want to hear more about inventories on the call, though. didn't really get color on that, that's what a lot of companies in the space have struggled with >> and they've stopped giving formal guidance since 2020, but details on the current quarter watched closely. that's it for us >> "fast money" starts right now. right now on "fast," apple on the move. shares up a percent after posting better than expected earnings the company announcing a $90 billion share buy-back. plus, banking bleues. what can be done to stabilize this battered sector and later, the a.i. boom microsoft said to be working with amd on a new specialized processor to help it compete with amazon and alphabet. plus a major buzz kill for paramount, erasing all their gains for the year as streaming costs rise and dividends get slashed. the media ripple effect straight ahead. i'm melissa lee, this is "fast

money. as we mentioned, regional banks getting wrecked again. pacwest, western alliance, first horizon seeing declines. we'll get to that in a minute. but an earnings alert on shares of apple they're moving around in the afterhours six, up 1.5%, as iphone sales help drive a better than expected quarter. steve kovach's got the numbers >> better than feared. that's the headline here let's do a deep dive into the segments of apple and show where the pockets of strength and weakness are iphone, very strong. much stronger than feared. revenues coming in at $51.33 billion. showing growth, up a percent and a half from the year ago quarter. that was one that everyone was watching but as fears, mac sales well done from a year ago this is something apple had warned everyone about, baked in. 7.1 b$7.1 billion in salesales,

down 31% ipad down 13%. other products, like wearables, apple watch,er airpods, that wa down to $8.76 billion. and services showing healthy growth up there, up 5.5% to $20.91 billion and there's that announcement of the $90 billion buy-back and increase of the dividend and i talked to tim cook about these results, and i asked him about cost cuts and layoffs again, because as we see so many companies talk about efficiency and cost cuts, here's what he told me about mass layoffs at apple. quote, i view that as a last resort, and so mass layoffs is not something that we're talking about at this point. so, still cutting costs, but no mass layoffs is the headline there. and on iphone sales, showing that strength, i asked him, what was behind that, here's what he told me. quote, well, it axel rated from the december quarter, and it accelerated partly because of china reopening, part of it is also because of the recapture of

some of the loss in q-1 from the factory issue. he's speaking, of course, mel, about the shutdowns in china that caused them to miss some sales in the december quarter. now, the call is just getting started, we're expecting some hint of guidance, they don't give formal guidance anymore, but any kind of hint at what sales are going to look like in current quarter, that's what we're waiting for. >> a lot happens on that conference call. steve, thank you steve kovach we've seen apple shares move around a lot in the afterhours session, anticipation of that conference call. dan, better than feared, yes, it's still the second straight quarter of declines in revenues. >> i think it's interest, and steve mentioned this, if that iphone number, which was much better than expected, okay, but why is the services, why was it down you would think that the services should be commence rate with that growth if they did better in china because of the zero-covid ending and the factory issues they had there, so, they had this pulled forward, that doesn't bode well for the current quarter, i don't think, as far as services.

5%, year over year growth, not particularly great to me either, so, i would expect china to be a focus on the call, and i don't expect them to have a whole heck of a lot of visibility we've been hearing this again and again about this china reopening, is that they bought all themacs, they bought all the iphones, they want to travel, they want to go to restaurants, all the things we've been doing over the last year so, to me, i don't think this is particularly great, and i said it last night, think it's a one up, two or three down scenario if there's any hints of any weakness in the current quarter, i think the stock does come back in in the not so distant future. >> yeah, and think about this for a second where is the growth going to come from? i think some of the stuff that might get invested excited, india, a.i., these are longer tale situations that investors are focused on right now, you have the biggest pe premium for apple that you've seen since financial crisis. they are going to have to justify that premium the bull case for apple might

just be the flight to safety trade that we've seen. relatively speaking, from a revenue perspective and and earnings perspective, they may be able to hold up as we move into the slowdown. but to dance's point, if that was china, if that was makeup from supply chain issues, that may start to wane as we move through the next couple of quarters i think we're starting to see cracks in the labor market so, growth is continuing to slow as we move through the rest of the year, and this multiple becomes problematic. >> yeah, those are one-offs in terms of growth in quarter that won't be repeted what did you make of this, julie, and should an apple from a premium attached it's the bank of cupertino, there are a lot of doubles about the recession, banking crisis, et cetera, don't you want to be in safety and won't you pay up for it >> yeah, i mean, bank is a four-letter word, i wouldn't attach that to them right now. i agree with you i think there is -- we've seen a notable flight to quality and safety, and if you look at this

company's margins through the last global finance ial crisis, they expanded. and they're at a high level. so, to me, the mix is what's really important and understanding how they're able to expand their services portfolio. the iphone is always going to be the freeway on-ramp to services, and if you think of a brand that has more trust, it's apple i mean, i would really like it if there were a service where it would tell me i hadn't taken my adhd medicine and would order an airpod for me because i'm going to lose them >> would be useful a.i tim, what did you make of the quarter here especially given the backdrop of kqualcomm qualcomm, people were on edge. under pressure all day today >> and the question is, where are we going to hear that qualcomm warning that was implied against apple and maybe it's in the quarter to come. i -- you know, the services growth of 5.5% every year is not the growth we saw when the stock

rerated on the services multiple but on an install base of $975 million, which tim cook just announced, which is up $150 million year over year this is why the stock gets what it gets. when you have a services business that's now annualized around $85 billion, it explains where we are i do think the bank of cupertino is underappreciated by investors in terms of the impact it has on the stock. i've said, like, you know, certainly some of the folks that believe apple's best days relative to the market are behind it, i believe that. i look at a ratio of the -- apple to the s&p and it runs into that resistance around .41. that's where you get and i think that's the problem i do agree, jeff mentioned the defensiveness. there's no question. we had this chat last night, i think it will be everything in these numbers that allow apple to continue to be defensive. i just don't think you have to -- i don't think the stock

gets away from you here, and i think that's why you can own it lower. >> it's interesting, so, a month from now, they're going to have their developers forum when you talk about the things that can really get leverage off of that, 2 billion plus install base, it's things like you just mentioned. it's health care, finance, this vr headset that is hotly anticipated, it's going to be at a high price point, but i think a lot of investors like to see what is going to be the innovation over the next couple of years and a new buzzy sort of thing and they have the potential to do that not going to be anything in auto right now. again, i think we're all saying this, it's like, the stock is, you know, what, a few percent from its all-time highs here, trading at a multiple versus the s&p that doesn't make a lot of sense in this rate environment so, if the stock were to come in, it's 35% off its january lows, then you can get excited about a product rollout. >> let's now turn to the other big story of the day, and that's the regional bank wreck. look at the steep losses in names like pacwest, first

horizon, western alliance and others the kre regional bank etf is down 5% today. touching its lowest level since september 2020 leslie has more. >> hey, mel. a lot to unpack in the space today. pacwest lost half of its already depressed market cap, after reiterates it has hired advisers to explore options, including a potential sale western alliance also sharply lower after saying the opposite, that it's not for sale, it hasn't hired advisers, and a report suggesting otherwise is false. first horizon also very much in the red, after the bank announced this morning that their $13 billion merger with td bank was terminated over a lack of regulatory timeline for approval first horizon ceo brian jordan telling cnbc that washington needs to act to quell ch the crisis of confidence that's embroiling many of these

regional bank names. >> there's a tremendous amount of uncertainty about the banking system, in total, and people are trying to figure out, what does this mean at an institutional level? i think it's a real opportunity to articulate a long-term deposit insurance strategy congress will have to act on that, and bring certainly back >> so, just the latest bit of evidence that the chorus is growing louder about the need for washington to potentially get more involved here, mel. >> in the form of unlimited fdic insurance, in the form of a ban on short-selling of these stocks, i mean -- >> i've heard it all all of the above the potential for a capital inf inf infusion i think the key question is, are we at that point, where things are bad enough that washington really needs to take these drastic measures that many see kind of reserved for some severe

financial crises are we at that point now are they waiting to see if that's necessary obviously bailout is not, you know,al popular word in washington these days, so -- there are political dynamics at play, as well. >> yeah, well, jay powell says there's no problem, so, i'm sure everything is fine >> everything is fine. >> leslie, thank you perception, right now, is everything, jeff >> perception is reality, and there's a negative feedback loop going on right now, whether it's short selling or the markets selling all these names at once, it doesn't really matter you start to see the names crash and depositors get nervous and they pull money out and it starts to become a real issue. i think the good news is that this is not 2008, it's not a credit issue, you know, the securities on these banks' balance sheets, they're going to mature at par. they're not difficult to value i think we've said this time and time again, but in my view, of course there's risk. we've seen it and we probably haven't seen the last of it, but

we've seen the standards, when we were already slowing down, now small businesses, consumers, they're going to have a more difficult time getting credit. and for me, that only xapser baits the slowdown that i've been talking about for months. >> our next guest warns the regional bank crisis is destroying credit and will have pai painf ful consequences for the economy. good to see you. >> fgood to see you. >> howard lutnick this morning said it's 100 basis points how do you see the impact playing out? >> yeah, i think, right now, from a consumer stand the point, the fed -- interest rate policy has a lag of 12 months, so, consumer credit is now starting to hit i think when you look at the specific names that we're seeing now, the regional banks that are starting to sell off today like pacwest, we're seeing something like 50% off, 60% off, this is a different problem than we saw from silicon valley bank

this is short sellers coming in, they are driving deposits away it's a different dynamic these are regional banks that are focused on local ending and businesses, which is very different from silicon valley, which was mainly centered around tech, and i would say people who have money over the $250,000 fdic deposit level >> what have you seen -- we heard from many banks that the flight of deposits out has stabilized did you benefit from some of that flight out and what are you seeing right now >> yes, i think fin tech in general has a payments model, which is different from the long duration model that we're seeing right now. it's like 2008, if i -- wall street trader for 16 years, and when i put on that can, i -- you know, i get ptsd a little bit from what's happening right now, but that was a credit problem, and so, we're not seeing the same kind of credit problems banks are in a much better state than ever before, but what we're seeing right now is a duration

bubble it's the everything bubble and this bubble is bursting right now and i think there is contagious across sectors. auto loans, credit cards, real estate, this is something that's happening right now and i think that's why the regulators are really struggling to get ahold of this. >> when you started current, you really wanted to take on the incumbents, you wanted to serve a consumer that you didn't think was being served well by these massive money center banks when you look at what's going on right now, it just seems like they are the beneficiaries of everything that's going on with the regionals. what does that mean? we spend a lot of time talking about fin-tech, we have over the last few years, what does it mean to someone like you, who have been building and you've been kind of trying to go after these kinds of things, but seems like they're going to come out of this much stronger. >> i think it's down to the demographic you serve. in fin-tech, in neo-banks, we are focused on blue collar wo workers, the normal american wouldn't say average the normal american person when you talk about the big money center banks, they are

trying to bank everyone. it doesn't really fit for everyone regional banks obviously more specialized, more niche. i think there's a big gap being built through their business model that is coming about the big money center banks won't be able to fill that and i think it's our time, through a payment model, primarily, a different business model, to really fulfill that need and your starting to see that with the earnings today. if you compare that to the q-1 of what's happening with regionals, you're starting to see a differentiation in financial services >> put your trader cap on. 16 years, you have the financial services sort of credentials here, so, meld them together how do you see this ending i mean, do you think that frc going to receivership and jpmorgan picking up the assets with the help from the fdic, is that the playbook here are banks just waiting on the sidelines for these, you know, under duress regional banks to find the same fate, for them to

pick up the bones? >> yeah, td pulled back today on first horizon. that was a smart move by them. they really have the pick of the bunch. if you are in the market to pick up a regional bank, you really do -- you should wait. i think there's a structural problem through the fdic and maybe the administration really waiting for receivership. there is no auctions happening even the jpmorgan deal with frc, there was no auction and so, it was really a forced marriage and it was a good deal for jpmorgan if you are in the market for a regional, the regulators are telling you, and the administration is telling you, wait we'll sort this out. so, there's no impetus >> we'll raise deposit caps for you. >> that's right. >> stuart, great to see you >> thank you >> tim, what do you think? >> i think that regional banks are just a very different investment, because they're not going to be giving back capital, they're in capital akreegs mode, there will be no buy-backsing and i think they become a different investment and i think that's part of it.

the other part is the unknown regulatory environment, and i think -- i don't think anyone's saying this, don't worry about credit, but let's be careful not to say that this isn't a credit moment and svb was a credit moment. let's be clear and to say securities, even if they are government or agency securities, if you are extended, that is a credit dynamic, so -- i think part of the problem here is, we still have to wait and see where some of the -- the follow through from 500 basis points on the fed and the consumer regional credit issues, and frankly some of the institutional issues, i think, are yet to play out. that's why people are scared i think the fdic, you know, doesn't have to be a permanent solution, but yes, a two-year blanket some type of insurance is what the banking system needs, and everybody said it, it's terrible for the economy, and at this point, it's too late you're going to already see that contraction. coming up, we've got much more afterhours action shares of coinbase and lift moving in different directions after the bell the details from gaurters next.

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welcome back to "fast money. we've got a hair of earnings alerts shares of lyft plummeting. the company slashed guidance for the current quarter. deidre has the details >> melissa, you know, new ceo is only about three weeks into the job, but on his first analyst earnings call, he addressed the el fan in the room, and he said, i'm very aware of our current levels of growth and profitability, they're not acceptable i know that investors are waiting for long-term updated long-term targets. but he says that he's still new and he wants to be confident that he can deliver when he gives those longer term targets, and certainly investors are struggling to figure out if he can deliver. stock is below $10 in the afterhours i spoke to him today and it is clear that he's going to be prioritizing growth over profitability. he told me that the cost savings from the big round of layoffs he did as his first move as ceo are

going right back into the business they are going to be spendi ing more to win back some of the market share it's lost to uber he was very light on specifics, he talked a lot about the brand and serving drivers, but mel, i've covered this space for a long time, i know that riders, they just want the best price and drivers want to get paid and that comes down to money, capital, and that is going to hit that profitability, at least for the foreseeable feature. back to you. >> yeah, deidre, thank you julie, that's not the kind of stock people in general want to be in, this kind of rising rate environment, to sacrifice margins to gain share because you're in growth mode? >> yeah, it's like 2021 all over again. i think lyft has a lot of problems, right? the fact they are having to plow money back into both the drivers and rider incentives tells you that the stent of their network is very, very weak and this business model is

entirely dependent on the strength of their network. and so, until they're able to really restore that, there's no interest on either side. trying to just chase after that business with zero profitability is not going to help the stock, that's for sure. >> uber shares not moving in the afterhours session i heard those words and i got worried about both of them, tim. >> no, this is -- you know, this isn't macro issues that we're confronting in covid, even regs. this is a lyft-specific story. q-1, they saw ride share grow in that quarter that's good news are they still losing market share? that's the real question and right now, it appears as if they are i think -- the story ultimately is going to be about profitability, and it's with some irony that they were really the first ones ahead of uber that were talking about where they were going to be on adjusted

now the u.s. gap comes into play, it seems like it's missing. i think this guide is very conservative he made it clear he was going to be conservative, because he wants to beat. so, i think this is an overreaction again, this was the l in the lags acronym that i chose, so i'm going to stand by this one >> yeah, it was in yours, too. >> my tlsq and i'll tell you why. listen i think a solid number two -- >> don't be smug, jeff >> in any any know sayive space makes a lot of sense but i see this thing with new management, tim said they lowered the bar so they can meet the next couple of quarters. look at that picture right there. >> 15 years old. >> you can probably buy this stock here and, you know, the stock is down 10% on the year or something like that. it's not a does isaster. >> there's a lot of year left, jeff mills >> there is. >> willing to put dan and tim down, when up are in the leading spot right now >> i have to enjoy it while it lasts, right >> give him credit

>> but to your point, if you look at the charts of uber and lyft, lyft being at the low end, there might be some upside here, but they said the exact opposite thing that you want to say in this market. and the stock is going to have a knee-jerk reaction the other way. other companies have talked about efficiency and cost-cutting and you are getting the opposite reaction. for me, it's a pricing pressure issue. i think driver supply is pressurie ing surge pricing. they've had to cut pricing to compete in general how are they going to justify the growth trajectory? that's going to weigh on the stock. >> let's get to coinbase kristina has the latest. >> well, q-1 was a turning point for coinbase, that's what the cfo just told me not too long ago. she said the company's operating more efficiently, revenue growing in every category. much of the earnings beat came from two factors cost-cutting and a jump in subscription service revenue following, of course, the rally

in crypto we saw in q-1. the company will not be providing full-year guidance, they did guide q-2 subscription service revenue a little light, because they expect interest rates to stay more muted and expect a drop in staking you get rewards for holding certain crypto they expect an uptick in expenses, the s.e.c. might sue them for securities fraud, and higher marketing cost, but tells me there should be no changes to head count and a note coming out pointing out that coin is still relying on riskier revenue, which could have uncertain futures, given the s.e.c.'s wells notice. >> kristina, thank you 23% short interest in this stock, jeff. >> yeah, this is sort of a cop-out, i guess, but i've said this before about other names, it's just not the right stock for this market. and i hate the chart it reallied to 70, which has

been a difficult level, it's back down the 200-day. i think it's sort of interesting that the price of the stock has die verged from the price of bitcoin. i don't necessarily know what that means, but i think it means something, i don't know if it's good or bad. but the profile of this company, as the market is going to continue to experience volatility, i think the unprofitable names with a chart that looks like this, i think it's difficult >> i got one for you forget coinbase. regulatory stuff, all that stuff, i agree with what jeff just said. robin hood >> really? >> robin hood. i'm going to tell you why. >> never would have guessed. >> i'm going to tell you why this has a $3 billion enterprise value. they have 7.6 billion market cap, they have $6.2 billion in cash and only $1.5 billion in debt they are cutting their gap losses, they are getting smaller. and i think you are exposed to, if crypto ever comes back, and crypto feels pretty stupid right now, in general, here in america, it does it just doesn't seem like something. if crypto comes back, the

robinhood customer is going to be there for it in a meaningful way, and you have the potential for, i think, maybe they get taken out or something like that to me, if you are interested in coinbase here, i'd go to robin hood. a lot more "fast money" to come here's what's coming up next. chipping in. amd getting a boost on reports of an a.i. alliance with microsoft. what it means for the semis sector. plus, a waste of office space. new york city seeing a surge in vacancies. and the real estate crunch could just be getting started. the details ahead. you're watching "fast money," live from the nasdaq market site in somesqetis uare we're back right after this.

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welcome back to "fast money. am amd surging on a report that microsoft is helping to finance their push into a.i. processors. something that microsoft's cloud competitors amazon and alphabet have already developed nvidia currently the dominate player in a.i. chips falling by nearly a percent today, while intel jumped by more than 2% clearly, the market sees this more of a positive for amd than for microsoft, but is this a reason for you to be in amd, that it's gotten microsoft's seal of approval >> if we judge by nvidia's performance, it is, which probably took 27%, 28% from the microsoft news, and really the jump into a.i. but i think the story on amd, and we heard this recently from their numbers, it's a question of where they are seeing some trends that actually may get a little bit worse before they get

better we're seeing inventory dynamics that are probably in a much better place, but we're not necessarily seeing some, you know, end demand in the way -- especially in data centers amd's had a great run. it's not cheap this is an exciting frontier and i don't know how the market's going to react, because the market has surprised me on what it's done to a.i., on the ups and the downs, even what it did to google, so -- using nvidia as a judge, the stock's going higher >> and you are short nvidia, dan? >> yeah. it's funny, when this news came out, nvidia did sell off quickly 1.5% it's a stock that's up 200% off its all-time highs, traded 23 times sales. we can make any valuation argument you want in favor of amd. amd right now, microsoft is 3.5% it's a good narrative. the stock was down yesterday to me, nvidia doesn't make any sense. great company, great management, great products, just 23 times sales, 66 times earnings, and they're going to report on may

24, i mean, listen this thing is priced to perfection >> yeah, i just don't know which direction the catchup trade is, to your point. there's a big valuation gap between nvidia and amd, nvidia being expensive, so, nvidia get pulled down or does amd go higher my guess is nvidia gets pulled down i think ultimately, that's the trend. i don't know that this news really moves the needle fundamentally, so, that's where i would push my chips to >> by the way, getting some guidance from the apple conference call. the stock is up 2% at this moment apple expects fiscal third quarter year on year growth to be similar to fiscal second quarter. gross margins 44% and 44.5%. more context on the guide in a minute. coming up, why manhattan is facing an office space dilemma details on the troubling trend ahead. and of course, we'll have the latest on apple, again, that stock is up 2% plus. we'll have the latest from the conference call coming up next "fast money" is back if two.

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percent. all three on pace for their worst week since march movers from today. shares of novo nordisk reported results, the drug maker cutting some supply for its wegovy obesity drug peloton down more than 13% after reporting a wider than expected loss the company forecasting its first ever decline in subscribers. and afterhours movers. carvana, doordash, and block all higher booking holdings is lower. shares of apple afterhours session highs. the company giving guidance, but saying fx could impact revenue tim cook saying we view a.i. is huge, and we continue weaving it into our products on a thoughtful basis gene munster, "fast money" friend, what stands out to you >> melissa, let's start with the guidance they essentially guided for revenue to be down 2% in the june quarter, the street was looking for plus 2%.

there's a 4% fx impact there, sometimes investors factor that in, sometimes they don't it's a guide down any way you cut it, which begs thequestion of, why is the stock hanging in there, why does it continue to inch higher? and i think investors made up their mind going into this call that this is a generally good quarter, and specifically related to install base. and i heard tim cook mention it once, luca mentioned it twice, it's come up in a couple of questions, and they said that it grew year over year, 2 billion last quarter, 8% last quarter. they didn't give exact, but they said it grew their device revenue is down, call it 5% and that is usually a good indication that people are holding onto their devices, getting more devices and separately old devices that are getting refurbished are going to new customers. and that is the sub staps of a sleep well at night type of a business to own. this is why i believe it should get a consumer staple multiple so, what's really stuck out here

is, again, the install base number growing and i think evidence that this is actually happening, there is a shift in terms of how investors are thinking about the apple investment thee tis, is they just guided down and the stock is hanging in there. >> funny you mention consumer staple multiple, i mean, p&g has the same forward pe as apple at this point, gene on the conference call, what do you want answered still? what haven't we heard about? because what caught my ear when steve was outlining the results, particularly also it pertains to china, was that china was driven by these one-off sort of pull forwards, which won't be repeated in current quarter, the gain back from the factories reopening, the gains from china reopening in general, that's not to be repeated, i would think. >> exactly that was the negative in the quarter. these are one-time benefits, but some of that negative -- the reason i didn't lead with that was that the guidance essentially answered that question about how much of that -- how much of that pull

forward. it probably was a percent or two pull forward into the iphone revenue growth, so, iphone would have been flat a couple percent. based on their guidance, it wasn't that big of an impact, so, i think that is a secondary topic. what's on my mind is india it's come up in a couple of questions, they definitely highlighted, we're going to hear a lot about india when it comes to apple. get ready for it they don't break it up, but it's just under 3% of total revenue mainland, i estimate that's about 12% of revenue cook's laying the groundwork that india can be big, or bigger than china, so -- all of your concerns, my concerns about china, at least on the demand side, they're having a lot of success, double-digit growth in india. that's a big deal, because when you're a $400 billion company, you have to find large markets to go after, and after a decade, they're finally making traction in india >> just to underscore the point, gene, you see the revenue guide as a miss, down 2% year on year

versus the estimate -- >> correct there is a 4% fx headwind. you can debate if that's in there. similar growth rates, they are down 2.5% in the march quarter, cook said on the call -- luca said on the call, similar growth rates for the june quarter, that is down, the street was looking for up 1.5%. and again, i think that speaks to how the investor -- this investment thesis is shifting. >> gene, thank you keep us posted on any developments gene munster julie, what is your take on this latest >> yeah, no, i think t's true that the indian market is something that maybe underappreciated and i think apple is really one of the first luxury brands, i would say, to recognize they have an opportunity there, and what's great is, apple is really starting to refine its ability to do customer segmentation in terms of pricing by offering more of these refurbished models, and as coustomers get more comfortable with that, it opens opportunity for them

so, i think they've really fug figured out how to approach this fact, and i am expecting big things going forward >> your take on the revenue guide was the same as gene's, dan, when it first crossed >> yeah, the fact that we weren't expecting guidance and then we got it, so we got slightly better gross marginsed a slightly worse revenue, that leaves the door open, i think, for further disappointment here. i think india and china, if they are going to be a black box in a uncertain global economic sort of environment, i just don't -- you know, again, i don't see north america making that back up here, so, i just don't understand buying the stock here at 170 >> all right, up 2%. coming up, the concrete jungle is looking pretty empty why new york city's office space vacancy is causing concern more on the real estate rut next. and throughout may, cnbc is celebrating aids yan american and pacific islander heritage. here is the ceo of opentable >> i'm proud to be asian american, because of my ability to straddle two different worlds a grew up in a very much

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do not miss a cnbc pro talks special event tomorrow, 11:30 a.m. eastern time live from omaha, ahead of berkshire hathaway's annual share meeting. office vacancies in manhattan hitting a record high as mounting layoffs and continued work from home prompts companies to leave their leases behind robert frank has the latest. robert >> melissa, manhattan now has 94 million square feet of open space. equal to 37 empty empire state buildings.

vacancy rate up 75% since pre-covid. the overall i havacancy at 17% no signs this is going to get better new leases were down 44% over the same month last year, and the office occupancy rate, how many people are coming into the office, that's been stuck around 48% for the past year. the concentrations in new york seeing big stock declines. vornado trading at a 26-year low. the ceo saying the company is going to take a breath in its timeline for the big penn station development. other urban markets in trouble san francisco's vacancy rate, nearly a third of their office space is now unleased. and mel, this is another potential problem for these regional banks, which, of course, have most of the exposure to commercial real estate and a lot of it in office in these big urban cities. >> when you say 94 million

square feet of vacant office space, i'm trying to look for the silver lining, that means they are not leased at all these are sitting empty and they are not making any money, is that correct it's not just that they're not being used >> that's right. this is unleased space, basically empty, and that doesn't include sub leases, where people have a lease, they technically occupy the space, but they're trying to sub lease it to someone else, so, you know, if you add in that, that's well over 100 million square feet of empty space. >> wow robert, thank you. robert frank you got to wonder why anybody's in any of these reits, tim >> yeah, and vornado has done some puzzling things they suspended their div, talked about stock buy-backs, which is strange, they still have $850 million to spend on that, you know, penn station thing

sol -- it's again, a lot of people are in some of these reits for that dividend yield, but suspending that to be buying back shares, i recognize they see the value, i think -- i would be keeping cash for the debt and obligations they have >> all right, regional banks feeling the pain from corporate real estate, the bust that's going on the options market is betting there could be more carnage ahead. mike's got the action. mike >> yeah, a lot of the regional banks are see ing more activity. puts outpaced calls by more than 3 to 1 the busiest of those were the may 15 puts, which expire two weeks from tomorrow, we saw nearly 8,200 of those. now, bear in mind, the stock is about $20, so, that's a 25% out of the money strike, which traded for about 20% of th strike that's pretty extraordinary premium, obviously there are a

lot of options traders out there who still see significant uncertainty in the space over the coming weeks >> mike, thank you mike khouw for more options action, tune into the full show tomorrow, 5:30 p.m. eastern time. coming up, shares of draftkings surging after its latest report. what the company said that got investors anteing up that's coming up when "fast money" returns good luck. td ameritrade, this is anna. hi anna, this position is all over the place, help! hey professor, subscriptions are down but that's only an estimated 15% of their valuation. do you think the market is overreacting? how'd you know that? the company profile tool, in thinkorswim®. yes, i love you!! please ignore that. td ameritrade. award-winning customer service that has your back. power e*trade's easy-to-use tools, like dynamic charting and risk-reward analysis

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who doesn't want internet that helps a.i. do your homework even faster. come again. -sorry, what was that? introducing the next generation 10g network only from xfinity. the future starts now. welcome back to "fast money. earnings alert on draft kings. sharing soaring. let's get to con tes ttessa for details. >> hi there, melissa 9% climb in afterhours trading here after they beat those estimates. and here's why the sports betting operator is reporting a loss per share of 87 cents, slightly better than 89-cent loss the street was anticipating revenues coming in far higher than what the consensus was. but the company also says that it raised its full year revenue guidance, it is reporting monthly unique payers up 39% first quarter of last year and they're spending 35% more.

so, they come onto the platform, they're spending more, 92 bucks per monthly average user the company says it's retaining them and it's doing it all for efficiently, but 84%, melissa, 84% revenue growth in the first quarter over last year that's something for draftkings to crow about. >> yeah, contessa, thank you jeff mills >> so, this is a stock, if we remember, i was in and out of during the pandemic. i hadn't looked at it in awhile, i looked at the chart, i thought, it looks half desent, the 50-day, above the 200-day, trying to punch above that $20 level. so, i was thinking a smaller loss than expected would be enough for the stock looks like maybe that is the case the trouble for them has been customer acquisition costs, so, they can convince the market that at least there's a path to profitability, the chart is telling you that maybe there's more room to the upside. >> let's get to a buzz kill now on paramount shares plunging 28%. the company seeing declining

revenue per streaming user paramount also slashing its dividend for the first time since 2009 in 24 cents a share to 5 cents a share livenation seeing soaring demand as concert-going remains a priority for fans. julie -- i was going to say, would you rather, but which one do you want to trade >> yeah, i mean, keep me away from paramount, for sure there's nothing in that earnings report that looks good i think it is an important reset for all of the other streaming suppliers. there's a recognize that just, you know, the economics of that business aren't great. and, you know, we've ben spending line drunken tailor sas for content, and there has to be -- >> does this make look netflix look like the king here, tim solidify netflix's position? >> well, they're not seeing -- first of all, they have proven that even in a slightly different format, that they still have some pricing power. they're not seeing that type of

erosion. they are generating free cash flow, they are profitable. so, very different story and i think it's a case where, you know, the death of linear tv, we've already priced in, or, i guess, not though, in paramount's case, so, of course linear tv is falling not a surprise. all right, getting comments from tim cook, the ceo of apple on the conference call, talking about india. saying a lot of people are entering the middle class and they are hopeful to convince some of them to buy an iphone. right now, that is working out well he mentioned china, says they're pleased with the reacceleration in china with the reopening, the stock is up 1.8% we'll have anything else on the other side of this final trades up next

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take a look at shares of apple. stable with a 2 % gain comments from the cfo, saying they are seeing the impact of the macro economic environment, particularly in advertising, as well as mobile games that conference call is ongoing, but we have to get to the final trades tim? >> speaking of macro, looks great for gold here. gdx breaking out above 35. >> julie >> i like aspen, down significantly, so could be interesting for long-term

investors. >> jeff? >> dan, you were right, i was wrong. it pains me to say i think exxonmobil is the next chart to crack >> going to be his ringer now. dan? >> apple, sell them and go away. >> all right. 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. welcome to cramerica other people want to make friends. i'm just trying to save you some money. my job is not just to entertain but to educate and teach you so call me at 1-800-743-cnbc or tweet me @jimcramer if you're like me, you're sick of reading that we're headed for an inevitable train