Conversation with a foreign head since the election last week. Top of the agenda, as you mentioned, its going to be trade, its going to be business, its also about security at this point. Japan is the Third Largest economy in the world. Americas fourth largest trading partner. And very central to the transpacific partnership, the tpp, which a lot of people think the tpp is pretty much dead. Abe isnt convinced just yet. This is an attempt by him to maybe make one last push to convince donald trump of the merits of more global trade. Security is very important to japan given that they are in a region with a rising military power in the form of china. Donald trump has threatened to pull u. S. Troops out of the country. He has also encouraged japan to maybe seek a Nuclear Arsenal of its own to counter the weight of a rising Chinese Military power. But were going to try to get to an official photo later today. No video is allowed at this meeting because its seen as a less formal meeting. The trump camp has really emphasized to the media, this is a private discussion between donald trump and Prime Minister shinzo abe. This is different from a sitting u. S. President , barack obama, who is overseas right now. They want to highlight to us, this is not formal, this is not organized by the state department. Hence we have had a lot of protocols going in a different direction. You didnt get much information 24 hours ago as to when or where this meeting would take place or if it was going to happen at all. As soon as we get headlines, well get that to you. Its crowded on fifth avenue, a lot of police in the last ten or 15 minutes. The crowd is growing. Back to you. Susan li, thanks very much. The trump rally rages on. The dow and s p 500 are both higher today, small cap russell hitting an alltime high. Financials and consumer digs discretionary stocks are rallying. Folks, here is your big money question tonight. Did Donald Trumps win make the fed almost irrelevant to the market, by the way . Lets welcome in guy, dan, tim, and steve grasso. Does does the fed matter right now . The fed has mattered less and less. Theyve brought that upon themselves. I do think at this present time its more about growth, its more about the financials. Its more about deregulating the financials. Kre, thats whats been up 20 , regional banking index. Let me just finish the thought. That one has the best ability for less regulation. This is the one that will actually come into play in a deregulatory environment. I think the fed is the most important player by far. I think Interest Rates are the call right now. I think in fact the market needs to get a better sense from the fed. The fact that were at virtually 100 fed hike in december, no, thats not something we should shrug off. I think the market has gotten to a place where were comfortable. How can you say its comfortable . The fed was the most important thing, where every time they hinted at a raise, the market would sell off. We havent seen that. It seems like the market has pushed off the fed and is more concerned with trump. Hold on, guys. Lets match that story. I think youre both right, in a way. What youre saying is valid, but i do wonder, guy adami, if the fed moved because its basically 100 priced in, has already happened. Bond yields back over 2 . The market has done the work for the fed before it needed to do it itself. The difference now, though, i think what tim is saying is, now you have fiscal stimulus. The stefed doesnt have to do t job entirely by itself. I think the market would be selling off in a meaningful way under a clinton administration. People say, you know, the fed is important, but fiscal stimulus trumps everything, no pun intended. It doesnt mean i agree with it, by the way. Steve and i will disagree with this, and thats what makes markets. I think rates have gone up as quickly as they have because the people that own our debt are terrified that maybe somehow were not going to renege on our debt but well renegotiate the debt. You would have receive that in the marketplace. The last time we ever heard any blu blurb about that, the market sold off drastically. I wouldnt think you would have the ability for the market to hang in. Dan, its a good point, chinas only lever to pull with us is debt. We dont sell that much to china. The amount of goods we sell every year to china is about the same as the gdp of maryland, mostly scrap goods. They own a lot of our debt. That debt sell would be their lever. I dont think a lot of people thought donald trump was going to be in office and i dont think a lot of people took those kind of trade war and currency war stuff particularly seriously leading up to this. Now i think you have to consider it. Theres a lot of goods and services that wont work. Youve heard a lot about smartphones. They want to go in a trade war with smartphones, where do those components come from . It would really be a real problem for our economy if he go down that. I agree, i think the fed is really important here. I just want to tell you why. Last year at this time the tenyear treasury yield was trending where it is right now. At that point it was a near certainty that they would raise for the first time in nine years, and they did. They also signaled four more raises in 2016, and were only get one. You know what fed fund futures are pricing . Not a whole heck of a lot, under 10 . I think the market may be ago with the second increase next month. We may not get a whole heck of a lot. What rates have done is price in and fast forward growth that a lot of economists didnt think was going to happen. China is our Third Largest export market. I think it is a big deal. My numbers are correct. Its our Third Largest export market. But its not that big. Its the gdp of maryland. 115 billion. 126. Its not that big of a market for what we sell. Unless youre boeing or caterpillar. The biggest thing these guys can do is decide not to buy our debt or sell our debt and watch it trade off. That would be catastrophic for them, just to be clear, that is not for them, not for us. The bottom line, folks, there are so many Equity Investors in the bond market. This is reallocation. You cant tell me a move from 160 to 220 on a tenyear that didnt deserve to be 160 or 230. Im not saying its entirely that. I think its got to be partially that. I mean, i think theres clearly reallocation going on. All im saying, and i could be 100 wrong, the rhetoric mr. Trump spoke heading into the election, never thinking he was going to win, he wins, i would back off and say, maybe its not the best place to be right now, especially if he decides to not that he can decide unilaterally, but float 50year bonds. I think its the my only point was that thats the biggest fiscal monetary weapon theyve got with us, is the threat of selling off our debt and jacking up Interest Rates, hurting the u. S. Consumer, the u. S. Housing market. The chinese are very pragmatic. Thats just not going to happen. If its not the fed thats the most important, what is the most important factor . I think its about people thinking growth has returned to the market. Its going to be huge. Weve been macro, weve solved the worlds major problems. Lets go a little more micro. Guy adami, did you buy anything today . No. Tim used this word, i think the day after the election, that mr. Trump will be more conciliatory in a number of different ways. The most meaningful way is mexico. Look at name Kansas City Southern which went from 95 to 81 1 2 after the election. Now its 86. We talked about that last week. Interesting. I have not loved the banks, but one bank i have liked a lot for a long time is u. S. Bank corp. Making an alltime high today. I think both trades still work. I think it was your final trade last night, cisco holds sturdy. That guidance last night was obviously really affected by the move in the dollar. He saw a lot of q3 earnings that came in midoctober. Since then weve had the dollar index move up 3. 5 . I think youll start seeing that impact earnings. When you get to a certain point, when you look at the ciscos, intel, trading below market multiple, i think they probably work. Intel actually also had guidance that was hurt by the dollar. That was a few weeks ago. But so to me i think you want to stay away from f. A. N. G. And rotate back into microsoft, cisco, intel. Did you buy anything . I stayed long. What i bought on the heels of the trump election, united rentals, its trading in the low 90s. Thats an infrastructure play. Nobody has any idea how big the infrastructure is going to be. They run a lot of these big machines, you work it overnight as a crew, theyll rent it to you. Thats the idea. I made it easy and i bought spyder. 21. 93 is our old highs. If we last through there, ill buy more. I actually think the regulatory pressure on that sector doesnt go away overnight. Its been a huge move from 240 to 290. Well expect great things overnight. Ahead, a tech investing expertise, roger macnamee. And a new plan to keep customers coming back and, dare i say, loving it. Tesla shareholders voting to merge with solarcity. Will this be a good thing for tesla shareholders . Were drowning in information. Where, in all of this, is the stuff that matters . The stakes are so high, your finances, your future. How do you solve this . You dont. You partner with a firm that advises governments and the fortune 500, and, can deliver insight person to person, on what matters to you. Morgan stanley. Welcome back to fast money, everybody. Valeant pharmaceuticals under fire today after Company Employees were charged with fraud. We have more on this developing story including a comment from valeant. Meg terrell. Reporter thats right, a busy day for valeant. Two executives, one an employee of valeant, one an employee for philidor, were charged with defrauding valeant as a company. You saw valeant stock rebounding from an initial loss as people realized this investigation was focusing not on valeant as a company but on former employees. Then representative Elijah Cummings came out today saying it was great these charges were made by that valeant hadnt cooperated with his congressional investigation. Valeant just now getting back to us with a statement on that, saying, mr. Tanner, the former valeant executive, ceased to be an employee on september 13, 2015. Valeant has cooperated with the full committees review from the beginning and is working with the committee to accommodate its requests. You can see there is a continuing push and pull here as a lot of folks hope these charges being weighed against former employees meant that maybe the legal consequences for valeant wouldnt be so bad. Analysts have been coming out today saying the company is still dealing with dozens of investigations. Perhaps this Elijah Cummings statement showing that the pressure is going to continue. Moving to other areas of pressure weve been seeing today, this week mallinckrodt is coming under pressure, as citron put out a new report challenging a drug, the price of that drug, saying that the medicare exposure of that drug is higher than investors were led to believe. Analysts are defending this one, saying its still a buy, but pressure is continuing formal inkrot. Another specialty pharmaceutical company, mylan, the focus of a hearing by Chuck Grassley on november 30th over the misclassification of the epipen to medicaid. That hearing is happening november 30th. And in news coming out this week, the department of justice saying it hasnt agreed to any settlement around that. Mile mylan saying its working on finalizing it. Thanks, meg terrell. Theres no reason to buy the stock right now. There have been a couple of Trading Opportunities which we havent been on the back of, granted. The stock has been Straight Line lower for the last year. Mylan labs to me is the most interesting, because of valuation. They do have a business outside the epipen. With that said, if youre trying to pick bottoms in valeant, youre playing in the wrong court. Weve named three Companies Really troubled here. There are so many good stocks in health care, so many good companies, good stories, good Balance Sheets, valuations. I wouldnt even look at these things. But people are. Listen, we know that people are actively trading valeant on a daily basis. High volume. Is it anything other than a coin flip . Because no one knows how these investigations are going to turn out. How many times have you said, ill try and buy it now . You would have been wrong. Youre guessing. Im agreeing with you. Its nothing other than a coin flip. At some point youll be right, but its not worth the risk. This process will benefit a lot of politicians. To say the political pressure comes off these companies overnight, its absolutely bipartisan. Walmart and best buy reporting before the bell today. That kicks off our top trades. Best buy, surging nearly 14 . Walmart sinking about 3 . Big box retailers have seen a bump since the election last week, target up 14 , best buy up 22 , a double deuce. Tim seymour, whats wrong with walmart . So much wrong with walmart. Having said that, walmart has slowly changed their fortunes. They came in at 1. 2, street expected 1. 3. Retailers want to see inflation. Competition is so fierce, whether its kroger, amazon. These guys are fighting their peers for fewer sales dollars. Bottom line for walmart, this is a neutral stock thats fighting amazon, it needs to spend on sg a. And theyre spending like crazy. They bought jet for 3. 1 million. Who knows what goes on there . They were supposedly buying tech but you wont buy tech thats going to help you compete with amazon. Do you think its a little simplistic that as the economy gets better, we had the best weekly unemployment number in 43 years today, that people will trade up . We saw it with the dollar stores, to a walmart. Do you think theyll trade up to a target . Im still at walmart. Thats my own personal problem. Listen, walmart trades about 13, 14 more expensive than tart does. It doesnt deserve that valuation, in my opinion. The stock should be going lower. We talked about this last night. We said, look at the target quarter. Theyre running their business better. Its probably targetspecific. Youre probably going to see walmart tomorrow miss. And thats exactly what happened. If you try to play walmart for catchup to target, youre trading wrong. Target continues to go higher from here. Is it fair to say youre buying management . Lets be clear, these Companies Sell about 85 to 90 of the exact same goods. Youre buying the execution. I think the issue is if you chart that and chart amazon, tim was right, if theyre inversely correlated to each other. Dan, i agree with him on the jet acquisition, theyll be hemorrhaging cash, spending a boatload of cash. We dont know what thats going to be. Longer term it might be a great investment. Right now theyre making less money. Thats why the stock is going on down. Ahead, check out sales of salesforce. Com, jumping after hours. The ceo spoke with our own jim cramer moments ago. Meantime, here is what else is coming up on fast. Announcer with solarcity and tesla now one, elon musk has the power. Well tell you what it means for shares of tesla. Plus heres whats been happening to mega cap tech in the past week. Legendary investor Roger Mcnamee will reveal what stock gets more opportunity, when fast money returns. I got it, dad. Ow we love to keep them safe. So we made the Nest Protect Smoke and Carbon Monoxide alarm. It speaks up and can alert your phone if theres a problem. Or let you know if everything is just fine. Because, ya know, we worry. Is it a force of nature . Or a sales event . The season of audi sales event is here. Audi will cover your first months lease payment on select models during the season of audi sales event. bing incr. Think it wouldotection in a pwork, but it does. Dnt. Its called always discreet for bladder leaks, the super. Absorbent core turns liquid to gel. I know im wearing it but no one else will. Always discreet for bladder leaks. Enepeople want power. Hallenge. And power plants account for more than a third of energyrelated carbon emissions. The challenge is to capture the emissions before theyre released into the atmosphere. Exxonmobil is a leader in carbon capture. Our team is working to make this technology better, more affordable so it can reduce emissions around the world. Thats what were working on right now. Energy lives here. Sing girl, come on. [ singing ] sorry, ariana you gotta go. Seriously . Verizon limits me and i gotta get home. Youre gonna choose navigation over me . Maps get up here. Umm. That way. Girl you better get on tmobile why pay more for data limits . Introducing tmobile one, unlimited data for everyone. Get four lines just 35 a month. Welcome back to fast money, glad to have you with us. Another trump bump on wall street today, s p 500 closing within a fraction of its record. The russell 2000 Small Cap Index now in its longest winning streak since back in 2013, remember that year . Heres what else is coming up in the second half of the show. Legendary investor Roger Mcnamee gives us the one mega cap stock he would spend a million bucks on tomorrow. Shareholders voted to pass the tesla and solarcity deal. Well hear from the ceo himself. First, an earnings alert on salesforce. Com. That stock absolutely soaring after hours, following a big beat. Josh lipton is standing by in san fran with the details. Josh . Reporter brian, a beat and a raise, investors piling in. The ceo taking a victory lap. Take a listen to what he told analysts. You can see from our results we had an exceptional third quarter. Revenue rose to more than 2. 1 billion up from a year ago. You know already there is no other Top Ten SoftwareCompany Delivering that 27 . Reporter now, our own jim cramer has marc benioff as a guest on mad money. He asked benioff about the companys forecast. Last quarter we had that unexpected Foreign Exchange headwind, we talked about that, the fall of the Great British pound associated with brexit. Were passed that, were looking at a great year next year. Reporter salesforce saying it expects to deliver its first 10 billion year, putt