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tv   Fast Money  CNBC  August 12, 2021 5:00pm-6:00pm EDT

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live from the nasdaq marketplace, this is "fast money. i'm filling in tonight for melissa lee. tim seemo, dan nathan, and jonathan, a semismackdown, the worst days since march, it's not the only chip getting checked. a couple new names on the market we're dialed into the calls from airbnb, sofi, and bringing you
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all the details. marijuana stocks getting snuffed out, but are they about to light up we'll talk to the ceo of one cannabis company disney surging after hours let's get to kristina partsinevelos with the details. >> the transformation from media legacy to direct to -- the company posted a larger than expected beat. with a beat with revenue at $17 billion. higher than expected subscribers. bob chapek weighs in on the call right north. breakdown from our beloved brands, including quarterbacks luca, "loki" and we have
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continued to launch did i any plus in new markets. >> the average monthly revenue per paid subscriber for disney decreased by 46 cents, because they and the new subscribers even though there's still no meet-and-greets with mickey and mickey, they posted their first profit saying it breached the contract, and bob chapek said on the call it was the right strategy to meet the broadest audience, and doing what they believe is in the best response offing that -- >> they don't anticipate bringing back repurposing any
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shares under events have normalized >> be sure to tune in for the exclusive interview, with bob chapek gentlemen, let's trade it, tim i'm going to start with you. >> a lot to like. this is a streaming company, you
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know, where i think a lot of people now are putting in at ten times the multiple, which is what a lot of the analysts believe on the street. an eps multiple on the for business i think disney can trade higher if you like ned flicks here, then you certainly are going to put that multiple on disney. shares are up 5% >> and you laugh every time. >> tim, i will tell you, tim has said for a while.
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>> the faulk you have a parts number like that is encouraging. the knock on disney has been valuation. i think you can get up to 203? >> they're about 188 right now >> 203 makes sense i really thick the expectations are relatively muted, and we've seen a lot of companies beat and then trade off here. it's been trading sideways, but i would dive into that more and say this goes a story of either they are going to do well, hulu, or they'll see robust growths. if you look at netflix's last release, that, but seeing that all come together, i mean,
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you're seeing it manifest itself i think you have more upside in the stock. it's a company hitting on all cylinders to the up side. >> dan, what do you make of this i think the parks number was impressive i have a lot of friends who did go to disney during the quarter with their families. there's more tan just streaming here, for sure, to be liked. >> i think the point about parts and experiences is these guys trying to hit valuation. if you're going to start to value that streaming business, it doesn't have to be netflix. you're going to get comfortable with maybe 36 times next year, and maybe 28 times 2023, and, you know, listen, i would say this coming into it was down 1% on the year. we've seen a lot of, call it, reopening trades that gave back a lot of the gains that they had at some point in late q1, early
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q12k, because we started to price in best-case scenarios the expectations were fairly muted in a way let's see if we can hold this 5% gain if the-- i don't think there's y reason to chase it here. we also know that, listen, delta may be in the rear-view mirror in a few weeks we just don't know i guess that southwest airlines preannouncement or warnings we got should give a lot of people pause on some of these trades. this might be up or down in either direction no dividend or share repurchasing, so how many quarters do you think it takes
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>> i think they're going to be -- with the pristine balance sheet, and, you know, noted where the revenue is right now for parks and experiences is a percentage as a hole, it was 36, 38% pre-pandemic i think that number will drop. i just want to get back to the scar, joe, fiasco. whether it's "black widow" or whatever it is, what disney proved through the pvod, premium video on demand, they can absolutely dominate, and that, by the way, doesn't bode well for theaters i think thieves the strength of the brands, the studio, as part of this flywheel
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effect we see overall. disney showing that it pays off into the parks and experiences is what we expected. >> what do you make of that? >> i don't even know what he was talking about. >> is that a person? the character from "the lion conditioning >> scarlett johansson. she was married to the good-looking guy from canada for a while. what was that? >> ryan gosling -- ryan reynolds >> and i actually thought that disney handled it really poorly. you're talking about a stock that probably. >> if you're cool with that, i think the stock is fine right here.
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>> i really don't think there's much of a we to feel about delta, other than uncertain. i doubt people will withdraw when they have spent so much money on travel and hotel accommodations not to mention the psychological effects it has on the children. that is how i feel about it. >> that's a good way to go
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>> let's bring in the guest. >> let's do it then. for more on disney's quarter, let's bring in tom rogers. he's also a former cable president, and cnbc contributor currently. i'm just going to open up the floor for you. strong demand continues, despite delta. what do you make of this. >> i will say what is impressive off the back of no internet travel so the fact they are able to put of those kind of part numbers, shows there's a lot of domestic demand.
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they do a wonderful job of putting up these disney-plus headline numbers i can't quite join the party of excitement yet. until they say what disney plus did domestically, which is really where we have some sense of how much competitive juice it really has, last quarter they only put up half a million of domestic plus subs disney plus looks like a million, and hulu looked like it did about the same
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if they didn't do at least thor numbers with all the motion pictures they pitteds out that were intended to promote more streaming subs, it's hard for me to get excited people get excited about the headline suction, but that's really where disney's transformation story will hit the where the rubber hitsed road those are much, much lower margin businesses. , so a number of big questions i still have, whether this transition story is as rosy as i think people want it to be. >> what courtney did not mention is the word "stud. so i'll say it.
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>> it's on my wikipedia now, thanks to you. >> he's looking particularly dapper today. >> i have to live up to the nomen nomenclature. >> you clearly were successful just to play devil's advocate, operating income, it came in much better than expect ed does that suggest well, i think the trajectory of top-line growth is good, but again it'sin terms o what the real revenue.
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what it comes down to is engagement you still have most analysts out there looking at youtube, netflix, road blocks and fortnite, taking up a lot more kids' entertainment time so you have that, and then the parent company comcast issues with hulu not only a huge number it look likes it's tying up in arbitration the whole question of disney's legitimacy that looks like it's much messier and ultimately it will strength disney's streaming performance substantially.
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they're out there with the name star internationally, and starz has sued them for not being able to use that name, because it's confusing with starzz, so there's a lot of unanswered questions before i get too excited about just how good the sport is the iheart people are phenomenal. >> i think they will have real success, but today is a pricing bundle you can get hewletti, espn plus, and disney plus for a bundled price. i'm sure that's having some impact on the performance of the sub numbers here, but to take on
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netflix, versus a much more unified offering, is a really important thing. they have done a hell of a good job tying up sports rights for espn plus. all the major sports contracts that they have reentered here, they've gotten streaming rights. they clearly have a path to take espn plus where espn has left off, everything but the nba, which comes up in 2025 so they really have got something to work with there the other side of that is how fast is the decline of espn and the cable bundle going to be keach in mind, cable viewing, even with pandemic newspaperers was down 20% disney takes the big it's hit on that than anybody. they have a lot of hair coming at them, which is a whole other thicket of issues. >> thank you you've given us a lot to think
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about. i'm going back to dan nathan you wanted hi thoughts, you have them, what do you think? he was a bit more dour that is the rest of the desk on this one. >> no doubt about it tom has been a raging bull for years on netflix he makes a good point as far as the tv subs, but also the rights i believe live will be an important part of this going forward. we were talking about disney was flat hanging into this print you know what also was flat is netflix. investors are starting to rethink about the growth trajectory here or internationally. he wants to know, who are the subs what is the breakdown here in the u.s. where rpu will be higher i think they'll figure out something with hewletti and the bundle they have
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to me, i'm generally fairly constructive on disney i think, again, what we are talking about, we're talking about the parks, and tim made a grate point. yes, it's close to 40% we will get back there, and there's going to be a lot of pent-up demand for it. if you do get some of these going right in the streaming, you will have a lier valuation right now investors seem a bit unclear about the valuations for both disney and for netflix. >> fair enough i think at some point we all may figure out how much cable we need, it's very confusing. i want to watch a show -- >> well, we need a lot of cnbc. >> i'm definitely still a cable subscriber, and everyone should be, in my humble and biased position. we're diving into earnings from airbnb. the details are coming up next later, shares of micron getting fried today, as one
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analyst issues a warning for the stock. "fast money" is back after this quick break.
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welcome back to "fast money. we have an earnings alert. deirdre bosa has been listening in on airbnb. >> i'm glad you have taken that up. the ceo kicked off a call from italy in an airbnb. people continue to travel, at for the second quarter, hesaid they saw consistent strength in north america, and a significant recovery in europe he also noted that revenue bookings, ebitda margins are a number as demand bounces back.
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al total supply overall is the highest that it's ever been on the platform those over 28 days continues to be one of the fastest-growing segments however, it did dip in the past qua quarter. airbnb is being more cautious for the fall. back to you, courtney. >> if chesky is in italy, what is he saying about the breakdown from the international and domestically has he given any color on that yet? >> yes, he said north americans continues to be strong
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>> but it is bouncing back they also said this year is very different from last year even amid the delta variant, boresers are not being -- and they are seeing that recovery, especially in europe >> dee, thank you very much. the value is greater than those two combined
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you want to look at a wynn or mgm, other hotel names, airbnb is still larger than thought not in the same combined way i have to look to an expedia or bookings, or something like that, to wrap my mind around valuation. that's truly the challenge yes, would you rather airbnb for a litany of reasons, but the valuation will continue to be a struggle they are going to have to blow the doors off of earnings to justify that elevated enterprise value. >> got it. shares down 5% after hours mr. nathan, what do you think of the reopening. >> i think so,this ran.
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>> again, this goes back to q1, where everyone was participating we would have covid in the rear-view mirror, and then companies like this, democrat mated during the pandemic, would grow into the demand for these services, just as they had pre-pandemic i'll say this, this company is truly disruptive when you think about gig economy stocks i do think that they're going to have an opportunity to prove out this business model and grow into that valuation, but it's going to be very murky for the next -- i guess for the balance of this year or so just keep an eye on that 1230 level. to me that's the line in the sand, 130, if you're playing alongside, that's where you want to stop.
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about some of those long-term trends falling behind. so i gets people are going back home or going back to work here's what's coming up next. >> announcer: it's a semi slump. micron falling hard, as analysts tern sour on the stock we're plugging into that one, next. plus shares of virgin galactic leaving the stratosphere, but not in the direct they want the traders are digging into what sent that stock into e th red. we have that and a lot more, when "fast money" returns.
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welcome back to "fast money. shares of micron plunging,
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seeing their worst loss since march. the move coming after morgan stanley downgraded it to equality weight. analysts say shares will likely be range bound in an environment where memory chip prices start to decline you can read more about the call on our website go to dan, what do you make of these moves? the note was interesting, basically pinning a lot of this on the d-ram prices. >> transitory, courtney. that's what i say. here's another example where we had in bottlenecks, some supply/demand dynamics obviously very affected by the lack of ability of supply, and some weird demand situation i will say there was a note out talking about consumer pc demands, so we're starting to see some of the stuff abate. it's probably another indication that we'll get past those in the
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not-so-distant future. when you think about it, it's a very commoditized product out here i think it topped out at a price, that sniffed out some of these situation where commodity pricing in general so to me from a technical standpoint, i think the break of 70 or so, if that's coming, that's below the levels of where it was in december to me the whole setup in the space could be bad we'll look at nvidia, but that stock is up 50% on the year here if there's any disappointment there, i think the smh was a false breakout >> it had a nice year, but year to date pretty range bound they actually raised cap ex, which spoke to strong demand, yet analysts giving $110 price
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targets then morgan stanley comes out with this bit of a blockbuster. what can micron see in july that morgan stanton too i will is seeing now for a long time. people said we're no longer commo commoditized this report from morgan stanley suggests anything but i mean, you know, that's not what you've been hearing from a lot of other folks. >> the entire sector looked down the barrel of these types of comments micron is not in the top
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weightings it was a sense that was an playing more bronzely to semiconductors. inch i think it does i think there's names like lam research that's more dive diversified, but you're seeing it translate into the share price. the entire subsector traded off. 1 there'sic significant tailwinds to this space. more importantly how they tone of the message they deliver. >> thank you, gentlemen. we are going to get more later
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in the show. coming up, trueleaf's ceo joins us we're rolling into that trade next. plus the earnings aren't over we're keeping an eye on sofi after the move we have the details when "fast money" returns i'm searching for info on options trading, and look, it feels like i'm just wasting time. that's why td ameritrade designed a first-of-its-kind, personalized education center. oh. their award-winning content is tailored to fit your investing goals and interests. and it learns with you, so as you become smarter, so do its recommendations. so it's like my streaming service. well except now you're binge learning. see how you can become a smarter investor with a personalized education from td ameritrade. visit ♪ (naj) at fisher investments, our clients know we have their backs. visit (other money manager) how do your clients know that? (naj) because as a fiduciary, it's our responsibility to
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the marijuana company beating on the top and bottom line, but shares ended the day down for more, let's bring in kim rivers thank you for joining us here today. what would you say are the big drivers of this quarter, and why were investors disappointed here, as the stock ended the day down 3.5%? >> i don't know that i can comment in terms of, you know the volt tilt. we, of course, are listed and not able to be listed on a u.s. exchange yet
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so it's a bit of an interesting market to watch. hopefully someday soon that would change what i'm focused on every day is the fundamentals of our company. we have strong growth, strongest ebitda of the sector of course, also looking forward to our big acquisition coming to a close here sign with or harbor shareholders, essentially approving that yesterday we could be the leading company on every metric, operationally and financially. we feel like we're very well positioned to take advantage of future catalysts and growth opportunities across the u.s >> kim, it's tim congratulations on great numbers. >> thank you. >> you have interesting leading ebitda numbers, and at some level you're penalized for that.
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the sense is your margin will suffer as you expand right now you are at the top of the happy. >> thank -- heap. >> thank you for the question. we took a different position we wanted to make sure the fundamentals were sound, we wanted to make sure we have a strong, defensible position. not just top-line growth at all costs, but we're building a sustainable company, which we have done. as you mentioned we had industry-leading margins as with you look to expand to become the leading u.s. operator, again in ought metrics across the u.s certainly as we look to the markets, as we're developing markets, look to go interwholesale markets, absolutely there will be natural margin compression however, i think this is --
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we're talking about a 67% margin, so it can be a bit frustrating, but we wouldn't have grown the company, i don'to continue to perform and execute. that's what we do. >> do you attract a new users to your product, maybe someone who is adult, well educated, but still has a bit of an hence? couldn't that be a target for you? >> are you asking for a friend >> perhaps a friend, someone i know. >> i'll give you my number one, i think it's important to note there are strict limitations how we can communicate in the u.s. today. we do a lot of education that's really our primary method of communication, and we education positions. very regularly we have a team of
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educators. we do a lot of face-to-face education, whether it's groups and organizations, as well as social media social media and digital is one of our larger communication platforms. we host talks, and we try to lead with education. we think it's important, in as as many people as we can i would say our current consumers are our best advertisers, so it's our job we have strong loyalty metrics strong repeat customers, and they loved to talk about our product. kim rivers, thank you for
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joining us today. >> thanks. >> i'm going to tip it over to you, tim what about this company in particular >> full disclosure, i have a core exposure in trulieve. some of it is coming from demogr demographics. >> look cannabis stocks are down 30 to 40%, yet this week we're in the middle of earnings season, and the sequentially growth is anywhere from 5% to 20%. year over year, you're talking about 100%, to 150% growth they're growing, they're profitable, but most growths can't invest so folks that are investing now are actually in ahead of a lot
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of big institutional capital it's an interesting time coming up, we're watching -- we're digging into the details, next
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welcome back to "fast money. we have an earnings alert on sofi shares. they're down sharply over to kate rogers who has the breakdown on the company's latest quarter hey, kate. >> hey, court. this is sofi's first report, reporting a lot of 48 cents, but that loss significant one-time charges related to the going public via spac mergers. this is sofi's eighth consecutive quarter. they said accelerated growth of membership to 2.6 million members.
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galileo nearly doubled the count. on the call they noted this had -- were nearly three times the number of lending products a year ago they were about nearly equal, he said. growth in student loans, largely the increase in lending segment products technology platform accounts increased 119% that's thanks to existing client growth and new client acquisition by galileo, management reiterating the full-year of adjusted net revenue, and adjusted ebitda the stock down more than 10% back over to you. >> thank you very much, kate let's trade sofi dan, what was most disappointing to you in the first report as a public company >> you never like to see a disappointing guidance right out of the gate. we're seeing that with a lot of
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these companies that went public you see know, they're a little different than the traditional ipo. i bought this stock higher than where it closed today. it did just rally from about $15 to expectations were not low i just think like with a $15 billion enterprise value, when you see them -- some of these other products, as it relates to sofi money, that's what i want to see i just think these guys, they call themselves a technology company, and i think they'll make inroads, and i think it's likely -- i think it will be taken out at some point in the future i think one of these big money center banks that will need to do some things and maybe he becomes the heir apparent as they look to transform their business in the next few years. >> that's an interesting prediction does that make you more
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interested in the stock? >> you notice, if you look at the consumer, i think there's something things to like so that spits to the time of credit quality, that they'll try to create and setoff if we start to see regulation around that, and we start to poke that bear i think that may be a downside risk i do expect the negative situation to go more muted there, that's a potential pain point for the shares
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welcome back to "fast money. now we want to look at what options players are saying mike khouw will break it down. we also saw above-average call volume the tim that i saw that was notable po me was the august 27 weekly. overall in those options buyers are betting that we did see incidentally some other stocks in the space. >> thank you very much, mike, for more options action, be sure to tune into the show tomorrow
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and i'd ask them, "why is it different? you know, you didn't charge me this much last time." no one could ever answer me. but now with goodrx you can look on your phone and it'll tell you exactly how much it's going to be. and when i get to the pharmacy they charge me exactly what it says on that app. and it's so much cheaper than that prescription drug plan. it's all about saving money with me. i like watching my dollars. welcome back to "fast money. check out shares of virgin
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galactic, dropping another 5% today. the stock is down nearly 14% since its earnings report just last week. you flflagged this move earlier. you truly -- it's about a secular trend for space travel, area nautical engineering, use cases for leisure travel or commuter travel, as well as defense. all those things will lead you to entice in however, given the valuation, you have to trade it off the technicals i would wait before reevaluating -- last thing i'll say, if you listen to dan, guy, tim, anyone else on the panel, you'll probably be around $10, $12. please wait
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let's start. >> space $20 is the level to look for. >> okay. >> dan nathan? >> what a day for chamat he had open door up 44%, space down 5%, clover up 10% he's got sofi down 10% he's a smart guy i agree on this space, big tam there, long term so for me sofi >> temperature tim >> draftkings, look out. similar dynamic around cannabis, coming out of the shadows, the
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osp market continues to consolidate. i think they will be a consolidation. and guy? >> the white sox in iowa >> yes, of course, "field of dreams." >> nasdaq, we're here, buy stock. thanks foratin wchg "fast money. "mad money" with jim cramer starts right now field for all investors. there is 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 make friends, i'm just trying to make you money and my job is to educate and teach. do you want to know the secret ingredient behind this market's rally from the bottom last year. i figured it


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