gone up about 25 points. why? because people need protection. they're not fully in belief right now of this rally. >> let me ask you guys this. goldman sachs came out midsession saying that they forecast a drop of 250,000 jobs versus its 300,000 jobs. the market barely moved. what do you make of that? >> what i make of it, i heard four words today i didn't want to hear. you've got stock down. that's what happened to me all day. jpmorgan, morgan stanley, that's been the strong sector over the last two or three days. today, those stocks came out real strong. goldman sachs opened up above 170. jpmorgan came out above 42. wells was strong. morgan was strong. what happened, melissa? early strength was met with selling. they all rolled over and the s&ps went down with it. >> are the financials are bumping up against pre-lehman brothers levels? jpmorgan was approaching that level and then it pulls back.

it just can't get beyond that. >> some of the ammunition for financials this week has come because not only have we gotten great numbers on housing, but we're starting to see -- you know, mbi announced today that a billion dollars of bad loans may be coming back into them. the point is if housing prices are stabilizing and going up, no normalized earnings could be a lot better. tomorrow's number has big implications for the financials, i think. we already have seen -- not good, but already priced in. the auto data, not great but getting better. this is why you need to not pay too much attention. >> it's the financials that continue to be the leading right now. goldman sachs and morgan, they pulled back. look at citi. in five days, citi has gone from $3 to nearly $4 in credible volume out there. today in the options world, 15 million contracts again. unbelievable activity. look at wells fargo, though. this is one of the banks that has not paid back the t.a.r.p.

there is nine who have. they're not one of them. goldman sachs and morgan stanley, by the way -- >> the problem with the flt financials, great data, but also we need new leadership grouped. we need groups other than the financials, other than technology and materials to lead us higher. >> but wait a second. >> i'm not sure. >> we have been sharing leadership along the way. back in may after the stress test, it was the financials. at one point it was energy. then it was all about technology. so we're sharing leadership as we march higher. right now i don't know necessarily if you need one individual sector. you just always need someone to carry the baton. >> two weeks ago it was technology. then the fltinancials. now potentially maybe the commodities start to step in. be careful with wells fargo. a lot of puts being bought on wells fargo today. traded 30,000 of those. you look into august. an enormous number of puts there. maybe there's a secondary. they have to raise money to pay back -- >> your trade was wells fargo today. as joe said, traded up above 29. these were the levels we saw

when they priced that a few months ago when the stock was priced at 22.25. ran up to 29. we told you to get out that day. that level is your stop. >> and a great point, real quick. you make a great point on these stocks going back to the pre-lehman levels. what's there? there's a tremendous amount of inventory, supply. everyone wants to sell because that's the break-even level. that's the level where you say get me out and i'll never do it again. you have all of that supply sitting overhead. >> let's look at technology here. take a look at this midday mover. cisco systems, this is one of these examples of you see the opportunity and you go en. it swung into the positive territory and finished the day higher, even though it started the day with a downturn. what do you make of this? is that that kind of technical -- >> maybe we get that -- yes. i think people are waiting for opportunities. they feel they've missed it in cisco. today there's an opportunity. stock is down a dollar. great opportunity to look at

cisco. stock never looked as lowads it did last night. that news wasn't all that bad. a lot of people were saying how awful it was. mr. chambers came out this morning and reiterated what he said last night. he needs to see a couple more quarters before he's ready to say, hey, let's look back. that was the bottom. but you look at microsoft, you look at these names. microsoft ran into the earnings. microsoft is right where it was two days before its earnings. it's not like microsoft is falling off a cliff. this is a stock just like cisco that gave back a little bit and that's why people are looking for opportunities. >> july 23rd when it traded up to 19.58. july 22nd when it traded up to 19.28 on similar volume. the stock had a lot of trouble around that 19.5 level. did not participate in the rally the last week and a half. now it's trading 18.75. i think it goes down. on the other side of the coin, look at western digital, a name we medicationntioned for a long.

up a percent and a half. trading close to 52-week highs. they just reported a ridiculous quarter. that still works, but if the market does go down, that will pull back. that's the real story, though. >> it's been sort of a leader all this way. is that concerning in terms of the ability of technology to continue its run? >> we'll talk about this here. a pretty good quarter. surprising earnings beat the -- you know, revenue guided higher. >> after hours, we'll pull up that chart. >> check it out. last i looked it was trading 13.75. huge short interest in this stock. you'll probably see a trade up to 14.12 which was the august 20th high of last year. it's hard for me to love it here, but you make a good point that chips seem to be doing pretty well. >> but you get rotation here. chambers is always very conservative. today he gave us the insight that the first quarter was probably the low point, although

he's cautious on the third quarter. if we're getting any leadership out of these guys, this is very bullish, i think. we saw an upgrade. bank of america upgraded these guys today. a couple of guys reaffirmed. you take a lot of positive out of cisco. i don't know that -- cisco can take the -- >> what do you guys think of that "wall street journal" article highlighting the fact that cisco has all of these committees to launch new products, products like big, giant-screen tvs. >> that sounded scary. >> it sounds like low-margin projects and they're trying to jump start their business because they're too big to grow now. >> they're going into other businesses. that concerns me because i think they're a big company. i think their knitting is a very strong place. it was down 11%. >> sort of like jumping the -- >> i think one of the things that's adding this quarter is the fact they got into the scientific computing as well as oil and gas, as far as they are no longer just a gaming stock. because of that, they're becoming more diverse as well. using those products to go into

other areas to succeed. this stock had a hard time getting through 12, broke through 12. now it's unbelievable run. look for a pull-back, though. this is another name, you probably don't need to chase it. this stock is up a lot. >> the bottom line in technology right now is the fundamentals of the supply chain have risen. they have improved. however, valuations have risen as well to meet that. now it becomes a question of what is the fundamental catalyst to take it higher. >> let's move on. time for your "earnings edge." last night, what does ultradiscounter 99 cents only stores see for the american consumer? the stock has been breaking out, approaching 52-week highs. ceo eric shiffer joins us now from la. >> thank you for having me. >> i want to focus on your announcement that you're not exiting the texas market. what does that tell us about whether or not there's strength in texas or just your ability to contain costs there? >> well, i think we announced same-store sales of over 20%,

23.6% acerally for the quarter. and we're seeing tremendous growth in sales. we're seeing a tremendous growth in the transaction count. when the economy took a turn for the worse, i think word of mouth really spread like fire about our stores. we went from a situation back in september of 2008 where we had announced we would probably exit the texas market to reconsidering it back in february. in fact, this week we made the decision to stay in the texas market. we're very excited about it. and over 999 jobs were saved. >> what happens when the economy turns up? does that trade down -- do they go away from 99 cent only stores? >> well, we definitely feel in this economy, people aren't trading down coming to our store. the toughest thing has always been to get the up-scale affluent customer to try our store for the first time. but our company's best store has

been our shore next to beverly hills. out of 272 stores. so we've always had folks shop our stores who are up-scale. when you're telling toilet paper and soda and -- and watermelons for 99.99 cents, i don't think people will -- i thing it's just people come, they discover our store. i don't see why they wouldn't come back. >> how sticky are these customers going to be? i don't see why customers wouldn't come back. you never know. if the economy does turn like everybody thinks it might, they might go back to buying at the stores they used to buy. it's hard to tell. this stock has been on a huge run. if you think the world is getting better, this is one i'd get out of. >> we talked about whole foods. if, you know, dollar tree, you look at the dollar-type stores. >> they're spending $7 for a box of crackers. >> are they really rotating out of some of that cheaper stuff, out of walmart and the downward slope? >> and i think although this hurts walmart's margins, this is great for walmart.

it's not going to change. this is a trend that's going to be tough to break. once you realize you can shop there, you will continue. >> eric, pleasure to have you. hope you'll come back to "fast money" your next earnings release. >> thank you for having me. >> ceo of 99 cent only stores. next trade, aig, fannie mae surging between 40% and 100% this week alone. these stocks were left for dead. it's been a short squeeze that's really pushed it higher. >> let's talk about aig first. nine analysts have a hold on the stock. one has a sell. no one has a buy. everyone is playing aig from the short side. into earnings tomorrow, what are you looking for? what's the possible upside? the possible upside could be that the value of these toxic assets that were written down so aggressively over the last couple of quarters will begin to modestly rise. that's your upside in aig. other than that, i don't understand why people are getting so hopped up. >> you might also be getting a slight exaggerated move, too.

when you look at the names, i'm talking about options that are unbelievable. aig traded over 300,000. cit, fannie, freddie, hartford. they started buying the august calls. today they bought over 25,000 of the august 20 calls. so people are -- you've got to do a hedge. if you're a market-maker standing on the trading floor and selling these calls in aig and the rest of it, you have to do a hedge. your hedge is going to be stocks. that's the only hedge that's left. >> the other thing that people don't realize, fannie and freddie, mortgage yields are at two-month highs right now. if you start to see mortgage defaults begin to increase, these securities are going to go way down. the other thing with these guys, huge delusion in the shares. no one knows what the fair value of the shares should be. if they're trying to value them, they're not even close. >> you look at the company like hartford financial, wealook at day it had today and look at their earnings release a week

ago. they're going to make money this year. they're due to make $3.91 next year. this could easily trade back to october levels of 33 and still be relatively inexpensive' i'm not saying it's going there, but at 18 bucks -- >> as long as we're concerned about commercial real estate, shouldn't we be concerned about some of these insurers? >> absolutely. 100% absolutely. they are fully exposed and you have to be ceoncerned about tha. shares of morgan stanley lower today. not only has it lagged rival goldman sachs, but it's trailed broader financials. in the process, possibly missed out on this decade's greatest trading opportunities. investors are wondering if john mack's cautious moves could cause him to get the knife himself. for the latest, let's go off the record with the man who is known to put ketchup on just about everything he eats, including chicken. >> not spaghetti, though. >> charley gasparino. >> well, spaghetti already has

tomato sauce on it. that would be redundant. >> that's right. >> what are you hearing? >> it's pretty simple. john mack is turning 65. it's kind of a -- it's not really a mandatory retirement age if you're john mack. he's the ceo of morgan stanley. but there is talk inside morgan stanley -- and, you know, not at the water cooler level, at the top level, that john is likely, and i say likely because who knows what's going to happen, to turn over the ceo role this year, announce it this year, be effective next year and then the question is who will he turn it over to? the lightly candidate -- and it's an internal candidate, is a guy named james gorman, the president of the firm. long-time mckenzie consultant, was an mckenzie -- was merrill lynch's mckenzie consultant, if you can fig answer that out. left to join morgan stanley. basically now running the biggest brokers department on

wall street. bigger than merrill's. remember when they combined the brokers? i think he got 18, 20,000 brokers right now. he's the leading candidate. it's not a done deal, but from what i hear, and people pretty high up in the firm are telling me he's the likely -- >> i heard you talking before that you were at least inferring -- they weren't taking enough risk and they were bringing in a guy -- >> i didn't -- i didn't -- i didn't infer that. what i said was the problem that john mack has, he had a pretty tough three years. >> yeah. >> he changed -- in 2005, he changed the business model from an advisory model, right, where they basically made money advising on mergers and acquisitions on the brokerage department. mack came in and changed it to a proprietary model, taking risks on trades, taking risks on whatever you do, hedge funds, whatever -- whatever risk-taking you can do. morgan stanley tried to do it, and they lost a lot of money. he came back and after the

financial crisis, came back and went full boar back to the agency model. so he did a 180. and he missed out a lot of people say on this amazing trading opportunity where even citigroup, i believe, made money during this period. >> right. >> charlie -- >> goldman sachs made a lot of money. >> stock performance-wise, morgan stanley has been keeping up fairly close. they're lagging goldman sachs because of the fact they didn't take as much risk over the last couple of months, but they're doing things right. doesn't it seem like john mack has the ship going in the right direction at this point? >> you're asking my opinion. i'm telling you what -- if you're asking my opinion, yes, i do. and i think it's unfortunate if he's being held accountable for this because, you see, they're doing something right. at least according to what the -- i mean, they are not returning to the model -- they're not using the tax -- sort of the -- the sort of -- the government sort of taxpayer inspired -- >> they're doing -- not by the

standard of shareholders, charlie. >> they're not using the -- the basically the hand-outs that the government is giving people to take risks, unlike goldman sachs, which i think is a scandal in and of itself. so they're doing things right. but the problem is they -- they lost money last quarter. in a quarter like -- if you blinked you made money. >> again, my shareholder standards, they're not doing right. charlie, got to leave it there. charley gasparino. >> the bottom line on this da. >> see you later. >> if you look at morgan stanley, the trade has been to buy every dip this year. why? because the stock moves higher on every dip subsequent to when the bad news comes out. morgan stanley is up 70% on the year. they've done a phenomenal job navigating their way from significant mortgage security losses, they've changed the model, they're now focused on activity. folks, let's not forget the jv, the so-called jv that they've got going ob. they basically stole smith barney. morgan stanley has been a buy all year, and it remains a buy.

>> all right. let's see what was going on on the trading floors today. forget the iphone. the buzz out of the mobile industry today is all about the corn phone. corn, yes. the vegetable. samsung and sprint's reclaim is made from bioplastic material dri derived from corn. it's a perfect blend of responsibility what sacrificing must-have features like call waiting and video. the corn phone. you get a discount if you buy a prius also. >> all right. coming up next, rupert murdock is trying to save his newspaper from extinction by charging for online content, but will that plan backfire?

we do think that the new bull market has begun. it may prove that it began in march of this year. clearly many people were looking for better signs on the economy. and we're now getting them. not every sign is positive. but we've seen an upturn in things including business equipment, the labor news is better, it's still not good, but it's better than it was.

>> she isn't the only person to think this bull is here to stay, but the speed and strength of this rally means there are plenty of non-believers. time to play our fun little game, bull market or bs. we may be, in fact, in the midst of the mother of all bear market rallies. david joins us as usual from toronto. david, great to see you. >> great to be back. >> one thing to be concerned about is pe. what are you seeing now? >> well, what i'm seeing now is an s&p 500 that is de facto priced in over $70 of operating earnings for next year. i think that we'll be lucky to see $50 this year. so the market is basically pricing in 30% to 40% profit growth for next year. and also pricing in 4% real gdp growth. so, you know, at the lows, it was a show-me situation for the bears. we were, i guess, arguably priced for armageddon. we didn't get armageddon and now

we're priced for nirvana. >> david, it's refreshing that i look around at tripes. synchronized global pmis and see that you've seen stabilization in housing prices, i'm wondering why we have to go back down. i know you're cynical on the government spending here, but i don't even think that's been what this has been about. >> well, i mean, you focus on the pmis. you know, if i remember correctly, in the opening months of 2002, under similar -- not the same, but similar circumstances, which was an inventory build -- an inventory build that we know in 2002 was never backed up by a consumer demand, which is why gdp growth was zero and the market hit its lows, the reality is that we could see it go above 50. the key is going to be the sustainability. and if we don't get consumer demand back on an upward

trajectory, all bets are off over the sustainability. so it's not just about the pmis. we'll get this inventory build. production is coming back. no question. that's what's going to support u.s. gdp in the third quarter. the question is where's the consumer? where is the consumer? in the second quarter -- let me give you an example. we're throwing the rat in the laboratory, running the experiments. when you take a look at the benefits, the tax reductions, the government spending, and the second quarter came to a 3$300 billion annual rate and consumer spending was negative -- >> david, when we see the consumer jump in, cash for clunkers buying the autos, is cash for clunkers a good thing or are we kicking the can down the road? >> well, is cash for clunkers a good thing it's not a good thing or a bad thing. it's basically just going to borrow from consumption in the future. unless you're going to tell me

that these people trading in their clunkers were never going to buy a car, all this does is spring forward auto consumption that would have taken place in the fourth quarter this year or the first quarter next year, maybe the second quarter. once again, let's go back to october 2001. didn't we have 0% financing? didn't we have auto sales surge to 21 million units? >> right. >> hello, we never -- >> let me just -- i want to finish. we never -- >> david, real quick. >> we never saw that number again. we never saw that number again. >> i'm going to go with you on this one. we go down 10%. real quick, what do i do? do i buy it down 10% or avoid it? >> well, i think if we're going down 10%, we're going to go down another 10%. >> okay. >> if you want to get paid -- look, there's more than the equity market out there. >> so there's a lot more to a -- >> if you like the sick luicality, go for credit. it's priced much better now.

>> david, always a pleasure to have you. david rosenberg. >> thank you. >> cash for clunkers. we said this yesterday -- >> look, there's no arguing with david. i'm not going to get in the way of that. on the cash for clunkers, i think we've had pent-up demand on the auto side that this is just feeding. we didn't sell cars -- >> pent-up demand? you think people were waiting for -- >> yeah, i do. i think people -- there was no credit and people -- there was a heart attack in this country. people stopped buying cars. i think what we've seen -- it's given them an access point to bring them out. >> i think they needed some major incentive like this to get them in there to buy. clearly this is working to that extent. >> all right. let's move on. next trade, it is time for our "fast money" street fight. last night, rupert murdock announced newscorp will charge for online news properties, which includes the "wall street journal" and the "new york

post." joining us with his call, david joyce. david, great to have you with us. what do you say? once you let the genie out of the bottle, can you put it back in? will you pay for the content? >> well, if you don't get consumers used to paying for useful content again, you're not going to have any useful content. that's the bottom newscorp is r taking the lead here. the whole newspaper industry has been trying to rally around this, but really trying to get people to realize they need to pay for it. they got used to paying for paper delivery. now they've got to get used to internet delivery. >> in that period where people are getting used to paying, will we see a hit? >> i don't think -- yeah, there will be a short-term hit on advertising revenue that is based on the number of people using those websites. that's the thing that those content owners, newspaper owners, have loved is that the people -- there are a lot of people going to the internet is reading their content. you will have some short-term dip from the advertisers, not

having the eyeballs, you know, to point to. >> right. but david, didn't they probably get used to getting everything free so it's going to be a difficult transition to get them to pay for this content now? >> if they -- if they don't pay one paper's website, they're going to maybe look where they can get the other content for free. what that quality would keep getting lower and lower because they can't be paying for quality reporters, per se. so at the end of the day f the consumer really needs to get quality content, they're going to have capitulate and pay for it. >> david joyce, thanks for being with us. are we buyers of any of the newspaper stocks? >> i don't see -- i don't see how it works. you let the genie out of the bottle. i'll pay for the "wall street journal" potentially online. but, i mean, i get the "post" for free now. there's no way i'm going to start paying for -- >> how do you get it for free? >> go to the internet, girl. absolutely getting it for free. that's my point. if i'm going to start paying for

it, i won't do it. i don't know how you can go from giving people content for free. >> there's a generation of people that have learned you can get anything free on the interfete. it's going to be hard to retrain them. >> gen-x. lets move on. tonight's question is will paid prescriptions save those media stocks? a, yes, that's the only way they can survive or, b, no, you can't put the genie back in the bottle. log on right now and cast your vote. let us know what you think. let's move on. "fast money" is putting away the red bull and the double espressos and taking it easy just for this one week. you will find the trades for the long haul. yes, "fast money" is about to become -- actually it's -- >> it is. it is. it's not you. >> all right. pete, what is your slow money trade?

>> we've got to be quick because we've got to get through this segment, but joy global. if you look forward, it's not just a stock that's been moving recently, but it has plenty of room still to the upside over the long-term. made a big move recently on a lot of great news that's come out. you look at the stimulus package that won't really start to kick here, but also look over to china. they have great global exposure. when people have their resource demands start to really, truly pick up, you're talking about iron ore, coal, com copper, tha the first line and that's why you've got to look at joy global going down the line. >> that was your -- >> slow money. >> that's really good. all right. coming up next, the economists have had their day. now we turn to the traders for a reading on tomorrow's big jobs report. and why the stocks that bottom of your screen were on your list of pops and drops. stay tuned. he ran off with his secretary! she's 23 years old!

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welcome back to "fast money." here's a look at what we've got coming up for you. think media companies are dead money? we've got a movie stock that is up 100% this year alone. and is buffett back, baby? we've got your setup tonight. plus, why options traders were bringing on put production today. we'll tell you what they were worried about. but first, the fate of the rally. will the number confirm or deny the market's recent strength? joining us now, the pit bull himself. rick, we've got a lot of -- goldman sachs coming out more

bullish. adp coming out better than expected, but that doesn't reflect the government layoffs. >> the whisper numbers are getting silly. every guy at that desk has heard the same thing. the let's look at the facts. 18 straight months of job losses starting in january of '08. my opinion is is that the traders in general do not believe you're going to see a shocking number to the upside. however, as we head from trim tabs today, even though there's a big story, i think the biggest story of the week was the huge drop in personal income, down 1.3%. the feeling is that income jobs, the consumption side, that's key. this report, anything with a one handle is going to be perceived as hugely bullish. my call is 350. i think you'll see an uptick in the unemployment rate. butguys, i think you're going to see two months of revisions to may and june.

how do you deal with that, in your opinion? >> we don't care. we're already seeing that the consumer is stabilizing. credit card delinquencies are stabilizing. we don't care. because the other data is very -- >> you're looking at the rate of change argument. it doesn't matter what the revisions are. well, let me swing another one by. pete, what do you think if we see, as expected, let's say we see down 300,000 jobs but an uptick on the unemployment rate. do you think stocks will sell off on that? >> i say that these days it's leading indicator because people are watching. if people feel like people are losing their jobs, people will stop spending money. >> they're focused on that, and that's why i still pound the table. you put it on last night as well, rick, when you talked about how cheap the volatility is. that's why i think you're seeing so much protection. being put into this market right now because people do have concerns. they want to be in, but they want to have protection.

>> rick, it's joe. let me toss one out at you. one of the greatest traders around said today he thinks it's a bear market rally. where we sit right now, s&p value 1,000. do you think hedge funds are looking for the entry door or the exit door? >> i think they're looking for entry, something to sell. obviously selling in the strength in this prozac pricing hasn't worked. i think you'll see something we haven't seen in a while. i know everybody says they're buyers waiting in the wings for dips, but i think a dip of more than 3% or 4%, they're going to sell into weakness. >> rick, got to live it there. thanks a lot for your time. your screen saver -- >> good lord. >> he's a legend. >> he is. he is. i just like the way you said -- >> all right. let's move on. time for today's edition of "pops and drops." canadian solar was up 7%. pete? >> revenues are up 137%. they were negative, now they're

positive. everything is going right right now. >> it was up 13%. >> much like the gap, comps were lousy but better than expected. thank you for that photo right there. and inventory is down. they're doing things right. gap is doing things right. but you know what? i'd be taking profits. >> the video is over. let's move on. american express was up once again, up 3%. >> let's get that same footage up. this is a boring topic. i say it again, it's the best trend they've had in 18 months. this is reason not to be bullish, but to be confident that things are better. >> we've got a drop here for sunoco. >> can we tie in the victoria's secret footage with sunoco? >> there's got to be a way. >> it's been a hot trade over the last couple of weeks. sunoco, you want to buy this one around 23.50. hurricane sizeen is not going to be as earlier anticipated. >> we've got a pop here for

david. the 23-year-old actor will star in the sequel to the hit "wall street." he was caught carrying the book and then the roof caved in around the streets of new york. >> wow. >> why are you laughing? it's a fantastic read. good beach reading, by the way. >> it a great catch by the photographer. >> it is. >> pop here for sears holdings. up 3%. >> the only thing i could find on this whole thing is potentially maybe the stocks broke through technical levels. there wasn't a lot of news out there. but look at that stock. >> we've got a drop here for camel. >> huh? >> what kind? >> not the cigarette. >> a saudi arabian company was marketing chocolate made from camel's milk. now they're looking to the mammal as a source of protein. they will begin to eat camel to combat the creature's exploding

population. meat apparently tastes just like chicken. no, just like beef and with less cholesterol. would you try it? >> hell no. >> a little tabasco, tastes great. coming up next, the stock that doubled this year thanks to "harry potter" and "transformers 2." undefeated professional boxer floyd "money" mayweather has the fastest hands boxing has ever seen. so i've come to this ring to see who's faster... on the internet. i'll be using the 3g at&t laptopconnect card. he won't. so i can browse the web faster, email business plans faster. all on the go. i'm bill kurtis and i'm faster than floyd mayweather. (announcer) switch to the nation's fastest 3g network and get the at&t laptopconnect card for free.

welcome back to "fast money." we're live in new york. want to take a check on shares of cbs. coming in ahead of expectations. revenues slightly off. here is the highlights here on the conference call. the company is sticking by its guidance. that swing higher in the an hours session. any buyers of cbs? >> no. >> ad revenues too scary? >> i think if you ask analysts, they'd say the stocks are still going lower. i'm not going to -- >> they've had a lot of activity, though. in the previous couple of weeks, you've seen a lot of activity. people expecting something good out of this. >> but that chart told you why you don't want to jump into this. there's too much uncertainty.

>> time now for an earnings edge. imax making a huge comeback this year. propelled by summer 3d hits. the summer starts to cool off. what can we expect to see? richard is the ceo of imax. he joins us. richa richard, it's a pleasure to have you with us. >> great to be here. >> what is clicking this year that is sending the stock higher? the loosening of the credit markets, the theaters finally having the ability to lay out the cash for your technologies? >> it's the network effect. if you have more screens, you can get more movies. if you can get more movies and better movies, you can get higher revenues per screen. the closest analogy would be an hbo. it has a fixed cost of revenues and as they get more subscribers, it becomes more profitable. we finally have enough theaters where we can get the really good movies and they're playing well at the theaters. >> in the second quarter, you signed seven deals. then you signed another eight. how sticky are those deals?

in other words, if the economy takes a downturn, if the theaters see demand cool off, are they able to cancel those deals with you? >> they're not. but as a practical matter, our backlog is over 150 theaters, some are joint ventures, some are deals with they put the cash up. so the backlog is -- is pretty much good. >> your backlog was 246 this time last year. it's down to 171. can that rate continue? do you see that slowing down? >> we think our growth can continue. we signed 100 theater deals about a year ago. we're rolling that out very quickly. our backlog is still high. we're opening two to three theaters a week right now. we used to open about 20 in a year. 20 or 30. so that kind of sustained growth is bound to challenge your backlog. >> you talked about the economy, the more screens you're at. i notice your revenues are stuck around 60% in terms of the u.s. markets. why aren't you growing globally? when i lived in mouscow, when

viacom came there, it was the most amazing thing there. >> in the last two years we've really grown in north america. before that, 2/3 of our growth was international. it's more like a see-saw. we just announced in china that we're taking chinese films and turning them into imax films. we just signed a deal in taiwan for six theaters. china is a huge growth market for us. russia is a good market. so i think it's just a snapshot in time. >> richard, melissa is going to give me a hard time about having to talk to you about this. your quarter ended june 30th, correct? >> that's correct. >> you've only had one week worth of the benefit of megan fox's movie, right? in your earnings, how many weeks of meagan fox in 3d did you actually have? >> she was in 2d. hate to disappoint you. she looked okay in 2d. we had one week and -- >> only one week? >> and there were four more weeks after that.

>> richard, a pleasure to have you. hope you'll come back. >> thanks very much. >> the ceo of imax. coming up next, one of today's most popular trades. why traders are getting defensive in the pits when we go "trading after dark." oof! i hope he has that insurance. aflac! you really need it these days. how come? well if you're hurt and can't work it pays you cash... yeah to help with everyday bills like gas, the mortgage... ...and groceries. it's like insurance for daily living. so...what's it called?

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welcome back to "fast money." we're live in new york city's times square. want to check a check of nvidia. it is rising after hours. it beat the street in turps of its earnings. it raises forecasts for the years. it is up, by the way, some 62%. so far this year. so you see the action in the after hours. okay. let's move on here. cue music. >> there we go. oh, yeah, baby. ooh, yeah. >> that's a little x-rated, tim. >> all right. you know that music. it's time for "trading after dark." the g-rated version. jared levy has his own hedging plan. he joins us from the cme. what are you doing to hedge yourself? >> just setting the mood. melissa, what's going on? as we move higher here, the thing that most investors do is buy puts. as you progress higher, you buy

the puts because that provides absolute protection. one thing traders need to be looking at where we've seen a lot of bullish action is in the slv. that's the silver atf. it's trading around $14.34 a share. it's highly correlated to gold. if you're a gold fan, you can use silver as a proxy. it's cheaper, it's slightly more volatile, and believe it or not, it's performed better this year than gold. the other effect silver seems to have is an adverse effect to the dollar. if you think the dollar will weaken, silver is a good investment for that. obviously with the bank of england making its move this morning, that puts pressure on our dollar, sending silver lower. that might provide a good buying opportunity. >> jared, got to leave it there. thanks so much. "final trade" right after this.

all right. you see there sonia sotomayor leaving the new york courthouse where she works. of course this is after historic confirmation as the first hispanic justice on the smoerup court. the third woman ever to sit on that court. >> very exciting. time now to reveal who lost the most money today.

hank greenberg doled out a whopping $15 million to settle fraud charges with the sec. don't feel too bad for old hank. he still has plenty of cash lying around. well, all right. "final trade" here, timmy. >> if you are concerned about oil prices, petro is in a lot of trouble down in brazil. >> look what it did today, traded up $18.10. >> how could you not buy imax understanding -- just understand this for a second. meagan fox was in those earnings. >> if i had a dollar for every time you said meagan fox on this show, i'd be a rich woman. >> chase after that dividend yield. these guys are giving you almost 5%. you've got to like ppl. that's our show for tonight. we'll see you tomorrow at 12:45 for the halftime report and tomorrow at 5:00 p.m. and midnight for more "fast money" here on cnbc. have a terrific night.

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room jim cramer and welcome to my world. >> you need to get in the game! >> he's nuts! they're nuts! they know nothing! >> i always like to say there's a bull market somewhere. >> "mad money." you can't afford to miss it. hey, i'm cramer. welcome to "mad money." welcome to cramerica. other people whatnot to make friends. not the least bit interesting. my job is to educate you, so call me at 1-800-743-cnbc. are you sitting down? are you ready? tonight, i have a dual mission. i'm coming to the rescue of your pocketbook and of uncle sam. the united states treasury. and i'm doing it at the same time. that's right. tonight, i am going to offer the quickest way to both lower the u.s. deficit and help you make

some mad money. yes, tonight, i am recommending the stock of -- citigroup. yeah. you don't have to adjust your hearing aid. i mean it. i'm recommending the stock of citigroup. right here, right now. citigroup. the one that we own, we the taxpayers own 34% of. the one that fdic picks on endlessly. as some sort of populous statement against the big-city bankers who play wall street's gangster's paradise before the opening bell. yes.