but it's not going to show up in the numbers. >> how much investors are going to focus on the possibilities versus what the report tells them right now >> a busy week on tap. major averages finishing higher. new 52-week high for the dow, specifically, then transports was the underperformer that does it for us here at "overtime. >> "fast money" begins now. right now on ", fast, kwtsz we are on the lack for earnings from alphabet, microsoft, meta, snap, and much more after a hot start to the year. in i many in the sectors have a sluggish summer. plus, giving the bird, well, the bird >> whoa. >> elon musk rebranding twitter and calling it x, part of his plan to make the social media platform an everything app will it work will regulators allow it and later, one of our traders topping the tape on a steel stock from korea that is actually a way to play the global ev trade. inside the monster move in posco coming up. i'm melissa lee, this is "fast

money. on the desk tonight, tim seymour, karen finerman, dan nathan, and guy adami. alphabet and microsoft kick off tomorrow with meta and intel following suit apple and amazon on the docket next week. the stocks led by monster gains in meta in the first half are flat or even down so far in the month of july. and their far lagging the broader market this month. so, will the report reignite for big tech or could we see more rotation out of those names? we saw it even today, financials were the big gainers in today's numbers. >> we have to welcome tim back sailing. >> takes me away >> it's actually an encouraging sign there's some rotation i'm not pretending i'm bullish, i'm not, but the fact that the rally is broadening out is a good sign.

these high growth, high valuation names should pull back energy's been incredible under the radar. so, i think this is a good sign. however, valuations in a lot of these names, you mentioned my have to soft, suggest they better knock the cover off the ball and say a.i. about 75 times for them to continue this rally, because for microsoft specifically, at 31 times next year's numbers, it's getting to levels we haven't seen in quite some time. >> microsoft has really let out a lot of details, or, as many as one could expect about the a.i. product, the monthly fee, what they expect from the services side of things >> i was talking to "fast money" friend gene munster from deepwater earlier today, and he made a great point to me he said, listen, they kind of p preannounced the thing that everybody wants to hear, is what the pricing is. they're not going to have any visibility about how many seats they're going to sell, any of that details and what it's going to cannibalize that was the good news last tuesday, we were all remarked, that stock rallied $20

in a straight line, 5% $130 billion it's round trip that entire move the way the space sold off after that, they gave back some of the gains. we talked salesforce, apple, they're scurrying around to get some competitive products. it feels like the fever might have broken, and whatever they say -- i think the more they say a.i., the less they say about some of their other businesses might be a problem right now >> well, advertising and some of their media stuff are actually rallying, we're hearing about azure, i'm looking at some of these partner survey checks we've seen from a couple of brokers are coming in great. the co-pilot at 30 bucks a month, street was expecting ten. i would agree that megacap tech has not made new relative highs to the s&p since the end of may. and if you look at, yeah, microsoft probably of the few actually set a new high last monday, traded three times normal, or, at least adv, 30 day, 60 day, 90 day, twice at

the end of the week. so, going into megacap tech earnings, we now hoi important they are, but you can make an argument, it's a terrible setup. we closed within nine points of an s&p high, and we haven't been able to make relative new highs. we've kind of front-loaded the news with a handful of these names. i think the other dynamic, though, is this cyclical value stuff, so, energy, banks, small caps, industrials, have been working, and they've arguably been working since the day nvidia hit that high >> yeah. karen? >> i feel like the bar is really high and that's great they put out that number and really, the question is, what? times what how many people sign up if that are? so, we don't know that but there's a lot of hype built in, and i feel like the rotation is more important than what's happening in these stocks. i think it's going to be really hard for them to beat by a lot

they hang in okay, considering a rotation has sort of started, right? they're not terrible so, that's pretty strong, but you know, i wouldn't be putting more money in right here right? i'm sticking partially with what i have i sold half my microsoft, i sold apple calls, i bought back some google calls i feel like it's going to be hard for them to really knock it out of the park. >> which is the most vulnerable, guy, in tech land? >> we have a ways to go for nvidia, so, back that out for a second microsoft, since we seemingly are drilling down, i mean, look at the levels we're trading at now. this is where it made an all-time high in november 2021 when a lot of the high valuation stocks that was when the fed made their announcement so, armchair technicians, like myself, will say, there's a chance for a double top. i think they are extraordinaril vulnerable just in terms on

valuation. to dan's point, and look at the last quarter, it was fine. but by microsoft standards, it was not what we've seen historically okay quarter bolsters by the fact, obviously a.i. came into the dialogue and they got the price momentum behind 24e7. but the quarter wasn't particularly great >> yeah, i think apple is the most vulnerable, and that's next week, august 3rd think about what we heard from taiwan semi, they guided smartphones down 20% you think about the exposure that taiwan semi has to apple. apple is having a hard time building the screens for their 15 pros that are expected to come out in september. just think about what that means for supply -- the biggest issue is china it really is -- if you think about what demand is going to look like for apple products in china at a time when they are scurrying around to diversify prod production, at some point, you have to think that some nationalistic tendencies towards certain products take hold you can say, we're not seeing

that in other things, we did see it in tesla. tesla lowered prices multiple times over the last six months in china and there's plenty of competition there and they really haven't rebounded i think apple runs the risk, if you are looking at their suppliers, the data is not particularly great >> the complicating factor, we have a fed meeting to layer on top of this whole, you know, trying to, you know, quarterback what's going to happen in terms of earnings. so, how does that factor in your held does it impact how the stock trades out of earnings >> no one is discounting the importance of the fed here the fed is the most important ingredient in the markets and has been for a year and a half but we know we're getting 25 or there's an 83% probability we're getting 25, we're probably going to get another 25, we're going to get a lot of fed rhetoric about higher for longer. but we have hit peak inflation we have hit peak fed i think we've maybe hit peak rates and there's some debate out there. we've seen rates come back in

the last, you know, week and a half or so off that rally. but i think the fed is an important ingredient to why megacap techs have outperformed. if the fed is seemingly less dominant of a theme, i think you get to cyclical value. and i think you get to small caps and industrials and banks and again, the banks, the regional banks today and the move they've had over the last couple days, pretty impressive we can't call the flight, the capital flight and how quickly it can happen. everybody is always going to be peerful of that dynamic. what we're hearing from the regional banks is extraordinary. and credit is not an issue right now despite what we know about commercial real estate >> up 20% in the past month, the kre, an extraordinary move and no coincidence it's happening on the back of a drawdown in the quote unquote magnificent seven, which is a term i -- >> great song by the clash, by the way. >> despise that. >> we had a guest, i apologize, but it's monday, so -- one of the most overrated bands in the history of --

>> the clash >> talking about the clash >> how did that come up? >> how did -- >> magnificent seven >> it's a great song the clash are a great band aerosmith is overrated >> i would have never made that connection >> sorry, mel. >> let's say the fed is still in play and they are hawkish, is that -- does that mean that tech is still the safe haven? >> i don't think -- >> or will higher -- >> i don't think that changes anything, a hawkish fed, because i feel like that's already -- >> they've been there. >> it would be something different from that, super hawkish, i don't think they need to do that, but i think super dovish, i don't think they will do that. bonds from microsoft and alphabet have been down. our next guest says to get ready for a rally. ben evans is head of fixed income at new edge wealth. welcome. what have you been noticing in terms of the performance of these bonds? >> yeah, i was looking today at google bonds and microsoft bonds and you want to make a comparison to maturity, i think equities are low maturity assets

so, i looked at the low maturity bonds. big disslow case between the price of those bonds and the stock. you could argue this is just rates and mathematics of bonds but if you are trading at 60 cents on the dollar on these bonds, high quality borrower, that seems quite dislocated for what you would otherwise expect. the bond price went down with the stock, and this year, i think it deviated with the rate environment being sideways and that's why the prices are sideways but if we are getting the a.i. story, as you were just talking about, these earnings could be strong this credit should actually be reflected in there should see higher prices in the bonds. >> you you this we're going to see a rally in the equities? >> i think it could be both. you could actually have, like before, every time we had earnings particularly surprising, stocks rallied, but

the bonds went along for the ride it hasn't happened since march i think that's an opportunity. >> we can pull up the graphic so you can visually see what you're talking about here there's clearly a dislocation between the bond price and the equity price so, the nay sayer in me would say, okay, the bonds are telling you a story, and maybe the stocks have gotten ahead of themselves there's a good example of microsoft right there. and i'm not suggesting i'm right, but could that be a viable outcome >> could be. if you look at it that way, yes, the creditors are seeing a completely different idea. they think the companies could end up in distress, even, if you think of that type of low pricing. but that seems to me not really, you know, that seems not really the case i think there is partly a function of people have not really bought into the rate story enough they probably have not looked at this closely enough, these separate bonds you should see some level of catchup here you would not think a company

with good strong herbing earnin the credit lags with price >> so, to see a bond like a microsoft 27-year bond with a six handle, that's sort of surprising on the face of it, but the yield is only four and change where do you think the yield should be? >> yeah, fair enough it is lower yielding than where tavrhe avere investment grade is. if the grade is trading at 5 1/2, 6, still reflective of a higher rate environment, these bonds are probably better reflective where the rate environment should be. so, i think if you take these bonds as a macro story, if a.i. pulled us out of this recession somehow, or out of the thinking of recession, you know, these credits should improve so, i think yields should go down for that reason, from a credit perspective >> ben, thank you for stopping

by good to see you. karen, you dabble in bonds >> i do. >> this is interesting to you. >> it is the six handle is surprising, but i'm really at heart an equity girl, so, it's an interesting play on it, but i guess i feel like, all right, i'm an optimist, as well if you are a bond investor, you hope to get par. equities, you hope to get more >> i think some of this is a function of duration, too. and people just wanting to be at the shorter end of the kurcurve. guy, repub guy, if you tyke the magnificent seven, they are better than anything in the world. didn't feel any concern about owning those credits it's a higher yield environment. and it's a great time to be moving up the great credit c

curve. apple, part of the reason why they stock could be defensive, i agree with dan, it's not a multiple i care about, but they're buying back stock right and left and it's goosele eps but it's credit positive, so -- >> is it >> well, i think so. >> buying back stock >> if they have the ability to improve their earnings by taking shares out of the market, you could make an argument it's a company that's not going to grow as fast. in a world where we're kind of concerned about the backdrop, all of the companies will be defensive. their debt should be defensive, in a world where i think people would be concerned about the macro. >> yeah, on the buy-back thing, you think about apple's net cash position, and with a $3 trillion market cap, if they are just maintaining the levels of buy-backs they've been doing, they bought back half a trillion worth of stocks since they initiated this buy-back 11 years ago. it's having a much lesser sort of effect. and if you were to have some

sort of contraction on their cash flow, say there were real issues with the iphone cycle or whatever, some issue in china, a geopolitical issue in china, this company is going to be in a very differentsituation, because they've been massaging that earnings growth for ten years. if there was ever a meaningful decline in that, i think you have a situation where maybe that balance sheet doesn't look as good as it has. coming up, housing stock up more than 45% already this year. and one wall street firm says there's even more room to run. should you start building a foundation in this name? the stock and the details next. but first, an earnings alert on whirlpool we'll dive into the numbers we'll dive into the numbers nexts. i love to give back to the community. i offer what i can when i can. i started noticing my memory was slipping. years ago. when i can.

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welcome back to "fast money. an earnings alert on whirlpool the ceo saying the company is well-positioned to benefit from the housing recovery let's get to steve kovach for the details. >> mixed results for the second quarter. revenue with a slight miss at $4.79 billion versus the $4.82 billion expected a solid beat on eps, coming in at $4.21 adjusted versus the

$3.76 adjusted the street was looking for. whirlpool reaffirming guidance for the rest of the year, sexpes shares down because the company not raising its eps guidance despite that solid beat in q-2 now, behind that guidance, commentary from the ceo, sounding optimistic about the housing market, saying, in the company's release, quote, we are well-positioned to benefit from housing-driven demand recovery adding whirlpool has deals with 8 out of 10 of the top national home builders. mel. oh, and finally, company highlighting slightly improving margins thanks to cost controls, everybody looking at that number, too, melissa >> steve, thank you. housing-led recovery, that implies that the bottom is in. which is pretty good >> yeah. well, they have a broad -- they have a broad geography they serve, so -- i think of

whirlpool has an underprom, overdeliver kind of management team, which i like about them. the other thing is, we'll hear on the call tomorrow morning, this could have a different color. i thought the release was good they talked about running more efficiently. they've been on a savings program for a long time. they've restructured a lot of businesses i like the name. it is hardly a -- what would be the word, guy, when it's not an overly expensive multiple? >> what would be the word? reasonable >> that wasn't -- >> it's only monday. >> i thought reasonable was reasonable >> as did i. >> not dear or something like that >> i'm long whirlpool, and i like the multiple. and again, 18 bucks a share in earnings, you can all do that math where we are right now. trading less than ten times, this is a company that's regaining market share, has the ability to actually get products into consumers' hands, and there may be places where even if people aren't trading houses and

velocity is significantly down in terms of housing, there's no question that people are investing in their homes and i think right now, there was a lot of pent-up demand coming out of covid that were not sales that were lost i think they are getting the market share back. >> they beat eps by, what, 12% give or take, so, only two quarters left. i can actually do that math, believe it or not. i went to school you can't -- they reaffirmed guidance from $16 to $18 you could drive a truck through that narrow the guidance and given that beat, you have to tweak it up just a bit, so this is an underpromise, clearly, maybe egregious was a word it's not an egregious valuation, but this to me is a -- they have to do better on the guidance, i think, and i think that's probably one of the reasons the stock is lower >> it's not lower by much. it's down 1.4%. meantime, sticking to the housing trade, dr horton daling down our call of the day the firm citing a rebound in

home building demand and soaring revenues from its rental portfolio. analysts upping dr horton's price target to 160, that's 23% higher than today's close. and in the note, they're talking about how everybody on the street is going to be chasing numbers higher everybody is behind on these home builder names, which is crazy, given the runs, guy >> clearly they've been watching "fast money," or maybe they weren't watching it enough, because this is exactly what we've been saying for -- not for months, i mean, i'd say going back to the fall of last year, we said the fundamentals, the valuation made sense, and the supply/demand imbalances were there. this is late to the dance, doesn't mean they're wrong the reversal we've seen on friday suggests at least in the short-term that maybe things have turned a bit. better late than never, but they're really late with this call >> i find many ways to lose money trading stocks, as many viewers know here, but one way i don't do is buying single digit pe stocks, like two that we've

just talked about here i feel like i learned that lesson long ago, when i'm buying just for value, i find myself leaning in that direction. and these things are valuable after they've made huge runs some of the home builders are, so, to me, i think when you think about the supply/demand dynamics and the changes we're seeing as far as the way work is going here in america, i just don't get -- i don't get it. so, like, have at it, people, i would have thought this has gone too far too fast but it continues to work, so, i'm going to stay out of this one. >> how work has changed? people are at home more. >> maybe, but all it takes is a good recession to get people back in the office >> a labor market weakening? >> again, i'm just saying, i could buy this because i think they're cheap, and the stock's doubled in the last six months and it seems like that's probably not a great thing right here >> part of what's going on is their financial services segment is doing really well and they are able to offset the higher

mortgage rates it feels like chasing. i'm not going to say that this analyst was out of the game, in fact, my guess is there's been a lot of folks that have been correct on the fundamentals for the home builders, which is these were not companies with difficult balance sheets or difficult valuations we were all worried more about the macro. i think you've had a great run. there is a lot more "fast money" to come here's what's coming up next open sesame. investors finding some treasure in ali baba shares today will the good fortune continue that trade next. and later, will x mark the spot for twitter elon musk shedding the iconic blue bird logo in favor of an all-encompassing new brand but will the company find its wings as a super app that debate ahead. you're watching "fast money," live from the nasdaq market site in times square.

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welcome back to "fast money. alibaba surging more than 4% today, touching its highest level since april. the chinese tech giant announcing it will not sell its 33% stake in ant group it must be the emerging market specialist on the desk, tim seymour. >> i think we've had a similar conversation about alibaba that's not unique to em as an asset class. i would make an argument international investing is hope for business with a weaker dollar, et cetera. alibaba is the third or fourth-largest pick in the eem emerging market etf. the story is sum of the parts. ant financial is certainly going

to be an accretive element, if you are doing the sum of the parts. but the ali cloud spinoffs, when the management said, we have six spin-offs coming your way, it was their way of safing, not only are we looking to create at lists and trying to add value, but they are saying, it's business as usual again for this company in china with the regulators, with the government. we talk about joe tsai overseeing this process. you have former difference-makers from alibaba when it was a $300 stock valuation very interesting i tweeted today, i find it silly that people trade alibaba on headlines that china macro may be getting better. this is not a china macro story. i actually have been buying it for the last month i sold half of that position at a legacy position that's under water and the last three, you know, months or sorry, the last month of buying is doing well. i sold half of that position in an upside call somewhere around 105 bucks,

which i think it's not going to get through on this run. i approach this as an investor, and i think the story has changed. >> if beijing is out of the way, then you can really do a comparison of valuations, alibaba's valuation versus some of the tech giants here. >> and just through that lens, it's extraordinarily cheap and we've seen since halloween of 2020, boo, by the way, which -- >> waiting for that. >> of course you were. you've seen bounces in this stock. the typical bounce is 35%ish, where about 23% into it. so, the math suggests, tim said 105, you could probably get into the low one teens before you trade it >> tim, does it bother you, revenue growth has just ground down for this company. this was a fast-growing company at one time, the retail stock, the exposure to the chinese consumer, the cloud businesses, the financial stuff.

it looks like they just -- one of these kind of old techie sort of names at this point the flip side of that, technically, it really looks like it's making a head and shoulders bottom >> there's competition out there. there are other -commerce play and we've heard from jd.com and other plays. i think the gmv, their market volume that trades has been flat to up 5% to 10% over the last couple years the have wags, though, to me, is very interesting, except for the exact i don't think it's a valuation story. i do think -- not like ten cent, which is one of the great tech incubators, much like google was, i think they have a lot more valuable pieces, but monetizing the six companies in one is enough to offset maybe growth that's stag nated a bit >> once upon a time, karen, you were in. would you get back in? >> well, i do own a little bit of k-webb. i understand what you're saying about spinning them off. i guess the sort of outlier risk

is that because relations with the u.s., if they unravel more, i guess, then would we be prevented from owning any baba-like securities that, i guess, would be the real downside scenario. >> well, there have been those moments where delisting was up there. one of the many factors we were facing with this company and the fact they did the hong kong listing, very important moment for the stock, where the volume is greater than it is on the u.s. this is a global company i'm not going to tell you, if you wipe the u.s. investor off the bid it would be devastating, but i don't think it's critical that you have the u.s. investor here. coming up, one of citi's top strategists not buying the hot cyclical trade he'll explain next. and options traders are speeding into the nio trade. more on that 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 solid day for stocks the dow posting its 11th straight day of gains, the longest winning streak since february 2017.

the s&p adding 18 points, the nasdaq ticking slightly higher chevron announcing preliminary results. the cfo stepping down next year and allows mike worth to stay in the role for longer. speaking of earnings, nxp semiconductor beating in the top and the bottom lines, also raising outlook. shares are currently up by just about 1% chevron, anybody have a trade here >> tim's back, i'm sure he has comments, but chevron, $75 billion buy-back in the fall, great quarter, and the stock got lambasted because they came under the administration, oh, how can you do that, blah, blah, you shouldn't -- it's gotten its footing back it's a free cash flow story. they talked about that valuation is ridiculously c comp compelling i think this continues to grind higher, along with exxon >> and that's why you are now an investor in energy you're not necessarily a trader as you once were you were a trader coming out of

covid. i think it's important that the oil prices settled in. we're not at $110 oil. $75 to $85 is very attainable. this is the best run integrated oil company in the world cstuart kaiser from citi is with us. welcome back so, you think the tech trade has legs >> yeah, we do as a base case you know, i think the experience here is that you've got -- you enter ed the year with a lot of recession risk you talk to most investors, they still have that recessionary outlook somewhere. we have it in the first half of next year, so, i think what that means, these moves into cyclicals, they might last two to four weeks, they peter out, because the data is going to be a headwind >> do you believe that the recessionary fear has -- is still out there? i mean, is that important, or is it just theperception is out there?

>> i think it's still there you talk to investors, it's in their forecast period. if you look at the distribution of mutual fund betas, it's very, very wide. you still have some that are sort of bought into this defensive recessionary bit and you have some that are in the fomo camp that are being pulled up there's still an underlying kind of negativity or conservative in the market >> we talked about how some of the big cap tech names are just overvalued at this point in the trade. and so, how do you sort of judge the risk/reward at this point, even if you believe the tech trade is going to continue and have a little bit of legs? the downside seems to be great if the fed indicates that the cyclical trade is on >> you have the right term there, risk/reward valuation is something that really impaekts your investment over a much longer time horizon, but it creates risk/reward it is not as good as it was even

a month ago. we think valuation is potential energy and you need something to release that potential energy. so, if this case, you know, what will get people out of tech? it would be a significant drop in recession odds. as i said, you know, we think there's a limit around that. at least for the next three to six months >> stuart, how about the parts of the market that would really actually be most under pressure, if we are in a recession you could make an argument tech is safe. in places -- i'm actually short nike, so, i'm talking book on this one, so, i think the one part of the market that really looks most vulnerable, it's probably right there >> yeah, if think, what's going to get sbus a recession? we've had a significant slowdown in the industry side of the economy, so, to get you into a recession, probably needs to come from employment and the consumption side of the coecono. anything that's discretionary

spending facing is what you should be worried about the most from our perspective >> valuation concerning whatsoever, just the broader market market probably trading close to 20 times next year's numbers, assuming the earnings numbers come in. does that concern you at all because historically, 17, 17 1/2 is where we should be. >> risk/reward wise, yeah. the market isn't as good here as it was one to three months ago but is that a reason to sell the market i would say, not necessarily, until you see the catalyst or the data that should get you out of that. i probably would be careful and kind of leg my way in, but it's not something that's going to make me get out of the market personally >> stuart, what are you thinking about where the fed is, and are they relevant at all anymore into this part of the tech part of the market? >> they're definitely relevant, but even if you look at options pricing, they're pricing a 1% move between last friday and the fed day. that's the smallest fed-related

options move we've had since november 2021, when we first started talking about eventually stopping qe, right so, you're going way back in time it matters i think to all your point, what is the fed going to do to scare you out of the market? the market is expecting a hike in july, a skip in september, leave residual odds for a hike in november. if we come out of it with that being the outcome, i think that's neutral to modestly positive for the market. if the fed starts to talk about long-term neutral being stru structurally higher, there are ways they can impact the market. but i think the base case going in is, it's going to be kind of a neutral to modestly positive event in our view. >> i have to ask you this, and i know it's a different part of the house, but citi's view is 4,000 on the s&p 500 do you see a scenario, are you trading for a scenario where the s&p has a decline of 500 points by the year end? >> i think to get there, the bear case is currently linked to earnings, right? you would need to see earnings

significantly decelerate in the second half of the year or something to take 2024 numbers, you know, significantly lower. it's really an earnings recession that people are worried about. house view is about $217 eps for the second half. i think if you were there or lower, then you could get some pressure on the markets, so, yeah, has to do with what does the sect half print and w whatever's going on in the second half have an impaekt on 2024 and that's how you get there from here. >> stuart, thank you guy, what do you think >> listen, 4,000 is reasonable, i think, and i think even the most ardent bulls would suggest, we hope for a bit of a bpull-bac to get us on more stable footing. with each passing day, the higher we go, the more likely things are going to get nastier than people realize. so, i'm more in the 4,000 camp than clearly runaway bull camp >> and guy's magnificent seven -- >> stop, stop. >> make up 26% of the -- >> i hate that term.

>> they've rallied -- >> can i interrupt do you actually like that term, or are you just saying it -- >> yeah, that. it's so good >> all right, fine >> they make up 26% of the weight of the s&p 500, you think about the contribution they are -- >> never be this high again. i think we've peaked there's no question. and it's part of this cyclical value -- sorry, this, what are we calling this, whatever the -- well -- financials, small caps, industries, and this is -- this is where you are finding some relative value and i think that's not because the megacap tech stocks are expensive, because these companies are interesting. >> right and i guess my point is, if you were doing equal weight, where the rest of the stuff is trading, it trades at a reasonable valuation i think the five-year average is 18 1/4 and the ten-year, 17 1/2 or so, and just strip out the seven, though, and you look at the performance and you look at basically how much is

appreciated just on multiple expansion in the middle of a bubble, make no mistake about it, we are in a sentimentable, if these earnings report and the guidance they give don't articulate the commercialization of some of these products, you are going to see some analysts start to take down their numbers, because i don't think you're going to see a contribution, a meaningful contribution until mid next year or the back half of next year. >> nay are magnificent >> are they? on what basis? >> i just wanted to say it >> tell dan it doesn't bother you, he'll stop doing it >> the fact you told me on national tv, it's amazing. >> she had my back that was mel having my back. just because we're doing this now -- >> what? doing what >> four out of seven of that seven got whacked in the movie >> hold on well have some credibility on this front we changed fang to -- >> you like to think you did that >> we did do that. >> i'm going to break.

coming up, x marks the spot. inside elon musk's twitter rebrand. can it live up to the excitement but first, inside the korean stee steelmaker's best day in years steelmaker's best day in years more "fast money" in two you can stay on top of the market from wherever you are. e*trade from morgan stanley. power e*trade's easy-to-use tools make complex trading less complicated. custom scans help you find new trading opportunities, while an earnings tool helps you plan your trades and stay on top of the market. e*trade from morgan stanley.

welcome back to "fast money. posco shares rising 18%, closing out their best day since 2020 after the south korean industrial giant posted strong quarterly profits. the company announcing it would invest $92 billion into ev battery technology the stock is now up 60% in july. and trading at levels not seen since 2010 of course, tim was the one that plagued this >> and probably the last time we were talking about the stock on this show, 2010. might have been trading the low. this is one of the biggest steel companies in the world you are not trading this on the back of the numbers they came out that were pretty decent and certainly at the top end of the earnings range and the margin range. but this is about lithium development and turning into an ev battery play.

and the premium valuation is clearly far ahead of where anyone would be pricing a steel company. i see it somewhere at these levels around 18 times which is crazy for a city company so, i think it is best of breed in terms of the global steel company and just tells you where investors are chasing this trade. sticking with te v trade, shares of nio surging. options traders are betting that the gains could keep coming. mike khouw's got the action. hey, mike. >> nio traded more than two times its average daily options volume calls, outpacing puts by more than 3 to 1, that made it the sixth-busiest stock today. we saw over 42,000 calls trade for an average of 30 cents we saw a big purchase of the 11 1/2 strike calls, and those traders are betting that it has further upside >> similar action across the space, mike? >> yeah, we did. we saw some in lithium battery companies, also, the metals and

mining and of course tesla was number two, it was edged out by amc on, obviously, the delaware court news, but yeah, i mean, this is always a buzzi sy space, and its today. >> mike khouw, thank you dan, you are flagging this trade, and speaking of this trade, people identify you with tesla. you are out, right >> yeah, i am out. i've had a bad year trading tesla. i had a good year last year. i put a position on, it was a last ditch effort into the earnings print, got that 10% move, covered it on friday it is interesting to see how quickly this stock made back a bit of those losses, and i think that again, i'll just stick by the story. this is -- the fundamentals are not getting better here. to buy the stock here, you have to believe in all the other stuff that elon was talking about. i listened to that call, and if you are buying the stock, after listening to him speak on that call, you believe in stuff that most other people who invest in stocks in the stock market don't believe in and i know that's a big part of it, but the fundamentals are

getting worse here, quarter over quarter, and the margins aren't really expected to get better. i don't find it particularly interesting. >> for more options action, tune into the full show, friday, 5:30 p.m. eastern time. coming up, elon musk flipping the bird. >> wow >> will the new umbrella brand x soar to heights that twitter couldn't we'll debate that next is" ghafr moneyrit te is" ghafr moneyrit te th you ok, man? the internet is telling me a million different ways i should be trading. look! what's up my trade dogs? you should be listening to me. [inaudible] wow! yeah! it's time to take control of your investing education. cut through the noise with best-in-class education resources that match your preferred style of learning. learn your way. not theirs. td ameritrade. where smart investors get smarter℠.

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welcome back to "fast money. twitter's iconic blue bird has flown the coop elon musk delivering on his promise to rebrand the platform as x, in hopes of turning the site into an everything app. and projecting the new logo on the side of twitter headquarters overnight. ceo linda yaccarino tweeting, do we still calling quiting that x will be a global marketplace for ideas, goods, services, including everything from videos to messaging, and banking. super apps like wechat have found massive success, can x achieve a similar result in the united states, particularly since there's such a move by the ftc and other organizations

within the government that are against big tech getting any bigger dan? >> one word answer, no they have not ghon straited any ability to do any of that. and granted, there is a new company, a new management, and the like here, but again, if this is going to be a service-based app, you know who is building a super app? look over there at facebook, meta, and i'm not a zuckerberg fan or anything like that, but they have 3.5 billion monthly active users if you look at messenger, reels, instagram, you know, instagram, you know, think about that so, they are building all of these different apps their ability to catch up is not great. they are not being successful i subscriptions. the answer is no >> we still call searching googling, and the company's named alphabet the value of twitter is there. there's no question. i think it's still -- i would like to see some changes i think there are going to be some changes

but at this point, changing the name is not going to change the company. i don't think the company's name and branding was the issue the issue for investors for a long time was really about monetizing and finding products you have the engagement, you have the audience. and to me, in the news flow, and in real time, twitter still has that i think things, since they removed the ability to actually, you know, verify people and what not, it's turned to chaos. and i think they can clean that up >> but changing it to x implies it wants to be measured by other metrics and not just monetizing its users. moving it to x means, we want to be maybe a payment platform, and elon musk knows payments, right? we forget about that part of the story. >> he was fired from paypal. >> he cofounded it >> he didn't cofound it. they bought his company and they fired him. >> okay. >> aspirational, clearly i think -- i don't want -- to tim's point, though, if they had focused sort of stick to their knitting, it's an extraordinary

little valuable property, just in terms of what it could be or should be, to try to be a super app and compete with a facebook, who has a huge head start in this, i don't know, i you this it's aspirational. >> yeah, by 2 billion. >> they're probably -- it's a tremendous headwinds going forward. all right, up next, we got your final trade your fto shopify. it's the challenges that we don't expect, like a site going down or the checkout wouldn't work. what's nice about shopify is when i'm with my family, when i'm taking time off, knowing that i have a site up and running and our business is moving forward because we have a platform that we can rely on. that is gold to us. start your free trial at shopify today.

time for the final trade let's go around the horn tim? >> the clash we -- no chevron. chevron clearly gave numbers, cash flow, definitely outperforming. and i think they're going to continue to buy back as much debt as they can it's an investment, not a trade. >> karen finerman? >> did you forget your final trade for a second there >> we know each other well at this point sort of. >> okay. oih is mine. along the same lines as guy and tim. i like the energy trade. i like oih here. >> dan >> yeah, a month and a half. auto nation went from 140 to 180. i think it's a buy with the one-four handler >> in 1982, october, if memory serves, i went to a misty shea stadium to see the who i didn't go there to see the clash. who, by the way, mel, got booed

off the stage. if you don't believe me, google it or listen to tim seymour, who was also there one of the most overrated bands of all-time. >> guy and his thug friends -- >> valuer will roe >> welcome back, tim >> good to be back >>