Transcripts For CNBC Fast Money 20151116

Advertising game console video game consoles to plot their next move. But first we begin in paris. Michelle carusocabrera joins us live from there. Michelle . Hello, mel is. For some reason the police have cleared the plaza of the republic and you could see over my shoulders all of the candles left my mourners to honor the victims of fridays attack. They are at the base of the equivalent of the statue of liberty here in paris. In the meantime, we have learned that reuters has interviewed the brother of one of the suspects on the terrorist attacks. Muhammed salaam. Weve been showing you his picture all day. Muhammed was held by police for questioning over the weekend but later release pd told released and he told journalists today that he and his family did not know everything about his brothers activities. The suspect is one of the individuals who blew himself up at one of the caves here in paris and there is another suspect the current subject of a manhunt. Speaking in french, he told reporters. We didnt know. Neither us or the family. We dont ask them for their timetable whenever they leave the house. He added he had not heard any news from his brother who is on the run and did not believe his brothers could be involved in the attack. He is not the only International Suspect the police are hunting for. They are looking for another suspect who is believed to be the mastermind of the attacks that occurred here on friday night. Tomorrow we await the meeting of john kerry, u. S. Secretary of state. Hell be meeting with french president Francois Hollande to work on a response tonight terrorism. Back to you. Michelle carusocabrera on the ground in paris for us. Thank you. We have to talk about the market resiliency here. Tremendous tragedy in paris. We were all watching the evens unfold. And today stocks added to the gains throughout the day and we closed the day higher. What do you make of this . Well, it is sad to say that the market is just getting a little bit used to these attacks. This is the there was madrid, and then 9 11 and then this year earlier paris and then here. And we have seen that in a couple of different times with the fiscal crisis. Are we going over the cliff and are they going to raise the debt ceiling. The first time we saw that crisis, the market sold off. And then less so. And this year even less so. So sadly, the market is shrugging off this event. On a human level, on a market level it is not that big of a deal as you said. I think the job numbers put the fed back in play for december. And that is why you had a muted response initially and then the commensurate selloff last week. I think what the events did is maybe the fed, it put it on the back burner. I dont agree with that, by the way. But i think the market is saying maybe the fed has to push back which is why you saw the rally. Maybe in an oversold condition. But effectively weve gotten back to where we were on thursday. So in terms of the market, it is a whole lot about nothing. I dont think it is over necessarily. I think there is still a few chapters left. What is over . The volatility in the broader market. I think pete can speak to this. The Oil Volatility index is still elevated. Levels we havent seen for months. Meaning there is another leg down in the energy market. So i still think volatility is on the table but in terms of what we saw today, got back to where we were to thursday. Im glad you mentioned the Oil Volatility index because we were talking about oil and the reaction we did or did not see or expect by the end of session. You should see more of a reaction, any sort of reaction, in regard to wti but we saw the bigger move in wti. A couple of things. Brent has traded a little bit strangely but there is still a big range today. While it looks like brett was only up 1 . It was 2 or 3 range that it happened. So it opened lower and closed near the highs. Now the question with oil you have to ask yourself in this environment, is there is a geopolitical risk but at the same time there is astill a lot of supply out there. I wont buy into the oil rally. I think this was reactionary. Similar to what the market did. Look at context. The u. S. Market was down 3 or 4 . It would be natural regardless of any horrific event that the market would rally today on short covering. All of this said, is this a rally you buy and believe this rally or snapback reaction from yesterday . The friday selloff was severe and then sudden we come back today and after all of the news and all of the hand ringing over the weekend, everything else, you look at the market that was off 100 and then 8 and closer to the opening bell we are closer to flat. And then we see a push to the downside. But the reversal of oil from 40 to 42, that happened around noon when we saw the flip positive. The volatility index on the oil, the ovx that guy is referring to, the highest level since september 30th. So we are talking about volatility and how much is in the oil complex. But then suddenly look over at the way the financials flipped. They were down early in the morning. Suddenly they finish up over 1 . You look over at technology, apple, microsoft, buying there. Flip from negative to positive. You like the action on todays market. I really like the action. I like the action of how things traded today. I think it is more of a digestion process. I think karen talked about, like it or not, that is the way the market is set up in the morning to the opening bell and through the closing bell, strength and buyers came in. I asked pete if he would buy the rally. Our next guest would not and have charts. Carter worth is breaking it down at the smart board. Carter, what are you looking at . A lot of things. But we know thursday, friday weakness which was strong in the s p without terrorist moves. So independent of those facts. But this table i think tells us the circumstance that is the stock market. Meaning, as of fridays close, the s p itself is down only 5. 2 from its for the twoweek high on may 21st. But look at this. 193 stob stocks in the s p were 38 are down more than 20 . If you take it to 15, it picks up 253. 10 or more. Almost 70 of stocks. That is not what a bullish market looks like. Meaning the internals are terrible. So in terms of the picture, the perpetual motion machine of the past three years, you get your first break, that is the swoon and then we recover and make feeble highs. With you get our second break and now yet to make a new high. This has all of the action feel of a topping out. So you could draw the trend lines. Weve responded to this trend line perfectly over and over and over. Now the august break of trend was through that above and then back below. This again has all of the look and feel of something that has no momentum. In fact, has reverse momentum, if you will. So what im thinking, and this is the entire channel that the market ascended, since the bear market low in 09 and we have to the penny, over and over, responded to this range until we blew out through the top at the end of 14. And now we are back in and stuck under here. I think ultimately we get back to the bottom of the channel and that gives you something in the order of 1800 on the s p. I do have a euro chart here because the dollar is strong which is not good for multinationals. If one were to draw the lines, what my eye sees is perhaps this kind of thing, and this kind of thing and that kind of thing. And then in neckline, like that. And weve broken and now, well i think parody for the euro and then some. So parody for dollar euro. Carter braxton with cornerstone. Guy, i think you share similar views in the s p, in this market environment. If that is the case, lets assume that it is going to go to 1800. What sort of stock sectors to you go to. In terms of long names . Yeah. Anything . I think volatility is here to stay for quite sometime. I think carter speaks to. That and the other side, maybe the stocks could play catchup to the otherside of the argument. It is down and has a huge amount to the upside to catch up to the mark. But if you want to go someplace and looking for stocks imper viehous to this, the defense stocks have done well. You look at Lockheed Martin today, all within whispered of alltime highs. And benign or lousy tape, the stocks are good places to be. Those stocks can appreciate in that environment. And dollar and euro parody, and if you believe the fed is going to raise and the ecb is going to ease more, that parity is hard to achieve. I dont think it is hard to achieve. Even if the fed stands still, you could still have a massive dollar rally. Not because of policy divergence. The ecb will probably do more. And japan is in recession now. So they are going to probably do a lot more. That is going to make the dollar a lot stronger. That is not going to be good for u. S. Assets. That is just how it is. Up next, energy is the best performing sector today. Well hear from the commodities king himself Dennis Gartman on what the conflict in syria effects and how he is playing. And checking in on the smart money, when the Big Fund Managers are buying and selling and if you should follow suit. And continuing to monitor the news out of paris. Well bring you the headlines. Live from the Nasdaq Market site, right after this. Its hard to find time to keep up on my shows. Thats why i switched from uverse to xfinity. Now i can download my dvr recordings and take them anywhere. Ready or not, here i come whispers now hideandseek time can also be catchuponmyshows time. Here i come cant find you anywhere dont settle for uverse. X1 from xfinity will change the way you experience tv. Welcome back to fast money. Some very interesting news in the big hedge funds on everything from social media to retail. We have a few highlights from dom. Lets start off with David Einhorns green light capital. We talk about sun edison. That is one of the positions hes trimmed by 25 . So reduction there for him. And also boosting his exposure to shares of apple as well. Taking a new position in gps maker garmin. And getting rid of stakes in hertz, macys and citizens financial there as well. So very interesting moves here. But sun edison getting attention because of the stock slide of shares. And this comes on the heels of the third point disclosing they had dissolved they are entire stake in sun edison. So the third point showing no lines of third point stake in sun edison. And john paulson from paulson and company, taking new stakes in generic drug maker periggo and cti and boosting in Teva Pharmaceutical and starwood and post holdings. Do he does anticipate deals. Lower staking and widening petroleum as well. And then there is leon coopermans omega advisers. Interesting news. A small stake in jcpenney and facebook as well. And that is telling as well. He disclosed a new position in valeant pharmaceuticals. This is all as of the end of september. We learned today from scott wapner, Steve Einhorn said at a reuters conference they had gotten rid of their valeant stake since the filing date of september 30th. So melissa, it goes to show you hedge funds could trade around the positions. Juz boston they say they owned it, doesnt necessarily mean they still have it right now and om egga vizes is a classic case of that situation. Back over to you guys. Dom chu, thank you so much. On the lines of valeant, karen, you notice the filing for pershing and what they said. It looks like they had no change in position from june 30 on valeant. And correct me if im wrong. He did say he bought 2 million shares during the citron upheaval and he wished he could buy more capital. It is odd that those 2 million shares, which maybe i dont know. Maybe he bought them after september 30. I guess. Im not quite understanding where the degree in shares would be accounted for. Could he sold them at 160. He trimmed his position at 160 and bought them back that day. He did buy 2 million shares. It could have been after september 30. We wouldnt need to see it until december. I think it is more interesting that the beleaguered names and people are cutting bait here. Im trimming, im out. Einhorn jumping out of macys, that stock is lower now than he was when he exited the position. And adding into apple. I understand the apple. Im not sure about the macys. But depending on where and when he got out, maybe hell look at that name as well. Lets step back to energy. Leading the rally and the best day in six weeks. So what might the mounting conflict in syria mean for the oil trade. Dennis gartman is the editor of the gartman letter. Do you think it has any impact . Certainly it does. No question about it. The announcement this morning that there was a truck caravan that was bombed was certainly one of the reasons why you had a strong rally. You had crude oil down, seven, eight, nine, ten days in a row. It needed to have a bounce. It got a bounce. I doubt the bounce will take prices very far. The carrying charge continues to widen. A bit today. And on balance, any time you see the markets trade at a continuously widening con tango, tells you there is plenty of crude oil around and plenty of supply of the underlying commodities. And could you take wti which traded down to 40 in the expiring december contract, could it get back to 43, 44, 45, yes. But i think at that point, the propensity to be a seller is very strong. I think this is a shortterm rally. Dennis, why arent we talking about the impact on brent. Why is the focus on wti, which is mostly here in north america. Which is usually what sees the impact for any International Geopolitical conflict . Well, that is a very good question. And it proves that the markets are due to make fools of all of us. One would have thought the greater impact would we on brent. I thought it would be upon brent. Why it is not upon brent, it is beyond me. Pass my kin. I leave it to those of you that went to harvard. You are better at that one. I dont know. Guy have a question. Real quick, dennis, in terms of the other commodities complex, does gold have a shot here. One would think that here is the environment, where gold could rally, despite the fact that were seeing strength in the u. S. Dollar, is gold dead in the water here . Well, this morning, i wrote that the gold market had traded 9 to 10 higher. Under normal circumstances, given the news out of paris, we could expect it to be up 25 or 30. That means showing gold is not a good idea. Owning it in euros and yen makes sense but in dollars makes no sense. It is still a bull market in the dollar. We are in the fifth inning of a nine inning ball game. And to me, the most important aspect of what happened today, pertaining to the gold market, is the fact that the dollar the euro traded under 107. If we give 106. 50 on the down side, gold will come under more pressure under the commodities. Watch the euro, that might be the most important of the currencies of the capital markets. Watch what goes on in the euro. Dennis. Thank you. Dennis gartman of the gartman letter. I was watching the euro, it closed at session lows and dollars have seven month highs. So remember, in the dollar index, 50 is heavily weighted toward euro. When you look at the euro around these levels, this is on a trend line that goes all the way back to 2000. So right to denniss point, if we break through this level, you will likely have a big rally in the dollar and a selloff in the euro and that will ripple through the Financial Markets because everybody has to readjust to this new paradigm. Im going to go to you because you had once in your part of your lifetime traded gold. A long time ago. A common speaker about the gold. The gold dinner. What is is gold dead in the water. You asked dennis. I think the answer is yes, it is. And i think the prize is 1044. It held that level a few months ago and bounced. Needs to hold that level again. I still think gold is a store of value. I dont think it is necessarily all about the dollar. But that 1044 level is critical. Okay. Still ahead, how do the terrorists in paris avoid detection. A special report on the type of technology they were using and it might be sitting in your living room. That is right after the break. What paris means over control of the borders and whether it will push Angela Merkel to reduce the open door policy. Youre watching cnbc, first in business worldwide. Welcome back to fast money. Security experts are looking closely at what communication tools the terrorists responsible for the paris attacks may have been using. Julia boorstin is live in la with the story. That is right. Big questions being raised that variousin crepted communication services, Security Experts point to private messaging apps such as signal and silent phone and telegram and wicker that allows you to send messages that selfdestruct. It is not just apps. Playstation 4 enabled live private chat between individuals or groups. It is difficult to monitor and intercept among the tens of millions of messages from the 65 million active users on the network. The belgium minister of the interior spoke about the px 4 three days before the paris attacks. I heard that most difficult communication between the terrorists is the playstation 4. Very, very difficult for our services, not only our services, but International Services to decrypt the communication on playstation 4. We reached out to sony about the possibility of terrorists using the platform to communicate. They issued a statement saying, quote, we urge our user as partners to report activity that is offensive or suspicion or illegal. When we identify or are not fied of such conduct, we are committed to taking appropriate actions. Law enforcement is looking to see how this attack was planned and to track new communication going forward. Melissa, julia boorstin, thank you. And the point was made that governments werent out to monitor chatter because it is not something typically used and there is conversation about bitcoin being used to transfer money to isis or isil. There is one group out there that they are an antiterrorist secret group that goes out and they are like a hacker group. So they were talking about the fact that terrorists might be using bitcoin. The one thing they are saying is that it is untraceable. Which is not true. So it would be a good thing if they were using bitcoin. Because every transaction is public. So once you identify that a particular account is associated with a particular group, you could see where the money is coming from and where the money is going. So if you want to hide, it is the worst place to hide. Interesting. Breaking news news on draft kings and fan duel. Come chew has the story. Remember, draft kings and fan duel had applied or asked a judge to grant a temporary restraining order or tro to allow them to continue taking bets, operating in sessence in the state of new york. Well now a judge in new york has not granted this. A judge again has denied the firms request for a temporary restraining order. This is a blow to both fan duel and draft kings as they seek to continue operations in new york. So the latest chapter here in this ongoing saga for daily Fantasy Sports, in this case, it looks like draft kings and fan duel, they will not be allowed to continue operating in the state. A judge has now denied their access to a restraining order or a temporary restraining order, allowing them to take bets. So again the latest development on that front. And remember, of course, comcast and Nbc Universal is an investor in fan duel. I imagine this is a long road ahead to fight all of this. At the same time this is happening in an environment where a lot of companies are getting valuations marked down tremendously and if they are barred from operating in new york, new york state, that will impact their valuations as well which are lofty. And there is no doubt. And the reason why new york state is a big deal and a Big Development in the case. According to some estimates, about 10 of the participants that deal in daily Fantasy Sports are in new york state or domicile here from the state of new york. So you are talking about a pretty big revenue cut if they are not allowed to operate in this state. And we are talking about a billion plus a billion and a half plus industry here. So as we watch what happens here, it is interesting because you are right, there is probably more legal stuff ahead for all of the parties involved. But for right now Eric Schneiderman is the top cop in new york has gained a big victory here in terms of what will happen. Well see how they respond, to this particular development and well bring you that statement when it comes to us here, guys. Thank you, dom chu, for that update. And pete, the argument made by draft kings and fan duel for the investment theyve gotten from the networks is that when people play these Fantasy Sports, they watch more sports and vice versa. There is more skill involved and less of gambling. It is interesting how you could twist it. Whichever side you are on. This is a huge win for schneiderman. This puts him in a strong position right now. And i just wonder, what is the next step now for fan duel. What is the next step for draft kings. This is a big portion. 10 doesnt sound like a lot but that is a lot when it comes to what the two companies are able to do and grow. If any company came out and said were going to lower revenue by 10 , i guarantee there is a stock reaction. Still ahead, the Major Airline stocks falling on the back of the events in paris. Well hear from the former chairman and ceo of Continental Airlines and his take on the airline security. And plus, within todays market, stock moves and names you might have missed in all of the trades. And plenny more coverage plenty more coverage of the terrorists attacks and the impact on the global economy. Welcome back to fast money. Despite the tragedy in paris, a rally on wall street today. The dow finishing up more than 200 points. All sect yorz were higher, led by the energy sector. And offer a volatile session, ending around 42 a barrel. And now at the hot point of november, the major averages are still on track to end lower for the month. Lets start off with paris. Straight to the ground with the headlines from richard louie. Good evening. First off, the eiffel tower relit tonight. Blue, white and red. This is a symbol certainly of paris, but also because it was closed and now reopened. And also behind me today, this road was reopened. It leads to the bataclan theater where people were killed n. Front of the theater, they have cordoned it off and they are protecting the areas to lhe Forensic Team work on. That outside of those developments, the developments relitted to the related to the investigation, 23 arrests so far. And they named mastermind behind the attacks. There is six locations. Salaam ab youd and he is a belgian described as a happy, go lucky individual. And then the [ inaudible ] that they need more details on. In belgium, they are working on that. [ inaudible ]. But ill tell what you is most volatile, on the first day back at work, are, despite the rain, people coming back out. After the last hour, people coming out to relight them. And certainly another symbol, lights are blinking despite the terror attacks from friday. From paris. Thank you. Joining us now with more, louis sparks with a global macro director at theure asia group. And the attacks are putting the scrutiny on the spotlight on the migrant policy in europe as there are suspicions one of the attackers entered as a migrant. Why should we move to germany right now . Because you have countries in eastern europe, hungary and slovakia where they are saying we are not taking more migrants. The british said theyll take 20,000 and german has said they will take 800,000 migrants this year and the real number may be higher than that. It is an enormous political bet that she made presumably because they feels she feels it is the right thing to do. The numbers are so much higher in germany. So far germany has escaped the kind of terrorist event that we saw obviously on friday in france and earlier this year in france. In madrid and in london. But it is absolutely correct that we need to be watching very closely to see what happens in germany. Is Angela Merkel able to hold on to her political capital. Will this work . Because if it doesnt, you will see borders closing down for the migrants that is a worldwide phenomenon. What do you think will happen on this front and walk us tlus what the skapo legislation of what will will be. They want to keep the agreement as it is. There may be adjustments to modify the schengen agreement for the emergency border controls to last longer than they other wise would under the letter. There may be new restrictions with certain times that people cross the borders in certain places. But it is very important for germany, this is their calculation, very important to keep their own borders open. If germany closes its borders, everybody else in europe will follow suit and then you have a whole different world where over the median term, over the longterm, the free flow, goods and services of people in europe is not what it was. Well leave it there. Thank you for joining us. We appreciate it. Thank you. And a big question on investors minds is how the attacks could impact the ecb and the fed here. So who better to bring in that steve liesman. And we were talking earlier today about the climb in the euro versus the dollars which could indicate more easing. And could this accelerate the time frame in terms of easing for the ecb. I dont think they will call a meeting. I i they were i think they were on track to announce in december. Depending on how much your last guest was talking about, this comes to fruition in three different ways, in teshls of markets in terms of markets, if they were out of whack. If you had a strong move in dollar, it could cause concerns at the Federal Reserve to maybe put december on hold. If there was overt and very large military action, that could also change the december check. But given Market Reaction today, i dont see a big change in either the ecb or the fed. So you think everything is status quo . The way the market reacted today, looking at the dollar versus the euro, that is a conduit where you could see deflation that could give the Federal Reserve pause. But you peak below 107, not too strong. But another move down toward parity would perhaps change the calculus right now. But i think the Federal Reserve would be on track to hike in december. The history of these things, melissa, is what you see, is you see big effects in Consumer Confidence but dont see that translated into lower sales and the best example was the post 9 11 environment where Consumer Confidence plunged and consumers bought cars like they were going out of style. Steve. It is b. K. Im curious how the fed thinks about the euro and the dollar. You mentioned a move down to parody might change their mind. Does it have to get down my question is how big of a move in the dollar sparks bells at the fed . You know, i think a quick move down to parity would be something the fed would certainly raise their eyebrows at. Look, the thinking at the Federal Reserve, and this is just simple math, is that the moves in currencies are temporary. They dont last forever. You have a move in the currency and a knock on effected imported prices. And by the way, you have a drag exerted on u. S. Exports and manufacturing. But that doesnt go on forever. Once you get into the next year or the cycle or the comparison, that goes away. I think there is something in the fed that the dollar could strengthen further against the euro. But i think a big move is something that will raise eyebrows. You have dubs on the fed that think we ate to wait for this to pass through the data and not act ahead of it. Steve, thank you. Good to see you. Steve liesman, our senior economic reporter. He touched on the impact of Consumer Confidence. Im wondering, karen, if you connected the dots, the confidence in europe and the retailers or the luxury retailers most exposed to europe . Well, i sort of feel that things have been getting better. That is a good thing. I think i think it would be a temporary dip, like steve is saying. And then there would be cover. I look the add a louie vitton or karen, they were down a little, but not a lot. They shook it off. You have the perfect storm. European easing on the back of a potential fed rate hike which makes the dollar go higher and kills the emerging market and inflation. And you wonder how they get themselves i believe the quandary they painted themselves into. And you talk about commodities, specifically copper today. I was looking at the paper in freeport and carl icahn, that was open to us. A lot of it stock and some options. You see more put buying to the down side. 40,000 put spreads trading out in freeport macmaran today. That is copper and gold and all of what you were just bringing it up, all of those combined in one. Airline stocks under pressure as theydy just paris. The past senior of Continental Airlines. And Urban Outfitters fresh off of buying a pizza chain. Much more fast money still ahead. Air travel to par sis back to normal today but Airline Stocks still closed lower in the aftermath of fridays attacks and anxiety over terrorists are looking to strike again. We have the ceo of Continental Airlines and after the 9 11 attacks brings insight into this matter. Gordon, it is nice to see you. Nice to be with you, melissa. And you say that sessentiall, right now airlines are difficult targets. It is unlikely for a terrorist to strike directly. Why . Well suicide vests and ak47s and bombs, they have thorough screening, so it is almost impossible to get into an airport or check a back with those kind of materials. That is a different issue. I think we have Adequate Security at the airport to preclude those type of attacks. Im sure airlines, the first obligation is to the safety of their employees and their customers, they are going to review things. But i doubt theyll be a lot of change and theyll be looking to our government to mandate any changes, if there are any. You make a lot of sense, gordon. You always do. At the same time, things arent always rational, when it comes to fear and fear of a traveller. So what sort of impact do you think there will be in the Airline Sector . Oh, im sure there will be some degradation and the amount of tourism in europe. Absolutely, melissa, fear played an Important Role in consumers decision to travel or not to travel. What im saying, is these kinds of attacks are fairly well prevented by the security net at the airport and the airlines have today where sidewalk caves in paris are vulnerable. You cant reason with fear because it is unreasonable and sometimes it is reasonable. What airlines or airplanes, gordon, in your view, do have porous security . Prior to the paris attacks, we heard about the downing of the russian passenger jet over egypt and that was attributed to isis. So are there places in the world because there arent many flights direct to the u. S. Or to the country that security is not as strict, not as tight as you say it is generally around the world. Well, melissa, that would concern me. And obviously, our country, most of the really developed countries, have very, very stringent and thorough but the further you go into Economic Development and possibly the number of people passing through, there are various degrees of intensity. And in egypt, which i know nothing about, but that did concern me that someone was able was whether it was inside of the Security System or outside, was able to penetrate that. I know that youre speaking here as a former Continental Airlines chairman and ceo. When you think it comes to earnings season well hear this as an excuse, this is an impact, a ripping effect . I dont know. Because i cant anticipate what falloff in revenue might occur. There certainly wont be an increase in revenue because of this. I dont see it as a huge driver in the quarterly revenues. But if this continues, obviously it would have an effect. Gordon, it is great to speak with you. Thank you for your time. Thanks, melissa. Gordon, cnbc contributor. Quite honestly, i expected them to be down four, five, six percent acrossed board. And they came back during the day. Despite oil, from the upside. And if you look at the 50 Day Moving Average of american, delta and united, stopped on a dime. Jet blue very close. So technically they traded well. If they would have gone further down, i was looking at the airlines, to start jumping into and adding those. Jet blue with Less International exposure than the big three i mentioned, that does make it more interesting if you are concerned about the global aspect of what is going on right now. But i still think the airlines, barring something awful, i think they are a great buy pulling back. I wish they could pull back some more so i could get in. And they pulled back on expedia and priceline. And those Online Travel sites, particularly expedia, which has exposure to other places. You will see this. And gordon made excellent points about security and how these things happen. I would look more toward expedia. But it traded well. It opens on a gap, down to 120ish. And held, which is support and rallied toward the end of the day. So i think if i was long expedia, im not, i would not be selling it tomorrow morning. And you know what else, who had an interesting day was netflix. Up 7. 5 . So you wonder if people are going to start to ratchet back travel. What are they going to do . They are going to watch. It is not a crazy thought. Netflix trades as if Something Like that is going on. Coming up, shared of clovis getting crushed today. Could the company recover. Youre watching cnbc, first in business worldwide. Welcome back to fast money. Im seema mody. Urban outfitters reporting disappointing retch growth for the quarter. The comparable sales grew far less than expected due to weaker demand for anthropology. They announced the group of restaurants for an undisclosed amount and that sent shares closing lower. They send spending on casual dining is expanding rapidly and thus we believe there is tremendous opportunity to expand the pizza concept. And shares after hours now down better than 11 . Moving on heavy volume as well, melissa. Seema mody, thank you. I dont even know where to begin with this acquisition. Karen . I wouldnt know where to begin either. It was astounding to me. Now they didnt disclose the terms which means it cant be very material. If it is not very material, why do it at all. If it was material, why do it at all. I love the part where they quote the restaurateur saying, this just allows us to focus on what were good at. Im paraphrasing. Which i find quite ironic. What are they doing . It just it is such a diversion. It would be like dominos helping gap in their growth story. It makes no sense at all. It is a waste of managements resources to be doing this. And the other peopleular thing is that he and the chef have been friends for decades and he and his wife have a big stake and you wonder how are they voting the shares. To help out their friend of decades, the owner of the pizza shop. I dont know why management this is a Corporate Governance issue. It is small dollars but it is ridiculous. It is not expensive stock. But it is cheaper now. But you wonder 15 was a huge support a couple of times, i think in 07 and 09, you wonder if it will retest that. It certainly may. And big rumors that you may have missed. Clovis, shares fell 70 . 70 in todays session. Shed market cap after the fda asked for Additional Data on the experimental lung cancer drug. Pete. This is biotech like we used to talk about. And a company with three drugs in the pipeline, stage two and tree. So no earnings. 18 short interest. And we talk about biotech, this is what we used to talk about five, ten, 15 years ago and now they have earnings. And the problem is they are delayed could. They reach the end game like march 30 . Probably not. That means more money will go out and no money comes in. That is why they beat it down. 116 a share. This stock was. It was 26 today. So in touch . No touch. Next up, Consol Energy pops 7 after green light capitals David Einhorn called it his best idea at the robin hood investors conference in new york. Karen. It hasnt been a stellar year for david. I think he is fantastic and a fabulous investor. He happened to see him the other night. This one i dont get, coal and natural gas, they are levered. That would make me short it. If they turn it around and it is levered, look out. Up next, the traders will tell you what they are watching for tomorrow and could be a very, very busy trading session. For fast ahead. Excellent looking below the surface, researching a hunch. And making a decision you are type e. Time for a change of menu. Research and invest from any website. With e trades browser trading. E trade. Opportunity is everywhere. When youre not confident you have complete visibility into your business, it can quickly become the only thing you think about. Thats where at t can help. At ts Innovative Solutions connect machines and people. To keep your internet of things insync, in realtime. Leaving you free to focus on what matters most. Time for the final trade. So around the horn. Pit boss. You know i like the pharma name. Pfizer. Expiring options, i think it is going higher. Of all of the filing today, garmin, einhorn buying it, that caught my eye. Talk about wearable technology, this seems very well played to buy. Care woman. I like dorian. We had a few other players in a potential hostile merger. And we had enterprise talking about big context. So i like the space. I like that name. Gee . Interesting quarter out of nuance. Had been dead in the water for a while but feels like it wants to break my mission is simple. To make you money. Im here to level the Playing Field for all investors. Theres always a bull market somewhere. 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 trying to save you money. My job is not just to entertain but put it in context so call me at 1800743cnbc or tweet me jim cramer. Could we be headed into a murky slow dowd in the not too distant future . Id