aside from -- >> it's been a robust earnings season so far for the defense contractors for sure so that will be one to watch. >> but as we've been talking about, so much to read in on from amazon itself >> that's right. and, of course, the s&p, closing below 4200 which we've been talking about for so many weeks now. that will do it for us. >> "fast money" starts now. >> live from the nasdaq marketsite in the heart of new york's times square, here's what's on tap. revenue jumps more than 20% and we'll get details from the conference call and fintech fade falling over 50% over a slowdown in europe sending shock waves across paypal and square among others. later, texas instruments really bad day after the options action on amazon ahead of results tomorrow and talking the tape on target, the soft closing

higher for a change. i'm melissa lee coming to you from studio b on the desk, tim seymour, dan nathan and guy adami. we start with meta shares now up 2.5% just about after posting a top and bottom line beat. the company seeing return to ad revenue growth avenue dismal 2022 and julia boorstin has all the detail. >> meta beat expectations on the top and bottom lines reporting its fastest growth in two year, 23% revenue growth in the third quarter. that's ahead of the 21% that analysts expected. now, for the fourth quarter meta provided a revenue guidance range with a midpoint just a hair below analysts' consensus and meta's year of efficiency, the company brought down its expense outlook for the year, down to between 87 and 89 billion from a prior forecast of 88 to 91 billion and it forecast its 2024 expenses for the first time giving a range between 94 and 99 billion now, for context, analysts had

been looking for expenses to come in at 100 billion or below so they met that now, the company did flag growing expenses in its reality labs division and also warned, quote, we continue to monitor the active regulatory landscape including the increasing legal and regulatory headwinds in the eu and u.s. that could significantly impact our business and our financial results. melissa, the call is starting now and i'll jump on and will be back if there are any more big breaking news headlines. >> julia, thank you. julia boorstin so it is still the efficiency, a big outstanding question for a lot, plus the ad growth is there. it is continuing just like what we saw from yesterday's report from alphabet, guy >> i understand a fourth quarter guidelines was in line let's back that up arpu for facebook -- >> what does it stand for? >> average revenue per user. >> thank you >> we could keep moving. >> $11.23.

9.31 a year ago. margins, 40.3%, 20% a year ago these are great numbers. i'm surprised the stock hasn't gotten back its loser. it should be higher than yesterday's close so it will be interesting to see what happens. >> we did go in down 4% on the day. >> that's it so haven't recouped, so are they good numbers? there's no such actually thing as good or bad but just earnings >> great to have netflix went up. feeble >> he's not saying -- i won't say feeble i will say, boy, we've combined the year of efficiency with the best growth since '21, 23% but

also the -- look, maybe real material signs of a.i. growth. they talked about ad targeting and stalked about dynamics very much a.i.-related and when we started evaluating who is best positioned for a.i. a few months ago when we started to go down this road i think a lot of people felt it was microsoft and facebook so reels and instagram continuing to grow and obviously their audience and the size of the platform amazingly continues to grow. where do you go with the stock from here? relative to, you know, it's up 160% this year it's been struggling over the last three months, unlike google which i think rally stated into their numbers and that's the difference in performance, but hard to argue here head count down 24%. the low hanging fruit on expenses is done, though, and that's the real challenge. >> i agree with that that relative lab business caused a lot of concern. all this metaverse spending so

julia mentioned they have, you know, total expenses below $100 billion which is what investors wanted, right? but, you know, are these going to continue to be high again, if like what we saw last night or what we saw today, if that google alphabet can lose $150 billion in market cap because they miss a couple of expectations as it relates to their cloud business because uptake of the a.i. product is not as great as it was at microsoft, that ging, $100 billion in market cap, whatever, this is probably not good enough in my opinion so to carter's point you need a beat and a raise. it's been consolidating and trades at a valuation with a lot of support and know they've been cutting costs -- all this stuff. the market reaction an hour after the reported earnings. if you want to broaden it out, i'm looking at a sea of red at the nasdaq the s&p closed 1.5% on the day and microsoft makes up 7% of the s&p and 10% of the nasdaq 100 and still have that devastion

across the board and we'll talk about semis and texas instruments a little bit i didn't think there was anything that horrible other than, i didn't even think alphabet was that horrible why is the nasdaq down 2.5%? >> i know we'll talk markets but the closing high of the cycle on the ten-year, 4.95 -- jgb, all the things hurting equities and megacap stocks which is less longer duration stocks than other high-tech stocks. >> is that why it's feeble or are the earnings feeble and deserve that reaction? >> probably a little of both at the end of the day there are a lot of people whose economic livelihoods depend on getting this stock right, analysts paid to know this or a person with the biggest position and reaction is feeble it's not that good a number. >> the quarter is good i think given the fact that the stock has sold off 10%-ish, the reaction is feeble

i'm curious, it should be higher than that unless i missed something which has happened before. >> occasionally. not too often. >> you're pretty sharp, buddy. >> thank you. >> the comps are important up 23% year over year. what was last year one of the worst years so we had a dynamic where ad revenue was under a lot 6 pressure it's nice to see it come back. we heard that from google. the growthier parts are the ones we have to be careful about. it's the year of efficiency which might be largely done. i'm not looking for reasons to push it down but i agree, not an extraordinary number. >> another reason why the call feels particularly important in terms of commentary and expenses, mark zuckerberg did an interview with "the verge" and said we are squarely back to developing innovative products when i hear that from mark zuckerberg, i think spending money. so is that still intact?

>> i think they're basically up 9% or something like that. is that good or bad news >> here's a company competing on every front with some of the biggest companies in tech when you think about oculus and all the energy they put into this platform which is basically this metaverse platform which was, again, the stock sold off 75% since they changed the name and focus of the company and gene is one of them and excited about vision pro and the applications that can be used for both enterprise and consumer and that's a ways out. so you think about that. you think about where they are in some of their social platforms. i mean, i don't know about you, i was kind of excited about threads at one point and, you know, three or four months out, they're not delivering on the product front. you would think every week they would have another tweak, another -- you know what i mean, like sort of addition to keep people engaged and they're not doing that so to me -- last thing i'll say about the ad spend, what did snap say last night? i get it their revenue is like a rounding

error for facebook or -- they said they're seeing a little bit of hesitation as it relates to the situation in the middle east and probably only gets worse then just throw on what we're seeing, the russell 2000 acts like you know what, okay, and when you think about where a lot of those advertisers are coming from, they're small and medium-size businesses so that doesn't portend well -- >> what's interesting, microsoft and meta are pretty much similar in valuation at the point. given we've seen the quarters which one do you like better or would you rather have from this point on >> facebook, i think, to be honest with you. i think facebook -- no, i mean i get microsoft, i understand the excitement around it i think facebook is a little more reasonable valuation. i actually think this quarter was okay >> the meta ceo was saying they will continue deprioritizing a number of non-a.i. projects and shift personnel toward working on a.i. and further jumping on

that bandwagon. >> i think that was a would you rather you just -- [ laughter ] i'm listening to you and i'll respond to the game. it's microsoft, i think, and i have trouble saying that i'm not -- i'm really not long microsoft. i believe they have more leverage to pull i believe the strengths that they showed were the ones the market wanted to see and at least rewarding here and there are multiple divisions in microsoft where they're showing they have the pricing power and will push people around. i don't think you have to love any of them here and i think, you know, that company here -- >> you don't dr. to. i mean, meta is the exact same price it was two years ago, literally two years ago in the last weeks of october, 315, sdwrops to 8, loses 77% of its value now back to where it was two years ago. why do it? would you rather have cash i'd rather have cash than google, sure >> and google? >> or microsoft. >> or microsoft or meta. >> between now and tomorrow. >> or meta. >> how about now and next friday or to the end of the year, pick

your time frame. >> he's playing games. >> i was just going to say. >> would you rather? >> i make an exception for carter. >> of course you do. let's get some instant analysis from our friend, gene munster, the managing partner at deepwater asset management as pointed out by the desk, the reaction isn't that great. so what do you make of the earnings and the guidance because if it were really that good shouldn't we make up the losses from today's session. >> we should, melissa, and i think that eventually investors will this was a solid quarter and put a couple of points into perspective. dau, the daily active users group, 5.4%, the fourth consecutive quarter of acceleration, albeit from 3.5, to 4, 5. a 2 billion number daily active users and means that one out of every four people in the world visit a meta property daily and zuckerberg kicked off the call the first

data point he gave was that the number of people that visit an app monthly was 3.9 billion. my last check, there's about 7.5 billion people in the world and means that more than half the people in the world, that's i think one of the most important overlooked points through the quarter. that means that the machine, this addictive machine that they have is intact and as the second piece related to just the health of the ad business, that the site exceeded numbers and raised revenue by my math by about 3% for the december quarter and kept expenses unchanged which gets to the third point which is margins. margins are 40% operating margins is the best since june of 2021, and if you're curious, the operating margin for full year 2019 prepandemic before they got that big boost in '21 was 33%. so they're measurably higher the question comes up, why own meta deepwater, we do own meta. the reason to own it, they have

a lock in terms of reach that no other advertiser can get we talked about how many people use it and separately they're doing it in a more profitable way than they did three years ago and i think that is -- those are positives that i think you put the final filter on top of this which is valuation. i think it lines up attractive everything wasn't perfect. we can talk about reality labs, that's still a sore point for me but how i see it. >> to oversimplify what you just said, is it about growth or efficiency why does someone own the stock. >> for growth and ultimately the efficiency piece will tap out. i think margins will go from 40% in september to probably 42%, but eventually they're just going to keep the margins at that level has to come to growth, where are you going to get the growth from i do believe a.i. will take some of these content tools more easy to bill content. i believe in the economy instagram is one example of that

and separately i think that this place holder that they have related to the metaverse or spatial computing, i wish they wouldn't spend 15 billion. that's absurd they're spending that kind of money on it but to answer your question it's about growth melissa, if i can get ten more seconds i would love to just give you my thoughts the one negative here -- >> sure. >> all right, i'll go fast as i mentioned, they increased spending, 15 billion kind of a spend annually on that, annually, apple spends 30 billion in total on their r&d. this doesn't make sense. i think there's a place for the metaverse. i think spatial computing with apple will be a hit but that number should be more like 5 billion a year, not 15 billion >> hey, gene, so, you know, we hear a lot about chatgpt and talk to us about -- when you look at meta, which valued not really anywhere near what

microsoft is, mel played, would you rather, on us. 20% plus and sales growth of double digits, maybe 12%, you just talked about the operating margins, what is built in for their open source large language model which i think you believe they'll be able to integrate across a lot of platforms that reaches nearly 4 billion people at least once a month. >> it's kind of the substance, it's the fabric that they'll build products on, just a few minutes i was on with the call and zuckerberg's first comments were about reality labs and second was a.i. and need lama to do that. base on what they've told us they won't charge -- won't have an outright business around lama and so it's not going to be a direct revenue contributor but to your point is that that kind of generative a.i. that can be powered by it will make creating content more effective and i think they can use l'eggs of the generative side but use a.i. to build better advertising tools,

remember, apple ripped the ball out of meta's hands when they had those changes to privacy it was the right thing for apple to do. it left meta in a very tough spot that created a headwind a couple of years ago and they can dig their way out of that by using a.i. to do better ad attribution and part of the whole story. >> we'll check back with you on meta later on after the conference call proceeds. >> thank you. >> guy, what do you -- >> reality labs is a disaster. at a point wuerl it has to be addressed. 210 i think million dollars of revenue and they lost close to $4 billion operating it's just an unmitigated disaster at some point either you have to have a direction for this, have to have a vision or cut bait and i think maybe that's what's holding the stock back. >> to the markets sinking during the regular trading session dragged down by big tech, nasdaq dropping more than 300 points for its worst percent drop since february and s&p finishing below its 50-day moving average for

the third time in four sessions posting their lowest close since may and drop in alphabet responsible for a lot of the losses google's parent company falling 9.5% its biggest drop since march of 2020 apple, nvidia, all coming along for the ride does this action mean the markets -- it's been broken? do we do damage? >> for sure. i think if you think about it we're down estimate only about 9%, 10% from the july peak that's nothing that's a sell-off. it's a decline it's a drop, drawdown, correction but it's nothing really cathartic so what if we get a google-type thing out of apple and what if the really compromised stocks break to yet new lows i think one has to assume that so the question is, and this is important, at some points there's nothing to be lost but postponing new buying. you don't have to do it. if you are mandated and being paid -- >> you're paid to have cash. >> exactly but individuals are not. an individual can make the

decision, i just don't want to do this right now. meaning i can hold back and wait and maybe get a more fortuitous price or level. >> because we have the chart master here, let me ask you about the breakdown in high multiple tech stocks that outperformed everything because they were the most oversold had big years coming in. some of them look like they're about to test new lows so fresh lows for this cycle and the fact that the velocity is more excessive than megacap tech and led the market lower, believe it or not they actually led them lower back '22 what does that mean? >> it means it's gaining -- talk about breadth. the breadth is going the other way. there's getting ferocity, people trying to back away from the asset class of equities. the things that were the most stretched weren't necessarily expensive. home builders are cheaper now. the things stretched are the things that got hurt first, the big staple stocks, maybe expensive, maybe not but now

you've always had bifurcation, strong staples and this small cap make -- the bifurcation is always resolved by the strong ones coming, estee lauders and hermes while the weak ones get weaker >> tim mentioned yields. i'll go to japan for a second, if i may closing above 150. big deal ten-year yields in japan, 86 basis points haven't seen that in a while that's why our yields will continue -- yields don't want to stay down. they had an opportunity over the last couple of days, closing high here 495. i mean, it feels like yields continue to move higher from here. >> i'll just say this talking about, like, what led this latest -- i guess sell-off, yes, it was microsoft andale at one point down 15% and feels like at least apple is right back in that, but this felt a lot like 2021 we had a bifurcation and we've

seen tons of different sectors in correction mode and seen some of the worst valuation stuff, the stuff that doesn't make money and was the craziest at the height in early 2020 they've been correcting in bear markets and so to me the equity parke didn't feel great and doesn't feel great now with the ten-year at 4.95 at 4% for whatever reason, like two months ago people are like, well, yields can go up and stocks can go up at 5% they're showing us that they can't and i also think all the headwinds we have about the economy, we haven't even talked about the economy yet. if we're looking through the lens of earnings season it doesn't feel great it doesn't feel like the consumer is great. when i hear visa say, oh, travel is great what are you talking about >> this is what they see >> they see it right here and right now and i don't know but what did i say last night about what brian moynihan said about the consumer, for the first time in two years, he's kind of saying that maybe the consumer is not so strong so i don't know. a man like --

>> man almost i'm not buying. we've got more after-hours action of ibm and whirlpool on the move numbers out of the quarter next and the auto trade hitting the skids. gm hitting a multiyear low and texas instruments has had hazard lights on when "fast money" returns. (birds chirping) go. and go and go and go. ( ♪ ♪ ) but what if you... stop? you work hard, it's time for a bank that'll work hard for you. everbank brings security and a guarantee that you'll earn a yield in the top 5% of competitive accounts. going, that's what got you where you want to be. we're the partners for your next move.

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money. let's get more earnings movers starting with ibm. the stock is higher after reporting a beat on top and bottom lines on the conference call that got under way at the top of the hour. kristina >> it took less than two minutes to bring that up and generative a.i. and over 20,000 a.i. consultants and believes it will consist of multimodels like watson and other companies' models and opena.i. similar to the hybrid approach to the cloud but 75% of their revenue comes from consulting and software and saw one of the strongest bookings quarters but it fell light of estimates and i asked him and he blamed the strong dollar software grew 6% on a constant

currency basis and jim cavanaugh said they are seeing nice green chutes leading to a couple of hung million dollars in the quarter and would grow 3% to 5% and reiterated cash flow and asked how they would hit it in q4 when the combined three quarters of this year was 5.1. he said they historically grow more in q4 and feel confident they can get there melissa. >> kristina, thanks. christ kristina partsinevelos >> it pays 4.8%, 5%. consider this, the stock is the exact same price it was in september of 1999. so it's the exact price it was 23 years ago, but it pays out 5% or consider this, 23 years ago, the number of shares outstanding, they bought back half the shares.

that's all it is so the fact it's up a little bit is relevant it's probably a pretty good buy. >> the haters will come but i like it. at least you can wrap your head around it in terms of valths and it's ream and seemingly have their act together the red hat thing is doing pretty well. infrastructure, not a big part of their business but you know what, margins are improving there as well. so they're getting their arms around the business and this is a stock that i think can sneak up on you. as a matter of fact, melissa lee, sandy, who is -- >> our executive producer. >> ep, this was the "i" in the anagram -- >> i don't even know what it was. swift. >> neither do i. >> he was doing the taylor -- >> very, very leading edge >> sandy on the game >> t-swizzle year.

weaker guidance sending shares lower for whether and steve kovach has details >> no taylor swift angle here. whirlpool shares falling after revising guidance for full year earnings lower than analysts were expecting eps, $5.45 versus $4.25 expected revenue, 4.39 versus 4.81 billion expected and guidance, whirlpool reaffirmed revenue expectations for the fiscal year but as for full year eps dropping to $16. analysts estimated that would be $16.06 and all of that down from the prior range of $16 to $18. cfo in a statement highlighting cost cuts for the quarter saying it's on track to deliver 800 million in savings with 300 million of that saved this quarter along. mel, send it back over to you. >> steve, thanks

steve kovach tim, you owned it at one point. >> it's been a great trading stock. i haven't owned it for awhile. it's not expensive it's probably just south of seven times or eight times it's paying a 5.5% dividend yield. it is a case where i think a lot of these housing components or ancillary housing trades have a lot of problems ahead of them talking about a consumer, most people don't go and pay outright for an appliance a lot put this stuff on some kind of a financing dynamic. a lot of this was buy now, pay later. we'll talk about those disasters but if you look at some of the names in here and, again, i would go inside and say for the restoration hardware down 45%, 55 days, williams-sonoma held in there. should it? i don't think so actually i'd be long rh against wsm. >> this is a stock, exhibit a, why you should own etfs if you

don't have conviction in more than a handful of names. what you just said about ibm trading at the exact place it was in 1999 and pays a 4% dividend, this stock, the equity market cap is less than the debt da they have it's been cut in half over the last few years from recent highs or whatever. like trying to parse through how they'll go from seven times earnings to ten times earnings and you think you'll make 25% on that or something like that is an absolute waste of time in my opinion. >> okay, thank you >> like, i mean, it's a fun conversation, maybe the more you know here but -- like, i don't even know. >> also such a classic setup technically. we know what a breakout is, well-defined tops. well-defined lows, what happened it is plugging down $6 from its 52-week low, terrible, terrible. >> what does it look like overall to you. >> that's the high flier that rolled over and would say there's more rollover to come. >> yeah. >> yields continue to go -- we

finally hit 4.75 where it woke up and 5% close above it will continue to wake up and won't be a pleasant eye-opening experience >> there's a lot more "fast money" could come. here's what's coming up next >> announcer: investors hitting the brakes on the auto trade and now it's not just carmakers feeling the pressure, the stocks that might need a seat belt next plus, lux in flux. consumers showing signs of breaking down. the pain felt everywhere from payments to champagne. the hurdles facing the high end after this you're watching "fast money" e ve from the nasdaq marketsit in times square. we're back right after this.

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dropping across the board and dow falling. s&p falling below 4200 for the first time since may nasdaq down nearly 2.5%. auto stocks like ford and gm hitting multiyear lows before ending in the green. signs of a potential deal with the uaw spurring this rally in the late session but the effects of the autz toworkers' strike may be felt beyond the auto industry pointing to a softer car market. texas instruments dropping 3.5% after its results last night meanwhile, wm previously known as waste management plucking the trend up more man 6% after an earnings beat and the company upping free cash flow guidance. that is up 6%. wow. that's a big one >> you can make a case of -- listen, you can make a case, charge is one of those defensive

names, i would imagine, valuation you can make a compelling case for in an environment where people are looking for valuation. i think the move actually makes sense and probably has more room to go. i don't know if dubs has charts on this. >> i have them in my head. i don't have any to cite it is defensive and today's action is impressive and i would say all things equal i might have a little of this instead of cash. >> coming up, a luxury letdown, cracks in even the high-end consumer starting to form and names under pressure in the secondary sessions feeling the handback hurt, that's next. amazon gearing to report tomorrow and they're plugging in ahead of the numbers and how they're playing this group when "fast money" returns. >> announcer: missed a moment of "fast" catch us on the go and follow the podcast "fast pomone. we're back after this.

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join the millions of people taking back their privacy by downloading duckduckgo on all your devices today. welcome back cracks showing in the high-end consumer and major luxury brands are delivering warnings and robert frank has the latest. hey, robert. >> melissa, good to see you. porsche's cfo adding to those fears that the luxury consumer

is breaking down and said, we are suffering in the entire economy. it is also hitting the luxury industry those shares of porsche down 12% this year. lvmh earlier reported growth of 9%, that was half the level of the earlier quarters lvmh stock down 24% from its highs and the cfo saying after three roaring years growth is kong verging more in line with the historical average you've got luxury giant kering, owner of gucci saw north american sales down 21%. china's recovery seems to be slowing a bit. the stock at its lowest level since march of 2020 and even hermes which beat on sales, always the strongest of these luxury players, that stock is down 12%, analysts say going forward, the most discretionary items from the most aspirational brands are the most at risk. mel, perhaps the surest sign

that the roaring 20s may be ending, lvmh said champagne sales are down for the first time in three years. >> i mean, people have to drink something, robert. i don't get that just kidding thank you, robert. meanwhile -- that was believable, wasn't it? i didn't mean it another ominous sign for consumers, payment stocks a firm block, paypal slumping and there was a slowdown reported in germany. those shares cut by nearly 60% today so what does this is a about the strength of the consumer definitely not good. dan, to your point earlier. >> goes back to what we were talking about earlier. you could take one that operates well and may have something to say that might not be great to extrapolate to a whole bunch of other businesses and, again, when you think about a company like world line and evian out of europe this summer had a disappointment and see how square and paypal are trading and fintech and had nigel morris

from qed, fintech investor on the show talk to us and thinks there's room to go to the down side just a place where investors don't want to be public or private which is not a great thing. like there's going to have to be a bloodletting maybe it's one of these on a big scale here in america to do that to have a sort of capitulation it doesn't feel like we've reached it yet. >> i mean, paypal, which i was nibbling in the low 60s so i have a position and i thought, you know, they've gone through a lot this terms of both management changes and in terms of you're getting real numbers out of true users and globally but the payments world punctuated about the fed putting lower caps on credit card companies is awful for visa and mastercard, the big daddies but you if look at upper fico scores you are not seeing an erosion in the consumer so, yes, there is insulation in i think that luxury branding. as you get into the lower stuff and i would just say that

fintech offerings have allowed lower income consumers to really counter a lot of the infl inflationary forces out there for only so long and this is where the sensitivity to unemployment is massively high so to me, whether you're a mortgage processing company, whether you are a buy now, pay later or whether you are just exposed to fintech and student loans and whatnot, all of them to me are going lower and that's on their core business, on their funding costs, nothing to do with the credit quality which is getting worse. i wouldn't go near any of this stuff. >> higher fico scores versus lower fico scores is what we heard from dfw, lower band, midband fico score customer that is really starting to feel the stress in this market. >> now we're seeing it on the other side as well tim makes a great point. about paypal, november 1st, i think, i mean this stock is now at a six or seven-year low, single digits p/e trading like

distressed company if they're just in line on november 1st you got to get a bounce at some point in this name. >> right, 18% of its revenues come from europe. >> it's a disaster we got breaking news we got to get to new ceo at morgan stanley has been named leslie has the details >> hi, melissa that highly anticipated ceo search is over morgan stanley announced that ted pick has become ceo of the firm this is in a press release announced moments ago. two of the other contenders, andy saperstein and dan simcoe w witz named. ted pick, some background. he recently served as co-president of morgan stanley for the past two years and he previously ran the institutional securities group where he oversaw investment banking and institutional securities as head

of institutional equities and seen as transforming that business and putting it in more of a global leading position when he was in charge of that and before that he led equity capital markets which is the division that underwrites equities, ipos and so forth. in the statement we have got some statements from james corpsman who will become executive chairman as part of this change. he says, for several years i have worked with the board to ensure an orderly succession and feel now is the time to step aside. the selection of ted pick is in and i have worked side by side with him and have experienced firsthand values -- firsthand his values, intellect, passion and commitment to our people and our clients. so morgan stanley naming ceo ted pick as the next ceo here. melissa. >> by unanimous vote at that leslie, thank you for that he's got a lot to tackle the last quarter for morgan stanley

was a bit lumpy. stocks certainly didn't respond well investment banking was a big problem there, tim >> so, it's easy to point out morgan stanley derisked their business away because of wealth management but you can't tell me blizzard a huge risk over wealth management too and nabs have come down and exposure to etrade not toxic but valuations and all the reasons why they deserve a premium. they do deserve a premium, it's some of those things are still under pressure as well that chart, i don't know, carter, you tell me. that was awful. >> pretty awful. in fact, the industry group, the s&p 500 investment bank and brokerage group making new 5-week lows and morgan stanley, the same price it was in 1998 so here's another instance of the cult of equity if your stock is unchanged for 23 year, what did you do for anybody? >> looking for support, it probably comes in the form of the prior all-time highway back in 2018 around 60 bucks. well, in this environment it can be for sure. >> coming up earnings season just getting started and there's

even more tech on deck to report the action in the options pit ahead of the big results next and one bright spot, what is driving shares of target higher and can the gains last that's when we're back in two. me difference. at humana, we me know that's especially true when you're looking for a medicare supplement insurance plan. that's why we're offering "seven things every medicare supplement should have". it's yours free, just for calling the number on your screen. and when you call, a knowledgeable, licensed agent-producer can answer any questions you have and help you choose the plan that's right for you. the call is free, and there's no obligation. you see, medicare covers only about 80% of your part b medical expenses. the rest is up to you. that's why so many people purchase medicare supplement insurance plans like those offered by humana. they're designed to help you save money, and pay some of the costs medicare doesn't.

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welcome back to "fast money. the tech earnings train keeps rolling. tomorrow amazon and intel on deck they're betting it could lead to more carnage and mike khouw joins us with the action what is it looking like, mike? >> quite busy and both are implying pretty big moves and talk about amazon which was actually the fourth busiest single stock option today, 6.5% on earnings, 8% by the end of the week and saw a buyer of 10,000 of the october 27th weekly this frias's 115-puts, buyer paid a dollar a contract for those. outlay of a million and priced 52.20 by the end of the day and quite profitable and the other name is intel, this one also implying the move of greater than 6% and we saw a similar bet here early in the day, buyer of 8300 of the december 1st weekly 28 strike puts and paid 30 cents

and those two appreciated about 42 cents-ish, up $100,000 on that trade. >> mike, thanks. mike khouw, it feels like intel needs to pull a rabbit out of the hat in terms of considering wall street it's still in the game. >> just come in line and i think it will be okay. any miss and this move from basically 25 to 33, half will be erased on the back of this quarter. >> coming up more meta madness we're keeping a close eye on them and gene munster is listening in on the call and give us thkee y takeaways, "fast money" is back in two.

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welcome back to "fast money. that gain in the after hours from meta is slipping away up only a third of a percent and earnings call is still under way and we'll check back with gene what's the problem here? >> ms., the problem came in the form of a question about geopolitical impact from what's recently happened in the middle east and cfo susan lee's answer was, they can't attribute anything specific there. israel is a small part of their business but did notice when that's happened there's been broader softness related to advertising to start the quarter as she said. she thinks it's related to just global disruption. she mentioned they saw a similar dynamic when the ukraine conflict war started and that has spooked investors and so that's the reason why it's lost some of its gain, never use the word softness as a cfo

when you do be prepared for the stock to sell off. >> gene, thanks. gene munster we heard that from the much, much, much smaller rival snap in terms of the conflict causing ad campaigns to take a pause so maybe this is not entirely surprising, guy. >> yeah, and we did mention it but small and medium-size business, carter pointed it out, the micro cap stocks have rolled over, a lot of their revenue, facebook, comes from these businesses if they start to feel the pinch, facebook is going to feel it, as well obviously what we talked about does not help. >> listen, this goes back to the companies that want to be constructive but don't have a whole heck of a lot of visibility like the consumer doesn't. just like a lot of their customers don't have a lot of visibility so throw this geopolitical stuff in the mix and think about what's gone on with the debt ceiling, there's just not -- if you're corporate -- you don't have a lot of reason to be too optimistic i think it makes sense i'd rather be cautiously

optimistic than over my skis. >> now in negative territory. >> i guess, look, for all the horrors, we're not a political show, i'm just talking about the cyclicality or dynamics, like a weather sell-off when you talk about airlines, is that a reason to sell? i'm not saying they're not things we're talking about more broadly for risks in market. identifying the volatility in the middle east is not the reason you're selling facebook. >> topping the tape closing up more than a percent and a half higher after guggenheim reiterated a $160 price target for target the analysts writing if target can regain its prepandemic margins full year earnings per share could hit $10. you could pay less for something bigger next year because next year is when target should improve in terms of the business do you see that in the charts? >> the stock was almost $300 it's 110 so it went up a little

bit like -- this is just not something i would touch with anything not your money, not my moin. >> your enemy's money? >> don't even go after your enemy with this one. >> a lot of ifsome, if, if, if i can do the math. if they get it north of $10 their valuation of 16 times makes sense, $160 stock. the problem is, margins have not been particularly good and have an inventory problem and nobody is going there anymore those are three things they have said over the last couple earnings calls. >> this is where to me relative valuations mean something, so relative to walmart and again the underperformance pick a time spot let's do year to date underperformed walmart by 40%. look at the relationship between these two companies over the years, this is a pretty standard deviation move of underperforming -- i love walmart but the underperformance of target to walmart when, in fact, they still have a very similar consumer even though walmart we know is lower end than that. i think that's an interesting

trade being long target over walmart. >> i agree and this company won't be kohl's. it won't be kohl's so when you have a company revered by customers but also for as long as they had been by investors, they're going to figure this out and they'll have 20 figure it out in my opinion so, you know, like to me i just think at 100 bucks like going back to those 2020 lows, i think from -- i'm not you, i'm not the chart master i'm just saying, like, i start to think there's technical support and i think there's valuation support too. >> sure, i mean, look, you can almost say today is the day and if you do that go small. but i would rather forgo the next 10%, 20%. you go first, i'll be right behind you fair enough. >> up next, final trades >> announcer: topping the tape is brought to you by pgim. see our investments shape tomorrow today at pgim we can help you rise to the challenges of today,

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amd to be a seller. >> you folks with the eagle ears heard frank sinatra's "luck be a lady." stephanie had a plan which is fantastic. ibm, i like it. >> by the way, meta down 1% after hours. stay tuned my mission is simple, to make you money i'm here to level the playing field for all investors. there is always a bull market somewhere, and i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cramerica other people make friends. i'm just trying to save you a little money my job is not just to entertain you, but to educate and teach you. so call me at 1-800-743-cnbc newsom or tweet me @jimcramer. so this guy comes up to me outside the exchange, down there, hey, "mad money" money, what's going to turn this market around i thought for a second, and i