attacks, and reporting in just under a week, so, an interesting space to watch >> we'll be watching that very closely. in the meantime, you've got meta's call kicking off. going to be interesting to hear what zuckerberg has to say about a.i., after tesla and elon musk. that's going to do it for us here at "overtime. >> “fast money” starts now. live from the nasdaq market site in the heart of new york city's times square, this is "fast money. here's what's on tap tonight a meta meltdown. shares hitting levels not seen since late january, as revenue guidance comes in below expectations this is the beginning of the end for the megacap rally? plus, not the only earnings report catching our eye today. from ford to chipotle to ibm, we're digging into all of tonight's results and bringing you the trades. and later, believe the bounce shares of tesla putting in their best day since january of 2022 even after an earnings report that left many pretty

unimpressed. is this a sign that the ev maker can get back on track, or will a different reality set in for the stock? i'm courtney reagan in this evening for melissa lee, coming to you live from studio b at the nasdaq on the desk tonight -- tim seymour, karen finerman, dan nathan, and guy adami. and we start off with meta shares plunging 11% after the company gave weak revenue guidance for the year. it also said capex would be higher than expected thatowing a beat on the top and bottom line it could be the worst drop since october 2022 julia boorstin is here to dig into the details what else stands out to you? >> well, courtney, the better than expected results were very much outweighed by that lighter than expected second quarter revenue guidance, as well as higher than expected expense guidance the higher capex guidance reflects larger than planned investments in a.i., including gpus, as well as in data center.

she also told me that the company's higher total expense range is partially due to legal expenses, and she noted that meta's investments in a.i. do continue to pay off, and were reflected in the revenue growth that we saw, stronger than expected revenue growth that we saw in the first quarter as for the company's lighter than expected second quarter revenue guidance, lee telling me, quote, what our outlook is reflecting is with are really lapping a period of both stronger demand, in particular from china-based advertisers now, the call is just starting now. we're starting to hear a lot more about the impact of a.i. and some questions about the cost of those a.i. investments courtney >> that's really interesting context. julia, thank you i mean, guy, what do you make of those results? i think that's an interesting point from julia a larger investment than planned in a.i. a good thing >> quarter was very good we'll run through it real quick. revenue up 27% year over year. margins up 13 basis points year over year. i mean, eps was a significant beat you know, capex came in pretty

much in line there's a lot to like here it's the guidance. and if you think about, 8 billion people on the planet, 3.2 billion use facebook every single day i mean, clearly the cat bird seat here's the problem the guide, number one, and the technicals, number two an open below $450 tomorrow and there's going to be technical damage it's not a question of, where do i sell the stock, it's a question of, how much pain do i have to endure before i add to my long position or get in altogether and that's going to be the rub tomorrow, given the levels they're trading at right now >> dan, what is your reaction? >> yeah, i think it's a matter of expectations. coming into the quarter, expectations were up 114% or something like that. so, they kind of hit that. the stock was up 40% into that sales expectations were up, you know, 35%, 40% or something. this is quarter, year over year, so, the comps were the problem here the whisper number got a little bit ahead. and it's a theme we're seeing. we can take, you know, tesla and

its performance out of it. it wasn't a good quarter, it wasn't a good guide. it was just a lot of qualitative comments about their business going forward that caused a short squeeze. here, investors are kind of pricing, as this as good as it gets, especially in the market environment that we're in. and i think valuation is coming back into the conversation, as it relates to megacap tech >> it's had such a run, when you look at shares of meta does 11% feel overdone or does it feel like this is the time to take some profit >> this is a massive move. we've seen the company have a couple nasty quarters in the past and not so distant past, be you this kind of a move is probably patiented given the kind of move it's had. it's outperformed the s&p not by a little bit it's up 35% year to date versus the s&p's 5% it was up 193% last year versus the s&p's 24%. so, the outsized performance of this company is a function of a lot of things. it's including the year of

efficiency, it sounds like it's not going to be the year of efficiency going forward so, we can put some of that dynamic in the background. i think the risk/reward into the print, obviously, now it's easy to see this, it wasn't that great. i think the risk/reward for this company in the medium to long-term is fantastic i think the growth even for '24, if you look at consensus, street is saying 17%. guy pointed out however much thv grown year over year i think that's conservative. so, i think they're going to have a way to work themselves back dan brings up the technicals, i mean, there's some elements of this chart, or guy mentioned the technicals, you got to -- there's a big backfill that you could stay on this company and, again, this is one of the very, very, i would say, seemingly bulletproof names in megacap tech because of this multiple. and i think this will be a pause on some level for people to look at a nasdaq that's struggled, it's had a good couple days, but really, you look at the qqqs, and we brought this up, if it

was last friday afternoon when we were closing on the lows, we were pointing out the qs had done nothing in terms of relative outperformance, going all the way back to july of last year you're making this argument. there's a struggle in some of the biggest market cap stocks in the world, even though this one is the one that probably people feel most comfortable with >> karen, they may feel most comfortable, it's pulling down sentiment. snap, pinterest, down sharply after the bell does that feel right >> i'm not sure -- snap, i'm not really sure, but just to meta, i think -- this is my biggest position, so, this is clearly a up bummer but as dan, guy said, the quarter itself was fine. it's the outlook that's disappointing. i do always want to hear the call, though there's some nuance on the call that sometimes, fairly short press release doesn't really get you. i think you said at the top, is the spend, the additional spend

on a.i., they have shown, i think the spend on a.i. has been worth it i don't know if they're giving conservative numbers for that spend. i also don't know if they are giving conservative numbers for that revenue i'd be interested to hear the cadence of the quarter, how revenue was, and -- i don't know if they'll give april color or not, that would be interesting to me. with this move, if it were to open here down this much tomorrow, it would now be a below market multiple stock, which, to me, doesn't seem like the right price. now, does that mean, you know, i'm often a proponent of the three-day rule on a very big move, wait for three days, but -- this is a very big move that i think -- i think seems overdone, but i want to hear, maybe there's something i'm missing. >> quick question. you just said below market multiple we're going to be mid 2024, so, we're going to start looking at 2025 estimates, i'm looking at consensus for 15% earnings growth next year, flat margins

it's trading at 21 times next year's expected, with the stock down here, you can see -- is it that cheap i guess -- >> enormous amount of cash, as well and -- >> and they're buying a lot of stock back and they're kind of massaging those earnings a little bit so, the street consensus right now is calling for mid teens earnings growth. it might get to a point, if we do see some sort of revenue slowdown, right, that maybe these stocks don't look that cheap. that's been the narrative right now, that the growth is really kind of hyper, right and so, i don't know, that's the conversation that people are going to have, and if we're in a higher for longer, you know, rate environment, i just think that some of these -- the multiples that we've gotten really used to are going to come under fire and just wait until microsoft reports, because if microsoft gave this sort of guidance tomorrow when they report, that stock could be down 10%. >> that stock, they're already looking at a multiple that's vastly different, right? so, i agree with you there i feel more comfortable there. i have a tiny microsoft bet.

not really even a bet. meta is much, much bigger to me. but we'll see. i think get more data, but it does seem awfully overdone for something that wasn't super frothy going in. >> it wasn't, and i -- what i want to hear on the call is also some ability for the management to express that they can be very flexibility on their cost structure. i think there's a lot of flexibility in terms of what they can do in terms of their operating expenses and they can hold margins in line and this is what the company -- they came in off the ledge in terms of the meta verse. this year of efficiency has been kind of a joke we reference this with almost every company that now has been able to execute in a way that only really meta really was first out there. i want to hear from them, that we can be flexible so, i think that's very interesting. by the way, is this the m in the helm -- >> it is >> this is the only company that actually fit the description was this actually the m, you made your acronym -- i'm just -- >> louis --

>> i'm sorry it's the l in my blicep trade. okay >> boom. >> boom. >> there you go. well, for more on meta, let's bring in "fast money" friend gene munster of deepwater asset management gene, what are your thoughts so far? i know the call is ongoing, and that's where we're going to get more important nuance. >> right on, courtney. and i think tim, your comment, about efficiency or leverage, operating leverage, is appropriate, given, i think, the piece that jumped out to me from zuckerberg's opening remarks, he's just getting going on them right now, but was a piece of bad news related to the amount of invest they're going to have to make on capex and energy to build a.i. and he said, used the words, i want to specifically call this out for investors to know that there is going to be a greater investment period before we realize the full potential of a.i. this reminds me of things that amazon has done in the past. just kind of reminding, there are going to be periods of more

investment i read that as probably several quarters of this investment phase, they obviously just updated the capex guidance for the full year, but don't expect -- i'm reading between the lines here, much of a lift or maybe a breakout in terms of a.i. one more piece, courtney, is beyond that bad news, to say he's bullish about a.i. and the potential on meta is an understatement he rattled off five different opportunities that they have within a.i., i want to highlight one of them. he talked about lam ma and building a big business at scale. i believe they're going to build an aws-type of business in the next several years once they get to scale >> investors do definitely seem to be picking up on this investment, because the stock now taking another leg lower here, gene, down about 19% i know, obviously, you know, there's a lot of place here with china, advertising from china. have we heard anything about that yet on the call, what do you want to hear when it comes

to that area of the business >> they haven't mentioned it so far, i mean, my thoughts on that is that, i think some of the benefit that they -- they are seeing a benefit from a.i., by the way, but it's not a breakout benefit yet, but some of that benefit has been muted in the guidance for june, if not for the impact of temu pulling back, they probably would have guided slightly up, they guided down by about a percent and a half, so, i think that, you know, this is -- these hard comps from temu are going to continue kind of into the september or december quarter, and so, that's going to be another headwind. i think it's easy to get the -- wrapped around the vortex of these headwinds, but ultimately, guy at the beginning of the comments, you led off with a 3.2 billion users, that's the same thing that zuckerberg led off with, and i think that is appropriate to lead off with that up 7% year over year versus up 8% in december that's a really hard number to

grow anything above 1% is a win they continue to grow that base. they said it was particularly strong in the u.s., i think the stock is going to continue to move higher, because these a.i. benefits, it's a function of time before they start to see it >> gene, clearly mark zuckerberg is a "fast money" fan, so, i want to say hi to mark and the gang it's interesting the quarter on its own, i think, was wonderful. down 18% now and i didn't think this potentially could happen, but we're looking at levels, you know, the prior all-time high in the stock was made, i think, in august of 2021, around $385. that should be huge support. so, i guess, my question to you is, as karen mentioned earlier, i mean, at some point, this is getting a little absurd in terms of the magnitude of the selloff. >> i thought, if you would have just given me the guidance and given me the commentary about, that zuckerberg talked about this investment phase and the acceleration thereafter, i would have guessed the stock would be down between 5% and 10%.

and this is a standard deviation away from that, and i think it speaks to this understoolying fr in tech investors that the party's going to end the echoes of 2000, if they weren't investing then, they know all about those lessons learned and people just don't want to be left in this -- if it ends up being musical chairs it's not going to be that. a.i. is real but this is a classic overreaction, just given, i think, a lot of -- underscores the uneasiness that investors have about this a.i. opportunity. >> great stuff, gene we're going to let you go to get back on the call we're going to check in with you later. we're going to go back to julia boorstin, who has been listening in while we've been talking to you, gene, what else can you share, julia >> yeah, i've been listening to mark zuckerberg talk about continuing to invest massively in a.i he talked about the rollout of this latest -- the latest a.i.

chat bot and how the results of all of their investments, they have lama-3, it quote leads me to believe we should invest even more to build a.i. he says, we will continue focusing on operating the rest of our company efficiently, but even while shifting resources to focus on a.i., they will -- we will grow our investment meaningfully before we make revenue from some of those products so, they talked a lot about how they're already seeing a.i. accelerate, the potential and the impact of some of their ad businesses, but what he's saying here, as they work on the large language models, as they roll out the chotat bot, they're goi to double down on the a.i. investments. they have drawn so much criticism about overinvesting, perhaps, in the metaverse space, but he's saying right now, a lot of those investments are actually a.i. investments and there's a huge overlap he sees between the two businesses the stock is down over 16% on these comments, and on the increasing expenses for the company, but notably, zuckerberg

seems to be trying to reassure the street that these are big up front investments, but they do pay off over the long run. >> yeah, interesting stuff keep us posted alphabet, microsoft shares getting pulled down here seemingly by this meta report. not nearly as much, of course, microsoft shares down 2%, alphabet down 3% amazon, as well, lower by 2% i mean, it's -- it just kind of surprises me, tim, maybe this is not a trade, but it's an investment you have to invest in the future, and a.i. seems to be it. i'm shocked the stock is down 17% on just that >> but this is a company that told us they were spending and investing in the metaverse and they were punished >> fair. >> i agree with you. and it is interesting, just to hear a ceo kind of scramble to -- i don't know if he's scrambling to the stock, i don't know if he cares on some level, he probably does, but you know, we know that over time, what he's saying is, he's saying what is obvious it's going to take some time to invest in a.i. they -- they are also some of

the -- they are one of the few companies that's actually seeing benefit here in the short run. but if you think about even just the technical elements of what markets will do on the back of this, i mean, meta alone, you know, if it closes down 20%, 15% now down, but you can do that math there's 75 bips on the nasdaq tomorrow and you see other companies, you know, acting in kind and i think people are trying to get ahead of some kind of a less than rosy from somebody else >> doing some math, this would be $200 billion in market cap, so, just think of that, okay like, and so, this is on a spend that's $2 billion higher than people expect on $2 billion revenue that are lower than they expect and what i think is important about this little exercise here is, like, this can happen to your most favorite stocks. it happened to meta when they changed their name to meta and said they were going to spend tens of billions of dollars. the stock sold off 77% okay so, like, i just think we've

been living in this bizarro world in the last nine to ten months, since again a.i. has infected the stock market, but a very narrow slice of the stock market that owns the stock market so, if we get microsoft and going that have similar messages, it's not even the message is so bad, we believe that they should be investing like this, because this is going to be the feature. meta will be a $2 trillion market cap company at some point in the future. it might be a $3 or $4 trillion market cap company, but it could get cut in half on the way there. and we've seen that in nvidia before, it was down 70% from its '21 high my point is, i guess, three months ago, no one could ever see this happening again, and i'm not saying it's going to happen again, but we've had some recent history that suggests that it could. >> quite a move, and we're going to continue to follow it throughout the show and talk about ford, chipotle, so much more, and i think we're going --

we're going to go to break, guys >> it's your show, court do you want to do that >> we can keep going >> we got to pay the bills >> you want to talk markets? >> sure. >> next block. >> let's do that we'll do it next block all right. coming up, we have a lot more action to bring you, ibm, chipotle, ford, all on the move. the details of those quarters are coming up. and tesla charging higher of the back of their results, talked about that a lot yesterday and what the ev maker is promising to do, if they can deliver, of course, a huge wild card and how commentary from the earnings call impacted some other names today. very interesting moves you don't want to go anywhere. much more "fast money" up in two. you're watching "fast money," here on cnbc we'll be right back.

business. it's not a nine-to-five proposition. it's all day and into the night. it's all the things that keep this world turning. the go-tos that keep us going. the places we cheer. and check in. they all choose the advanced network solutions and round the clock partnership from comcast business. see why comcast business powers more small businesses than anyone else. get started for $49.99 a month plus ask how to get up to an $800 prepaid card. don't wait- call today.

welcome back to "fast money. we have another earnings alert for you. ibm. shares sinking as they posted a revenue miss big blue announcing that it will acquire cloud software hashicorp for $35 a share. the call just kicked off, but cnbc's kristina partsinevelos is here with numbers and a conversation that you had. what stands out? >> it was the third revenue miss

in the lastfive quarters so, that was a concern, but on the call, the first thing they started with is talking about this deal, $6.4 billion, $35 a share. and how it's going to help the hybrid multi-cloud world i nope, yoknow, you're shaking head -- >> you sound like you're scoffing >> here's a legacy company, there's been, what, 40, 45 acquisitions under the ceo since 2020, so, this is just another one to add to the mix. question is, you know, why are you adding this one now, is red hat not doing as well -- they're saying the synergies are going to be great, it will be accretive within the first 12 months once the deal actually closes and expect free cash flow, specifically for hashi, they expect that cash flow to go from mid single digits to 30% to 40% within year two, which i think was pretty impressive, and i got these stats from the cfo, i was able to chat with him. so, they haven't even gone through that on the call but overall, the other thing that stood out to me,

consulting cfo, ceo, also both warn that companies are tightening their i.t. budgets, but yet, q-1 was a major signing quarter for them signing quarter doesn't necessarily translate into revenue. revenue dollars, that takes several quarters so, for them -- it was weaker, but they are still doing better. but they did reaffirm their revenue growth >> yeah that's great too, given the strong u.s. dollar with ibm, that was a huge headwind, and they reaffirmed it >> right so, the stock is down 8.5% you think that's on the news of the deal going through >> well, when an acquirer take as company -- >> it's been reported, so, it wasn't already baked in? >> possibly the revenue miss, too. slight and then you had software that was a little bit light, as well. but then, they'll say that has to do with the sale of the weather company, so, they sold the weather company, that switched into another business

segment from software to other d divested business, that lowers the software revenue side. they have reasons, right they'll have an argument for anything >> guy, wasn't ibm sort of the original a.i. withwatson and all this kind of tuff? how come they don't get credit >> because they got away from that for a long time and the stock traded sideways for 4 1/2 years, until they finally started to figure out, they integrated red hat here's the problem -- i don't know if the crack staff in ec can do this, we traded up to levels we last saw in 2012 a lot of the armchair technicians are going to say this is a classic double top does it deserve the multiple that it's trading at when a facebook, for example, trades at a similar multiple and is getting punished they're up against it in terms of what happened with facebook, and that reaction, the lack of revenue growth so, this is somewhat justified, i think. >> nothing, original a.i., the two hoyas -- >> that's allen iverson, i know who a.i. is. >> she just threw it out

>> he was the answer >> the original a.i. >> well, i'll tell you what, i don't even think he could buy ibm. they probably overpaid for red hat. >> $34 billion >> it took them four years to integrate it and really get moving, but it was the right call for a company focused on software the fact that the consulting business is light, software's not too bad. this feels a little bit like the facebook story, to me. i mean, this feels like a company who came in light -- i don't know how much of this really is the acquisition. i think this is a company that's also done 60% over the last six months, has -- is not growing anywhere near as fast, it certainly has pushed, i think, a lot of, peckations higher in terms of what people thought this company was doing six months ago, we had no expectations so, i think they're getting knocked back >> kristina, thank you for being here with us coming up, the earnings action doesn't stop here we're keeping an eye on meta,

we'll bring you the headlines from that call. plus, shares of chipotle and ford on the move the details from those quarters, and what chipotle's ceo had to say. i had that for lunch today coincidence? i don't know you're watching "fast money," live from the nasdaq market site in times square. in times square. we're back right after this. amelia, weather. 70 degrees and sunny today. amelia, unlock the door. i'm afraid i can't do that, jen. why not? did you forget something? my protein shake. the future isn't scary, e etf. my protein shake. before investing, carefully read and consider fund investment objectives, risks, charges expenses and more prospectus at invesco.com.

your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

what is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul, available at walmart and drinkcirkul.com.

welcome back to "fast money. stocks looking for direction today, after a strong start to the week the dow down 42 points, snapping a four-day win streak. the s&p closing near the flat line and the nasdaq up a tenth of a percent i imagine that's going to look different tomorrow more afterhours action united rent ams higher after an earnings beat. viking therapeutics posting an eps beat and lam research reporting a beat shares of servicenow lower, despite a beat there karen, what are your thoughts on uri there? >> uri, this company is just extraordinary. they've had sort of a big picture transformation, as people rent equipment, much more than own it. they've been right at the center of that. they've added on higher margins, specialty, obviously the in infrastructure bill, perfect for them they just execute, they have done a tremendous job. looking forward to hearing the

call tomorrow. always underpromise, overdeliver. >> shares are higher by 4%. we have a news alert on cloud and data security company rubrik just pricing its ipo less leslie picker has the details. >> $32 per share, and the company is offering more shares than it initially sought out at 23.5 million shares, where as in the s-1 it, planned to offer 23 million shares so, at that price, this company is offering $752 million worth of stock and a market cap of $5.6 billion again, this is according to a person familiar with the pricing decisions. and just a reminder, rubrik is a cyber security company, they help secure customers' data, in the event of a cyber attack, and, you know, with this software, the idea is they can keep the business running, it's

a 10-year-old company. gap revenue of about half a billion dollars in their last fiscal year ending in january, with investors that include microsoft, lightspeed, graylock, among others, court. back to you. >> very interesting name and news to see some ipos coming and having such good demand. les, thank you. coming up, more earnings action to bring you. we have the details on ford and chipotle. plus, we'll check back in with gene munster for what he's hearing on the meta conference call. and tesla soaring on the back of last night's results what elon musk is saying about the ev's new models and the updates on his planned robo-taxis all of that when "fast money" returns. we'll be right back. missed a moment of "fast?" catch us any time on the go. follow the "fast money" podcast. we're back right after this.

welcome back to "fast money. earnings alert on ford the automaker jumping after hours. earnings coming in ahead of, peckations even as revenues missed. phil lebeau joins us now with the latest hi, phil >> courtney, just a few minutes

ago, jim farley was asked about making money with electric vehicles we'll show you shortly, they did not do that in the first quarter. not a surprise, but he said, look, we're making progress, and it is the goal it has to stand on its own so, let's go first over the overall quarter for ford, as you mentioned, they did beat the street earning 49 cent as share the street was expecting 42. revenue just shy of expectations at $39.9 billion, the street was expecting just over $40 billion, so, a very slight miss there now, the three divisions, and this is how ford reports its business i.c.e. vehicles, 905 million is not a huge beat, profit that you would expect given the f-150, but remember, the f-150 is just launching, and they are dealing with that right now, so, you're not going to see a big profit jump there that will improve as the quarters go along, as volumes increase then, you look at the commercial vehicle business this is where they're killing it right now. the commercial vehicle business brought in $3 billion last

quarter. that, along with the pricing and the demand there, more than offset the losses in the ev business $1.3 billion lost in the ev business for ford. though they did mention, we discovered, you bring down the price on the -- the mustang mach-e, you will see volumes increase challenge now is to make money there. a couple of notes, as you look at shares of ford, in terms of their guidance, they now expect that the full-year earnings between $10 billion and $12 billion, that will come in at the high end there free cash flow, they increase their guidance by a half a billion dollars, and capex, they brought that down by a half billion dollars. courtney, we're going to jump back on the call here. again, jim farley asked about evs, and how they make money, he said, look, we're going to get there eventually we've got to bring down our cost that's the big challenge especially for the legacy automakers >> got it. thank you, phil. keep us updated on what you hear tim, what do you make of the ford results >> i'm long ford

i like the free cash flow. i like the dynamics around the core business. i like they're continuing to reinvest in ev i think they're going to be there. i also like that their discussion on the macro of the industry is they expect u.s. sars to be 16, 16 1/2. amazing that we were saying the u.s. auto macro demand was going to be light. but the average life is something that's an underpinning for demand so, i like ford, i like gm more. i'm long them both ford is, you know, certainly not shown the efficiencies that ford, but jim farley's gone out of his way to say, we're going to get better and we're getting better. meanwhile, tesla surging more than 12% after its earnings report last night. it was the stock's best day since january of 2022, but the gains didn't even get back to where it closed last month ceo elon musk promised on yesterday's call that production is starting on a lower-priced model and robo-taxi called cyber cab. expectations for a ride hail

vehicle sending lyft and uber lower today, but will tesla and musk be able to deliver? you were so skeptical about it yesterday. >> i remain. the fact the stock bounced like this doesn't mean anything i mean, i listened to the call this morning, and it was about as clear as mud about what the direction is for this lower cost car and i think tim kind of nailed it last night, is the lower cost car their mid-range priced cars just getting down to a lower -- because they keep cutting prices they keep cutting full self-driving you know, i just think these guys have kind of nailed the gm and ford trade over the last year and elon was very specific about this he said on the call that this idea that their competition is really leaning into the plug-in hybrid ev, he said as a matter of fact ly, he thinks that's wrong, they're going to continue to double down on this if range anxiety is a thing, and building out these sorts of, you know, supercharger networks is really expensive, it's going to be awhile.

so, get people hooked on this idea of a hybrid, and at some point, when the global network is there and these cars can go the distance, right, then you're going to get them. so, to me, that's probably a good play. >> smile on your face over there. >> i was going to ask tim if he suffers from range anxiety >> haven't thought about it. you? >> just thinking about it. i was looking at you >> sure. >> real quick, i'll say this you can see the potential for ford ford made its all-time high 25 years ago. toyota made its all-t time high2 days ago you can have a path like a toyota's had a path. it's just getting there that's the hard part. but -- gm is probably a little bit ahead. ford's pretty close. >> i go pretty well into the hole on that ball cut between third and shortstop. i've got decent range. >> do you? >> thought about it. i was mostly leather, though >> i was going to say. no stick >> i'm not going to say that, but -- >> not be a good thing to say.

>> gentlemen. coming up, the earnings action keeps coming in hot fresh commentary from meta's conference call, that's up next. plus, 2024, cnbc stock draft, it kicks off tomorrow with a star-studded lineup featuring karen finerman a first look at what's at stake in this year's edition, make peek into her strategy peek into her strategy that's right after this. at morgan stanley, old school hard work meets bold new thinking. to help you see untapped possibilities [♪♪] your skin is ever-changing, take care of it with gold bond's age renew formulations of 7 moisturizers and 3 vitamins. for all your skins, gold bond.

it's time. yes, the time has come for a fresh approach to dog food. everyday, more dog people are deciding it's time to quit the kibble and feed their dogs

fresh food from the farmer's dog. made by vets and delivered right to your door precisely portioned for your dog's needs. it's an idea whose time has come. ♪♪

busy afternoon we've got a news alert on a potential mining deal. bloomberg reporting bph is weighing a takeover of anglo american karen, you flagged this headline, you feel like this is a big deal >> yeah, it could be you never know these guys know the space much better than i, but it could start off a friend zip, and who else does that leave and the whole space could get hot on this, i this i >> all right, something we have to keep watching. meantime, let's check in on meta's conference call gene munster is still with us. shares are still down, they were down sharply at the beginning of that call. pacing for the worst day on record conference call still under way.

down 16% gene, what do you make of the call what have you heard since we last spoke with you? >> well, the -- uckerberg's clear message is that he's going for it when it comes to a.i. he said he has intents to build some very large businesses based on a.i they have a product now call ed meta a.i., they want to build other products around it zuckerberg did not give the aws analogy, but very clear. he also gave some insight in terms of one of the ways they can implement a.i. across for all their users. and he said he wants them to have the most used personalized a.i. bot in the word and so, this is the idea of going beyond generative a.i., to having these agents actually do things for you and so, that was a new piece to it, and all-in, he's all-in on a.i., investors obviously are spooked by this investment cycle

that is going to come over the next two to four quarters before we get revenue acceleration. >> has he talked about anything yet with the china advertisers i know you were looking for that, we talked about it earlier in the show. >> cfo susan lee did mention that she said that the asian-pac region did well, 41% the overall business was up 27%. so, asia-pac did well, but she reiterated, this is through the q&a, that china had been an impact, she would not give details to the extent of that impact, but cautioned this will continue to have an impact when china came off the covid lockups, there's a rush of advertising, this is what they're attributing it to. i think there's a geopolitical piece playing into this, as well >> got it. gene, thank you for coming back on and keeping us updated on that call. >> thank you >> we'll talk to you again soon, i'm sure. meanwhile, chipotle popping after beating expectations on the top and bottom lines the fast casual dining chain

seeing a 14% rise in revenue driven by new restaurant openings and a bump in comparable seals kate rogers spoke to the ceo before the earnings call even began. let's go to her for more details on the company's quarter pretty impressive, kate. >> yeah, court this was another big one for chipotle a beat on the top and bottom lines. same-score sales coming in at 7% that's well above the estimates from analysts. chipotle saying its braised beef and chicken helped to drive strong sales and transactions. speaking of transactions, they were up 5.4%, average checks grew 1.6%. ceo brian niccol said again this quarter, the company isn't losing traction with any income cohorts here, in fact, it's actually growing transactions. take a listen. >> we're seeing transaction gains in every income cohort, whether it's sub-50,000 to north of 150,000, so -- we continue to see a lot of strength in our

business, with every income cohort, and every customer that's coming into the chipotle. >> in terms of guidance, the raise in full-year same store sales guidance in a range of mid to high single digits, that's up from the previous guidance and the ceo pointing to through-put efficiencies the company's put in place, building upon one another for the success of this quarter. that's something he kept hammering home on the call, court. >> great stuff kate, thank you so much. good interview there guy, what do you make of chipotle's success it just keeps running. >> it's -- we talk about a burrito blowout all the time this is yet again a blowout. eps beat is staggering, but the margin beat was ridiculous 130 basis points of margin beats is pretty remarkable, if you think about it, because they've been doing it pretty consistently, which gives them the multiple that they probably deserve. though it seems expensive. and, you know, you talk about the full-year guide that kate just mentioned, i think fact set it's at 6.1% that will come in around 8.5% or 9% and they'll beat again, so,

you just got to stay with this name, regardless of valuation at this point >> karen >> yeah, i mean, that same-store sales beat again again and again, it's kind of extraordinary. i've always thought it was too expense ich. that's been wrong for years, so -- the split, i guess, is that another reason for, i guess, a further burrito blowout. but good for them. just to be able to keep doing that it's so good that it makes me think there is not a randomness to it, that they know exactly how they're going to be continuing to build their business, it's not just locations. it's efficiency and, i mean -- kudos to them. extraordinary job. >> open up 47 restaurants, but the same-store sales number really impressive over and over again. >> pointing out the cost of sales inflation will be mid single jijts that's pointing out a couple of things and how extraordinary their margins are. that's part of the story here. they're seeing economies of

scale. >> yeah. interesting stuff. delicious burrito bowls, too. coming up, the countdown to 2024 cnbc stock draft is officially on. karen kicks off the star-studded event tomorrow she's got the number one overall pick we'll take a closer look at how she's playing for victory next more "fast money" in two

her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could change the price, change the name! it's not a lock, i know a lock. so how can we undo the damage? we could all unsubscribe and switch to xfinity. their connection is unreal. and we could all un-experience this whole session.

okay, that's uncalled for. wow. >> welcome back to "fast money." just about 20 hours until the cnbc stock draft kicks off tomorrow, right here on cnbc at 2:00 p.m. eastern. nine new competitors facing off against defending champ wwe superstar charlotte flair. it's a must-see group of challengers from competitive eating champ joey chestnut to kenny "the jet" smith from "inside the nba" to our "fast money" friend, our very own karen finerman, partnering with wnba's breanna stewart their team has the number one pick each team picks two names over two rounds from a list of 57 stocks, plus oil, gold, and bitcoin the team with the best total return wins the competition. it starts this friday and goes until the friday before the

super bowl next year so, it's tied to the actual nfl. so, karen -- >> yeah. >> your team already on the clock. what is your strategy heading into the draft you're the number one pick >> and what is it going to be. >> the game has changed a little bit tonight, right >> right >> meta, which i didn't think would have this outcome -- >> okay. >> and, you know, so, i was thinking, all right, it is my biggest position, but ido i go with that? you have to go big or go home, right? middling doesn't really do it for you. got to think about that. the game has changed and then i have to think about, well, i got to stalk to stewy. kind of interesting, she was, the first draft pick and here we are getting the first draft pick, as well. i want to get her input, as well >> and how many rounds does it two? >> two rounds. i want to hear her strategy. >> okay. tim, what is your advice >> well, it has been me, and my advice is you you want something that has a high delta outcome opportunity, so, it could mean really the most bombed out chart

on there if you think there's a chance somewhere in the next year you know, remember things go from terrible to bad, you've made a lot of money, so, you know there's a dynamic here where, though, the last couple of years winners have come from names that have been picking right in the mean ststream, nvia last year, charlotte flair nailed it. it makes meta a lot more interesting tomorrow >> dan, your pick? >> i agree with tim, you want to pick the biggest loser, which is very different than what goes on in the nfl draft they're going to pick in the nfl draft, going to predict some picks, which is going to be -- >> he's going to nail it, too. >> he knows everything >> you want to pick the biggest loser and interpret this however you want, i think you go with tesla here i think tesla is going to go down to 100, but by this time next year, it could be 200, and that's how you double things up. >> i agree it's on the list >> you're laughing >> you get it at the closing price tomorrow -- >> that's fine it can go to 100, but then i think -- >> but it's not going to 100

tomorrow >> okay. >> i understand all of this. good luck to karen, i'm rooting for you. >> thank you >> draftkings, i think, stan d druggen miller is adding to his position if they get things right, given the valuation, this stock should be a double by next year >> this is going to be really fun to watch >> awesome >> we pitch you all the best, karen. rooting for you, of course. coming up next, we've got your final trades.de the line between numbers and people. what's right for the business and what's best for everyone who depends on it. solving today's challenges it takes balance. cla - cpas, consultants, and wealth advisors. we'll get you there.

even space age technology can't prevent accidents at work. so talk to your agent about workers's comp insurance from pie, or visit pieinsurance.com. safety first, then pie insurance. it's payback time. all these years, you've worked hard. you fixed it. you looked after it. maybe it's time for your home to start taking care of you? if you're 62 or older and own your home, a reverse mortgage can put more money in your pocket by eliminating your monthly mortgage payments, paying off higher-interest credit cards, and covering medical costs. you paid down the mortgage, invested in your home. i guess, you could say, your home owes you. just eliminating the mortgage payment freed up a lot of cash for us.

the fact that we're still in this home, means so much. i get to go do what i want when i want. our customers' homes are taking care of them, maybe, your home could do the same for you. call aag and get your free info kit. call this number.

time for the final trade let's go around the horn tim? >> courtney, thank you for joining us gm if you look ford here, i think you like gm more >> karen >> meta. you have to go with the three-day rule here. wait >> dan >> yeah, microsoft i think the reaction to meta should make you cautious about

microsoft. >> and guy >> happy wedding anniversary to a cnbc legend bill griffith and his wife >> all right >> newmont mining on the back of what karen was talking about >> thank you for watching "fast money," great to have you. "mad money" with jim cramer starts right now >> my mission is simple. to make you money. i'm here to level the playing field for all investors. there's always a market somewhere, and i promise to help you find it. madam money starts right now. hey, i cramer. i'm just trying to save you a little bit of money. my job is not just to entertain, but to teach you. call me at 1-800-743-cnbc. cash is rook. we said cash is king when the