i'm melissa lee. here are tonight's top three trades. disney shares dropping. we'll monitor the conference call. plus now that glen core is doing a mining and trading juggernaut, what kind of effect could the deal have on commodities? and stubhub has the top tours in the most rocking cities in the u.s. the traders take their positions as we run down who is in the top three. this is "fast money." got to start trading here and get straight to the disney story. guy, there are a lot of expectations. yet they missed the revenues still. >> yeah. it looks like they beat it by about yien cents. obviously focused on the revenue side amongst many things they talked about, is the fact they were negatively impacted by the nba strike.

which i find interesting they brought it up. i didn't think people still watched the nba. >> well said. i know i don't watch the nba. >> we are representative of the segment. >> a segment of some kind. >> the stock, it's not a rich stack. i don't think on this pullback if you get in at 40.5, 40.25 you're going to get that hurt. now it's down to what your view on the broader market is. we talked about the 14 50 level on the s&p. i think the dip is an opportunity. otherwise i think there'll be better prices to get in. if you think the tape is going to take a pause here, then the stock pulls back and you grab it then. i think it's fine. >> disney deserves to trade at a valuation premium to its peers. >> who is their peers? >> well, the guy i want to talk about i think first of all i think news corp. but the vendi is something for

the european. it pays a 10% yield and is a name i would look at. when people are looking at disney, they're trying to get a read on the broader economy. the theme parks which were a surprise. and they're not going to be the breadwinner overall for disney. but they've been a place where people were depressed and taken on here. revenues were disappointing. i think potentially the lumpiness of the sports business is really what cost them here. i don't think anything has changed for these guys. they still dominate. >> everybody knew about the impact of the nba game strike. >> these were rolled into january. we'll see this in the march quarter. they've ruined college football by pushing all the football games into january. but that's another story. >> yes, it is. people were aware of the tough comparisons in the november quarter because of the sales of

"toy story 3" that happened last year. still we're looking at signs of an improving economy and we are getting that through the parks segment here. >> i agree with timmy that this is a premiere company. and they do not get a premiere valuation and they should. and i think when you have a business that has as many different parts as they do, some are going to be functioning well while some are going to be a big of a lag. but i think there is some synergy there and they don't get that premium multiple and they should. i own it. >> isn't that part of the problem, though, that trades at this market multiple but people can't isolate the other businesses growing faster. it's always traded to a slight discount to the market. a lot of ways i think about disney, it's down in the after market. the fact it's only down 1% heading into earnings trading at an almost 52 week high is

impressive in a lot of ways. >> that people were hedged going into earnings. >> interestingly, the implied move which is large. the thing has been moving around 4.5%. options traders were expecting a big move. the fact you don't see it is bullish in a lot of ways. >> let's bring in tony on this quarter. what did you like and dislike here? >> the fact the parks division did good is great. the studio produced a lot of upside. but the results are inconsistent and it doesn't make up for the fact that the advertising side of the business drives so much of the profit and there's so much uncertainty from other companies in what would be implied by the miss on the broadcast revenue segment. >> certainly in advertising because companies are reluctant to spend. i thought this was a good time in terms of advertising revenue given the political cycle. >> it's important to realize that the numbers we're seeing is a little bit backward looking.

they reflect what we saw. we could well see a recovery. haven't heard a lot of optimism out of the scatter market right now. i think you have a nervous investor community. >> it's karen. let me ask you something. i don't know if you look at this quarter as having a big impact. what's your valuation of the company and how do you get there? >> what we're seeing a multiple expansion in the group. should warrant more multiple expansion. i believe content companies are where toupt bet on digital. disney has some key brands. that said, i do think you might see people taking up their multiples as you see more optimism on some of these digital sales. but ultimately for us we still have a $40 target. it's around where disney is today. that's assuming they do get a peer multiple. >> made reference to the concordia accident. did that -- will that adversely

effect them down the road? >> it's a small portion of the business. cruise is 5% of the overall parks business. to again provide its brands a mechanism to grow. and so, you know, it might cause some near-term disruption. >> where do you still think there's value where people have the content you're talking about? >> time warner is reporting tomorrow. massive owner of con tept. they've been reluctant to sell that to netflix and others. we'll hear the digital sales are important in the fact you have an uncertain ad environment. i like time warner. also i think there's a lot of pessimism around hbo that they could dispel. >> time warner alienating a lot of knicks and rangers fans by not allowing us to see the best nhl team. i am dropping you.

>> that's the media company. >> i'm just angry. don't correct me in public like that. >> always good to see you. tony wible. it's time warner then you just are foaming at the mouth. next trade here. another record high for apple as speculation is heating up about what an apple tv could look like. the verge.com from a blog published a survey from best buy saying it could include a camera, microphone, access to netflix, youtube. you could use your ipad or iphone as a remote. and then today we get a report from the globe that telecom providers are vying to be the providers in canada. they have a prototype according to this report. and indicates that viewers can

control their itv using their voice or hand gestures. >> what? for me it would work really well. i'm gesturing all the time. you've seen me. >> gesticulating. >> it's going to be a huge deal for them. the size of the tv market right now is half the size of the smart phone market. smart phone market rising. that is growing by the day. the replacement cycle is much longer than for smart phones. i think thit could lead them into a place where they're dumping a ton of r and d. i believe app sl one of the best companies in the world. one of the most profitable companies running into competition because they are so good. apple tv is not the answer for them. >> in terms of the options

activity out there on apple as it hit a fresh all-time high today. any indications that people are setting up for the fact that perhaps the good news is the price of stock as we speak. >> still looks like the most active options are upsided calls. my question about this new way to control your television is who's got the remote in this situation? a room full of people, this is going to be a circus. >> can you imagine? >> i think it's going to look like an options pick with everyone screaming. but right now they're still on calls. >> that team would be freaking out. it would go crazy. >> i think there's something -- i hear what you're saying, but i don't think it's so much about the hardware and the tv. i think it's about capturing a slice of revenue everywhere they can. >> locking them in. >> we should note best buy did respond to that leaked survey saying it was a routine offer

conducted by one of best buy's research partners. any brand reference was hypothetical. the survey is no longer available. they did say apple hd tv. so even though it was hypothetical they did put it out there as specific. but it was hypothetical and the survey is no longer out there though the consumers continue to fly. in terms of apple with apple at an all-time high, how can you protect yourselves? we've got to hit the volatility play book. what are you doing with apple high? >> it's interesting. mike just said there's a lot of upside call buying. makes a new high every day since they reported earnings a couple weeks ago. to me this is a name that as the stock goes higher, people become oddly more and more comfortable with the stock. at the money implied is about 21. you know 30-day realized vol is about 22. the 60-day realized vol is 24.

>> what does that mean? >> that means options are cheap. maybe you don't want to sell your stock or you think there's a lot of really good things to come, one of the things you can do is think about protecting your long stock. if you looked at the february -- that report in two weeks. the 460 puts when the stock was 469. that's less than 1% of the underlying. if you want to use risk management purposes. this is a good candidate to do that. >> but there is a big part of you that wants to hold on to those shares. you would never do a stock replacement strategy is what you're saying. >> again, you could do -- that's a great question. you could say i bought at 350. the stock is up 30% since november. i'm going to take my gains here and commit a certain amount of premium to participate in any further upside. >> let's move on to the next trade here. getting together to create a $90

million beam of natural resources. who else could be in play? let's bring in anthony young. graets to see you. >> thanks. >> obviously when this deal was first announced, there was a lot of activity. the names you brought around, alcoa, commercial metal, some of them have been out there in terms of who is in position to be taken over and who is in position to acquire. walk us through. >> well, i think a lot of the names are going to be in play. everyone except for the big three in the emerged entity will be in. they may be acquirers. virtually every other name is in play. >> which name is the most likely. you looked at the balance sheet and what they have to offer, maybe the age of the ceo, the vulnerable of the company. who's the most likely in your view? >> like i said, i think

anything's in play like now. you could look at cliffs in play. freeport could also be in play. again, i would say any natural resource producer as of today could be on someone's radar screen. >> let's talk about freeport mcmoran. you're talking about probably a $60 billion deal-ish, right? if not more. who's got the -- who's large enough to pull off something like that? >> i think when you look at a freeport, it has four nice components. you can see someone take on the more risky components in africa and indonesia. someone take on the safer components here in north america and south america where there's less political risk. you could see companies look to take a risk assets. then someone in the western hemisphere take on the other asse assets. >> do you worry the big get bigger and we get more pricing

power and this gets to be a scary place of global commodities. and again if you think there's a bunch of deals that could happen, in other words you think commodities much cheap. this must be a good time to buy freeport's reserves, et cetera. >> i think the big get bigger. when -- then you had the big merger back then. and a lot of names that don't exist anymore. i think the big get bigger. because when you look at these projects that are necessary now and the amount of capital that needs to be spent, you're no longer talking about 300, 400 million to build. you're talking about billions for some of these projects. and you can't have small entities building those assets any further. as far as commodities go, we are bullish on the commodities space right now. when you look at the global economy, we're expecting growth of about 3% in 2012.

while that's not gang buster growth, it requires more commodities. it's going to require a higher commodity price to make those investments i just talked about. >> thanks for your time. anthony young. all right, tonight we are doing something different. >> what? >> we're counting down the most concerts in the most rocking cities in 2011. >> the what? top concerts? i want to make sure. >> yeah. rocking cities out there. >> you're tuning up your bieber. >> this is all according to stubhub. here are the clues for number three. we'll give you the answer after the break. this artist is a new york native -- this is like jeopardy. you can't ring the buzzer until after i've spoken. hold on. new york city nay tiff. he studied the convent of the sacred heart before becoming a fame monster.

now for the city clue. this city boasts the largest concentration of international banks in the u.s. four professional sports team and was the home of the golden girls. >> minnesota. minneapolis. >> we'll reveal the answers after the break. stay tuned. [ male announcer ] the draw of the past is a powerful thing. but we couldn't simply repeat history. we had to create it. introducing the 2013 lexus gs, with leading-edge safety technology, like available blind spot monitor... [ tires screech ] ...night view...

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i'm at the breaking news desk. cnbc confirming at the midpoint of the range. the casino operator selling 1.8 million shares. so the ipo valued at 6.2 million with the valued at $1.2 billion. well below the $30 billion apollo paid to take the company private in 2008.

the shares will trade under the symbol czr. back to you. >> thank you very much, mary thompson. we'll have an analyst later on to go through the caesars ipo. before the break we asked to guess which concert tour and city were the third most popular this year. and the answer -- >> whoa whoa! >> slow down. >> why? >> are you going to give the answer out? >> yes. >> that lady. gaga. >> yes. eni should say karen guessed it first. she did. and that was correct. it was the third biggest tour of 2011 based on gross ticket sales. number three on the list of rocking cities. >> mins? >> miami. miami. which karen finerman also guessed correctly. >> bar is low, guys. >> doesn't take too much. >> '80s music trivia, who owns

that? >> sadly, you do, timmy. >> okay. let's move on here. the big fight between walgreens and express scripts. by 20%. citi's made the call comes to us on the line. you base a lot of this on channel checks and the reaction of some of the employee plan s pns. >> yes. exactly. we did a detailed survey with our analyst. which showed some very surprising results. >> all right. so based on this, is it really cvs' game to lose? >> i think so. what you're say seeing across the board is an opportunity for cvs to step up its level and card and really also pour on the sunshine? terms of customer service. >> as a cvs holder i'm happy

about this. yet i've been surprised that cooler heads haven't prevailed here. we thought we'd see that december 31st. here we are and still nothing. do you think it is dead for sure? that we won't -- there's no chance of an walgreens express scripts deal? >> the question you were asked most frequently today is if scripts merger does not happen, do you think express and walgreens do they kiss and make snup obviously that can happen. there's a lot of pieces of that puzzle. we've heard adamantly that if express doesn't meet their kind of dispensing fee they want, they are not going to back down here. >> you also mention that target here is poised here to gain on

this. how much of that is to target? will we see it actually translate into its results. >> i think we were all surprised to see target posted a healthy comp in the month of january. it's the first time in recent memory they called out health care as being a driver of that. you know, we also had the opportunity to speak with walmart today. they've been aggressively posting signage in stores, around stores and that's also been helping them drive incremental sales in the pharmacy as well. so we are seeing competition get aggressive. i think that once the customer -- i mean, if this goes on for a few months, the customer is going to change shopping habits. >> thanks for coming on the show. deborah weinswig. could you see this as a benefit there? cvs is the obvious beneficiary.

target and walgreens is not. >> not as obvious. cvs reports tomorrow morning. they have been really trying to play down the effects of this fight. because i think they thought they can't possibly continue to fight. but they have to come to an agreement. so i think we have more room to run on cvs here. >> let's check in with julia boorstein. she's got the latest on the disney call. [ no audio ] >> normal levels -- >> we're having -- there we go. >> sounds like it's working. >> we hear you now. go ahead. >> okay. just making sure my mic is up there. all sounds like the strategy at the theme parks at getting rid of the discounts is working. the rates are also pacing up in the mid-single digits. that is a positive sign for the current quarter. another -- and also just in

terms of looking at the theme parks there, attendance is up 3%. per capita spending up 8% at the parks. so really getting rid of those promotions. now, looking at the advertising story, they say that scattered pricing at the abc network is seeing mid-teen increases above prior levels. we were seeing this fall 20%, 30% increases oaf scatter pricing over various media companies including disney. so we're seeing 15% over scatter pricing which is still significant. and in terms of some other news that they mentioned, it sounds like in the scatter pricing, it is strong. and other news. disney has been doing a lot in terms of international growth. the company will launch a new channel in japan. half of that falling in the second quarter. and in terms of capital expenditure, continues to repurchase stock.

800 million worth of stock in this first quarter which is consistent with their plan. they will continue doing that moving forward. back over to you. >> in terms of the scatter prices, increasing against the 30% increases we've seen at other channels. what would account for that difference? >> melissa, that 30% was -- yeah. i'm really referring back to what we were seeing this past fall. this past fall we saw strong increases over scatter pricing. it's wrort pointing out that viacom had decreases. -- in scatter pricing over the market is significant. and there was some question of whether disney would see such strong advertising rates as it has seen. one thing weave seen at abc and espn is the rates are up because the ratings are down the overall ads at abc and espn are pretty much flat. and what accounts for that at espn is the nba lockout.

abc has other problems in terms of ratings, et cetera. but disney channel ratings are high. and the revenue as well. >> all right. thanks a lot for that update. keep us filled in here. coming up we will check in on the other after-hours action outside of disney. panera and buffalo wild wings moving in the after-hours session. more "fast money" coming up next. ♪

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grammys. one of the members are on the board of a firm. >> bono. >> i was going to say abba. i would have been wrong. >> completely. >> which member did you think sits on a private equity board? here's the next clue for the city. this city was founded in 1630 and is home to the second best college in the u.s. according to "fast money" producers. >> now, that's -- it's princeton. it's got to be olivia. >> she went to princeton, do you think she would say it's the second best. >> excellent point. >> harvard. >> boston. except for that harvard is in cambridge, massachusetts. but it is boston. let's hit some after-hours action here. >> about that georgetown -- >> i didn't apply. let's get back to business here. shall we? panera bread. we're watching that.

short on revenue. the cfo is also leaving to go to ihc. despite the miss, panera is raising its guidance. down about 2.4% here. anybody in panera? >> this reminds -- remember about a week ago we talked about chipotle mexican grill, they reported and it was disappointing. the stock was down small. we said given what they just said and the run of the stock, it should have been down more. yesterday i think it made an all time high. see a similar situation here in panera. extended to all these stocks. it doesn't mean the stock doesn't have further room. it's dicey to get in it here. might be worth a look. >> buffalo wild wings up by about 14% or so, double digit percentage movements here on buffalo wild wings. it is despite higher costs. and gross margins declining slightly to 72.9%. take a look at that reaction in

the stock. the prices for wings is at report highed. >> you think that would hurt them? >> yeah. >> but they're going to raise prices and they're keeping their margins and growing overseas. again, this isn't apple. these guys are trading at 30 times earnings. after this pop in the stock, it's probably 35 times earnings. so i would never chase this kind of a stock, but that's not what i do. >> also 15% short interest. got animals like pete and john that go there -- >> i love that. >> probably whey why they don't -- i don't think they have all you can eat. >> it's a minnesota company. can't chase it here. the short's going to get squeezed tomorrow. big volume day. short-term shorted but not get in tomorrow, no. >> mike khouw, thoughts on panera or buffalo wild wing bs? >> kwae, really both markets are agreeing with guy here. stretched from seeing a lot of put activity. it's out of the money puts.

three times the open interest there as in the calls. usually you'll see more call open interest than put because of people overriding. people think there might be air in these things. >> got to take a break here. big pension fund makes a bet on infrastructure. we'll talk to the reporter who broke the story. more "fast money" coming up next. yeah, you -- you know, everything can cost upwards of...[ whistles ] i did not want to think about that. relax, relax, relax. look at me, look at me. three words, dad -- e-trade financial consultants. so i can just go talk to 'em? just walk right in and talk to 'em. dude, those guys are pros. they'll hook you up with a solid plan. they'll -- wa-- wa-- wait a minute. bobby? bobby! what are you doing, man? i'm speed dating! [ male announcer ] get investing advice for your family at e-trade.

welcome back to "fast money." we are live from the nasdaq market site in new york's times. gives shareholders including john paulson's hedge fund a chance to exit. david bain covers the industry joins us from the fast line. great to have you with us. certainly not a lot of money to raise. not a lot of money to return to shareholders. is that really in your view the reason the ipo is being pushed out? david? >> yes, can you hear me? sorry about that. they're basically just dipping their toe into the equity market right now. this sets the stage for multiple rounds of financing. or as you suggested shares being

sold by current shareholders. >> so are we to then extrapolate that they would go back to the equity markets and raise some more money? that they just want to get valuation on the books? this allows them to go back out and offer more equity. >> absolutely. we can see equity to work back debt. also 30% of the shareholder base will be allowed to sell now. >> doesn't sound like a good deal for any investors at this point. >> no, we don't think so unless you assume the domestic economy is going to roar back. the valuation range here is when all those companies have on their portfolios at the largest worldwide. caesars doesn't. >> david, it's karen. does make me wonder why would you do this if you have an overhang that's out there and yet you want public valuation. but you're going to get one with what might be a depressed level

given it's only $18 million or so and you have so much stock waiting to come out. >> that's right. but as we all know, at certain times in every equity's life there will be up moments. there could be some news suggested on online gaming. something of that nature to get the shares moving a little bit. and then they could build some momentum short-term. and then unfortunately we could see some of that overhang come to fruition. >> speaking of overhang, talk about the balance sheet of these guys. where are these guys in net debt? because this entire sector was so -- basically weighted down so they couldn't grow. just the reality of their servicing costs. >> yeah. they're in a tough position there. they're at ten times debt far more than other companies on coverage. a lot of guys have been reducing that debt load own the casino side. so caesars is sort of the last to get there. >> good to speak with you.

david bain of stern agee. doesn't sound like something you should touch. >> with this size of an ipo, i don't think it's established anything. i don't think you've really set a benchmark. >> all right. let's move on to the next trade now. public fund calstrs is considered one of the largest in infrastructure. greg zuckerman joins us with the details. good to speak with you. >> hey, guys. >> is this fueled in a chase for performance the need to close the funding gap so to speak? >> that's partly the issue here for calstrs. also infrastructure investments everything from pipelines and ports and roads to sort of seen as the holy grail by those on wall street. they're not so correlated with other investments.

there's something -- they get some diversification. everybody else is looking at ways to get in. the problem is for all the excitement over the past few years, there haven't been that many big deals. turnpike was a disappoint a few years ago. some people were bidding for that. the airport in london and mid way in chicago. lots of money on the sidelines. here's more money as we reported calstrs with $500 million going into this. but there aren't enough deals yet. >> it's karen. let me ask you. what do you think their expectations are from a fund like this? >> you know, the firm they went in with that's called industry funds management, pretty big one in australia. they've got about 40 billion or so, they've been able to get about 10% after fees in existing infrastructure funds. that's got about 26 different investments there. so we're not talking about home

runs. they say they don't really want home runs. they sort of want something that's a little bit correlate. and has what they're shooting for. it's not clear whether you can always get those in these investments. over the past few years when there's a lot of money on the side lane chasing these deals, the prices got expensive. not all of them worked out. >> calstrs is a $145 billion pension fund. how good are they? should investors look at the $500 million investment and say they're on to something. >> pension funds usually late to e the party. it takes them many, many meetings and many, many months to shift anything. now they're all piling into hedge funds -- pension funds. you can argue it's late to do that. underperformed the last couple years. but calstrs is bigger and has a

decent staff. this is dipping in. they're going to do a lot more. they'll do direct investing in the next few years. they're going to learn here in this association with this firm and do more investing as cities and states start selling off assets. the thesis is with all the debt problems out there, these municipalities are going to sell off land and other kind of holdings, ports, and utilities. we'll see how many more deals will get done. >> greg zucker man of the wall street journal. coming up, we'll look at our positions ahead of tomorrow's earnings reports. plus we'll answer viewer tweets out there. after the break we'll answer them. uh oh.

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things. let's move to sprint getting set for fourth quarter earnings tomorrow before the bell. let's take our positions ahead of earnings. >> saying he's heard rumblings of a capital race here. what you're hoping for here is a disaster with the stock maybe trades down to the 220, 225 level. what could be huge volume. i think you just buy it as a free option. but if they somehow manage to beat and this doesn't come to fruition, then you just missed it. it's another trade i missed. but i think the hope is big miss, big selloff, big volume. buy the stock for a trade. >> it's funny that you mentioned the capital rates. you look at the volume and the way the stock has moved from $2 in the past week up to $2.45. this is a game that gets played in capital in general. so that's something that could be in the cards. >> want to quickly check in with

julia boorstein who has been in on the diz nay call. >> we've gotten a bit more detail on the television business. affiliate revenue will kick up due to the comcast deal. what will also increase due to the other deals that will be negotiated, he's very confident. but other deals that will pay more for digital distribution. he's also not concerned about cord cutting. and looking more into advertising. he says right now scatter pricing is strong. looking to q3 they have a strong scatter market. they say trends are good. there's more demand than they're allowed to put ads into that program. so looked gooed. abc and espn, strength in the past month. bodes well for this quarter. >> thanks for that update. let's hit some "options action" right now. mike khouw is looking to protect in a semiconductor name that's had a run this year. >> i'm looking at amd.

dan was talking about apple earlier how the options were very cheap. here they're relatively expensive. the implied volatility is higher than what the stock is moving around. one way to lock in the gains you've seen is to sell the april 7 calls. i think it closed 710. by the end of the day you can sell those for 50 cents. yield 7% to maturity and protect you that much to the downside. >> thanks for that trade. catch more "options action" every friday at 5:00. follow the show on twitter as well to get constant trade updates. and finally, we got hints for the top tour of the past year in the city with the biggest music fans. all right. this country singer was born in 1989 in redding, pennsylvania. top songs include "tim mcgraw" "love song."

she got into an altercation with a rapper at the awards. >> tammy wynette. >> that's wrong and don't blurt out. here's the city. this is the insurance capital of the world and was once home to mark twain. you've got the clues for the artist and the city. we'll reveal the answers after this break. >> come on.

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welcome back to "fast money." we are live at the nasdaq market site. i know everybody is wondering what the number one best selling tour is according to stubhub. any guesses? >> we know who it is. >> timmy? >> taylor swift. i tell you what. if i was a 14-year-old guy right now, i'd have a crush. >> you are almost there. >> i'd have a lot of taylor swift albums. i'm thinking vinyl. >> when you dig yourself in a hole. >> what's the hole? >> what's the city with the biggest music fan base based on

gross ticket sales? insurance capital of the world. >> guy got it. he threw hartford out. >> is that the hartford arena? >> mike khouw you got an answer? >> hartford, connecticut, also home of mark twain. >> nice. >> nice job there. >> there's nobody that lives there. >> there are tweets. >> here comes the hate mail. >> in comparison to yum, where is starbucks in their expansion into china? >> they are -- let's put it in baseball terms. they're in the bottom of the first inning. i mean, starbucks is really relative to yum who's going to open up 456 stores this year. >> what inning is yum in? >> i think yum is somewhere in kind of the top of the seventh. there's plenty of room for them to go. there's a lot of competition. i think again for them it's about margins and about their

like for like sales. which they showed continue to be strong. that's why the stock is trading at a valuation that implies they're in the fourth request inning. but i don't think they are. >> @my names joe paul is this is a good entry point for nsc? >> no. we've been on the rails. we've been talk about long into earnings. then pulling the rip cord. that turned out to be right. here we are at 50. are we going to blow through? and absolutely by all means. but i'm sort of thinking we might hit a pause here in the s&p. i would look for nsc a little bit lower. i think the short-term run might be over. >> we have time for one more here. >> sweet. >> @richnashville. cut your losses and get out of bac and goes to 8 bucks? >> probably higher than eight.

>> eight was the level that fell off a cliff last august. i think the moving average is about there. i think you probably see buying pressure because they're buying shares to get to compensation packages. i think you can see this pull back below 7.50. >> the question is interesting but it doesn't matter what your cost basis is. doesn't matter if you bought it at five or twelve. i could trade down but i'm in for the long-term. >> got the first move tomorrow when we come back.

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time for the final trade. mike khouw. >> in this meltup situation, look to buy right names where they've had a good run. amd. >> tim? >> the sectors that have outperformed are running into headwind. watch bhp's number after the bell didn't perform. >> guy? >> rhi. >> karen? >> i think it's time to take a little money cummings off the table. >> i think it's time to take a