We start off with autos. Very bleak picture for auto sales in the month of may. Numbers tanking across the board. Gm and ford falling hard today. What are the dismal may numbers signaling . Autos, trouble. Autos have been a huge driver of gdp growth since 2009. Cash for clunkers. Then subprime loans exploding. Now, mike jackson was on cnbc back in january. Hes the ceo of auto nation, the largest car dealer. He said back in january that things were slowing down. Whats interesting is the automakers, they increased production. So now we have an inventory problem. We have almost three times as many cars in inventory as are being sold. At that level, thats the last time we saw that level was back in 2008. And that generally signals the peak of an auto cycle. We talked about the peak, but as that comes down and you start to see ford and gm start to take some production offline, if this really is peak auto, thats going to start hitting unemployment, thats going to start hitting gdp growth and filtering through the economy. Is this an auto stock problem, or symbolic of whats happening in the economy . I dont think its symbolic. People bought all the cars they need for now. A lot of people have been talking about peak autos for quite some time. The may numbers indicate maybe theyve been right. As b. K. Has been saying for a while, maybe they are correct. I dont think it speaks to the health of the consumer. I think it speaks to the fact that enough cars have been purchased and theyll move on to something else. You look at home depot and certain retailers doing okay. With that said, i dont think the consumer is in great shape, but i dont think you can discount the consumer entirely because of these numbers. Consumers are not buying sweaters, or shoes, or whatever theyre not buying, these smaller goods, because theyre buying big things like autos, and houses. Or big things like cars anymore, because thats where the weakness was in the sales numbers. Will they return to buying the sweater or kulats or what have you. I hope they do. I think that some of it also in travel, weve seen huge travel numbers. Dining. I think the home depots of the world are still doing well. Well see if its more than a onemonth blitz. Its interesting that gm has been down, and just not trading well all year on the fear that were going to autos are going to peak. Its very frustrating probably to be a gm holder and have it trade down on this news for so long. And now it trades down again. Right. And this is the beginning then, its not going to turn around so quickly. Is there a trade in the auto sector . Stay away from the autos, and go to the auto parts type makers. The interesting part is within the autos, if you really separate it out, it was automobiles that struggled. It was the ones that actually get the best fuel efish si. Again, part of that trade with oil. Oil started to rocket up to 26. Today we saw Movement Just like yesterday. Today, nice reversal off the lows. But its interesting to see if you look at the ford numbers, f150, it was the lower end models that struggled. Construction sales are down 1. 8 lower than expected today. Obviously the trucks are used in construction. I still think this is a the Housing Market is decent. Pickup trucks, though, i dont think thats fair to say thats all construction. Theres people like me, a lot of folks out there that would have gone to the more fuel efficient car that pushed to the pickup truck. Lets bring in our expert here, phil lebeau. Sorry i missed you yesterday, phil. It was declined specifically in car sales that was pretty staggering. Do you think thats a permanent thing . I think its permanent might be a little extreme. Lets say we have gas spike up to 4 a gallon, within two years, youll see people rotate back in. You have more crossovers that are available. Because you have more fuel efficient crossover into suvs. People are saying, why am i buying a cruise or a fusion. Sedans are just falling out of flavor. It doesnt mean theyre not, you know, decent vehicles, they are. Theyre better than ever before, across the board. Whether its asian, european, domestic. People want the utility. Thats the shift youre seeings here. As you date whether or not we have peak or plateau autos, look at the overall sales rate for the year. Were still in the high not high, but low 17 millions. Last year was 17. 46, a record pace. What if it comes in at 17. 3. People will say theyre down year over year, but still, you take it. You take anything over 17 million. Its a matter of whether or not the automakers are going to be able to manage the top here. To your point about inventory, rook look at gm. Its down to 71 days. Thats something investors should want to see. Not just gm, but all the automakers. Whether it can keep it in the 60 to 75day range, preferably down to the 60. What would the auto bulls say about the stocks performance . That doesnt jive with whats going on. Were not far off from peak here. I bring this up with auto executives. You ask us to get our north american Profit Margins above 10 . Weve done that. You ask us to be more profitable per vehicle, weve done that. You guys are more expert in this, in terms of investors, i think vefrt sentiment is, this is as good as it gets. Why should i buy these stocks expecting it to go up in the future. Its flux twactuated at 30 d. In an environment where auto sales are through the roof. So what is the environment that im asking the question youre trying to answer. What is the environment they need for the stocks to go higher. Im at a loss to figure out. You even talked with those who were skeptical about the auto industry. Activist shareholders, theyre baffled. Theyre like, what else do we want these guys to do . You want consolidation in the industry . Youre not going to get the kind of consolidation that people would want. You would have to have major automakers come together and get economies to scale, build 20 million vehicles. Whos going to say, sure, come on over, you can take us over. The only one who wants to be bought right now is fiat chrysler. Jeep, three times more jeeps were sold than all other cars made by fiat chrysler. Cars, not automobiles, but cars. They dont want the dodge dart. Thats not a knock on the dodge dart. Cars and sedans have fallen out of flavor. Do you think tesla is watching these mass market vehicles . We talked about this. I think theyre more focused right now on what their inventory shows in terms of the reservation backlog. I think thats what theyre focused on. No worries so far . I wouldnt say no worries completely, but i dont think they say, people have had enough with cars. Good to see you. Phil le bea. Pete said autos are not a trade. The automakers that is. I agree with pete. Gm and ford, gm, again, 30 now. It was 30 this time in 2012. Its vacillated to the other side. Its also been in a descending level. It continues to make lower lows and higher highs. I think the trade if you want to be in it, listen, i think tesla gives you an interesting risk reward. I think they price the secondary a week or so ago. Traded decently off that. If you want to trade with, i think, low risk, high reward, tesla 215. The auto sales are symbolic of the broader things going on in the economy. Whats that trade . Thats just your bigger macro trade that earnings are going to come in generally so you want to be short the s p 500 or Something Like that. I think more specifically, you can be short ford. You can be short gm. I would also look at car max, kmx, which is the largest used car dealer out there. Weve seen used car prices come down. A lot of used car owners now are underwater on their debt. So i think thats another place you could play. If for some reason you wanted to be crazy and actually buy something, look at penske auto group. And they tend to be in the jeep area. They would probably do a little bit better. Its just impossible to reconcile the valuation differential between gm and tesla. Well, yeah. It really is. Gm couldnt be more out of favor. You have to have such a longterm the best thing that could happen to gm is a big trough. And people will start to look forward. Now all theyre doing is looking down. Up next, lululemon founder taking direct aim at the companys letter. The comments you need to hear. Plus, if youre worried about a june swoon, well tell you how to beat it with the three stocks that always perform well in the hot summer months. And later, opecs on deck. Were going to hide out in the oil trade. The best picks. Much more fast money right after this. Need to hire fast . Go to ziprecruiter. Com and post your job to over one hundred of the webs leading job boards with a single click. Then simply select the best candidates from one easy to review list. And now you can use zip recruiter for free. Go to ziprecruiter. Com. Welcome back to fast money. A big day of gains for lululemon, after the founder took aim at the board in an open letter pushing for change, noting how the company has fallen behind its competitors. He spoke earlier today on cnbc exclusively. Take a listen. If you see what lululemon is doing, theyre just rolling out stores. Theyre not morphing into anything new. They say theyre doing theyve got technology, they say theyre doing innovation, but i might be the number one person in the world to understand that. And i dont see it anywhere. It comes on a day where nike gets two downgrades. Under armour had their issues with sports authority. And lulu, the interesting thing over the last couple of weeks, look how well that stocks been trading. Look how it traded today. I actually think this Management Team is getting this thing done in a very difficult environment. We know leisure is getting more competitive. Its an under armour, adidas, a pe of 26, not overly ridiculous. Look at the Revenue Growth from 1. 3 billion to over 2 billion. I see a company that is making a transition from somebody, maybe the gentleman we were just hearing, who actually did many things that hurt that stock, and hurt that company over time. And theyve had to fix that, and in the process, theyre fixing it and they are getting more innovative. Its just not for women anymore, theyre moving towards men and children, getting the next generation. I think lulu is doing a lot of the right things right now in a particular environment. You read the letter. I read the letter. There was one line that i really appreciated. He was comparing the underperformance of lulu to both under armour and nike. Lulu stock dropped in the same period. In the midst of the greatest change in the way people have dressed in the history of the world. Hmm. When they moved from loin cloth to pelts to fur, it was leisure, i mean, thats i recently made that change. No doubt. No doubt. Heres the thing. So he talks about getting the board to destagger. And many delaware corporations, and most, the overwhelming majority are destaggering. And they should do that. I wondered, why didnt he just put up nominees . Exactly. Because i think if someone knows this for certain, i would love to hear it, he couldnt. It was a standstill, i believe. Oh, i see. Now he may be able to do that in the future. Right. I also wondered if he was going to make a bid for the whole thing. I dont think thats going to happen. Yeah. On june 8th, im in the camp 32 Short Interest. I think whats going to happen here is youre going to have people continue to cover shorts into the earnings release. How do you trade it . I think you stay long in earnings and take a shot either way. I think its fair. I think now the path of least resistance is higher. Id really love to know how the kulats are. Oh, come on. No, sure like shorts and pants that have wide legs. More like a grasso type of thing. It looks like a skirt, because its so full. Thank you. Now i learned something. You always learn something. Take a look at michael kors. Setting a doubledigit rise in sales. The Company Warning that increased spending will chip away at its bottom line this year. Karen, there could be a little war brewing between it and Department Stores. It was interesting, the stock had been crushed over the last couple of months, on all these things, and yet still it matters to perform. Outstanding quarter. They did a tremendous job. But they did point out, if Department Stores are going to be promotional and they have to be to drive traffic, because mall traffic is down, that kors is not going to allow their brand to be damaged by being too promotional. Meaning theyll pull their stuff from the stores . Not all. But they will allocate, i guess, is a better word. And that is sort of important. So the mix will over time be more kors in retail, and online. And the balance of power is shifting a little bit. They took great pains to say we value our Department Store partners. However, were not going to allow them to do that. We saw some rumblings between nordstroms and kors that seems to be overdone. But thats a shift. That seems like bad news for the Department Stores then. It could be bad news. But retail traded pretty well. Xrt, look at some of the names in that, that traded pretty well. So if people are no longer buying cars, and you think theyre going to buy stuff, like kulats, i would say at least you have a good risk reward. You could have your kulats and jeep i have them already, i just didnt know what they were called. Just saying. My whole weekend bank of america on our show yesterday. Summer swoon lurking around the corner. Weve got the three stocks that according to history always perform well in the month of june. Well give you the names. Youre watching fast money. In the meantime, heres what else is coming up on fast. To be or not to be. More like to freeze or not to freeze. Thats the real question. And now that crude oil is hovering right below 50 bucks, well tell you whether theres any chance opec will freeze production at tomorrows key meeting. Plus that pretty much sums up whats been happening to biotech stocks in the path month. But has the space come too far too fast . Well tell you why some traders are betting on a breakdown right around the corner. Much more fast money after this. You recommend synthetic over cedar . Super food . Is that a real thing . Its a great school, but is it the right the one for her . Is this really any better than the one you got last year . If we consolidate suppliers whats the savings there . So should we go with the 467 horsepower . Or is a 423 enough . Good question. You ask a lot of good questions. I think we should move you into our new fund. Ok. Sure. But are you asking enough about how your wealth is managed . Wealth management, at charles schwab. Plumping surface cells for a dramatic transformation without the need for fillers. Your concert tee might show your age. Your skin never will. Olay regenerist, olay. Ageless. And try the microsculpting cream you love now with lightweight spf 30. Welcome back to fast money. Bank of America Calling for a summer swoon as june rate hike expectations jump. If we see a june swoon, there are a few names that always buck the downtrend. Paul is here with your best bets. Paul, youve been taking a look since 2009. Youve got three stocks. Yes. June is historically a weak month for equities. There arent a lot of big winners. The only stock in the s p 500 that has gained more than 5 is facebook, and its only been around for four years. Its been up every year the month of june. Average run about 5. 7 . The next stock interestingly is amazon. Which is up 53 since its february low. Average gain of about 3. 9 . One down year. Whats interesting, facebook and amazon are neck and neck in market cap for the sixth Largest Company in the world, in the u. S. , which i found surprising. And the third one was just in the news yesterday, allergen, averaged a gain of 3. 7 , down in 2010, and 2015. But when you look at the intramonth pattern in the month of june, using intraday data, we can create a composite, and it starts out flat. Usually peaks right at options expiration. The following week you see a peaktotrough decline of 2 . This year i think with brexit, june 23rd, you can see some jitters coming into that vote around options expiration. If we dont have the brexit, if they dont vote to leave, you could have a relief rally toward the end of the month. Is that what youre seeing in terms of the volatility out there . I would think so. Its been so low for so long, that its absolutely incredible. Its interesting that you bring up the options expiration aspect. Suddenly the protection that people have on, theyre a little bit late and lax in terms of putting it out there again. I dont know that i would pick names like facebook or amazon just based upon june. But you certainly have to look at some of these names. And you heard what was said the other day, there are a lot of reasons why even with that valuation, look at amazon and say, wow, they seem to be doing everything right. Facebook seems to have the right guys. Zuckerberg doing everything right. Those are great companies. I understand why they would react in june as they have. Amazon fresh alltime high. I would be shocked if none of you thought it sounded like the speech of a ceo sitting at a Company Whose stock price may be topping. He was full of such confidence and grand plans. But hes always every time ive heard him speak, which is often, he sounds like this. Maybe its just linking the stock price with his euphoria, or maybe it was the way he was speaking. But it didnt seem any different than he typically sounds to me. The stock has been resilient as can be. We went to 720 last earnings period, and completely failed. That stock traded 500 within a month. Makes you wonder if theres another leg. Ill say this quickly. Out of all those names pete mentioned a couple of weeks ago, allergen, report in july. 14 times forward earnings. I know carl got into the name. Never thought it would get through 220 on the down side but its still cheap here. Paul, before you go, worst performers in june since 09. Oracle is the worst performer, decline of 4 . Philip morris international. You have jpmorgan. And then the fourth worst is actually Philip Morris and altria. These different dents, safety stocks tend to see some weakness during this period. You see that in other names as you go up the list of worst performers. I wonder if you have if you put together what you were saying about the jitters the end of june and weakness in some of the safety stocks, or had been safety i would not want to be in facebook if we get june swoon. The reason why is look back what happened in february. These are such crowded trades right now. It has nothing to do with the company, its just these are things people want to sell because they can sell them. If youre afraid of whats going on in the market, dont buy facebook or amazon. Theres other places to be. Paul, thank you. Up next, will they or wont they announce a production freeze at the opec meeting tomorrow in vienna. Top analyst weighs in. Facebooks coo just moments ago, the comments she just made about possibly taking over at the hell am of disney. Well bring that to you next when fast money returns. Youre not gonna watch it no, youre not gonna watch it we cant let you download on the goooooo youll just have to miss it yeah, youll just have to miss it we cant let you download. Uh, no thanks. I have x1 from xfinity so. Dont fall for directv. Xfinity lets you download your shows from anywhere. I used to like that song. Welcome back to fast money. Heres whats coming up in the second have of the show. Facebooks coo spoke moments ago. Whats got everybody talking. The one sector that could be in for major trouble ahead. Weve got all the details later. But first, crude oil closing off the lows the day before the highly anticipated opec meeting. The issue, of course, whether to freeze production. Heres the results from the oil survey and what to expect. Hey, jackie. Good evening to you, melissa. A day away from the highly anticipated opec meeting. To freeze or not to freeze. Well, the 22 analysts, traders and major Fund Investors we polled see no deal in sight. And remember, no freeze sounds like an shock, but actually that inaction could send prices lower. There are a lot of voices weighing in. Today venezuela said theres a de facto freeze in place already, because nonopec production has dropped. There was a rebalance and its been constructive. And today some rumblings about imme meanting some sort of ceiling. The central issue within opec remains the same. The standoff between the saudis and iranians. They cant agree. Almost everybody that we polled thinks this stalemate is going to continue at tomorrows meeting. Remember, theres other factors impacting the crude trade as well over the next few weeks. Oversupply is still the main factor. Geopolitics is important. Demand is keeping prices supported right now. Even though some believe the prices will fall, more than half of our survey think that crude will close the year right where we are now, between 40 and 50 a barrel. Jackie, thank you. What are the best ways to play oil with opec on deck tomorrow . Paul, great to have you with us. Lets get your quick thoughts on opec. If they werent going to make a cut, or freeze, when oil was half of where it is now, why would they do that now . Jackie nailed it, its a question of the saudis. The saudis are looking internally at their own issues in terms of Energy Policy and finance. We had the amazing revelation that the saudis were burning 30 billion a month as a government last year. So theyre clearly under pressure to try and get Prices Higher if they can. But as jackie said, the issue is, they dont really want to agree with iran. It will be interesting meeting. Weve got the saudi minister to hear from. And what the iranians are going to say. We have to expect theres no change. If theres no change, its hard to be bullish. Lets assume no change. Right. You say stick with the refiners. Why . I just say that basically recently weve seen when its widely expected, the actual news is taken bearishly. It seems like people are kind of selling the rumor, selling the news almost in oil for the past couple of years. In terms of refining, the demand is great. Typically what we would be looking for is good demand is good refining margins. Given the really remarkable strength of demand in the u. S. Right now. Having said that, if were right, the oils going to trade off particularly if the fed is talking down the dollar, talking up the dollar, we could see lower crude prices meeting strong de planned and getting a good driving season here. Let me go back to the expectations for a minute. I would think theyre very, very low for anything really dramatic. Or even not so dramatic. Right. Any movement. Yeah. Do you think even in that scenario . You know, the issue is that its emotional. Its religious. This is an issue between iran, the shias and the saudis. Theres no way of seeing them coming to an agreement. We have an interesting situation where people dont think anythings going to happen. For example, a freeze could be taken bullishly if saudi was to commit. Typically their production would be rising in summer. If they were to freeze, it would be less export and less pressure on the markets. It would be a very big deal if we could get a freeze. Ive seen a lot of analysis of the costs between iran and saudi arabia. Some are saying its as low as 10 a barrel. If saudi and iran are really in a price war, whats stopping the price of oil from going down to that lowest cost . Thats the bottom end of the cost. Whats the most expensive oil, that would be Something Like a u. S. Unconventional player closer to 50. The u. S. Companies that provided the growth that balanced the market over the past four years, are now basically many of them going bankrupt, thats whats setting the price. As long as demand stays up. If demand starts falling, we move further and further down the cost curve. If you really believe in tesla and the end of the oil age which weve been talking about for ten years, now the saudis are talking about it, you get worried that the longterm value of oil is lower. On the refiners, which one . The coastal ones right now. Obviously if youve got a lot of opec crude coming out, you guys on the coast running the complex refineries. That would be va lero, a pbf, if you want real juice. Anything coastal. Maritime petroleum. Paul, thank you. 5 yesterday, 5 today to the up side. People are protecting themselves ahead of this meeting. It leads me to believe maybe february 11th, when the uae started talking. Theyre talking again, maybe theyre marking the high. I think thats what paul is saying. I think crude sells off from here. I think the best place to be has been the mlps. It started back in late december, and then into february, started positioning in there. I saw the most recent from david and some of the additions he put in himself, into williams and some of the huge buys. 11 million shares of both those two names, just this last quarter. I like that space a lot right now. Im in kmi, amj. There are places to be there. If gdp the second half of the year is not terrible, i think that will go well. If oil goes down, the contracts of these mlps can be canceled. So you might be getting this high yield. Youve got to really watch oil if youre trading them, right . Some of them have cut. And i think what youre seeing is, the fluctuations of oil. Its more of a demand rather than the actual price thats pushing it around by some of the glut were seeing right now. Values in the oil space, karen. I think you have to have, i guess, guessing where oil is going. Still, the big names, i think you get upside. Still ahead, facebooks coo looking whether shes making the jump to disney. Her comments right after the break. Plus, biotech stocks have been on fire. Can the good times really last. Well tell you what one trader is saying, no way, later this hour. Welcome back to fast money. Facebooks coo Cheryl Sandberg speaking at the code conference and to our own julia boorstin. Shes got the details. Julia . Reporter hey, melissa. Cheryl sandberg weighing in on the controversy surrounding the alleged bias in how facebook puts together the trending topics in users newsfeeds. They say they take concerns about the bias seriously and are committed to having an open platform. Sandberg also talked about the explosion in popularity of Facebook Live videos, explaining how that can translate to higher revenue for the social network. Its really exciting whats happening with video. What you see as people share more, theres increasing visualization. There were texts, then photos now videos. Theres something about the live video platform. Thats good for our business as well. Reporter sandberg reassured investors while on stage here that she plans to be at the company for the long haul. Did you want to be the ceo of disney . I love my job. You dont want another job . I dont. And youre not run i dont want to run for office. I love facebook. And my team. Reporter find more from my interview with sandberg on cnbc. Com. Did you believe her, julia . Reporter in terms of the disney question . Yeah. Reporter i think it was pretty compelling. I mean, look, obviously it would be an interesting candidate for the disney world. At the same time she doesnt have the kind of content experience that i think a lot of disney shareholders would want. I think what shes building at facebook is pretty phenomenal. Look how facebook has grown and changed over the last couple of years with the acquisition of companies, and what theyve built with messenger. I think she has big potential there as well. I wish the question were asked, do you want to be a ceo. Because i think that would be reporter i actually asked her that question. When we were doing our interview on closing bell. I said shes been such a great role model, do you think she would be a better role model in the ceo position rather than coo position. She responded pretty much the same way, how she loves her job. Shes kind of punted. Julia, thank you. Great interview. Julia boorstin. Coming from the code conference. Karen, you think she would make a great ceo for disney. I do. Its difficult for them to find exactly the right successor. I think she would be a great ceo. And shes relatively young. The path for her to become ceo of facebook is obviously blocked. Hes doing a great job. And hes even younger. Hes even younger. You know, i think i would be happy for disney if they were to get her. As a facebook shareholder you also do have to wonder, because is disney the same type of company that facebook is. I mean, facebook has done a magnificent job. They started off with facebook and then done all these great acquisitio acquisitions. Getting themselves in the vr. Look at messenger, and what theyve done. They have been building it that way. Is that the disney way . I dont know if it is or not. I know theyve made buys over time, marvel and some of those. But i dont know. Listen, shes clearly a talented individual. But i think to petes point is that its a very different company. If youre going to go into disney, that is more of a ceo role, i call it a stayed ceo role, where at facebook youre at the cutting edge of technology and content development and everything else. I think shes clearly great at facebook. But i dont know if its exactly the i wouldnt be that excited if i was a disney shareholder. Some would argue that thats who you want, thinking of content in different ways. Look what shes done with facebook video, think out of the box. Im not suggesting disney is broken, far from it, but its stuck at this 15 multiple. The industry suggests thats probably where its going to be for a period of time. Maybe you need somebody like that that can think differently from bob iger. If bob iger calls her up and says, youre ceo of disney, she takes the job. Thats not necessarily a bad thing. Lets get to seema mody in the newsroom. Uber receiving a 3. 5 billion investment from saudi arabias Public Investment fund. The investment is part of an existing funding route. Keeping the valuation at 52. 5 billion, and does not cash out any existing investors. Now, as part of the deal, a managing director at the fund will get a seat on ubers board. Seema mody, thank you. 62. 5 billion valuation, pete na jer yan. Im just trying to figure out different ways, i know its not a comparable. To put uber at that valuation is staggering. You want to talk about the longterm threat to gm, its uber. Theres plenty of wall street analysts that talked about ride sharing is going to cut car production in half over the next five to ten years. This is a staggering amount. I believe its the largest single investment in a private company ever made. You might want to check the facts, but pretty close to that. And its being done by a country that has made a living off of fueling cars. I have a question, though. Im not an expert in cars at all, as everybody knows. Agreed. Everybody knows that. But in terms of the number of theoretically, if you dont own your individual car and take uber, that mileage you would have gone gets transferred to that one car, dont you still need to replace the car at a higher rate . Therefore, youll go through cars more but you have idle cars. Petes got, what, 16, 17 cars over there at his house . You have idle cars that people have bought. But you might not have an idle car anymore. Exactly. As a former lift driver, what do you take i did really well that day in hoboken as a lift driver. Look at that. Look at that. Look at that hat, gloves. You wear that hat on the drive home, right . Of course i do. Listen, the shared economy is not going away. It works for a lot of people. To answer your question, its just going to eliminate joyriding. That stuff is going away. People are going from point a to point b and back to point a. Theres no g, f, g, h anymore. That answers your question. Those miles are going away, in my opinion. I dont believe every car is used to capacity. So even though miles driven on those particular cars, maybe, but that was youre a good driver. Excellent. I got it home safely. A threat to hertz and thats it. Still ahead, biotech is up 20 in the past few weeks. Plus, check out shares of box. They are sinking after hours. Well hear the latest from the ceo right after the break. 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Earnings alert on box. Lets get to josh lipton monitoring the call out in san francisco. Josh . Well, melissa, box heading into the print and surge about 40 since that low in february. But now selling off in the afterhours. And the pain point there was billings, which came in lighter than analysts expected. On the call, boxs ceo talking about billings. Take a listen. Q1 billings came in at 26 million. As we noted in our last earnings call, we anticipated q1 billings to be impacted by a few earlier renewals last quarter and our focus on annual payment duration. Lastly, as were becoming a more strategic investment for our customers, larger transactions are shifting to later in the year. You can hear him explaining the billings, saying we were lapping tough comps here. But it looks like at least some investors skeptical of that in the afterhours. One of the number to point out, box added about 5,000 customers in q1, lev ishlie saying box h million users. We should also mention sam chilles, boxs spp of engineering, reporting hes heading to google. Another sign of how that company is getting more serious about the enterprise. Guys, back to you. Josh lipton, thank you. Guy, i go to you for box. Youve got to crush it. Given the run that the stock has bounced significantly. You have to have a great quarter to have any more followthrough op the upside. I think margins are still in the negative area. It tells you that the 25 Short Interest will lean into this thing again. I dont know if it gets back to february levels. I think its going to get close. If you want to play in the space, whos killing it more than the sales force and the buy they made today. They probably overpaid. Ecommerce, great place for them to position in right now. I love what theyre doing right now. Not box . Not box. Big month for biotech. One trader thinks the runup may be coming to an end. Heres the details. Hey, mike. Hey, mel. We saw a lot of activity in xpi, the biotech etf which traded a little over 2. 6 times its daily average put volume today. It looked like a very large, interesting hedge trade. Basically what traded was something called a ratio put for caller. Somebody bought 5,000 of the july 56 puts in xpi, and sold 2,500 of the 62 strike calls at the same expiration and 2,500 of the put. Basically bought protection if it falls below 56 bucks. Whats interesting, you take a look and right now, after that 20 run, were getting right up basically to the april highs, that lower put that they sold, takes you right down to the early midmay lows. A very creative and interesting hedge after a big run. Where are you on biotech . Nowhere. Youre out . Im out. Its too difficult. I do think, we saw yesterday that big deal. Well see others. Some of those babies thrown out with the bath water. Not enough to make you optimistic about the space . No. Sell until the election, until you have clarity over what theyre going to be able to price at. I think theyre a sell. You like the big i dont think theyre a sell. There we disagree. But i also do understand what youre talking about politically. I think that pressures going to be there for a while. Theyve made a pretty nice bounce back off of some of the lows. There are names in the space that obviously work. My favorite name, most conservative name, amgen. I agree with amgen. What we spoke about a couple of weeks from pfizer, i think on the 17th, doing something crazy in the afterhours. Ibb needs to get above 285, and hold. When it does, then well talk again. Thanks to mike out in austin with the options action. Check out the full show 5 30 eastern time on friday. Coming up tonight, cramer is getting an inside read on cybersecurity and the war for profits from the ceo of palo alto networks. All that, and much more, top of the hour on mad money. In the meantime, weve got the final trade coming up. Here at td ameritrade, they work hard. Wow, that was random. Random . No. Its all about understanding patterns. Like the mail guy at 3 12pm every day or jerry getting dumped every third tuesday. Jerry every third tuesday. We have Pattern Recognition Technology on any chart plus over 300 customizable studies to help you anticipate potential price movement. Theres no way to predict that. Td ameritrade. Images, videos, social updates. We call it dark data. 80 is invisible to most businesses. The ibm cloud has tools that can help see dark data and put it to work. Hello, my name is watson. Working with watson in the ibm cloud, we can help an Energy Company predict pipeline corrosion. And help a startup to use social data to predict market trends. Now businesses can get more out of their data. Thats what the ibm cloud is built for. Now businesses can get more out of their data. You wouldnt take medicine without checking the side effects. Hey honey. Huh. The good news is my hypertension is gone. So why would you invest without checking brokercheck . Check your broker with brokercheck. In a world held back by compromise, businesses need the agility to do one thing another. Only at t has the network, people, and partners to help companies be. Local global. Open secure. Because no one knows like at t. Time for the final trade. You know, we were talking earlier, we were talking about how guy has become this guy whos involved in everything technologywise. He went from complete any ander thal to the next level. Next level. That being said, pandora is my trade. A little option activity, a nice month, i think its going higher. Im in for the ride. Karen finerman . We talked about it some, but i want to talk about it a little more. Michael kors. I think its actually better to own today, up 7 or 8 or whatever it was, than it was yesterday when you didnt know what the earnings are. And you know the company which has been extremely aggressive out there buying back stock. They think its a good deal here. Theyve been very, very aggressive. We know theyre going to be out there. I like the valuation here. Its the Rodney Dangerfield of the luxury space. No respect. And they should get respect. Well, for me, its fcx and copper. I think you sell this. Take profits, short it. If copper breaks from 2, this company will be in trouble. Katy bar the door. I wonder where that came from. Now people say, lululemon reports in a week or so. I dont want to be short. Petes wearing them. Own the stock. See you back 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 cramerica. Other people want to make friends. I want to make you some money. My job is not just to entertain but to educate and teach you. Follow the customer. Thats what this market is all about today. Yet following the customer seems ke