Live for the NASDAQ market site in the heart of New York City's Times Square, this is fast money. Here's what's on top tonight. A big night of earnings from some big consumer-facing names, Nike FedEx, KB Home. They're all on the move tonight. We're digging in on the numbers, bringing you the trades. And a biotech breakdown, shares of insmed sinking after its sinus infection drug failed, a key clinical trial. Can the company rebound? or is this the end of this biotech rally? Plus, high hopes, potstocks dropping today even as the president signs in order to reclassify marijuana as a less dangerous drug, what it means for the industry and the ability to invest in these names. I'm Melissa Lee. I'm to you live from studio, be at the NASAC on the dust tonight, Tim Seymour, Karen Feinerman, Dan Nathan, and Steve Grasso.

We start off with a pair of major earnings movers, delivery giant FedEx trucking higher on a top and bottom line beat. But first, Nike trading lower, despite its better than expected report, the athletic wearmaker seeing a 17% drop in China sales.

Conference call kicked off at the top of the hour.

Let's get straight to Sarah Eisen.

Who's got all the latest?

Hey, Sarah.

Hi, Melissa.

The market is just not convinced of the turnaround yet here at Nike.

But there are definitely signs of improvement building on last quarter.

I'll highlight North America growing 9% better growth rate than the previous quarter,

and that drove the overall beat on sales and on earnings.

Wholesale is a big part of the story.

Revenue is up 8%. And I can tell you that growth is half of the existing relationships like Dick's sporting goods

and also half of the new ones that CEO Elliott Hill has established like Amazon.

It is a sign that a lot of the new product innovation under Hill and his new team is resonating,

the Vomero running shoe, for instance. That whole line did well. I've heard that the skims launch

was very successful, despite what you may read in the tabloids. And the Jordan 11 gamma release just a few days ago actually

had people lining up on New York City streets, kind of signs of old school Nike brand heat.

You see that in the results. It explains the 1% overall revenue growth and particularly the

beat in the U.S. But here's the problem. China sales fell 17%. Also, margins are still declining. That's because of tariffs, and it's because of discounting on existing inventory. Let's see what they say here on the call about how far into that whole cleaning out the inventory, clearing inventory process that they are. It's part of the turnaround, right? Discounting some of the older styles to make room for some of the new ones.

Also Hill sang here in the release that Nike is in the middle innings of our comeback.

There's still no real sense of when the actual inflection comes from.

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