dragged and bar is raised or lower for the rest capital markets big swing factor in all this. >> tomorrow don't miss bank of america ceo brian moynihan at 3:00 p.m. and thanks for watching today, "fast money" starts right now. i'm melissa lee and this is "fast money. today's traders guy adami, tim seymour, karen finerman tonight on fast coinbase dropping the first day of trading so what happened exclusive reaction from an early coinbase investor. plus the big winner, one saying this is the true stand out stock in the batch of bank earnings. and check out the after-hour moves in dell as the company announces big spin off shares soar we start with $2 billion question did coinbase mark the

peak of the crypto craze this is why we're asking, coinbase started trading at $381 hit a high of $429 and was all downhill shares finishing the day nearly 14% below its opening price, as coinbase fell look at bitcoin pulling back to drop all-time highs 2% following the drop in coinbase saw similar moves in tesla starting in the green falling 3.6% in the first trade. micro strategy down 4.2% so for the coming of coinbase are the best days behind us for this crypto craze? guy? >> definitely not. i mean, it's a peak, it's a peak in the term bitcoin made an all-time high today but i don't think it's the peak at all it makes sense to talk about it, all of the stars line up and price action lends itself to exactly that not that i'm nearly as

well-versed bk has forgotten more about this than i learned this is just one of the steps along the way. in six months we'll have a different conversation in terms of the market cap of cryptocurrencies closer to $5 trillion than the $2 trillion it is now a peak so not the peak. in my opinion. >> tim, there's a notion maybe this marked some sort of a peak at least within this spectrum of crypto craze we've seen in the past onth, year or so, or how coinbase itself traded because there were very high expectations for this stock. it was trading on the exchange ftx overseas, a futures contract tied to coinbase, that was expecting $600 a share we didn't go anywhere near that today. but what's your take >> well, i mean, look, the fact of the matter is coinbase validates, think of the subscriber base, think of the user base, you have 56 million,

first quarter revenue of $1.8 billion. very profitable company. two and halftimes more profitable in the first quarter than all of last year. this has put a bright light on the interest in cryptocurrencies and digital and happening in a time when we spend a lot of focus on nft's and other derivative forms of the digital economy. aol/time warner merger was this net scape coming public there's all kinds of comparisons but ultimately the reality is we've seen a much more broad rally across other digital tokens in the last, really year-to-date, as bitcoin has gone from $29,000 to $63,000 or such that to me is more of what we're doing here this conversation i'm not sure we would have expected we could have had this conversation two years ago let alone four years

ago. it's not a question of validation, it's a question of really what is the value of this company that gets 50 basis points on each transfer ac-- transaction. we know that will compress but what are other opportunities. >> karen, how do you answer that question what's your view of this because right now about 90% of their revenue comes from retail transactions if that compresses they better find another line item of revenue pretty fast. >> yeah. well they're trying to i mean, they talk a bit about subscription they would like to build that business but that's not obviously what's driving it right now. as tim talked about, those margins are really extraordinary. it was on ipo, a direct listing but is one that makes money. you can turn yourself into a pritsel and get w it's not a crazy prize. you have to think of the explosive growth of the first quarter which was quite

extraordinary doesn't need to be that giant every time but it needs to sustain huge growth for a while. and i think it can i think though that whether or not it thinks it should be tied to bitcoin it will be. because people will see of it as an easier way to trade with bitcoin, just today we seen how they trade in lock step. we've seen short-term tops, we've seen many in the cryptocurrencies space this wouldn't be shocking but don't think it's the end of the cryptocurrencies run at all it's now getting into a whole other stage of adoption. >> before bitcoin twitter comes after me, it's a fierce group out there, we're not saying peak of bitcoin in terms of bitcoin is never going to see that level again but in terms of the craze, the mania we've seen, at least

this year, when you look at the returns, bitcoin is more than a double this year so far, and we're only in april. dan, so how do you interpret how coinbase traded and the timing of this direct listing >> well, first thing's first, 34e8 mel, if you want to keep crypto trader away from you stop saying it is down on the day coinbase, i would take that down 13% get rid of it, it was a direct listing, reference price, it opened trading at 381 and sold off from that. that's one place to start. the second place i would go with this is that listen, you know, you talk about near term top and sentiment top that sort of thing, obviously bitcoin has been very volatile over the last ten years but the peak to trough declines that we have seen just this year, the year it's up over 100% with over $1 trillion market cap we've seen those peak

to trough declines get smaller and smaller. in 1y57b it was 30% in january and february 26%, last month 18% and here we are making new highs. so obviously there's buyers as the thing comes in as it relates to coinbase i'll say this, this direct listing allows a lot of insiders and others to get liquidity they maybe haven't had in a while there's been plenty of trading in the private markets, you think of the ecosystem, the people who might be selling to do other projects in the crypto ecosystem that's probably the next leg of this trade we've seen it in a lot of technologies in the last 20 years, in the internet in particular, where people leave the paypal mafia, that sort of thing and they go on to do other thing. i sysuspect it is an interestin pivot point for invieders to do other things over the years. >> we mention our bitcoin

baller, brian kelly he ball coinbase at the opening print and joins us now, what's your take how it traded today >> yeah, so, went from hero to zero i looked fantastic in the first ten minutes of trading but turned around. i'm not that concerned about it. maybe i'm jaded by seven or eight years of bitcoin trading and that type of volatility doesn't concern me i specific dan is right you have several insiders or employees that are locked up and you want to buy homes and start projects, that's what's going on here. but i do think coinbase has more than just the exchange, they're more than just an arm ramp into crypto. >> okay. so then what is? if you look at the pie chart of revenues it's mostly trans access -- transactions and it's mostly retail that's the state now what do you see coinbase becoming to justify where it is tradeing?

>> there's two ways to look at coinbase, okay, this is a brokerage firm, maybe they do prime brokerage next or lending. or you can look at it as a technology platform that gives you access to the crypto space, when you look that way there's a lot more specific examples, mining or staking as a service, that's a really hard business to do, there's no way a charles schwab or e-trade will do that so maybe coinbase powers all that when all these other brokers come online there's a big m, at -- 34rk moat around that business. remember all these other coins exchange there's binance, ftx, thousands of cryptocurrencies that trade, coinbase just lifts lists a few so if they're the

trusted partner for institutions coming in and bitcoin is the gateway drug then there's a lot more on that side. >> do they do the things you mention they do. >> absolutely. they do custody. staking. >> mining as a service >> yeah. they do staking as a service yep. exactly. they do all of those and they're growing parts of their business. >> so it's just a matter of sometime in your view until those parts of the business become much bigger in terms of percent of revenue. >> that's the bet you're making with coinbase that they have to execute on this, not so much that bitcoin is going up but they have to execute. >> okay. so let me ask you, why invest in coinbase and not just bitcoin or another cryptocurrency >> this is like a "would you rather". >> i guess it's like a would you rather. >> curious >> it's basically relying on the universe of cryptocurrencies and that market expanding why not just bet on that market.

>> listen, i completely agree with that. i think this is an interesting part if you want to play the picks and shovels, the infrastructure of this, to me the cryptocurrencies have so much more upside, why, because ultimately coinbase is bounded on its valuation but occu cryptocurrencies grow to the size to under line their economy, bitcoin and ethereum have more upside and where here coinbase is ultimately bounded >> let's get to founder and partner and early coinbase backer, steve, great to have you with us. >> thanks for having me. >> first of all, did you sell? did you sell any shares? >> no, i did not >> why not >> no, i think this company coinbase, so we invest in 2014 and the diligence and discipline that they've shown in building the company up, even building

institutional aspects of their platform when it was crypto winter was impressive. i think brian armstrong and emily choi and team have created a company for the long-haul. unlike other tech ipo, including uber, we were an early investor in, a lot of ipo are going public at the maturity stage of their business and i think coinbase at the beginning with 56 million user account but $72 billion annualized run room. so much ahead for them i want to address something i heard brian bring up which is the question of whether you buy bitcoin or crypto, versus coinbase, and my short answer to you is that do both. in 2014 we bought bitcoin and we invested in coinbase when it was

a non-consensus industry sector. the reason we did that is as investors we want to learn, meet engineers and get deep in the technology but from a purely investment perspective you want to invest in software companies that create platforms that attack and transform so many different sectors. so the question of whether or not it's an exchange or brokerage or asset manager or lendser or crypto wallet company it's all of the above. that's the beauty investing in software platforms was apple just a computer company? was amazon just an online book store. over the long haul companies because become so much more and for coinbase we look at this as a long-term journey with the company. >> hey, steve, does this, you know, this liquidity event, whether it's an event or not, obviously the company sells shares and take in cash but think of the insiders, the early

investors who maybe this caps the ends of their journey in this investment, do you think there's an opportunity for just a whole host of new innovation in this crypto ecosystem to be unlocked if so, where are you looking in particular >> absolutely. like i said, this is the very beginning of the crypto industry this direct listing, you know, it's monumental for several reasons. one, i think it's the third largest tech public listing ever alibaba and facebook are the other two. they didn't need a direct listing they are deeply profitable so i'm excited this company is going to invest in not just a lot of the investment use cases but they're going to continue to push forward in enabling other companies and start ups in the sector, we're investors in a bunch of ex-coinbase employees that created their own start up in

defi, in nft and in crypto protocols as well. there's a spawning of new entrepreneurship and start up innovation happening, just out of the coinbase employee base. what you will see moving forward as people go through the natural cycle of liquidity and doing their own thing there's already thousands of crypto start ups with really talented people building amazing innovation right now. imagine in five years those people coming from the coinbase platform that learning it's incredible to watch as invest joors to back them and incredible to see all of the products, decentralized finance, nft and digital gold right, bitcoin is digital gold for the investor, there's so many use cases for bitcoin that haven't been delved into. >> steve, it's bk. so i'm curious about coinbase. i listed off a bunch of different businesses that they're in that they need to

execute in and grow from your perspective which sector, custody, staking, asset management, lending what will be the break out business for them in the next two year 12k3w4rz s. >> sure. all of the businesses you described are linked to each other underpinning it is asset under management having the trust and security and software scale to manage all of that. if you look at what they did leading up to this, they bought a prime brokerage, a known infrastructure company that allows other companies and other protocols to manage blockchain technology. so i think they're going into all these areas because it's just additional product lines off of the same base they have a quarter of a trillion dollars under management right now half of that is institution sal. a lot of that is because of price appreciation and

cryptocurrencies but if you want to have a platform that normalizes and extracts away all of the complexity of crypto coinbase is the only platform on the planet that does that even their competitors will tell you, they owe it to coinbase that the crypto industry and their opportunity in their world is even possible and if you look at the assets under management coinbase is managing 10% of the totality of all crypto value on the planet today and so this is not only an important company for the industry but also one that's paving the way for the entire industry moving forward, that's what i'm frankly interested in and excited about, what comes after for the company. >> sure. >> a direct listing by nature is like after a six-month lock up in a classic ipo there's going to be a lot of up and downs while people are finding diversity and there's a lot of trading but long-term, the long journey, i think is up and to the right for this company. >> we're just about out of time

and producers are going to kill me but i want to ask this one last question as it relates to coinbase the stock that is, you mentioned that a lot of the competitors or similar platforms are saying thanks to coinbase you made it all possible, et cetera, i mean, isn't that like what robinhood -- robinhood has said thanks to fidelity or schwab for making it possible for us to be here robinhood ended up being a disrupters to other similar platforms. it came on the scene from out of nowhere, from not traditional finance, it managed to compress fees very rapidly and change the way the industry does business i wonder if that's a concern at all when it comes to coinbase? >> i think it's a different ana analogy. coinbase is one a software platform that moves, holds, invests, stakes, lends against crypto, all of these things. you know, it's an api-driven

company in terms of storage, application development, on-ramping so what they're doing is they're working with the eek o -- ecosystem not in their own silo. so many of the start ups, many of the innovators that would disrupt an incumbent are actually working together and dependent on coinbase and moving forward coinbase has ambitions to embrace the developer community and be part of that. it's more of a foundational platform than a silo to be disrupt you. it's different because they're also investing in a lot of start ups. coinbase is nurturing the ecosystem and it's a different mindset in this very special company. >> steve, great to get your thoughts thank yoso much. >> steve jhan g of kindred ventures s of by the way

i asked that same question to another early coinbase investor, co-founder of reddit, he had similar answer, he had diamond-hands when it came to coinbase what do you think? >> it was a really thoughtful discussion and kind of sounds a little bit like other big mega cap tech companies, think of google, think about laboratories, sidewalk labs, all of theirt more than just a sear engine and at times seen major compression in that business or at least challenges to that business from other players so what i'm hearing is that this is a company that's going to continue to be, again, the quote was nurturing the digital ecosystem and the vc community within it. there's an incredible amount of intellectual call it capital within the firm and that's moving on in some cases but not really so the argument here is that

this is not just an exchange that this is part of the ethos and part of the highway of the digital world and it remains to be seen. that's obviously a vision. right now we have profitability, metrics, multiples that we cling to as investors and try to drop companies in a particular box and i think people are struggling with this but clearly plenty of folks think there's significant upside from here. >> the metaphor to google and amazon are fascinating and imply blue skies for this company. brian kelly thanks for joining us appreciate it. >> my pleasure. >> coming up we're breaking down the banks, we'll tell you the real winner, plus shot in the arm from moderna investors, rallying up 22% in a hi t, we'll break down what's bendhis big move when "fast money" returns

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welcome back to "fast money", we're following a developing story on johnson & johnson. the cdc is still holding ailing meeting on its covid vaccine let's get to meg with the latest.

>> sounds like the committee is coulding to a head and they're leaning to not make a decision on the j and j today, after the rare blood clots with the vaccine. and they are not comfortable to vote to make a recommendation about what to do with this vaccine. one consideration they've been talking about today is the fact here in the u.s. we're lucky enough to have other vaccines, from moderna and pfizer. they say they have not seen these incredibly rare events associated with them and there is a plentiful supply of them. so what you're seeing in terms of moderna over the course of this week in particular, michael ye, jefferies, put out a note that the moat around the mra vaccine and moderna appears to be widening as you see these kinds of issues being sorted through. for moderna they had their vaccine day today and you're seeing a lot more focus what's

coming next for that company can they continue the momentum they've of put in place during this pandemic. coming is the update on kids and variants and talk a lot about how they foresee covid-19 becoming pandemic and needing booster shots. talked about cmv another virus. rsv. flu. and hiv. both of which they plan to plan trials and vaccines for this year we asked could the other pipeline vaccines be as successful as the covid one. >> we can combine things, so if the right varitek for this virus variety for this virus is right for the antig en we can have high efficacy to market, i do believe so

>> and guys, just now we got word that there will be no vote from that johnson & johnson advisory committee meeting from the cdc. they are going to wait for more data and try to gather that very quickly and come together to make a recommendation on the risk benefit analysis but after this discussion today no vote. presumably the recommendation for the pause will stay in place. mel. >> meg thank you of course the longer this goes on i would think the confidence in the johnson & johnson vaccine specifically but maybe vaccines in general for people who were on the fence already may go down as well. guy, where do you take this? we did see quite a move in moderna today. got a lot of catalyst there. >> we had a conversation last night and i cited some things karen's been saying she can speak for herself but one point she made is moderna is probably best suited -- hate to use the word -- probably best suited

going forward we'll be dealing with these things time to time i thought the stock would be much higher yesterday and i guess it made up for it today. i think it will trade to previous 189 we've done nice job handicapping this name. -- >> getting the latest data on efficacy six months out moves to closer to full approval means it can sell directly to companies would be big tore moderna and with johnson & johnson largely sidelined for now the pricing machine goes away and boosters brought excitement there's a lot of things sort of lining up. >> yeah, there is, actually. i heard guy last night while i was on the peloton i thought that, i mean, there are a lot of positives he's right i think this is the one most set

up to monotonyize and talked about variants, booster shots. and other customers direct and other ones they talked about hiv. other ones all that said the toing is up -- stock is up huge it should be good for them. i do own pfizer myself which it doesn't move the needle for them they have obviously a great vaccine as well. but just, look, in terms of relative value, in risk/reward, pfizer a lot of big cap pharma risk reward compelling congratulations to them. zroords extraordinary. >> dan >> i agree with karen, if you look at one year it's low as 30 high as 43 trading around 37 here it seems like every time want to get excited about how well they

had done, you know, i think there's catalysts, the 12 to 15 range, the potential for boosters, this is all good news. bad about being capitalists el here, they did great work in extraordinary time and are now delivering to me pfizer is probably the way to play back towards the prior high and low 40's. >> a lot more ahead on "fast money. here's what's coming up next. >> hey, when is the housing market going to crash. you won't believe how many people are asking that very questi the housing trade ahead. and blow-out big bank earnings is this the spark financials needed to jump start a rally our next guest says so we's ready to name names, 've got that and a lot more when "fast money" returns that's great, carl. but we need something better. that's easily adjustable has no penalties or advisory fee.

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welcome back to "fast money. we have a trifecta blow out bank earnings goldman sachs, wells fargo and goldman sachs crushing it moving higher. jpmorgan actually fell karen, which stands out to you >> well, two but on the upside it was wells fargo. the reason is, you know, they all have similar things going on they all had net interest margins that weren't great other parts like business asset management was great, credit, reversal of reserves but that's not a recurring item but the thing that stands out about wells fargo they still have expenses they are able to address, that is i recurring item, expense ratio is too high,

that would be a recurring item also their call was very, very positive that helped the stock, it traded up during the call on the flip side jamie dimon seemed to be seeded, pissed about regulation, talked about fin tech in his letter they're not hamstering the way big banks are and his desire to do deals i don't have insight into his head, i love him but restraining order notwithstanding i think he really feels they're not fully appreciationed they would love to do more fin tech deals and he feels missing square is one of the biggest mistakes he made, seeing the relative value of the trade fin tech versus banks i think he's finding it very frustrating but i'm still long. >> of course you are >> of course, always. >>, ahead u.s. bank equity strategy great to have you with us. curious do you agree with karen in terms

of wells fargo. >> thank you, melissa. yes, the wells fargo story has one unique feature karen identified which is the cost savings. they came out in the fourth quarter pointing out they want to reduce operating expenses by $8 billion they have target expense level $53 billion this year. and fourth quarter level of expenses is expected to be lower than the first quarter so that really sets them apart from everybody else because as a know a rises tide lifts all banks we saw that today with the investment bafrpging results -- banking results. >> i look at this and try to make it simple that's what i do in life, one of the reasons jpmorgan price action was disappointing because tangible book came below expect ags i think 66.5 market saying jpmorgan is trading 2.3 times tangible book and then i look at citi who's tangible book is 7.7ish maybe

that's the one, is too simple or easy as that. >> i think you're right when you look at risk on banks like citi group or bank america we know those names got hurt very badly in 2008 and 09 they traded at very big discounts to the staal worth jpmorgan what we envision over the next 12 to 18 months is those discounts to jpmorgan should narrow because citi and bank of america are obviously not going to blowup like in 2008-09. i think you're looking at it the right way. citi is attractive at these levels >> it is tim, what are you doing with the preserve provisions how we should look at them tailwind profitability that is still the investors' friend going into a period of economic expansion, seemingly better credit story in the next 12 months. >> tim, you're so right.

the low loss loan releases karen touched on this in her comments, they were enormous particularly for jpmorgan jpmorgan sai so as we go into a stronger economy, because of what happened last year and the change in accounting the banks have built up reserves to levels they're not going to see, similar to what we saw in 2011, '12 and '13. what happens it goes to tangible book value for share growth will drive these stocks higher in our opinion. >> gerard great to speak with you, thank you so much. >> you're very welcome. >> of rbc. dan, what did you make of the banks 12y i'm just dis. >> banks? >> i'm just distracted.

g olom over his shoulder -- if you look at the i trend since the november break out where we got the vaccine news and election, it just held that uptrend and is in the middle of the trend channel and so until that is broken you probably stay the course there's a lot of bullish things going on as it relates to the unlocking of those long-lost reserve though may give the opportunity to be more opportunistic on the investment side that karen's looking for in some big banks >> coming up looking to take advantage goldman sachs and which stocks will rally moving hider, our at aers will break it down thnd more of fast straight ahead.

welcome back to "fast money. as earnings season kicks off goldman sachs out with a list of under-performing stocks that could catch a relief rally on the back of the report some names amd master card. verizon. visa and more. more online cnbc.com/pro guy, which stock do you think

will go higher after earnings? >> i looked through that list and first stock that jumped out was t-mobile john legend did a great job while there but transition to mike seiffert has been seamless they have the earnings growth to back up the valuation i think april 28th it will go higher on the flip side if we play i'd fade it on verizon for the same reasons except verizon is so far behind the eight ball, behind the curve that's why you own t-mobile against verizon and at&t over the years so no earning growth for verizon and excellent for t-mobile i like ts. >> karen which caught your eye >> well verizon, actually. i hear what guy's saying but i'm thinking about it a little bit differently which is pe-ratio, we never say buy something for dividend yield but here they are 4.35% i think

we'll feel comfortable they will be ability to continue paying the dividend, a while ago there was fear but i don't think that's relevant right now. when i think of risk/reaward-winner, how high is the bar, it doesn't seem that high to me. when inflation starts to move you want to be in low pe-stocks so i think verizon the risk/reward, is compelling not a ton of down side. >> dan >> yeah so amd caught my eye guy power pitched it few weeks ago. i think higher just so you know. i think it makes sense in the high 70's. i think there's really good technical support going back six or seven months in the mid 70's but the stock's down 21% from its recent all-time highs if you have good earnings and more clarity on the upcoming deal and more clarity how they plan to hit some of the supply issues then you have it trendsing

towards all-time high. on the flip side ice broke out at a all-time high and reversed i wouldn't buy the break out in the ice. i would be playing for a catch up trade to smh and amd. >> tim, which pair are you looking at >> well on the bull side i'm a lot more bullish on cf industries and bearish on charter. let's talk about cf for i second as you look at the a g space, particularly the nitrogen fertilizers and look at prices an the outlook, the operational leverage in these businesses is extraordinary. the supply response that you always inevitably get especially in the a g-space is something i think is at least 18 months away valuation, you don't buy commodities when they're cheap you probably buy when they are starting to get expensive and

this is somewhere in between, i think you have a longer run way to go. i think the entire ag space with other parts of the reflation stories are alive. on charter, this stock has largely been dead money in period where some peers have seen catalyst to outperform so staying away from charter. >> all right. coming up. the housing market has been red hot but is the bubble ready to burst? why everybody seems to be searching for answers. and pedal to the metal, steel trading higher traders break down the move when "fast money" returns le who build it a solid foundation. wealth is shutting down the office for mike's retirement party. worth is giving the employee who spent half his life with you, the party of a lifetime. wealth is watching your business grow. worth is watching your employees grow with it.

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from our resume database. claim your seventy five dollar credit, when you post your first job at indeed.com/home. welcome back to "fast money. dell shares are soaring after vm wear will have special cash dividend totally $12 billion to all vm shareholders, including dell technologies, i feel like we've been talking about a vm wear spin off for more than a decade at this point >> oh, no doubt. it's funny, i walks just thinking that. back in the day emc vm wear. >> right. >> i know you remember that. we seemingly talked about it

every night. dell is a great story we probably don't talk about enough. if you ask how to trade dell on the back of this, north of 400 now the trade you take the money and run for dell it's had a tremendous run. early june there's going to be a pull back and i think you take profit. >> let's move on to the big number 2450%. that's the increase in google searches of people asking when is the housing market going to crash? so is this yet another sign of the times in the housing market dan, i thought this was really intereing. i wonder w types that in, when is something going to crash. that's another issue. >> people who want to buy a home are typing that in or nervous about how to of their house has appreciated. this is really interesting even with rates going up we know

there's supply constraints and tim and karen talk about this a lot. what really caught my eye, we haven't been talking about, look at the chart of lowe's, home depot and home improvement sector have gone up 30% in five weeks, what a find fascinating about the home improvement sector is these charts were in well-defined down trends even after earnings in late february, they broke the down trends and all of a sudden in a straight line somebody is googlin something else, i don't want to go there, so to me these look a bit hot, if you were worried about the valuations in february and march you have to be concerned now because growth is not expected to keep up what looks like to be mid-20's pe's here. >> karen, does it make you nervous that so many people are putting that question into the search engine? >> no. it actually doesn't. it makes me think that people are really afraid that the

market is going to crash, sort of the opposite of, you know, that magazine cover we had the other day, about stocks, spacs, nft's and something else, and was that the peak. i think this is the housing market going to crash, no, i still think the supply/demand dynamic is much to the support of the housing market so i'm long lowe's and home depot and whirlpool. i think pandemic no pandemic, the consumer wants to spend money on their home. i like those trades, whirlpool the cheapest of the bunch, somewhat of a different animal but related. >> coming up, u.s. steel making moves and adtrers all over this one. don't bo anywhere. "fast money" back in two o anywhere "fast money" back in two go anywhere. "fast money" back in two

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u.s. steel topping the tape today jumping more than 7% tim you flagged the move so what's the trade here? >> let's use your metallica reference, look, 15 months ago it was enter sandman and nothing else mattered for this stock other than the price of steel

and level balance sheet but look balances are near all new highs. invent tore y are low. talking about infrastructure and balance sheet with sensitivity it can go higher, as volumable right but i'm long u.s. steel and will stay >> let's go to more "options action" news u.s. steel did see unusual call volume. so did cleveland clips another steel maker calls outpace puts 6 to 1 among the main actions may 19 calls trading hands. buyers betting that the stock could rise above the strike price five weeks from now. that would represent an increase of 11% over the next five week 12k >> guy adami it feels like classic "fast money" night cleveland cliffs

industries -- >> get aag rom new core. >> pot ash. >> tim was right about u.s. steel. go back to march 2018 when president trump started talking to tariffs u.s. steel was on its way to $50 and went from $44 down to $9 the environment today is better than it was then oh, by the way, u.s. steel is a better operator today than they were there so do the math where i think u.s. steel is heading back that's classic fm for you. >> thanks more "options action" on friday 5:30 p.m. eastern time up next, final trades.

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time for the final trade let's go around the horn, tim? >> pot ash, look, cf, i think is a story, whether classic "fast money" or not i think it's going higher. >> karen >> yeah, part of my own big cap pharma etf bristol myers. >> dan >> yeah i'm with karen, bristol and i like pfizer here. >> guy

>> yeah, i'm with jpmorgan put $250 price target on dollar general in march d g. >> thanks for watching "fast money" we'll see you back tomorrow at 5:00 for more "fast money. meantime "mad money" ar rhtowsttsig n 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 make you some money my job is not just to entertain but educate and teach you. call me at 1-800-743-cnbc or tweet me @jimcramer. the word i've been searching for and that cult like attitude