upside and have a ball and trade it, you know >> two weeks ago, done, you said it was time to unfriend facebookrket has $30 million in market cap and you're thinking about short-term protection for the breakout level, i think that makes sense. i was looking at the august expiration at 210, and you can buy the august, 210, 190 put spread for buying the august 210 puts for seven bucks >> facebook did do a face plant. the stock plummeting 16% since your call, dan how do you manage this one now >> tesla overshot its implied move and that was a $45 billion market cap before this, facebook was one of the largest stocks in the world above 700 billion and it lost 720 the next day and those are unexpected sort of moves and this was the 210190 put spread and the stock traded as low as 170 or something like that and it's through all of the strikes and it's trading like stock, basically, the puts and you have no reason to take this on. you take this on and move on it's price discovery the magnitude of the drop and dropping below 170 and today we are right where we opened on the first print after the bad ne

have a ball and trade it >> two weeks ago you said it was time to unfriend facebook. >> the options marketmove in either direction. hayes $30 billion in market cap. if you are long the stock thinking about short term projection to move back to the breakout level i think that makes sense. august expiration the stock was trading at $210, you could buy the august $210 for $7 >> facebook did a face plant, the stock plummeting 15% since your call. >> tesla overshot its implied move but it was a $45 billion market cap before this facebook was one of the largest stocks in the world, about $700 billion it lost $120 billion the next day. those are unexpected moves this was the $210 190-put spread it's trading like stock basically the puts you basically have no reason to keep this on you take it off and you move on. >> it is price discomfort. the magnitude of the drop and dropping below $170. today right where we opened on the first print after the bad news it belongs here, meaning anticipating it, brilliant but now that it's happened it is not a buy or a sell. sometimes stocks belong where they are

. >>> apple unfriends a facebook security app. it doesn't comply with privacy rules.eaction from our guest host walter isakson straight ahead. >>> and the big island is bracing for impact, a rare hit from a category four storm with winds exceeding 100 miles per hour expected in hawaii tonight. the latest on the storm's path is straight ahead. the second hour of "squawk box" begins right now. >>> announcer: live from the beating heart of business, new york. this is "squawk box." >>> good morning, everybody. welcome back to "squawk box" here on cnbc. live from the nasdaq market site in times square. i'm becky quick. the u.s. equity futures at this hour we've been watching and they've been a little bit lower this morning, but you're talking about some pretty modest declines. dow futures down. the federal reserve is in the spotlight for the next two days. the kansas city feds gets under way. an ipo by saudi arabia may not be dead after all. saudi arabia's energy minister is denying a reuters report saying an initial public offering had been called off. if and when market

unfriending trend. the latest results from facebook and snap showing that less people are joining, and many are leaving.e we hit peak social media? >>> plus, is elon musk's desire to go private a sign that it's not worth being a public company and being under constant scrutiny we will speak with kev o'leary. >>> with the midterm elections just 90 days away we will look at how real election hacking is. "power lunch" starts right now >>> welcome, everybody to "power lunch. i'm tyler mathisen a mixed picture in the markets right now with the dow the only index lower. there is a low pressure system moving across the great lakes. i will be coming into the pennsylvania area lather to the. biggest gains, on pace for a seventh straight day of gains, that would be the russel down here technolo technology, financials the leaders, oil sinks 4%. stocks on the move match soaring on an earnings beat and strong guidance disney down as eps and revenue miss and the "new york times" lower after adding fewer paid digital subscribers than expected. bill. >>> i'm bill bill. here is what else is happening this hour. china sl

facebook? i have 950. how many do you have? 1250 and i have unfriended someone yesterday, 1249. so i think we have lost the traditional notion of friendship if you think about horatio in hamlet for example, not to say that i agree with euripides. euripides was clearly being hyperbolic when he said one sure friend is worth 100 relatives. that can't be true. but this is an unusual friendship and the most unlikely friendship. there were impediments. there were obstacles to the friendship. some of them natural obstacles and some of them artificial obstacles. some of the pious people in justice scalia's life were suspicious of why he wanted to spend so much time with an apostate unbeliever. some of the new yorkers in justice scalia's life were puzzled by the feet interloping texts and some of the legal scholars and justice scalia's life thought i came to realize later and i think -- i'm glad i didn't know this stuff for the most part airing his life but some legal scholars with think you can write a book with anybody. why are you writing a book with garner? you could write a book wit