at least a market multiple stock. >> yeah. would you rather >> i love this game. >> it took only 50 minutes in the show to get to it. would you rather builders or the home improvement retailers. guy? >> wow, builders or the home improvement. >> i'll go builders. i'll stick to my guns. karen is right in terms of valuation. i think people underestimate, to courtney's point, what's going on the ground in these home builders so i'll stay with the home builders. >> i think home depot. karen is right lowes is cheaper i do like them here. you have a dynamic where people are going to be investing in

their homes. they're pro-business, that's margin friendly, i think they can be a little more resilient here i'm not sure you're chasing any of these things right now. even the home builders lennar has gone from 65 to 100 but i am buying weakness in home deep patchy fog. coming up, three names topping the tape today after a major legal victory. we'll bring you the details in the trades, next stick around much more "fast money" in two. good luck. td ameritrade, this is anna. hi anna, this position is all over the place, help! hey professor, subscriptions are down but that's only an estimated 15% of their valuation. do you think the market is overreacting? how'd you know that? the company profile tool, in thinkorswim®. yes, i love you!! please ignore that. td ameritrade. award-winning customer service that has your back.

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let's race. boom. introducing the 10g network only from xfinity. welcome back to "fast money. uber, lyft and doordash surging after a major legal victory. a california court of appeals ruling these companies will be allowed to continue classifying drivers as independent contractors, overturning a previous ruling. a huge victory for these companies when it comes to labor costs. this had been an overhang. here we are. guy, what do you think >> i played the would you rather game which is twice in the last nine minutes, but might be has always been lyft but wrong now. uber is clearly taking control all these things you're sighing, it's a win for uber.

lyft is seemingly lost in this whole situation. in the game that i'm playing by myself, uber over lyft >> the l in the lag stripe >> acronym frenzy. >> should have that flashing at the bottom of shameless promotion. >> and i should be ashame thoofd pick right i know. let's be clear i'm bringing up something that's not shining glory on me. the story with lyft isn't about recovering market share. it's about their ability to get back in price and competition with uber where they're the pricing pressure to get back to the competitive landscape is tough. the driver dynamic very good i still think this stock has room to run. >> karen >> between the two was it would you rather or anything >> yes, the trade, yeah. if you want to play a game, play a game, you know >> we do >> i was going to go with uber the other day i like that they're considering selling the freight business it's been kind of a weight on them and i think this was big today but i also think they really -- i mean, they've kind of left

lyft in the dust >> yeah. this is courtney's favorite game, i know >> what is that. >> the would you rather. >> i would take an uber over a lyft i think it's going to be better diversified. and i think they're taking ridership from lyft. tim, i'm sorry. >> no no, when you're right, you're right >> wags. >> up next, final trades what do you see on the horizon? uncertainty? or opportunity. whatever you see, at pgim we can help you rise to the challenges of today, when active investing and disciplined risk management are needed most. drawing on deep expertise across the world's public and private markets in pursuit of long-term returns... pgim. our investments shape tomorrow today.

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time for the final trade tim seymour? >> home depot. trading near the bottom of the one-year range i think you have a multiple that's in line with the market here i don't think you're chasing it, and it's a quality name in this environment. courtney >> overvalue tech right now, but i think dell is a name that sell is undervalued i think we could be seeing a trough in pc valleys >> karen >> we haven't talked about this in a while but target i don't think the consumer is dead, but i think they want some value. and also the ulta numbers from last week which were extraordinary. they do have a relationship there. so target.

>> i love "squawk box" from 6 to 9, joe, right, becky >> all of them >> who else is going to be there tomorrow >> tomorrow i'm going to be there. >> love that >> isn't that great? >> it's must-watch tv. >> do you have a trade, police >> sr. >> all right thanks thanks for watch fast "mad money" with jim cramer starts right now 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. call me or tweet me @jimcramer if the consumer is confident then i'm confident at least