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stocks sliding again as the summer rally turns into a summer swoon. how do you protect and profit? the best on your street have your move. we're live from the nasdaq market site. i'm melissa lee. we have a big, big show tonight. new developments in the burnie madoff case. he did not act alone. we have updates for you. and moments away, an interview with the vice chairman of gm. and later on, regis philbin plays who wants to be a fast millionaire? guys, pretty broad based selloff. is this a pause in this rally or something to be concerned about? >> i think it's outrageous that regis is coming. he said he was going to come on, that's awesome.

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 that he's not sure that the bail conditions that have been set down for the former cfo of bernard madoff securities are strict enough. he considers him a flight risk. the hearing has been going on for about two hours or so. during that time, he said he knew what was happening since the 1980s and beyond was criminal but he did it any ways, helping madoff and others commit this massive fraud that he called a catastrophe. he admitted or i should say 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 the evasion of federal income taxes. during his statement, he described how he falsified documents, gave false information to the thousands of madoff victims and also how he

lied to the s.e.c. 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 was looking for a job out of college came to this." he of course joined mr. madoff's firm back in the 1970s, worked by his side for 30 years and is cooperating with the government to help them unravel that $65 billion ponzi scheme. the question that remains to be answered 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 that he believes, despite his obvious show of remorse in the courtroom today, remains a flight risk. melissa, back to you. >> thank you very much. is this a surprise at all that madoff had an accomplice to this extent? guys, sorry to interrupt.

regis philbin is going to be here. >> think about that. regis is the man. i tell you what, i think the market is headed lower. today, pete and i were talking about this before, the last couple of weeks the market would sell off and have these late in the day last half hour rallies. today was the opposite. the s&p was down only about seven, but it sold off in the last 15 minutes today, something to keep into consideration, folks. the technicals, at least the charts i'm looking at, point to this market moving lower. >> that's what's interesting. the technicals tell you we're right back to where we were before that non-pharm payroll number. the volume was very light today and a dangerous take for guys that bought that first tip, because a lot of these -- they've been shallow pullbacks. >> you were talking about how the volume in the options market was about half of what it normally is.

did you see that same pattern here? >> there was more volume today, but it was because of the fact there was a little return of panic into the market place. we talked about volatility starting to ease its way back. mostly with put protection. some of that call buying. today it was the opposite. it was more of a panic, scrambling for the downside puts. you saw the volatility index get up towards 27. finish the day back a little lower, but it was less of a panic but a little more panic than we've seen recently. it still wasn't an outright panic where everybody is looking for cover. but they were looking for options today. >> i look at the valuations and they have gotten so frothy in not just the last week but the last six -- since march 9. so a little retracement is nothing at all. >> are you looking at forward or current pes? >> both. forward pes are optimistic and current pes are outrageous. i can dismiss that saying this year was a terrible year.

just the run-up some of these had, i'm with guy, a little bit more of a pullback. >> and the trash pulled back a little bit today. >> you get all the credit in the world, but the dash for trash eased back. as that'sed back, you look over at goldman sachs, wasn't positive territory, then started to give up the ghost toward the latter part of the day. you would like to see goldman find its footing. >> 75%, 80% of companies beat earnings this quarter, only about 25% of them beat topline revenue numbers. so they're getting at it the wrong way. can't last. >> the bar was so low because of how many analysts slashed the forecast. the expectations weren't there anyhow. you expect another pullback. when do you think the markets get attractive? >> we need more positive data. the market has priced in this positive data that we've had, 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 some new positive news. i also think that congress being out of session is a positive thing. i really do. >> let's move on to the next trade here, a group that led us lower, financials getting slammed today. the worst sector of the day. wells fargo, citi, losing ground today. across the board, sparked by that call by analysts saying they expect a short term correction. the earnings for the bank won't improv in the second half of the year, so start taking profits of some of the big caps. are there buying opportunities here? >> i think this entire sector was very tired and there was concern that the mark to market is going to be changed. there was talk about the congressional budget report that says small and mid-cap banks need $21 billion.

there's a lot of news about the financials. so yeah, i think that's a decent call. there are a couple names that still look interesting and i point to jpmorgan who seems to be turning the corner. >> wells fargo has been a fascinating stock. it retraced back down to 22 and a quarter and rallied back to that 29 level. under the premise that they're going to earn their way and 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. and interesting to see how it trades after the fact. i think they're a short here. i think the financials are a short here. i know that's a dangerous trade, but that one would get you going. >> how would you do that? >> double short financials, which i don't like to do. but i would rather short individual stocks with tight stops. the jpmorgan trade we had for a long time worked.

>> late last week, the wells fargo news that you're talking about now continued to start now and continues now today, talking about the potential of a secondary. some reason to raise some capital, maybe pushing the stock lower. we talked about incredible put activity. the stock got up towards 29 yesterday. but easing back a little bit, starting to get with that accelerated move to the downside. so the puts are kicking in. last week they were buying august downside puts. a lot of put buying out in wells fargo may be based on some of this speculation that you would see a pullback. >> not just because of the immediate delusion in the print. >> we should know producers are calling wells fargo right now for comment on whether or not there is a secondary offer pending.

>> i don't know anything, this is things i'm hearing. >> obviously. even rumors move stocks, so that's why we tell you about them. but we have calls out to the companies, so hopefully they'll give us an update. let's move on to after-hours actions. applied materials higher, revenues better than expected, etf better than expected. jim goldman has the latest. >> that conference call still is going on right now. very good news now and a very optimistic tone from the company, strong surging revenue in orders during the second half of the quarter. but let's get to the guidance for the fourth quarter. as soon as these numbers came across and they before being discussed on the call, we saw that stock move up. the company now anticipating revenue up 10% to 20% offering now 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. and also on earnings, the company now expects to rush 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 also to borrow a pun, a bright spot for this company when a lot of folks thought there was a glut of solar panels on the market. but applied materials sees nice growth. china expected to grow at twice the industry average. and they expect to see four giga watts of capacity added in 2010. also in -- was what they were anticipating. now it's more like 10 billion to $12 billion. so really applied materials is seeing healthy growth across many of its key industries. >> jim, thank you so much.

if we can check on the cues to see what sort of impact it is having on the nasdaq and what that might tell us about tomorrow's session. is this going to move the needle in terms of the stocks, the tech sector in general? >> i don't know if it moves the nasdaq. pete's been on this for a long time. i think a lot of people got short worried about the solar space for them. you just look at their new orders, $1.07 billion. the street was looking for about $862 million. that's about a 64% increase, quarter over quarter. they did something right this quarter. i happen to like amat. i think it's okay here. >> you got to like the fact that it's up 20 something odd percent. i know it's down year over year, but a big jump. is it something with the lcds? what area is pushing them right

now. you mentioned the bright spot of the solar but their business is getting in the whole manufacturing. what area is pushing the stock right now? >> do we see the solar stocks move tomorrow? >> i think you do. it's talk about that 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 yet. they're doing it in germany, spain, china and i mean solar cells. i think this is a good trade here. >> and a huge day tomorrow, particularly the chinese names tomorrow. >> are they out after or before the bell? >> some are before, some are after. across the board -- >> anything you would buy ahead of the earn sngs >> no, i've grown used to karen as far as the idea that a lot of these solar names, they're a little further out. when the excitement is there, yes. but right now, the excitement is not there. but 2010, that's where the excitement builds.

>> next trade, shares of health insurers like unh beating the s&p 500 this week. pretty heated words out there. we've seen those insurers advance on the hope it will be modified or the legislation will be tabled. a reason to buy? you said 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 this spin is starting to get a little bit out of their control now. so you're starting to see a lot of these town hall meetings and discussions of the town hall meetings. so that's interesting. i sold my hmos too early because i was concerned about what this administration would do. one of the things that could get this back on track, health care reform that is, 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

saying -- >> there's no question, karen is being very serious. he is understood to be the one pushing for this for 35 years. >> he personifies health care reform and that's why we're saying this. >> united health care, it's traded from 26 to 29 on oscillation when obama had his health care press conference and he told you he was willing not to accept any deal, that he might wait for the right deal, told you this wasn't going to make it before the recess and the stock rallied and traded back on more news. this is a trade, and i think you're probably seeing the top end here. >> i think the whole thing right now, still remains in the generics. you look at that performance right now, a king pharmaceutical had its ups and downs. but teva, incredible numbers this past quarter and projections of 35% growth. i love the direction they're going. if you look at the pe right now, you'll probably find it showing something closer to last year's number. it's trading at about a 15 or

16. >> health care or no health care? >> absolutely. >> i talked about unh. aetna had preannounced june 2nd and june 11th you had breaking news again. >> the coincidence of seeing you, guy. i have to interrupt you. we have to go to mary. what's the latest there? >> well, melissa, the judge basically has rejected the bail package that was proposed for bernard madoff's former cfo, remandsing him to jail today, even though both the government and his lawyers stood up today and said he's been cooperating with the government since december or january and helping them try to uncover or unravel the $65 billion ponzi scheme. after he made his statement in court today and pled guilty to the ten counts he was charged with by the u.s. attorney's office, the judge said that the bail package, and the fact that he had to give up his travel

documents, ie his passport and stay within the southern districts of new york as well as pennsylvania, the judge said that the package seemed to be symbolic and not onerous given the crimes he was charged with and admitted to today. again, the judge saying he still appeared to be a flight risk. all of this again despite the fact that he is cooperating with the government right now as they continue to try town raffle the $65 billion ponzi scheme that was masterminded by bernard madoff. so his former cfo going to jail tonight. back to you. >> thank you very much. so you heard it's a remand for mr. depascali. chances of that happening are really just so slim. it's not rigged, i am not picking on guy. you know i love you, baby. >> i know. unh, we talked about it june 11th. but you know what? they reported a decent quarter and guided higher for the year.

i know that doesn't mean anything with all the political rhetoric, but unh on evaluation, if the world doesn't change, i still think is attractive. >> discount retailers outperforming. target, walmart closing higher in a down market. we were watching walmart out there. is this a reason to follow in to -- >> into target? >> that we have a dip here. >> we own target, i like walmart as well. i still like that trade. it is starting to work in the last couple of days. you can see walmart doing very nicely today and some of those other ones started to sell off. i still these those two trades will converge. the pe i think is absurd. >> any buyers of walmart here? it seems like there are no catalysts for this stock.

sorry, karen. >> but you don't think walmart 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 safe 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, is 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.rs - oh, come on. - enough! you get half and you get half. ( chirp ) team three, boathouse? ( chirp ) oh yeah-- his and hers. - ( crowd gasping ) - ( chirp ) van gogh? ( chirp ) even steven. - ( chirp ) mansion. - ( chirp ) good to go. ( grunts ) timber!

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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, with 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 you're 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 up with sanio. 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 leveling out in its latest quarter. meanwhile emc's cfo said the company had better visibility, more confidence 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. she's now the isi group's senior managing director. always a pleasure to talk with you. even though you are in the shop right now. 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. we're bullish for a budget flush in the second half. >> 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 and 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.om progressive.com. you must be looking for motorcycle insurance. you're good. thanks. so is our bike insurance.

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welcome back to "fast money." we have the one, the only, regis

philbin. 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. down 4%. karen? >> 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%. not a bad play. stay out of the way. >> you were talking about this one yesterday. >> 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 some more, then buy it.,/ >> got a drop for glass ware, aka 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. om 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. i'm bill kurtis, and wherever i go, i've got plenty of room for the internet. and the nation's fastest 3g network. gun it, mick. (announcer) sign up today and get a netbook for $199.99 after mail-in rebate. with built-in access to the nation's fastest 3g network. only from at&t.

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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." >> if 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. 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. showing a profit. >> 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 some 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 thought it's going to bounce up. 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? let's hear it. >> 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, reege, 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. (marco andretti) i race to win. i know when it's the perfect time to change my tires. when it comes to shaving i know when to change my blade. (announcer) gillette fusion's indicator strip fades to white when it may be time to change.

fresh blade. better shave. hi, may i help you? yes, i hear progressive has lots of discounts on car insurance. can i get in on that? are you a safe driver? yes. discount! do you own a home? yes. discount! are you going to buy online? yes! discount! isn't getting discounts great? yes! there's no discount for agreeing with me. yeah, i got carried away. happens to me all the time. helping you save money -- now, that's progressive. call or click today. you could buy 300 bottles of water. or just one brita filter. ( drop plinks ) brita-- better for the environment and your wallet.

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 standing 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. >> rege, 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. ( chirp ) team three, boathouse? ( chirp ) oh yeah-- his and hers. - ( crowd gasping ) - ( chirp ) van gogh? ( chirp ) even steven. - ( chirp ) mansion. - ( chirp ) good to go.

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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 shepherd from "the view." very funny guest. 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. if i had to depend on him -- 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."ou ] nature fusion from pantene helps make hair strong against damage in 14 days. good housekeeping gave it their seal. damage protection results leading salon brands can't beat. [ female announcer ] nature fusion from pantene. my daughter was with me. i took a bayer aspirin out of my purse and chewed it. my doctor said the bayer aspirin saved my life. please talk to your doctor about aspirin and your heart. i'm going to be grandma for a long time.