apple has been in a weak position, so, i wonder at this point, so much of the pessimism has already been priced in >> yeah, meantime, more labor market-related data. stocks faded the gains, we saw treasury yields lower. we saw the s&p finish lower today, too that does 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 the fed bounce and bobble. stocks initially jumping after the central bank chair said a rate hike was unlikely to be its next move, but the rally losing steam into the close what sparked that pull-back, and is this just a sign that the volatility is not behind us? plus, sinking starbucks, dropping 18% at the lows of the day. the ceo getting into a testy exchange this morning. is there any reason to be bullish on this stock? we'll talk to one analyst.

and later, pfizer shares catch a bid after earnings new york community bank surprises investors with a clear path to profitability, and big moves from qualcomm and zillow in the afterhours. we're breaking it all down i'm melissa lee, coming to you live from the nasdaq market site in times square. the s&p initially soaring more than a percent, but pulling back sharply in the last hour of trading to close in the red. the nasdaq had been up nearly 2% at the highs, also finished lower. rates, meantime, also ricocheting with a two-year following ten basis points at the lows, as chair powell seemed to take a rate hike mostly off the table, but yields climbing off those levels for more on what came out of the central bank, cnbc's steve liesman joins us now what was your overall take in terms of hawkish, dovish >> a little more hawkish than expected, melissa. the market maybe dodged a bullet the fed, they kept rates

unchanged, that was expected but it was silent about what impact stalled inflation progress would have on policy. the statement did note that stalled progress, but markets, i think they dodged that bullet with no explicit mention in the statement of a change to policy, because of the holter inflation readings and more importantly, powell for his part at the press conference said it was possible there could be no rate cuts this year, so that's on the hawkish said, but as you said, melissa rat, rate s are unlikely, and still expects inflation to come down with rates where they are >> my expectation is we will see inflation move back down that's my forecast i think my confidence in that is lower than it was, because of the data that we've seen >> and the fed surprised markets with a more aggressive reduction in the balance sheet runoff. the fed has been reducing holdings by 60 billion a month, but next month, that's going down to 25 billion a month mortgage-backed security numbers remaining unchanged.

that provides a little relief for a treasury market that's been awash in new supply, since the runoff will be reduced, but it counters overall monetary policy designed to keep financial candidate conditions t >> i thought that was a great question that you asked about that and he seemed to sort of dismiss it, that it was never meant to be, you know, providing accommodation to the economy do you buy that, though? >> well, the fed, and i think some of the smarter guys and folks i've talked to in the markets, melissa, have this idea that quantitative easing has a profound effect when you're buying treasuries, but the effect is less when you're selling them so -- or letting them run off. and i think that's proven to be true so far. we'll see, but i think what we're seeing here is concern about liquidity in markets, and not having the kind of hiccup we had in 2019, that seems to be an overriding concern with the idea

that they're not really, at least they believe they're not giving up very much in the inflation fight from reducing this runoff. by the way, it is still running off. >> steve, it's karen great job last night, steve's band played at cats for economic education event -- >> i heard about it. >> that was really good. but so, i was surprised by the magnitude of the market's reaction, both up and down, was this euphoria, seemingly not as bad as we thought it could have been, and what sort of changed the tone >> maybe it's not really humble to quote myself, but i said there was only downside risk today. i said this earlier, for the markets, depending on how aggressively they have already priced the downside risk the market really did -- a bit of a selloff, yields have come up so, i think there was a little bit of relief out there, overall, not sure about what happened at the end of the data melissa was talking about. but i think there's a little bit of relief. it could have been worse, and actually think the question i

asked powell about his -- inflation coming down is really sort of what you might call the money quote here he's still confident in the progress that the rate is set at a restrictive enough level to bring inflation down over time, and what you need to do, i think, is reset your clock, but i don't think you have to reset, essentially, the time zone that you're in, right by which i mean, the cuts will happen, and happen over time, but just over a longer horizon than previously believed >> okay. you mean -- that's everything, though, to the market, isn't it, tim? i mean -- we have to -- if we're still -- i don't know about this time zone -- >> yeah, it's not a great metaphor it's not great >> to say, yeah, it's coming, i just can't tell you when, i mean, i understand that's what the fed's prerogative is, and that's what they need to do at this point, but for markets, that's not very comforting >> i would think the guy that's quoting himself would actually not tell us if it was a bad metaphor

but steve, i guess my question ultimately is, what did powell tell us about the economy? i understand the statement is, you know, word for word, and, you know, but the equity market cares a lot more about that. yes, we pushed out some rate cuts as we're all saying whether it's mid '25, you get your third cut, or if it happens at the end of, you know, i actually think the equity market doesn't want to see that by the end of the year what did we hear about the economy? stagflation is the word of the work -- >> no, no. >> i want to understand what you think. >> tim, forget that word this is not stagflation. >> i'm just saying it's somebody's word. >> one guy's word, and really, it is so inappropriate for the situation we're facing now tim, weren't we in russia together, tim? >> yes >> what was inflation in russia? >> i think it ran in three or four digits. >> sometimes it ran in three digits >> this is the '80s? >> we were younger men >> in the '90s >> when we had stagflation, it was 10%. we are talking about the

difference between 2% and 3% inflation. that's the first thing we're talking about unemployment that's running below 4%. we're talking about growth, forget the gdp overall number, growth real final domestic purchase at 6% we have decent growth. we have low unemployment, and we have inflation that's running above target, but certainly not inflation that's out of control in a way that makes you worry about stagflation. is the economy cooling that's the hope, that's what we all wanted, tim. what is a soft landing a soft landing is a reduction in the growth level, maybe a slight rise in unemployment level, and the ability of the fed to cut rates in response to that. i don't know what the right word is things are a little bit softer to the world is coming apart -- and by the way, when you think about stagflation, you're skipping over a major step the expected response to cooler growth is lower prices what do you think starbucks is going to do now that it has the

kind of numbers that it had? is starbucks going to raise prices or is there a possibility starbucks eases back that's what happens in response. if you don't get that response, tim, then you have to worry about this idea of stagflation, and something being wrong in the price mechanism, something being wrong in the response to the economy. i'm sorry to go on a tirade here, i just think that's -- i should calm down, i know >> we're going to have a great starbucks segment later in the show, and we should have you back, and obviously, somehow you -- i did hit a nerve with the third person reference not having a good metaphor, but -- >> but -- >> i don't think there's stagflation, i hear you -- you are absolutely right the economy's not even close, also, it's a falling off a cliff, let alone the inflation side of it, i agree. >> they said the economy was still growing at a solid pace, and powell did look through that weaker gdp number. they said job gains are strong, and we'll wait to see on friday, but that is at least the expectation. and overall, you've had decent

consumer spending. some of the data has been a little weaker of late, and that's something, i think, to think about. but what i expect in response to weaker data is weaker price pressure period, end of story >> steve, always great to get your analysis. thank you. >> yeah, you got me going here, melissa. >> bad metaphor and all. steve liesman. you're nodding your head when steve said stagflation has no place in this conversation, but inve investors -- is that in the per view is that sort of out there? or absolutely not. >> i agree with steve. certainly not over the next 12 to 18 months, let's call it. maybe then you have a stagflationary, you know, environment, but that's quite some time. >> so, what are we facing right now? >> i still think we're in reacceleration

back in march, i said the market would have to price in a hike, i think everybody gave me odd looks when i said that on the panel, and sure enough, we came into today expecting that 30% chance of a hike this year, no cuts i still think we got to go back to that point, where the market starts to price in hikes, because the economy is strong, and inflation continues to surprise to the upside >> yeah, i think it was a -- probably one of his best press conferences, i think he sort of went out on a couple of different things, but you have qt, that's ending, right so, that's qe, in effect and you have this sort of -- i don't want to say it's a fed put, but maybe it's a fed put. because if things get worse, he's going to be there and what is stagflation have high unemployment. we don't have high unfloiemployt so, we're very early on that call all in all, i think the markets usually do the reverse of their first move and that's what they did this time. >> may meeting, obviously, came and went and there was no cut, steve, and

that was -- >> he got his cut in the tape room >> maybe >> in the -- >> i'm letting steve back in >> you were talking about tapering all alone >> it was what >> you were very, you know, aggressively saying they're going to taper >> yeah, and plus, i don't like consensus, too, right? when oil was $125, i thought it was going to $65, right? seemed like a crazy move i don't know how much they're going to be able to cut, but i know he has to cut in an election year. whether it's political or not. >> no way. >> for more on the fed decision and we can continue this debate here, let's bring in the ceo of kbw, a steeple company tom, great to see you. >> good evening. >> where do you think we are in the economy? do you think the fed is doing the right thing at this point? >> what we see to the banking industry's lens is that loan growth was slower than expected in the quarter, and higher interest rates are starting to bite you can see it in real estate, and so, our view is that we see a little bit of a slowdown through the banks, and through that lens, but credit quality

has been very stable >> i guess that's where i'd love to go with this, because it's earnings season, and by the way, today was a day when banks really outperformed. i know there's some new york community bank news that shot that up. regional banks, independent of that, were very strong and what we've heard from restaurants, what we've heard from visa, but certainly, we're going to have a conversation about the consumer that lower end consumer is cracking, and it feels like, if you listen to the companies, cracking pretty hard >> first of all, a lot of that exposure is not in the banking industry since dodd-frank was passed, the whole idea was, derisk the banking industry, so, they've been pushed out of that underwriting i would say a lot of that is in private credit and the nonbank lenders. >> is it cracking or normalizing? >> it's normalizing, number one. exactly. remember, we just had the 100-year pandemic and a really historic response, so, when you look at the numbers, the percentage change is a lot, but it's coming off zero we're still away from what's a

normal credit expense, and i they's actually been the surprise, how well unemployment's held in there, number one, number two, credit's been generally pretty good for the banking industry >> at what point, though, do you start getting concerned that the data points we're seeing about the consumer comes to bite the banking industry eventually, the two shall meet, won't they >> i think -- >> or no >> i think cycles have not been repealed it's inevitable. i don't think it's tomorrow, and we don't see anything on the horizon. and the other thing, too, is that when you look at a lot of the banks that do have exposure to the commercial real estate that folks worry about their reserves are over 10% to those loans right now. global financial crisis losses to the banks were a little bit lower than that. so, the banks have already built a fortress of protection for, like, the big city mortgage credits. >> are you as confident, though, in private credit and the reserves they have against commercial real estate >> i think private -- this will be the first cycle that pry

va private credit's gone through, so, there will be winners and losers i think there's no question about it and also, too, one thing that will never be repealed, if you grow really fast at something, when you take credit risk, you're a little more at risk there's been a lot of fast growth in many of those markets. >> so, how do you think about the divergence between the stent of the big money center banks and the fear of the regional banks. is it too far apart? how do you think this plays out? >> that's a great question, because, so, we have the keith bank index, the bkx, the biggest 24, and then the krx, the regional bank index, there's a 17% difference in year to date performance, which is just about as wide as i've seen it, and it's because the flight path for earnings is so different we feel much stronger about buying large cap bank stocks, and there are a couple of stories that we're really pretty fired up about, where as the regional banks are going to have more headwinds, because higher for longer might be a little bit

more problematic and they tend to have more commercial real estate exposure. we're not worried about their balance sheets, but there might be more risk to the earnings estimate >> is there any scenario where you would choose the smaller cap names? the regional names because you just touched on where i was going to go, if rates are going to stay high for long, then you're going -- you have a trillion dollars of resets and commercial real estate this year, followed by half a trillion, half a trillion, so, we all know the staggering of it is there a scenario where you even waste time with the regionals? >> well there are some really good names east-west bank is one of our favorites. this company, with all that we know in the model right now is a high teens r.o.e. earner and that's a tricky environment. so, we'll say they're $75 billion in assets. so, that's a name, for example, that we like but the -- the regional banks don't have the big cities. think three-story office park,

medical folks in the building, probably fully leased. much different than downtown san francisco. so -- and then also, a lot of those loans have independent guarantees from individuals. believe me, those folks don't like to walk from their credits. >> great to see you. thank you for coming by. >> great to be with you. >> karen, in particular, tim mentioned new york community, but -- >> yes >> you're in this still, right >> yes right, no, i think it is an option now that has life and volatility, and when you have that, and that you put in a great management team. i don't know what -- >> too late. too late >> anyway. there was a lot to like about that >> okay. now to an earnings alert, qualcomm shares rising 4.5% after posting better than expected earnings and revenue. the conference call just kicking off a few minutes ago. kristina partsinevelos has the details. >> sales are up 1%, adding to

that smartphone recovery narrative. management is on the call right now pointing to premium tier sales. they also said they are not seeing signs of weakness in the android chinese premium market, so, that helped the better than expected results and the upbeat outlook. the company's auto business is up 35% year over year, while other chip makers like texas instruments have all warned of ev weakness. so, there was concern going into this report. you can see qualcomm was able to beat that. on export controls, interestingly, qualcomm confirming that they have continued to sell products to huawei under current licenses they have, but quote, do not expect to seven product revenues from huawei beyond the current calendar year, so, you can potentially hear more about the competition between both companies going forward. expect management to also talk about plans to release this a.i. chip for laptops starting this summer, but we know that won't impact forecasts for awhile, but it seems like the focus right now is just on this premium tier market that's what they're talking about on the earnings call >> kristina, thank you there's real concerns, after

skyworks yesterday, particularly when it came to potential android weakness, which they dispelled. >> they did. and they certainly said, in the higher end, is -- which is where they live, it's been an interesting ride for qualcomm, which has had a pretty good run. it's up almost 15% pulled back a little bit into the numbers. valuation isn't terribly demanding. it certainly exists in the more boring part, you could say, really of the semiconductor world, but it's a place where i think ultimately, there are those waiting to hear how they're going to begin to bolt on some of this a.i. exposure. so, these are numbers that are reassuring we've had a mixed landscape. overall, the group also is a fascinating day, because semis really were leading the downside they were down, you know, over 3.5% intraday. they rallied up to flat really interesting to see where the leadership is going to come from >> a 60% of their revenues are from china, 50% from handsets. kristina started off saying the recovery of the handset market,

so, that's the read-through to apple. if we can make that read-through but there's a lot of headwinds concerned with this name, even though it's up 4% afterhours all right, coming up, more afterhours action to bring you shares of zillow, doordash, and mgm on the move. bring you the details out of the quarters next. plus, coffee gone cold shares of starbucks notching their worst day since 2020 what the ceo had to say about the coffee chain's quarter, and if you should drop the drip from your portfolio don't go anywhere. more "fast money" in two this is "fast money" with melissa lee right here on cnbc car, where are we going? we're here. (♪♪) surprise!!! the future isn't scary. not investing in it is. car, were you in on this? nothing gets by you james. nasdaq-100 innovators. one etf.

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welcome back to "fast money. two pharma giants topping the tape today, though for different reasons. pfizer up 6% after beating e earnings expectations. the company hiking its full-year profit outlook, helping shares have their best day since november 2021. johnson & johnson up today that's after the company announced that it plans to pay $6.5 billion to settle almost all of the lawsuits claiming its talc-based product caused ovarian cancer that is going to be put up for t

these are two stocks that have been beleaguered for different reasons. are we going to say there's been a change in sentiment, tim, for your pfizer/your j&j, too. >> yeah, i own both names. and that's a very -- you know, i haven't really felt that beleaguered in j&j, and i've owned for it, i don't know, six months, ish, and the view is the talc overhang, if you get the 75% acceptability vote on this, which is probably not expected until the end of the summer, it removes a huge overhang for the stock. it doesn't necessarily change, you know, the kind of meh element of their pharma business, their med tech business showed a very strong quarter. remember, we just got the numbers, they were solid and if you're waiting for clarity, this was something that was very important i like the j&j news more >> i just think about, we'll get

to it, but this medical loss ratio that we're seeing again and again, has to be good news for the j&js of the word >> yes, it is, yeah, you're seeing higher utilization, more devices being bought yeah, they said that on their earnings call. where do you stand on some of these? >> both charts look similar. i owned pfizer for a long time, i don't own it any longer. i think once you got through the pandemic, it became, as we saul know on the desk, a vaccine story. you don't have to be an anti-vaxer to see that vaccine rates have gone down drastically after we've gotten a couple years away from the pandemic so, they have to come up with -- even though they're a great company, they have a lot of other things, it was vaccine for them that really moved the needle now, they have to come up with something to replace it. neither j&j or pfizer are playing in that obesity area, and that's what's hot right now. >> all right coming up, earnings season rolls on, and we've got a lot more action to bring you, in shares of zillow, doordash, and mgm the results ahead. and shares of starbucks

getting roasted after last night's report we will -- there's so many puns. >> doing them well >> yeah, so many we'll roll through the results with a bullish analyst and see if there could be a cappuccino comeback in store. you're watching "fast money" live from the nasdaq in times square bag right after this

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welcome back to fl"fast money. stocks losing steam after a post-fed surge the dow, which had been up 530 points, closing with just a 90-point gain. the s&p and nasdaq losing 0.3% cvs dropping 17% after reporting results, notching its worst day since 2009 and its fourth worst day ever missing on the top and bottom line higher medical costs weigh on the insurance space. and more afterhours action to bring you. shares of doordash down. shares of etsy sinking ebay lower on leicht revenue guidance and shares of carvana, this is a big one, surging on a big revenue beat that stock is trading at more than two-year highs. you see that right, up 28% in the afterhours i don't know where you want to

go, because i know carvana is a big one, cvs -- >> yeah, cvs, there was just a lot to hate. in so many parts of the business the medical loss ratio which we just talked about, that was high the front of store, that was low. i mean, there really was just -- all different parts of the business that really weren't working. the only thing to say about it, the valuation is really cheap, but yet, this has been happening in slow motion for a really long time so, i don't own it, i'm not inclined to jump inright here. >> so, when you look at technicals on this name, it traded down to october 2020 levels, and then channeling my inner guy adami, it looks double topee, toppy. so, it looks like a bad setup. if i have to look at the glass is half full, i try to use that october 2020 level, which is right around $54, as a support level, and see how long it takes to, you know, either bounce from that level, or continue to hold. all right, coming up, a big move in new york community bank.

more on the results and the profitability plan t that's next. and we're diving into the huge drop in starbucks what the ceo had to say about the company and if you should keep betting on the brew after the fall don't go anywhere. more "fast money" in two. missed a moment of "fast?" catch us any time on the go. follow the "faston" meypodcast. we're back right after this.

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welcome back to "fast money. starbucks dropping nearly 16% to notch its lowest close in almost two years. it was the worst percent drop since the start of the pandemic and the biggest dollar decline ever the drop coming as a result of lousy earnings decline of same-store sales in the first quarter and a forecast of weakness for several more quarters starbucks slashed its guidance for the rest of the year no surprise, the stock was lower on that. then the ceo got the chance to make the bull case for starbucks on "squawk on the street." that should have helped, right here's cramer asking the ceo the very question we've asked here on this desk so many times >> is it possible that your coffee is just darn expensive? >> jim, i think that if i look at the u.s. occasional customer,

they clearly have cut back on visits to us if you look at the value for money scores we have, they're still strong, but there's no question that the occasional customer is cutting back on visits to us >> and then there's this when jim said the ceo is making a fanciful statement about service, which jim says is, to put it nicely, lacking >> the speed of service is real, that's a fanciful statement. it's the exact opposite of what is happening and i don't know how you can say it on our air. >> jim, the facts are, we have improved speed of service quarter over quarter >> i think your through-put is awful, sir, and i do not understand how you can say service is good and also say at the same time, that through-put is awful >> jim, through-put has

improved, there are opportunities for us to improve it even further. and that's what the team is focused on >> i like how cramer holds his brow if that wasn't enough, faber gets in on the action, questioning what the ceo sees in terms of the challenging macro environment when economic indicators say the economy is chugging along >> in terms of citing a deteriorating economic outlook weighing on customer traffic do you really think that's the case we talk about it endlessly here, and it's far from clear that there really is a deteriorating economic outlook so, what is it you're seeing that perhaps many others are not? >> i think what we are seeing is pressures on the wallet for some of our most occasional customers, and they are translating that into what they're choosing to do >> how -- all right, what are they doing, then >> well, so, some of them are obviously visiting less, as we have seen, hence our action

plan >> an action plan, it seems. that's as much in ghondemand at $7.25 coffee so, is the beating starbucks been taking today deserved or is the bear case overdone let's bring in sarah sinatore. she's got a buy rating on the stock. sarah, i don't know if you watched that interview live, it was cringe-worthy. how much of that is warranted? how much of that is overdone >> well, i mean, i don't envy him for having to go through them, but --with that being said, i think, you know, the selloff is far overdone. so, what i will say is, you know, we knew that this starbucks was going to have some difficulties in terms of same-store sales they already telegraphed that, and we can talk about what i think the reasons for, and china, we know, broadly, from other restaurants and brands, for example, that's just a

difficult environment right now. so, from my perspective, when a stock sells off the way it did, you know, it typically means it's not just a question about the near term, because obviously guidance was lower, 15% down to sort of low single digit to flat, but questions about the longer-term viability of the brand, and i think those are misplaced. >> in terms of, i mean, to get to cramer's point about cost, though, what -- are there any levers to pull on that aspect to bring price down, or is that something that just remains elevated because of the nature of labor costs and inflation remaining high in general? >> well, i'll start by saying, you know, the order that you referred to, there's a lot of customization in there, cakara mels and ribbons, and crunch consumers are deciding to really customize. when we look at the price that starbucks has taken, really isn't very high, relative to what we've seen from others. so, you know, this right now,

it's about 2% higher than it was last year. there are few restaurants that are only up 2% price so, you're looking at a check that is really a function at what consumers want. and i think what starbucks is offering is, you know, they're offering some targeted offers through their loyalty, through their app, to really get at that, so, whether it's a bogo or 50% off in the afternoon, that's what they're doing to really make that occasion very, you know, sort of very accessible. >> when i think about ceo's tenure so far, almost from the moment he took over, the results have totally missed what they've told us. i think there's been a very poor communication to the market, and i guess just gets back to starbucks versus the consumer, because we all know that the lower end consumer, heard from mcdonald's, they need to lower, you know, chocolate chip cookies, i mean, there's a lot of different things going on, but starbucks should be somewhat immune i just think about the

management team here and yesterday's, you know, the cfo is -- the mea culpa was kind of bizarre this was an awful quarter -- this is before this morning's interview. it just seems as if this team seems to be a little flat-footed. >> yeah, so, let me start by just backing up in terms of safing why i think that this sort of economic argument is less relevant here so, when you look at their trends, their trends were exceptionally strong all the way up through october of last year. and then they basically fell off a cliff. that is not what we see when there's pressure on the consumer or they're feeling like the value proposition has changed. you see a slow bleed the other thing that you typically see is negative mix. so, you see check management, consumers, you know, not ordering that extra pump or that, or sizing up again, we're not seeing any of that check management was absent. the check was positive, including some price, but continued self-selected

upselling. so, that's why i don't actually think the role of the economy is as pronounced. i think there's some social media narratives that they've also addressed that are much more of the -- what i will characterize as sort of the acute catalyst for what we've seen >> sarah, who questions for you really quickly one is, how much are, you know, smaller mom and pop competition hurting ing starbucks? and the second is, are they just having a hard time expanding margins? you mentioned yourself that, you know, you're seeing about 2% inflation on sort of their base level of product just can't raise the price of coffee that high, margins a bigger issue >> so, to your first question, you know, when we look at data for the -- for this industry, for the segment of specialty coffee, it looks like it's been growing 7% annual little for the last five years. it doesn't surprise me, because younger consumers just like to consume outside the home you would expect to see what i'll call a demographic

dividend it should grow broad ermore thae broadest restaurant industry we've seen some shifting, some loss from regional chains, gains from upstarts, but starbucks itself has been pretty stable, so, i don't think it's the mom and pop piece. and, you know, that's a good segue to your second point, which is, large chains like starbucks have a huge cost advantage. if they're feeling pain, smaller independents are even more so. i think there's a lot of opportunity for margin i think it comes from self help. he talked about through-put, some of that is equipment that they're doing, and then some of it is just better staffing, scheduling so, i do think there's an opportunity for them to expand margins. >> just quickly, do you have a sense as to why the occasional customer is just going less? is it mostly price the waiting? i'm just trying to figure out, how likely is that occasional customer to go back and be that occasional customer or do you just write them off? >> i don't think you should

write them off and, in fact, that's always what we see whenever starbucks sees stores sale, it's typically that customer, because for whatever reason that things are slowing, they are just loyal. if it were economic, which, again, i don't think it is, they would be more likely to maybe give up an occasion. if it's this social media issue, which i think is more likely, they're less tied to the brand and maybe less aware of what the, you know, the true narrative is, so, i think they can get them back. i think marketing, i think sort of telling their story is going to be really important >> sarah, thank you for coming by appreciate it. good to hear the other side. what do you think? is this tempting at these levels >> not quite i you t i think you're going to see people get frustrated and throw in the towel and it will turn into a show me story >> you are a coffee shop owner of two shops, actually >> i am. >> what are you seeing in terms of cost and the threat of

starbucks? >> yeah, in reality, you know, we're actually attracting a lot of customers from starbucks. people want an alternative, particularly as you move out of the city, into the suburbs, they want their smaller, more local chain. so, we're actually stealing a lot of customers to starbucks. i don't think my coffee shop in -- >> you're the reason >> is the reason starbucks is getting hurt, but with that said, on the margin side, wage pressures are real and finding really good talent is, you know, it's hard. so, you know, i end up working on sundays a lot of times. just for that reason >> this stock is now trading at 16 times '25 earnings. let's be clear and i was actually selling 60 puts out to january, because i -- i'll own it there in the current framework. but everything we said tonight, i would have rather heard it was about the consumer i don't want to hear about it's a company that seems like they're structurally broken, or they have issues in terms of the pricing of the product

but the competitive landscape -- this has been an accident waiting to happen for a year >> there's too many headwinds, wages, commodities, a lot of pricing that's going against them, there's the unions, i think you let it sit use the $70 stop, and if it trades below that, bail. >> i just want to -- good for her for coming on. it's hard, you're bullish, turned out to be wrong, we all have that, tough day, good for her for coming on. coming up, zillow shares sinking after the stock's latest quarterly results. inside the call next. and a brand new survey is revealing plenty of bullishness amount investors, especially if they had an extra 10 grand pocket we sit down with caleb silver for a deeper look into investors' minds and wallets after this traditions. (woman 2 vo) i have a great boss... it's me.

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welcome back to "fast money. let's get to another earnings mover. zillow zooming lower on its latest quarterly results that call is under way diana olick has the latest >> memelissa, weaker than expecd q-2 guidance they blame that on, big surprise, higher mortgage rates,

and underperformance among first time buyers. zillow's revenue was up 13% year over year, driven by the rental side, primarily multifamily. they said they benefitted from occupancy rates coming down off historically high levels driving more need for advertising. occupancy is down, because so much new apartment supply is coming on the market this year there was mention of the big settlement on exhibitions with the realtors and brokerages and ceo wrote, "the substance of the settlement is what we've characterized as a very reasonable middle path forward for the industry, where commissions are negotiated and communicated between buyers and sellers, and both parties are better educated. melissa? >> all right, diandiana, thank u karen, this one is in your portfolio. >> yes, just speaking of being on a day when one of your things is down and i have two to choose from today but this, i thought, was not a bad quarter. there was a lot to like. a little miss on average monthly users, but i thought it was good ebitda was very good margins were good. i thought rental was good, which has been a really nice add-on.

i think of them as in the business of underpromising and overdelivering so, i want to hear the call that's going on now, so, i'll listen to the replay nothing to me would make me shake my interest. >> i have one side of that equation, right, underpromising. let's see if they can overdeliver. if you look at the stock, it's going to be an interest rate event for them and the stock will probably bottom long before, or at least ahead of time, before we actually see that turn in rates and we go low on rates is. you definitively have to wait for that i think you have a couple more bucks to the downside, but when there's a premium name in the group and when there's other names, they are definitely the premium name in this group >> diana mentioned a lot o supply, apartment supply coming to market, obviously, rents would go down. housing costs would come down, inflation would, in theory, come down do you think that's the way it actually unfolds, though >> theoretically, yes. everybody is waiting for that to

happen, you know, and that was the big story coming into the year i'll believe it when i can see it zillow's our home price index is going up, though, so -- >> all right coming up, how are investors feeling about the markets? and how would you spend an extra 10k? we're digging into the investor mo "sto ndut refa money" in two morgan to he untapped possibilities and relentlessly work with you to make them real. happy mother's day! some things never change. like a mother's love. get something as timeless as a mother's love at harryanddavid.com. life is a gift. share more. 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

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welcome back to "fast money. the survey says that retail investors are cautiously optimistic about the markets, but they were not actually doing much investing in april. that's according to the latest survey caleb silver is here on set to dive into the results. it's always nice to see you, caleb. why are they backed off? >> well, i think it's probably because investors find a reason to believe one way or the other they're looking for a reason to believe, they're just not putting their money where their beliefs or their mouth is. they want things to continue to get better, they want the market to continue to rise, of course, that's the optimism of the herd, but the first couple weeks of april, some of the slowest inflows into stocks from retail investors since the pandemic, since 2020 that items you, nobody was putting to work. some of that is tax season, some of that is just a lack of appetite there was a mini reversal, so, there's some fear still built in

there. they would like to get more enthusiastic they're not there yet. >> they still like the big stocks, though, in terms of the top stocks of april, the usual suspects, exxonmobil is on that list, and is that a new development, or -- >> that's always kind of circled the top ten, sometimes it pops in it's been a good stock, oil stocks have been good performers a lot of our readers are around 45 years or older, old faithful, dividend paying stocks but the large megacap tech stocks they say, though, they're worried some of those are in a bubble, yet, they would still buy them if they could >> 60% say .i.-related stocks are overvalued that's interesting maybe not surprising in terms of the extra 10k question, if you had an extra $10,000, it's still stock. >> it's still individual stocks. this is a stock-loving crowd looking to put money to work just haven't had that ebb enthusiasm in general, you just don't find

that there's some uncertainty, and inflation is the top concern guess what it's also the fed chair's top concern, too >> we're talking in the break, just about some interesting new searches being done, there's some real interest in terms of what's going on on campuses across the country and the protests there, interest in what is an endowment, things like that >> people are waking up to the fact that universities have these endowments, and we've seen some of the protests call for the universities to divest from companies that are doing business with or for israel. and some of those are the biggest companies in the world, so, it's prompting a lot of people to search, what does it mean to have an endowment, where are endowments invested, what is divestment that's brought up a lot of conversations about where the big money goes and the universities have a lot of it. >> what about the kind of high uber speculative stuff, like bitcoin, which has had a big pull-back, meme stocks where is the appetite for highly speck? >> they've seen prices be

volatile and then drop quite a bit, so, the 8% or 10% that were already in it, we didn't have a lot more people rushing into it. a lot more people waiting to see what happens here. not a big appetite for risk right now, just this cautious optimism we hope things are going to be okay, usually they are we have to see if they will be >> caleb, thank you. as always. caleb silver. up next, final trades. switch to shopify and sell smarter at every stage of your business. take full control of your brand with your own custom store. scale faster with tools

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final trade time michael? >> short duration, high quality, fixed income >> tim >> nice having michael nice to see health care outside of lilly work, so, we talked about j&j, but pfizer. going higher >> karen >> yes morgan stanley and also hello to

a longtime watcher, gavin. >> steve >> i went with the ipo today, viking holdings, and i'm going to go see michael on sunday up in rye at his coffee shop. >> called sunshine >> there you go. >> thanks for watching "fast money. don't go awhnyere. "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. i promise to help you find it, mad money starts now. hey i am jim cramer welcome to mad money. i'm just trying to make you a little money. it's not just a job to educate but to entertain and teach. i get you to watch. tweet me at jim