 The following is a presentation of TFNN, the morning market kickoff with your host Tommy O'Brien. Good morning everybody, I'm Tommy O'Brien coming to you live from TFNN Thursday morning just after 9 a.m. Eastern time. We got about 24 minutes to go until the start of trading and it's gonna be a wild one folks. Facebook shares disappointing greatly to put it lightly you're gonna see market cap destruction I'll get out destruction like we've never seen before folks and I'm talking about maybe 180 to 200 billion dollars wiped off that company's market cap overnight it's gonna be the biggest single loss in market capitalization in a single day at least on the open we'll see how Facebook shares trade on the open they're bringing down a lot of those companies with them as they suffer on user growth they lost more than the market thought their guidance was weak they got a lot of things happening almost a perfect storm is as one person put it out there this morning S&Ps right now down 1.4% you're down 64 points trading at 45 13 NASDAQ 100 down 2.7% you're trading at 14,700 down 413 points Dow off only four tenths percent Dow trading down 137 the Russell right now off 1.2% you jump over to crude crude trading down 65 pennies on the session technically at 87 59 we did just have a six in 86 handle excuse me early this morning crude catching a little bit of a bit over the last few hours you get the gold contract down about four bucks at 18.05 we jump to notes and bonds you get the tenure down 17 ticks we got a hike from the Bank of England today excuse me ECB right ECB yes ECB Christine the guard she was out there in the press conference this morning and let's jump over to that one real quick as we do it no B of E excuse me yeah I'm getting confused B of E hikes rates as four officials vote for a bigger increase so that is what is hitting some of the markets out there you get the tenure down 17 ticks 127 18 lots of action across the board you get the 30 year down a full point and 18 ticks right now at 154 14 whether that has to do with growth whether that has to do with some of these tech companies not performing to where the market may have thought but let's just jump over to the main event today folks and it's going to be Facebook and you're going to open down I got to I mean these numbers folks $80 almost you're going to open down $80 on Facebook shares and it was basically an instantaneous drop off putting it on a one minute to see the escalation last night we'll zoom in on the action right out of the gate Facebook comes out with their numbers at about 402 you drop to a price point of 264 by 410 last night and from there you've just kind of been chopping around and you're pushing overnight lows right now at 247 70 when you look at some of these online subscriber based growth companies you look where we are we jump over to Pinterest for example Pinterest is going to get punished on the open as well you're going to open down more than 10% on Pinterest shares you jump over to Snapchat they are getting punished as well from 32 to 26 many companies can't escape if you are a growth company Amazon shares down from 3000 to 2877 Apple not quite the hit you're still down $1.80 on that company remember Apple's got 16 billion shares being down $1.50 on that company is going to be $24 billion hit to the market cap Microsoft shares down about $4 this is going to be quite an interesting open in about 20 minutes folks and let's get into the data on Facebook because boy it was quite a miss across the board so meta is as they like to be called these days meta shares collapse after tick tock steals users from Facebook that's the Bloomberg headline out there whoever stealing the prox they in gaining users and that's the first time in a while meta social networks battle video platforms for users time quarterly loss this is 90 days folks you're talking about $3.3 billion for the metaverse investment totals for quarterly loss of more than $3 billion as they you're going to open down more than 20% we're pushing overnight lows in Facebook wiping out about $200 billion from its market cap value disappointing sales forecast for the current period we got a lot of data to go over here the Dower outlook installed user momentum is a dramatic turnaround for a company that's posted share gains in every year but one since its 2012 IPO remarkable they've been public for 10 years right now seems like it's been a one-way shot to higher prices over that time meta's rival tick tock reels is growing quickly but monetization has been slow and he asked investors for patience as the product ramps up ramps up this one's a tough one for me to figure out here tick tock we have a teenager in my household 15 years old tick tocks the deal folks I know that some kids in high school they like Instagram but Facebook's not the deal it's not even close that's why they're changing the name Facebook is hip with old people sorry to break it to you folks but that's the deal I'm in that category unfortunately to I am not hip with Facebook but they are not getting the young viewers Zuckerberg knows that he's trying to do kind of an about face of where they're going over time we think there is a potential for a tremendous amount of overall engagement growth with reels he said on the conference call we think it's definitely the right thing to lean into this and pushes hard to grow reels as quickly as possible and not hold on the brakes at all even though it may create some near term slower growth than we would have wanted that's a scary sentiment folks because basically they're saying we're trying to grow areas that we see our future in but we're not growing them yet they're basically saying reels is the future we have to focus on it because Facebook political posts in the garbage that fills Facebook mostly is not the future he's probably right in that but that doesn't mean that you can just turn that on and grow it all right the kids are not coming back to Facebook folks it is not happening you get into it even more yes here we go the company changed its name to meta last year this is the first time they come out with earnings since that name change you have a whole PR battle going on here you don't tell me that Zuckerberg knew this was coming all right he knew that he had to create a narrative of a future that was much different because if it was same old deal and you had this type of an earnings event they were they might have even been punished even more you're down to 244 was the law we're training to 247 right now closed at 323 met his reality labs division which includes the company's investments in the metaverse and virtual reality that was the 3.3 billion dollar loss for just the 90-day period now here's a kicker when on the call Zuckerberg was asked when parts of the metaverse will be gone will begin to arrive for users and his answer was it's already here folks it's already here folks that's not the answer all right he replied that some aspects like digital avatars are already here don't buy it not happening okay they need to make substantial improvements to their technology to the metaverse to the experience before that pays any type of a dividend he also reminded analysts analysts that while the metaverse will be the best experienced using a virtual or augmented reality headset people will still be able to access the digital environment through meta's existing apps like Facebook and Instagram again not happening okay he is trying to tell you folks that Facebook is going to be the metaverse that is not the deal that is not what excited me that is not why I've been talking about metaverse when I got the Oculus Quest 2 not happening a digital avatar folks not happening at all they've had digital avatars forever 2.91 billion monthly users in the fourth quarter flat compared to the prior period you don't have to be a charting genius to see the stall out in growth even since 2018 folks it's remarkable to see that since 2017 Facebook has added almost a billion users in the last five years they ain't adding any more users folks it's not happening okay North America they're losing users in North America revenue 27 to 29 billion as opposed to 30 billion we're gonna become back talking to Kevin Hinks we're gonna talk a little bit more about Facebook as well stay tuned folks right back everything in the universe is governed by the Fibonacci sequence this mathematical principle is responsible for everything from the most aesthetically pleasing artwork to patterns in the stock market to stay on top of stock patterns you can take advantage of sign up for the Fibonacci 24 7 newsletter at tfnn.com when you subscribe you'll get a weekly report from veteran day trader Larry Pezzavento on stocks you need to pay attention to and you can trust Larry's analysis after all he's got 45 years experience as a day trader Larry will also provide daily charts videos and data on the key markets that he's tracking expect notifications from Larry on market movement you need to act on at any time first time subscribers also get a 30 day money back guarantee if you're not satisfied let us know and you'll get a full refund within 30 days of signing up subscribe to the Fibonacci 24 7 newsletter today tfnn.com 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about 1500 points from last Friday we pull back and we are right at that 3a2 right now so we'll see how we do on the open Facebook shares you're talking about almost 200 billion dollar wipe up wipe out in their market cap gonna be an interesting open to say the least let's jump over to our man Kevin Hicks every trading day folks noon eastern time Kevin Hicks Tom white the team a TD Ameritrade network on fast market talking about markets breaking down the day's market action talking about earnings oh boy Kevin Hicks where do we start today man good morning yeah in the famous this one may hurt a bit in terms of trading Facebook and trading any of the social media names frankly today so you know it's interesting Facebook came out with their numbers and make no mistake let's put it in perspective they still made a boatload of money and they have a boatload of revenue but they guided a little week right 3 to 11 11% is not what the street was looking for Mark Zuckerberg acknowledged that tic-tac is affecting their business they're putting a lot more attention into their reels and their short little stories like tic-tac does but that's less profitable and so this you know I think in many ways Facebook is still getting you know coming through the Apple iOS changes and but here's the thing if you are a fan of Facebook or someone that wants to invest in Facebook you're getting this back to August of 2020 levels and this PE coming when it's all said and done today is gonna be like a 17 or 18 so that's the positive you can take from this Mark Zuckerberg though he didn't make a real attempt to put a pretty picture on it he basically said you know declined in user engagement inflation taking its toll things like that so you know this is only the third time since they've been a public company that they've missed their bottom line estimates and will they get it right yes they will will it be today or will it not be an ugly day today it'll absolutely be an ugly day today Tommy yeah as somebody that you know has a small portion of Facebook shares in some retirement action out there the long-term may be promising but how long is that long-term gonna be man because that that that the tidbits coming out last night you know Facebook Zuckerberg he wants to change the world kind of with the metaverse and you can't change the world overnight man you can't do it without spending some money and what are they stuck at now Kevin about 2.8 billion users well jeez how how how are you gonna keep growing when you're pushing half of the world's population on on your app at a single time come on let's be honest it's only 36% of the world is on Facebook so billion they've got about 2.9 billion so yeah about 36% 1 in 3 a little more than 1 in 3 people in the planet is on one of their platform it is remarkable as checking out some of those numbers definitely a stalled growth but even going back to like 2017 Kevin they've added a billion users in the last four or five years and we all know Facebook was a household name that almost everybody was using now a lot of that growth probably over that time internationally North America actually losing some users which probably has people a little freaked out as that's one of the areas they make a lot of cash on but pretty interesting Kevin how so many of their competitors get punished to right I mean Pinterest is gonna open down more than 10% snapchats gonna open down yeah more than 10% 15% the industry a little bit worried here punishing some of the competitors there like you said you know if you're looking at any of these man snapchat was just trading at 83 less than six months ago you're gonna be trading at 26 you have Pinterest shares gonna open at 24 you were trading at 89 about a year ago remarkable the way that that even pulls down everything though we got Amazon shares gonna open down under 2900 you closed it over 3000 what do you think about the way this is reverberating to some of the competitors let alone what it did to Facebook obviously yeah I mean think about this with everything that happened in terms of good newsy yesterday in Google alphabet that's not gonna be down 50 bucks or $60 to start the day so you know there there's good news out there you're gonna get a chance to buy some dips in some of these names remember what Ernie season is Tommy it's a big market made up of a bunch of individual stories now Facebook story not great today but that doesn't mean that Google that doesn't mean that Amazon after the bell today can't have good numbers and don't get thrown in with a negative down even though some of them some of the you know I'm really gonna watch Google alphabet today it's gonna open down how does it finish the day because they have nothing but good news going on there and yet the sex gonna be down today so I'm gonna watch that one for sure today so lots to do lots to trade through it's gonna be still a fun day but obviously the open not gonna be very pretty yeah and I think you make some great points man and that was kind of my takeaway to Facebook you can't deny that they obviously have a little bit of headwinds on a few different friends going on but some of the other companies and you know I was just looking at whether it's Pinterest and Snapchat because they might not be facing the full carnage that you have a company like obviously Facebook and some of the new Apple iOS right they talk about that's gonna be potentially a $10 billion hit for for the fiscal year alone coming up but boy those are strong companies and they might not be facing as much headwind as a company like Facebook and boy when you have the the aspirations that mr. Zuckerberg has about taking over the virtual reality world it's a dicey scenario when you start losing multiple billions of dollars in that quest in 90 days you mentioned Amazon Kevin well if you wanted to trade some Amazon for earnings man you're gonna get a haircut on that stock we're trading at 2875 right now in the thinkorswim platform now as of yesterday Kevin I got a one-day move of about 155 bucks so just about 5% on that equity coming up for their earnings after the bell tonight I imagine you and Tom White or the crew who do you got you got Alex coffee in there today or Tom White what do we got going on fast market back to the old lineup Tom Alex coffee that was a one-day deal yesterday we were shuffling around some bodies but today it'll be Tom White and I we're gonna go through Pinterest look at Pinterest and what's going on with that today and then we'll like fully old do a presentation on Amazon and then we'll look at Ford in the last night's the Ford coming out with earnings so Pinterest Amazon and Ford today good lineup pretty cool man this is gonna be a wild day Kevin because you put it you I just say you're exactly what I'm thinking man I can't wait to see we know Facebook is gonna be some tough deals and folks if you look at right so the destruction there's destruction I'll get it out of my the Facebook is gonna hit it's gonna be the probably depending on how Facebook finishes the day and we haven't even started trading yet so we'll see where we go but you're talking about $200 billion about market cap gonna be the biggest one-day market cap whiteout ever now the number five on the list I have up there is Facebook again from July of 2018 folks and boy when they did that on July of 2018 I gotta back it up even further Kevin the point was gonna be that they actually had to go even further but back as in they traded down pretty harshly from I'm going back that day I got a weekly from about 220 to 175 but the carnage didn't end till the end of 2018 at 123 so we'll see if this is the fallback for Facebook but quite a pullback as you put it you're getting basically prices that you haven't seen a couple years for Facebook shares well Kevin we look forward to the show as always man we'll be watching at 12 noon thanks Sammy thanks as always Kevin folks tune in it's gonna be a great one boy you got volatility in spades man we got a vix right now trading at 2370 no is that right yes it is 2371 you're up from a close of about 20 last night you're gonna have some volatility premium in these equities whether we're selling premium whether you're buying premium snapchat chairs been open at about 26 you're gonna have Pinterest they got earnings after the bell they're gonna be down at about 10% you were just 31 24 stay tuned folks will be right back for the open are you having fun trading the markets but having trouble finding like-minded individuals to discuss your trading and investment ideas with become an apex predator in the trading 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24.7 percent on facebook shares right now quite the carnage when you look at this company you're talking about a company with about three billion shares outstanding folks getting down to it exactly 2.78 billion to be exact you're pushing more than 200 billion dollars of market cap destruction largest single day market cap description destruction ever i'll get that word destruction uh and getting into that real quick so i talked about it real briefly with kevin hanks but it's important to look at because the last time this happened to facebook you got to go back almost four years ago to july of 2018 when they lost 121 billion dollar market cap they weren't as big of a company at that time all right you look at the other companies have lost that type of market cap in a single day it's the usual lineup you can't lose 200 billion in market cap unless you're a fang stop a stock of some sorts apple september of 2020 lost 180 he had microsoft at 178 in march of 2020 that was as the pandemic began to break tesla 140 billion market cap november of 2021 and amazon losing 130 billion market cap so facebook you back it up to july of 2018 all right we jump over to the charts uh you jump back to a five-year weekly to bring it into fruition and you just want to be aware of it folks because i don't have the daily up there okay but that is the week july of 2018 okay and it was just the beginning so pay attention to that okay yes this could be a buying opportunity but if you're thinking about getting into facebook nothing wrong with scaling because you definitely may see a pullback the last time this happened folks you had an additional 30 plus no what if yeah 30 percent you in an additional 30 percent after that day of destruction after the week of destruction right to go you ended that week at 175 facebook didn't bottom until they were 123 by the end of the year took a solid five months of destruction following that day we'll see where facebook goes this uh but that is quite a weekly bar off from 384 we're trading at 285 and yeah you're back to an area i mean you break below this area seems all but natural you're heading to about 218 an area had resistance in the beginning of 2020 that's also the area that you fell out of bed in 2018 you're right at that level at 243 facebook really not finding a bid yet as you're basically just hovering at around session lows now one of the final things i want to look at i mean the amount of money that they're losing right another way of illustrating this decline a 20 percent decline in meta and we're 25 percent now would be more than the market value of 450 companies of the smp 500 so you're talking about nine out of 10 companies in the smp 500 if you lose that type of market cap they just cease to exist they're gone all of their market cap is gone the fang stocks control it all folks uh and that's why you're having such a hit across the board on these equities you are seeing a little bit of a bounce in the nasdaq 100 but not in facebook shares you're at 243 let's jump over to google as kevin hicks mentioned down less than one percent right now for google shares there's a little bit of a pop you're up 35 bucks from the open on google shares let's see how amazon is trading amazon still down five percent but you just popped about 50 dollars from the lows that you made on the open traded out to 2808 you're trading at 2863 as we mentioned we got pinterest after the bell as well pinterest down 11 percent at 2450 they're going to be talking forward coming up on fast market at noon eastern time as well for trading at 2034 i don't think do they have their earnings they do they got their earnings as well so that'll be an interesting discussion coming up on fast market forward pinterest and amazon all with their numbers look forward to that program as always all right let's jump around to what else we have going on we got a lot going on folks uh weekly jobless claims 238 000 fewer than expected lot going on in this market this is one of the last data points the markets pay attention to today but they were looking for 245 000 so decent numbers four week basis lowest level since 1973 that's a good indicator for the economy tomorrow we get non-farm payrolls folks and all i'll say is be ready for negative action but be ready for the market to basically say we knew this was coming okay um quite the spike in omicron i've been talking about it this week my family had a covid outbreak the work-life balance when your family has a covid outbreak folks it has to take a hit uh the survey week that this non-farm payroll data is going to come from was basically i think it was the week of january 12th to somewhere around there it was the peak of omicron okay you don't get the full month of action you basically get a survey in the middle of the month and if you get a survey in the middle of the month that survey took place at peak omicron covid now the way that those numbers work for those that are unaware and you already have the administration out there uh mr marty wash labor secretary right underplaying those numbers pay attention to that okay uh but rightfully so he's out there saying listen if you're in a job and you don't have paid time leave and you need to be out for three four five days something like that even just for a quarantine for your family you don't count as an employee okay that's going to happen that is going to happen many times unfortunately many people that work full time do not have paid time leave just to take time off for five seven ten days whatever it is three days doesn't happen it's going to be a tough number tomorrow very real chance that it's negative also a very real chance though that the market says we knew this was coming man we just had you know 800 thousand cases a day whatever it is it's so high i can't keep track right now folks thankfully it looks like we've come over that hump and we are on the other side of that wave and hopefully that's the last one but weekly jobless claims you're talking about 238 000 bank of england as i talked about they hike rate says four officials vote for a bigger increase key rate hits 0.5 percent the threshold to stop guilt reinvestments polymorphism makers are concerned inflation may top seven percent this year yeah they better be uh christine legard was out there with the press conference listening to a little bit of that before i jumped on the call and yeah she was saying listen the the impact of this virus is not as substantial as it used to be she was also blaming energy costs for a large substantial nature of the inflation they were facing saying it was half of the inflation yes energy costs are substantial but we got a lot of inflation well beyond talking about energy costs uh in a big way so nonetheless that comes this morning as well uh talking about other companies with their earnings merc expects to sell five to six billion dollars of its new covid treatment pill in 2022 they delivered 1.4 i think yeah 1.4 million courses to the us after the fda approved that you get into it a buck 80 versus a buck 53 revenue 13.52 versus 13.16 3.82 billion dollar profit in the fourth quarter from 2.6.2 billion in the same quarter in 2020 you jump over to merc shares mrk and you're lower by about 2.2 percent but you get the market down 1.3 percent right now as well nasdaq clawing back some of those gains i mentioned at the beginning of the show uh thanks to maria in the den you always got to keep your eye on those fibonacci numbers folks right at the 3.82 from the full run we had last friday you trade up almost 15 no more than yeah so 400 and 30 1430 points excuse me uh more than a 10 percent rise up we trade right back to the 3.82 uh at least the great thing about doing these types of trades folks where you're trading off areas of support or resistance that you like that you've set out it's always nice when they match up to other areas on the chart we got to bounce last uh on tuesday at that area as well at least you know if you're right or you're wrong folks you set the trade you give yourself a stop you catch a bounce you're in it you get the nasdaq 100 trading down 330 points right now but you just got to pop to the tune of about 100 points in the nasdaq 100 since we've been open uh let's jump back facebook shares accelerating lower there you go folks uh yeah some of some of the competitors may be clawing it back there you go pinterest clawing it back google positive pay attention to that folks some of this carnage facebook's in trouble not so sure all their competitors are in as much trouble we'll be right back are you in the market for buying or selling real estate in the bay area including the surrounding st petersburg tampa and clearwater markets tiger real estate llc is a firm that has extensive experience in the tampa bay area whether you're looking to sell your current property for maximum value or you're in the market for a second home or 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additional 30% after that carnage ensued we're going to see the biggest one-day market cap wipeout wipeout ever in the history of markets remarkable jumping over to some of the stocks that we have earnings on tonight right all of them catching a little bit of a bit off the lows at least Pinterest down only 8% right now you just caught up in by about a buck 30 off the lows what we made on the open you jump over to Amazon shares still down 5% they're going to be coming out with their numbers after the bell tonight we jump over to the analyze tab you're talking about a $200 move priced into their earnings that's quite a move folks when you're talking about selling premium if you don't know how to sell premium in the options market folks check out the program fast market at 12 new eastern time they do an outstanding job they walk you through the trades and you're going to see some action today and it's always nice when you get that type of volatility premium if you're the one thinking about selling it and here's what i'll say about that if you're the one thinking about buying it folks you better be aware of the type of moves you need to have when you're talking about paying a $200 move priced in in either direction okay so if you're buying an at the money call you're paying about a hundred bucks if you're buying an at the money put you're paying about a hundred bucks that's for exposure through the today or tomorrow right there'll be a little bit larger move priced through tomorrow that's a one-day move priced through today but you get the point even buying an at the money put a call you got to make a hundred dollars up just to cover your cost that is some volatility premium in a big way priced into that equity all right what else we got going on we got productivity in the fourth quarter of 2021 6.6 percent the fourth quarter follows a slump in the prior period unit labor cost growth pulls back after the third quarter surge fourth quarter non-farm business employee output per hour increased at a 6.6 annual rate from the previous three months largest advance since the second quarter of 2020 that was from the labor department this morning in the third quarter productivity slumped five percent the largest such drop since 1981 i mean we can just preface almost all statistics statistics we're getting on largest ever since forever almost with the help of widespread vaccinations another massive wave of government stimulus the economy grew last year with the strongest pace since 1980s despite persistent supply constraints constraints in the fourth quarter economic output i'll get there folks in the fourth quarter economic output accelerated at a 9.2 percent pace you get into labor costs or hourly compensation adjusted for productivity rose at 0.3 percent rate in the fourth quarter following a 9.3 percent gain in the previous three months compared with the fourth quarter 2020 labor cost rose 3.1 percent despite the rapid increases in wages though they're still not keeping up with inflation that's where i wanted to get to folks real average hourly compensation fell an annualized 1.2 percent from the prior quarter after dropping at a 2.6 pace so something's got a square there folks all right even if inflation's got to pull out pull back wages got to catch up um or the average americans just making less money than they were a year or two ago which is basically what's happening right now especially when you're talking about dealing with the type of rents we're dealing with i've talked about tampa many times you're talking about renting increases in double digits on a yearly basis you do two years of double digit rate increases folks you go from paying 1,300 a month for an apartment to paying was that you had 230 bucks to 260 bucks over two years you're talking about 1,560 bucks that's a three thousand dollar increase in take-home pay that's after taxes $1,300 a month is a completely reasonable payment that many people are paying for renters you fast forward another paying 1560 over a year that's three thousand dollars of take-home pay for a person or a family that was spending $1,300 a month for a rental property that is a substantial amount of money for somebody renting a property at $1,300 a month to all of a sudden have three thousand dollars of take-home pay disappear and that's just for rental prices that doesn't talk about food prices energy prices we can go on and on you get the point it is quite a substantial rise across the board all right let's see what else we got in terms of what's happening jumping down some of the stocks with action today we got some drug makers Eli Lilly they beat by three cents with adjusted earnings of 249 revenue beat forecasters well boosted by sales of tru-licity diabetes drug and COVID-19 therapies however the market is punishing everything right now LLY is their symbol and just like that you got the S&Ps down 67 points again Eli Lilly trading at 246 but you bounce a bit off the open and this stock is accelerated just from 235 last week honey well they're down as well after quarterly revenue missed estimates dues to supply chain issues and other factors uh did be the estimates by a penny adjusted quarterly profit but revenue folks revenue revenue revenue is usually one of the most important you're growing revenue you'll usually figure out a way to bring it to the bottom line h-o-n it come on h-o-n is their symbol down five percent and continuing to slide on the open for honey well biogen they're lower as well it's lower across the board right now folks uh lower than expected 2022 adjusted earnings they expect their sales of the Alzheimer's drug to be minimal following the government's move to limit medicare coverage of the drug quite a controversy quite a deal going on here in a big way biogen man you want to talk about some volatility b-i-i-b is their symbol they're down five percent you take a look at this thing on a three-year weekly that's when the drug gets approved from 292 to 468 and just like that we're trading at 213 you're right back to the doldrums folks of when that drug was thought to be out of rotation permanently if you remember march of 2019 they pull the drug saying it wasn't working what happens october they say you know what we looked at some of the studies it might work you trade higher follow look at this volatility right but guess where you are you're right back to the market pricing in that that drug basically has no impact on that stock at all and this is a tough one though on humanity wise because when you talk about people with such a horrible diagnosis like Alzheimer's um you want to have the ability to have hope to have some type of hope to to seek care but there's a big controversy with this drug because really hasn't shown uh concrete evidence that it does increase the benefit for patients it's it it causes some of the plasma maybe and i'm not going to get into it but either way right back to basically saying that it's not going to be covered by medicare so as a result the one problem we have here in this folks is that we're going to have the fda approved in drugs and then we're going to have medicare not allowing for coverage of that i don't know how those two gel together usually you have an approved drug gets covered by medicare i mean you have a federal agency approving a drug for care and then you have medicare saying they're not going to cover it because they don't think it's worth it those two don't square at all and the poor people who want the chance to do it you get that fda approval and now they found out that it's not going to be covered and it costs tens of thousands of dollars and when medicare does that usually private insurers follow suit and that's what happens so they've come out and they say guess what we're not going to be selling much of this because insurance is not going to cover it and you're right back to that area and you're probably going to be stuck there for a while because that's where the stock chopped around without the ability to price in that drug all right folks stay tuned we got the s and p's down 66 points you get the nasdaq 100 down 391 dow catching a real slide on the open the dow was holding on pretty well and look at that drop off dow just lost 200 points on the open folks nothing getting spared right now stay tuned we'll be right back to finish up the show sharpening your skills as an investor is like getting better at playing a musical instrument you have to practice sure but you also need excellent instruction from experts at tfnn you'll get advice and guidance from the authority and technical market analysis and it's not just dry tedious text either tfnn airs live financial content streamed live on tfnn.com and tfnn's youtube channel with tiger tv live every market day from 8 30 a.m to 4 p.m eastern for free each host is an experienced trader and gives their take on the market while taking calls and questions live from 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first mortgage the target first mortgage program may be just the program for you the target first mortgage program pays 7 per year paid monthly for more information you can call 877-518-9190 that's 877-518-9190 this segment is brought to you by thinkorswim for more information just click the thinkorswim banner on the front page of tfnn.com welcome back folks we got facebook you could call it a little bit of a bounce i mean we're trading at levels folks that you hadn't traded at all pre-market pre-market you had a low of 244 on facebook shares you're settled right now we're trading at 243 you hit a low of 237 the nasdaq 100 is down 407 points this whole market sliding right now the s&p's you're talking about session lows as we speak right now down 72 points in the dow out of nowhere kind of the dow was almost flat dow now down almost a full percent down 338 points in the russell down 1.1 percent we jump over to amazon shares they have their earnings tonight down 5.7 percent pinterest down 8 percent snapchat shares down 19.6 percent and that's just from the close yesterday let alone we were just trading at 35 you're trading at 25 there goes ten dollars just like that in the span of about 48 hours uh not even we'll call it 36 hours right no almost 24 hours that was the trading yesterday that was quick 24 hours just like that all right so yesterday was 2222 it's my son's first birthday we went into that in a second uh but how about this i saw this one on social media just interesting folks how things happen sometimes desmond bain not familiar with them he's obviously a memphis grilly grizzly's mba player so he wears number 22 he shot 22.2 percent from the field yesterday he had two assists two blocks two steals two fouls and two turnovers it's just how that stuff happens sometimes in the universe it's pretty cool and speaking of cool things in the universe folks uh let's get a little action for the little man as he turned one yesterday tommy the fourth will call him there he is yeah we still got the tree up that's right we love the tree we had two trees we had a real tree and we had a fake tree this year we got rid of the real tree and we had to we're still milking everything we can out of the fake tree up there uh there's one there's one year outfit there's the other one of that little cute man happiest man alive and uh and then what'd we do gave that man a little smash cake for his birthday a little chocolate cake have him uh have a little fun for his one year old birthday and there he is folks talk about that there's a little fun for the man trading uh a little chocolate all over the place but that's what life's about folks so remember that it's about more than trading gotta love it happy birthday to my little man yesterday all right folks stay tuned we got our man basal Chapman coming up next our man larry's a little under the weather so whatever we play at 11 o'clock but he's doing okay he'll be back tomorrow hopefully fast market at 12 that's gonna be a great program folks Pinterest, Ford and Amazon Steve Rhodes live at one o'clock Dave White live at two o'clock Tom O'Brien my dad live from three till four have a great Thursday