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tv   Fast Money  CNBC  June 26, 2014 5:00pm-6:01pm EDT

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objectify them i wouldn't mind being bitten by several of them. >> why are we talking about this? >> he can be the next spokesman for macdonald's happy meal. >> with the big happy meal. leave it there, guys thanks to everybody at this hour. "fast money" begins right now. the rise on the nasdaq market site in new york city's time's square. i'm melissa lee. right now, the conference call is getting started. shares are moving higher on a solid earnings report in the last hour. we will bring you the latest on the call coming up. first, many investors are looking at the swing on the broader market today. it is the move in the bond market treasury is in fact rallying for the fourth straight day t.tlc is up by a half a percent. what does that tell us about the markets at this point tim seymour. >> i tell you what the market
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is definitely under pressure here. i would go as far as to say the comments were redic. >> what? >> that's right t. cool kids say ridiculous. >> how would you know? >> ultimately we are in a place where they sit ween the hawks and the doves and not a voting mesh is indicative of the growing swell in the feds the bottom lean is there is not inflation, you have a market where people are struggling between interest rate fear in him the dollar starts to move there is no volatility to worry about. >> they are the lowest they have been in three weeks. >> i'm in the camp. we talked about it. they will be going lower still. i will continue to fight that fight. it feels like rates want to go lower. they have every opportunity to go higher. they haven't seized poen that. i think a lot of the
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machinations, cool kids say that as well. >> i don't think they know how to spell that. >> it's significant when you talk about that later, will you see continued volatility. to me rates are clearly the story. >> you heard about that rebound since we do fade into it. >> that's you know i think a lot of the movement today had people joking around the rebalance, stevie can probably talk about this as well. i don't know how to trade it. i don't think anybody does which is why the market fluctuates as much as it does. >> i disagree if you look at the chart, the chip on the s&p. is problem is i agree with you, watch the industrials sell off and watch the utilities rally. so everyone seems to be completely confused at this. there is no issue about growth. you wouldn't be buying utilities for that matter? >> right. >> i think the bond market tries
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to inject where the fed has gone, i think people think rates are going down to 230. guy and i disagree on this one. >> i think they're stuck in the 250, 289 range. this is something that's been talked about for a couple days and the fed movement, in fact, it's the same time we got here if rates. turning there. people are over position to bounce. >> let's talk about 26th. there is a big mover, bucking the downtrend topping and gaining 5% after being initiated overweight at barkleys. twitter staged a come back climbing 35% in the past month. but can it continue higher? >> mark, great to have you with us. >> what did you make if twitter shares today, is it attributable, for, for instance all the talk about let's say the world cup and how twitter is handling ha? >> well look twitter is a
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global communication platform. there is nothing more global it should bevin for something like that. also, we had a lot of washout in sentiment. i had a lot of conversation with investors this quarter. the beginning this quarter. >> that is urgent. two months ago, the sentiment was the most negative on twitter. i think that caused it to base out on motdest news. people were trying to call whether user growth improved or call that. we think it's nice to reimprove before the endyear. >> in terms ofexpectations i'm curious, do you think wall street is too low or are they saying there is a possibility for upside surprise going into the quarter? where do you see the landscape? right, it's all about where reports in relationship to expectations? >> we feel confident about the ability to surprise in terms of monetization. there is a great out there, an accelerate faster than the markets expevenlth it's impossible to turn and the mau the deceleration and monthly average user growth. that's deceleration that matters more than any other, it's not
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great data points every quarter to make that call. >> mark when you look at twitter, i still own it. i have been on the roller coaster here. i'm still long the problem is do i look at the monthly average usage that you referenced or do ke the guys that are bullish on the fame are prefer facebook to twitter. if you ask whether it's a buy or sell, we could be a buyer of twitter. we take small position in it. how they do in terms of their mobile advertising network. >> that will not be too material to the user counts or engagement levels. that they're trying to build like facebook has new ref few in the next year or two can be material. it's a good thing to be long-term bullish on 26th. >> mark back to the comparison to facebook clearly, you think facebook is the benchmark that these guys want to chase? this is a part of the problem for 26th. peopm toey when you 255 million users, that even fair? you talk about the multiples what facebook should get. should people just stop that
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comparison? >> well, let's see, i agree theywill not get anywhere near the size facebook. we have to make sure they will be sliding down and peeking out at 350 million users, world wide, it's a niche. with that valuation, it implies twitter can get to four 500 million users, which is lard to see them doing in three to four years unless they react sell rate. that's what the market is keying off of. the company has laid out a bunch of user interface improvements. they brought in photos sha should have an impact t. question is when. >> mark thank you for your time. it's funny, mark played would you rather wu rather on facebook. >> i'm in his camp. facebook didn't do anything i'm in the camp facebook is going to 75 ahead of earnings today. analysts have to catch up. stevie is well holding on. in early may. so that was a great job.
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i think it's running its course. does it have rom to 45? probably technically speaking. the fundamentals lean up in july. >> how long have you been on twitter? >> forever, as long as twitter has been around i have been in twitter. >> do you think the past month rises is because of a comeback if momentum stocks overall or is it a twitter-specific story? i guess -- >> it's a combination of those two stories. i think everyone that wanted to be out of twitter sold twitter so you get people that owned it that want to be out of it. now they believe, a, in the storyo, b, they want to catch some home item moving higher in the overall market. having said all of that the resistance is 42. you have a 1 much day moving average at 44. if you are a buyer, i'd wait to clear those levels. >> i agree, 41 bucks, you had a
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31% run. facebook has a lot more chance to monetize. >> nike has better than expected earnings, the conference call got under way, sarah eisen is at the stock exchange with the latest. >> it was a good quarter. driven by continued sales growth for this company. let me run you through the highlight, mark parker starting on the webcast revenue $7.4 billion. eps at 78 cents per share. future orders important for nike to break down the geographys. north america up 11%, better than analysts were looking for. double digits 22%. china, future orders there up 6%. emerging markets underwelled up 9% according to nike analysts are looking higher at fine%.
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another important number that people are zeroing in on is the growth margin thanks to continued higher prices from nike releases few product, raises prices growth market expansion, 44.81st. so that was a little higher. everybody is talking about the spending, okay nike and adidas spend big time on the world cup and some of these other sporting events in terms of marketing and sponsorships. costs did go up more than 20%. that's why it will be interesting to hear on the call what executives have to say about meaningful revenue boosts beyond this contractor and next quarter from the world cup. adidas this week saying it expects record sales, nike and adidas combined make up 70% of the global sparkt. analysts will be look on macro-themes from nike of course, it is so global more than half the sales overseas
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currency pressures is one of the pressures. >> sarah, looking forward-to-updates, sarah eisen on the nike conference call just getting under by a, of course another issue will be china, which had but a problem in the most recent quarter. >> coin seems to have hit a reflection plan. we had an epic street fight. a lot of things dan might talk about. it was a good quarter. gross margins better than expected. the moving into higher margin products which is grit for them. in terms of the stock price, doctor 80-ish watt top we paid at the end of 2013. we touched it again, it's imperative off this quarter that this stock trades 80 holds it and breaks through in order to take the next leg up. >> more on nike later in the show barkleys new york attorney general, could other financial firms be in the crosshairs coming up? the stock is closing up 30% on the first day of trading. will this rally be more than a
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one-day pop? we have to toss analysts away plus, guy is getting ready. >> he's out there. >> to show us what "fast money" looks like through his eyes, guy pro if you will, stay tuned.
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welcome back dupont has cut its guidance in a surprise warning. it says it as seen weakness in its capital division. specifically, the company is lowering property guidance for the second quarter in all year. one of the things they talked about has been the corn seed area one of the areas where they've seen lower demand in part because corn prices are down also the bad weather which resulted in slower planting. >> that has meant they've sold lower sales of herb siesd. they do such things will be better. they said soy beans have sold better, because prices are better. the volume if soy beans hasn't offset as much the shares have recovered much of the losses now down less than 4%. the company also announceing
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that it is continuing with its restructuring plant. it expects to save a billion dollars on both. >> all right. thanks so much. what is the repo business? it sounds like it's an agriculture story. >> it's tough. we better look because i mean it's dow, it's lined, the petro chem business has been the best in this last year on the ad side, you'd be surprised. across the entire soft space you have seen, this is a concerning number. i think a lot of people will go back and look at estimates on a number of companies if this is a reprove. >> the maker of action camera catches the eyes of investors, physical woodman spoke with cnbc earlier today on "squawk box." >> it took a few years to realize there are a lot more people in the world that want to
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capture themselves doing what they want. what they love to do tear passion, interest iss, than there are people that want to capture other people. the big aha moment for gopro was enabling the camera to turn around on itself that led to perspectives of life and incredible content and the original engaging immersive oh my god, that is incredible selfie. >> analysts mike it's great to have you with us. >> thank you melissa. >> at this point it seems like there is a lot being built up into the stock. it trades at 80 times trailing earnings. it has 40% over gross margins in the past nine quarters. one-third of the total revenues for the year usually come beyond this 30% increase we have 18 ipos top and then lock up
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expiration coms and other things and they plummet. >> i think this is a retail stock. so i think this is a consumer product. people are familiar with it. i think the potential is immense. i am not sure you will see that in the next couple of months. i have to complichlt the producer. you set this up well talking about twitter and nike so you talk about a social media site that's xooind kind of composed of exhibitionists than a consumer products company, gopro is the marriage of two of those things when you talk about 250 million twitter users growing to 4 or 45u6789 million. that's the potential. it is people who are active outdoors and want to capture a selfie. that's the fe tom upon the that we didn't experience as kids but our children experience every day now. we are living in a bogey in an instagram society and gopro
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makes it easy to do something particular when you are engaging in outdoor activity. so i think you will see sales up this holiday. i think you will see sales up dramatically next holiday and up again the holiday after that. today's share price action tells you that people really believe this is a big growth company. it will leverage into free marketing and viral marking. >> it's a lot of blue sky. we seen so many products come and go take a look at the walkman. it held people's imaginations so long. apple came around and introduced the ipad. look at the flip. history is limited. >> you kouvend up the cumulative of walkmen sold in history. you probably had more iphones last year than that.
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the thing is they have portable music device all of us carry 1.5 billion. i think gopro is that item. you will see anybody who is outdoors who wants to cap kour it a video, they're not going to hold their cell phone on their surfboard or skiing down the sloechl they were going to mount something on their chest, their arm or their head and capture a really spectacular video. i think you are right, gopro could seize its competitive advantage by a well competitor. you used the right analogy, these guys are apple to microsoft and zoom so when son kwli comes up with a competitive product, for the one is going to boy it. i think these guys actually have the brand. i think we have the authenticity with generated content. i like these guys a lot. >> nice to talk to you. so there are the some.
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>> why can't apple come up with apple's camera can do the same thing, why can't they come up with a harness? >> he's wearing it right there. >> look at what they are about to do with wearables and glass. guy is looking at me. i'm on a guy cell phone right now. ultimately, i'm saying two-and-a-half times ebitda sales next year it's $26 bucks on the hardware alone, it's probably already 50% expensive to that. what do you do with the media? blue sigh on this. >> you will drop 70% year-to-year. >> they said in the filing it's a highly competitive marketplace. he had an interesting answer to why that happened which was they had anniversary, a big quarter of the year earlier, which they had flubbed the quarter before that, all the sales got pushed into year over
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year. >> the stock can go up. >> where did you boy it today? did you buy it? >> i might. >> you might? >> we know how you answered it. >> that's a no. >> right. people understand how you got to the valuation. >> the valuation, i can't do it on valuation. >> coming up next the most anticipated ipo of the year ali baba will not be here. the news breaking minutes after a top executive said on rnbc he was hoping he would use this exchange. we will get the nasdaq's head of listing reaction to losing that big ipo next. plus the bio tech name for treatment for a rare bone disease the fam you need to know a little later on. .
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u.s. attorney general eric sneiderman slapping a lawsuit, the bank gave an unfair edge to its high t from the street. stifel nicolaus, they are pulling off the line arc direct lean to allow them to trade through. there will be more fallout. >> is there a no touch on barclays? battle is over alibaba officially listing the biggest ipo over in the u.s. on the new
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york stock exchange earlier the nasdaq spoke to cnbc why it would be the better fit. >> alibaba, you have apple, google amazon gopro today. we have the list. >> what are the takes for this company if alibaba competes on your exchange. >> it's like every other ipo. we think we are the home to innovative companies and the best place on the list. >> joining us now, now the decision has been made in this cnbc exclusive ahead of listings. bruce, great to have you with us. what happened? some people will look at this look at 26th. they will say the nasdaq has momentum when it comes to tech liftings. >> we had a good day today with gopro. we had a large ipo so far, saber, two of the lampblger deals out of china already this
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year. we are about to get the 100 ipos for the year. we had a great year. obviously, we would have loved to have alibaba, they are very much in the game. nasdaq is very much in the game. >> what happened between 11:00 and the time the fuse broke, which is about probably within the next hour when we all learned that alibaba chose the nyc. >> we heard the same answer him we have been working harold to win the deal. i think when you look at there were reports that we were behind. i think we brought it even. i think that is where we want it to be. i think it put a good run for the business. as i say, we wish them the best as they execute the ipo. >> you put forth a lot of interesting numbers when it comes to momentum when the nasdaq has when it comes to the listing. you look at the longer history, between 1999 and 2012 you had the most tech ipos. in 2012 you were tied with the new york stock exchange the
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nyse pulled ahead. it had twitter. i mentioned the number of ipos. in terms of the dollars raised. the nyse had 61% of the total proceeds. so it has been pulling ahead when it comes to ipo proceeds. >> that sounds to me like you are losing momentum in tech liftings. >> not at all, look at 18 tech ipos so far this year also we are winning other sectors, they are trading on nasdaq tomorrow hd supply probably would have never listed on the nasdaq. it's like anything when you have a strength in a sector your competitors, we still are the home tech, we always will be. >> it means more to the nasdaq and business to have more in terms of numbers of ipo as opposed to ipo proceeds? >> we want to whenever ipo out there. we are doing extremely well. we want 100% of the biotechs 100%. we are doing well. >> how important is winning the
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ipo, definitely it's bracking rights, it was 11% of revenues for the nasdaq in the first quarter of 2014. is that are you on pace for it to continue to be around that number for the rest of the 84? >> well my goals ahead of listenings is to have more companies this year than last year. mna affects our companies. we are way ahead so far this year. we end with a strong number of public companies. that's what i bill on come next january. you want to have as many you can on nasdaq that are trading and are going to business on fax. >> does the nasdaq get paid based on number of ipos or total proceeds? >> it's based on number of ipos. >> so you can have five small ipos miss out on alibaba, are you still ahead? sample we don't build based on the proceeds rates. >> leave it there. thanks so much for your time. we appreciate it. all right, let's talk about this again, listing argues a small part. of course, this is all a part of bragging rights. >> yeah it is. first of all, i might earn my
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living on the there are of the new york stock exchange. i have to be able to execute anywhere. i have to be agnostic with all of this. a, the nasdaq facebook really hurt the nasdaq as far as perception. i don't think alibaba would have listed it on the new york stock exchange if facebook didn't have it. >> i think what we are seeing first of all, one of the things we said is companies are diversifying. this is the name of the game. i think it's good for both exchanges. if you look at where nasdaq has come from and the last quarter results, this is a company that certainly has continued to grow earnings and is competing in this space. i don't think it's devastating. it's a sentiment play. >> we should know stock wise the nasdaq is ahead over the past 12 months over the owner. >> i think it will continue on the tra jekory. a lot of things are going up for the nasdaq the things that tim my mentionled plus there is the potential for them to sort of part it off on the london stock exchange. it has been out there dwight some time. if you sell this stock short, do it at your own peril. i think it's a stock you want to
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own and put away for the long term. >> coming up nike trading higher the latest on the call plus, how you should trade ahead of tomorrow's open that next. later, a beck sector move that no one else is talking about today effect the beg unveil on how to trade eight little later on. .
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. welcome back to fast money. we are live in time's square. time for big movers of the day. we got a drop for bed, bath and beyond. >> the forecast trail estimates, that's enough to take a stock down for you. it's got to hold the level from march, 2013, levels 54.62. below that level, it's extremely bearish. >> alcoa's big problem, today, it's a very big deal for them. it will increase the marvins, they will go higher. >> another one elizabeth arden down 17%. >> we talked about this a couple days ago saying you can't put lipstick on this pig or something like that. >> a term. >> you don't want to own a stock that it's a hope for a takeout
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because when things are falling apart muhammadally, which this is, you got in ug to hold on to. >> iron mountain up 20%. >> the board approved it it clearly wasn't included. the fundamentals suggest, i would say you stay with the stock. i think it has room up to $40, which is levels we lost in 2013 mid. >> we got a drop for f-bomb dropping ferbies, a welsh mother was surprised to hear one of the furry toys she with the for her daughter was teaching them the f-word. >> ferbies are robotic toys that can be trained to learn words even four-letter once apparently. one had a foul mouth t. mother took away all three claiming otherwise it wouldn't be fair. the children are upset.
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>> let me ask you a question. >> i just got to be picky. she loves it. >> do you teach your kids that word? that's what i'm asking. >> they're bust. >> let's get the latest on the nike earnings call. sarah eisen is live with the details. >> from curseing ferbies to nike. yes, mark parker sounding confident on the call putting out numbers, shares up for nike. he started off talking about innovation and products and a lot on digital. here's a snippet. >> we are building an integrated system of digital services to provide seamless access to our products. a full array of services a and the most advanced digital tool to measure, motivate and inspire. >> talks about growth online. three key areas they highlighted to leave you here with the opportunity in terms of business, number one, soccer. he talked about all the
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innovation there and the women's business. mel lisa, i to the that was interesting. he called it an enormous opportunity. that was the president for nike calling the woman's business an eformous business opportunity for nike going forward. >> let's bring karina freedman web analyst, she followed footwear apparel and accessories. great to have you with us. hi there. >> do you want to hear from the ceo digital is the top priority at this point? >> sure digital refuse are up 40% for the 84 clearly that, irworking. retail comps are up 10%. it is certainly helping the growth margin. the one thing mark hasn't mentioned yet is future guidance, so we're all waiting right now to hear what the actual forecast will be for first quarter. but it does sound like it could be positive at this point. >> so far, are there any holes in this that you can find? >> you know the emerging market number was a little lower than expected, plus 2. china, while that futures number
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at plus 6 was much better tan people were expected. it was offset 500 basis points ebitda market decline. they indicated they will get back to double digit growth there, but it would be copy. the other big take ape way we have is women's apparel, much stronger than we were expecting. that could be eat forward-looking lulu mark share. >> karen, let me ask you, i'm still a little spna seems to be the only fly in the oentment. what happened there? >> sure it's up significantly versus what we were all expecting, they didded to plus 30% for the wealth cup marketing expenses, came in a little higher. clearly with the men's team advancing, you know those dollars are probably going to be well spent as more people are tuning into their games tan ever before. >> karina thanks for phoning in, appreciate it. karen, are you in it through the retail end of it.
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>> yes. we sense tear digital online is doing well. it doesn't necessarily bode well. i think they had a much better year. nike nay be in the black tomorrow after this move. it's a great company. >> it's mid-eps growth. they're growing their operating margin. it was 14-and-a-half a couple years ago. they dominate the space. i think they are pushing pricing power upon everybody else and koiven numbers 2015 i think will surprise. competition is going away. its getting better t. futures will trade. they will run into a lot of resistance at 80 bucks. this company has a tough time getting through 80 bucks and justifying, i think they have done partially that today. >> bertha coombs has the details. >> investors saying it has indeed, taken an 8% stake in the company. they said they believe the market is undervalued because, essentially, ice machines and cranes don't mix. they think if you separate out
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the food service division are you going to get a higher multiple for the crane company overall. they said they actually had presented this idea to management in january to push for this change. they've not heard back from the board to date. >> that i stay board of directors declined our request for a meeting this afternoon's games take mantowak to a six-year high. we have not heard from the company. the filing says they don't seem to be really liking this idea. at least at the moment. back to you from bertha coombs thanks for that. karen, is this a company closely held in anyway? >> no this was, a notice was due, that was the big merger of the refrigeration company, ice company. that was a gigantic mistake for them and the timing was off. they paid for it with debt. they finally started to get a hand him on the balance sheet, the synergys were never quite clear. but if you are a company that does not want to make big changes, getting a call is not really something that you want
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to be doing. they are excellent investors. they are very long term. they say they make things happen. we look at timkin even though that was controlled by the family not fully, but enough and yet relational made them spin off their business. that was impressive. relational. i think they're great. >> okay. still ahead the biotech company one step closer to curing a rare bone disease, it was up 28% this month alone t. we are talking to the owner next. plus a sector that went under the radar if today's trade. more "fast" straight ahead. .
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a bone disease break through in biotech, they focus on rare and ultrarare diseases in its most 15t study on a bone disorder that left 100% of patients with positive results. the stock is up over 110% since it ipoed in january. graits great to have you with us. >> it's great to be here. >> it was amazing when this was released the stock went up initially. there was virtually no reaction.
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in your view was it expected? >> people were expected. the phase 1 data was positive. it was somewhat figured into the stock. people are pleased to see the data come out. it shows us the drug is working when they race the prostate levels. >> in terms of where the most potential is many analysts say the biggest revenue opportunity is in pediatric patients where are you in terms of those files? >> children have the most bone disease, they need the most phosphates. you don't have phosphate, you can't make beach. we have only treated adults to date. with regretting started in a phase 2 peddiatic study. we will take 30 kids and increase the phosphate level and see if that increases the bone. >> how do you look at the pediatric side 75% of the market, that's where j.p. morgan has you. >> we think there are 3,000
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pediatric, 900 more adults. i think the kids will use the drug potentially if it's proven to be safe and effective. it's hard to foe. but adult patients have sophisticate disease. they do need the truck as well. so it's a little hard to figure that at this point in time. >> the costs of the drug the base case price will be '01 $100,000. recently there has been pushback on expensive drug specifically gil yavend its hep-c treatment. could that be a head wind? >> we are concerned about the issue of pricing. we have to look at the value of the treatment, if you are physically deform you will have multiple surgery, we think a drug change would be worthwhile. we think our pricing, we haven't set pricing, it's something we would do much later on. we think it has the potential to be life changing and worthwhile. >> if you can hear congress
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meaning your head you can write that script. this will change their lives and cost $100,000. concern who are privileged will be able to get that and that's not fair. what will you say to that? >> we will be doing the wrong thing. what we do in fees programs leak this we establish a program in which we do nate money and funding to patient support groups. they help deal with families that can afford it. it shouldn't be an issue of whether you can pay or not. >> the ceo of ultragenics, a high flyer, a 20% campaign in the past month alone. >> if you can help one person that's great t. other applied in the name rare it's for rare diseases. >> it is. >> you wonder what's the opportunity dollars and cent wise? it's a great story, they found a
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$100 million shelf which is sick in i guess. but the stock, you mentioned it's had a huge run justify. it's had a huge dropoff earlier as well. maybe it's at interesting levels this stock is a little too low for me. >> by the way, tike a look at the after hours action. continue to watch this as we go throughout the show. now to a sector with unhealthy moves downward under the radar, grasso what's the sector? >> it's hospitals. you have the choice of a few different reasons why the space could have sold off, federal subsidies going to say it's in question. you have declining health care spending. >> that hasn't happened since 2011ch then you have a government of virginia not eight expand ped cade. so with those three things negative for an overowned sector it's been a favorite. i think you stay away right now. >> karen, hospital? >> we're in the hmo space. well placed in molina health.
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i still like them i like them both. >> health care has been in a long range. that's where we are now. so here at 46.5 you are sort of in a no man's looi range. grab it with both hands. >> shares of apple, are they headed higher? we break down one traders bullish bet. more on that straight ahead.
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it's one of america's favorite stocks about to surge? mike khouw tells us how they are talking apple. >> today we saw two-and-a-half as many calls on every put on a day we didn't see that much activity. there was a large institutional bet. somebody bought approximately 15,000 o. jult into strike skauls. they sold twice as many to help finance the trade of the 96 strike calls, only about 30,000 of those. they ended up suspending 46 cents each time. that's making a foolish bet it will be above that 92.1 strike price. the governments start to tail off a bit above 96.
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>> that seems to be the level they're targeting. that's interesting, of course because that would be above the most recent high. i think we should defer here to guy to see whether he thinks that's an appropriate level. >> i thought the stock was going to 100 effectively, 700 t. high whatever we made. steve has been right. he has been looking for 88-and-a-half. i thought we definitely put 100. now we find ourselves on the lower end. >> this is probably a trade somebody long the stock putting on the it runs up to 100 they will not lose. we will talk about these as a way to boost your performance. >> thanks mike. see you tomorrow tomorrow of course options action. check out the website options action.cnbc.com. you treat tweet it we trade it. this is for tim my. buy, sell or hold? >> i think it's a hold. they came out a surprise. better shipments, higher margins. certainly if you own this stock, you are used to seeing it trade
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around the dramatic entire chinese space. i think there is real demand and cost troll. >> karen, ask target. i like target as a company, i don't feel you need to jump if right now. ovbl obviously there has been turmoil and the huge security breach. they are looking for new ceo. i would wait see who they come up with. >> we will come right back. stay tuned. .
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breaking news, michael's pricing its ipo. >> hey melissa, the price is $17 per share for michaels. that is the low end per range. a heavily indebted company taken private several years ago. it's been on file for an ipo seven years now. it appears to be taking advantage of this window low volatility. at the low end of that range. $17 a share. >> that will raise roughly $470
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million for michaels. back to you. >> thank you. >> i think the old ticker mik. >> what's the operative word? >> for bankers. restructured, ipo? lbo? you move the letters around. >> that's exactly what happened. >> so you don't like you like blackstone. you like michaels? >> i probably would not buy michael's. >> we have general motors according to dow jones, gm is recalling foreign 1240u6789 of the 2013-2014 chevrolet cruze vehicles because of airbag issues remember they told us that gm told deal torres halt sales. now it has become an official recall of 40,000 vehicles. now has the story changed, guy. >> we said the stocks seem to now shrug everything off. i think thing to is okay at 37. >> having said that it keeps you in a range.
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i am long gm. i leak the stocks. >> why take the risks, though you have 4 up 11%. i hear you. it's due for a bounce. >> you are long gm. >> i am. >> all of it. >> all my mission is simple -- to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere and i promise to help you find it. "mad money" starts now. hey i'm cramer, welcome to "mad money." if you want to make friends i'm trying to make you money. my job is not just to entertain you but educate you so call me. 1-800-743-cnbc. investing isn't easy but can be
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easier and less daunting than you think with a little
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