Is this another sign that the postpandemic travel boom is running out of gas im melissa lee, this is fast money, were live at the nasdaq ma marketsite we start off with a huge slate of earnings. Apple and amazon headlining the afterhours action. Full Team Coverage on all these names. We start off with steve kovach and apples big quarter. Steve . Yeah, melissa, it is, like you said, the Third Quarter in a row of falling sales, with revenue still beating estimates, but down 1 year on year so, revenues coming in at 81. 8 billion, street was looking for 81 p . 69 billion and the eps was a bigger beat, 1. 26 versus 1. 19 expected. Iphone, slight miss, coming in at 39. 67 billion. Just a couple hundred mill short of expectations there. But the story today is going to be services. Hitting a new record of 8 year on year. Growth accelerating there, booking 21. 21 billion in revenue there. And gross margin, i want to point out the expansion there, also beating expectations, 44. 5 gross margin, and its up from 43 a year ago quarter, so, services really helping out there. And i got to speak to tim cook about these results about an hour or so ago, and talking about what really drove those services results were seeing here and basically, reversing some of the trends weve seen. Heres what we told me advertising has definitely accelerated from before, and the app store has axel rated from before a reverse of the trend weve seen in the last couple quarter else and i picked his brain a little bit about a. I. And how that technology will play in at apple. Heres what he told me, quote, weve been doing research on a. I. And Machine Learning, including generative a. I. For years, adding later that, quote, and were going to continue investing and innovating and rolling these things into products that enrich peoples lives, end quote also telling me, you know, products like the vision pro, just wouldnt be able to exist without the a. I. And Machine Learning technology that apple has developed. And then i also had to ask him about the fitch downgrade, of course, we heard from a couple other executives, like jamie dimon, Warren Buffett breushing off concerns, and tim cook saying its not something hes deeply concerned about melissa . Steve, thank you. Steve kovach lets trade this you know, it is important to keep in mind, apple in the afterhours session is about 10 away from a record high. So, we are very so close right to that high. But we have the call. Wait for the call. They can say a lot of other things i think that it was a very good quarter, a lot to like. Tiny miss in iphone. Services great, as steve said. And obviously the margin there is, i dont know, triple, or, whatever, very much adds to the growth margin average. And Greater China was actually, i think, a little bit stronger, i think. It was. It was up 6. 7 and consensus, nearly 2 billion greater than what consensus was sorry to right so put all that together, though, and at this price, you had to have a very good quarter, so, is it good enough . I dont know its okay, themarket is tellin you, well, we dont know what yet to make of it. It wasnt a giant beat, but you know, lets see what they have to say, and lets see how they, you know, i dont know that theyll give great Forward Guidance that we can really count on, but i want to hear the tone i want to hear how they feel about it my point about the record high, you would think that maybe apple would see a bigger selloff, given given that it was already it wasnt a perfect quarter oh, okay. And we are so close still to record highs i think thats a fair point the fact now that services are 25 of overall revenue is great. Thats the highest number i think weve seen it would be greater if it was doing it on revenues that were increasing, but revenues which is fine, im not going to i dont want to equivocate here, but in terms of valuation, its an expensive stock, given the metrics that were seeing. Again, singledigit eps growth, singledigit earnings growth, again, some a stock thats probably trading close to 30 times next years numbers. So, the question is, is it in the stock now . I thought that was the case awhile ago, and here we are. I think a logical place for the stock to trade down to, to sort of amplify what youre saying, is sort of that prior alltime high of, like, 176 or 177 or so. Which isnt crazy. And in the context of what weve seen historically with apple, its not out of the realm of possibility. Yeah. Courtney yeah, i think realistically, and weve all echoed this, apple is pretty expensive. These valuations, realistically, multiples have to come down or earnings have to come up stock probably isnt moving a lot right now, they get a lot of their business from slowing markets. Pc demand and phone demand has been coming down we saw that with qualcomm. They were having some negative news there, i think people were expecting that with apple. But seeing how much their services is making up for that, i think thats really what people are liking to see here, and were going to have to see how much that and china is the big story for them the fact they had beats there, i think is why people are not as negative on the right now. Interesting, i mean, weve had a lot of time to digest that taiwan semi guide, and what we saw out of qualcomm. They missed on iphone, it wasnt a great quarter, but they know in september, theyre going to introduce the iphone 15, so, its the sort of things theyre not going to hit the sell button on that miss i agree on china if you are trying to figure out what the bug a boos would be, that would clearly be one of them im sure the dollar weakness has been helpful to them we know how much sales they get outside the u. S. , but im kind of with guy on this one, i just dont know why you would buy this stick at 32 times here, given the sort of growth rates we have. Obviously, that increasing and gene is going to talk about this, ive heard him talk about this, hes been totally right on this if they can continue to grow this iosinstalled base and the Services Become to be a part of the greater part of the revenue, like, thats the story, from here on out. And anything else they introduce, a new product that takes off the way airpods did, its just gragravy. And the advertising stuff, i hope jgene talks about that, because thats been a really good lever for amazon. Their Retail Business is not particularly great, but look at the companies that were not relying on advertising, netflix is another one, its a good business, if you have the eyeballs and the credit card of the people there and, so, to me, its fine. I have a small position in apple, carter showed us a chart its finally a perfect 45 degree angle, okay . A perfect 45 it just broke it the other day. I dont think this is a good enough quarter to keep the stock moving to highs. Karen, what do you want to hear from them in terms of the tone or specific areas, i mean, i would like to hear a little bit more about china right especially when theres concerns about sinnives and promotional activities in china to get the sales up. I want to hear that and how much how are they are they how much of the product is being manufactured else where, is that the plan it has to be expensive in the shortterm to do and then the a. I. Is how much theyre going to spend on it and how they think they can generate revenue. Not quite as clear to me, but they will find a way, i think. Earlier this week, terry, the founder of foxcon, said if war broke out between china and taiwan, it would be catastrophic for u. S. Stocks. Foxcon is a huge supplier of apple. What are your thoughts on that that would be my question. See what i did there i actually sounded like im halfway intelligent. That would be my question. And its legit if you go back to listen what he said, he is clearly concerned. Kyle bass talks about it all the time theres been this escalation the United States just gave 345 million worth of military aid to taiwan this isnt Getting Better, its getting worse. Were not talking about it, and i dont hope this to happen, but clearly something is going on. The hope is, they transition to india before this sort of yeah, it takes time or, if it happens, it happens. But that is a risk clearly been a risk. And its funny you bring up india, because that is one of their big markets right now, where they are starting to get more into, and thats something that could be is a larger longterm catalyst for them, they can get more into the iphone space in india, which is a much younger population and a very growing population right now. That could be a catalyst for them, too. I think its early, but it will be interesting apple stock down 1. 4 ahead of the call. Lets meantime get to the other big tech earnings report, amazon popping in the afterhours on a top and bolt tom line beat the tech company saying growth will axel rate in the current quarter. Deidrdre bosa has more stabilization in aws, that is sending shares soaring just got off the phone with the cfo who said they are seeing stabilization at the current 12 growth rate in aws, and that is down from more than 30 a few quarters ago, and at lower margins, but perhaps some relief or hosopt himism that will it n further. A also, underpinning the gains in the afterhours is guidance prime day, remember, it falls in the current quarter, q3, and the company is expecting 138 billion to 140 billion in sales. Thats better than expected. Operating income between 5. 5 billion and 8 8. 5 billion they were delivering net losses just last year the company will point to regionalization of the main driver of that they expect to double their Logistic Networks over the pandemic they make it more efficient, more profitable, leading to faster delivery times. The cfo is pleased with the progress, but he sees more opportunity to drive more cost efficiency back over to you, mel. Dbo, thank you you said that carter made a bold call yesterday yeah. He was selling apple and buying amazon hes good, that guy. The best. Pantheon, party non both of them. Were talking about the quarter, this and that, and he refers them to the fundamentals, he doesnt care about that this is one, he said consolidating. Know that sentiment wasnt particularly great relative to some of the other cloud players, after we saw what google cloud and microsoft have been able to do thats part of the story seeing stabilization, telling a story about how their customers are going to be using these tools, and more compute, that sort of thing i totally get it im not chasing it here. I dont think you have to chase any of these stocks here you had all the time in the world, if you wanted to buy amazon over the last six months or so and i dont think theres this much a. I. Pixie dust in there. You know, these guys have been investing billions of dollars in Machine Learning for over a decade, i mean, theyre going to be just fine as it relates to a. I. Over the next ten years what we learned about amazon, they can turn the dial when they want to. 5. 7 operating margins were crazy, compared to street was at 3. 6, and year over year, its up 2. 7 the market likes that. But if our crack staff in ec, engelwood cliffs, can go back to august of last year, you will notice that this 140 levelish is where he stowe stopped at lat year if you listened to carter . A loej call place to take money off the table. They could benefit off a. I. , but they also have to spend. They do, right, so i think, though, the street will have a lot of patience for the spend, if they can start to show they dont have to show how big, if they can start to show, and maybe this is starting to show a little bit, right . Remember, there was that interview with andy jassy where they were saying, you seem late toll the party he said, you know what were in inning two, very early, so im going to give them the benefit of the doubt its not cheap im long, im staying long even i dont love going against carter, but its just funny to me, the 53 billion part of the business is, you know, a nice little part of the story, it was better, but not so relevant, which is kind of amazing to how extraordinary it is you are with carter long amazon long amazon court, what did you make of the quarter . Yeah, this is very impressive, after microsoft warned of a slowdown in the computing business its very impressive i agree with dan, i wouldnt be chasing these things i think this is fantastic, trading up for very good reason, because it is beating expectations, but it is very expensive. The good news is, it is a very high portion of the s p 500, so, when apple and amazon do well, you are going to see the overall markets do well. I wouldnt be chasing it here. For more, lets bring in fast money gene munster from Deepwater Asset Management gene, we have so much to deal with tonight lets go with amazon here. Is it worth this 8 pop . It is and ultimately, dbo framed it in perfectly that aws stability commentary was powerful that led investors to look for accelerating aws growth in the back half of the year. And then separately, what we saw in the profitability, that shift to earnings, i think thats an important, powerful segment that has not been part of amazons story. If we look back over the last severn years, the average margin on their Retail Business is 2. 6 if they can add some efficiency to that, this can be a 5 business this is a segment that the retail opportunities, i think thats a big piece, a big opportunity, relative to where amazon is today. I would say this, mel, is that amazon had a better quarter than apple. Pretty clear to me apple is in line but if you look at apple versus amazon, and which of those two companies to own for the next five years, i would take apple over amazon in a heartbeat a would you rather by gene hes allowed to do that . He just did why . Amazon is lump yerp ier . Apple sort of been steady eddy you said the perfect worlds there lumpy is not good for Investor Confidence steady is. And apple hit it right at the top. Dan mentioned, i was going to Say Something about this, you read my mind, is that the key takeaway from apples quarter isnt the results, its the active install base grew they said that in the headline they know how important this is. That means that the business, the fly wheel is working and that means that the business has continued to be steady and that is opportunity for a multiple expansion i know that sounds hard to believe. But the second piece, and your panel has been orbiting this topic, but im going to put a finer point on it, melissa, the india opportunity. China, in 2010, was a 3 billion business in 2016, it was a 59 billion business it grew basically 55 billion over six years now, 19 of total sales. India, today, is about a 12 billion business its 3 of revenue if it gets to the same size as china over the next six, seven years, that alone, india alone, can add 3 annual Revenue Growth to apples story for the next seven years. This company doesnt need to grow at 15 for investors to be happy. If they can nail between 5 and 7 , i think the stock continues to move higher and they can do a lot of that on the backbone of india. Gene, its karen, thank you for being on tonight so, you said apple multiple actually could be higher, even though that maybe sounds kind of surprising where should the multiple be pretty high . Its high ill let kind of the broader investors put that together. I would just say this theres no other company that has the stability that apple has and the optionality around revenue gro growth i put this in proctor gamble, cocacola, clorox, those kind of steadystaples. We havent even talked about vision pro dont get me started, ive used the device, i think this is something thats going to be added in, its going to be a few years from now, not to mention, if they do something in automotive and those other consumer staple companies, they arent even close to that conversation, so im looking at this over the next three to five years, and thinking about where the conversations going to go, and i think when you put thatwarranr multiple gene, lets talk about amazon you think about aws, accounting for 70 of their, you know, of basically their operating profit, okay and we know we saw the retail side, guy mentioned the operating margin better on the retail what excites you more about the story . The operating margins better on the retail front or a stabilization in the aws, and they see a really nice growth trajectory, as theres a lot of excitement in and around demand for their compute as it relates to a. I. , or are they both really good im mrm exciore excited abou retail i understand thats a light year away from what most investors are talking about today. Retail, 75 of their business. I talked about the margin profite over the last five years, 2. 5 . If they can sustain 5 plus with some of these efficiencies theyre starting to drive in their distribution, you can kind of circle back to the Retail Business being the exciting part of the story and i buried the headline. Retail units grew 9 year over year it was 8 year over year in the previous quarter and thats with all the proper comps, with prime day, and those prime day all hits in the september quarter. So, ultimately, i think the Retail Business is is the crown jewel of amazon, and hasnt had the flash that aws has, but ultimately, thats whats going to drive shares higher in the longterm. Im still positive on amazon, i would take apple ahead of amazon, though gene, thank you catch up with you a little bit later on in the show after you jump on the calls. Gene munster would you agree with gene . Yeah, that time frame yeah. Absolutely. Shorter time frame . Our show is a shorter time frame. And what we mentioned, that prior high in apple, i think, was 178ish from december of 2021 i dont think its unreasonable to think the stock can go back there. We have seen selloffs larger than in terms of magnitude the quarter is fine. Its a great all those things are great. Its about trading the stock in the here and now, and i think it goes to 176 before it goes back to whatever that prior high was, 198 or so . All right, coming up, theres still a lot more earnings action coming your way. Block, coinbase, air b and b shares of expea didropping, as well well break that down when fast money returns you wanna take what was given to you and you wanna build it. And you wanna pass it along. If i can do that, i would have done well. Thats why were here. To help make it happen. Fly to paris. See the tower. Smaller than you expected. Wait in line. See the mona lisa. Smaller than you expected. Check in. See your room. Bigger than you expected. Join one key, where gold and platinum members get travel perks, like room upgrades. vo Verizon Small Business days are coming. Join one key, where from august 7th to the 13th. Now is the time to partner with our experts. Get started today with verizon business. Its your business. Its your verizon. New natures bounty hair growth. Clinically shown to help grow thicker, fuller hair with just one capsule a day of advanced hair complex. Conquer hair thinning. And fall in love with your hair all over again. Only from natures bounty. Welcome back to fast money. A beat for block, but shares are falling into the red cr shares of coin boyce volatile the company beat on the top and bottom line. Kate rooney is here with the results. Lets start with block. That company upping its fullyear forecast thanks to recent cost cutting. The stock lower, which appears to be about Slower Growth in its july update. Payment volume was also a slight miss jack dorseys Payment Company expected to see positive adjusted operating income. Had previously forecasted a loss there and upping its firstyear adjusted guidance. That july update, guys, its looking for 21 gross Profit Growth a report of that, which was down from the Second Quarter. Gross profit for cash app was up 37 in the quarter now has 54 million mtus. That was up 15 year over year their ceo pointing to some of the growth and saying that was thanks to some of the strength on their banking side. And those offerings, as well as costcutting and efficiency there. Onto coin base a narrower than expected loss for the Second Quarter revenue coming in above expectations stock connelling o ingcoming of pop. Trading was muted. Down 48 in the quarter. Monthly transacting users fell 19 . Consumer trading, or retail trading volume, that was down 70 , while institutional volume was down, as well. The cfo telling me, weve navigated down markets before, she said, this is just par for the course she says they can handle the volatility regulatory uncertainty, of course, still a big overhang for this name. Coin base plans to file a motion to dismiss the s. E. C. s case against it tomorrow. Back to you. And kate, just remind us, the s. E. C. Case is is basically to delist a bunch of coins from its platform yeah, its about operating an Unregistered Securities Exchange and it has to do with these tokens that coin base offers to trade as being securities, where as coin base has argued, no, theyre not, and thats really the crux of the argument there s. E. C. Has said essentially everything other than bitcoin is a security you didnt register and coin base said, well, you saw our f1 at the time, you said everything was okay so, its become more symbolic for the entire industry. So, it seems like they there fighting on behalf of the entire crypto industry, as well as for themselves there, but theyre taking another shot at the s. E. C. And looking for the judge in this case to dismiss that, and well see what happens tomorrow yep kate, thank you. Kate rooney. 21 shares are short short, yeah well, so, the stock ran 150 from the day that the s. E. C. Filed that suit, okay, in may, until just recent highs and its come off into that, which is truly astounding, when you think about that the stocks up today because of that loss that is less than expected this company is not supposed to turn a profit until 2027 on a gap basis, until 2028. In the market weve just lived in, and were going to talk about block in a second and paypal was a bit of a disaster, like, the fin tech were the darlings in 2020, all the dynamics about the pull forward during the pandemic, but then the deceleration in the year or so prior the lack of profitability there, to me, im shocked that the stock is up after the close here forecasts are made on the assumption they will have all those tokens on their platform still. And imagine if they are left with nothing but bitcoin i mean, that really, you know, i would think takes away a big pillar of their model. Yeah, i agree with dan. I cant really even get close to where that is. Yeah. I wonder, just really quickly, they talked about losing customers bitcoins had a good quarter you look at it right as the luster kind of lost for the asset a little bit, you know, so, i dont know. Coming up, the earninging just wont stop. Draft kings and airbnb still ahead. But first, is there turbulence coming for the travel trade . Expedias big drop, and what it could mean for the entire space in two youre watching fast money live from the Nasdaq Market site in times square. Back right after this. Live from the Nasdaq Market site just talking about the alman brothers welcome back to fast money. Trouble in the travel trade. Shares of expedia dropped 16 . That was its worst oneday loss since before the pandemic. The company beating on profits but falling short of expectations in revenue and gross bookings the ceo saying domestic air travel softened, but that International Air fares remain strong so, what does this say about demand for travel . We knew that the airlines in general are doing okay it flies in the face we had oh, look at that. Flies i tried to sneak that in there. Tried to land that he talked about airports being more crowded than they were in 2019 40 million, i think, people were talking about. So, that flies in the face, again, of what theyre saying here so, the question is, how do you trade expedia, what does it mean for the Airlines Delta has that huge move weve heard from some airlines they havent traded well if tim were here, wed say the airlines are the best trades out there. And the case of delta, stock heads back to 41, you buy it again and look for that subsequent move higher are you in the travel trade at all, court . Yeah. I think travel has actually looked very enticing here, which is why its surprising how muc expedia missed this expectation. People were expecting over 10 expectations, and they theyre saying high Single Digits now thats what people are not excited about. It is contrasting what the airlines are saying. I would focus on the airlines more the airline differential is international travel, high margin travel, or business travel, and if you look at Something Like love, that was done today, that might be the travel thats exactly whats getting hit. Right love and jetblue had dismal quarters yeah. Im going to say it, i think you just buy expedia its trading at nine times next years earnings, and this is going to do, if you go back to 2019, prepandemic, they earned 6. 15. This year, they are expecting to own 9 9. 13. They are getting above those numbers, so, they are more profitable on the same amount. Trading at nine times next years expected earnings which are going to grow doubledifferent this is why, im like, confounded in this market. The other day, i said, paypal, you want to buy this thing, do it with calls. Define my risk, that sort of thing. Im attracted to the things that trade like crap, because they trade at good value, and i can see a scenario where this stock could come back and be a real force. And if you look i dont get it to me, it looks like a buy here. I loftve optimistic dan. Im optimistic, but did you change at all on paypal based on the quarter . No. I mean you know, just buy it again. Its fine. It will fill in the gap. Listen, all these stocks that are good names with good they fill in their gaps, people thats why you dont always have to be set up in front of the earnings, if you are trading that sort of thing we do it with snap all the time. It will fill in the gap. Pinterest, always fills in the gap. Coming up, bonds shorting bonds no, not 007, but a billionaire investor making a big bet against longterm treasuries does he have the golden eye for the move and well talk to the chart master and where he sees rates h heading, when fast money returns. Welcome back to fast money. Markets down again today as investors grapple with rising bond yields. The dow dropping 66 points the s p nasdaq posting their Third Straight day of losses and lets get another look at amazon and apple amazons call is just getting under way. A nice pop there up 7. 6 . Apple, though, widening its losses, down by 2. 3 the cfo seeing a drop in ipad and mac revenues. Lets look at bonds. Rates hitting their highest yields since last november these are moves i know you point this out, guy, that you dont normally see in the bond market no. And you dont want to see them and the resteepening of the yield curve, historically, thats when you have to start to worry, when it starts to resteepen. Thats when risk as sets start to get whacked but the fact that tenyear yields have gone from 3. 4 to 4. 2 ish today, approaching levels we saw in the fall of last year thats no good because im telling you, rates arent going higher because the economy is magically Getting Better theyre going higher, because there is a concern that inflation is still a problem so, i think the bond market is starting to sort of believe the fed. The question is, will the stock market start to pick up on it . The last couple days, it has for more, lets bring in Rick Santelli what is going on here, the flight in yields well, i think guy hit most of the highlights were reversing one of the most historic yield curve trades of all time over four decades of inversion we are minus 107, maybe seven sessions ago, in twos versus tens today briefly, it dabbled under minus 70, which means it moved in six sessions. And all of that has been long dated for the reasons that guy pointed out. Andsteepening was going to occur, but we thought it was because of short d rates dropping lets go to the charts real quickly. Theres a couple things here first of all, the fall high for tenyear note yield is october 24th for 30year bonds, its 4. 38 , same date, the pattern is the same lets look at the wave pattern we like impulses to the upside that in many ways means this is very significant, could turn into a double top. This stretched out a bit too long and had a breakout, but still, this is the level on a closing basis. Heres the level on 30year bond yields, and you need to really Pay Attention here, because people and great investors, will they be credit well have to see. These markets like double tops but he is jumping on something, and theres so many other traders that are then being the cat list for unwinding more of that yield curve spread and it keeps pingponging back and forth. Rick, its karen. Thank you for being on how much of this move is because of the treasurys very large funding needs, and then also, you know, theyre going to have to be issuing more longer term bonds . Oh, absolutely. The whole tbill, the whole refunding, the whole restocking of treasury, plays into this absolutely but what plays into it even more is the notion that inflation precovid most likely, we could have gotten back there but we did many things during and right after covid, whether it was spending more money or all these rules about evs, the transition, all of those things are going to keep inflation potentially higher and the market has to grapple with that. And thats why i think the short end isnt moving and the long end is rick, always good to see you. Thank you for joining us tonight. Rick santelli. What do you think of the trade hes betting on the 30year yield to 5. 5, so can we just Say Something the tlc that rick put into that chart, the handmade chart, like literally. Amazing. It looked really good looked like it was computer generated. Good on you you cant comment on the trade i feel like its really interesting he said hes doing it through options he likes the leverage. And when you think about the way in which to do that, they are really cheap relative to other risk assets when you are looking at something on treasury yields. I suspect this is not a new thing. I suspect hes been on this trade and we know that when he comes on and he tweets stuff its not a new thing and could be closer to the end than the beginning the last thing, you talk about this all the time with credit, you remember jamie dimon investor day in late may, he said, be prepared for rates that are going much higher . Seems like the smart money, talking to jamie, your final trade the other day was to sell the tlt, did he get you on the blower and tell you the no. But i would have taken the call. Of course but it was interesting this comment, this was from that meeting, and this goes to credit he goes, i think everyone should be prepared for rates going much higher but he had this comment about the easiest way, okay, for a bank not to lose more money, to not make the next loan i thought that was interesting talking about tighter credit and what happens in this environment, right if we see the credit has been tightening yeah. The latest loan officer survey shows that credit continues to tighten. Lets go to Carter Braxton worth of Worth Charting to see what he sees in his own fancy charts carter yeah, well, important point santelli made is of course the sequencing and the patterns are all the time, but lets look at them quickly and starting with longterm, the 30year, and then moving we have this welldefined uptrend, and the question is, they all have that top, the 21st of october, almost ten months ago, and do we or dont with exceed those highs one, if we do, do we exceed them in a meaningful way, or is it a head fake only then to fall back again. Im in the latter camp not necessarily get there, but if we do, you dont get much higher, so, 30year, lets look at ten look at five you can just roll through the charts its all the same setup. Obviously, the twoyear is closest to its former high, and that is in many ways the one that is, of course, acted on, so to speak but whats important to say is this fed funds rate exactly a year ago was 2. 5 and wall street was looking for 4. 6 from 100 economists. Were now at 5. 5 just as dippicly, all of us can be behind the facts, were now ahead of the facts so, heres the two and tenyear spread, you have a perfect double bottom. I mean, literally within one basis point, which is incredible and were almost up against that downtrend line my thinking here, this does not go much higher oh, all right and carter, weve been giving you props all show long about your call to be long amazon and out of apple into earnings whats the update here at this point . Yeah, well, how about, heres an update. Whew just stick with it. Yeah. Stick with it. All right, carter, thank you. Carter braxton worth of Worth Charting hes so eloquent he is relaxed, always yeah. So, i like what carters saying he actually did a trade similar that fits with what hes saying. The tlt has moved so much, i said, all right, the risk reward is trading now im short tlt, going to buy upside calls, which turns if you watch options action, you know that turns the trade into long a put, not short tlt. Coming up, activist investor bill astman making a move in the options action plus, gene munster will join us after this quick break to d pl us the rundown on amazon anape. More fast money in two it was just take, take, take. So i broke up with bad banking and moved to sofi checking and savings. Now i get higher interest, pay no account fees, and get my paycheck two days early. Get up to 4. 40 apy, pay no account fees, and up to 2m in fdic insurance. Download the sofi app and earn up to 250 when you set up direct deposit. Sofi get your money right. Pano ai chooses tmobile for business for 5g solutions. Because tmobile helps pano ai innovate, so they can stop the spread of wildfires. Nows the time to see what americas largest 5g network can do for your business. Welcome back gene munster still with us hes been listening into apple and amazons earnings call, which is that shows you how much talent genes got what are the highlights here melissa, from apples call, they guided revenue down 3 year over year for the september quarter. That includes the impact of fx the street was looking for plus one. If you exclude the excuse me, excluding the impact of fx, including it, its going to be down one, so, thats the point where analysts are going to change from plus one to down one, but the reason the stock is fading is because its really down three this is getting pretty hyper focused, but thats why the stock has faded. The positive side, gross margin is going to be flat quarter on quarter, because typically from the june to september quarter, it declines by a percent, and i just mentioned that revenue is going to be a little lighter it speaks to the incredible cost control. And related to amazon, this is all about improving and getting the street more optimistic about where aws is, its up fra fractionally kind of from where it was in the aftermarket. That trend, that confidence that investors have that this business has stabilized, i think is reflected in whats going on in the stock in the aftermarket. Any commentary, gene, about what theyre expecting with the 15 no, you know, they dont even say that theres a new product coming, and so, theres no expectations around that i would just point out that t the kind of the theme, the mood of the call is more of this, like, trying to dissect into whats going on in the Revenue Growth, it has been much less about whats going on in the bigger picture, which i think speaks to, again, why the stock has kind of faded. A. I. Has not come up yet they did say, cook did say that theyve had tremendous growth in the emerging markets, which include india, china went from down 3 in the march quarter to up 8 in the june quarter, so, saw a nice bounceback so, i think the theme that india can improve Revenue Growth for the next few years, at least that data point is intact regularive to the june quarter yeen, tgene munster, thank y. So, the revenue numbers have to come down for the current quarter. Theoretically, price targets could they could. One of the interesting things, the margin is going to hang in products are going to be down, services not so, thats going to keep the growth margin there. Thats the direction you want. You just want them both growing. Coming up, weve got the afterhours action in draft kings. The stock is surging on its results. Is have the details right after th more fast money in two dont cha written by callaway ray, rerecorded by massivemusic camera shutter dont cha wish your phone was fun like this . Dont cha wish your phone was fun like this . Dont cha wish your phone was fun like this . Dont cha wish your phone looked more like this . dont cha wish your phone could flex like this . dont cha wish your phone could fit in here . Dont cha . get a free storage upgrade when you preorder at at t. The biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. It still does. What can you do with spy . Welcome back to fast money. Weve got an earnings alert on draft kings. Shares popping the Sports Betting company raising guidance Contessa Brewer has the details. Draft kings says it is benefits from better efficiency. It is spending less on promotion. It is seeing better Customer Engagement monthly unique players up more than 40 year over year. Revenue up 88 over last year. A big beat in adjusted ebitda. Thats the important earnings metric in gaming 78 million, more than what the street was expecting players are spending more on average, too and that increase spend per user is reflected in the companys earnings, which exceeded guidance and for which the draft kings team has raised the midpoint for the fissioncal yer draft kings is proclaiming itself the igaming leader yesterday, we heard from mgm, insisting that bet mgm is the market share leader. It depends in igaming how you slice and dice it. Maybe they should just fan duel it out it remains that Online Casino gambling is offered in half a dozen states, but hugely lucrative. Theres sharp elbows out shares up 160 this year this kind of reports puts an exclamation point on all the optimism investors have had for draft kings, melissa you got groans around the desk here. I liked it. Mom joke contessa, thank you sure. Guy, your take . She can get away with it. She has an amazing job when you have letters and you put them together worlds acronym for draft kings, they have something called mups. Monthly unique players the revenue per mup was 137 the street was at 121 thats a good sign people are betting more. That works for draft kings better class of mup thats the first time weve used that on fast money. The mup. Ive never heard of that, as opposed to muppet. Lets turn back to todays bond breakdown on the back of fishs u. S. Credit down grade. The tlt dropping more than 2 and options traders are among the most bearish they have been in years on bonds. So, mike, what are you seeing here yeah, well, one of the things were seeing is a lot of volume. Tlt has traded more than double its average daily volume now for three days in a row, but one of the other things i would point out, weve seen a big increase in options premium so, thats probably not that surprising with the volatility, we would see a big increase in the implied volatility right now, there are about 15 more expensive to buy a onemonth put option than a 5 out of the money call option one of the bigger trades we saw today was the purchase of 2,400 of the october 94 puts buyers spending 2. 78 or just under 670,000 in premium betting that the volatility to the downside could continue. Karen yes i like that call, that pricing better, right, to create the put. Yeah so, i mean, if you look at the move, this you know, these these kind of etfs dont move. A 3 move is very big. And weve had two or three of them in the last few days. Mike, thank you mike khouw for more options action, tune into the show tomorrow, 5 30 p. M. Eastern time. You should be listening to me. You want to be rich like me . You want to trust me on this one. [inaudible] wow yeah its time to take control of your investing education. Cut through the noise with bestinclass Education Resources that match your preferred style of learning. Learn your way. Not theirs. Td ameritrade. Where smart investors get smarter℠. Final trade time courtney watchi i ing energy prices. I would take mltx here karen i bought tosome tlt calls, because i think the run is a little too hot dan i actually think i bought tlt calls yesterday, september expiration but im doing it a little differently, because im losing money, trying to get it back trying to expedia twoday rule, threeday threeday t today is day one dan what do they call that thing, the fifth wall, the third wall, Something Like that, stephanie back in ec doing an amazing job with the brothers alman. Psx in the energy space like courtney said. Nice. All right, thank you for watching fast money. Mad money with jim cramer starts right now my mission is simple to make you money. Im here to level the Playing Field for all investors. Theres always a bull market somewhere, and i promise to help you find it. Mad money starts now hey, im cramer welcome to mad money. Welcome to cramerica other people want to make friends. Im just trying to make you a little money my job is not just to entertain but to educate and teach you so call me at 1800743cnbc or tweet me jimcramer the consumers going on a cruise norwegian, royal caribbean, carnival no shes actually flyinng