first bite. the secret science of online dating. that's tonight at 9:00 p.m. eastern and pacific. that will do it for us. thanks for being with me. tune if necessary an exclusive interview. mario monty will be with me. follow me on twitter and google plus. fast money starts now. . here are the top three trades. apple getting close to a trade. what you should do with it. we will hear the action in the second derivative play. after nearly 40% drop, diamond foods are a diamond in the rough. an analyst speaking about a buy rating on the stock. these are making news for your chip to debit card. the woman running that effort and karen has the trade to make you money. live from the market place, this is fast money. what continues to work despite what seems to be like a lot of

odds. bank of america is trading higher and outperforming peers today. that brings us to our question. is the worst over for bank of america at this point? >> i wouldn't sell bank of america anymore. fundamentally the challenges having well-known over the last couple of months and now for the first time, when is it the tech anythings say there is a bullish formation that sets up for bank of america. bank of america is second consecutive close above the 200 day moving average. the short trade that everyone piled into over the last couple of months is over. the next trade is what happens with merrill lynch. they were able to spin it off or in essence able to sell merrill lynch and i think they have tremendous value for the franchise. the next step would be to buy it. >> people are coming around. >> it's hard to beat the victory drum when i was higher than here. i'm not surprised that it's well off of five.

it never should have been at five. i think clouds are starting to part just a little bit in bank of america. i think that it's nice to get this settlement out of the way. that's one thing. a number left and we will talk to an analyst and we will talk about that. i am nowhere near close to selling. look at the valuation. it is low off of the last thing. normalized earnings. >> is there a difference at this point? we pointed out the difference in today's session. bank of america has a lot of other financials and i don't know if the sentiment is different as opposed to the others. >> that has not been a part of the exciting story for them. the investment banking revenues and the trading revenues has not been a sexy part and even though mr. montag is a highly respected part of making money. bank of america is on the housing market that at least assists especially with this

deal. i realize this is about 4% of the housing market if you consider the 700 billion out standing in foreclosures. you have at least gotten a sense that the worst is behind us. that leaves them wide open to litigation and finds. i don't think this lifts the clouds. everything everyone has said, the earnings power seems to be impressive and the technical set up is right. he is right. he talked about 10-year yields being supportive from the banks. they are about to break resistance and if they don't, there is a pull back. i think it's been a fantastic run. i don't think today's news means you get double on board and you go two feet in. it looks like it. >> that was the most maligned financial stock and karen would agree that anybody watching would be hard pressed to suggest one that it was more hate and

loathed as it banged down to five back in december. as it came off of there, people jumped on. the six or seven or eight or nine calls and now they're jumping on the ten calls. trading out to january, the bullish sentiment in the stock is back. i point also to the isi group that talked about how much money they make for every tick up in interest rates. obviously as that interest rate differential benefits a huge broker and about merrill lynch. merrill lynch is mull pells bigger than schwab. how much that would impact that earnings potential. >> do they differentiate between bank of america and are they more bullish than jpmorgan? >> yes, they are. they are more bullish based on whether we look at the volume itself obviously 10 or 20 times more volume trades than the other stocks. >> is that because it's a fifth? >> a cheap shot, but also a lot

of us would say because it's a cheap shot and an $8 stock, that's what the options cost in a lot of the other stocks. why wouldn't people buy the stock? they can lever up an awful lot of the stock and that trade worked out well. >> xlf becomes attractive. you look at the top holdings and wells fargo and jpmorgan and city, bank of america, goldman and american express. those eight companies, you moved this element of potentially. i think the xlf is the first entree you take here into the financials if you haven't been in them yet. >> does that change your view and you more optimistic than 24 hours ago. >> we have known for a few days. one last thing. bank of america, the whole bank sector was a proxy for the

banking sector when you couldn't short them. they would come here and now that that is not under, there is a perception that the crisis passed somewhat. they are taking the trade off. >> let's check on more of the mortgage deal on the financials. we have the managing director of bank equity research. nice to see you in person. i know you adjusted the estimates for city and there is a direct impact. how about the rest of the group? >> the estimates are coming down because they didn't reserve for the settlement, but the companies like wells fargo had reserved. therefore the estimates would not be changed as a result of the settlement. >> is there a reason to be more bullish because of this settlement? >> you have to. this is a log taken off the wood pile and the banks are dealing with a lot of problems and one has been put behind them. for bank of america, you have to view this favorably. >> to the point that the

settlement is really addressing that foreclosure issue and like you said, about wells fargo, the banks that have taken the hit and already set aside the monies that are part of this loss. wouldn't they be then since that is what this settlement is is the recognition of those losses. the supervisory committee to make sure they do offer those knocking down the mortgage rate or the principal. >> correct. most of it has been reserved for the banks and future losses won't be there. this puts an uncertainty and takes it out of that uncertain category. that's a real positive. >> use your log analogy. what's the next big log you would like to see removed from the pile? >> that's the next one. that's coming out. the president ends monday and the federal reserve will be dealing with this and we will get color on this in april. goes into effect in july. that's the next big one.

>> doesn't this set a precedent and open up for the litigation now? they are not out of criminal court at this point. you have taken them off of your back and you opened yourself up to all types of lawsuits and more securitizations. they had a major roll to play and obviously a situation where i think the buyers and the mortgagees were also guilty. that bothers me because we rewarded the people. that's a different time. i think these guys are not any better off. >> fair enough. where they are better off is this is a robo signing, but it expanded the states. it was a way the government went after the industry to solve the problem. the lawsuits, that was going to be there no matter what. it's hard to prosecute fraught. that's what the criminal part is. i don't think it was intentionally done. i think this is a strong positive case for the banks.

>> i want to button up with is the worst over for bank of america. >> yep, i think so. this and many other issues they have been attacking. you have to give them a lot of credit. they are working the problems and have a ton of problems from the past. this is another step in the right direction. when you put it all together, this is a reason why things are getting better. we appreciate it. of rbc. amazing because six months ago, months ago, maybe that wasn't such a foreign question to ask. >> and that was a ringing endorsement from the oracle of omaha. i mean monhan. when he put the money in, he put it in partially saying he is doing a good job. >> we are back to august levels on the stock. you know this was an

extraordinary quarter. i don't think you have necessarily and this may be the reason for the bulls. markets were in a lot of disarray. people are well under water in this name and i don't know that the share price validates the coast is clear. >> the pile of wood logs. it remains still. >> a yule log. >> 57% of right now, that's a lot of log. >> i got no argument for the value log. it's a very, very big pile here. >> all right. let's move on to the next trade. apple shares are getting close to $500. the stock is at 22% this year alone. the "new york times" points out that the company's market kappa at nearly a half trillion is google, goldman, starbucks and

boeing combined. the valuation is greater than rim. a couple of traders on the set actually fold. you are one of them. >> i had to sell good for the rest of the position. it gets bigger as the stock goes up and becomes a bigger position. i can't help it. the last 40 points maybe. >> 46 points in three days. but you still lost. >> i am still lost. i had to trip some. >> you did too. >> i tripped up as well. virtually all of mine off. not that i don't believe in apple anymore, but trading weekly ongs. you have that flexibility. as all the viewers know, i'm not a long-term investor and this would be one stock i would buy and hold, but i don't do that. each week, you trade the weeklies. the next week's options and so forth. that keeps a lot of discipline on me. if the trades are winning and

working, i am taking profits. if it's not, i'm cutting and moving on. this was a big winner. some of those 500 calls for february and next week expiration went from 68 cents to over $7. you can't get that in vegas. i don't care if you want to bet on a safety being the first score, you don't get that in vegas. these are fantastic. >> i wish i had that. >> this is a great one that these options were made for a sock like this. >> if you pull up a chart, you buy the stock and tuck it away and you move higher and higher. i think over the last couple of weeks since earnings, this stock has now become a trader's stock. that's an indication to me that potentially a top may be near. apple goes to $500. own a bunch of options and i expect the upside momentum to

continue. what's happening is you have a chase post earnings where the stock got up to 455 and the folks sat back and wait and see what happens. if we get a pull back, you never get the chase now. everyone is chaseing it higher. >> you have to see if the chase is fuelled by this anticipation of a potential product launch. there is an event in the first week of march and that can mean an ipad 3 at this point. followed by an itv. >> and a difdent dend coming soon. >> at the same time remember apple that all of you know is a ramp into a product launch. >> even for apple is an extraordinary number. from the traders here or the investors have gone through these things and there is no question that the apple tv is an exciting concept. there is no question that

apple's parading leverage allows them to extract even more eps upside from an apple tv. i said a couple of days ago, i think apple is different than smart phones in terms of the size of the market and the profitability you can expect. you nailed it. isn't all the good news in right now for a stock that looks very priceo the trading side? it's not priceo the valuation side. no question this is not an expensive stock. >> i love the way you talked aroundicationer. . >> the stock added 18 billion in market cap today. when you look at that, that's more than river bed, polycom, add trend and all the rest of these in the tech sector that are feeders off of this combined. the entire market cap of all those stocks was eclipsed by just today's move in apple. >> and added a facebook since steve jobs' death in the fall. more than $100 billion in market

cap was added since steve jobs passed away. we want to get to the sweep. jms j.r. asked what should i do with an apple 500 february call spread and bought it for 60 seconds. what would you this person? >> first of all, i think that was obviously a good trade and think john was talking about this earlier. these short-dated options provide you a lot of leverage and i would take the money on thing and grow up and buy some upside calls f. it makes a push, you can try to lever it up and take your profits. >> i would agree. to mike's point and it's a great one, not knowing the exact strike and the -- not the strike, but the expiration they are tradinging, that's why i am tradeing it the way i am. when i want to bet on the upside, i can buy next week's apple at 490 calls. so this week's for 95 calls for

500 calls or whatever it might be. you get that even though it's just a week apart, you get a nice spread and the time is so fierce in this week's options that you can take advantage of that. >> we have to take a break. coming up next, the derivative is dropping big time. we have the trade plus why one analyst rates diamond food a stock be league orred by fraud, etc. that's today's 40% drop. we will ask sk him why, next.

>> welcome back to fast money. want a check on nuance communicationings trading lower after posting earnings that fell short on revenues. it's a big decline and keep in mind that today's session did hit a high ahead of the earnings so this is a name that you have

followed for the expectations. what happened here? >> i don't know this decline is unexpected. we talked after apple's earnings for the second trade. this is the we did not want you to own. understand that the relationship that they have with apple is unknown women don't know if they are getting paid off the number of iphone that are hold. they have the technology that goes into syria itself. they have a fixed fee they get for apple. 40% comes from the health care space. it's other mobile relationships they have with the android and google. you have a q one miss and they reaffirm for the first year. the most uncomfortable thing included in the release is that recently our relationship has become more comprehensive and complex. that's problematic and this is not an apple plague as the height to suggested.

>> did you see any unusual activity here? >> we did not. we did see an awful lot of retail speculation as people chased the stock higher today. it hit a new high for the year. not just for this year, but over the last 52 weeks. it traded up through 30 and now it's down $3 in the after hours session. most of the people we are tracking is not professional. it's retail and i don't follow that. >> let's move on to the next one. shares of diamond foods down about 37%. that's the company who said it would restate financials that dismissed. how did wall street miss the troubles and let's take a look at where wall street was. this didn't happen overnight and this was a saga that unfolded over the course of months. where did wall street stand? this is the most recent look at the ratings.

you can see here sector performed by neutral for a company that is potentially mired in allegations of fraud when it comes to their financial accounting. take a look at where investors are. >> they are just to talk to the farmers. that was the key to the recommendations. >> that's a look at where investors have stood on the stock. it seemed like this thing was unfoaling and getting worse and worse and worse. that was the latest finding. they did hold sizable conditions, but what's key to keep in mind here is that for fidelity, these are positions that were added to very rently in the past couple of months while this whole thing was

unfolding. certainly a lot of people holding out the hope that the worst may be behind. maybe this would be the ultimate value play and the ultimate turn around. we will see. there is at least one analyst who is sticking by the stock. tim is an analyst who has a buy rating on the stock. he lowered the price target and great to have you with us. >> thanks. >> i read through your notes and the first one out this morning, the second one out this afternoon. a lot of bullet points you put in as to why you believe diamond is a buy makes me believe diamond is not a buy. no intentional fraud by senior management. lower level people have engaged in fraud. you say fiscal 11 and 10, the years that need to be restated were probably close to the true economics and that gives you confidence in the levels of earnings at diamond. how can you be confident in something you know is true when

you have payments that could affect the accounting of the company and you can come out and say that you are confident? >> the audit committee report is fairly clear that there was no intention effort to manipulate earnings or push costs forward. that is the bear case here. it's true that there is going to be a restatement, but i think effectively the costs that were accrued in 11 and 10 are close to what should have been accrued. >> did you feel this way three months ago? i'm curious. >> i did. >> that's why you stuck with the buy rating here? >> i did. i thought while it's unfortunate what was announced last night, take the bah off this is morning

was prima facie. >> i am not getting how it was fraud. maybe it was the highest levels and maybe it was underneath and that's a failure of the organization. how can you be confident that there is nothing else additional so many times in fraud. it seems to get worse and worse as it's dug into more and more. i would think we are not at the end of the investigation here. this was just the audit and not the sec investigation, right? >> that's true. the committee investigation is extremely thorough. if you are an audit committee member, you have zero upside in live and plenty of downside for getting this wrong. they went very comprehensively through the company and my characterization which i haven't seen in the entirety would be that this is a pretty good look

at what the company did and they have isolated on two series of payments. >> back in november, you have a $95 price target when you have your report placed. what risks did you include this n that analysis that you presented with the target and have any of those risks come to fruition? >> certainly. the entire risk of this whole process was paramount. >> in the analyst report, what actual risks did you define for those that read it? >> i wish i remember exactly what i wrote in november. since you have it in front of you, maybe you would like to say. >> i don't. >> just one quick question. the "wall street journal" was reporting that these executives were shown the door on tuesday and basically they were cleaning out the besks yesterday without

full disclosure. fair disclosure rather than full disclosure would state that's material nonpublic information that they should have gone public with this executive and they would have been leaving the company it and it appears to me that people acted on the knowledge and they purchase put options that go up in value as the stock goes down. that was very much skewed to those that have that information rather than those of us that did not. wouldn't that make you a little more concerned about the board that is saying we have done this rchb and these guys are clean when they don't know enough to do reg fd properly? >> that's an interesting question. i assume they had competent legal advice. >> i believe you, but not them. it doesn't seem like they have

competent legal advice the way they released that. >> i want to button up the conversation in terms of the parts analysis here. that's how you come up with the target. the value of diamond as well as the other assets. where do you see that and what time frame? >> i think there is two tracks for diamond going forward. they either try to continue to do what they have done which is create a growth company and it's been a stellar growth company, or they say let's go ahead and sell the pieces. if they sell the pieces, rick wogford is the right guy to do that. he has experience in that area. if they want to continue this, they will have to bring in a new ceo. >> what would you put your bets on in terms of the break up versus a sale? >> i think they probably will operate the company.

it's been a terrific growth vehicle and can be again. there is no real evidence that the business has been harmed by the process. >> thanks a lot and we appreciate your time. we didn't mean -- plenty of people out there wanted to believe that diamond was going to be a turn around story. you can see the number of investors who increased their purchases of the stock throughout the fall, it's not like anyone was alone here. >> including maybe p&g. >> right. >> we are going to accept stock. >> that's where you have to have proper risk management with a lot of trades that you put on. analyst reports don't factor that in. >> noplace in a model for fraud. that's what these analysts have. we have to take a break.

stay tuned. #

> welcome back to fast money. let's check shares of linked in. a big move up by almost 10% on better than expected earnings. looks like on all metrics and very much so. god bless them. this is a great quarter. being on top and bottom. like you say, stock is up trading about 83.50, up over $7. it's a great report and will push the shorts jumping on this one lately and treat them the same way folks have been treated on the short side. >> after groupon's numbers, a lot of them felt comfortable

today. you still have a stock which is 1500 and 14 times earnings. these guys have a lot to prove and the social media space is a place where people have little confidence. >> hiring losings up 77%. up over 136%. revenue is strong. >> stick with it. >> certainly. look at this report. yep. >> visa is making a push to upgrade the credit and debit cards and use computer chips instead of magnetic strips. they are more secure. let's welcome stephanie erickson at vis a. great to have you with us. >> thank you. >> how much more secure is it than the conventional strip that we have here in the united states? >> the great thing about chip technology is it adds the technology to the card. that computer chip offers many capabilities to enhance the security. basically it helps eliminate

counterfeit fraud by adding a dynamic data element to every transaction that changes every time you choose your card and makes it easier for a bank to detect whether or not there is fraud happening and the card has been copied or counterfeited. the biggest benefit from a stuart point of view is getting rid of counterfeit fraud. >> is this standard any time soon and will this cause merchants and force them to upgrade machinery so they would have to buy new equipment that would read this new technology and new chip? >> we laid out a road map from now until 2015 for the merchants to upgrade their terminals. many merchants have begun that road map and started laying that infrastructure. the terminals that they need to provide to the point of sale for accepting the cards have been supported around the world and this technology is something

robust and has been supported by many different manufacturers and the retailers can plan this into the infrastructure upgrade overtime so they can begin to deploy this as a point of sale. >> would a name like a ver phone or for the hardware or a card, all those? the terminal manufacturers like ver phone and ingenico and a company that makes contact list readers and on the card side, there many manufacturers. colorado plastics and many different manufacturers on the card and the terminal side that support this technology today. >> thanks for your time. stephanie erickson of visa. the reason why we had stephano,

you talked about this as a trade. it sounds like every single point of sale terminal will be switched over. >> i think it's for a long time. we have a position which makes the chip for the card and i think ver phone is one that is interesting as well. >> the think the road is being allayed here. near fields communication and that technology where awe look at a name like that. that's a name. broad com in that space as well. >> we have to take a break. small caps near new highs. straight ahead. blah y? slip-on's the way to go. more people do that, security would be like -- there's no charge for the bag. thanks. i know a quiet little place where we can get some work done. there's a three-prong plug. i have club passes. [ male announcer ] now there's a mileage card that offers

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welcome back to fast money and stocks continue to shake autopsy macro concerns and worried about corporate revenue growth and the debt crisis and materials and tech, they are all leading so far this year. now that we apparently have a deal in greece to sell the news or keep pushing higher. that is sort of the big question. what is the volatility in the market pricing? >> it's pricing in more risk on friday last week. we are back up and the futures are moving back up through 20 as well. the confluence of short-term options expire the middle of next week. they separate it the end of next week. right now what's happening is that people are protecting it more just like taking profits off the table and people are locking in profit by buying in the calls they do that. >> we have to take a break. coming up next, they are looking to play the markets and you have an options trade. you may want to consider that and much more. [ male announcer ] the draw of the past is a powerful thing.

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always good to have you. what does the call cap intext look like? >> we are reaching the momentum peak. a lot of action in small cap names. you have blow off type moves with the biggest names like apple. the october 4 low to where we are now. an advance of 35% and in principal, when you get back, memory kicks in. the people who bought poorly and lost a lot of money and having had that money returned to them, i want my money back. the other type of memory, people who bought well and brilliance at the bottom. their memory kicks in and they want to book gains. you respond before ever being able to exceed it. >> would you say the same for gold? we have seen the pattern where we had a break down and a

recover in gold and at levels where people made whole. >> gold having the topping out kind of thing. we have a blow off top in august. this was in the throws of coming apart,ly. >> you brought a chart of one of these stocks. because we don't talk about this name, i can't remember the last time we uttered this name on the show. what do you see here? >> the reciprocal of the glow. this is a fairly well-defined thing. transports have been great from truckers to rails and airlines have been good. shippers have lag and we are starting to see action in many of them and this one in particular. we like it a lot and close around $9 like today and we think you can get 11 or 12 out of it. >> this is a case of too much of a good thing meaning a mature

move in the context of a multiyear advance. the october to february advance is 25 to 35. it's gone up 40%. two above the mechanisms and who is the buyer? who are you selling it to? the crowded trade. >> thank you so much for stopping by. north of oppenheimer. all eyes in the housing market and whether the recovery is in the cards, there is a big trade show going on right now that may offer up clues and builders are flocking to orlando for the international builders show. let's bring in jerry howard from the national association of home builders. great to have you with us. >> everybody is looking for clues. everybody is attending the companies that are participating in the show. have you seen pick up or drop off this year? >> it's been incredible.

the signs of optimism we are seeing are being reflected in the attendance at the trade show. we are 10% ahead of last year and over 900 in the exhibiters and the mood among the exhibiters is more boy ant than it has been. we are excited about the way things are looking. >> a couple of large companies, especially appliance companies chose not to exhibit and we think they will be back when they are convinced that the market is coming back. that doesn't sound positive. >> they chose not to come and i can't explain why. all i can say is an exhibiter stopped me and said i can't talk quickly enough to talk to all of the prospects that are here in the aisle. i think that the international builder's show is coming back

and the exhibiters will be back in droves. those that chose to stay out this year will be back this year. >> in terms of attendance and people who per tas pated in the show and the companies and the housing market overtime, did you see that track in the house being market. was that in fact the peek at the beginning. >> in our membership and attendance, all signs are starting to turn around. our housing market index that measures builder optimism is positive for several months. as high as it has been since 2007 right now. the improving markets that measure markets and housing markets around the country. we started that 12 metropolitan areas. the signs are all there in the economy and the signs are here

in orlando that things are turning around. >> good to speak with you. i know you are busy. >> thanks a lot. >> the ceo of nahb. another data point in this whole thing. >> no and think unfortunately there is a tremendous amount of supply out there. it's not disbursed regionally. that's somewhat problematic and i don't think i can call a turn until house prices show stabilization and the possibility that they could actually appreciate. >> let's hit on "options action"s. mike is taking a look at the emerging markets. tim is all ears and this is the trade. what is it? >> over 15% year to date. instead of buying the stock and using the proceeds to prevent event sends. you get participation up 7%.

you can chase it by buying it right here. >> more options actions tomorrow and follow the show on twitter. they will get constant trade updates amount of big trade in the gas space now that production cuts are common. much more fast money coming up next. [ leanne ] appliance park has been here since the early 50s.

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>>. >> love at first sight, the science of online dating. must see tv. >> love at first site. i get it. wow. >> next day here, chesapeake energy reiterating it could slash by up to a billion cubic feet. what does it mean for others? let's bring in the president as well as a fast money contributor from the beautiful city of new jersey. great to have you with us. a lot of companies have said they would cut back production. at what point it will matter for them?

they have 72 billion feet a day. they would need to cut 10% of the supply here and a little bit more of what they are getting the people thrown in with them. and the ceo said he has 6.3 billion cubic feet of commitments to cut here, but i'm not sure that that is exactly if he is going to get that. if he does, that is enough over the course of several weeks and months to make a difference in the demand structure. they move the price upward. >> i think it's a good time and one of the mopes i think if he gets even moving the needle on that. they will move the higher and smaller cap natural gas things that have been dedicated and been pummelled in the last 12

months. i do own them and another thing is sim rex down from 110 to trade around $56 or $57. the third one is range resources. it's still having a bit of take out premium with it. i would look for the ones, i don't think chesapeake can stan it. number two, when you cut a billion cubic feet, you have a problem especially with as much debt as chesapeake has. >> thanks for your time. we have tomorrow when we come back.

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