by rising interest rates. >> melissa, go ahead. >> this is probably the most anticipated turkish central bank decision on the books. and the markets are expecting that hike. and we've seen the markets respond in large part to it already. without it, brown brothers said, you know, absent that hike in the markets, you had outlined, we will see a bloodbath, essentially in the emerging markets. we will continue to see the markets. the outpost has been strong. everybody is looking to this decision, which is why we are so tuned in to turkey, which is a departure from what we normally do. >> i want to thank the panel for joining me the last hour. and melissa, over to you guys. >> thanks, kelly. a number of breaking stories we're following. 5:00 on the east coast. midnight in turkey. that country's central bank wrapping up an emergency meeting

being held in the middle of the night. we'll take you to turkey. we're watching yahoo! falling after hours. the earnings web cast beginning right now. we'll bring you those highlights throughout the hour. at&t beginning its conference call. we'll have the latest details as we get them. tim seymour, rodney kelly, karen finerman, and guy adami. and we go to michelle caruso carrera, who is live in istanbul. >> they have rised the rate to 12%. consider the previous corridor, that's the central bank word, was 4.75 to 7.75. from 7.75, to 12%. that's a huge move. that is the upper end of the range. it also sounds like crucially, that they have simplified the monetary policy scheme here. up until tonight, and we're going to wait and see as we read through more through the announcement. but this central bank had

started to invent different rates. there were four different rates. a corridor. and on extraordinary days they could go beyond that. and the rate that was printed was out there, nobody actually paid it. they started to call it a political rate. so, that way, they could tell the politicians, interest rates are this. but the fact of the matter is, primary dealers were paying even more than that. this interest rate, the overnight rate, 12%, higher than anything else that we have seen before, out of the turkish central bank. i'm thinking, i'm guessing that this will satisfy and help codify that move that we saw in the turkish lira today, which was a rally into this announcement. and see if it overcomes the emerging markets at this point. >> it's tim seymour. michelle. this is tim seymour. turkey is a country i've invested in for years. the central bank has been innovative and independent.

i guess the question to you is, do you think they are reaffirmed that independence tonight? and at a time when the political environment in turkey is one where the prime minister is taking all of the power into the center. this seems like very good news, but will create at least more volatile headlines in the future? >> yeah. absolutely. so, the head of the central bank held a news conference earlier today, just to talk about his expectations for inflation. and several times during that news conference, he reiterated the independence of the central bank and said, we are going to do what it takes. he is clearly aware that his credibility had taken a big hit when he didn't raise interest rates last week. he did this in the face of the prime minister, before getting on a plane to leave for iran. and big articles in the papers here that support the prime minister, saying don't hike because they're concerned about the impact it's going to have on the economy. this is absolutely him

reasserting himself. the question is, does he keep his job? >> interesting. michelle, thank you so much for the update. we'll check with you if there's more developments. michelle caruso-cabrera, live for us, in turkey. where the interest rate has been raised to 12%. what's the response to that? is it the sell the news kind of rally? >> first of all, it's sell the news when you're talking about euro and u.s. dollar versus the turkish lira. that cross rate actually will be a little lower. for u.s. investors, you want to worry abt that. what you need to be worried about now in general, is does this work? this is what everybody expected. this is what they needed to do. in this situation, you have to be strong. you have to be aggressive in this. they did it right. if this doesn't work, then you've got to worry about capital controls. for now, i think you'll be okay. >> one of the things that we like to say is, when policymakers start panicking, markets start rallying. for emerging markets what you

need to see, the exist of cop tall closes, you need to have higher rates so that they want to stay back in there. you're starting to get a place where rates are interesting again. they will be interesting for domestic market players. i think this is good news for at least an economy that, by the way, has been growing very fast. at times they've needed to slow it down in the last couple years. >> you see the after-hour action. eem up 1.25%. does this make you feel better about argentina? venezuela? as well as china. china set the whole thing off. >> for me, everything is siloed. does it make me feel better? >> about the u.s. markets? >> not necessarily. i was encouraged the way the s&p traded today. i think if you're bearish, you want it to rally again tomorrow. what you're looking for is to sell off on friday and whatever fed news may or may not come out. and the close around the 1765 level we talked about it.

it's setting up for a dangerous week. tomorrow is an upday. friday is a wild card. >> i don't focus on it that much. i would be curious to see who is the first not beneficiary -- to whose detriment is this raise? >> i think it's ultimately to a lot of the corporates that are leveraged. if you are an external dollar investor or debtor, this is a case where your cost of borrowing got higher. got higher domestically. but the big issue for turkey is they need significant capital back into the country. i think this is very good. the rollback that india raised last night, too, i think it's an interesting time. >> let's bring this back to what this means for the u.s. markets and the fed that's underway at its meeting. jon hilsenrath joins us right now. great to have you with us. >> thanks for having me. >> never thought we would be watching turkey so closely. here we are. do you think the fed is? >> i'm sure they're watching it

closely. it's not at the top of their agenda. they're assigned to focus on the u.s. economy and the strength of the u.s. financial system. they've had a running argument with central banks in emerging markets for the last couple years about whether they should be factoring events in turkey and india, when they make monetary policy. they think about it. but it isn't going to drive their decision potomorrow. >> they've talked about being data dependent. they're probably going to taper, despite what's going on. what gives you the thought they're going to do that? we've seen a weak jobs report. unemployment figures have been stagnant, at best. durable goods today were just awful. at what point do they say the data's changed? >> i think they would need to see more of it along those lines. we had a number of upward revisions in november and december, which suggested that the economy ended 2013 on a much stronger note than the fed realized. and then, they think the fiscal

headwinds are receding. you have to start looking at their forecast revisions. when the forecast revisions come up. the next one is in march. and that's when the fed steps back, the officials step back and make an amessment that the economy's on the track that it's on. >> jon, it's karen. let me ask you. what do you think they would need to see in terms of data for them to increase the rate of tapering? >> well, there's a lot of inertia in this institution. i think they would have to see -- one of two things. a significant increase in either the growth or employment outlook. or a return of the inflation numbers back towards the 2% objective, quicker than they expected. and frankly, i don't think you're going to see really sharp revisions so early in the year at a march meeting.

the other thing, if they increase the pace of tapering, they're sending a signal to the markets that rate hikes are coming sooner, right? because they've said in their statement they've tied the rate hike timing in part to when the bond-buying program ends. i think they're going to be inclined to stay with the path they're on unless things really look like they're shifting. >> by the way, in case anybody's watching not looking at the screen, looking at the chart of the futures in the after-hour session. s&p, dow, eem, are all spiking on this decision out from the turkish central bank just moments ago, raising rates to 12% from 7.75%. tim? >> to talk about what's going on in emerging markets which is very interesting an what the fed is doing, we have a few things going on here. one is, we're seeing central bankers in turkey, in india, certainly, in brazil, we're seeing their independence and their resolve being tested by

investors globally. that's one reason why you see markets rallying today. you know, they're seeing central bankering being willing to take hard actions, which are going to hurt growth, frankly, to preserve -- to stabilize their currencies and make sure inflation doesn't get out of control. >> jon, thanks very much. jon hilsenrath. covering yahoo! too. meantime, of course, we're watching yahoo! sinking. the top earning estimates revenue was in line. but it was a weak first-quarter outlook. joining us is rob sanderson, senior analyst and managing director at mkm partners. rob, is the guidance as bad as what the after-hours action is telling us in your view? >> they're on a spending increase. heading into the next stage of recovery. and they're going to spend a little bit of money. they've been acquiring a lot of companies. one of the conversations on the

street heading into the results is how bad is it going to be? and it was a step up in spend. but again, not totally unexpected, given where they are in the recovery. >> rob, from the last few quarters in yahoo! we've seen similar reaction. same type of quarter. same type of price reaction in the stock and a subsequent rally. it seems like the whole story n hinges on the ali baba ipo. >> the ipo is almost completely ali baba. if they turn the core business around. but the metrics are on the come. i think the stock will trade off of ali baba, which is in line from what i was expecting, the results on that subsidiary. >> to further the point about the asian opportunity for shareholders. do you believe that the s.e.c. concern about the accounting practices at some of the big

chinese firms is an additional opportunity? in other words, that sold off yahoo! as well, because of the ali baba influence? >> there's lots of puts and takes. some depends on the taxation on that asset. they may be able to tax shelter some of it. when does it go public? and what valuation? and where does the residual portion yahoo! continue to own trade at? i think undeniably, this is an important asset. the chinese retail opportunities completely open-ended. and this company has an unparalleled position. >> rob, thanks for your analysis. we appreciate it. rob sanderson, of mkm partners. looking at yahoo! one more time. marissa mayer, just on that web cast right now. it's just starting. there's footage of it. she looks very excited about her quarter. >> is that sarcasm? >> yes. >> come on. >> it is what it is. we'll bring you the updates as we have them. josh lipton is monitoring the

exciting web cast here. >> i think you buy it here. there's a lot of people out there that have missed this move. they want to get in with ali baba. now, you have it down 5%, 6% in the after-hours. down 3%. now, it's chance to get in. you discounted any weakness there. >> i want to play the space through google. i realize it's an ali baba story that's the tail wagging the dog to look at the search part. but google, reporting thursday, i don't know if this is a sign of more share that google has taken away. that would be a good thing. however, i did sell some out of the money googles 1160s today. they expire on friday. this just captures earnings. that's where the stock peaked a little over 1160. so, i'm expecting good things there. but i will be upset in a blowout quarter that i sold. >> we'll monitor that web cast. bring you the developments and continue to trade them. google is taking over your

eyesight. we're bringing google glass in studio to see if people want to wear it. and we're going to try it on. and netflix is moving closer to expanding in europe. find out if it's too late to get in on that trade. weights.

four hours on the slopes. and two hours doing this stuff. which leaves me approximately two minutes to get my banking done. so i use the citi mobile app to quickly check my accounts and pay my bills. which leaves me about five seconds to kick back. that was nice. bank from almost anywhere with the citi mobile app. citi, with you every step of the way.

♪ a present for you, guy. >> that's a present. >> that's a present. a present, yep. first up, in today's top trades. apple, worst day in the year. the company missing sales for iphones. and that didn't stop carl icahn from doubling down on his apple bet. he tweeted that he bought another $500 million of the stock today. >> i don't know how many people are listening to carl on this one. and the company was involved in a capital buyback and

redistribution program before carl got involved. the things i care about. i look at the stock. it held at 200. the sloppy trading in after-hours yesterday, we tested around 500. but the stock has held. when you look at what came out of yesterday's call, colin gillis did a great job with this yesterday. one of the things that tim cook reiterated and the same thing we heard from samsung and highnex last night, the fiscal first quarter for apple was great on some level. but you actually didn't see a huge blowout in the iphone sales. and the next quarter, fiscal two, the coming quarter, is something that's clearly going to miss. that tells me that smartphones are mature. people need apple to create a new product. there's nothing wrong with this company. nothing wrong with this valuation. i think you can own it here. and i think somewhere between 525 is where you really want to take a shot and see this hold. then, you get involved in the meantime. it's going to be sloppy the next couple days. >> carl icahn, we talk about him

a lot. he's been active. active on the twitter machine, right? tweeting about all things being out there. so, today, his tweet was time stamped 11:02. i looked at the trade information. 510 is where apple was trading when he tweeted that. where did it close? it closed below that. it didn't get any lift. >> at this call, i would be short twitter. it seems to be broken. carl, short twitter. >> there's no lift from icahn on this stock. >> right. we've seen what he wanted to do. and as tim said, they addressed that earlier. i don't think it's in their interest to really cave to carl. even though these a big shareholder. one thing i want to add. i thought apple might be out there today buying stock. after looking at it more, it looks like a conservative read. and the buyback rules would have them out of the market for two days. we don't have a floor from that. i imagine once they're free to go in, i imagine they would be buying a lot of stuff. >> we asked colin, has it reached a point of diminishing marginal returns?

and maybe with ebay the other night, and realluded to it on the show, we talked about that being a fade. maybe ebay was the point of diminishing margin returns. >> somebody used the term jump the shark. >> somebody did. that was one of the greatest "happy days" ever. fonzie in the leather jacket. >> carl is the leather jacket? france may say bonjour to netflix. the company in talks with the french government for its service in that country by the end of the year. this according to "the wall street journal." netflix is up 6% today, up more than 20% in the past week. guy? >> listen, again, we talked about it on earnings. we said netflix story was real. people are going to shoot against it on valuation for any number of reasons. but the stock was still intact. and today sort of proves it. now, it gets really hard to stay with it. today, we talked about it getting north of 400. here, you have it. i think the prudent trade, given

the unrest in the markets up and down, you have to take money off the table here. whether it's one-third, one-half, or three-quarters. >> it's a selling opportunity. >> it's funny you say that. clearly, you watched. >> you think i don't watch what you say. but i do. >> you can watch a lot of tv. and when you hear the word opportunity, the word before it is buying opportunity. that makes me crazy. sometimes there are selling opportunities. and i think this might be one, nflx. speechless. >> provocative. >> i understand where guy's coming from. this has been such a juggernaut. and it's got so much momentum. for me, it's hard to short this. i would be taking off. i take off one-third here. but to short it would be aggressive. >> results right here in the u.s. one of our traders says europe might be the brightest spot yet for ford. we're trading the autos. and a programming note. catch cnbc's special coverage of the president's state of the

uniun union tonight. that's right here on cnbc. [ male announcer ] the new new york is open. open to innovation. open to ambition. open to bold ideas. that's why new york has a new plan -- dozens of tax free zones all across the state. move here, expand here, or start a new business here and pay no taxes for ten years... we're new york. if there's something that creates more jobs, and grows more businesses... we're open to it.

start a tax-free business at startup-ny.com. tdd#: 1-888-648-602121 tjust waiting to be found. ties we're open to it. tdd#: 1-888-648-6021 at schwab, we're here to help tdd#: 1-888-648-6021 bring what inspires you tdd#: 1-888-648-6021 out there... in here. tdd#: 1-888-648-6021 out there, tdd#: 1-888-648-6021 there are stocks on the move. tdd#: 1-888-648-6021 in here, streetsmart edge has tdd#: 1-888-648-6021 chart pattern recognition tdd#: 1-888-648-6021 which shows you which ones are bullish or bearish. tdd#: 1-888-648-6021 now, earn 300 commission-free online trades. tdd#: 1-888-648-6021 call 1-888-648-6021 tdd#: 1-888-648-6021 or go to schwab.com/trading to learn how. tdd#: 1-888-648-6021 our trading specialists can tdd#: 1-888-648-6021 help you set up your platform. tdd#: 1-888-648-6021 because when your tools look the way you want tdd#: 1-888-648-6021 and work the way you think, you can trade at your best. tdd#: 1-888-648-6021 get it all with no trade minimum. tdd#: 1-888-648-6021 and only $8.95 a trade. tdd#: 1-888-648-6021 open an account and earn 300 commission-free online trades. tdd#: 1-888-648-6021 call 1-888-648-6021 to learn more. tdd#: 1-888-648-6021 so you can take charge tdd#: 1-888-648-6021 of your trading.

(voseeker of the sublime.ro. you can separate runway ridiculousness... from fashion that flies off the shelves. and you...rent from national. because only national lets you choose any car in the aisle... and go. and only national is ranked highest in car rental customer satisfaction by j.d. power. (natalie) ooooh, i like your style. (vo) so do we, business pro. so do we. go national. go like a pro. i nethat's my geico digital insurance id card - gots all my pertinents on it and such. works for me. turn to the camera. ah, actually i think my eyes might ha... next! digital insurance id cards. just a tap away on the geico app. could save you fifteen percent or more on car insurance. everybody knows that. well, did you know that when a tree falls in the forest and no one's around, it does make a sound?

ohhh...ugh. geico. little help here. we're watching an update of the s&p futures in the after-hour session, after the central bank of turkey raising the lending rate to 12%. that was more of a hike than some investors were looking. look at the eem, the etf that tracks emerging markets. up by about 1%. you're fading. what would you do, tim? >> i was getting so many messages about people -- you have to short -- you're shorting it into the hole here with the currencies where they are. it doesn't mean they're going higher for much longer. but you definitely should be buying this for a trade.

>> are there trades in turkey at this point that you would buy or sell on the news? >> first of all, it's very difficult to trade turkey in this country. you can trade the tur, which is bank-heavy and the index. it's a big etf. turk sell, this is why people love turkey. it's a strong consumer culture. tkc, trades on the new york. >> look at at&t trading lower in the after-hour session. it added more subscribers than expected. jon fortt joins us fresh off the call. we're seeing the stock move lower in the after-hours session, down by 1.8%. >> that's right, melissa. one possible reason for that is the company did say to expect $21 billion in cap, 2014. that's inline what they spent in 2013. but some on the street had expected them to spend about $1 billion less. but in terms of how the business is running, not a lot of dislike here. service revenue, up 4.8%.

data revenue, up 16.8%. about inline with how it's been. the net number of people moving off the network. down at a record low for a q4 at 1.11%. all of that is interesting because the postpaid smartphone net ads, the net addition of smartphone customers, really low at 299,000 by historical standards. if you look at the overall smartphone penetration at at&t at about 93%, it's getting pretty high. that kind of explains it and shed some light on what happened with apple yesterday. >> we're seeing the upgrade rate to that point decline, correct, in the most recent quarter at at&t? >> exactly. they were almost proud of it. the upgrades cost at&t money right off the top because they are subsidizing those. when you see this happen, eps beat, maybe not doing as much subsidizing in the same way.

>> keep us hosted, jon. jon fortt tracking the at&t call. >> i think the stock price is indication it was lawscy. the net ad in wireless is 400,000 light. that's a significant number, right? and the churn was not good, either. now, at 33 bucks, this stock is probably now, i don't know, 15%, 20% off the 52-week high. the stock probably gets interesting, given this quarter. i think you can trade, as bad as the quarter was. here, $33. the stock might be interesting. >> this is -- goes back to the fall of 2012. i think these guys had momentum behind them. i think they're under a lot of pressure. this is a predatory pricing environment. it's not going to get better. and i think the best times are behind them. >> how many times have you heard about valuation as a reason for buying a stock? up next, we have a hedge monday manager that says to throw that thesis out the window.

and google glass, jumping into prescription lenses. the scoop later on. and we'll try on our own google glass when it makes its way to the "fast money" desk. stay tuned. let's say you pay your guy around 2 percent to manage your money. that's not much, you think except it's 2 percent every year. go to e*trade and find out how much our advice and guidance costs. spoiler alert. it's low. it's guidance on your terms not ours. e*trade. less for us, more for you. is your tv powered by coal? natural gas? nuclear? or renewables like solar... and wind? let's find out. this is where america's electricity comes from. a diversity of energy sources helps ensure the electricity we need is reliable. take the energy quiz. energy lives here.

♪ nice. >> tim rockin' out, as usual. welcome back to "fast money," at the nasdaq market site. let's look at the autos and ford crushing the top and bottom lines in q4. toyota curving 15%. what do you do here for autos, tim? >> i think you play some of the weakness. in ford's case, the fact that europe is recovering, is very good for them. it's certainly and gm, it's been a death nell. but i think you have to be concerned about some of the emerging market growth. i don't think that's a reason to sell. ford is a strong franchise in turkey. that's a place they're getting a lot of growth. this is a place you start to nibble at it. around 1550, the stock had good support. the valuation is far from compromising. i don't.

>> karen? >> everything tim said, but with gm in there, for ford. pretty much. if europe recovers, that's good for gm. emerging markets growth there, as well. taken a bit of a hit recently. but i still like it. >> i thought ford should have rallied a -- didn't rally. it was unchanged on the day. we had that big run-up to 6 1/2, 660, i thought that was the launching pad for the stock. it's traded awful since then. today gave you no indication it wants to go back there. everything tim said was 100% right. but the price action has been la lousy. it has to get back to 16. >> trade update. tata motors. >> this is a stock, jaguar, land rover. they're going to be big advertisers in the super bowl. strange stuff going on with management. a suicide death. there's been a lot of people concerned that there's stuff going on that we don't know about with the company. but a lot of this has been trading in line with india. so, be careful. these are levels where you can own the stock. up 5%, after being down 5%, the

day before. give it a day or two. i love the jaguar land rover franchise. >> got a drop for corning. down 6%. >> that's a big move in this stock. it feels as though it wants to push down. it had a nice run. you have to give it a couple of days. >> natural. >> it was up more this morning. casablanca, and in america, is white house. casablanca wants to spin off parts of the country. i don't like how it traded today the. i wouldn't be buying it. >> a big day for chinese internets. our index up 4.4%. you have to see if they're ready to drop the lawsuit. ready to abide by the s.e.c.'s requirements for the stocks listed in new york. this is good news. if it's over, i don't know that you wait on that -- i don't know if you act on this in one day. >> united rentals, up 4%, karen.

>> i don't see why united rentals was up today. it should have been down as much as it was the last few days. caterpillar's earnings about construction growth, very good. i like it. >> got a drop for burying the lead in snow. more than six feet of snow is piled up outside the windows in a newsroom in northern michigan. first floor staff members at wpvn in travers city can't see the sunlight. the forecast calls for three more inches of snow overnight. >> that's so hot. that's great. i mean, you're snowed in there. >> think about how much digging out to get to the front door. exactly. >> you better like your co-workers. you're stuck for a while. >> like watching tv in the basement. >> valuation, reasons to invest in our certain stocks. our next guest says that approach might not be as useful. nilly gilbert. great to see you. >> thanks, melissa. >> what do you mean by that?

it seems like blasphemy for an investor. >> valuation is a forecasting tool in for the long run. stocks can stay overvalued or undervalued for a long time. often too long for investors to afford to wait. if you try to pick highs and lows for valuation, and a uchb the pass is not a good indicator. valuation, often, you don't know request a stock was over or under valued. >> why don't we put this to the test, walking through examples of investments you've made using this thesis. mossimo. they make noninvasive, essentially patient monitoring materials. and it's a great example of the kind of stock we like at matanin

right now. we focus on drivers that affect stocks in the long run. we think about what's going to work right now. we're moving away from valuation and looking more at high-momentum stocks like masimo. masimo is almost almost 50%. and trading at 25-times this year's earnings estimate. we like it because of the strong business fundamentals. >> when you think about momentum instead of valuation, are you talking about price momentum? or momentum of the earnings or momentum of crash flow? whatever metric you choose? >> in this particular base, we're talking about stock price momentum. but business fundamentals are really important. what we saw in 2013, for example, was that there were a lot of high-momentum stocks that did well that were very speculative. they didn't have good underlying businesses. we don't think that trade can tonight. so, in addition to looking for stocks that have shown good momentum, we're looking for a strong underlying business, as

well. >> fellcorps is another one of your picks. >> it invests in hotels. high-end stuff. this is another stock that's up almost 50% this year. but that has good business momentum. again. as a matter of fact, when it comes to valuation, when you look at felcor, the dividend yield is very low. and in that sense, it's a contrarian pick. they had to cut the dividend in 2008. many investors are focused on dividend yield. for that reason, stocks sha have low dividend yield are off of the radar screen. and they trade very, very cheaply. >> you talked a lot about momentum. i'm curious, do you ever combine the two? where you find a good value and you wait for that momentum, the price momentum, to come before you get in? >> yes. that's one way to look at it, if you look at the valuation and momentum at the same time. but we what find more often is that the market tends to reward

valuation at certain moments and tends to reward momentum at other moments. valuation did well in 2012, 2013. there were a lot of cheap opportunities out there because investors were more cautious. momentum starts to do better when risk appetite comes in to the market and stocks trade more on momentum. and there's fewer value opportunities out there. >> nili, great to see you. thanks for coming by. google glass could be covered by your health insurance. but would you want google glass? coming up, we take the lendses for a test drive with lance nulinof. ♪

♪ humans -- even when we cross our "t's" and dot our "i's," we still run into problems. that's why liberty mutual insurance offers accident forgiveness with our auto policies. if you qualify, your rates won't go up due to your first accident. because making mistakes is only human, and so are we. we also offer new car replacement, so if you total your new car, we give you the money for a new one. call liberty mutual insurance at... and ask us all about our auto features, like guaranteed repairs, where if you get into an accident and use one of our certified repair shops, your repairs are guaranteed for life. so call... to talk with an insurance expert about everything that comes standard with our base auto policy.

and if you switch, you could save up to $423. liberty mutual insurance. responsibility. what's your policy? i takbecause you can't beatrning for my frzero heartburn.n. woo hoo! [ male announcer ] prilosec otc is the number one doctor recommended frequent heartburn medicine for 8 straight years. one pill each morning. 24 hours. zero heartburn.

breaking news this hour, as turkey's central bank hikes its interest rates. let's go back to michelle caruso-cabrera, on the ground in istanbul. michelle? >> the turkish lira is raising in the middle of the night. they raised their lending rates between 4% and 5%. huge hikes. many of the markets said they had to do at least 2.5%. to go to 4% and 5%, is beating expectations.

and will probably widely please economists, outside of turkey. this happened despite the prime minister's wishes not to hike interest rates. there was intense political pressure to keep the status quo. but in light of the weakness and the currency, the central bank acted. we'll see if this calms other emerging markets. all of the countries where we've been watching sell-offs have their own individual issues. they often trade together as a single assess class. turkey could help other countries tomorrow. >> we want to see if the spike in the u.s. futures we were seeing in the after-hour session, will hold. the eem, etf, about 1.25%. we're holding here. what does that tell you about what we've seen, the reaction? >> if you're an markets investor you look and say, the underline

wasn't down. it's about currency. the lira moved from 239 to 217 in two days. it returned to orthodoxy. this is what the market wanted. now, if locals and corporates stop converting lira to dollars, that's a true sign of whether this was successful. >> let's check with sheila. she's watching electronic arts. >> let's start with electronic arts. making games for the xbox 1 and playstation four. but it was below street expectations. and that is sending the stock down about 1.5% in the after-hours. trading lower is vmware. coming in slightly above analysts' estimates. revenue matching the street forecast to $1.48 billion. but that stock down more than 2.5%. melissa? >> thanks for that. google is adding

prescription frames and new styles of sub glasses to its google glass. the company is preparing to make the technology available to the general population this year. and we here at "fast" are lucky enough to have google glass onset with us thanks to editor at large lance ulanoff. >> i wanted to share this photo i took of you guys to twitter first. i tap it. i add a caption, on cnbc. and it's on twitter. >> we can't reach google right now. it didn't like the data. that's going to happen every once in a while. it's connected to my phone. what's really special now is you see i'm wearing glasses. regular glasses. a little business czar. exactly. so, this is something we've been waiting for for a while. google has been developing these. only google explorers get to wear them. now, it will spread out to the

masses. you can combine it with glasses. and supported by a major company. >> do you want glasses that are designed by google? >> well, they are designed by a real designer. they are actually very fashionable. they're very light. they're titanium. they look awesome. you have to get used to this thing on the outside of it. it's not really -- certainly not distracting for the wearer. i would say that google glass is not something you wear all the time. it's kind of like sunglasses. you wear it when it makes sense. when you want to engage with people. have first-person experience. or you want to keep up-to-date on the news. or you want to share a lot. you can't always wear them. sometimes people, for example, if you go to the movie theater, if you walk in, you might get arrested, as one guy just did. >> for bootlegging? >> because they thought he was recording it. but he was not. so, you have to be smart about when you're wearing it. >> we ask you more questions, can i ask you the -- can i have brian -- brian has glasses on, too. can he try it on? >> absolutely.

absolutely. >> you just see it with the one eye? >> yeah. you see it with the one eye. you glance up. it is sitting above your your brow line. it sits -- put those on the bridge of your nose. not too low. you don't want -- >> i see. >> right. >> and basically, it uses touch sensitivity on one side to scroll through what you've seen or to control it. >> 5:47. >> you can check your news feed. you can tweet. you can go on facebook. you can post on google-plus. recently, i used this to interview somebody. >> how much does it cost? >> that's the thing. it's $1,500 for explorers. and now, with the vision portion. it's $225. the thing that's not clear yet is -- >> oh. >> how much will that subsidy really count? does it count toward the google glass.

if you have expensive glasses, with variable -- >> does everyone sound like an idiot -- oh, there it is? >> that's what happens. you look like you're looking -- >> you look like you're looking some place other than at the person. >> i'm not the target audience for this. >> no. >> you're not. >> could this be meaningful in terms of the bottom line for google? >> what am i doing here? >> wearable technology is the future. one way or another. in your glasses, on your wrist, across your chest, anywhere you can imagine you will be wearing technology. being at the forefront of this revolution is going to be critical for google, as it would be for any other company in this space. that's why we talk every day about what is apple doing? what are they building that you can wear and that will engage with your digital and real life? >> lance, thanks for coming by. thanks for sharing. >> they're not coming back, are they? >> quite an experience. lance ulanoff.

we hear from marissa mayer after this break. [ indistinct shouting ]

♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ] ...you'll bust your brain box. ♪ all on thinkorswim from td ameritrade. ♪

big boost in housing stacks after d.r. horton released better than expected earnings. mike at the smart board with options action. >> we had three housing stocks thatted have above-action volume. d.r. horton, four-times its average valium. k.b. homes. and meritage homes, 13-times its volume. 2 t trade that was interesting, they were buying the march 50 calls. let's look why that's interesting. you go book over the last year. that means that their betting it's going to be above 50 by $1.50 they paid. that takes us close to the high we saw just under a year ago. the interesting thing here is that the price of the stock, though, has been declining during this time. we take a look right here. this is a graphic of the price to earnings ratio. what we can see is right now, it's actually pretty close, to

as low as it's been. ten-times earnings. we can see right here why that's taking place. revenues. they've been climbing steadily right now. we can see this is quarter over quarter, going back all the way to january of '09 and the forecast through 2015. people making some bullish bets. betting the stock will be above 2150 by the third week in march. >> guy, are you bullish stocks? >> the stocks are the best, like the steel stocks. when the news seem to be at the zenith, that's when you get out. when the news at a trough, that's when you get in. i would be in the fade camp here. >> "options action" friday at 5:30. yahoo! earnings under way. we want to check in with josh lipton who has the latest from that call. >> on the yahoo! conference call, ceo marissa mayer talking about how there's a lot of people who are interested in working at yahoo! she mentioned 340,000

applications in 2013. that was double in 2012. 40% of the hires were engineers. she touched on areas of growth. mobile, where she said they passed 400 million monthly mobile users. social, the big growth in tumblr. mark mahaney, he pointedly asked her about the de castro departu departure. she is not replacing that decision. and it allowed her the opportunity to get more involved with the company. melissa, back to you. >> josh, thanks so much. that's coo, according to colin gillis, our friend at bgc, made as much as $2.73 per second during the time that he was at google. yahoo! so, that's -- >> sounds like a new york city cab. a rickshaw. those guys bang it out, man. >> those are dangerous. >> why are they dangerous? >> because you're all exposed. >> oh. don't get mad. it's a question. i ask a question, you give me an

answer. >> it was obvious. >> i wouldn't ride in one of those. >> me, ether. trade on yahoo! quickly. >> i don't want to say -- i like yahoo! let's leave it at that. that might be my final trade here, folks. >> you just gave it away. >> you shouldn't have asked me. >> all right. coming up next hour on "mad money," atvmaker polaris firing on all cylinders. it has fallen more than 10%. hit a rough patch today after earnings. can you count on its horsepower to come back? don't miss cramer's exclusive. wg

take a look at the i shares emerging market, etf. holding on to gains in the after-hour session. in terms of your first move tomorrow, what are you going to do? >> you look at the places ru yo play this more aggressively. turkey, tur is one of them. look at places where there's a currency play. brazil, possibly.

3980, heavy consist dance on e.m. people that were short in this stuff, and the negativity, sentiment as bad as it's been in a while. >> and in your view, there is a trade. >> i'm short most of emerging markets higher. i wouldn't go all-in short. but i think you fade this move. as other central banks are going to have to raise rates, choke off growth. you don't want to be in stocks at that point. >> a prediction on the s&p 500. do we find footing on the decision out of turkey? >> i think tomorrow's an upday. 10 to 15 handles. thursday is benign. friday is the big day. 1765. i'll say it 100 times. i'll just saying, that's critical. >> all right. time for the final trade. tim? >> tur, tomorrow. >> eem. >> karen? >> i say tim, guy says -- >> rollerballs. >> the ball play. >> ball behrings. >> guy?

>> the trade in yahoo! has been. the stock goes down, you buy the weakness. that's been the trend. i'll continue that trend. i like yahoo! around here. >> i'm melissa lee. thanks for watching. see you tomorrow at 5:00 my mission is simple -- to make you money. i'm here to level the playing field for all investors. that's always a bull market somewhere. i promise to help you find it. "mad money" starts now. >> hey, i'm cramer. welcome to "mad money." welcome to cramerica. do you want to make friends, try to save a little money, my job is to make you fathom that the heck is going on. so call me at 1-800-743-cnbc. where have all the sellers gone? short time passing. where have all the sellers gone? short time ago. pete seger