steps. similarly, a lot of people haven't really managed to think about nutrition in quite that way. >> soylent has raised more than $22 million and has plans to expand to europe and asia. kelly? >> but is it any good josh? >> you know i've got to tell you it wasn't as bad as i thought. semi-sweet, kelly. >> thanks a lot. josh lipton in silicon valley. that does it for us on "closing bell." "fast money" begins right now. >> live from the nasdaq marketsite in new york city's times square i'm melissa lee. this is "fast money." your traders on the desk tonight are tim seymour, david seabrook, brian kelly and guy adami. on "fast" a volatile day for twitter but if history is any indication we'll tell you why the return of a celebrity ceo could be a great thing for the stock. plus big pharma. eli lilly surging recently over excitement for its alzheimer's drug. meg tirrell has a special report on the real reasons the stock is moving, what it means for sxharltds space. but first to the sell-off closing out the week. the dow slipping trim digits

down 182 points at the lows as concerns over greece weigh. tonight we ask the mark making lower highs and lower lows is the rally running out of steam. guy adami, you always sight lower lows lower highs as being bad. >> and you're always bearish. >> i'm not always anything. i'm always happy. >> you're pessimistic-p if i may. >> plan for the -- hope for the best plan for the worst. the transport's sbouns a good sign. the fact the russell continues to hold above 121 is a good sign. i think the fact the market's been in this range for so long is a good sign because as we've said a number of times i don't think the market gives you an ample enough opportunity to celt highs. i think while tied wasn't a great day, yesterday was a good day in terms of up and down but i think we're nowhere. i still think we grind higher from here. >> david seabrook. >> the volume was down 20% from its 100-day average. these stocks are sort of banging around. i think the s&p's in a 50-point

range. until we get lift-off by the fed. i look at the reits, i'd buy the reits. they're oversold. i look at the transports. transports are some great opportunities. and the financials. i'd make sales in the financials at these levels. >> you mentioned the fed. we have a fed meeting next week. we've got a press conference associated with that meeting as well. >> yeah, i'll say. there's a lot to digest next week. there's a lot of data. you have jobless claims. you have a philly fed. you have a lot of at least forward-looking indicators that give us a sense of the strength of the u.s. economy, which by the way printed very strong numbers all week. you have a place where i think growth is better. that's the other side of this. i actually think if you look at the world and the macro we're getting things are better. more oil demand coming up, china, india, et cetera. i don't think the world's that bad a place technically. the s&p, though looks like 2083, 2080. that area's exactly where it's going to rest and it's not going to do much till then. >> there's an interesting chart we were looking at. the dax versus the s&p 500. and they're like right on top of each other. >> right. so we've said for a while now that europe is really driving this train.

and i think that continues to be the case. if we look at the market there's all these cross-currents going out there but the biggest one is europe. what's going to happen with greece? we had reports there was a deal yesterday or two days ago and the market ripped. then no deal market falls apart. i still think it's all about europe. the question is once that's resolved, and let's assume it's resolved positively that they get some kind of deal done, then what does the market do? then we have these cross-currents. we have the federal reserve next week. if you're a trader you do what i did today and you take a lot of your leverage off and just let the market come to you. there's no reason to chase this market one way or another until it finds conviction. squlu want to be neutral. >> you do. and i know it's -- you always want to trade, right? traders want to trade. but you have to sometimes just sit back and let the market come to you let it decide what it wants to do. >> but if you wanted to make a tread ahead of the ned meeting, guy, what would that be? >> stay long the banks. goldman sachs has traded extraordinarily well since their earnings. blackstone had a little bit of a sell-off.

that stock is still fine. u.s. bancorp's been one of these names we've talked about forever, slow and steady wins the race. i do think some financials work. we can talk about health care. you have some great opportunities in that space. t-mobile, i think something's going on there. there is a long list of things to be long right here. >> and looking at volatility and playing some of the defensive defensiveness that brian's trying to beat next week, eeo. you want to be sure the euro probably short the fxa. most people on the side the dollar's going higher. i think it's going higher. it's not going to rip higher. i do want to own germany especially if the euro starts selling off. those are places to play. >> shares of eli lilly falling 3% today kicking off our top trades as anticipation builds into the potential release of new data on the drugmaker's alzheimer's drug. one firm cautioned investors that the 33% run-up in the last year may be based solely on hope and not on results. meg tirrell's back at headquarters, i believe. she's our biotech reporter. she's got the story. hey, meg. >> hey, mel. i'm actually at nyse today. but with lilly we're not just

looking at this week although that's been a huge run-up. according to mark shownhine. it's the second best performer, second only to gilead. a lot of folks taking a look at what's driving it this week and more broadly what's driving up lilly's stock. alzheimer's data that might be anticipated for next week although we don't have a ton of clarity on when that's coming is part of it. but there are a few other theories as to what's driving this. this is a lot of speculation. both jeffries and isi talking about a couple of these things they're hearing. one of those of course is this pipeline presentation's not just in its alzheimer's drug but a few others we'll touch on. another thing is options trading activity which maybe you could talk about in the next half hour, and just some block trades potentially. there's also some plax about possible activist involvement. we haven't heard anything about that but there's been a lot in health care. finally speculation about whether the company could potentially spin off its animal health unit although that's getting shot down as well. that's a big unit for eli lilly

and they just beefed it up with an acquisition of novartis's unit for $5 billion. folks not thinking that's likely. on the pipeline side that's really what's driving a lot of the excitement here. there is that alzheimer's drug selenezemab which people thought could have data today or monday amead of an alzheimer's conference in july. we're not sure what we're going to get today but people are very excited about that drug. of course the key readout will be next year in 2016. the company also talking a lot about other pipeline products including a psoriasis drug another one for rheumatoid arthritis ans finally a cholesterol drug whichpeople folks say could be the biggest catalyst in 12 months for lilly. that data coming in 2016. mark schoenebaum again isi saying 2016 could be a transformative year for the company because of the alzheimer's drug and the cholesterol one. melissa. >> it seems like a lot of investors are pinning their hopes on one of the two drugs. they came out way report saying if it hits on either of these drugs that would warrant the 33% run-up we've seen and still be a

catalyst to the upside for the stock. >> absolutely. i was talking with morningstar's damian conover. he said they're taking these high risk high reward bets they're swing for the fences if they're successful it's great but if not they're very risky. >> meg, thank you. meg tirrell, our biotech reporter. >> i've got to tell you, pipeline, a big move in that stock. roughly a $12 billion market cap move since june 1. that's alzheimer's. that's not a pipeline. i've got to tell you, i think it's way -- i'm very surprised this stock wasn't down more than just 2 1/2 bucks today. i would expect to be down much much more than that. if you look at a forward p of let's say a biogen to lilly, you're looking at roughly five or six turns higher for lilly. >> you think it was a move on hope as opposed to -- >> i do. i think that was a move on hope and i think it should have been moving back a lot more than it actually did. >> to david's point eli lilly's trading like an old school biotech. alzheimer's is a great thing. there's a long race ahead in the

alzheimer's race to get a cure. i don't know if eli lilly is that close. i know a lot of people are trying. i think you sell the stock here take profits. i'd rather own pfizer. >> next up blackberry. solid day gains on the stock on reports the company is thinking of launching its first phone to run on google's version of android. this comes as part of its strategy to revamp its focus on software and device management. beakers, you're in the stock. >> i am in the stock. this is not necessarily welcome news to me because i would rather them not focus on the handset and focus more on that software that they have. but this is a move -- i'm going to dot glass half full. this is a move that could help them out for two reasons. one, now you have access to obviously all those apps on the android store. but more importantly their b.e.s. 12 which is what they're trying to sell everybody which manages securely everybody's phone, this can show that you can work with android, that you can work with iphone and you can work with their old operating system. i still think you stay long here. and i think this is an okay move for blackberry.

>> coming up next why the smart money just keeps getting smarter with hedge funds outperforming the market in 2015 we'll go behind the scenes with where the best and brightest are placing their debts and how you can profiting along with them. plus jack ma. the ceo comes back to right ship. the answer might surprise and you it could make you money. and later a look at what happens when a trader hears the word jedi. and this is no mind trick. for a sneak peek of the action log on to periscope right now, follow us @cnbcfastmoney. back in two. hey, what are you doing? you said you were going to find out about plenti, the new rewards program. i did. in fact, i'm earning plenti points right now. but you're not doing anything right now. lily? he's right. sign up, and you could earn plenti points just for being a wireless customer. in the meantime, i just kick back and watch the points roll in. where did you get those noodles? at&t cafeteria. you mean the break room... at&t - the only wireless carrier to be a part of plenti now when you add a new phone line to your wireless plan you get 5,000 plenti points to use in lots of places.

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make the most of summer... with volvo. let's get to the sector topping the tape today. the major airlines delta, united southwest, and jetblue all seeing gains of over a percent on the day and this is crude oil ended lower by just under 1 1/2%. some of the transports were major opportunities. do you think any of the airlines are? >> i like the airlines. i think the airlines are a big opportunity into the second half of the year. and i think the delta, the loves of the world, i'd be buying them here. the level's a really good level. they got very oversold. so yeah. >> consistent with my tune, which is that two things one,

40 to 41 on delta is a major, major leveling pf break of 40 and that chart says get out of the way. but to say these airlines after three or four years, in fact even five years of tremendous capacity kind of discipline and everything going on, the fear of prasm deceleration because of capacity creep is something i think you really have to say they're not going to overdo this. so at these levels on these valuations you can nibble but you have to have stops in place and that's the level on delta i would watch. >> prasm being passenger revenue for available seat miles. >> we do this every time. >> we talked about the move in delta. we said we might look back in a couple of weeks and look at june 9th as the day delta and the transports bottomed out. opened on the lows closed basically unchanged on the day. i think to the point delta's worth a look here. you stopped out on tuesday's low. >> some breaking news here. want to get to eamon javers in d.c. >> senior administration official tells cnbc that during the investigation into office of personnel management cyber attack that happened last week

they've now discovered an additional apparently separate attack. here's what a senior administration official just e-mailed to me moments ago saying on june 8th as the investigation into the cyber astack proceeded the incident response team shared with relevant agencies that there was a high degree of confidence that opm systems containing information related to background investigations of current, former, and prospective federal government employees and those for whom a federal background investigation was conducted may have been exfiltrated. in plain english that means somebody stole background information, application data on a large number potentially of federal employees and others who might need background information. why is that important? those background information documents often contain very very sensitive personal information about people who are applying for jobs including alcohol abuse, drug abuse, bankruptcies, contacts in foreign countries, mental illness, all kinds of other details those individuals might not want to be made public. the senior administration official here e-mailing us

saying they may make additional notifications to people who have been affected. and remember this thing has already required notifications of up to 4 million people so far. now an apparently separate incident here, melissa, in this ongoing opm hack. >> what a mess. eamon javers, thanks forever keeping us posted. hedge funds beating the markets in 2015. which smart money strategies working the best? cnbc's kate kelly has the details. >> after a pretty lackluster few years as the stock market ripped it's been a pretty good year for hedge funds with the asset class up nearly 4% through may according to hfr figures beating the s&p by a respectable margin. and while the top performers are kind of an eclectic bunch if you look at the list it includes a number of funds with exposure to booming equities markets in russia and china as well as an idiosyncratic best ideas fund that's got emerging markets as well as u.s. stock and currency trades. there are some general strategies work well out there too. equity hedge funds the trade long only are doing best.

reports hfr recently. 5.1% up through may. event driven strategies which include multistrategy funds and activists in this categoriationization are up nearly 4% and emerging markets are on fire. among the substrategies shorting is a notable weak spot down nearly 3% and commodities are barely performing as well. looking at some specific names that show the tread nahall nahall shopin's fund which features just a dozen names or so is reportedly up close to 30% on the year. pretty impressive. and rick maguire's long only activist fund is up about 7%. -- we'll be hearing more from mindich delivering alpha in about a month along with other major hedge fund players like carl icahn and mark lazry. the best ideas discussion should be especially telling this year since simply following the equities market not to mention the bond market isn't doing a whole lot for people.

curious to see where they're finding the alpha whether it's globally whether it's here obviously the long positions are working well but it depends which one. >> definitely. kate, thank you. by the way the delivering alpha conference july 15th. so make sure you tune in to cnbc for full coverage of that event. emerging markets one the better performing strategies. i go to our specialist. >> a lot of these are so beaten up there are really good stock picking opportunities and a lot of beaten down markets. you look at the moves, this doesn't even count the absurd move in china. a lot of these guys are currency heads. you look at the e.m. currency they've been destroyed. ewz's been a very good case. turkey which just blew up. there's been guys bottom fishing. there's been a vol environment for people to go pick stocks, hedge currency and that's how you make money. >> other area that i play in is the macro area and that's done fairly well. there are some big moves in currencies. currency volatility this year. a lost guys have caught that and done very well. commodities, they've been okay particularly very short oil. and then bonds. if you caught that short bond trade, that was a nice one. so there are pockets of -- to be

able to make money out there particularly as volatility increases over this year. zli want one trade, though. >> cyber security stocks. eamon just did a story right before kate came on. those names, good day allows you tape. they're still the best companies in the hottest space. one trade, cyber security pilot's the best name in the space. >> after the break what do traders do when they hear the word "star wars"? the shocking video that's already burning up the web. in the meantime here's what's coming up on "fast." >> call it return of the jedi. >> people can't be measured by what they look like. >> we're not, jack. but we are looking at how stocks have done when the famous ceo returns. and the numbers could spell good news for twitter. we'll tell you why. plus, move over rihanna. ♪ under my umbrella ♪ >> because gopro supplier amberella surged to an all-time high today. one chart says a wipeout is soon coming. we'll tell you why later in the hour. it gets talked about...

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remember, all medicare supplement insurance plans help cover what medicare doesn't pay. and could save you in out-of-pocket medical costs. call now to request your free decision guide. and learn more about the kinds of plans that will be here for you now -- and down the road. i have a lifetime of experience. so i know how important that is. it appears that wall street doesn't know what to make of the management changes at twitter. the stock giving back all of its gains following last night's surprise announcement that ceo dick costolo will step down and co-founder ceo jack dorsey will

take over as interim chief. both men speaking exclusively in an interview on cnbc this morning. here's what dorsey said when asked if he'd consider sticking around as ceo. >> not even a question i'm considering right now. we have a great search committee looking for the right fit for twitter long term. and my focus right now is to make sure our product cadence and momentum of execution continues within the company. and also to make sure square continues its cadence and its momentum with our strong team over there. >> so now that jack is back we want to take a look at how other companies have performed when previous jedi knight ceos returned to the role. back in 1997 steve jobs returned to lead apple after years away from the company and the stock never looked back. apple climbed back 33% in the six months after jobs returned was you have 131% a year later, three years later apple was up nearly 700%. sometimes the results, though aren't as rosy. in 2007 michael dell returned to lead his namesake company. the stock initially popped 15%

in the following six months but a year later it was down 17% and three years later it dropped nearly in half. sometimes gains take a little longer to pan out. six months after howard schultz returned to starbucks in 2007 the stock had dropped 19%. a year later it was down 46%. but three years later it had jumped 78% from the time he took over. so which fate lies ahead for twitter? and let's reserve the beard commentary for another session. >> for a less cerebral show. >> i can't stand the stock. they've got a product pruboblem -- >> you don't think the new ceo will help it? >> it's not going tompany and say to yourself they can't, they have no user momentum. they talked about momentum, there's no momentum here. this company is really in trouble. i mean the only reason people are long this stock right now in my opinion is because there's a potential of a takeout's, which don't think occurs. i think the stock comes back down. i think the stock trades below

30 bucks easy. and i am not a buyer here. >> you're short. >> yeah. >> i kind of like it. if you look at it this way, what's more powerful, the possibility of m & a or the fact that m.a.u.s as david said are shrinking. once you find out half of these are bogus users on twitter where is the scale of this company? if you look at the board there's no super kind of majority voting power. money is cheap. i think dorsey knows exactly how to position the company. it's not especially about monetizing right now. i think it's about product enhancement. i think right now for a trade for sure possibly for an investment but i'd rather be the long side than short. >> the price action today was as bad as that beard. >> beard comments! >> we're not talking about the beard. i'm just using it as a metaphor. >> i thought the beard was pretty cool. looks like the guy from san francisco -- i think he looks fantastic. $35 is the line in the sand. we talked about it last night. i think it's too valuable of a property to fail. i get everything that david is saying. but i do think they can figure this out. i stay long. >> i thought you were going to say he looks like one of the

guys from duck dynasty. >> because his hair was parted. look how nice his hair looks. >> the hair offsets the unruly beard. >> like he glued it on this morning. but back to the stock. listen, i said buy twitter last night. i still think you buy twitter. however, i do understand david's point. there's a real risk that the market loses faith in the management management team. that interview this morning did not instill confidence in me at all. so you've got the potential of a takeout. you've got the potential they do one thing to change things here but you have to respect that $35 level that guy's talking about because as soon as the market loses faith if they take six months to a year to find a new ceo this company then does have problems. >> i think the beard's fake by the way. >> i think so. >> and he glued that on. >> in case you missed it during the last commercial break we were getting ready for the return of the jedi segment. here's an instant replay of what we were stream live on periscope. tim seymour and brian kelly fighting to the death. well kind of. looks like the force is with tim. although -- >> sort of.

>> both light sabers break in the end. >> i'm like a praying mantis. >> by the way, for more "fast" log on to periscope. follow us at cnbc fast money. you can see all the weird stuff we do during the break. >> very cool. >> time for the final trade. let's go around the horn. zblexd week dollar strength will put pressure on commodity currencies. short the fx afrnlths the australian dollar. >> seifert. >> i'm going with my twitter trade. i'm short twitter i think the stock's going to break below 30 bucks sooner than later. >> brian kelly. >> at the start of the show talking about taking profits in financials. seaburg. you've got h. a tremendous steepening of the yield curve. not saying short. not saying they're going to zero. i'm saying it takes them off the table. do it next week. sell xlf. >> have a great trip. you deserve it. >> thank you. >> happy birthday steve grasso. i think we all agree on that.

fedex ahead of earnings made an all-time high this week. >> i'm off for a couple weeks. but always "fast money" 5:00 including this coming money. happy birthday steve grasso if you're listening. "options action" starts right after this break. verizon say neversettle. t-mobile agrees.

never settle for verizon's overpriced gimmicks. try the un-carrier risk-free for 14 days you'll love it, or we'll pay for you to go back. you probably know xerox as the company that's all about printing. but did you know we also support hospitals using electronic health records for more than 30 million patients? or that our software helps over 20 million smartphone users remotely configure e-mail every month? or how about processing nearly $5 billion in electronic toll payments a year? in fact, today's xerox is working in surprising ways to help companies simplify the way work gets done and life gets lived. with xerox, you're ready for real business.

we are live from the nasdaq marketsite in a very hot and humid times square. but carter, he's always cool, aren't you? as a cucumber. the guys are getting ready for the big show. in the meantime, here's what's coming up. >> you can never go too far. >> unless of course your gopro supplier amberella, which may be ready to fall after a massive rally. we'll show you why with a shocking chart. plus how would you like to make money if netflix shares go up down, or nowhere at all? >> tell me what we're talking about. >> we're talking about a brilliant and simple options strategy. and we'll teach you how you can make money too. and forget self-driving cars and eyewear because google may be on to the next big thing and it could turbocharge its stock. we'll tell you