we will speak with investigative reporter lee fang. all that and more, coming up. welcome to democracy now!, democracynow.org, the war and peace report. i'm amy goodman. republican leaders scrambled wednesday to rescue a senate plan to repeal and replace the affordable care act after at least republican senators nine said they could not support their party's bill. senate majority leader mitch mcconnell said he hoped to finish a revised bill by friday and would submit it to the congressional budget office for review ahead of plans to take up the measure after a week-long recess for the fourth of july. mcconnell abandoned a push for a vote this week after some republicans balked over the cbo's finding that the senate bill would cause 22 million americans to lose their health insurance over the next decade. at the white house, president trump predicted the senate would still pass a repeal of obamacare. pres. trump: health care is working along very well. we could have a big surprise with a great health care package. >> any big surprises? pres. trump: it is going to be

for more on tom lee's fang call, catch him today on fast money at 5:00 p.m. let's hit our trader blitz now. lululemon is soaring after earnings was raised. jimmy? >> the important thing here is that the earnings miss from their last quarter seems to be b a one and done. they said so at the time but the market held them in the penalty box, now, with this good quarter and guidance going forward, they're out of the penalty box. they have a premium multiple. >> was this a good quarter? >> it was good. >> took the numbers down and beat their own lower numbers. >> it was good. >> more effectively to mend now, too. >> it was highly shorted. close of the year. expectations couldn't have been more washed out. it was an all right quarter. and takes. >> we sold it today. all the old positions. >> ceo tells a good story. >> i'd rather on nike. it's cheap er. >> you say something's cheaper, not on this show. cheap, doesn't matter. >> i can say i was cheaper. >> you can, only if it was in context. zpl. >> broad come is up today. >> i own it and i'm thrilleded. the biggest

just last week on this show, wall street's most accurate adult proclaimed his fang, now he says is absolutely the time. tom lee joins us from hong kong. thank you, we do appreciate it. obviously, you love fang you know last week. so down this percent and i'm sure, what makes you convinced this sell-off isn't the start of something bigger? >> i think what's going on in stocks is a pretty good structural increase in demand for technology. right. it's the cloud. this is a lot like the 50. so i think there is a real secular backdrop. but on top of that, now, if you look at the last 16 years, when you seeds leader -- see leadership like fang, 2015 is a great example. they were up 30% in the first six months. they were up 40% the second six months. so i think a day or two, a touch-up in finances is healthy. >> was there anything about today's market action, tom, that caused you to say, you know, let's wait and see, anything specifically the volume is very heavy. it didn't seem to be sparce. the sell-off didn't seem to be sparked by anything new here t. vix stayed relatively calm. >> yeah. >> that's right. i mean, a

for more on the fang fallout, tom lee, who said to buy the fang stocks last week, he'll be back on fast00 p.m. eastern time. see what he says now. >> meanwhile, auto sales have been on a record run, but one analyst sees potholes in the road. get it? >> you went there. >> they went there. he'll join us next to explain why. i'm not opening that one. >> plus we're go to puerto rico where the commonwealth is voting on possible statehood. but problems certainly face that island no matter the results. details coming up. hey, i've got the trend analysis. hey. hi. hi. you guys going to the company picnic this weekend? picnics are delightful. oh, wish we could. but we're stuck here catching up on claims. but we just compared historical claims to coverages. but we have those new audits. my natural language api can help us score those by noon. great. see you guys there. we would not miss it. watson, you gotta learn how to take a hint. i love to learn. watson, you gotta learn how to take a hint. this is where i trade andrs. manage my portfolio. since i added futures, i have access to the oil market

>> sort of the tom lee scenario. buy fang, buy tech, oh, by the way, buy energy and buy industrials. >> right why are you choosing -- >> i'm saying, perceived growth versus value >> if you've ever looked at a quilt of sector-by-sector stock market returns year by year, two things jump out at you number one, the best sector in any given year is completely unpredictable because you can't figure out post -- ex-post, why it was the leader. number two, there's no rhyme or reason whatsoever. so the prudent investor doesn't say, you know what, this year i'm just not going to have any energy you might be able to predict an energy crash, but probably not so ting what's really going on is a lot of the trading that we're seeing day to day is algorithmic. and within algorithmic, a lot of it is momentum driven. so they're continuing to buy the winners. >> and fundamental driven, actually >> sure. >> because you have a lot of these quantity models that are focused on fundamentals. and i think that's why they've been able to broadly be able

stocks most likely to jump after this week's big cancer conference up in chicago and tom lee's stunning call on fang half time report at the top of the hour, noon eastern. we'll see you in about 20. >> great segue, scott. thanks. >>> among those gainers, large-tech cap, nasdaq, another record high. senior port fofolio dan morgan well as portfolio manager walter price for elian. arguing that fang could soar 40% in the second half of the year because it's so rarely, it says, retraces its first-half gains. are you anywhere near that neighborhood? >> look at top stocks. they're in the fang. you look at google, amazon we're talking about today. you know, those are the big names. those are the stocks getting ready to hit $1,000 a share. i wouldn't be surprised if you continue to see momentum in that group going forward. i mean, there's really not much to stop them at this point that i can see. i wouldn't be surprised if they did continue to do very well. >> what about valuation? might that stop them? >> i think valuation is high for a lot of these companies. those are priding an underlying force to the ma

hollywood and spell trouble for a number of media stocks plus it's tom lee's summer of discontent his high profile calls on energy, telecom and fang are not working out. ise'hiill he stick to his guns th wll put him to the test when t "fast money" returns often reveals a better path forward. at wells fargo, it's our expertise in finding this kind of insight that has lead us to become one of the largest investment and wealth management firms in the country. discover how we can help find your unlock. >>> welcome back we are live here in times square stocks closing the day lower dow dropping around 100 points nasdaq closing at its lowest in one month. here's what's coming nup the second half of the show. martin shkreli back in court today with the trial will the trial shine a new light on drug pricing? we'll have a special report. plus, stepping up to the plate to pitch the one stock he's calling a home run for investors. will the other traders agree we'll deliver his past pitch, but first, our move of the day crude oil closing higher for the fourth straight session after entering a bear market just last week the rally sending the oi