Right now in Bath the market shrugging off a big time warning from Microsoft and hawkish

statements from the Fed's biggest dub has Wall Street already been there done that in

price and all these negative headlines plus Regeneron, one of the worst performing

stocks from the S&P. This on a day where the biotech giant announced a billion dollar

deal to buy a cancer drug from Santa Fe. We'll get the low down from the CEO just minutes

from now and later. Tesla shares all revved up, surging more than 11% in the last week

we'll dive into the options action that may be helping electrify this one. I'm Melissa

Lee. This is fast money life in the Nasak market side in the hard of time swear on the

desk tonight. Tim Seymour, Karen Pinerman and Dan Nathan. We start off with a big warning

from Microsoft, the tech giant cutting its fiscal Q4 guidance for both revenue and earnings

setting unfavorable moves in the dollar as a reason for the change. But here is what is

interesting we thought after initially dropping on the news shares of Microsoft actually

end of the day well in the green. And so to the rest of the market, the Nasak end of

the day up nearly 2.7% with the S&P and Dow following suit. And this even after Fed

Vice Chair Lail Brainerd suggested there was no reason to think the central bank will

be less aggressive in its rate hike. So the question here is has a market price in an

aggressive Fed dollar volatility and peak inflation at this point. Bad news, good price

action. Tim. Well, if you think about where we've come from and again, I'll cite S&P

up 9.5% from the intraday lows on Friday the 20th Nasak up I think about 11.5%. But it's

certainly before those moves, you could make an argument and you know, seeing different

measures of this we'd priced in 75% of a recession. Anything short of a recession meant

that you know, you actually had already reprised a lot of stuff that in fact the defensive

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