and as a result we hit another all-time high. for much of the day, boeing was a big drag on the market. the dow up three points 15,464 is an all-time high. this is the latest what's happening in the boeing story. there was a fire on a plane. this is the dreamliner. the stock was down better than $5 for today. that'll do it for "closing bell," have a fantastic weekend. hope you'll follow me on twitter and google plus. stay with cnbc, "fast money" begins now. ♪ live from the nasdaq market site in new york city's time square. i'm melissa lee. guy adami, josh brown, and tim seymour. more details on developing story out of boeing tonight. phil lebeau has got the latest on the story. phil? >> reporter: melissa, right now investigators are looking at that dreamliner trying to determine the origin of the fire

that took place today. let's show you a couple of pieces of video from that scene today. it was an ethiopian airways dreamliner that caught fire. there were no passengers onboard when it was discovered. it had been parked eight hours before the fire was discovered. what's interesting, when you zoom in in terms of where the fire took place on the airplane it appears to be in the rear crown of the plane. that's right next to where you would see a crew rest area if one was -- it's unclear whether or not this plane was configured for a crew rest area. the fire crews did not appear to deal with the 787 battery units. those are located in the belly of the airplane. remember, this is the dreamliner that was the first to receive a retrofitted battery system once the faa approved the new battery system for the dream liner. boeing issued a statement shortly after the fire saying we're aware of the 787 event at heathrow airport and have boeing personnel there. we're working to full lip

understand and address this. the ntsb has sent someone to london to assist in the investigation. issued a statement saying ntsb is sending a credited representative to london heathrow. if you take a look at shares of boeing down nearly 5% today and at one point down 7% keep in mind they have delivered 66 dreamliners, have a backlog extended out to 2019. melissa, for traders out there, the main concern is this is it battery related? and secondary, if it's not, is it part of the electrical system? >> right. >> reporter: that's all of the questions that need to be answered over the next couple of days. we've got breaking news. at&t is buying elite wireless for $15 in cash we're seeing a major jump in shares of elite in the after hours. let's go to mary thompson. she's not ready quite yet. what we're noticing is a huge

huge premium for leap wireless. >> look at that, $7. >> 88% higher premium. what it does for at&t obviously, gets it in areas that potentially they haven't been in, the underserved communities across the nation. for at&t, it's a great deal. obviously if you're a leap wireless holder, it's a phenomenal deal. >> if i'm not mistaken i think one of the -- maybe the guy who spoke who was carl icahn's acolyte who went out on his own maybe they're buying the smaller cable names. >> let's go to mary thompson with more news on this. >> reporter: melissa, we're just reading the press release. of course this is a $1.2 billion deal. and as you pointed out earlier, that $15 share price doubled where it closed earlier today. under the terms of the agreement, at&t is acquiring all of leap's stock in wireless properties includes license network assets, retail stores and 5 million subscribers.

also had about $2.8 billion as of april 15th of net debt. leap shareholders will receive a contingent right entitling them to the sale of leap's spectrum in chicago when that is completed. so, again, the terms of the deal, $15 a share, $1.2 billion, at&t buys leap wireless. >> thank you very much, mary thompson. more deals here. john paulson, 7.8 million shares, a major win for john paulson when his funds are having difficulties because of the price of gold as well as gold miners. this is a big victory here for john paulson tonight. at&t buying leap wireless. big jump on leap here. tim, what's your take on the deal? >> i think, again, you're seeing the competition and a place where at&t is reaching out to whatever premiums brian said they have to do here. i think the underlying investment community on top of this deal are people that are seeing a macro call making a

consolidation call on an industry where i think there's going to be two or three players and i think you've got to get anticompetition issues. >> interesting trader. you take a look at today's session up 2.5% a fresh 52-week high on a day when the markets are doing not too much. raises some eyebrows. >> look it's a tremendous deal. so 90% premium. so wait a second why do you have a 90% premium? and then you realize this was a stock. you go back only four or five years ago, this probably had a $75, $80 handle on it. so knowing nothing about the deal clearly, i wonder if this is the first and last chapter of this. i'm not saying that it is. i'm not saying you should buy leap on monday at 15 and change or whatever it's going to be now, but i get a feeling there'll be a few iterations. >> look at who is in this deal. the ex-former right-hand man of carl icahn.

a lot of these guys have gone activists before. >> does this change the landscape in terms of putting at&t over advantage of verizon. we're not seeing movement in the after hours session on the back of this deal. but these two stocks of course major dividend yield plays happen for this year but also historical valuations compared to themselves and their own industry. >> i mean, i think it certainly puts pressure on verizon to make some kind of a move so that trading wise, where do you look for this? certainly sprint on the screen right now, u.s. cellular those are the names you want to look at. but tim brought up an excellent point here but there are only a few players in this field. if you start to get this consolidation, verizon does have to make a move quickly. they have a competition issue and we'll see, you know maybe there will be some problems with this getting through for at&t. >> okay. we will keep our eyes on this for the rest of the after hours session here. we want to first trade boeing. phil lebeau gave us the latest on the shares of boeing.

in today's session, boeing hit a new high in today's session. and based on this news finished the day lower by 4.7% and stayed lower. >> josh has done a lot of work on this. but quickly on the technical aspects of boeing forgetting about the story which i didn't think was that huge of a deal. here's a stock that typically trades 4 million shares a day, made an all-time high today, closed lower on the day, you had this outside reversal on ten times normal shares. very interesting. you bring the news back you can say what you want but just on a technical basis, this is a much different trade at 101 than it was back at 73 when this whole thing started -- >> back in january. >> whenever it was. >> when the stock went down. >> and that's the key. then when you look back it was a great time. boeing is trading at 18 1/2 times current. it's trading at 16 1/2 on a five-year average. people are looking at the commercial production the commercial aerospace and the production where it is a lot of

these guys are re-rating. this is a cycle these guys haven't seen for a long time, the composite plan -- from a fuel efficiency, people are lining up to buy this thing. looks better. >> that wasn't the only part of the story here. thompson airways flight was turned back to manchester england, and that could be why the stock remained lower in the session. in terms of whether or not it's a buying opportunity. should people go in and think you know what this is it. >> this is probably the best large cap long-term growth story on the planet. you're talking about a company with a $400 billion backlog. that's quadruple what the revenues are for 2013. they're going to build 34,000 planes in the next two decades, guys. whether or not they get this battery situation worked out, this quarter, next quarter is the wrong way to think about it. the wrong way to think about is trillions of new aircraft orders. >> right. it's priced in. >> no it's not priced in. it's a re-rating and what's starting to happen here people

are willing to pay higher multiples for this name and each time they have a snafu. this is an aluminum tube flying through the air. no one is looking for perfection, but these have historically been buying opportunities. we've seen that twice with this model airplane in the last year and i would tell you i would not be looking for a crash, i would be looking for a little bit of a dribble lower after the bad trading today and that's when you put on a position. >> these are not tuna fish sandwiches. that's the quote of the day. >> how do you respond? >> you don't. you move on. >> a lot of what josh said is absolutely true. in fact all of it's absolutely true and everybody knows it. now you have to say what's the next catalyst for boeing here? i'm not sure there necessarily is something new. if it drops back to, let's say 70s, 80s then you start putting it on again. we've got breaking news. going to john harwood in d.c. john? >> eric holder has just released

guidelines designed to calm some of the controversy that existed after the disclosure that the justice department had monitored a.p. phone records for certain officials in a leak investigation. what these new guidelines do it's technical stuff, but essentially it reverses the presumption in a case when as in the a.p. case the justice department wants to proceed without giving advance notice to the news organization. it sets up a news media screening committee to review these requests and limits the circumstances in which a reporter can be treated as a suspect as was the case in a fox news reporter who was named as a potential suspect in the case. that is only restricted in to very narrow circumstances. this isn't going to quiet the controversy, but it's a step forward for the justice department. chuck schumer, senator from new york a statement praising these. saying in combination with the media shield law, these should deal with some of the complaints from the media.

so a late friday afternoon release from the justice department on this controversy. >> thank you very much john harwood. a lot of breaking news here. we should know that leap wireless now trading above the a at&t bid. 60 or so is where the stock is trading now. 15 in cash is what they put forward here. next week our traders break down the name you need to know in tech and health care.

the only after hours session to tell you about, at&t making an offer for leap wireless $15 a share in cash. $16 is where leap is trading right now. that's 6% above the offer price. huge short interest in shares of leap wireless. about a quarter or so of the shares. 21% of the shares were sold short in leap. we did see a new high in leap shares during the session, 2.5% gain ahead of this news. so again, a big deal tonight for at&t. we'll keep track of this throughout the show. meantime next trade, bernanke fueling the market rally. our next guest says she's buying what the fed chairman is putting down. with the dow and s&p closing at

all-time highs again today. let's break it down by sectors again, allison. i think a lot of people are wondering what can i buy at this point? >> well the market doesn't look cheap right now, but my feeling is the economy continues to strengthen, earnings will start improving, but they'll improve in sectors that haven't done quite as well which is much more economically driven sectors. technology i think has been spotty and technology prices will start picking up. the large banks have a lot of regulatory issues, the regionals benefit from a rising rate environment, as long as it's not rapid rising rates and increased demands for loans. those are areas that will start doing better. >> so you're assuming the economy's getting better. i'm not so sure. if the economy is getting better, though how does the fed chief come up and make the comments they made? there's some disconnect between a country that needs the continued fed stimulus against the backdrop where people say the economy's getting better.

i'm missing something clearly. >> it's my sense that the market's very jittery about the fed backing off. the fed almost sent out a trial balloon and realized this would be a very big carry trade. people too exposed to the bond market. and i think they're going to wait and be more gradual and subtle about taking away the money they've been putting into the market through quantitative easing. but the economy is strengthening. you're seeing it in the employment trends. it's not a robust enormous recovery, but it's gradual and going in the right direction. >> so going back to the regional banks, we've had people come on the show and talk about the fact that the smaller banks, regional banks can't hedge that interest rate exposure like a bigger bank can. that would be a counterargument to the large regional banks. where do you stand on that? are you talking about an sti? because she was talking about some of the northeast, smaller regional banks. >> my sense is i'd stick in the smaller area. they don't have the large bond portfolios. that's where you can get in trouble and those are the mid to

larger banks. the smaller regional banks tend to benefit more from low end demand and most of the recovery is domestic oriented. which means the more local businesses are going to be looking for more loans and you get to reprice your loans faster than deposits so you start getting a spread on your margins which is how they make money whereas the mid banks and larger banks make more money trading. >> thanks for coming by. appreciate it. time now for our special friday edition of pops and drops. a drop from micron 11%. >> it would have been a great momentum story ultimately trading up to 15 a 12% pullback this week. the good news had to end, but ultimately people are waiting for levels around 12.50, starting to scoop it up again. >> d.r. horton up 12% this week. >> all the homeowners at the epicenter of the buy/selloff. i'm not necessarily convinced this is the place to be. if you were lucky enough to get

12% a week take them. >> drop for neighbors, down 8%. josh brown. >> a little bit of a recovery today but a very tough week for a really old and storied name. i would be taking a look at it. i wouldn't jump in just yet, but i think this sector is overdue for some good news and this is at a decent discount. >> netflix up 14%. >> they announced our friend and colleague are going to help moderate the earnings next week. i'm not saying we've had this story called but we've had it pretty good and continue to own this thing in earnings next week. >> let's take a look back now at some of the best moments here on "fast." >> montage -- >> call me crazy, just don't call me maybe. ♪ call me maybe ♪ >> why, brian? >> why? because they're -- they're at five-year highs. >> one guy calling it a dog, the other bought it. >> good battle, my friend. >> it's still -- >> maybe the dingo ate your

paper. >> i don't know what that means. >> pete you look great today. i want to start with that. >> i know i look like a million bucks. >> we're going to hammer you with lotion after we come back. >> enjoy it. have a drink. >> wow. >> i'm glad you guys had such a great week. now it's gone. >> and we will. welcome back. >> it's great to be back guys. what a week. coming up next, a bottle of poppy van winkle might be up your alley for the hefty price tag of $5,000. >> get out of here. >> don't drop it. >> one of the most sought after bottle of booze on the planet and we have it right here. >> going to be a good show.

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let's get back to the news at leap wireless. at&t making an offer for leap. some unusual activity in the name before the close. john? . >> hello, melissa, yeah that's right, the july 9 calls that expire, of course on the close -- or actually next week melissa, they were trading for just 9 cents and at 2.42 basically, they came in and aggressively started buying these. some of them in small lots like 20 and 30 times, some of them in the hundreds category like 164 or 127, obviously with the stock up here at 16 or $17 a share, these nine calls turn into $7 from 9 cents. that's pretty good bet and seems like somebody had the news a little bit early. >> all right. thanks, dr. j. for that. john paulson being the fifth largest holder of leap shares

and also the major shareholder of lgf lionsgate which also hit a new high in today's session. those two are doing pretty well on the back of this deal. one type of bourbon is so hot it is appreciated more than 3,000% in the last year alone. let's welcome our friend owner of the brand new library here in new york city. >> well, it's whiskey, you'll love it. >> yes, what we are talking about is pappy van winkle and this is simply supply and demand. this company makes 7,000 to 8,000 bottles a year. so it's popular now and it's not enough. >> it's a little bit. this is an old stock. they're running out of it. it's 23-year-old, bourbons really get that it's a bit expensive, but we don't buy it for too much money. i buy that for $150. and yet, since you can't really find it well it goes up and up and up. >> so if i went out into the

market and said oh i've got an unopened bottle, how much could you get for this? >> well if you wait for the next auction chances are you'll be selling it for $500 to $800. if you find somebody who is desperate for it -- >> is somebody short one bottle of it? >> could be. >> do you find there are effectively those situations, though, because there's a futures market? there's obviously in the spirits world, are there people trading this stuff and do get short and are going to tackle melissa for that bottle? >> oh they're going to have a fight. >> this is highly collectible. so chances are it's not going to be consumed. people just keep it because the value can keep going up. >> we should start trading options on it. >> we should. >> or just drink it. >> it's a sure value. >> you brought some other bottles here. are these also investment grade bourbons? >> well this is not the only great bottle out there. we just got that select that 21-year-old something that was absolutely gorgeous.

it came out a few years ago, 27-year-old. this is extremely rare for a bourbon, elijah craig, you can buy this it's in the liquor stores, it's wild turkey, 14 years old. i happen to love it. we're talking about right above $100 for all of these. you don't have to go this far. this happens to be really good too. >> really. >> good news for us though we don't have to buy them because there are five bottles and there are five of us. >> wait how much can you give me? >> you're on the show brother, what else do you want us to tell you? we've got lines out the door now. >> i always leave a bit lighter. >> you do. we're doing you a favor. flavien, thank you very much. time now for the final trade. yes, it's already that time. tim seymour. >> buy the eem, going to 40. take your profits. >> i like vgk, we're adding to

it. >> brian kelly? >> a name i haven't trafficked in a while, grlg. >> guy? >> this is not going to end at 15. this seems to be wanting to go higher. but i think lumber liquidators, ll looks interesting. welcome back, mel, good to have you back. >> good to be back. and trading as high as 16.77 here in the after hours. i'll see you on monday "options action" begins after this break. know can hurt you. what if you didn't know that it's smart to replace washing-machine hoses every five years? what if you didn't know that you might need extra coverage for more expensive items? and what if you didn't know that teen drivers are four times more likely to get into an accident? 'sup the more you know, the better you can plan for what's ahead. talk to farmers and get smarter about your insurance. ♪ we are farmers bum - pa - dum bum - bum - bum -bum ♪ [ male announcer ] here at optionsxpress,

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