david einhorn's greenlight capital may have lost its midas touch..3% in the first half of their much of that due to its large bet on gold. haves of greenlight slumped 16% this year as gold prices tanked. his affinity for gold is well known. he said back in april that monetary policy and regulations have combined like a failed chemistry experiment to create a potentially destructive force that should not exist outside of fiction. now is simone foxman. fair, he is down 3.3% this year but over the long term, his track record is still fantastic. this year has not been all gold. numberave been a of other bets that of gone sour for him. month, gold is like 10% of his investment portfolio which is a large position. ats something we will see the end of this month and we get new numbers. betty: it doesn't sound like he is backing off from this position. >> not that we can tell, he has been quiet on the matter and we will probably get more information in early august on his earnings call. betty: remind us again why he says to buy gold. >> this is the latest i

this is part and parcel of that shift. >> we take david einhorn's comments.he didn't like the third season of "house of cards." content, in a way, is king here. >> absolutely. that is not what comcast is offering that is different. netflix has its own unique content you can't get anywhere what comcast is offering a lot you can get on hulu other services, through amazon prime. it's not clear what's special they are offering. >> it will be interesting to see how this shakes out. be sure to stick around for "fast money" at 5:00. they'll ask the most bullish netflix analyst rich greenfield if it poses a threat to the streaming giant. his answer might surprise you. that's about 15 minutes. >>> in addition to playing first base for the new york yankees, ask successful investor to mark teixeira's resume. what he is watching now. this year marks the fifth anniversary of cnbc's deliver king of alpha consequence. i'll sit down with jim miller and juf gundlach. >>> welcome back. major league baseball's two all-star teams set to square off the game being played at the gr

plus david einhorn trashes netflix. ahead of the hedge fund's comments and what has him so upset over "house of cards" and the stock. and later the surprising winners and losers off a potential iran nuclear deal. all that and more ahead on "fast." [dad]i wear a dozen different hats doing small gigs,side gigs...gig gigs. quickbooks self-employed helps me get ready for tax time. to separate expenses,i just swipe. it's one hat i don't mind wearing. [passenger] i work for me. and so does quickbooks. it estimates my taxes,so i know how much stays in my pocket. and that's how i own it. [announcer]stay in the flow with quickbooks self-employed. start your free,thirty-day trial today at join-self-employed-dot-com. >>> check out shares of valero in the after hours trade. 39,000 shares have traded. up 1.7%. is this after the company declared its regular dividend but also said it was adding $2.5 billion to its share buyback authorization. it had 400 million remaining on a prior one. the total share buyback authorization at valero

carol: other critics have included hedge fund manager david einhorn of greenlight capital, who citedng competition, saying taco bell was about to eat chipotle's lunch. bond fund manager jeff gundlach of doubleline has also advised shorting chiptle's stock, telling investors in may, "a gourmet burrito is an oxymoron. all you need to compete with its core business is a taco truck." carol: there are some of the folks that are shorting chipotle stocks. one of the things they're worried about is labor costs for the company. you smile. do you worry about increasing labor costs? monte: not in particular. i think anything that happens in the labor cost front is something where we have no disadvantage and some advantages over any competitor out there. do i worry about labor cost? no. the best way to make sure that our labor costs are healthy is to make sure that our teams are the very best teams that they can be. lamensdorf: he can say what he would like. you can get on and google minimum wage hikes. it is coming. yes, it is coming for everyone. but when it hits mcdonald's, they are trading a

let's take a look at david einhorn. stephanie: it great poker player and financial analyst.company is being, for that gold. they have about 10% of greenlight capital raise portfolio. the shares are down quite a lot. i think they're back down to 2011 levels. the market is taking a look at that long position in gold. david einhorn has always been animate -- adamant that they will come back to hunt the market come we will get inflation and you want to invest in gold. it seems like the market does not believe him at this point or they are not on board with that. >> my view is just the opposite. that is anti-money. the credit has to be unwound. it inflates the economy. greece, puerto rico and so on. to argue to buy gold as -- it is just the opposite. it will be deflation because instead of actually reducing inflation. matt: you do not believe you do not believe that gold is an inflation head? >> the price of gold was cut in half. stephanie: are you paying attention to puerto rico and greece? >> it is the canary in the cold mine. it will haunt us and hurt us. stephanie: those who

david einhorn thinks highly of micron. he thinks shares have fallen too much and will be worth more than netflix in a couple of years although that's a different business model. >> not a fan of netflix. in his investor letter he says the stock is overvalued as investors shrugged off the company's earnings on hopes of future growth. apparently redding is the new black and also says season 3 of house of cards looked like it was scripted to compete with ambien. >> harsh there. >> that series was disappointing. >> it doesn't ambien. >> it doesn't bad. you still wanted to binge watch. >> i got through it in a week. it was disappointing. season one and two is epic. it's hard for these things to go on. season one is great. season 2 can be a slight improvement but they send to tail off. >> sequels are hard. >> game of thrones was appalling. i watched it too quickly. suits disappointing. >> suits was amazing. 24 did have a bit more longevity in it. the ultimate though the west wing. it was like 8 series and won every single year. >

the new reading fell well short of the average forecast of .conomists polled by bloomberg david einhorn'set on gold looking more ill-advised by the minute. the president of green line capital -- greenlight capital been bullish on the price for years. 7.6% for third straight year. the green light main hedge fund is living. now to greece where the athens stock exchange is a step closer to reopening. formarket has been close more than four weeks. the european central bank has set up on proposals that set new ground rules for trading. now it is up to the country's finance minister to decide when the exchange will reopen. a first for the national football league, a female coach. joining arizona staff. she will coach the inside linebackers. if she is not just a clipboard the first woman other than kickers to play in a man pro league. those are your top stories at this hour. coming up of the bloomberg market day, the pressure on twitter to grow revenue and users as the company searches for the new ceo. the challenge is getting even leaves as the company them in droves. alex rodriguez the liberat

. >> david einhorn says he has had two new long ideas for stocks.irst one is tank of new york mellon. this news just broken last half hour and we can see the stock jumping, up about 1.5%. the other long idea is for applied materials -- even more pronounced in the past half hour, up by more than 3%. einhorn says applied materials is attractive because of etch and deposition. covered his he has short position which reduces and sells metals. that stock is at the most will stop -- up the most. alix: thank you very much. now for a look at our top headlines this afternoon -- more consolidation in the auto parts industry. words warner makes turbo charger parts. thee's a takeover in consumer goods business. darden has agreed to buy waddington group in a deal valued at $1.4 billion. darden brands include son been, mr. coffee, and crackpot. by thepany is owned private equity firm and olympus partners. it's one of the biggest deals in the energy sector since oil prices started to collapse last summer -- mpl x will buy markwest energy partners for about 15.8 il

david einhorn's they that are golden looking for ill-advised way the minute. president has been bullish on capital for years, but the price of gold has full in more than 7.5% since the end of 2014 under this head for delete third straight down here. in prison worker in new york has pleaded guilty to hoping to murderers escape last month. she admitted giving the inmates tools so they could break out appreciated agreed to be the getaway driver but then changed her mind. when the process was shot and killed three weeks after the escape, the other was recaptured. the satirical visa gold the book of mormon has finally landed in utah brady tony award-winning play which mocks mormons started a two-week sold-out performance tonight. those are your top stories. hour, up in the next half the drop in oil and other commodity prices of the next couple of weeks having a disproportionate impact on the state economy. how big of a hit will it be for energy producers like texas and louisiana? goldman sachs is becoming a big theyr in silicon valley as are acquiring star as well

why are so many big hedgies, david einhorn come to mind, getting killed for his position in gold?way he does actually prefer gold bars, stored in a cool room than gold stored in atf. >> there are two reasons. one is the macro reasons. he is wrong about what a lot of people expected was that paper currencies would get less and less valuable as the greek crisis worked its way out, et cetera, et cetera. but one of the more interesting things is frankly look, gold has become another one of these markets where hedge funds trade both sides. so used to be a lot of people were afraid of him or people like paulson. if they were holding big gold positions the rest of hedgies would stand back, not get in their way. now, not so much. they're actively selling and trying to hurt him and it is working. >> bob, for the average person, should this person, he or she, have 5%, 10% in gold? >> look, i don't think that is the best way for the average person to get purchase power protection right now. there are other kinds of things that you can do. natural resources that pay you interest like, timber

. >> i want to see data points out of david einhorn's letter. melissa: we want to go to lori rothman. what are the numbers? >> we're crunching numbers. six cents a share split adjusted. four cents was estimate. 1.65 billion was expectations. netflix reports 1.64 billion. shares were down ahead of this report 2%. right now they're much higher in the after-market trade. much, much higher. that is a nice pop. we're looking at subscribers right now. come back to me in a second. melissa: give me your reaction, charles? >> i think probably the street reacting to something we haven't seen. i bet european. it is all about international. very expensive, are they close to profitability there? obviously a nice percentage beat on bottom line. >> go ahead. melissa: bring in jonathan hoenig is standing by as well. i want to bring him in. we're watching the stock move higher as we're talking. jonathan, what is the reaction to these earnings? >> this is a stock made a fool of anyone who tried to bet against it to the panel's point. that is because earnings are

stephanie: number four, david einhorn may be spending his week at the world championship of poker, but the main hedge fund is having a little bit of a stumble and fell over 4% in june. i am not even going to give this much time or attention. when we talk about risk reward there was someone i would not necessarily bet against, and it is david i'm more in. matt: let me gets number five the first day in deutsche bank as co-ceo, signaling plans to cut back on the trading empire built by his red assessor. in a letter to employees, he said the bank employees and derivatives trading businesses cannot continue to soak up capital. ouch. stephanie: this is so interesting. it is specifically what was built. early 2000's, what field the bank all of the credit, it has never been a place to have extraordinary investment bank capabilities. they will be a culture changer. we just saw the head of sales leave earlier this week. it will be a big change. what does it mean for the bank and message? universal bank all names, it is not what john is saying. matt: i think it means you should look for another j

interesting on the because it's been the most talked about over the last couple weeks from carl icahn, david einhorn yesterday. i think netflix is going to take off post-earnings. i think it has a 750 handle on it. i still don't think netflix can be replicated. i get the valuation is extended. right behind, though, is a 10% move in google over the last couple days that the rest of the gang with k. speak about. >> and that's sort of interesting ahead of its earnings report, google. >> it has been sort of a stealth move. we don't really talk about it that much. it's a name i've been long for a while. last year did nothing, this year had an okay year. i would love to see expense control. there's a lot of hope that we see a different kind of cfo function and always capital allocation. please, please use the money. buy back stock, dividends, something. >> doesn't that make a little nervous to see the journal article today talking about expense control a day before the earnings? to me that's one of the things -- it sets up a little poorly. you have a new cfo. you've got to imagination the whole thing. you

and david einhorn wrote that micron would be worth more than netflix in the next few years.me let's get a check on the markets see how things are setting themselves up given this deal in iran this morning and other news of the morning. i'd call it flat across the board. dow marginally up. take a look at what's going on with the euro as we also awade what's going to be going on in greece this week. you can see the euro now at 1.10 and the yen at 123.35. guys? >>> jpmorgan is getting a bounce immediately from this number that was just posted. $1.54 was 10 cents ahead of expectations. 24.49 or so is what the company was forecast to do in revenue. but -- >> -- has achieved something that decades of animosity has not. a comprehensive long-term deal with iran will prevent it from obtaining a nuclear weapon. this deal demonstrates that american diplomacy can bring about real and meaningful change. change that makes our country and the world safer and more secure. this deal is also in line with a tradition of american leadership. it's now more than 50 years since president kennedy s

stephanie: or david einhorn reminding us that fracking is wet and get out of the fracking business?t in the core dna, we have grown our business longer and more robustly in down than up market. in markets like this where there is a lot of volatility it really speaks to the expert domain and expertise and you have to participate in both markets. our personal view is the timing and structure is right. we have more upside volatility than downside. matt: will build -- will there be any issues? you are next to each other in los angeles for a long time. stephanie: every day in the parking lot in l.a., they high-five each other and say, we are doing this in our way, and every child is in new york city. >> he talk about large mergers all the time. what assets go, how it will work -- the ability to integrate would be pretty easy. stephanie: you could potentially lose investors because you make the argument, you are jumping the shark, getting out of your core business, you are not concerned? >> most of us whether it is retail want to invest in broader platforms, more diversity of choice. one

stephanie: david einhorn and howard marks would say the mistake to that sentence is never say never.. they would says he would rather work in my golf than a bank -- work at mcdonald's than a bank. matt: as ceo maybe. tom: i do understand his general sentiment that i am never ever going to review him on tv for sure. stephanie: probably not in private either. thanks for joining us. matt: coming up, internet casinos. a bet on online gambling in connecticut. sounds like it should pay off. we will have the details coming up next. ♪ matt: the owner of connecticut top casino is stepping up its wager outside the state. its online gaming site went live this week. the president joins us now.takes for coming on the program -- thanks for coming on the program. >> 120 million here in the u.s. i think delivered to upside early, we are excited about it. matt: is sort of puritanical american politician always wants to make this against the law until they get paid enough. robert: i will say this, right now there is a lot of momentum. it is state-by-state in authorizing online gaming. matt: it is lega

coming up, micron technology surging on takeover talks and bullish stock call by david einhorn. was that letter we read to you yesterday. we have a top micron analyst telling us if it's too late to capture micron's gains. >> coal prices dropping dramatically this year. morgan brennan has a special report next. en power outages in the us are caused by weather. but utilities can now predict where the power will go out, within a few city blocks. working with ibm they're combining micro weather forecasts with detailed data from local sensors. to predict where outages are likely to occur. and send crews exactly where they're needed, when they're needed. ibm analytics from the internet of things is making energy smarter every day. so you're a small business expert from at&t? yeah, give me a problem and i've got the solution. well, we have 30 years of customer records. our cloud can keep them safe and accessible anywhere. my drivers don't have time to fill out forms. tablets. keep them all digital. we're looking to double our deliveries. our fleet apps will find the fastest route. oh,

. >> you wonder if david einhorn is rethinking that letter taking them to task. >> i doubt it.rics on which they beat and which the market is celebrating are the same ones the subscriber growth which for now works. international subscriber growth story is still the thing that matters the most. i think the stock will not necessarily have its comeuppance. todd, longer term the cash needs to actually keep that content supply filled. does it ever catch up with them? >> yeah. i don't know. that's when it comes to adding additional features where you can charge more. i would like to cnet flicks go after licensing for offline storage. when you get on a plane you can still pay for something or play your movies back. i would pay a couple of bucks each month more for that feature or what we are expecting with the new apple tv route. try to get live stuff in there, too. there's plenty of opportunities. we are looking at a company that was dvds. i don't know where we are going to be five years from now with netflix. i think there is huge potential. >> you wonder if reid hastings knows wher

can you imagine what a painful short this is, david einhorn shorted netflix. matt: a pretty expensive stock. eric: top hedge fund managers -- matt: 220 times earning for netflix. eric: world top hedge fund managers have deep concern about china, they say their equity market crash may have larger implications than the subprime mortgage crisis in america and 2007. bill ackman call the chinese stock market frightening. matt: it is amazing the difference in opinion you hear about this. matt: there are some that say -- on the effect of the crash of the whatever you want to call it -- a lot of people who are pro-china will say is not the retail investor who got hit the hardest, they are able to sell the big investors, the only ones locked in and a lot of stocks that would be sold would be suspended. on the other hand, people say 80% of the market is owned by retail investors, the question is how much? i have heard single percentage of family incomes are invested in stocks. eric: what i would like to know more of from bill ackman and bill singer, is how they see this

. >> yeah, you know three years ago david einhorn said this stock was overvalued when it was at $316.on's one of their best lines was for the short sell isers, this stock was like a mouthful of jalapenos. it has missed sales expectations its stock -- barron's said it could plunge another 50% -- charles: i looked at, for instance their steak burritos and their prices versus some of their competitors, i think they could raise the price 20 cents to 50 cents and get away with it. so i'm not sure. i know they're the feel-good company, the do no wrong kind of company. they may have to go to basic capitalistic principles here. >> they're not one to do that. look at the ceo of chi poet today, he is so commited -- which i think is a good thing -- to organic foods. a lot of times you can't even get pork right now because there's a shortage and they don't care. charles: conscious capitalism may have a role, but there's a time when companies have to do the right thing for shareholders. let's get back to greece. our next guest says hooligans have been running the country, joining us now the chief