What did jim cramer say about the possible sale of the company . But first, we start off with a huge rally on wall street. The dow soaring more than 200 points after the first round of the French Election turnoff without a hitch. The nasdaq hitting a record high points away from 6,000. The major averages having their best day of gains since march 1st. Here is what gets interesting. Since that date, the s p 500 has been making a series of lower highs. This chart shows you the highs on march 1st, and finally todays move, another lower high. Despite the rally in the classic trump trade with financials and industrials, the bond market looks like its telling a different story. Bonds got crushed sending yields higher early on but then reversed course. They finished at the lows of the session. Same with gold. But settling down less than a percent. Not exactly the rickoff move you would expect. Is the trump trade really back on or is this just a trump trap. Tim . Well, its a global trade that could be back on. Remember, uphas got the best macro i would argue anywhere. Its been very good for a long time. Weve been very concerned about the your oh falling apart at the seams. What we have to do on this side of the atlantic in terms of fiscal reform and actually getting through on policy is a very steep hill to climb. I dont think its going to happen overnight. Therefore, it will come back to where the economy was. If europe is outperforming, remember, the fund flows into the end of last week, 3. 6 billion out in bonds, 2. 7 billion out in equities. It tells you that positioning was very, very defensive. I think it remains somewhat defensive. I dont think equities have to break out to new highs. I do think clearly a relief rally off of france, but if you look at the bond market, look at china, actually, tim, it was something you pointed out this morning, china was down almost 2 . Iron ore down a lot. Whats happening in china is theyre cutting back on credit. Thats a deflationary source. If youre the stock market, if youre a stock market investor in the u. S. , that the growth in europe is going to outweigh any type of slowing in china. So somebodys going to be wrong, right . Either the bond market or stock market. For now it appears the stockett market might have that one more leg. Id be careful on this runup. How are you feeling these days, karen . I was surprised at the strength of this rally. Im happy about the outcome in france. I think that was the most likely. After getting it wrong on brexit and trump here, its surprising the market wasnt feeling fully secure of that outcome. However, a lot is still going on that makes me very kept cal of this rally. You know, we have a big week coming up, health care, tax reform, debt ceiling, potentially north korea. Theres still a lot going on. This was nice, but i dont know, im surprised. I was happy with the strept of the financial hally, but what i did is a fair amount of puts. And i if youre going oh stay long, youve got to have protection. The price action means that we are actually well positioned despite all these concerns. We did have the volatility crush. Broadbased rally in todays session even with these looming potential land mines. You mentioned the s p not a series of lower highs, which is correct in the graphic you gave us. Its not over either, i would submit. On thursday, ask tim the potential for the outcome for the market and you talked about a day like exactly that we had today. Im not sure the magnitude of what we saw in europe was factored in. Well talk about that later. But to me, it comes down to the strength, the relative strength of the russell, which traded down Health Support and bounced extraordinarily well as did the transports. Those are the things that will keep this bull market, in my opinion, keep moving to the upside. This is not a trap. I want to push back a little bit. Think of the things that really did well today. Banks around the world. Even u. S. Banks. This shouldnt be a case where u. S. Banks suddenly got this burst of energy out of fiscal policy and rates going higher. We got above the 224, but if europe is back full steam ahead, and i would make an argument to this, youve had the endorsement, two elections now where you have the two biggest euro skeptics, centrist parties, and in fact the but china if china is going to slow down, im not saying its falling off the edge of the cliff, thats europes biggest customer. Im not sure, maybe were at peak europe here. Weve had a market thats run a lot. If youre telling me china is crashing, but i get what youre saying. If were going in this direction where china is going to be a major headwind for markets, maybe. About you all china is doing is sloppily trying to tamp down the credit markets which theyve done for the last five years. Last night, china pulled back. But chinese data has been as good as anyplace in the world as well. People say i dont believe china. Guess what, china is doing just fine. China is not the problem. I think europe is actually going to lead more of a recovery on the other side of the world. In a market where on the u. S. Side of things, people are saying its rich on the s p 500, where on the european side of things, people are saying historically compared to the s p 500 europe is looking cheap. Some might say fully valued at this point. That we had the article i mean, there are cases to be made in terms of where you find that cheapness and what youre paying for in terms of margin on the european side. Do you stay long . Thats the key question here, do you stay long even though you know that there are these potential bombs, even though you know the s p 500 is 18 times forward earnings seems a little expensive, do you still stick with it . Yes. You know, valuation is most important to me. I am long merging markets, which we havent gotten to that. Timmy can speak to that better. But i think you stay long because a lot of what put this rally in place is still here. But with the vix at this level, protection is so cheap, youve got to own it. I think you stay long until proven otherwise. By that, i mean everything weve seen, over the last year, frankly over the last seven to eight years, you could maf made the same argument. The brexit, trump surprise election, health care not going through. And the market has been resilient. And buying the dips has proven to be the right thing. Until that story changes, until investors say, you know what, were no longer going to buy the dips, you stay long. Do you feel pain in sticking with this trade . Yes. But those are my best trades. Most painful trades seem to be the best. Karen is a hundred percent right to want to buy put protection in this environment. But shes becoming shes a dying species almost. In a lot of ways, yes. Come on. Specifically in terms of that, wise guy, and no other way. If youre looking for im looking to my ride. I didnt deserve that either. Ive said this for a long time now, i think theres a real chance the vix prints a single digit, down with a nine handle. Because every time this happens, people start to say, this market just goes up regardless. Why should i even bother doing what karens correctly doing. Lets stick with the trump trades here. The russell 2000, the best one today, a classic trump trade making a comeback. The chart master, carter, is over at the plasma with more. Yeah, so i think its just a catchup trade. Things that have been left for dead come to life. Europe is playing catchup with the u. S. We know growth is playing catchup with value. Even as things are very deflationary, whether its auto sales or all the commodities, oil. I want to focus in on small cap. And the case being made here, at least from my seat, is that this is the beginning of what should be a further catchup trade. So optically you could see we have a very tight range. This index goes back to 1978. And there are only two other times where in a fivemonth period youve traded in a range thats this tight. And you havent fluctuated more than 6 . One was in the autumn of 1998 1988, excuse me, and the other one was 1985. Two other times. What i would point out is, if you draw your lines, you have this optical range. And what im betting here is that this is actually going to get resolved up. In fact, the other two times in 85 and 88, going back 30plus yes, they were both resolved to the upside. Its about the relative performance. Lets look at this twobalance chart. What youve got here is the relative performance to the s p. Even as you trade in the tight range, some 30 years, all the while in the market, now for the first time in about five months, youre starting to break pof the relative downtrend line in effect since december. An index thats unchanged five months. Now starting to outperform its large cap here. Lets keep going. If i do this on an absolute basis, this is, again, from early december to present. The numbers speak for themselves. You can kind of see, of course, theres your big market, here is your russell 2000. What if i hold the s p as a constant to really expose that relative performance. So what ive done here is holding the blue line as a concept. Now were seeing a relative performance in optics. What it is is a triple bottom. It has all the look and feel of a relative bottom and likely to outperform the s p. Heres the longterm chart. Now, we know, yes, that even as the index has gone higher, its been underperforming the market. Lets go a little further. Lets do five years. What we have, and this is the opportunity, the index itself is making alltime highs, yet its so far behind the s p. Remember, it was down 27 in 15, 16, a real bear market. Its a catchup trade more than anything else. Just for fun, its always good for me to remind myself, small cap versus large cap long term, its never close. Theres more activity, theres more dine a sism, more innovation, more opportunity in small cap stocks than in picking through walmart versus procter. I think we invite carter over. Yeah. I dont know how he did that. Masterful. Bring a chair over. The first question that i have is that if you believe the russell 2000 is in for the sort of catchup trade, does that necessarily mean the s p does poorly or relatively worse . It doesnt have to. Does it mean if this is what risk on is, or beta is, equities in general have to go up. Because one is playing that. One thing to keep in mind, the russell 2000 is not exactly 2,000 stocks. If you add up all of those stocks, its equal to the top five stocks in the s p. Which is to say, it really doesnt matter for the overall market what the russell does. Because it cant move the market. The big weights, we know what they are, apple, microsoft and walma walmart. From my point of view its more of an opportunity to do something that has lagged just as we saw with certain parts of the market, whether value was way ahead of growth. We know europe was way behind the u. S. This is more of a rotational catchup trade than it is any major theme. Carter, you mentioned theres this fivemonth sideways pattern. I know some people out there say the bigger the base, the higher in space. Is that the case here . Do we get a big rip in iwm . So now, another way to say that, thats a very well regarded phrase, the more authority the level has, the more authoritative the resolution. When you look at big long bases for multidecade period, they go and go and go. This is only a fivemonth consolidation. So it represents a debate between bears and bulls. Its not as, you said, a very long in time. Maybe not necessarily a very big breakout. Quick question. Does the fact that the vix wants to trade below ten concern you in any way, shape or firm . Oh, sure. It wouldnt take a lot to upset all this. The question is, and this is i dont know the answer. If the market goes down, does it mean that small caps have to go down . Invariably people say yeah, theyll go down now. Im making a bet that good or bad, equities in general, small caps is going to be the place to be. Carter, thank you. Thank you. Love c. W. We cant talk about it right now. Our guests are smart. Its a reference to spinal tap. Absolutely. Simply id say what carter is saying, when weve seen small caps rally, its been good for the overall market. But small caps have been the trump trades, better regulation. Coming up, tmobile out with earnings after the bell. John ledger speaking with cra r cramer, well bring you that next. President trumps massive tax cuts which he said will be revealed this week. A top strategist said this weeks tax announcement wont mean a thing. Why not . Weve got the details. American airlines following on uniteds footsteps with another incident on one of its planes goes viral. Despite all the drama, shares of the company are doing something unusual. Well explain when fast money continues. Hey, the future, whats her problem . Apparently, i kept her up all night. She said the future freaks her out. How come no one likes me, jim . Intel does just think of everything intels doing right now with artificial intelligence. And pretty soon ai is going to help executives like her see trends to stay ahead of her competition. No more sleepless nights. Were going to be friends im sorry about this. Dont be embarrassed of me, jim. Im getting excited about this we know the future. Were going to be friends because were building it. Thithis is the new new york. E . Think again. We are building new airports all across the state. New roads and bridges. New mass transit. New business friendly environment. New lower taxes. And new University Partnerships to grow the businesses of tomorrow today. Learn more at esd. Ny. Gov welcome back to fast money. Earnings alert on whirlpool taking a dip in the afterhours session. Courtney . Good evening. Look at shares of whirlpool falling about 5 in the afterhours, light volume. But turning in a mixed first quarter. The guidance for the full year thats really pulling shares down. Theyre cutting the 2017 Earnings Guidance to 14. 75. And 15. 50. Thats a bracket estimate. Wall street was looking for 15. 48. Whirlpool is citing the results of temporary integration challenges in their emerging markets. At for the reason why theyre falling shy here of wall streets guidance. Back over to you, melissa. Courtney, thanks very much. Eamericaing markets a very big part of whil pools growth. Especially down in brazil. They continue to have the growth. I think it has been a sloppy and lumpy trade. If you look at the stock, its traded sideways for over a year. Trading in the 175 range. Down around 168, 165. I think you buy here. You get concerned about emerging markets about the data point from whirlpool, though . No. To me this is a domestic consumption story that continues to slowly plug along. In emerging markets, right, karen . Im hanging on for the long term. Another earnings alert. Meg with the story. Hey, melissa. Basically in line, with the big news that the biggest customer anthem is expected to move its business away from express scripps away from the contract in oh 2019. This surprising folks today, driving shares down quite a bit in the afterhours on this announcement. Now, express scripts said it accounted for 2. 2 billion in adjusted earnings in 2016. That was about 31 of earnings on that basis for express scripts. A lot of questions squirrelling about how vulnerable it is to potentially losing more customers or vulnerable to a takeover itself. Our model allows us to actually create competition, not only amongst retailers and, you know, the supply chain, the manufacturers, the generic companies. All of those are things that we will have tremendous scale to do. We dont need to be associated necessarily with any particular part of the supply chain. I like the fact that were independent, that we can drive down costs for our plans and our patients by creating competition. Were going to be plenty big enough to be able to do that. Now, all of this raisings questions as to what this means for the rest of the competitors in the space. Cvs getting a bit of a boost on this afterhours. This comes after a dispute between anthem and express scripts signaling on for quite some time how much express scripts should be paying anthem in terms of cost savings. Quite a development here. Youve been in and around this name. Cvs, ive been afraid of it for a while. I think the more transparency we see in the pbm business, the worse off it is for the pbms. Im wondering where that business goes . Do they do it by themselves . Which would probably be a bad thing for express scripts and cvs. The stock resuming trading after being halted after hours for tmobile. Hey, guys. Promotions and price cuts, theyre certainly working for tmobile, as rivals release their unlimited data plans. The nations Third Largest wireless carrier added more subscribers than expected. More than 900,000 of them in the most lucrative category, that is postpaid phone subscribers. It is a stark comparison to verizon, which reported last week that it lost over 300,000 of those customers. The dynamic is certainly playing out in the markets as well. Very different performances from the carriers. Theres also sprint, a company thats been at the center of merger rumors, and its also becoming more aggressive with price cuts and promotions. But theyre more concerned with the larger rivals. Its dumb, dumber and yellow. I think sprint has been working very hard and very aggressively to try to turn things around. But the size of the duopoly has been the prize that weve been going after. Guys, theres plenty of speculation around consolidation in u. S. Telecoms this year. Heres what ledger had to say about that. This industry, if you think about the wireless players, and the cable players, and the internet players on the side, and you this i about amazon and think about where things are going, you can see that it makes some sense that some of these capabilities coming together could increase Customer Value and shareholder value. Stay tuned for mad money, jim cramer has more from the always outspoken legere. Thank you very much, deidre. The rumor mill swirling between sprint and t mobile. There were reports that sprint would be exploring other options. What do we make of the comments, specifically when he talks about, you can see these kind of companies coming together and creating shareholder value . Right. What it makes me think is there is going to be a bid in t mobile and sprint until this is resolved. I would not short tmobile here at all, but the risk is, verizon and at t fight back hard and they start cutting prices. Clearly lower pricing is working. So what do you do with the stock if youre long . Stay long. I wouldnt necessarily buy it for the potential to take up, though. I hear you on that. Tmobile seems to be far more nimble than verizon and at t. Theyre seemingly three steps behind john legere. Then you look at it and say, maybe 27 times forward earnings isnt as stupid as it would appear at first glance of the i say they made an alltime high today, i think you stay long the stock. Its profitable and interesting, but he said it himself, the duopolies are giving him opportunities. I think its very, very difficult in the uber competitive environment that theres only so much they can grow. Suddenly they turn into one of the legacy players. It seems theyre on their own, if they join up or the target of somebody else, maybe a content, or cable company, does that change the game . Getting back to what would they be the acquirer or acquiree . If youre the acquireor, would you want to own the stock . I probably wouldnt. Unless you think theyre going to use an expensive stock as currency and buy something that in that sense, its positive. The Trump Administrations agenda is pushing up against the 100day mark as taxes and health care hang in the balance. Could a looming Government Shutdown derail everything . Well see what a wall street strategist has to say. In the meantime, heres what else is coming up on fast. Ive got to get out of here. Ive got to get out of here get ahold of yourself let me handle this. Calm down, now, get back to your seat. Welcome to Airline Travel in 2017. But did espite the terrible pr, airlines are surging. And theres one name thats poised for even higher highs. Well explain. Plus, suddenly investors are in love with france. But before they go full amore, theres one big event that could derail everything. Well tell you what that is and how to profit, when fast money returns. And her paw wont heal on its own. Were all working forward to something. Synchrony financial can help your customers make it happen sooner. So she can plug into her dreams. And theyll have a new addition for their new addition. Whatever youre working forward to, even if its chasing squirrels, Synchrony Financial can help you get there. Wont replace the full value of your totaled new car. The guy says you picked the wrong insurance plan. No, i picked the wrong insurance company. With Liberty Mutual new car replacement™, you wont have to worry about replacing your car because youll get the full value back including depreciation. Switch and you could save 509 on auto insurance. Call for a free quote today. Liberty stands with you™. Liberty mutual insurance. Im dr. Kelsey mcneely and some day you might be calling me an energy farmer. Energy lives here. Welcome back to fast money. Were live at the Nasdaq Market site. The s p rallied more than a percent, while the dow gained 216 points. Heres whats coming up in the second half of the show. It wasnt just the u. S. The French Election sparking a massive rally across the pond sending that countrys stock market surging today. There is still time to buy, and what to look at. Another day, another scandal in the skies, and this time american is in the hot seat. The controversy aside, Airline Stocks are still surging. Well tell you why. First, it is crunch time for the Trump Administration as the president approaches 100 days in office. Can he help Congress Avoid a Government Shutdown while advancing his own agenda on taxes . Ayman is at the white house with the latest. Reporter hi, melissa. Treasury secretary Stephen Mnuchin dropped by the press conference today. He wouldnt give up the specifics expected to be released on wednesday. But he did have this to say. We need to make business taxes competitive and we expect with doing that, well bring back trillions of dollars from offshore. Reporter now, the wall street journal today reporting that the president is focusing on a 16 tax rate. Also that the president is really focused on getting that tax rate down, even above the concerns about the deficit that would be raised if you lower the taxes that much. Youre going to cut a lot of revenue coming into the treasury as a result of that. I asked a senior official here at the white house about that, and the official told me, what this president cares most about is Economic Growth. So you can imagine that the proposal that were going to see on wednesday will probably not have a lot of the payfors in it that would raise revenue, instead it will be focusing on cutting taxes, and not necessarily focused on deficit control. That could be a problem politically and procedurally up on capitol hill. But particularly with conservatives who have been concerned about deficits for a long time. The other deadline going into friday is the threat of a Government Shutdown. Look at what the wall street analysts are saying. Theyre trying to forecast the odds of all this. Fbr thinks the shutdown is unlikely. Strategist says 15 to 20 chance of a shutdown. Charles Schwab Company said the chances are low, but not zero. Goldman sachs says the chance is low, but 33 chance if the debate goes into may. Theyre allthe place. Basically the odds are low of the Government Shutdown according to the wall street analysts. And that does dovetail with what political analysts are suggesting as well. My reporting suggests to me that ultimately there is a deal here thats possible if both sides can bring themselves to get to it. I think this administration would definitely take a government funding bill that had some enhanced security in it, even if it doesnt have funding for the border wall that the president wants, and says is his top priority. I think this administration would cut a deal if democrats will offer it to them. Well see whether they can get there by the end of the week or not. Ayman, karens got a question. Reporter yeah . What vote do they need to get the ceiling raised . Reporter they need to pass the cr in the house, and in the senate by the end of the week. The continuing resolution would keep the government do. They could simply pass a oneweek extension and do that by and then come back and do the deal next week. If they dont have it quite this week. But it would pass by a majority vote. Ayman, at the white house, thank you. Chris, i want to start off with taxes front and center for investors on the street. What are the odds we get a tax plan this week and well have the details with eneed to move the conversation forward . I think the odds of getting something on wednesday are almost 100 . You saw the treasury secretary say that today, President Trump was tweeting about it this weekend. I think its going to be an overpromise and underdeliver, though. From the commentary were likely to just get a rate reduction of, you know, 2,000 basis points as least as well as a repatriation. But thats not tax reform, thats a tax cut, and in the senate its only good for ten years. Its just a tenyear tax cut with a gigantic fiscal cliff for corporates ten years down the road. There does seem, and chris, you tell me what you think, a pivot in the administration and officials and how they talk about taxes like you had said. This would truly not be a tax reform, but a tax cut. Theres language, even as late as today, by the treasury secretary, saying that Economic Growth will pay for this tax cut. Is that a pivot to get this sold . It is. But its a pivot in reverse. I mean, you have the House Republicans out there with their house blueprint, the better way document, which caused all the controversy with border adjustments, et cetera. And you see the white house moving, trying to take more ownership after the sort of Health Care Debacle from last month. But this is, you know, to get legislation, you need policy, politics and process all lined up. And the white house is taking this in a direction where many Congressional Republicans are not. Lets say the broad outlines of the plan that the president presents on tax is simply what you said, a 15 Corporate Tax rate, in repatriation, is that does that have support in your view . No. Okay. Not at all. That would even be sort of less detail than what we saw on the campaign trail. All right. Government shutdown friday, what are the odds in your view . Theyre pretty low. You can nef say zero anymore. At the end of the day, if donald trump wants a shutdown, with ecan have a shutdown, depending who he speaks with last. But what seems more likely than not is a oneweek extension to friday may 5th. So well burn another week on putting together a deal that barack obama would have signed six months ago. And in reality, this is not trumps budget, this is the a rehash of a fight that could have been finished in the lame duck of last year. And cowen is getting proposed and passed in the next two weeks as close to zero, how will donald trump emerge from the next week or so as we count down to that landmark of 100 days in office . Well, you saw today the white house radically stepping back from a time frame on health care. I think the next hundred days are going to look a lot like the first hundred days, a lot of ribbon cutting, executive actions, and probably continued legislative paralysis on capitol hill. Theres no real exit strategy for health care. The biggest problem with health care is that if the policy bottleneck keeping all of the other pro growth items in the trump and republican agenda, basically just stuck in a holding pattern. Chris, thanks so much for phoning in. We appreciate it. Lets say what chris says is true in terms of tax and broad outlines, the broad outline would be pretty pleasing to the markets. Is it a wish list or i mean you know what i mean . Its not a negotiated deal. Here we go. Thats what weve been moving higher on, isnt it . Yes. Thats why im on puts in case it doesnt happen. Its another shot of euphoric, you know, crack. You get to the place where a headline will be very a 50 flat tax for corporates, fantastic stuff. I would love to see that for corporate america, except how are we going oh pay for that. Thats going to inspire more ran k cor from the other side. You buy apple, microsoft, google, because they have more cash overseas. If you get that, and theres some kind of a hint that it might actually get through, thats where you go. Steve mnuchin talking about a trillion dollars being repatriated. Thats as big as any other jargon. That alone i think i agree, ratcheting tax rates is great. Trillion dollars coming back is extraordinarily bullish for the broader market. Fresm elections sending the stock markets surging. We are live in paris with all the details. Outrage erupting on the internet today over a video that American AirlinesFlight Attendant snatching a stroller from a mother, holding her baby. The backtoback scandals. The traders weigh in when fast money returns. Hes a nascar champion whos shes a worldclass swimmer whos stared down the best in her sport. But for both of them, the most challenging opponent was. Pe blood clots in my lung. It was really scary. A dvt in my leg. I had to learn all i could to help protect myself. My doctor and i choose xarelto® xarelto®. To help keep me protected. Xarelto® is a latestgeneration blood thinner. Thats proven to treat and reduce the risk of dvt and pe blood clots from happening again. In clinical studies, almost 98 of patients on xarelto® did not experience another dvt or pe. Heres how xarelto works. Xarelto® works differently. Warfarin interferes with at least six bloodclotting factors. Xarelto® is selective. 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Welcome back to fast money. Another scandal in the skies after a disturbing video from an American Airlines flight hit the internet. Phil lebeau is in chicago with more on that story. They just dont end, phil. It seems like every couple of weeks were getting another video. The latest from American Airlines. A little bit hard to see here. Theres a flight ten dant who comes on the plane, exchanges words with another passenger. It all has to do with a different passenger. You cant really see in the video, hidden behind that wall there, who was upset about how she was being treated relative to bringing a stroller onboard. Bottom line is this, american is investigating the altercation. The Flight Attendant involved in this has been removed from duty. Doug parker issued a statement, saying situations like this are not good for team members and customers. Its poept for us to take responsibility when we dont handle things well. In this case, we accept that responsibility completely. This comes just a couple of weeks after the incident on United Airlines flight. Here out of chicago, where dr. David dao was videotaped not videotaped, but on peoples smartphones shown being dragged off of a plane by Security Officers here at ohare airport. That case is one thats obviously headed towards potential litigation. The attorney was on squawk box earlier today. Whats interesting, melissa, you take a look at the shares of the Airline Stocks today. I know the entire market was up overall. But seriously, they didnt really react to this. Im not sure any of these stocks will have a longterm drop unless theres some change in regulation, in terms of overbooking passengers, or how passengers are handled on planes. And im not sure thats going to happen. Until that happens, im not sure you should expect much of a falloff in the stocks, because these incidents, whenever they pop up, they get a lot of headlines and then they fall away. Phil, thank you. Just when we thought it couldnt get any worse for any passengers, before we show it, i want to warn you if you have small children in the room, you might want to cover their eyes and ees because this is about to get really ugly. Here it is. Delta, subjecting passengers in a mid floit concert from kenny g. There is a reason for the impromptu performance. Theyre trying to raise money for charity, promised a special surprise. Thats when the saxophone player surprised everyone onboard with very intimate inflight oh, man. I would donate to get him off the plane. Wasnt that the point . Genius. Is Michael Bolton next . I like that guy. Lets not do this. Airline stocks, you two are invested. Yes. I think it sort of has where else are you going to go . If theyre doing this at every airline . My first thought was united paid this guy at american to do this. Which is i made that up, its totally not true. That was my first instinct. Lets say theres a lawsuit. How many flights a year there are. How theyve been treated on the airlines is a look back, the bar is so low. Kudos to the dallas guy. What a dude. He walked in, and he said, im dropping you. That says it all. I think he got the respect of everybody involved. And bottom line is, airlines are very attractively priced. United and american already gave q1 guidance that is good. I think it has the most to gain of all the big three. Our apologies to kenny g. Why . Hes trying to do a charity. Are you kidding me . Hes probably going gold today. Kenny g might be a guest on fast money. Thats awful. Thats awful. Some people might think this is easy listening. Theres nothing easy about it. Make it stop, mel please speaking of airlines, all reporting earnings and implying big moves. We break down the action. Hey, mike. Hi. So, American Airlines is expecting about a 3 1 2 move this week, above average. Jetblue is looking at a 3. 8 move. Southwest airlines is looking for 4. 5 move. Thats also going to be the largest swing in market cap by a big percentage. Buy or sell, kenny g . Kenny g, big seller. Come on, you swept out for tickets last year. Thank you, mike. Check out friday at 5 30 p. M. Eastern time. The French Election sending stocks surging today. What should investors expect into the second round . Were live in paris with all the details. Hi, rochelle. Reporter hey, melissa. Today was only the first step. There are several other key events you need to Pay Attention to over the next couple of weeks. Even months when it comes to france and the future of europe. Well outline that when we come back on fast money right after this break, live from paris. [pony neighing] what . Hey gary. Oh. Whats with the dogsized horse . Im crazy stressed trying to figure out this complex trade so i brought in my comfort pony, warren, to help me deal. Isnt that right warren . Well, you could get support from thinkorswims inapp chat. It lets you chat and share your screen directly with a live person right from the app, so you dont need a comfort pony. Oh, so what about my motivational meerkat . Inapp chat on thinkorswim. Only at td ameritrade. Europes biggest Political Drama isnt over yet. The world now bracing for a secondround battle that could determine the eurozones fate. What is next for the French Election, michelle . Reporter hey there, melissa. Obviously there will be a lot of campaigning over the next two weeks, and also marine lepenn. They think this election isnt just about the french president ial election, but a referendum on the euro. And the future of the european union. One thing we are waiting to see, who will the supporters of the far left jeanluc support in the second round. He was the most Bernie Sanderslike candidate. He may have even drawn people away from marine le pen. He has not endorsed anybody. Instead, his supporters are going to go online and do some kind of vote and maybe decide. He controlled 19 of the vote. So there are significant numbers. Almost all the other candidates have endorsed one of the two final candidates. So thats a key question. Next theres also going to be a debate may 3rd. A lot of people describe that as a potential weak point for makron. He can be vague. That could be a critical turning point although shefar behind in the polls. The may 7th final round, well know who finally won. Keep in mind, even once they become president , this enwe have to get to june, for the parliamentary elections to see if theyre going to control enough of their equivalent of congress to actually get enough of their program through to make any difference to france. Those are the key events to watch over the coming weeks, melissa. The French Election jitters, should you still buy europe. A Global Market strategist joins us here at the nasdaq. Michelle aptly points out that the parliamentary elections follows very closely after the next round of French Elections. Is the margin going to be very important as well . Are we in the clear . I mean, or do we have to wait to see how the actual vote turns out . Were not in the clear. I think a lot can happen in two weeks. The media moves fast, sentiment can shift one way or another, so nothing is a given. I think we learned our lessons around that over the last year. That being said, if you go back and look at the data, the hard data cannot be derailed by politics. The hard data in europe and france is looking good. Thats really why our call for overweight european equities exists right now, it has nothing to do with politics moving one way or another. It doesnt matter if le pen wins . Truly, it doesnt. Would it unwind to the other side if le pen wins . I definitely agree with you, you could see it unwinding. You could see the spreads blow out between germany and france. About you how long does it last . Its not about being callous about politics. Politics affect the business landscape, we know that, but you cant call positives or negatives wan way or another yet, its too soon. Gdp growth and profits drives the longrun. Thats wa we do for our clients. I agree, there could be a lot of noise, there could be an unwinding, doubt in the reflation trade. If it goes the way the market doesnt expect. I was gooding to get to were you going to mention the bank of a lot of this has already moved. How much is left to go, and so get back to earnings, eps growth, weve heard this out of the European Countries before. Were bullish in the beginning of the year and scale it back and it seems to happen every year. I would agree. The flows are suggesting one thing and european financials, which were bullish, they were up 7 today. You saw something similar after the u. S. Election. That didnt derail any of the sentiment in our view. U. S. Financials ran a lot. But after, you know, talk of deregulation. We still think they have more room to run. We think its early in the tooth. But i think theres other views on the street. Specifically the fund manager survey which came out, i think it was last week or two weeks ago, showed that for fund managers, the allocation to european equities were at a 15month high, where to the u. S. Equities was the lowest since january of 08. Does that worry you that people are positioned so heavily that way right now . I think people have been early to the call. Over the last two years, the dollar caused strife with earnings for this, and Global Growth wasnt picking up. The stars are aligning for this to work out this year, and into 2018. Imf data came out today. They kept 3. 5 for Global Growth. For 2018, at that 3. 6 . We havent seen growth like this globally in a really long time. Thank you for coming by. We appreciate it. Thank you. I dont think you have to buy europe tomorrow morning. Weve got this twoweek period where probably this is the pop you have over the next two weeks. Look for that range, and use that range as your stop loss. In the long run youll be okay in europe. But you dont have to jump in tomorrow. We had a tremendous run today. Dax was up 3 today. Alltime high, but barely. Same as april 2015. Now it comes down to the dax needs to prove it above 12,500, something weve said for a while. The currency, samantha brought this up, the euro is now a tailwind where it was a headwind. Historically the markets were selling off as the euro grot stronger, theyre going oh rally into this. Guy here says you can still buy, the name when we come back. Ready or not, here i come. Ek. anyone can dream. Making it a reality is the hard part. Northrop grumman command and control systems always let you see the complete picture. And were looking for a few dreamers to join us. Poor kenny. For your listening pleasure. Tim . Turkeys had a huge trade. Im coming back to this one. 12 in four days. If you want to be playing in this game, youve got to have some protection. S p put. Sell kenny g, sell him again and buy ibm. Ill take ann murrays song over kenny gs song bird. Youre dating yourself. Honeywell. We talked about it last week. Look at the earnings. Theyre showing they are numbero uno. Mad money with jim cramer is next. My mission is simple, to make you money. Im here to level the Playing Field for all investors. Theres always a bull market somewhere and i promise to help you find it. Mad money starts now. Hey, im cramer. Welcome to mad money, welcome to cramerica. Others want to make friends, my job is to help you make money. To look at this reaction to yesterdays french president ial election, dow