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for june, trade balance. last look, it was $26 billion. that was the smallest number since november '99. they're looking for it to go up. tune in. >> i'm steve liesman where tomorrow we're watching for the fed's policy statement from its two-day august meeting. look for a slight upgrade to the update to the economy. >> i'm michelle caruso-cabrera. thanks for watching. "fast money" is up next. >> frank dipascali pleads guilty to ten criminal counts and says in court he helped bernie madoff and others defraud investors over two decades. he is cooperating with prosecutors. the fda's medical device chief is stepping down after staff scientists complained about improper pressure to approve some products. microsoft and nokia scheduled a conference call tomorrow to announce an alliance. that's cnbc.com news now.

i'm sharon epperson. fast money with melissa lee starts now. >> stocks sliding again as the summer rally turns into a summer swoon. how do you protect. welcome to fast money. i'm ma list sa lee. these are your traders. we've got a big show tonight. new developments in the madoff case. he did not act alone, plus moments away, a first interview with the vice chairman of gm on the new chevy volt and the one and only regis philbin plays who wants to be a fast millionaire. first, let's get to the word on the street right now. broad based selloff today. a pause in this rally or is this something to be concerned about. >> i think it's outrageous regis is coming. we met pete nye. he said he's going to come on. that's awesome. >> breaking news. >> we've got breaking news. >> straight to mary thompson with the latest on the madoff

case. what is the latest? >> the latest is the hearing continues as we speak with the judge saying he is not sure that the bail conditions that have been set down for frank dipascali, the former cfo of madoff securities are stribt enough. he considers him a flight risk. the hearing has been going on for two hours and during that time he said he knew what was happening since the 1980s and beyond was criminal but did it anyways basically helping madoff and others commit this mass sieve fraud that he called a catastrop catastrophe. at the pled guilty to ten counts that were brought against him by the u.s. attorney's office including wire and mail fraud, perjury as well as evasion of income taxes. he described how he falsified documents. gave false information to the thousands of madoff victims and also how he lied to the sec in 2006 under the direction of mr. madoff. at the end of his statement he

said i don't know how an 18-year-old kid who is looking for a job out of college came to this. mr. dipascali joined mr. madoff's firm back in the 1970s, worked by his side for 33 years and is cooperating now with the government to help them unravel that will $65 billion ponzi scheme. again, the question that remains to be answered right now is whether or not the judge will sign off on the bail agreement that was agreed to by the prosecution and the defense. again, the judge saying he believes mr. dipascali despite his obvious show of remorse in the courtroom today remains a flight risk. melissa, back to you. >> thank you very much. er that thompson. no remand apparently. is this a surprise at all that madoff had an accomplice? >> oh. oh. >> more of a surprise if he didn't have one. >> that's right. >> guys, sorry to interrupt. you're talking about outrageous. that regis philbin is going to

be here to play who wants to be a fast millionaire. >> regis is the man. i think the market's headed lower. i think today, pete and i were talking about this before. the last couple weeks, the market would selloff and have late in the day rallies. today you saw the opposite frankly. the s&p at one point was down only about seven. it sold off in the last 15, 20 minutes today. something to keep into consideration. i they will tell you, the technical points to this market moving lower. i'm going to stick to my guns on that one. >> they tell you we're right back to where we were before the nonfarm payroll number. the volume was very light today and i think as guy pointed out, a dangerous tape for guys that bought the first dip because a lot of these have been shallow pullbacks. if they did that today, they're probably down a percent and a half. >> the volume in the options market was about half what it was. did you see that same pattern here. >> i think the volume was because of the fact there was a little bit of a return of panic

into the marketplace. we talked about volatility starting to ease its way back and starting to move back up mostly with put protection, some call buying. today it was more of a panic, scrambling for the downside puts. you saw the volatility index get up towards 27. finished the day back a little bit lower. it was less of a panic but more panic than we've seen recently. it wasn't an outright panic where everybody is running in the streets looking for cover but they were looking for options today. >> i look at valuations. they've gotten so frothy in the last six -- actually, since march 9th and so a little bit of retracement is really nothing at all. >> you're looking at current pes. >> a lot of times forward pes that are optimistic and current pes. just the run-up some of these had, i'm with guy, a little more of a pullback.

it would probably be healthier. >> the trash pulled back today. you put that, you get all the krid in the world. the dash for trash aced back. suddenly you look over at goldman sachs, was in positive territory, started to give up towards the latter part of the day. that's a bit concerning too because you'd like to see goldman start to find its footing. >> although 75% of companies beat earnings this quarter, only about 25% of them beat top line revenue numbers. they're getting an eps beat but getting at it the wrong way. >> the borrowing was subterranean because of how many analysts flashed the forecasts. the expectations weren't there anyway. karen, at what point would you say the markets start getting attractive? >> we need more positive data. the market has priced in this positive data we've had, some home building news that was good, home price sales, economic data on the unemployment front.

it's priced that in more than once i think. the same news again and again. we have to see new positive news. i think that congress being out of session is a positive thing. i really do. >> yeah. let's move onto the next trade here. this is a group that certainly led us lower. financials getting slammed. the worst sector of the day. wells fargo citi losing ground today. this is sparked by the call from dick bove saying he expects the short-term correction. the earnings for the banks won't improve in the second half of the year. so start taking profits in big caps, jp gormans or goldman sachses. are there buying opportunities here. >> i think this entire sector was tired. there was concern they were going to be changing mark-to-market and changing it back to what it was. there was talk that there's a lot of news about the financials when we don't know that earnings are normalized. we've had a very big run.

a couple names still look interesting, jpmorgan seems to be getting turning the corner on some of that consumer market portfolio. >> wells fargo has been a fascinating stock. rallied all the way back to the 29 level. on the premise they're going to pay their t.a.r.p. back by earning their way out of it. now i'm hearing from a couple people that maybe there's another secondary coming from wells fargo. that would be very interesting. what would be more interesting to see how it trades after the fact. i happen to think it's a short here. i think the financials are short here. i know that's a dangerous trade but that one would really get you going. >> how would you do that? >> i don't like to do the lever anded stuff because i don't think it makes sense. i would rather short individual stocks with tight stocks. the jpmorgan trade we had for a long time worked. you'd have to stop that at levels that were not as bad and after the fact led you to

believe. >> late last week, the wells fargo news continued to start really then and continues now into today talking about the potential of a secondary. something, some reason to raise capital. maybe pushing the stock lower. we talked about incredible put activity last week. stock has been fighting that ever since, got up towards 29 yesterday. stock easing back a little bit, starting to get to that accelerated move to the down side. last week, they were buying august downsize put. a lot of put buying in wells fargo maybe based on the speculation you would see a pullback. >> that would be a negative if they did a secondary. you can get past that. but it would tell tul maybe they don't think they're going to earn their way out as quickly as originally thought. >> our producers are calling wells fargo now for comment on whether or not there is a secondary offer pending. >> i want to make -- you know, i don't know anything. the things i'm hearing dur the course of my day.

>> obviously. even rumors move stocks. that's why we tell you about them. we do have calls out to the companies. let's move on to some after hours action. we're watching applied materials, now higher in the after hours session on reporting earnings revenues better than expected, eps better than expected. jim goldman has got the latest. >> that conference call still is going on right now. very good news now and a very optimistic tone from the company. "strong surge in revenue and orders during the second half of the quarter for chip equipment." the guidance for the fourth quarter, as soon as the numbers came across, they were being discussed on the call, we saw the stock move up. anticipating revenue up 10 to 20% offering a range of basically $1.24 billion to 1.35 billion. the street consensus was just over a billion dollars. so a sizable increase in sales there. also on earnings, the company now expects to return to

profitability in its fourth quarter with a break-even to four cent a share gain. that compares to a four-cent a share loss as far as consensus is concerned. so clearly, applied materials is seeing a nice increase in orders. the solar business to borrow upon a bright spot for this company when a lot of folks thought maybe there was a glut of solar panels on the market. nonetheless, applied materials sees nice growth, pv installations growing at 30%. china expected to grow at twice the industry average and expect to see four gig watts of capacity added in 2010. now, it's more like 10 to $12 billion. so really applied materials is seeing some healthy growth across many of its key industries. >> jim, thanks so much. applied materials higher by about 2%. see what sort of impact if any

it is having on the nasdaq trade and what that might tell us about tomorrow's session. is this going to move the needle in terms of the tech sector in general? >> i don't know if it moves the nasdaq. i think i think a lot of people got short in amat and it was clearly the wrong thing to do. $1.07 billion in new orders. the street looking for $862 million, about a 64% increase. quarter over quarter. they did something right this quarter. i happen to like amat. pete probably likes it, as well. i think amat is okay here. >> you got to like the fact it's up 20 some odd percent. but a big jump. is it the net books, something with the lcds? what area is pushing amat right now would be curious to see. solar is not their whole

business. their business is getting in the whole manufacturing. what area is push the stock right now. >> do we see the solar stock tomorrow? >> i think you do, talk about the china demand. this is an important thing. there's only a few countries in the world doing this. we're not doing it in this country. they're doing it in germany and spain and china. i do mean solar cells. i think it's a pretty good trade here. >> it's a huge day tomorrow for chinese names tomorrow. amat might have a first reaction out of this. >> are they out after or before bell. >> ldk, across-the-board. >> anything you would buy ahead of earnings. >> no, absolutely not. i've kind of grown more accustomed to karen right now as far as the idea that a lot of solar names are further out. when the excitement is there, yes. but right now the excitement is not there. 2010 is where the excitement builds. >> town hall fights like this one keep erupting. that backlash against health care reform is picking up steams

and helping it shares of unh. some pretty heated words out there. we are seeing insurers advance on the hope perhaps it will be severely modified or perhaps the legislation will be tabled. you said before the fact that congress is in recess is a positive for the stock market. >> i think it is. they can't make positive or negative headway on this. but you this spin is starting to get out of their control now. you're starting to see a lot of town hall meetings and discussions of the town hall meetings. that's interesting. i'm a little an afraid of the space. i sold my hmos too early because i was concerned what this administration would do. one of the things that could get this back on track, health care reform would be if ted kennedy were to die. the sentiment how much people love him and how important this is to him, look, i'm just. >> there's no question.

karen's being serious. is he universally nrd to be the one.pushing this for 35 years. >> he personifies health care reform. >> united health care traded from 26 to 29. when obama had his press conference two weeks ago and toll you he was willing not to accept any deal, that he might wait for the right deal, basically told you this wasn't going to make it, and the stock rallied. this is a trade. you're probably seeing the top end that have trade. >> the tradeoff the whole thing with the whole administration remains as a generic you. take a look at that performance right now at king pharmaceutical. meilen had its issues because of issues at the factor. teva incredible numbers and pro jebzs of 35% growth. i love the direction they're going. if you look at the pe right now, you'll find it showing something closer to last year's numbers which would be about 40. >> they are good buys health care or no health care.

>> i talked about unh. etna preannounced on june 2nd. june 11th, you're getting breaking news again. >> i'm sorry. a coincidence. i have to interrupt you once again. mary, what's the latest there? >> well, melissa, judge bernard sullivan rejected the bail package proposed for bernard madoff's former cfo, remappeding frank dipascali to jail today even though the government and his lawyers stood up and said he has been cooperating with the government since december or january and helping them try to uncover or unravel the $65 billion ponzi scheme. after mr. dipascali made a statement in court today and pled guilty to the ten counts by the u.s. attorney's office, judge sullivan said that the bail package which included a $2.5 million personal recognizance bond and the fact he had to give up his passport and stay within the southern and eastern districts of new york as well as pennsylvania, judge

sullivan said that the package seemed to be symbolic and not onerous given the crimes that that he was charged with and admitted to today. he said he still appeared to be a flight risk despite the fact mr. dispascally is cooperating with the government. so, his former cfo going to jail tonight. melissa, back to you. >> thank you very much. so you heard it's a remand for mr. dipascali. the chances of that happening are really just so slim, it's not rigged. i don't do it on purpose. i'm not picking on guy. you know i love you, baby. >> unh we talked about june 11th. you know what? they reported a decent quarter and guident higher for the year. unh on evaluation, if the world

doesn't change, i still think it's very attractive. >> discount retailers outperforming, target walmart closing higher in a town tape. certainly we're watching target today because of pershing reducing his stake mainly because of the expiration of options that he held. is this a reason to follow into. >> into target or that he's out or that he's in at all? >> no, that we have a dip in target. >> i like target. i like walmart. xrt, the speciality retailers part of this huge run-up and short those targets, i still like that trade. it is starting to work in the last couple of days. walmart doing very nicely. i still think those two trades will con vernl, the pe that those specialty retailers trade idi think is absurd. >> any buyers of walmart here? seems like there are no catalysts. >> the last but you don't think did very, very well.

>> not much. >> you don't need catalysts for that. i literally put this in the category of the utilities. you're looking at a stock that's going to be solid for you, it's going to perform, probably not outperform but perform. you look at some of the dividend yields, you look at fpl in some of these utility plays. this falls into that same type of a category. i think it's a space play, not a bad place to have at least a portion of your equity. >> my favorite retailer continues to be the gap, which was up today, still hovering around this $18 level. again a name that's probably gotten ahead of itself but we told if you it gets down to 15, 15 1/2 you jump in. these guys continue to -- you don't have -- >> oh, good lord. >> i was joking. >> you have that breaking news look. >> he was talking the gap. all right. that was the word on the street. still to come on "fast money," the one, the only regis philbin joins us live to share his best trades for the second half of '09. plus-s a double dip recession on the horizon? we've got that debate. here's what else is coming up on the show.

♪ so much cooler online >> it's been one of the market's top sectors. but how can it keep going up if consumers won't spend more? the top software analyst on the street reveals her secret trading code. and it was one of the biggest dogs in the dow, but now the ambassador's taking it home from the kennel. your fall turnaround trade. plus, are you ready to play "fast money" millionaire? >> he's the greatest. >> he's the greatest. talking about turkeys? come on, regis, come on down. who wants to be a millionaire? >> we turn the tables on regis philbin and find out if he's got the stuff to play on this desk when america's post-market show continues. bile broadband. 31 are streaming a sales conference from the road. eight are wearing bathrobes. two... less. - 154 people are tracking shipments on a train. - ( train whistles ) 33 are im'ing on a ferry. and 1300 are secretly checking email... - on a vacation. - hmm? ( groans ) that's happening now. america's most dependable 3g network.

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welcome back to "fast money." general motors announcing this morning that its chevy volt rechargeable car due out late next year is expected to get a whopping 230 miles per gallon. will this be the catalyst that jumpstarts this auto industry? with us now is gm's vice chairman bob lutz. bob, it is a pleasure to talk to you today. >> good to be here. thank you. >> want to ask you about the projections in terms of how many cars you expect to sell and what the typical buyer will be like because at more than $40,000 for a car it doesn't really stack up too well against the rivals that are currently out there and that

will hit the market within the next year. >> but the rivals are nowhere near like the chevrolet volt. this is going to be the only vehicle in the world that will permit you to drive 40 miles purely electrically and then shift seamlessly to an engine generator which will continually recharge the battery and you can do another 300 miles. so you know, it's a mistake to think about this thing as a 40-mile electric car. it's 40 miles plus another 300 with constant recharging. >> but the prius, mr. lutz-w all due respect, the prius starts at around $22,000. in terms of when the consumer -- i mean, yes, the mileage is fantastic and attractive, but when will the consumer reap the benefits of this? if they're paying that much more. >> first of all, with the federal -- with the federal tax credit for buyers of this vehicle, which is $7,500, the price will come from around 40 to around 32 1/2.

and you know, that's not too far above the prius, and the car is far more capable. it offers a level of technology and fuel-free driving that is unrivaled because, let's face it, with all conventional hybrids you're really still running a conventional car with a conventional gasoline engine, and you happen to be getting a little bit of electric assist. but it's absolutely not to be confused with the chevrolet volt, which for people -- the 75% of americans who drive 40 miles a day or less, they will never consume a drop of fuel. but if they ever get in a situation where they have to go farther they don't have to worry about where the nearest electrical outlet is because the thing will go 300 miles. that's what's so exquisitely unique about the chevy volt. and i think a lot of not just people who have to watch their gasoline budgets, i think a lot of people who are car freaks and

are into technology are going to want this car. >> right. >> let's not forget this. people sometimes think, well, it's only for the united states. no, this car is going to be distributed worldwide. it meets all the regulations worldwide. we'll be exporting it to china, europe, latin america. i mean, wherever cars are sold the chevy volt is going to go. >> mr. lutz, it's karen finerman. i had a question about the cash for clunkers. it looks like people are turning in primarily big three autos in exchange for foreign -- i think chevy has one that was number 10 in terms of what was turned in. i mean what people exchanged for. so i'm wondering if you could talk about that shift. looks like a dramatic shift, at least in cash for clunkers, away from the big three. >> away from what? >> the big three. >> boy, we're not seeing that. we're seeing -- i look at the daily sales numbers versus our plan, and they are up dramatically. i mean, both yesterday and today

we had huge numbers, and we're seeing a lot of response. we had to add production on chevrolet cobalts. we had to add production -- we're going to have to add production on chevrolet hhrs. so we're seeing a lot of demand for our vehicle. so i don't know where you're getting your information, but our sales are up very, very sharply with this second generation cash for clunkers. >> so does that mean you're also gaining share? because we're hearing about a lot of the foreign automakers gaining share because of cash for clunkers. are you also seeing market share gain? >> our market share -- we don't know what it's going to be like for august. but for april we were -- i'm sorry. for july we were very pleasantly surprised with an overall share of about 20 point something percent. so if the asians are eating share from detroit, we're sure not seeing it. i wonder where ewe getting your information. >> well, we'll forward it to you. >> mr. lutz, thank you for your

time. we appreciate it. >> you're quite welcome. >> vice chairman of general motors. >> i'd say it appears the one place asia has a big jump on us is in the lithium ion battery that fuels a lot of these cars. this is the secret sauce and this is the biggest cost in these cars. panasonic is one of the places you can play this, pc, because these are the guys that are teamed one sanyo. these guys have significant progress. samsung, lg, a lot of the asian makers are well ahead on the lithium batteries. >> i'm looking forward to seeing what the new gm looks like when they are going to ipo it, which is sometime first quarter of next year. that would be interesting to see what a newly restructured, new cost basis gm, new cost structure gm looks like. >> and this acceleration of production everyone's bringing up this plays back to the coal names because goldman sachs has brought it up. they see demand for steel starting to pick up here and over in asia and because of that there's some upgrades today in some of these coal names. very, very impressive day. let's move on to analyze this. earlier this summer cisco's ceo

john chambers saying the company was experiencing a'll leveling out in its latest quarter. meanwhile emc's cfo said the company had better visibility, more kovs in the second half of 2009 in its latest report. are we setting up for a pickup in tech spending in the second half and if so which names will benefit the most? for some answers we go to heather bellini, who joins us on set. cess now the isi group's senior managing editor. certainly what we're hearing from the companies is a little different in terms of what we've been reading from the various surveys of information technology officers. the latest cio survey says 45% are expecting basically flat budgets. that's basically from the front lines. what are you seeing? >> well, i think it goes back to what you were mentioning earlier when i was listening in, is that people are making their profit forecasts or even exceeding them so far in the june quarter. they're not doing it because of top line but they're doing it because of cost cutting. but at the end of the day your i.t. budget gets allocated at the beginning of the year based on profits. we think we're going to see a budget flush in the second half.

in fact, recent work we've done with cios indicate that 3/46 them have underspent their budgets year to date. >> so basically the budgets can be flat but they haven't spent -- >> exactly. and look at what people have done in their personal lives. people probably underspent in the first half and maybe they make up for that now that they feel better about their stock portfolios. >> what would they spend on? >> i think the biggest thing from what we're seeing are things around virtualization. so vm ware would be a play that we would like in that area. saleforce.com is very levered to that in the on demand space. and don't forget microsoft. it's been hurt much worse than we would have thought going into the macro slowdown. they're going to benefit on the way out of this. and if you take a look at how it's correlated with u.s. gdp with pc shipments we think there's a surge in spending there in the back half as well. >> what about the storage space? you saw what western digital just said. that was a ridiculous quarter and their guidance was great. any names you're watching in that area? >> well, i focus primarily on software. on the software side you would

see it potentially in symantec. i they've got some other issues right now on the execution side that might limit them somewhat, but emc would probably be another obvious one to look at there. >> heather, always a pleasure to talk to you. heather bellini of isi now. up next the traders have been tripping over each other to give today's special guest some trading advice. take a listen. >> since regis philbin was here that one night before the show i've actually been looking at alcoa every day. i still can't bring myself to buy it. sorry, regis. i know regis is -- he might be a little disappointed. >> no, you know what? regis will get his chance to double up because this thing's probably going down again. >> this was the ambassador's pick last night. so me and regis are on board with alcoa. >> the man who is also known as reege will join us live from the nasdaq in just a few moments' time. plus why the stocks at the bottom of your screen made our list. the pops and drops. stay tuned. on tonight's "trader radar" we look at the stock lighting up screens across wall street today. this casino company runs a

legendary venetian hotel both in vegas and in macaw. and although shares have hit the jackpot, almost doubling in 2009, investors crapped out today after the nevada gaming commission showed a 15% drop in gambling revenues for the whole strip. who is it? the answer when "fast money" returns. i'm racing cross country in this small sidecar, but i've still got room for the internet. with my new netbook from at&t. with its built-in 3g network, it's fast and small, so it goes places other laptops can't.

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on the "trader radar" tonight, las vegas sands. the casino stock was among the most active names on the nyse today. welcome back to "fast money." here's what we've got coming up for you in the second half of the big show. the one, the only regis philbin comes to the nasdaq to get? trading tips from this desk. and do you buy jpmorgan on today's meltdown? we've got that trade coming up. plus the ambassador brings us the foreign telecom trade that is a on fire. but now for today's edition of "pops and drops." we kick it off way drop. fluor down 6%. pete. >> a huge run with the majority of the earnings coming out from the engineering space but today a big drop. pullback. probably a great opportunity. keep an eye on fluor. >> another drop for sprint. >> it is a 3 1/2 dollar stock. it's maybe a little overstated.

however, they were cut by piper jaffray to underweight from neutral. >> yum brands was down 4%. guy. >> downgraded ubs on valuation and they are rich on valuation but morgan stanley just upgraded these guys a couple days. so the stock keeps having trouble with 36 but i still like the name. >> we've got a drop here, literally, for meteors, star gazers, sky gazers, all of them, preparing for the high point of the annual meteor shower which reaches its peak on wednesday. according to nasa you can expect to see dozens of meteors per hour tomorrow in the late evening. which tells me stay inside, folks. drop for bungee. down 7%. >> one of the major fertilizer plays in south america. very dilutive offering. that's the reason it's up 30%. stay out of the way. >> a drop for -- >> they had some unusual option activity. stock up 17 yesterday. today down 5%. they said they're not looking for a buyer. that's different from saying

they're not -- >> drop for wells fargo. down 6%. karen? >> the whole space, everything down today. it seems like the financials have run out of gas a little bit. i would wait, let it pull back so somewhere, then buy it. >> corning. >> horrible drop on this tape. they announced earthquake disrupted some operations at a jbz plant. i think there are bigger problems at corning than this. i would stay away. >> eem down 2% on the session. >> we're off 3% over the last couple of days. obviously commodities leading you down but china and india very heavy. this is all coming on reasonable volume as well. >> drop for hillary clinton, our secretary of state getting a little toughy, shall we say. getting peeved when someone asked her a question about bill's thoughts. take a look. >> clinton through the bout of -- >> wait, you want me to tell you what my husband thinks? my husband is not the secretary of state.

i am. >> no, he isn't. a pop here for bill clinton? the former president, bubba, celebrating his 63rd birthday early in, where else, vegas, baby, vegas. while attending the national clean energy summit. clean energy summit. in quotes. >> very clean. >> holding court at the famous crab stick restaurant at the mgm hotel. >> unbelievable. >> what happens in vegas stays in vegas. up next, what you have all been waiting for. the one, the only regis philbin is in the house. he's here live at the nasdaq. stay tuned. new chevy equinox. with an epa estimated 32 miles per gallon. and up to 600 miles between fill ups. it's the most fuel efficient crossover on the highway. better than honda cr-v, toyota rav4

and even the ford escape hybrid. the all new chevy equinox. 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? uhhhhh aflaaac!!!! oh yeah! that's it! aflac. we've got you under our wing. a-a-a-aflaaac!

welcome back to "fast money." we're live at the nasdaq marketsite in new york city's times square. we've got a really good story for you. regis philbin was outside the nasdaq a few months back and the traders found out that he's a big fan of "fast money," so we've been trying to get him on ever since. take a look. >> a good friend of the show, happens to really like this stock. i don't want to -- can i say? regis. >> that's a regis philbin trade. big fan of ours, regis philbin.

>> come on, let's go. >> big fan of "fast money." >> regis-f you're watching, come on to the show, we'll go through your portfolio. >> the gauntlet was laid down, huh? >> have we no shame? apparently not. all that groveling worked because tonight regis philbin is finally here at the nasdaq as our special guest p he is ready to review his portfolio on live tv. >> absolutely. and i hope we get some good answers here. i stopped by a couple months ago and was intercepted by najarian and guy adami, and all of a sudden alcoa came up. and i'm with you, tim. i think it's going to stay up there and it's going to go a little more. >> then what happened? >> got to sell, regis. well, thank god i hung on to that. one of the few i have. >> yeah, pete, buddy. and reege -- >> they're going to need some help from pfizer to keep holding this thing up. >> pfizer. when is pfizer going to make a move? i'm so sick and tired of hearing what a great pharmaceutical is. when is the stock going to move? that baloney, the dividend. what else you got?

>> well, reege, we want to know how you got started in investing. >> it's been a very difficult 12 months, by the way, and i would imagine a worldly guy like yourself has managed to steer clear a little bit. >> well, the first six months of the past twelve months have been a disaster. but then some green light -- a glimmer in the distance. i see some profits now. in the last six months. >> so you've survived this time better than most? >> well, yes, i would say so. it's been really disastrous in the years before this, but i didn't really get involved in the market till i came home to new york in 1983, and then cnbc came on, and it was wonderful. it was great. every day you could see what you were going to invest in. so you hooked me and you owe me big-time. >> all right. we want to know the lowdown, though, reege. when you're in the dressing room in the morning or getting ready, kelly -- >> i'm watching. >> do you have cnbc on? >> yes, i do. >> you do? >> yes, i do. i have it on before i get on the air, and i have it on after i get on the air. honest to god, every day. and then at 5:00 i'm home and

i'm watching. najarian, guy adami. tim. beautiful karen. i'm with all of you every day. >> i was going to ask you a question. what are your favorite stocks right now? >> right now i like fcx and i like caterpillar. and i had some goldman sachs, but you see, i misinterpreted the rise and i got some money, but i sold at a relatively low number than where it is now. and i had a little ibm too. again, in an effort to get? profits, to finally see some money coming in, najarian, i sold -- >> so you are taking profits on some winners? >> i am. >> that's a smart move. >> but i've got stuff here that i want to lay down. look at the adami staring at me. you ever see adami on the camera? put the camera on me. it scares me. what is he looking at? he's looking at me. >> i don't have nice teeth like you do. i can't smile. that's just the way it is, reege. >> okay. when do i tell you what my problems are? >> right now. >> lay it on us, reege.

we're ready. >> ten years ago, 1999, 2000, reege, like everybody else, got involved with software. oh, it's going to be the greatest. and i bought some at high levels. and then i watched it going down. but i was so enamored with this new thing that i thought3 so i keep buying it as it goes down. down. down, adami. listen to me. all the way down. >> i'm looking at the stocks. i mean -- >> here we are. uis. you remember unisys? >> yes. >> it's selling down at 2.15. regis's break even, and this is after buying stocks, buying unisys for ten years now, i got my average down to 3.76. >> that's pretty -- >> a million shares more you'd get your average -- >> you're right. but i'm not through buying unisys but can it get back to 3.76? >> in terms of unisys i think it has a shot, especially if someone wants to buy these guys. but you've been buying on the way down, there's a very good chance at some point in unisys when you bought in '99 that stock actually went up for you

and you had a nice profit in it and you just didn't take money off the table much like you just did in goldman. my point to you is this -- there's nothing wrong with taking profits. never look back and say should have held it, it went a lot higher. >> i agree wholeheartedly with you. but beyond that! >> what your cost is is the most irrelevant piece of information out there. yet people use it. if i could just get back -- >> don't hope for it, sell now. >> it's irrelevant. it doesn't matter. because if you'd bought it at a buck 15 what would you be doing? >> i'd probably be selling. but i didn't. >> the other thing i'd say, veernlgs a company like unisys, their business model in '99 is very different than today. it's systems integration. you're a global guy. we said this before. go to india, buy mc, which does it so much better. >> what is reality here? this is where it is now. lsi. lsi. regis bought a ton of it. early on. my break even point is 6.76. and it's 4.90 right now.

should i stay with it or should i sell it? >> let's do it after the break, reege. we're going to go to commercial -- >> i really like how you refer to yourself in the third person, reege. that's very endearing. when we come back, we'll play a round of "who wants to be a fast millionaire?" >> i do! >> and what is regis playing for? >> i think i am. adami's staring at me. what's on the minds of independent investors? let's ask. when i trade, i want a straightforward price. they lure you in with a $5.99 trade, then charge you 15 bucks. you get a low price, but only if you make a ton of trades. at td ameritrade, every online stock trade is just $9.99. period. no matter how often you trade. no matter how much money you have in the account. i hate those hidden fees buried in the fine print. surprise! it's a maintenance fee! i hate surprises. at td ameritrade, you never pay a maintenance fee. you get low, straightforward pricing,

so you always know exactly what you're paying. hey, that works for me. are you ready to declare your independence? independence is the spirit that drives america's most successful investors. announcer: trade commission-free for 30 days plus get $100 cash when you open an account.

welcome back.

you're watching live with regis and melissa lee. that has a nice ring to it, doesn't it, regis? all kidding aside, regis philbin is our special guest here on "fast money." and reege, it is time to put you in the hot seat for a change. >> yes or no on lsi? >> goldman sachs has put a 6 1/2 dollar price tag on it and i think it gets there. >> all right. >> we'll do some more on the web extra after the show. log on online and catch that. but right now it is time to play "who wants to be a fast millionaire?" okay, reege, we're going to ask you three wall street questions. each question will get more difficult as you go. >> okay. >> if you need a lifeline, "fast money" trader joe terranova is tanneding by. >> terranova himself, huh? >> hey, joe. >> i'm all ready, pal. i've got the yankee hat. we drop the letters in. and we just pull one out. >> joe terranova. good, joe. >> he's standing by and he's ready to answer regis's question

by pulling it out of a hat. and regis, if you get all three answers correct -- >> what do i get? >> you will get your very own "fast money" trading jacket complete with your -- >> oh, man. >> look at that. >> very nice. i like it. >> reege, are you ready? are you familiar with the rules of this game? >> yes, i am. she's funny. >> first question. what is the ticker symbol of disney, the parent of abc, the company that signs your checks? not to put any pressure on you but you really want to get this one. >> i even own the stock, and it's dis. >> i don't even read the choices. >> oh, i'm sorry. but i worked for them for 30 years. >> b, dis. is that your final answer? >> that's my final answer. >> all right, that is correct. dis. >> what a guy. on the edge of our seats, regis. >> you're just two right answers away from becoming a "fast money" trader. how do you feel about that? >> i feel very good about that. >> are you jealous? >> am i what?

yes, i am jealous of all of you. >> question number two. which public company owns the hair club for men? is it a, regis corporation? b, philbin group. c, procter & gamble. or d, najarian, inc.? >> and i think he should go there. the regis club? yes. regis corporation. >> is that your final answer? >> that's my final answer. >> that is correct. regis corp. >> thank you all. >> you are almost there. can you taste the victory, regis? >> yes, i am. >> really? >> give me the last one. >> you can walk away now, by the way. >> what is it called when the price of oil for future delivery exceeds the current or spot price of crude? is it, a, backwardation? b, storage trade. c, contango. or d, tango and cash? >> can i have a lifeline? can i get a lifeline? >> yes. >> can i call my friend joe terranova? >> joe terranova. >> hey, joe. >> it is the emissary. it's regis. >> i just want you to know, i have the answer. contango.

>> so what do you need me for? >> no, no, i just wanted to say hello. >> is that your final answer? >> final answer. >> contango. and regis is correct. >> put that jacket on. >> you're an honorary trader. >> put that jacket on, dear boy. if i put the jacket on, will i know what to do with lis? ls -- >> he's officially on -- rgs. that's his acronym. >> i love it. i really do. >> there you go. that's to read on the way home. >> okay. >> the golden dome. >> you will be looking for that jacket tomorrow morning when you're with kelly because i know she wants to see it. >> i don't know about that, melissa. >> reege, now that you're an official "fast money" trader we will want your final trade. you can ponder that while we take this break. we'll bring you that final trade when we come back. et half.

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all right. welcome back. we are joined of course by regis philbin, who looks rather spiffy in the jacket that he just won by answering -- >> fast trader now. >> exactly. you are. but let's talk about some of your programs here. tenth anniversary of "who wants to be a millionaire?" >> all this week tenth anniversary of millionaire and it will be on 8:00 on abc. all the rest of the this week till thursday. and next week as well. so thursday. and then the following -- >> have the contestants gotten smarter over time in. >> the questions have gotten tougher.

>> they have? >> i think they really have. have you been watching, najarian -- >> you got -- one of the greatest seinfelds ever. >> and more stars coming on, too? >> oh, yeah. tonight we have -- tonight we have -- anybody know? >> pete najarian. >> that's not a star. oh, yeah, sherri shepperd from "the view." they play for charity and they get quite nervous when they're in the hot seat. i'm a bit surprised by that. >> they've never spent time on a trading floor. >> that's right. >> an amazing track record for "who wants to be a millionaire?" and also for the live program, which will celebrate its 22nd anniversary. >> thank you, melissa, for the plug. guy adami -- >> he's just staring at -- >> you've got a lot of people on for charity. what are they doing with the money? what are the charities that they're playing for? >> the charities are everything, from -- >> cancer research.

>> cancer research. yes. that's right. >> the gamut. >> let's do a quick final trade. we've got regis on set. regis, what is your final trade as a "fast money" trader? >> fcx. i have some profit with it. i think i'm going to bring it back. >> way to go, reege. >> isn't it true we're in a rough patch right now? don't you think? >> we'll have more regis in the web extra right after this show. i'm melissa lee. special thanks to regis philbin, our special guest. see you tomorrow back here 5:00 p.m. for more "fast money." >> big money, big buys. karen goes whale watching. should the heavy hitters' next moves be yours? and digging in the mining sector. how you can pit paydirt when others are not.om "fast money," cnbc 5:00 eastern. with my new netbook from at&t. with its built-in 3g network, it's fast and small, so it goes places other laptops can't. i'm bill kurtis, and wherever i go, i've got plenty of room for the internet. and the nation's fastest 3g network.