alphabet >> yeah. so, we have a very big week ahead of us. a lot of earnings movers nonetheless, the market did finish today markedly lower. the worst day for the s&p in just over a month. that's going to do it for us today on "overtime." thank you for the cake, show team >> happy birthday once again and "fast money" starts now. looks so good, doesn't look read the nasdaq has its steepest slide since the start of the banking crisis, now investors turn to the action afterhours in alphabet and microsoft, both higher this hour we'll go inside the numbers. u.p.s. not delivering after an earnings miss and seriously downbeat comments from the ceo about consumers s and the econo. and first republica, shares down half today as they are trying to sell loans and securities to get its house in order. will it be enough to fix their

problems i'm melissa lee, this is "fast money" live from the nasdaq market site. on the desk tonight, tim, karen, courtney and guy we begin with a monster night of earnings following the action with alphabet and microsoft alphabet's call just starting. kate rogers with the latest from chipotle and digging through the results from visa. we have to start off with alphabet here. shares are jumping the tech giant's conference call is just starting cnbc's deidre bosa has more. >> reporter: just a few days ago, alphabet started reallocating expenses from cloud to search. that, in effect, trimmed a billion dollars off of its 2022 operating loss, and it helped achieve this milestone faster than it otherwise would have yes, google cloud was heading in that direction, profitability,

but it would not likely have gotten there this fast, but certainly if it didn't have that sort of reowe location it announced on thursday. cloud revenue is decelerating, like it is at the other hyper scalers, amazon's aws, microsoft azure. investors, we know they were looking for more progress on the cost-cutting front i spoke to the cfo on the phone just after the results crossed and i asked her if there was more wood to cut she said the company is committed to growing revenue faster than cost, but instead of pointing to anything specific, she said they're looking for durable and sustainable ways to achieve that efficiency. she mentioned using ai and automation to achieve that, certainly we're going to hear a lot more about ai on the call, which is just kicking off. melissa. >> all right, d-bo, thank you. all right, so, focus on the profitability of cloud, karen. there's also, of course, the second-straight quarterly decline in ad revenue, which is

something we should take away and apply to other companies, as well >> yes, but i think it was better than feared i thought that was actually a mild positive. the biuy back, the $70 billion buy back but to the point about expenses, they've been the -- for sure and there must be so much room to cut we know they're going to shrink their footprint of real estate and employees. i can't help but think there's more to do there and i think -- if you look at what's happened to met toe since they, you know, found religion in the -- >> efficiency. >> right i mean, i think google really has more to do so, all in all, i thought it was fine i feared worse and this was enough, i think >> yeah. feels like a sigh of relief here >> for sure. and i will say that i think they get the benefit of valuation works for them, so, they didn't have to knock the cover off the ball, i think people are looking for valuation. now, the question is, where does it go? and where do you take profit

if you go back to august, the second leg lower in google took place on the sort of 118 level and that lines up. carter worth might have been on last week talking about how google looked good to him. so, this stock should have legs up to about that level, barring any foreseen things in this conference call, if it happens >> courtney, your take on the quarter? >> yeah, i think there are some positives here everybody was expecting ad revenue to decline people do look at that as a bebell w weather. we do have exposure to these companies, but i'm not actively adding to them it's already up after hours right now. i don't think you want to chase that on the upside, either >> what do you want to know in the conference call? >> i want to hear a little bit more about youtube i'm going to give as much credit as even the ad business and the operating margin improvement in the cloud business, and that going net positive, just because

youtube has been, i think, one of those stories where i think there's the most upside for this company on some level. this is a place where they're in a pole position right now in the world of wide open streaming the competitive landscape around netflix, what does that now mean that netflix is in there on video ads? so, that's very important. back to where guy was with this, you have to think about this stock in the context of where it was. going into these numbers, this was up 20% from a chatgpt low. this was a stock that was really beleaguered at one point i think we sold off on the concept of, you know, bing versus google search, which isn't even a conversation to me, but interesting that we're going to have the same conversation with microsoft in a second i think for google, the core business, they're alive and well the comps in the second half of the year get a lot better for google they were very difficult over the last couple quarters remember, four q 21 comp is 23%, the comp on this was 22% i think expectations were low. >> just a couple things to add

tim talked about ai. we want to hear about, how do they monetize it we don't know. microsoft -- we don't know what the model is, but we do know that there's fears of cannibalization of their search business just to get to the advertising sigh of relief, you have melt that up, snap is up, so, the read-through is that the advertising business is overall better. >> the come menation about the ad business will be interesting, because that can sort of be pulled back as the economy gets a little bit more uncertain, so, we might be able to get some color on where they see the economy is based on what brand advertisers are doing with their money. >> that's a healthy sign for sure my question would be, you know, employee growth. i think up from 160,000 employees this time last year to close to 200,000 they're ramping up for something. margins were actually good this quarter. you wonder how long that can last valuation is the reason. i think you want to continue to own it, that's why karen, i'm sure, continues to own it. question is, what level do you

pull the rip cord? i think 118 is probably right. >> let's get to microsoft now. results in the cloud better than feared steve kovach has the latest. >> the other ai company, right microsoft showing growth in the segments that matter revenue, overall, up 7% year on year net income up 9% intelligent cloud beating expectations, too, with $22 billion in sales that's up 16% year on year now, this is the division that includes azure cloud, but azure cloud growth keeps decelerating. it is up 27%, but keep in mind, azure was growing nearly 50% this time last year. could be a sign companies are trimming their i.t. budgets. and in more personal computing, beat expectations, with over $13 billion in revenue, but still down 9% year on year and take a look at windows licensing revenue. that's down a whopping 28% that follows all those reports we got from research firms like

idc that pc sales fell off a cliff last quarter and we got to talk about ai. bragging in the company's earnings release that ai innovations, calling microsoft the platform of choice for ai development. now, the call's starting at 5:30 and i'll be back with more as soon as i get it, melissa. >> all right, thank you, steve steve kovach 5% gain here in the afterhours guy, what do you make of this one? this one you did sort of have to deliver on -- >> i didn't think they would they did but again, things are decelerating, but not as fast as people feared. not unlike what you're seeing with google. the difference here is, here's a stock that's trading 28 times next year's numbers. i think they are being rewarded already for it we've seen before, the conference call, weird things happen this is a good quarter and margins hung in. you have to respect what they're doing. and i think it shows that mi microsoft is just beating their competitors a bit. but it is an expensive stock

>> as they have. and this honeymoon for microsoft has gone on so much longer than people gave them credit for. they are the only ones with real products in the till, you know, in terms of churning something out where ai can actually -- office 365, bing search, whatever, but they will be monetizing ai before other people having said that, at 290, you are up at the ai high. you should not be chasing this especially when, as much as those azure numbers, and that's why the stock is spiking, i think that's a relief. 27%, remember, azure revenues have gone from about 30 billion to they'll be close to 60 billion by the end of '23 and they're not ever going to do that again i just think you priced in a lot of peak stuff here it's -- this is what we have to say about microsoft, because there's not a lot bad you can say. it's just that it's been such a great run, and i look at the outperformance of the s&p, spoke about this yesterday, or two days ago about apple and microsoft, both 23% to the s&p

from that run the last four months, i think it's -- i think this is a relief, back up to that level, but you're fading. >> a lot can happen on conference calls, particularly guidance when it comes to microsoft, but the big picture so far is that things aren't as bad as everybody thought so, at what point do we say, you know, maybe things are fine. why are we wringing our hands about it when things are coming out all right? >> yeah, i think you're seeing more and more of that. u.p.s. is telling a different story when it comes to the consumer so, you're getting some mixed signals. but what is interesting, too, pc demand was expected to be down significantly. we did see that. but again, it wasn't as bad as feared and some of that, too, could get resolved here soon, because there tends to be a three-year cycle of you getting a new pc. we're about three years out from covid, right it's about that time when you could start to see some of the end of the cycle here. and again, ai, they have not yet

benefitted from, but that probably, you know, a year, two years out, you're going to start to see them generating profits there. so, longer term, you're going to start to see that. but to tim's point, a lot is probably already priced in, which is the problem >> yeah, to that point, i have a little higher, 30 times earnings almost, and i mean, that's, you know, a pretty significant premium to where the market is premium company, it deserves a premium valuation, but i don't know how much more room there is to go at this level of 30 times. and amazon up 3% or so in the afterhours on the cloud. >> yeah, but your point about -- hold on a second, we wer expecting this to be -- the last four quarters, i've been expecting, this is when megacap tech lets us down. today was the day where it set up for everything we wanted -- we wanted -- i don't want to hear this -- >> you thought -- >> i have been saying, i want to hear that warning on enterprise, i want to hear that warning from megacap tech it's another earnings period and this is probably the fourth in a row where it's kind of not giving you what you want and i think it is extending out

this whole cycle for this market and it's about the greatest trading market we've had in a long time, because you -- you're going to get these opportunities, there's pessimism, there's people on both sides of the boat there's passive investors that continue to get rewarded for staying in these names that are, you know, these five names are 45% of the nasdaq 100. so, we'll talk about the market later in the show, but this was that kind of day that set you up for two of the biggest companies in the world to disappoint and they've done the opposite. >> let's get more from gene munster. gene, great to have you with us. what did you make of the results so far what are the things you want to know >> melissa, i think you and the panel summed it up well. it just wasn't as badas people were expecting i've heard that several times now, i would agree with that at the base level, what jumped out to me most, there wasn't much that jumped out from these two reports. but that doesn't -- essentially buries the headline here, because the hour and a half here that we're in, this is, like, power hour for ai, tech geeks,

and investors. these two conference calls are really going to set up, i think, the tone for ai for the next one, two months. and we're going to hear more, especially from google, and i think that this is really going to be the substance of what came out tonight. is going to be how google is going to talk about their nine products that are 1 billion and more monthly active users. that is by far the most of any company and they've been sitting on this ai train since 2017. microsoft got going back in november, they made the open ai investments before that, but i really think that kind of the key takeaways is going to happen in the next hour here, when we hear more from google on products and hear more from guidance from microsoft. >> do you feel like you have an understanding as to how ai-powered search will impact the profitability of that business at alphabet, or do you think that is something that the company has to elaborate on? >> they have to elaborate on,

and i suspect that it's going to be a near term downdraft in terms of some of the monetization with search any time you see a new platform take off, this happened when facebook went from desktop to mobile, it happened when instagram took over facebook google's talked about it with their shorts being impacted, some of their youtube business being impacted by shorts whenever there is a shift, there is typically a step down in terms of monetization. that's the curve that investors want to get their heads around if not for that, i think google stock would be up 40% this year. this would just lagnvidia, but there is that piece. the best thing for google management to do is to let investors know, you know, what that kind of -- that drawback looks like our best guess is that the search business is negatively impacted by 5% for the next couple years in this but ultimately, we think that it will power higher. much, much, much higher clicks per search, less clicks, but

much more per search and that's going to be a net positive by think google is one of the best ways to invest in ai in the next five years. >> gene, it's karen. it's hard for investors to get their arms around how you value all of their ai, and also deep mine and google brain merging, but in terms of the cost cuts, which is a lot more tangible and sort of easy to put a multiple on it, are you frustrated with that, do you expect anything more from them on that >> i hope they're going to say more about that. of course, they talked last quarter about this being, they're going to -- the word they use is a more durable business model we haven't seen the substance in it that's been a slight disappointment they've made cuts by 8% and of course meta leads that at 25%, 8% more or less in line, but i think that there's, unfortunately, more room for google to do on the headcount reduction piece and i think that they probably will do that, and that's part of the reason why they talked about this -- this

70 billion buy back. they're going to be buying back shares, as they take about the held count reductions in the quarters ahead, i think there's more to come for google. at that point, it really sets the table for improving margins, but i think in google's case, there's more to go we own google, we like this company. we want to buy more. but i think there's this trough that we're kind of navigating through right now ahead of what's going to be a great outcome for ai and google. >> gene, thank you for your thoughts and let us know what you hear on the calls. >> will do >> gene munster. all right, so, what are the outstanding issues for these calls, guy, in your view >> well, for microsoft, it seems like there's a deceleration, well, tim'spoint is exactly right, i mean, i think the growth part is behind them doesn't mean they can't continue to grow, it's just decelerates and what's their end-user look

like everybody else seems to see a slowdown where is the pickup that's going to allow them to continue to have a valuation that is maybe justifiable for them, but expensive in this environment. >> courtney? >> yeah, i would agree with that we want to see moving forward for them what is going to be the catalyst to bring them further, because i think everybody's been so excited about ai, but it's just not profitable yet, so, i don't think that's something we can really hang our hats on, and it's a lot easier to look at cost-cutting, we are just not seeing that right now. all right, coming up, we have more afterhours action. and we are biting into mcdonald's, after strong results this morning what the ceo had to say about the quarter, as shares hover near all-time highs. don't go anywhere. noast moy"s ckn o.ne iba itweth) for free. not bragging. (cecily) you're bragging. (neighbor) oh, he's bragging. (seth) who, me? never. oh, excuse me.

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welcome back to "fast money. we've got a double dose of restaurant movers, starting with an earnings alert on chipotle. shares surging 8% after the company beat on the top and bottom lines for the first quarter. the stock hitting a fresh high in the afterhours. kate rogers has the latest >> big quarter for chipotle. margins better than anticipated.

we all know pricing has been the name of the game for chipotle, but the ceo telling us just earlier before the call that price hikes have paused at least for now. take a listen. >> our plan is to pause on pricing, you know, we have always said, we're going to keep an eye on what happens with inflation, both labor inflation and food cost inflation, and, you know, we like to trail that a little bit, rather than get in front of us, so, we feel pretty good about where we are right now. we don't have any plans to take pricing, but you know, if we see that move, fortunately, we've got a really strong brand with a lot of pricing power >> nichol telling us the labor picture is improving the company plans to open 285 locations this year, many of them with those. melissa, this is certain one of them back over to you >> thank you very much, kate rogers stay right there we'll get to you, back to you for mcdonald's this is what we could call here on the show -- >> oh, my goodness >> burrito blowout >> yeah.

fun to say >> what did you make of this quarter, the fact that -- yeah, you know -- we're hearing this from other consumer companies, the pricing increase train may be coming to a halt at this point. >> yeah. good for them, by the way. at some point, you have to slow things down and they've navigated extraordinarily well restaurant margins, 25.6%. a year ago, 20.7%. they've navigated last year in an inflationary environment and still able to maintain their margins. it's really extraordinary what they're doing. and they just didn't beat. $10.50, the street was below 9 bucks. that is a blowout, as well now, people will say, wait a second, you know, the valuation is, it's been expensive, it's ridiculous you have a big volume day tomorrow if you enjoyed the runup, there's nothing wrong with taking some of the burrito off of your plate, maybe, as it were >> if you might. >> but it's an extraordinary company and quarter. >> there's some headlines coming off of that conference call. the ceo saying he saw recovery

in the lower income consumer, which is good news for other quick serves, as well as retailers. >> well, we talked about it with coke prices and all these major brands who have pricing power are passing on, starbucks what they've done, it's north of 25%. what cmg continues to also do is, they do a great job of beating reasonable guidance. i mean, they had a mid -- they had, i think they had a high single digit guide on their comps, they came in at 10.9% we talk about this multiple, i've talked about this multiple, almost as much as we've talked about the burrito blowout over and over again on this show. for a long time, i -- i mean, not only have i been wrong on cmg for a long time, but this multipresident has been expense i for a long time. so, why should we think it's going to catch up now? i -- anyway, there's been so much that's been done here and i think this is a company that i don't think is fighting from a multiple dynamic i think, let's watch the consumer >> just one point with -- i

don't know if it was morgan who interviewed the ceo in the last hour, he talked about having enough workers, which i thought was interesting, because they struggled for -- less than others, but had still struggled, and so, i don't know, maybe we're seeing a little bit of a supply and demand change in the labor market >> let's get to mcdonald's, hitting another all-time high this morning the fast food chain reporting a top and bottom line beat before the bell and said same-store sales surged with higher menu prices executives warning they expect economic headwins to persist this year. kate rogers has the details. back to you, kate. >> hey, again, melissa huge kwaufquarter for melissa. that same-store sales number increasing 12.6% in every segment across the globe, far above projections. the ceo acknowledging macro challenges, including stubborn inflation and expressing optimism about what the future holds at mcdonald's.

>> still by the end of the year, we're going to be looking at, i think, probably high single digit inflation on a full year, which is certainly much elevated than what we've been used to over the last, you know, kind of prior period, where we typically would be in the low single digits, so -- that is pressuring margins, we're trying to be very thoughtful about how quickly we pass on this pricing to consumers. >> so far, the company's seen growth across the customer base, not just the lower end consumer. and while those consumers are more mindful of how they're spending, mcdonald's is saying that demand for the brand remains strong another thing we've been hearing from analysts and the stock hatz been performing very well on that news. back over to you >> all right, kate, thank you, once again kate rogers with the latest on mcdonald's here. this is one where they had to deliver on all points, courtney, because of the all-time highs that it's been sitting at, basically. >> absolutely. this company tends to do well in inflationary period, because people tend to trade down.

in '08-09, they did better than competitors. when you look at the units per transaction, people are going in and still spending money at mcdonald's, but they are pulling back ever so slightly. they are spending a little bit less when you look at guy didance, they're going to be more cautious going forward i think they will hold that better than their peers. they are valued a whole lot better than chipotle, which is more comparable to a tesla valuation, which is crazy, so, i would probably pick, like, a mcdonald's over here if i had to choose between the two >> she self-would you rathered >> i can't get away with it. courtney does. i wouldn't deserve to get away with it. >> the ceo was talking about, maybe they won't put the extra fries in you're laughing? >> difference maker. >> they're being careful with how they spend >> yes, but this has been a top line story this is a comp story this is an

international-operated market, iom story that were expected to be -- this was less bad, but this is a company that we're not finding ways to, you know, find a silver lining here the silver lining is right in front of your face they are growing their top line, but at some point, again, i -- someone's been long mcdonald's for five years, through a great run, it's not back padding i've been selling upside calls and i'm almost called away entirely on the stock over the last three months because i think i'm going to be able to buy it cheaper >> you would take some nuggets off the tray >> oh, oh. it's not the same. >> take some burrito off of your plate. >> that's fair >> not a trade more a cardboard box, right? >> whatever it may be. how do you feel about mcdonald's >> again, tremendous international and u.s. comps were exactly the same, 12.6% against 8% expectations for both extraordinary. operating margins, 46% up from 40% a year ago fantastic. there's nothing bad you can say other than maybe valuation, and

the way that it traded today but the ceo, i know, happens to be a "fast money" fan, i would submit, because they have all those meals named after famous artists. >> celebrities >> i'm not looking for a "fast money" one, but they should create one for him like, a fillet of fish, maybe a quarterpounder, large fry and a shake. that would be -- >> brilliant >> i think a -- >> that's exactly why it would be so brilliant. imagine people walking up and ordering that. coming up, shares of nissan on the move. the latest on the quarter next. plus, a huge drop in shares of first republic. the regional bank tumbling 50% after the delivering results last night we'll lay out what had that name on the decline you're watching "fast money," back right after this. ♪ ♪ why are there two extra seats? are we getting a dog? a great dane? two great danes?! i know. giant uncle dane and his giant beard.

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welcome back to "fast money. st the dow dropping 350 points, the s and p dropping 1 pntd 5% shares of pac west jumping after reporting a top line beating saying deposits are up $700 million since the end of the quarter. that after shares of first republic tumbled near ly 50% during the trading session that regional bank said its deposits shrank by more than 40%. david faber reporting they are looking booasseinto asset sales karen -- you've been in this -- in this trade -- >> yeah. well, long puts, long preferred. long puts on the common, long

preferreds yeah, really works out if they raise a bunch of equity and the stock goes down and the balance sheet's better this $100 billion of asset sales is enormous. it would be most of their book so whether or not they can do it, i don't know, it was interesting, sort of how it unfolded in the market with david having the story this morning about asset sales being something that was considered and would banks help them with this, and then later, it was the story with the 100 billion attached to it and the market just collapsed i don't know what's going on inside there, chaotic, clearly, that 12-minute conference call with no questions didn't help. we'll see. you know, they're talking about strategic options. i have no doubt, they really want to do something trying to raise money desperately, i would think in any kind of equity with some kind of preferred or warrants or something. that's sort of the -- i think their only hope -- it was a great franchise, i hope it still

is >> financial advisers are some of their most valuable, you know, fas, walking out the door along with the assets. >> well, they talked about the assets are still there i don't know how easy it is to move assets, but time is really of the essence they can't see that traffic continue so, i think they've got a little bit of time, like, they talked about, well, david talked about within days, i think we'll see something over the weekend i don't -- clearly they can't have more days like this well, actually -- one more day like this would really be the end when you are down 50%, but i don't know, it's a fascinating story. i hope they save it. i think it's cheaper to save it than let it go under a deal with the consequences of that >> you mean to the taxpayer? >> yes yes. i do >> let's get to another earnings al alert. a lot more to unpack with this story, but we have to get to visa the conference call is under way. let's get to christina with the

details. >> consumer payments the driver consumers want to dine and and travel the ceo is breaking down on the business segments on the earnings call. a highlight that came up was new flows revenue, which grew 20%. they pointed out commercial volume is up 15% year over year. when i say new flows, it's really just new sources of revenue, like peer to peer platforms. just this month, they launched visa plus, allowing users to send in payments they say they are launching pilots with venmo, paypal, and see this as a future source of revenue. lastly, as you discussed with chipotle, quick service restaurants a driving factor for payments volume. visa seeing increases in cities like seattle, miami, oakland, and so the stock is reacting, you have the strong earnings beat, but really the strong payments volume. melissa? >> christina, thank you. courtney, what is your readthrough here

>> i mean, i think really, what you want to look at with visa is what this means for the consumer, and the consumer is still spending they are putting more money on credit cards still not at concerning levels and people are not as worried about this recession as i think a lot of people overall are right now. and that is why they are continuing to spend. that is going to benefit a visa and i think the numbers look good here. >> what's interesting, they kind of juxtaposed the uncertainty out there with tremendous opportunities they feel they have in payments and in terms of cash and check spend, especially in places like asia. this is a company that sees emerging segments and emerging geographies for their business, and it's visa. at one point, to think that visa is going to get boxed out in the payments world when, in fact, they -- people will evolve with visa as the payments industry evolves. that's the part of the story over the last three years that has been underrecognized in terms of visa. this is a company people are expecting the consumer to fall

out of bed at some point, so people probably underpositioned here and you are going to see upgrades tomorrow. coming up, shares of u.p.s. seeing their worst day since 2006 the devil in the details of that earnings report. plus, microsoft's earnings call just getting under way. we're dialed in and bring you all the headlines as soon as they hit more "fast money" after this this tiny payment thing- is a giant pain! hi ladies! alex from u.s. bank! can she help? how about a comprehensive point of sale system... that can track inventory, manage schedules-

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welcome back to "fast money. u.p.s. having its worth day since july 2006 after missing estimates. sharing sinking 10%. u.p.s.'s ceo talking about the impact changing consumer habits has had on the business. >> we saw retail sales in the united states take a marked decline in the month of march. and we saw that in our business, as well. there's a real change in consumer behavior, spending more in their wallet on things like food 9% of household budgets is going to food now, compared to 7% just a couple of years ago. >> the shipping giant forecasting full year revenue to come in at the lower end of

expectations she mentioned the month of march and you have to wonder how much of that is actually carrying over, how much of that was because of the banking crisis, and consumers not feeling very good about spending and things like that. >> she told you how much a little bit later, which was that april was stabilized, they felt much better. i think that the primary thing going on here has really been negotiation with lay boir. and customers are deciding, we don't want to be vulnerable to a potential work shortage. and she's seeing that business move somewhat. she believes it will come back and i think her guidance is conservative i think this selloff is overdone, however, i think it's a three day rule kind of thing this is a big move, obviously. >> i think it's got to be more than a three-day rule when this is a 17-year, you know, kind of head -- the graphic on your screen this is the worst day in 17

years for this company and the guidance cut was so extraordinary that i think you really have to see where it settles out. it's nice they've reset expectations, it tell lsz you there's a post-covid normalization that's still under way. it also tells you their u.s. domestic margin still has some headwinds to go. u.p.s. trades at such a premium to fedex -- >> not anymore >> after today, maybe not so much >> even before -- yeah >> and it is also notable that u.p.s. didn't take the down the rest of the industrial group if you look at the xli etf, u.p.s. is the second-largest, it was down 1.8 on a difficult tape and you would think with u.p.s. it would be down a lot more. this was more u.p.s. and i think we have to ask guy, because i know he worked there >> i did >> and i hope you had nothing to do with this >> of course not, i was there a long time ago. that was the heyday of u.p.s i was employee of the month. i'm sure we have the footage somewhere, which we won't show

now. but u.s./china down 20% we can say visa, mastercard, that's a tell on the consumer, i get it this is a pretty direct tell in terms of what's going on you can write it off in terms of the quarter, things go back on track in april, maybe yes, or maybe no, and that valuation, which was rich, which is getting a little more in line, this stock, i think, bottomed out at 161ish the last low we made in the market, i mean, that seems to be where it's headed to. coming up, jamie dimon in the spotlight as a potential deposition looms overhead. what former exec jess sayley is saying about that. details next "fast money" is back in two. girls... the chess club has gained an edge on our bake sales. we need more ways of connecting with customers, fast. i know some consultants with great ideas. can they help us improve our digital experience? absolutely. they've invested over $2 billion in tech. that could really help us manage inventory. and save us a ton of dough.

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for your full financial picture and personalized money management with the right balance of risk and reward. doors were meant to be opened. welcome back to "fast money. new developments in the league battle between jpmorgan and former executive jeff staley mr. staley asking the court to throw out the bank's lawsuit, saying in part jpmorgan is trying to put all the blame for the relationship with jeffrey epstein on him let's get to eamon javers with the latest eamon? >> that's right, melissa jes staley filed a blistering response last night to the bank's lawsuit against him, in a

filing that dropped just after midnight staley says plenty of people at jpmorgan knew about up seen and filed that motion to dismiss jpmorgan's lawsuit, calling it a shotgun filing in his court papers, staley says awareness of epstein's criminal conduct reached the bank's highest levels, including ceo jamie dimon and the ceo of private banking mary erdoes, who nevertheless advocated to keep epstein as a client. and he says it is not fair to pin the blame on him, because he left the bank in 2013, and jpmorgan allegedly kept up with a relationship with epstein well beyond that year staley argues jpmorgan failed to provide details to back up its allegation that he regular lairly vouched for epstein's character, or that he made m misrepresentations and finally, staley says j jpmorgan is just trying to shift blame to him as it tangles with

an uncertain legal situation he writes, what is certain is that the bank cannot treat mr. staley as its public relations shield by asserting claims that lack any legal or factual basis. so, melissa, the next shoe to drop is going to be the deposition of jamie dimon himself, by lawyers who are suing jpmorgan that high stakes meeting expected sometime in may back over to you >> eamon, thank you. eamon javers if that happens, that would be interesting, karen, but you think it's probably not going to happen >> well, i think that -- clearly they don't want this mess to go on and on, it's not good for anybody, it's not good for jpmorgan i would think that the maximum leverage that the plaintiff has is, usvi, is right before he's going to be depositived, right and i wouldn't be surprised if they settle. they've settled a lot of things in the past. a lot of times they say, let's just pay, get it done, move on

that's what i think should happen and will happen >> is this not an issue until or unless jamie dimon is deposed? if you are a shareholder of jpmorgan, we bring the audience updates all the time on this case, at what point, is this a risk to the stock? >> i think we're still a little bit a ways away it being a risk to the stock there's going to be individual people at jpmorgan, who is going to have fallout from this, but this is really one of the banks that have held up the best right now, in a banking crisis, when people are worried about banks, this doesn't effect the fundamentals of jpmorgan at the end of the day, and that's really what a lot of people are going to be focusing on and that has been an area of safety within the bank space. i don't think that's going to change here. >> it's pretty clear that mr. staley is saying, i am not going down for the entire -- >> i won't be the only one going down >> right >> which is frightening. to karen's point, we just saw a company settle something, it didn't end the story for that company. there were still many chapters

left i think there are. now, jpmorgan wins to frc and the entire regional thing, i get it the flip side of the coin, it's had a run back up to 141, that's where we topped at -- great job with the chart if you go back and look in february i think there are going to be better entry points. i don't think you have to sell it, but you'll be able to get into it at lower levels. >> jp's traded at a premium for a long time and traded as a function of diversify case, their balance sheet, their asset base, and their leadership and so, i'm not even going to begin to question, hypothesize, wonder, where this is going for jamie dimon, who has been such an important part of the capital markets scene for a long time. and on some level, even more broadly, so, it's clear that jpmorgan is a function of many different pieces in terms of their valuation. i think he's part of that right knew. coming up, watching microsoft and alphabet afterhours the latest from the conference

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welcome back to "fast money. let's get another check on the big afterhours tech movers microsoft trading around afterhours highs both conference calls still under way. gene munster has been listening in gene, what are the highlights so far? >> melissa, i'm learning a lot about the culture of these two companies, and listening to them talk about ai, it's as if google management is drinking tea and microsoft is drinking red bull when google describes the ai opportunity, they're optimistic, mea measured, they want to put consumers first, they are reluctant to talk about details how ai is going to be integrated with their products. on the flip side, microsoft's call is like an ai party they are hard on the ai line about all the different pro products they are going through several different executives, they are talking about how ai is going to impact their products, and i've

always thought of microsoft as being a sleepy company when it comes to innovation, and they're doing something different here tonight. i don't think -- that does not change my view that i think google is underappreciated, but i suspect investors are going to be focused on that theme and before we got on, maybe they hit it now, but i have not heard any updates on guidance from either. >> okay, so, there's a lot to learn still. gene, thank you. gene munster one of the headlines, large language model more natively into search. rolling out in incremental way is this why you think, guy, the stock, that stock, is up 2% now and microsoft is at highs? >> google seems to be a little more measured, to jen's point. you have to ask yourself, microsoft seems hell bent, every other word is ai i'm not saying they're masking anything, but clearly there are things decelerating and they are

making up for it on the backing of ai. if we are playing the game that courtney self- -- >> would you rather. >> 291 microsoft, you sell microsoft, buy google at 106 that is a pair's trade, as they say. >> i wonder if google is being sort of low key because of that "60 minutes" where i didn't go well, that interview didn't go well, about them feeling more aggressive, without knowing for certain what the ramifications would be >> sure. all right you, huge slate of earnings on tap this week. the options market is betting on big moves around the names mike khouw has all the action. mike >> yeah, so, let's talk about some of the smaller moves, but still large that we're expecting as earnings come out united rentals implying a move of 6%. a similar move for ebay. meta, which is going to be reporting much bigger implied

movement about 10%. and then roku rounding out this group, expecting a move of 14% now, looking at meta, we saw some bullish activity. betting they can recover some of the lost ground we've seen over the last ten days or so. buyer of 915 of the april weekly 220 calls that expeer at the end of this week risking 2% on a bullish bet. to me, i'm more interested in united rentals, i have to say. this is the one that has the highest grout rate, the cheapest amongst them and has pulled back on the regional bank activity. so, i wonder if the calls might be cheap on that one >> 6% move up or down sees upsized for uri and karen is going to be watching this one, too. mike, thank you. for more options action, tune in friday, 5:30 p.m. eastern time up next, final tras.de

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>> mcdonald's. trading lower on conservative guidance i think you want to continue owning this name >> amgen earnings next week, mel. >> thank you for watching "fast money. see you back here tomorrow at 5:00 "mad money" with jim cramer starts right now. with jim crams 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. i'm just trying to save you some money. my job is not just entertain but put tough days like this into context. so call me or tweet me @jimcramer. there's nothing like a