nasdaq ticked up a fraction gaining ground for the fifth time in six trading sessions. that'll do it for us tonight. thank you for being with me. follow me on twitter and google plus. stay with cnbc because "fast money" begins right now. i'm melissa lee. here are tonight's top three trades. zynga topping expectations. we'll break down the reasons why with the top analysts. plus the hedge fund filing frenzy is upon us. find out what the big money is buying and selling right now. and an exclusive interview with carl icahn. live from the nasdaq market site, this is "fast money." let's get straight to brian sullivan with breaking news on berkshire hathaway. >> warren buffett and his crew, here's what they did. this is dated as of the end of

the fourth quarter. new positions established in new companies. dva and lmca. by the way i've gone through a number of 13fs the last couple hours. liberty's been added by a number of companies. warren buffett added to his positions in coke, directv, cbs care mark, wells fargo, and visa. he cut but not eliminated stakes in johnson & johnson and kraft. then sold completely out of exxonmobil. that was a small stake. still exxon no longer part of the portfolio. i think that name you're showing davita the most interesting. not a typical company that warren buffett would invest in. new positions. i'll be back in a bit with more from david einhorn's green light capital.

>> dva an unusual name. no surprise given his new manager he brought in. that was one of the few stocks that was in his portfolio. i believe liberty might have been there. but davita definitely was. >> i remember talking with ted wexler years ago about it. does have a lot of depth. but it was a free cash flow story i imagine continues. they've done a tremendous job there. i actually wasn't even thinking about the wexler thing. >> there are few stocks that wexler held. it was unusual. >> it's had a huge run. i'm sure it'll be higher given what brian just said. now you have to ask yourself, is it worth following them in? in this stock, frankly, i think you wait on this one. obviously you'll see it bounce tomorrow given what just transpired. you've had a big run in this name.

valuation may be stretched here. great name. karen's talked about this before. it's had a nice run. but wait and see on this one. i'd hold off on dva. >> another is social dynamics. we've talked about it since davos. restaging itself, resizing itself. look for general dynamics to be a beneficiary of that. >> i think overall when you look at the portfolio, it seems he's taking more risk. he's out of the bigger balance sheet type of names. cuts the stake in johnson & johnson. apparently he is of the belief that things are improving. assuming more risk as much of the market. >> raising his position in coca-cola also. that stock has been on a tear here. and one might not necessarily think at this point you would increase your stake so close to a 52 week high for the stock. >> but there have been a number of names.

listen. there are a lot of names that continue to sort of grind. ibm is a name he put on a position. but when he announced that position was around an all time high. so i think there's some merit to what's going on here. i think coke's one of those names that continues to grind higher. as is ibm and another name. so though you make a good point that it's where we are trading right now, it's probably stock that continues to make sense. >> if you look at that fingerprint and look at those stocks, warren buffett is telling you he's bullish. he's bullish on growth and consumer growth. so it's very interesting and contrary to a lot of people out there. >> and directv, i think that's an interesting one to watch over the next couple days. as a possible takeover candidate. that's a name that i think now this is going to lend support to. not only for having the characteristics of a potential acquisition, but now you've got warren in there as well. >> if you want just the last thing on it. they report after the bell on

thursday. so again, not for the faint of heart at these levels. wait and see what they say after earnings. but i don't see any reason to rush in given that earnings is in a couple days. >> let's see what another whale is thinking these days. what john paulson's big idea could be. here it is. the heavy weight with an 8.4% stake in hartford financial. again, hig is the target of john paulson at this point. is this a surprise move? >> you asking me? is it a surprise move? well, you know what? he's been talking about these financials for awhile. is this name is surprise move? i'm not sure. they're going 30 speak tomorrow at the bank of america conference. i wonder if they address this at all. so is it a surprise move? i don't know him well enough to answer that. but he's been in financials for

awhile. >> the stock -- keep in mind, the 52 week range on the stock is 31 to 14. and perhaps no surprise given what happened on the company's last conference call where paulson traded with management saying you've got to do something to lift the price at this point. it'll be interesting to see if hartford actually comes out with any sort of response at this point. but pushing for a spinoff of hartford financial. >> again, once again you've got to think of the personality of these investors. john paulson is a guy who likes to dig his teeth into things. he was wrong on the short-term to the abs trade in 2007. he seems to have been wrong in brank of america last year and the financials last year. now look at the other contemporaries like eaton park. he's ahead of other people.

and he probably will be right about this one. >> all right. so remember hig now the target of paulson. let's get back to brian sullivan who's got the latest on green lights holding. >> here you go. new stakes or adding to stakes in. here's one you're going to love. research in motion. david einhorn. new stakes in research in motion. too little too late if you ask me. anyway. dell and yahoo added. he dumped more stocks than he added. einhorn's green light dumped marathon oil, cvs, becton, dickinson. like i said, i've probably gone through five to ten in the last hour and a half. this is e the first time i've seen rim as a new position through a well-known top 20, if you will, hedge fund manager out

there. someone is finally dipping their toes into blackberry bog. >> thanks for t that is interesting. >> in addition to einhorn you've got cooperman that expanded last week. this is cheap stock. upside in an acquisition. if it doesn't get an acquisition, still an installed base. not a lot to lose here. classic value. >> i guess. >> is it a value trap? >> i don't know. i think he usually likes -- when you think about his apple position and what they have in the ecosystem. and rim might be the opposite of that. certainly to their detriment and apple's success. so that's sort of an interesting one. river for him, 3 million shars of rim is 45 million bucks. sounds like a lot to you and me. relative to the size of his fund, it's 1%. >> so it's not huge. you see any value in rim at this point? >> no. i don't see any value in the

point of david einhorn purchasing this stake. it's only 45 million. it's a slice. it's certainly not something he has a strong conviction in. >> rim bottomed out. had a run up to 18. now it's back up for you. my sense is now given what we just heard, the stock's probably on the side of 15. i haven't seen it yet. i'll sort of take the other side. i do think there's some value in the stock. maybe not the company. i think the company's still a mess. but the stock may be interesting here. 15 bucks getting a selloff here might be worthy. >> what do you mean there's value in the stock not the company? >> just trading instruments to me. though the company is broken and the stock over the last six months has shown you that, over the last month and a half showed you that maybe 15 or so is not the right price. maybe the right price is closer to 19.5, 20. i think the stock is still cheap here. >> let's move to the next trade here. apple trading higher again. now above $510 a share.

tim cook made statements talking about the cash pile. jon fortt has been listening in and is here with more. what'd he say? >> several interesting things. let's start with what he said about that cash pile. he said we have more cash than we need to run the business on a daily basis. everybody knows that. when he says it, he then said investors need to have a little patience so that apple can act prudently and figure what to do with that cash. suggesting something sooner rather than later can happen. he talked about apple tv saying apple doesn't do hobbies. we always thought there was something there. perhaps hinting towards a bigger mass market product than the current apple tv product. something we've been looking for perhaps coming this year. on the ipad he said price is is the most important thing. says that he still expects that tablets will be bigger than the pc market. that ipad has grown so quickly because it stood on the shoulder

like things like itunes and the app store that came before it. also the emergence of the markets. markets like that made about $1.4 billion worth of apple sales. this most recent fiscal year, $22 billion. >> we woke up this morning to the concerns potentially surrounding fox com and some of the labor conditions. did tim address any of those concerns? >> he did talk about that a little. pointing out the things they're doing. didn't spend a lot of time on it though. >> jon fortt. let's thank for that roundup. karen your reaction initially was he said this before. >> what is there to analyze already? >> got a lot of cash. >> although maybe you know what? with this obama thing talk about raising dividend taxes, maybe they're better doing a share buyback as opposed to dividends.

how complex is this analysis? shouldn't be that hard. >> and i asked the question. though it seems we wake up every morning with an underlying concern. this potentially could be the day where there's trouble ahead for those that are long apple. and at the end of the day, it goes back to strong price performance. no reason whatsoever to jump off the ship right now. and as karen just said, a tremendous amount of cash they're sitting on. it's all a matter of the actual quantity and size that you are long apple. >> i know this is probably conspiracy theory or something like that, but i think they have a steve jobs a.d. plan. after death. >> how long do they need to wait a.d.? >> i think in the next six to twelve months, jobs left them a plan. they're going to start that. ipad 3, iphone 5. a dividend. there's a plan in place to keep this company moving the same way sam walton had a plan in place.

and the same way warren buffett has in place. >> or buy twitter for $10 billion. which is not crazy. >> they would own social media. >> they would own social media. coming up next, an exclusive with carl icahn. he's pushing a company to put up for sale. that exclusive is next. little later on, why this magazine cover may be fuel for the bulls. not that kind of fuel. more "fast money" coming up next. this new at&t 4g lte is fast. hey. did you guys hear... ...that mary got engaged? that's so 42 seconds ago. thanks for the flowers guys. [ both ] you're welcome.

oooh are you guys signing up for the free massage? [ both ] so 32 seconds ago. hey guys you hear frank's cat is sick? yeah, we heard. wanna sign the card? did you know the guys from china are in the office... [ speaking chinese ] [ male announcer ] stay a step ahead with the 4g lte galaxy s ii skyrocket. only from at&t. ♪ why? i thought jill was your soul mate. no, no it's her dad. the general's your soul mate? dude what? no, no, no. he's, he's on my back about providing for his little girl. hey don't worry. e-trade's got a totally new investing dashboard. everything is on one page, your investments, quotes, research... it's like the buffet last night. whatever helps you understand man. i'm watching you. oh yeah? well i'm watching you, watching him. [ male announcer ] try the new 360 investing dashboard at e-trade.

welcome back to "fast money." we're live at the market site here in times square. nothing says valentines day like a corporate activist telling you to put yourself up for sale. that's what carl icahn told energy. from the legendary investor who

shows no signs of slowing down. how far will he take this particular fight? carl icahn joins us in another exclusive. it's always a pleasure to speak with you. >> always a pleasure. >> why pick on a company that has outperformed its peers over the past one, two, three years? >> i don't like the word pick, necessarily. >> okay. >> i just believe that in the formula we follow. and risk reward. and i just think at this time, we own the stock a bit cheaper. i just think if you look at risk reward, this company has taken great advantage rightly so of the crack spread. i think at this time that you don't know how long that lasts for a small refinery. and i think the value is much greater to a larger company, a larger refinery. and i think the decision on

whether or not to sell this company should be up to the shareholders. i've always believed that. if the shareholders own it, they should have the right to decide if it is to be sold. not management or an investment banker. >> right. i understand your concern about the company owning two refineries. therefore they might be more exposed to the upside as well as to the downside. but they own a majority stake in cvr partners. they don't have all their eggs in one basket, so to speak. >> but a lot of them are. even with the fertilizer business this is a perfect time so sell it. >> well, they are. they're going to monetize that. >> a very small piece of it. >> it's guy. how are you? >> how are you? >> i'm doing well. happy valentine's day to you. are you suggesting that they should hedge their crack spread exposure? is that what you're suggesting here? >> let me put it this way, guy. i think they're sort of right in saying it's a bit difficult to

hedge a big deal when you're a small refinery. what if something goes wrong? what if something blows up at a refinery. and gasoline is way up. you have a real problem. you can't hedge it as much as the large refinery does with asse assets. i think it's worth a lot more to another refinery. risk reward is what we look at. and we believe there's more value if it was sold. that's all we're saying. we're saying put it up for sale. i do think there are a lot of acquires. >> let's talk about that for one second. you believe it would have to be an actual refiner. cvr's a mid-continent refiner. well positioned there. there's very few, maybe a

valero, sunoco, i don't know if they're in the space. if there are others that i haven't mentioned. >> i do. but i'm not going to get into them. you know, i don't want to get into specifics. i'm not sure that -- why do you say how to position. i think the bigger the better for a company like that. i'm not saying that they're interested. because i'm certainly not going to get into that. >> i understand you won't to reveal who exactly they are. the three or four acquirers out there. but skeptics i've talked to today about this particular action of yours saying you know what? you said this before. that other bidders would emerge because a company is undervalued. so they're skeptical. they think you're making it up, frankly. are you? are there actually three to four other potential acquirers? >> look. in certain times, you could be wrong and you could be right. you know? but even when you lose these, even when other acquirers don't

come about, has improved the performance of companies. and if you're right, you hit a home run. and that's what i'm saying. i don't see what the great risk is to trying to do it. i do believe, yes, that there would be acquirers. and i believe that from an intelligent point of view. but i certainly don't have any inside information. but i will say this. that what is -- what's the great risk going out and seeing if there is a -- or are several acquirers? and if they don't come to fruition, all right. >> let me just bottom line that. you say you believe there would be three to four ie choirers but you don't actually know. >> hey, come on. we know you too well. i'm not in a deposition here. okay? come on. we talk too much for you to start pressuring me on that.

>> karen? >> hi, carl. it's karen. so i see in your 13-d you made note of the fact that this friday i believe is the deadline for directors. delaware company. they don't have a staggered slate. so they're very vulnerable if you can get the rest on board. sometimes you need to actually put up and offer yourself to do that. would you do that if necessary to get the other shareholders on board? >> you know i'm not going to comment on that. we didn't put it in the 13-d. we're studying the situation. and hope that we might not have to have a confrontation as we always hope. but i do think that this company should be put up the sale. and i'm not even criticizing management. i'm just saying that it just makes eminent sense. if your company left you this company, what would you do? would you sit with it and risk everything on the crack spread and risk everything on the price

of gasoline? i don't think you would. >> i know. but i would find it amusing you had 14% of my company after that. and we'd have an interesting dialogue. >> no, no. i'm not saying i have 14% of it. >> no, you do. >> but i asked you a different question what would you do with it if you owned it? >> i'd probably explore it but i'm a hedge fund manager. >> at that point she'd want you to take a deposition, carl. >> i'm listening to the people telling me i need an intervention on motorola. i'll think about that. >> fair enough. let me ask you about your returns here. you've had some pretty nice years. in 2011 your icahn funds 35%. iep which is another vehicle which is actually the publicly traded stock has vastly underperformed even though these are so closely tied.

why the despairty between the two? >> you're asking an excellent question. does have the investment in the hedge fund. and has really been the recipient of those returns and not only the fact we own quite a few companies and we did well over the last few years. we told stratosphere. i guess i get no respect. i'm like rodney dangerfield. i don't know what happened to me. years ago you go to the same stock. but i just -- maybe it's overlooked because i own so much of it. but i do think it's a great -- i think iep is in a great place to take advantage of activist. to be an activist you've got to be really willing to do it. the whole game is the risk reward. that's our formula. like what we're doing here. there are no activists left.

there's no one really willing to step out there and go into the fray. so it's a great -- to me it's a great activity. i've been saying for years salutory. i'm going to continue to do it. right now we have several billion in cash let alone, you know -- i forgot the numbers now. but, you know the multi-billions and the liquid security. so i think the -- i do think it's undervalued, i do. >> all right. >> and the question is why. it's a good question you're asking. i'm going to certainly examine it. >> well, come back to us when you have the answer, carl. we hope to come back to you. happy valentine's day, by the way, carl. carl icahn. joe? >> a couple of things. to guy's point, i don't believe

that cvr would be foolish enough to not have a hedge b strategy in place. i don't think they're fully exposed to a crack spread. i'm sure they have that hedge. but when you look at the list of refiners potentially that would be an acquirer of a cvr. cvr is a market cap. so let's say a deal was to get done 20% premium. somewhere around 35 bucks. really the only ones out there would be valero. and i don't know that valero would be an interested acquirer right now. then you've got marathon at 23. holly frontier, i would take them off the table. again, i don't know if they have enough as well. >> mike khouw, just quickly in terms of the options activity, any indication people actually believe carl icahn? >> well, you know, this name isn't with a 2.3% value.

thils is one of those names in the options activity is not that high. we have seen only bullish activity in the past. there were situations people look at thils name and are sating even though we don't think can keep up. and i think maybe the one way these other refiners might take a look is they can look at a stock deal potentially. that's a natural hedge over exposure in the business. i think this has capability. >> got to take a break here. next on "fast" we'll hit the after-hours action in zynga. plus a tech name we often talk about. that's coming up next. more "fast money" straight ahead.

laces? really? 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 special perks on united, like a free checked bag,

united club passes, and priority boarding. thanks. ♪ okay. what's your secret? ♪ [ male announcer ] the new united mileageplus explorer card. get it and you're in. i'm making my money do more. i'm consolidating my assets. i'm not paying hidden fees or high commissions. i'm making the most of my money. and seven-dollar trades are just the start. i'm with scottrade. i'm with scottrade. i'm with scottrade. and i'm loving every minute of it. [ rodger riney ] at scottrade, we give you commission-free etfs, no-fee iras and more. come see why more investors are saying... i'm with scottrade. my dad and grandfather spent their whole careers here. [ charlie ] we're the heartbeat of this place, the people on the line. we take pride in what we do. when that refrigerator ships out the door, it's us that work out here.

[ michael ] we're on the forefront of revitalizing manufacturing. we're proving that it can be done here, and it can be done well. [ ilona ] i come to ge after the plant i was working at closed after 33 years. ge's giving me the chance to start back over. [ cindy ] there's construction workers everywhere. so what does that mean? it means work. it means work for more people. [ brian ] there's a bright future here, and there's a chance to get on the ground floor of something big, something that will bring us back. not only this company, but this country. ♪

welcome back to "fast money." we're live in times square. zynga shares dropping. julia boorstein is monitoring the conference call right now. what's the latest? >> the key thing is how reliant they are on just a handful of games, players, and of course relying on facebook. the company did address these issues in the statements on the conference call. made a number of points about how they are diversifying. they say they're growing their advertising business. the majority of their revenue come from payments for things like a farm -- a cow on farmville. so they are growing their advertising. they're advertising in payments and brands revenue has tripled recently over the past year. and they have major partnerships with brands like mcdonald's, best buy and capital one. look at that business tripling has been huge.

they're also relying less on their top games. the top three games contributed 57% of revenue in this quarter compared in 78% in the quarter the previous year. as to the question whether they're too reliant on facebook, there were comments about how they're moving more of their players to the platform which is the z cloud platform. talk about that there. and also some very bullish comments on mobile. saying there's momentum and record payments in the mobile space. back over to you. >> great story. and julia knows this. they are growing their advertising revenue. i think it's up 230% year over year. but it's still only 10% of their told revenue. though they'll spend it as a huge positive, it's still not that big a deal for them. i think what the stock is running into now is valuation problem frankly at 60 times earnings. it's had a great run. we'll see what rich bernstein does. i'm sure a lot of analysts will

be making comments tomorrow. >> thanks a lot for that update. we'll check in with you if there are more developments. a lot to be released this year are anticipated to be mobile. about 14 to 15 games are expected to be released this year. ten may be just on the smart phones. that could be an interesting shift. let's get to unusual activity. your seeing some unusual call volume on river bed. >> yeah. and part of it you guys covered. technology stocks. in tlar of course river bed. this is a cloud play, believe it or not. and i believe that the goldman sachs conference is one of the catalysts. you guys mentioned apple and the fact tim cook made comments there. this one up about 3%. they speak tomorrow afternoon. three of the last nine days it's had extraordinary volume. so people are betting that something good could come out of

this. >> let's also roll into the playbook. it's below 20 at this point. >> and it was over for 20 for a good part of the afternoon. everybody was saying that tells us that brings are blowing up in europe. 20 vix doesn't tell you anything o of the sort. it tells things are more nervous a week ago. it did break back under 20. it was unable to sustain that. the futures are higher where the spot is. and we have options expectation tomorrow for february vix options. overall volatility playbook is what you'd expect right now given what's going on and the lack of complete certainty. things did drift up, but not very high. >> a lot of conversation right now on the lack of volume in the options world. is the volume there? is it robust or waning as well? >> i'm not hearing about the lack of volume and actions.

>> when i say the lack of volume i mean on the straight equity side. >> oh, yeah. i agree. people talk about equities being worried because they're not getting as much activity. right now we're seeing options volumes skyrocket. and weeklies on apple. there's a lot of stocks that are in the hundreds of dollars that people are focussing on. that becomes the tail that wags the dog. >> all right. always good to see you. next on "fast," corps explodes. michael coors. plus why this magazine cover may trigger a bull run on wall street. more "fast money" coming up next. [ male announcer ] we know you don't wait until the end of the quarter to think about your money... ♪ that right now, you want to know where you are, and where you'd like to be.

we know you'd like to see the same information your advisor does so you can get a deeper understanding of what's going on with your portfolio. we know all this because we asked you, and what we heard helped us create pnc wealth insight, a smarter way to work with your pnc advisor, so you can make better decisions and live achievement.

welcome back to "fast." we want to go to sue herera off the conference call. sue? >> indeed. some very interesting comments right at the end of the presentation. it was the q & a session. and someone wrote in and asked a question basically about the bank stocks. he says he thinks it's wise to

avoid the bank stocks. he simply thinks the run-up is a reversal of last week's weakness. he said right now tomorrow at the open it would be a good time to lighten up on riskier assets. that includes b of a. bank of america. the question was in relationship to the big run-up of b of a this year. however, mr. gundlach said he would open up tomorrow. as you know, bank of america has had a decent run this year. he thinks it's time to take money off the table. >> thanks for that update. tomorrow morning he would go in and lighten up. this after the -- i don't want to say sellout. but sharp declines across the boards. particularly bank of america after the citi downgrade. >> he makes an interesting point. and although the close today was interesting how the s&p rallied back.

we talk about this 1350 to 1370 level where the s&p was going to go to. now the bulls have to prove themselves. it's not out of the question to see the s&p back to 1275. for now it's on the bulls case. until they can get it over that may high, i think he might be right. >> i've been so wrong. which we've been talking about right after christmas. in size he's one of the best risk managers in the world. you know he's done an enormous calculating about this name. will trade into the double digits by the third quarter. look at the trend. you see guys like paulson in that name. it's a big pick. >> does that mean you don't trust with jeff gundlach has to say? >> i do like him. but i think heez guys are going

to be right. remember what they said about stocks and companies. this is ridiculously cheap. >> the investment group calls it the swim suit issue indicator. performs better when an american makes the cover of sports illustrated annual issue. this year's cover model 19-year-old kate upton from florida. an american has been on the cover 18 different times. the s&p during the 17 other years is a gain of 14.3%. >> it's fascinating. >> well, it's our excuse to put that cover up there? >> gratuitous photo. >> there is an actual study. >> there you go. >> that's gratuitous. >> you're telling me that's not gratuitous? that's the craziest thing we've shown. >> all i can say is i went to the white house correspondents dinner and she was darren

ravel's date. i was up to her waist. >> it's valentine's day as you couldn't tell from guy and anthony and myself wearing pink on the show. but it all comes back to limited brands. and i think that's the story, that's the tradeoff. they couldn't to work in this environment. and why not. >> she's holding her top. >> my kids might be home watching this right now. >> no. your kids aren't. >> happy valentine's day out there. you have new lipstick on today. the venetian if i'm not mistaken. >> you are not mistaken. >> do you two ladies love the enjoyment of being joined by three italian women. >> there are more than two women on this desk. >> you boys are pretty in pink. next on "fast," is tomorrow make or break for greece? we're trading the latest developments out of the eurozone ahead of the conference call. more "fast money" coming up next.

♪ [ male announcer ] offering four distinct driving modes and lexus' dynamic handling, the next generation of lexus will not be contained. the all-new 2013 lexus gs. there's no going back. ♪ intuitive trading platform that thinks like a trader. fine-tune technical analysis with the integrated chart tools sidebar. to seize an opportunity, i have to see it. with this, there's no more hide and seek. pinpoint your target more efficiently with clearly categorized, highly customizable technical studies. i'm looking for two things-where to get in, where to get out, so i find the study i want and make it look exactly how i want. plus, scan any stock or etf against time-tested indicators with built-in chart pattern recognition. you've gotta go beyond gut and get to the data.

now i can see if a stock might go where i think it will go. customized charts. intuitive control. get started with streetsmart edge and get it all for the schwab price of $8.95 per trade. call 1-888-800-8026. open an account and trade up to 6 months commission-free. talk to chuck and get started with streetsmart edge today.

european finance ministers are holding a conference call tomorrow to discuss the situation. the greek government needs to come up with additional cuts in order to get the next bailout package. where do we go from here? we bring in professor john taylor.

he's a former under secretary of international affairs and author of "first principles." john, it's a pleasure to speak with you. >> good to be here. thank you. >> what are you anticipating in terms of what happens tomorrow? >> i think they're looking for some insurance from the politicians in greece that they're going to adhere by some of these commitments after the election. one person already questioned the vote. said they're going to change it after the election. you obviously can't have an election if you're going to change it in a few months. you also need to be more specific about the things they're doing. i say number three they have to look more like they want to do this. some of this is home growth. get the government sector a little smaller. that's going to be good for growth. if they looked a little more positive, i think they would

change the atmosphere a bit. >> and i would imagine that would be some deal accepted by private bondholders. are we at a point now where we're going from one deadline to the next? which is actually coming up soon. >> that's coming up real fast. pretty clear there's going to be a substantial right down there. 50, 70% people are talking about. i think that's actually a real -- that's the first time. the first bailout back in may 2010 they said they wouldn't have to do that. now they're doing it which to me makes sense. if this all goes through in the next few weeks which my guess is it will, i don't think it's going to be over. i think you'll have the same kind of discussion going on for the next year. maybe be a lull for awhile. but this isn't over even with this deal. >> it's karen. let me did you something. just getting to your point about it not being over, do you think portugal says you guys got to hair cut greece. why shouldn't we get one as well?

>> well, they might but i think what we're observing here is this con todtagion issue. more of an isolated issue. they're not adhering to their agreement. for that matter a lot of people made their adjustments. a lot of this is anticipated. to that extent i think there is less of this contagion there used to be. that's a good sign. greece will have more incentive to do what it needs to do. >> john taylor of stanford university. we've got to hit some "options action" now. go to mike khouw who's got a trade on the material sector. mike? >>ic one of the i thithings to at here to take edge off, materials up probably 10% if you're looking at the xlb. look putting on a put spread collar. the one i was looking at was the june put spread call.

sell the 31s against it. i'm going to have a net debit of 25 cents to ensure myself to $31 but still maintain up to 40 bucks which giving 9.5%. a 30 cent dividend between now and then. that can be used to help finance this trade as well. really if you're holding on to your xlb, you're not going to lay anything out. you're still going to collect. >> thanks for that. more "options action" every friday at 5:00. next on "fast," my exclusive interview with michael coors on how his business is changing. more "fast" coming up next. people with a machine.

what ? customers didn't like it. so why do banks do it ? hello ? hello ?! if your bank doesn't let you talk to a real person 24/7, you need an ally. hello ? ally bank. no nonsense. just people sense.

♪ where the sun never goes out ♪ ♪ and the sky is deep and blue ♪ ♪ won't you take me american flight 280 to miami is now ready for boarding. ♪ there with you fly without putting your life on pause. be yourself. nonstop. american airlines.

welcome back. we are live in times square strong demand for designer goods.

doubled since it went public in december. earlier i spoke with michael kors. chief creative officer in his first interview since the ipo. ♪ >> this is your first collection since the ipo. did you approach it in a different way at all? >> i think when i design a collection, i design always what i think is in my gut right for the moment. fashion is about the right thing at the right time. and that's not going to change with an ipo are without an ipo. again, it's really how do i dress my consumer and get them ready to look great in the world? i'm a rarity. i'm a designer who never worked for another designer. you know, i never picked up the pens. i started in retail. my whole kind of education has been about kind of getting into the head of just the mind of the customer. >> does that give you an advantage, do you think? versus other designers out there. >> i think it's always helpful

to really see what goes on on the shop floor as you say. really in the nitty-gritty of the fitting room. i tell young designers who come to work here, maybe you should get a job in a store. get that experience and really get a first hand experience and see what people react to, what kind of lives they lead. you know, the more you know about the customer, the better you'll be as a designer. >> you're talking about how you're sort of a one of a kind designer in you think about what sells and works. at the same time do you think about what has the greatest margins? i know it's sort of an odd thing to ask a designer, but now that kors is a publicly traded company, i would think that does cross your mind at some point that if i designed the logo bags, those have higher margins than the leather bags, let's say. >> for us, we're really -- we're truly a lifestyle brand.

there's everything from a red carpet down. to a logo wallet. to a watch. and, you know, when you have this broad range of products you're able to make sure that you have diversity in margin. that's helpful also. believe it or not, sometimes the most expensetive things you see from us, if you see an evening gown $10,000, the margin's got great on that. but that's okay. so it's just making sure we have the balance. that's what it's about. >> and what they sell a lot of, accessories. they are about 60% of revenues here. you had allegation with the ipo. what did you do? >> i held on to 30 and sold it way, way, way too early.

this is in the tail end of what they could do. extraordinary quarter. >> i think kors is a classic example of a consumer name that will grow into this valuation. the pe right now it's being rewarded with. it's the same story as starbucks in 2002. whole foods in 2004. recently chipotle grill. if you look at their stores, it's somewhere around 80% of the stores only four years old. so they play catch-up to a ralph lauren and grow into the valuation. analysts moving the stock higher. >> be sure to catch "fast" tomorrow because we've got more with michael kors. we'll give an exclusive behind the scenes look of his spring collection. and i asked him what his number one tips would be for the traders here on this desk. >> you're kidding? >> i'm serious. that's tomorrow. >> he wants you to wear pink. >> i got to watch. >> first move when we come back. stay tuned.

today is gonna be an important day for us. you ready? we wanna be our brother's keeper. what's number two we wanna do? bring it up to 90 decatherms. how bout ya, joe? let's go ahead and bring it online. attention on site, attention on site. now starting unit nine. some of the world's cleanest gas turbines are now powering some of america's biggest cities. siemens. answers. laces? really? 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 special perks on united, like a free checked bag, united club passes, and priority boarding.

thanks. ♪ okay. what's your secret? ♪ [ male announcer ] the new united mileageplus explorer card. get it and you're in. final trade. anthony? >> i like hewlett-packard. i want to sit