thank you for joining me >> always happy to, thanks, morgan >> all right, we're going to get another economic data reading tomorrow when we get the university of michigan consumer confidence survey. that's going to be a key one to watch. stocks finished the day lower, snapping that recent winning streak that's going to do it for us here at "overtime. "fast money" begins right now. live from the nasdaq market site in the heart of new york city's times square, this is "fast money. here's what's on tap tonight tesla throttled. late july, the stock was closing in on 300 bucks. since then, it's drped 28% and a new call from the street says shares could drop even more from here a bull/bear battle royal coming up plus, bitcoin bonanza. the crypto-currency up over 30% from the last 30 days, and more than doubling this year. will this rally last we'll debate that. and later, cue the theme music. one of the traders behind the big short is here with us on why this mystery stock could go all

the way. the name and the trend he's so bullish on ahead this hour i'm melissa lee, coming to you live from studio b at the nasdaq on the desk tonight -- girner mann, dan nathan, guy adami, and sitting in tonight, danny moses, founder of moses ventures going to get more at the end of the market's long winning streak and that dismal 30-year treasury action in just a minute, but we start off with the biggest drag on the nasdaq 100. tesla dropping more than 5%. the stock nearly 30% off its highs of the year. the move coming after analysts initiated coverage of the stock with a reduced rating. slapped it with a $146 price targe target add to that increased competition in china beijing-based li auto posting sales growth of a whopping 270% in its latest quarter and posted better profit margins than tesla. the stock is well outperformed elon musk's company over the past year, but is china still an opportunity for tesla or are the

hurdles too high to jump at this point? there are many people who have been bearish of tesla on this desk, danny moses, this is your number one short here. >> yeah, still is. i was here july 18th, i think, right before they reported their second quarter, and quarter was okay but they did miss deliveries and third quarter, obviously, cfo stepped down prior to that and missed those numbers and i think now it's become a show me story, in terms of its an auto company. and i think people are going to start to lose patience so, i don't think it was down that much because of the downgrade, i think it was an excuse so, i'm still short the name >> isn't there something that we've learned from gm and forded in their latest quarters, and the ev business is much tougher for even established oems? so, why doesn't that bolster the tesla story? >> should. >> they are the ones doing it profitably at this point >> they still make automobiles

that people need -- you're now to not walking into a tesla dealership with 65 grand and say, i want my car you have to finance these things i won't do this, i understand. but if you were to back out that $103 print from december of 2022 and just looked at this move from october of '21 to where we are now, the stock's down 50%. and not unexpected that it top ticked before the fed raised rates. the company's cut prices six, seven times. margins are going to be impacted and we're starting to see it now. >> yeah, i think that's the central part part of their story is, their margins were unlike anybody elses. and so -- and it traded on this really high multiple so, margins compress, that margin -- that multiple should also impress and you get this double whammy. and we're talking about, are we seeing the whole idea of the ev adoption slow down in general, as well?

and then just rates higher, multiples lower. >> yeah, looking through this very detailed report from hsbc, you know, i think this is the -- almost half of discounted cash flow valuation comes from businesses that will not generate businesses or profits until '28 estimate >> storage, solar. >> well, those do -- so, here's the ones that are not generating, okay, revenue, until 2028, okay it's this optimist humanoids, it's dojo super computer, and it's self-driving. i guess the point, and this is what kind of danny's getting to, if right now, elon probably is the one to come up with the best robot or come one the best super computer or whatever, if you were paying $600 billion or paying to guy's point in late 2021, $1.2 trillion in market cap for that there's a lot of

things that have to go well and most of us, the adoption for electric vehicles here, you need to keep to maintain share and gross share, but then you need to be able to do what they hoped to do in china so, right now, just the competition, the -- he could do by six price cuts over the last year and a half, it's not materializing. so, to me, i think it's overpriced i don't have a position in it. danny comes and says, listen, i do think it's a short, because right now, it is just an ev car company with a lot of competition. >> for the record, i was planning to be on the show prior to tesla being down, i tend to find myself on here from time to tirj time but right now, it looks like an auto company to me >> how off do you short tesla? >> off and on for five, six years. >> have you made money >> very close at this point. i was down, this year, had the

nice move down -- >> this is the time? >> this is it to me. i don't know why it's magnificent seven anymore. they're out, as far as i'm concerned. i think it's s.e.a.l. team six >> that's fitting. >> s.e.a.l. team six. think they're out. it's an auto company >> danny, that's why we have him on who is dan's favorite band do you know this off the top of your head? >> second favorite >> pearl jam somebody's in your ear and before we started, we heard the song "black," which is, by the way, probably the only song you need to listen to. i mentioned that, gary black, who was on this show a couple weeks ago. >> see what he did there >> see what i did there? he put out a tweet talking about how, if you back out dojo and fsd, you get $90 a share in terms of the value of the ev business, by contrast, they have it valued at $300. this continues to grow in terms of where people are, and my sense is a guy like dan ives,

who has been the axe in the space, he's going to come out with a bull case in terms of -- it would be great if we could talk about tesla >> yes we will. very shortly >> well, i'm just saying. want to ask danny one question it's $209 right now. at what price do you say, you know what, i've made the money >> where do other companies on the multiple basis i know we're going to talk to dan in a second, but if it gets towards 100, probably take some off. i think it's going to $50. >> $50 >> listen, okay, and i've been -- >> does the world collapse around it? >> no, i've said this whole cycle that we'll know that the market's corrected when tesla finally caves, when it finally gives in i have nothing against it, i think it's being valued incorrectly. >> listen, i think it goes back to what i was saying about the other parts of the business. again, i think if it goes down to $100, which it was trading at in january, it's probably a buy there, you know what i mean? you weren't pressing at $100 in january. i wasn't, but i started when it

got back to $140 before that q-4 print in january and i think the most important thing, every quarter they have reported this year, the fundamentals have been deteriorating. there's no reason to be buying it here. >> clearly four out of four traders tonight are negative on tesla, so, we had to bring in a pinch hitter here to play the bull our next guest has a $310 price target on tesla, 50%upside fro here let's bring in dan ives. >> thank you for having me >> should it be kicked out of the magnificent seven? does it go to 50 >> i think six to nine months. now, i think the stock is back to above 300 as ultimately i believe this is more of an air pocket that we're seeing from a growth perspective i think margins start to trough out and going into next year, i think numbers are conservative and the sum of the parts, as dan talked about, i think you look at battery technology, fsd

autonomous, i could argue it's one of the best a.i. plays out there. to me, this is more offal table pounder opportunity rather than time to hide in the cave >> can it grow, can it gain market share can it achieve scale if china is weak if there are issues in china i mean, if li auto is -- it had a very good quarter, it reached 100,000 units. that's the point when tesla started making it work, 100,000 units and it's at that critical mark now so, maybe it's poised to sort of, you know, really win the market there >> yeah. you raise great points, moses does i just got back from asia. i was there for two weeks. in my opinion, the china story, the cuts they've done, that's the strategic poker move they needed to do no doubt, demand softened, but i do believe we're starting to see some equilibrium you look at 2.3, 2.4 million units, 40%, 50% of that needs to come from china. to your point, no doubt, china is the hearts and lungs of the tesla growth story, but it goes

back to look, the bears have hated this, you go back five years ago, three years ago, and i get it they view it as an auto company. i view it and have always viewed it as disruptive technology, which is why i view this is an opportunity to own it, rather than the time there's fire in a crowd theater. >> all love here but you know what? i think elon musk doesn't love the fact that interest rates are going higher he talked about it at length a couple weeks ago how important is the bond market to the tesla bull story? >> musk called it out. that was a disaster conference call we talked about that, just the way that was handled of course it's very important. because the price cuts, essentially nothing even happens, relative to the consumer, and i think as nathan's talked about, ultimately, you need to see that come down, you need to see the chinese story stabilize. but if you look at lucid and

others, it's very hard to scale. and it continues to come down -- it is still tesla's world and everyone else is paying rent in electric vehicles. >> so, if you look at the gross margin part of the story, where do you think that's going and what do you think is the right multiple, at least to think about, you say it's a disruptive company, but the auto business alone, how do you think about that >> so, i think from a gross margin perspective, i think it troughs out over the next quarter. i do believe 95% of the price cuts in the rear view mirror if you look at the ev business, i think it's worth a share, and then you look at the sum of the parts, the battery technology, fsd, the super charger now with them being de facto in the u.s., that's another $30 to $40 per share. that's our view. >> let me ask you a question how patient are investors going to be? a lot of the things have been waiting for a long time. cfo resigning to me, it's not a

big deal i don't know what your thoughts on, if you see something like that occur, i'm not saying there's anything nefarious, but that's a big deal as far as corporate governance at one point, if the economy does start to slow away from tesla, which they're going to be impacted by, are people going to say, yeah, you know what, cyber truck, maybe the sentiment turns. i just feel like we're going to hit one of those air pockets >> to your point, zach leaving, that was a gut punch to the credibility of the tesla story especially from an investor perspective, many relied on him leaving, there's definitely a void but it comes down, cyber truck november 30th hits, you want to start to see vehicles delivers can you gdeliver? can you believer 50,000, 75,000? what that does to the actual model. it's important, because it's the drum roll, you need to see a sub-30k vehicle come, that's going to be built out of mexico, and another vehicle that comes out later next year.

so, these are important parts of the story, and i give you -- it's a little fork in the road time, but have we been there before with tesla? and i view this -- it's a bit white-knuckle and you'll see like today, many kind of, you know, i think you're definitely seeing the sentiment right now nervous, but six, nine months from now this is more than an air pocket than this actually starts to cascade. >> we haven't been here before, so, if we are going to go from the 1.8 million deliveries to 2.4 next year, you said 30%, 40% of that has to come from china they have 10% market share in china. so, they have some local manufacturers that are eating their lunch, at a time when china's putting export on graph f ite. they may not do in china what they did here, and that blows a hole through the valuation

story, because they've really set up to get to 50% market share or whatever and they're never going to get there in china. >> yeah, we've talked about that before and i believe that is really a key to the bull/bear story here. we believe china, they're actually going to be able to gain share i think the price you're seeing stabilization there, i do believe from a scale and scope perspective, it gives them significant importance, especially with battery technology but it comes down to backs been against the wall in china, and i think this is going to be a prove it story they're going to be successful on the other end that's our view, and that's been key to the bull thesis look, when you look at the china story, for tesla, for apple, you know, that's always sort of been theal ba tros that you're fighting >> this is the last -- we're going so long, but in terms of china, in terms of how much the stock is china, do you discount that at all for geopolitics, given where we are right now

>> look, it's -- again, just getting back from the region, it's definitely clearly a nervous period, but i do believe, at least for right now, contained. i mean, i thinkthere's some that's maybe in the stock, but if i look at how it plays out, unless there's a further black swan event, at least for right now, bark's worse than the bite. >> dan, thank you for coming by. >> thanks for having me. >> all right, so, we're going to good-bye the guest -- >> can i say one thing >> yeah. >> his wardrobe, ridiculous. >> very bullish. >> salmon -- >> salmon? >> likes the fit >> fantastic >> sorry about that. >> so, while he's sitting there, i'm going to ask you, what is part of the argument that you disagree with the most >> in terms of -- >> the bull case >> stabilization -- okay, so, stabilization in china and, again, these price cuts. i do think if the margins are the story, you're going have to make up for it in terms of -- demand's got to be there to

offset declining margins, and i'm not sure it will be in terms of the consumer going forward. >> all right, let's get to the markets now. the s&p and nasdaq's long wins streaks coming to a close, as markets turn lower following a weak 30-year treasury auction this often that sparks a spike higher in yields with the ten-year jumping back above 4.6% and the 30-year crossing 4.8%. add to that, comments from jerome powell who said he is not confident that the central bank has done enough to bring down inflation. worth noting chair powell was ushered off stage at today's conference in washington as climate protesters overtook the stage. powell not happy with the interruption, had some choice worlds to say. >> thank you very much thank you very much. >> climate change will threaten -- >> thank you just close this [ bleep ] door close the door >> by the way, you might think that we did that as a joke, but

we actually had to bleep that out, so -- >> he said it! >> he said it. he said it but this really shows you, because the move was really on the back of that auction that rates hold the key to the direction of the markets >> everyone's a bond auction expert now everybody's been watching. and there was a large short position in the bond market the last few weeks, which has now been covered and i think people got offsides on that type of positioning. we saw evidence of that today, there's no shorts left to buy these. so, people are learning when issued is on bonds what a tail is on bonds, but the bottom line is, i think the rate move lower to me is because the economy is slowing. in general and i think the trap is that people buy the stocks, stock market, when rates are going down is just a reflex and i think that's a trap. >> dan >> yeah, i mean, guy's been saying this, i think, you know, if rates accelerate and they go back to 5% on the ten-year, rate, that's not going to be, like, great for stocks and if they go lower and they go much lower fast, like, there's going

to be something going on that's probably not going to be good for the economy, which wouldn't be good for stocks i think the rally we've just had, 6% in the s&p, 9d% in the nasdaq, i think it pulls forward whatever excitement, you know what i mean, that you have in the near term. and estimates are going to be coming down for 2024 earnings in s&p. it's just going to happen. so, we're going to have to start thinking about valuations very soon coming up, the obesity drug battle heating up. astrazeneca belts big in a different way in the space all the details from the glp-1 race. plus, shares of trade desk plunging after giving weak forecast we'll dive into that quarter straight ahead back in two.

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to the next level? it is with comcast business. powering all your devices with gig-speed wifi. and you get fast downloads and uploads. pick it up! pick it up! oh we got this! because it's powered by the next generation 10g network. more speed for your business? it's not just possible. it's happening. get started for $59.99 a month for 12 months. plus, ask how to get an $800 prepaid card with a qualifying internet bundle. comcast business, powering possibilities. seven bound has the highest efficacy we've seen in an a approved drug so far 20% at the highest dose. so, i think a lot of people are waiting for this a lot of physicians, a lot of potential patients we'll start shipping, as you mentioned, before the end of the year, and we expect a swift uptick in ramp >> that was e lil li lilly's eco talking about zepbound, the

newly approved obesity drug. the stock fell 4.5% today. astrazeneca announced a deal with a chinese company to authorize an oral glp-1 pill the drug is currently in a phase one trial. astrazeneca closing almost a percent higher on the back of that news. the reversal was really interesting. >> unbelievable. two times normal volume, sell the news type of event without question i think deutsche bank initiated the space with neutral, so there are a lot of things working against it i'll say this again, probably for the 100th time we've seen moves like this before in eli lilly over the last year, year and a half every single one is a terrifying, the story's over, the stock's going back to zero -- i don't think that's what's going to happen here. i think every pull back is giving you an entry point and that's what we see again now

>> yeah, i agree, i mean, it looks like, $27 looks like a big move, it's not so big of a move considering the run it's had i agree, it's sort of a buy the rumor, sell the news but i think the story is still very much intact, and i sort of wonder, though, should we be looking at some of the -- we talk about the sort of collateral plays, are they interesting, is the risk/reward more compelling. >> we've seen it play out in terms of, you know, device makers, in terms of insulin device makers, the ancillary businesses that might be impacted by people losing a lot of weight. do you think the trade has played out in the insurance business >> no -- >> what is that path >> people live longer -- >> right >> yeah, therefore their life insurance -- >> fewer things to be covered like cardiac events and, you know -- >> you're talking about health insurance. >> i'm talking about life insurance. >> life insurance. okay >> i haven't really thought through that, but health insurance, as well yeah >> you know, it is interesting

if you look at the estimates here, guy's mentioned the valuation in lilly, and mentioned that you buy every dip, every dip has been a guy this year. expectations, 16% sales growth, so, we keep seeing the estimates, and at some point, right, that price advantage, or that price take they can have, right, there's so much c competition coming on, the stories -- yes, all the studies, they are going to be prescribed for all these conditions, but it's going to be different competition that's coming online i just wonder if this is probably as good as it gets. you talk about the selloff in the last day and a half or so, it was kind of expected, the news, and it might be a sell on the news really expensive pharma stock that is right in the cap urgency for a huge megatrend, but everyone else is coming for it, too. coming up, a live report next on what is sending shares of trade desk lower. temperatures may be cooling, but no one seems to have told the crypto markets

is there another crash coming? you're watching "fast money," live from the nasdaq market site in times square. back right after this. ♪ (upbeat music) ♪ ( ♪♪ ) with the push of a button, constant contact's ai tools help you know what to say, even when you don't. hi! constant contact. helping the small stand tall. (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. everbank. advantage, you.

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welcome back to "fast money. we have an earnings alert on trade desks. shares plummeting on a weak forecast steve doe vkovach has the detais >> trade desk reported third quarter earnings, with top line and bottom line beat is the good news, but traders focused on current quarter outlook which came in below estimates. spokesperson for the company telling me this light guidance was due to some, quote,

transitory cautiousness from specific advertisers related to recent strikes in the auto and entertainment industry shares down nearly 30% now afterhours, but still up over 30% on the year, melissa >> all right, steve, thanks. steve kovach blaming it on the strikes, which is a first, i think, that we've heard from, in the advertising industry you look skeptical >> using the word transitory that didn't go well. that's a big market cap to get hit. and if you guide down or miss, in this case, they made it, guyed down, you're going to get punished in this environment >> i'm not close to the name, but just the idea of a miss on a strike, two strikes, right >> right >> that are now over, i mean, meta had the same response meta talked about, you know, the middle east situation, and some caution. and then has fully retraced that i wonder if this is way over >> 19 times sales, trading 70 times earnings this is a gross margin business. sales expected to grow 20% a

year it's a good business but you nailed it. every advertising model we heard, before the tune changed a little bit last week, was this caution, or lack of visibility on ad spending, and again, you know, we've seen these, like, lots of job cuts they are put through price cuts, that are price raises where they could, and what do they do they're going to cut advertising. >> 45, i think, with us the low back in january. it is expensive on that metric for sure, but there's going to be a place where it actually you step in and buy this stock i don't think -- you listen, you didn't see the capitulation today, but you get a day where it trades 35 million shares you this is one you close your eyes, you say, the worst might be behind it. coming up, we are getting back in the crypto groove. bitcoin and other tokens soars but can prices keep climbing and the latest on a potential bitcoin etf straight ahead. plus, we're watching wynn.

the number out of the quarter and how one of our traders is going long in the betting space, ahead. "fast money" is back in two. missed a moment of "fast?" catch us any time on the god follow the "fast money" podcast. we're back right after this. encore energy, america's clean energy company poised for production in south texas, energizing america with reliable and affordable nuclear energy fuel with an environmentally friendly extraction process. encore energy.

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welcome back to "fast money. stocks snapping their longest winning streaks in two years the s&p and nasdaq falling nearly 1%. the dow dropping more than 200 points for its second loss in a row. shares of disney closing nearly 7% higher after its earnings beat last night. the company expanding its cost-cutting plan by $2 billion and adding 7 million more disney+ subscribers, bringing its total number of users to more than 150 million. and look at other movers unity software, plug lower the disney move was impressive >> should be we talked about it last night. carter worth had a trade in this, right, and i know dan did, as well. the fact that we, again, traded down -- we got down to that 79 level at the end of october, the same level we traded down to in the beginning of october, that was a sea change in terms of lower lows and lower highs, and now here we are at 90 bucks. i think -- but for -- go ahead,

make a -- >> we're sitting >> the broader market, this is a $93 stock. and it's, quite frankly, on a benign tape, this stock can still go to 98 good for disney. people are going to start to play catchup >> those are all technical reasons, though. >> yes hold on -- >> but you know, cost-cutting, adding $2 billion -- >> free cash flow -- >> bob iger said they're moving from fixing mode to building mode are they are they in building mode? are they not in fixing mode anymore? >> real quick, the free cash flow number was great, and they potentially raised the dividend -- so -- >> dividend, yeah. >> i think it is gone from fix to build now but that's just -- we'll see >> free cash flow when you are on strike and not making content that's helpful >> okay, so, that's the bright spot that you see? >> well, i think they're trying to do right to things. i don't think -- legacy media is not fixed. i don't know if they have a

plan, we just don't know what it is we don't know exactly what espn will look like woe we don't know. i guess the bar was low. >> that's true, yeah. all right, a crypto etf is our move of the day. trading at its highest levels since june 2022. capitalizing on bitcoin's comeback highest level since may of last year let's bring in our next guest, she's calling for bitcoin to go higher are you there? good to see you. >> i'm here. good to see you. it's the season of the most hated rally. >> it really is. so many people wanted to believe it was dead, and the prospect of the bitcoin etf, and i understand there is a window opening for possible approvals for this bitcoin etf are you expecting any before the end of the year? >> look, i'm a betting woman, i'm betting that we will see approval before the end of the year if you look on chain betting markets, which are a fun proxy,

they are also pointing at yes, but who knows? who knows what's going to happen with the s.e.c., government, but i think everyone in the industry very optimistic. if we look at flows into bitcoin products, we've seen six weeks of consecutive flows we saw a little bit of an uptick in august, then we traded really flat, very low volume. last six weeks, we've seen a lot more activity, a lot more trading volume we are now at $760 million of flows into bitcoin products. in 2023, we have exceeded levels in 2022, so, i think those are all indicators that institutional buyers are starting to position around bitcoin potentially rallying into year-end and q-1 of next year >> great to have you back on the show so, talk to us a little bit, the excitement in and around spot bitcoin etfs is not just institutions, it's an easy way for them to get into it, but is it retail? they could buy it in their

i.r.a. and you gave us the year over year increases are as far as flows, what would you expect if there are big spot etfs? how much would that increase >> i think there's a lot of opportunity here i've talked about this a lot, i think the really big prize here is u.s. retirement accounts. tax advantage retirement accounts that's super sticky a.u.m. and today, grayscale, which is an incredibly efficient product, trading at a discount, they've been able to amass 30 billion of a.u.m., no telling what a blackrock product will do. they have a huge network so, i think there's a lot of enthusiasm how quickly will the flows materialize? it might take a few quarters, but there is just this tremendous demand. fidelity's tapped a little bit of it. they have a platform that the market's not really talking

about, but they've offered exposure for some time, mostly to their higher net worth clients, and i think blackrock will be huge the other one i'm watching, vanguard if vanguard makes a move, that will be a real indicator that the race is on we'll see pressure on fees there. >> it's k 's karen, thanks for g on there's a lot of pent up selling to be done in gvtc, a lot of holders have been stuck there. how do you think that ends up getting resolved is there going to be enough demand to absorb that? >> the question is, as we get closer to clarity, how much that discount closes. right now, there are a lot of holders who maybe are sitting on a loss or maybe created shares in the past who are waiting for, you know, that discount to close. again, if we believe markets are efficient, it could indicate as we get closer to that version, the discount will close.

i think that really will be the primary question when it comes to how much selling we will actually see but there's also quell of, you know, what will the market look like in terms of fees? the grayscale product, it's expensive, right so, if new product comes in that are more efficiently priced, i think it will create pressure and rollover into the newer, more efficient products. >>y moses here if i buy it, everybody should run. do you think the bad actors have played their way out of this space? as retail comes in -- crypto's held its levels through very bad news do you think there are still bad actors out there >> danny, i hope so. i don't know if i can take anymore. you and i have talked about bitcoin in the past, look, i've been here almost a decade now. i hope we're done. i can't take anymore i think the ftx trial the last few weeks, you know, really was

a moment of car that are sis, the guilty verdict, i think, was sort of an ending of an era. there may be a couple more shoes to drop, but i think everything is known out there there's no more forced liquidation left, so, i think i'm feeling pretty good. i say that, and knowing crypto, something else will blow up in my face, but again, i'm optimistic that at this point we've flushed most of that out really exciting day today, by the way, i want to share this quick tidbit, today's the first day that cme futures volume exceeded binance volume. big day for bitcoin, now outpacing the more crypto native venues just an indication that things are becoming more institutional, more professional, all things which i think are great for what i call the most hated rally. >> always good to see you. thank you for joining us dan? >> you know, the cme point is a

really good one. if there's going to be institutional demand, you're going to see futures trading in and around that for a whole host of reasons and just the other thing, we didn't talk about solana, we talked about robinhood the other night and i said, you can probably buy it down 10%, it's down a lot more. investors are looking at their customer base and say, they are not yolo-ing the same stuff they were doing it's happening somewhere, because people are speculating again in crypto. >> that's not a baked good that comes in a package >> you looked at me, because i don't know >> you only live once. >> yodels. >> i knew -- >> that's why we looked at each other. great job this morning on "squawk box." coming up, danny has made a name for himself on betting against certain stocks, sectors, but now, there's a sector he's actually positive on we'll find out what it is next but first, afterhours action

for you. capri and wynn both on the move after reporting results. we'll dive into the numbers and the trades next.

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welcome back to "fast money. we've got an earnings alert on capri holdings dropping after missing revenue estimates. the company did, though, beat on earnings tapestry, which is in talks to buy capri for $8.5 billion, jumped 3% after a revenue miss that name lower in the afterhours session what did you learn from these reports, karen >> well, they're not in talks. they have a deal >> right >> they have a very tight deal so, i -- there's no chance that tapestry did not know about these earnings they're not surprising, there was weakness in luxury, weave seen that a few times before the big thing here is, how long will this ftc request go on? if you knew that would close without issue, then this deal will close i don't know how long that will take, and if, for some reason, this deal breaks, which i don't think is the most likely outcome, i don't know the downside in capri. came from 35, but things are

worse than they were then. >> right >> so, you have to think it's lower than that. at some point, the i will end up buying capri >> because you think -- >> i do think it will close. the argument against a retail merger, it's such a competitive world, right even though they're in accessible bags, i just don't think that's enough to block a deal never seen a deal like that blocked. >> what kind of spread would get you in, though >> i think there's more time to go we're not going to see the ftc thing resolved >> you'll wait >> yeah. i will wait. >> money in your pocket. >> in my purse >> in your purse maybe your kate spade purse, which apparently needs to be innovated, according to oliver at td. >> is that right you go to the real reel and you get those chanel purses, prada it's fantastic that's why this real reel thing. why wouldn't you buy bust-out

retail and go to one of these places when you can buy the bags in pristine condition at a discount sorry -- >> are you a paid spokesperson >> i'm not >> he holds no position. >> noted >> isn't the more important thing here isn't retail and the consumer demand? >> that trumps everything in this case. >> the kind of good this is. >> exactly so, i think that to me is more telling than getting involved. coming up, the big short investor is isn't a bear on everything the one name danny moses likes, and why he says this sector is underowned. and the cramer cam, he's talking with the take-two ceo. meanwhile, more "fast money" in two.

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home of the xfinity 10g network. welcome back to "fast money. wynn sinking in the afterhours despite beating top and bottom line estimates cnbc's contessa brewer has more. >> yeah, melissa, they beat overall, but wynn resorts missed in macao, and that's what investors care about

w wynn's at 85% pre-pandemic ebitda levels. and the company has pivoted to catering towards customers in the mass segment, where, in the years before the pandemic, the junket segment and v.i.p. segment was wynn's wheelhouse. we heard that this week, too, that the virtual end of junkets has hit them hard. craig billings said the third quarter results prove in macao wynn can hold onto market share without the junkets. they are also highlighting cost discipline there, even amid a ramp up in visitation. they say operating expenses are 20% lower than 2019, before the pandemic now, billings described las vegas activity as frenetic and saiet a new third quarter i gaming revenue, hotel, food and beverage, up 12% there with f-1 next week, the company predicts its s its hlas vegas py

they are really catering, again, to that international crowd and those high rollers >> going back to macao, contessa, billings are saying they are holding onto market share, and that they're being very disciplined when it comes to cost. what gives, then how do they miss the mark so much >> well, they have put some money into some new non-gaming offerings. they say and that has cost some money they say wynn palace is maybe on schedule for where they thought it would be, but wynn macao is not, and not quite producing the results that they had predicted. and so, some of this may be about expectations from both wynn and from investors, and some of it may just be that, is there some market share changing hands? indeed there is. in fact, i heard from bill

hornbuckle last month in las vegas that they've gained about 5% of market share, and again, remember, everybody's catering to big spenders, but it's that mass segment now, and premium mass so, people who are spending a lot of money, but not the highest of the high rollers that right now, it looks like that's what's fueling macao's business. >> contessa, thank you contessa brewer. guy? >> if you recall, melissa, which you do, last night, wynn was my -- disaster bad job, g-swizz down during the day, down again in the afterhours. if you said to me, this is the quarter, this is what they would report, i'd be like, stock's got to be higher macao, they are building a presence in the uae that's going to be fantastic. they initiated a dividend, good, good, macao bad, sell the stock. and now we're in a series, still, of lower highs and lower lows until that is broken, i'm sorry, folks, i missed the boat on this

one. let's stay at the poker table. danny moses may be known for short calls, but he's making the bull case today on sports betting company draft kings. what do you like about this one? >> it's a secular play in terms of the sector in general it's making a move give me a sector within the u.s. economy that actually is going to have growth, produce tax revenue, it's online gambling. it already had a negative aspect to the company, they just reported, blew away numbers. they guided higher and next year, they're now free cash flow positive the one thing in the sector has been cost to acquire customers now, you see mgm, which reported, they own 50% of belt mgm, which also says they are going to turn cash flow positive flutter is going to list on the new york stock exchange in january. stock was down a little bit, but the u.s. growth in online gambling is here draft kings moved up on the earnings pretty strong still have a small long position there and i would certainly add into any weakness, but the

sector in general, i'm involved in several private companies and public companies, as well, but to me, it's a growth engine. >> talk to us about market share here in the u.s. it's been a two-horse race between draft kings and fan duel -- >>caesars, mgm >> who do you think about these -- like, it doesn't have to be a winner take all sort of situation. >> no, correct i think -- listen, jurisdictions, markets get approved mike ruben from fanatics, one of the most successful entrepreneurs from our generation he sees a huge opportunity opportunity for content. the one thing that draft kings is doing, there's a draft kings channel now. you think about the content, the ads, it's changing >> a channel like how to bet >> a channel with content. >> odds and -- >> it has that all the time. listen, we're in the middle of football season, so, i get excited about gambling in stocks in general, but again, because it was a spack, one of the few spacks to do well, got through the gaubt lgauntlet, it's interesting. it's going to be hard to ignore.

so, it could pull back, obviously, but these are going to be free cash flow machines, they're going to diversify their business models over time. >> tim seymour -- >> ambassador. >> the ambassador. draft kings, that was one of the best earnings reports this season so far, and they did show market share gains, rationalization when it comes to how much they're spending to acquire customers, et cetera >> going to be profitable -- >> forever >> early next year which is more of a reason. they have their investor day on november 14th. i think the selloff is an opportunity to get in the stock. all right, up next, final trades mlb chooses t-mobile for business for 5g solutions... ...to not only enhance the fan experience, but to advance how the game is played. now's the time to see what america's largest 5g network can do for your business. at ameriprise financial, our advice is personalized, based on your goals, whatever they may be.

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rangers, 3-0 lead in minnesota, they gave it back, lost in overtime well, they will avenge that a few blocks south of us why are you shaking your head? >> we have limited time. >> medtronic back to you. >> thank you for watching "fast money. see you back here tomorrow at 5:00 for more "fast. in the back here tomorrow at 5:00 for more "fast. don't go anywhere. "mad money" with jim cramer starts right now my mission is simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere. and i promise to help you find it "mad money" starts now >> hey, i'm cramer welcome to "mad money. welcome to cramerica other people want to make friends. i'm just trying to save you some money. my job is not just to entertain but to explain tell you how days like today could happen so call me 1-800-743-cnbc or tweet me @jimcramer. when interest rates spike, they can stop any rally i