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tv   Fast Money  CNBC  July 30, 2009 5:00pm-6:00pm EDT

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expected its profits to climb thanks to lower oil and natural gas prices. earnings are expected to fall 67%. >> i'm steve leaseman at cnbc global headquarters. for the second quarter, economists see a climb of minus 1.5%. that's an improvement from the last quarter, and hopes are it's the last negative quarter of the recession. >> all right, great show today. thanks so much for joining us,everybody. i'll see you tomorrow on "closing bell." "fast money" is up next. thanks so much for being with us. good night. walt disney shares dropped 2% just after the bell, although earnings came in just above wall street's forecast. first solar up 3% for the world's largest maker of solar panels. and president obama expects
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tomorrow's ggp report to coincide with the first quarter. i'm erin burnett. "fast money" starts right now. a new high for 2009. welcome to "fast money." these are your experts fast money traders. well, it did hit new heights today. some find a weakness, though, in the close. let's get the word on the street now. well, everyone was celebrating all day. >> we had strength overnight out of china, weekly jobless claims not great, but we have been talking on the show about interday price action where you have stocks opening up on basically ten-month highs this morning. there should be exuberance.
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you saw significant reversals on many stocks. they didn't close on the highs, they closed on the lows. that hints at a pullback and especially with unemployment coming up next week. >> i agree, but i wouldn't be anywhere near a pullback at the last of the month and going into the first of august. you're getting data throws, you're getting earnings, and the earnings were showing even some revenue growth for the first time. i think you have to be scared about the tape. so as much as we've seen people talk about 1,000, i don't know why we have to stop there, but i can tell you fundamentally, i don't see what could stop this. interest rate policies around the world are giving you that back stop on rates to let this go higher. >> i agree with joe. somebody put some money to work on virtually everything. the oil move was even bigger than the s&p move. intel closed down on the day. we'll talk about mastercard later. that stock had a huge run early, basically gave it all back. i understand what timmy is
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saying about tomorrow. you don't want to deal with the last day of the month, but today wasn't as impressive as it might be. >> are you going to pile on or make it a tie? >> i'm not going to tie it on. services names, fantastic quarter, great job, but up $9? it's hard not to sell a little into that. >> 3-1. >> i can't believe i am fighting back, because you can't be too cute with this tape, and people have tried to trade this. the pull-backs have been overshallow, and if you try to overtrade this thing, you get screwed. it's not a market term, but it's a term people have felt when they've tried to overtrade this thing. so be careful, if the fundamental are telling you bell weather stocks that are trying to turn the corner, we got an outlook on g.e. today, even
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exxon, if you tried to overtrade this thing and sold on their numbers, you got hammered because the stock finished up on the down. >> we've had significant upward momentum. now, what's ahead of the market right now? next week's unemployment? that is going to scare people. that is definitely going to be a low blow. >> is that something that moves the needle? >> it's unemployment, and beyond unemployment, august 11, august 12, august 13, erin, a tremendous amount of supply in auctions come on. you get ten and 30-year auctions. we're going there to longer maturitie maturities. that is problematic. >> this is the record week of passing june 22nd or 24th or whatever it was. we actually had solid demand on the seven-year. earlier this week we had one good one and one fright in this case -- frightening one.
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>> if you look at china and japan, their holdings of u.s. debt is moving away from the long end. they don't want the 30-year anymore, they want the fives, they want the sevens. >> think about the maturity, though, it's really not a benchmark security. there are guys who don't need to own this thing, so you've got quite a bit to cover on this one. joe mentioned this yesterday, these are the foreign buyers, the foreign central banks. they were 63% of this auction. that's very good news for those people who think they're walking away. >> yesterday oil was down 6%. that was the headline. today, bigger than anything else, up 6%. >> the stats yesterday were incredibly embarrassing. oil did exactly what it should have yesterday. didn't do anything like it should have today, frankly. it seems like an asset allocation to me. frankly, if you can't get to 63.5 to 69, it's not good
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enough. >> you got this affirmation of an easy monetary policy in china. so many people are playing this trade, so many people have no idea what to expect from this trade, but when china reaffirms and you have central banks in a plals where everyone is looking for this group. these are places where rates are going to stay low and that's all people need to see because you can't start to hike rates when you have negative cpi, so don't expect it to happen in china any time soon. >> geithner meets with chit knees the first couple days of this week, of course, the dollar is going to be strong. you're not going to see weakness in china. he leaves town? guess what happens. weakness in the dollar, commodities go higher. >> does anyone want to take a trade on exxonmobil? >> look at it since march. the stocks have been trading between 66 and 74. frankly, evaluations at this price? yeah, it's probably reasonable.
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their earnings were a disaster, frank. it shouldn't come as any surprise. conoco phillips, those were a disaster as well. it shouldn't come as any surprise integrated oil means a certain thing. the crash kills these guys, and it will continue to kill them, but exxon is probably cheap in 78. >> if you're looking long term, their production is not growing. at least conoco is growing production by being invested in russia, chevron is invested down in latin america. exxon is invested around the world, but they had negative numbers. when the numbers came out and the stock was down at 69.60, sold it before the close. these numbers shouldn't be shocking. >> but if it's the production part you want, why not get a cleaner way to play it which would be in the services only production related? >> i don't disagree, although if
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you look at the oil services, a lot of people have been critical. that, in fact, demand is so low, you're seeing refining charges so low, those guys are not out drilling for more oil. i don't have a problem with the drirl drillers' trade. i don't have a problem with it. not last quarter, the quarter coming up. >> it becomes a value play below 50. it's probably headed there again. you buy slb around 50, you get out at 57. >> cat was a big rebounder on the dow. and karen, i know obviously they're in broader industrials. with a name like flowserve -- >> even though i love the name, we have to trim a little bit. we saw that reaction in a lot of
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different names and they started to come back down. it was getting to the end of the day where the euphoria seemed to be gone. >> who is going to dtake a gandr at this point? who has courage? >> honeywell was led by g.e. today. >> literally $13 is a fair price because we told you the infrastructure business alone is 13-ish, and their capital is probably zero, so this is a right price for stock. honeyswell is a much better play because it doesn't have the capital arm attached to it. >> the stock was up today because they're going to get to keep the capital arm. that's why i get confused on that. >> the reason why is there is $557 billion worth of assets in g.e. capital's financial unit. do you really think g.e. wants
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to lose that 557 billion in assets and strip it all away? i don't think so. all they want right now is exactly what ge is getting. ge capital needs time. they're getting time to get economic and credit stability, and it's happening. >> i think the other big part of the ge trade in applications for things like harley-davidson, they have to finance their own equipment, it's this ilc designation, which means if they're international loan companies, there was talk the feds were going to have to regulate their business or watch over their businesses because -- >> but frank implies that he doesn't care if they keep them or not. that's what concerns me. this is a fed and a congressman is implying in a television interview -- >> this whole topic is big. it gets the big government on the backs of industrial industries where they know nothing about it. it's nothing to begin to try to regulate the industrial side, and that's bad news.
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>> ken louis, the bank of america speaking in chicago at the national urban league, he says he does still believe we're coming out of a recession. >> i like bank of america. we saw they had enormous provisions. they'll continue to have enormous provisions. you can really start to see, if you take away that level of provisioning which they've had to do, and cut it by a third or a half, you're going to get earnings that are through the roof. and i think that at 14, who are wherever it closed today, i don't know exactly, it's really attractive for the longer term. >> we talked about lazard yesterday. i think ghl is a name you want. i think jeffreys was actually down today. the bigger guys seem fairly priced. j.p. morgan at this price, a steal. >> i know jimmy cramer has been
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honest as well. we thought mastercard would trade at 153, it got down to 155. it's been off to the races since. today's stock action was tremendous early, gave up the ghost late. i think it's a little long in the tooth now, frankly. we've been trying to get you in for a while. hopefully you have been. you've got to be taking money off the table, especially if the tape is benign. >> i've looked at the name i've been focused on, visa probably as well, but i think at these levels you've got to get out of it. >> the fundamentals are phenomenal right now, but you have to look at the price action. if you look at the price action today in visa as well as in mastercard, you saw significant strength earlier that was met with continued selling all day. that hyper price action tells you you can't stay with those stocks anymore. >> but the fundamental call in this business, as they told you, revenues were up 20%.
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there's a secular move just in using your credit card. >> money in the bank as opposed to bad credit. >> they're also charging more for transactions while they have more transactions. they're getting 1.35 per transaction more than they were getting, so they're raising fees at a time when their volumes are going up. this is a story where analysts can begin to change their valuation expectations, even if the trade looks heavy here. >> we're moving along. why am i moving along? you have a message -- >> transaction process, i have a message from my babysitter. >> you have a message here. okay. yahoo was the lagger here. anybody have a tech trade? >> a few tech trades over the past few months. amazon, ibm, google, microsoft, all strong today. we spoke about paradigm. i know it's a small sector.
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goldman sachs has it. strong earnings yesterday, but again, it's about price action. look at the price action, search early in the day. roll over. it's where the stocks go out on days like that, and the ones that go out on the lows, you got to be in the sidelines. >> tim was talking about mastercard being a story going forward, names like western digital is a story going forward in terms of the digital era. go back and look at the quarter, they crushed a couple days. again, i hate jumping in with stocks up bigger in this short a period of time, but this is a story not going away. >> there were 50 companies that reported earnings today. disney came out in the close. it's trading down now a little bit, just about 2%. revenue was light here in theme parks week, which shouldn't
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surprise anybody given the recession we're in. >> we've been talking about this, we spoke about it last night on the show. the question right now is if you look at it trading at $26, lazard trades at about 25% earnings. disney trades at about $25, so it's right here. what gets disney above $30? theme parks are going to be down. you know the ad revenue on the cable tv networks are going to be down. it all boils down to bob giger or whoever is watching this. he's got to tell you what he's going to do for the on-line content. until you hear that plan, you don't buy disney. >> as everyone debates weather the pull-back at the end of trading today was something ominous or just a pause that will refresh, let's bring in the man who tore up youtube with his impression on the stock market.
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with the dow now on track, for the best july in 30 years, since 1979, is the polar bear ready to come out of hibernation? president of specific capital. he's on the facts line. where do you stand today, peter? >> i still think we're in a bare market. we're clearly in a bare market rally. markets are rallying. they're rallying much faster overseas than they are in the united states. it's not even close. of course, the last time i was on your show, i pointed out the dollar rally was not going to last, and it hasn't. the dollar has fallen precipitously since march, and that's undermining the real returns investors think they're earning on u.s. stocks, because as stocks are going up, they're losing it in purchase power as the dollar comes down. >> the dollar actually bought them back in december and bounced off that same bottom this week, so it actually has traded sideways to upwards from that point, and that's actually
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a lot of people think we're going there. >> it got close to 90 in march and now it's just below 80. >> i thought you said the dollar index hit a bottom at 78.30, and it's bottomed out over the last six months. >> it bottomed out a year ago, but earlier in the day, the bottom was up at 90. >> i'd argue, but i don't have the time. >> peter, listen, there's no question that you called everything that happened last year to a t. we said that last year when you were on. you said yourself you had a rough year last year, but how do you now invest? what's the trade going on in your mind? >> last year i had a rough year. this year is the best year i had in my history and career as a stock broker. a lot of the foreign markets have doubled in this year or since late last year. and the dollar has weakened. i still think the trade is to
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get out of the u.s., get out of cash, get out of bonds. i think bonds are a huge disaster, and i still think u.s. stocks are not going to deliver real inflation-adjusted positive returns for another five or ten years. if the stocks go up in value, there will be so much inflation that i think the rise in the price of stock will rise behind the price of other goods, and i think if you price u.s. stocks in gold, it's going to be a disaster. >> joe, if you had the best year you've had in years as a stockbroker, congratulations, too. the question i have now is you have a bare opinion of the market right now, so you've obviously done a great job managing the position. you're telling me the doom is still going to be with us. i'm with you on that. at a certain point, though, where do i stand on believing in you with the political angle you may be working on up in connecticut? >> the reason my accounts are doing well is because i'm long.
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i'm not short stock, i'm long. i have a lot of exposure to china, i have a lot of exposure to natural resources, so those stocks are doing extremely well this year. but i know that the underlying economic problems that i identified correctly a few years ago have actually gotten worse, not better. the actions that the federal reserve and the u.s. government have taken have actually undermined our economy further and worsened the problem. we're going to have a bigger collapse as a result of what the government has now done. you have to remember the problems that came to a head in 2008, those problems are a result of the stimulus and the intervention of the federal reserve and the government back in 2001 and 2002 when they artificially tried to get us out of that recession. >> peter? >> what they've done this time are worse. the problems they've created are worse. >> peter, we can't blame you for fighting a good fight. you always do. thank you for being with us. i know you will be back soon. we want to go around the floor today. the dolans, not the most popular
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team owner in new york. >> no, they are not. >> announced a plan to spin off madison square garden, which includes the new york knicks and the rangers. >> it's kind of cheap right now. tim, i'm with you. we get the right cash, i'll do it. >> we need a new gm of the rangers. i'm sorry, but it's been a long time. >> there's nowhere good to go with that. thank you. we'll be right back, because next on "fast money," why elliot spitzer is worked up about high frequency trading. the ambassador and i go trading the globe. we're back after this. so i've come to this court to challenge his speed.
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...on the internet. i'll be using the 3g at&t laptopconnect card. he won't so i can book travel plans faster, check my account balances faster. all on the go. i'm bill kurtis and i'm faster than andy roddick. (announcer) "switch to the nations fastest 3g network" "and get the at&t laptopconnect card for free".
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sto storm. welcome back. we are still live right in the center of midtown manhattan. tomorrow's big gdp report will either confirm or deny the belief that the recession is as one magazine cover said, over.
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here's what president obama had to say earlier today about that. >> on gdp, i don't have a crystal ball and i haven't received the figures yet, but i think if you look at the consensus of economists right now, it confirms that we have seen a significant slowing down of the contraction over the last several months. but i suspect that the gdp numbers will still show that the economy contracted in the second quarter, that job loss is still a huge problem. >> now, he said that he thought the numbers would show a contraction the second quarter, leading to the inevitable in every new administration, which is, does he get an advance look at gdp? i believe the answer to that is no, and he probably doesn't
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realize the implication of the comment. >> i don't think the comment was too bad. he's been a politician -- >> i also think, you know, it doesn't matter what gdp was. regardless how bad, how good, it's backward looking. stocks right now are not trading in any way off gdp. what are we going to see going forward? how is the year going to end up? >> you don't think there will be anything on inventories in there that would surprise people? >> if it's lower, i think that's probably listing. >> basically, you've had an inventory liquidation and you want to see the pace of that liquidation to begin to decline, but to karen's point, it is all about going forward. it's about growth going forward, and can you get beyond what most economists will be. it will be modest growth at best in terms of 1 to 1.5%. >> i think larry said what is
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the drain on gdp, because the savings rate, frankly, has gone up to 8 and 9%. the savings rate, what does that do to gdp? >> i know there are people who really question the savings. yeah. i don't know. the other thing is at the end of the year, your jump in gdp is going to be more than 1%. >> we hope. >> we hope. >> moving on, time for your earnings. here's rockwell collins. jumping 6%. the company reported better than ever profits. rockwell collins, ceo mr. jones. i appreciate you being with us tonight. you got defense, you got commercial. what can you tell us about where the economy is heading? not in a backward-looking sense, but in terms of the next quarter. >> erin, thanks. it's nice to be on with you again. i'll tell you, there are better days ahead, it's just hard to call when that's going to happen. when we saw the earnings for this quarter in an era where less bad news is good news, we
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got good news, and that is it looks like the rate of growth decline is slowing, and we may be approaching the bottom. it's a very fast-dropping market, and that's good news. i think we didn't see boeing and airbus reduce their production rates. that's good news. so i think there is a lot of uncertainty left out there. i think we've got a couple tough quarters coming up, but i think the rate of decline and the rate of bad news is getting better. >> clayton, it's skye, how are you? i should know the answer, i don't. is there an up great psygrade c terms of avionics? >> if you look at our commercial revenues, we're just slightly over half the new oem equipment and oert half is the aftermarket. there is always a maintenance model in here because these equipment stay on wing for maybe
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20 years. and that's what leads us out of the recession. when we see the aftermarket improve which typically follows passenger traffic or corporate profitability, that's when you know life is going to get better, and that will lead us out. while a lot of people sit around and count new airplanes being produced, that's actually going to be a secondary effect for the growth path. >> clay jones, thanks very much. we appreciate you taking the time to be with us. do you all have a trade given, by the way, that are important to the 787. i have been talking with him about delays in that. >> that's why they got so banged around, but these guys are a great company that i'm surprised nobody has bought them yet, frankly. rockwell collins does everything right. he's a great ceo that you've had on a few times that nobody knows about. i think evaluations are extraordinarily fair. >> the bent side of their business is actually growing.
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secretary hilary clinton signed a big deal. it's big business for this country, and these guys are involved in that business, so there's something to be excited about there. >> maybe they'll sell to north korea. on that note, let's go trading the globe. the u.s. market may have made a new high for 2009 today. s&p up 10% on the year. but it pales in comparison to the market in january. this is very nice of you all to do kind of a cool montoage for me. i want to see what they put in here. take a look. >> i'm standing in front of the kremlin. many americans still associate lydia with a dictator and terrorism, but things are changing. are the condolese people getting
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a good deal? thousands are selling different things like food and clothing. >> i always wanted to ride a camel, and i finally got to do it here in egypt. that was daisy. >> daisy was a very good-looking girl. >> i don't have that kind of a -- >> it's as close as we've gotten since he got in the white house. >> which direction is he going? >> i can't say. something is brewing. something is always percolating. but the real question here is why these markets have nearly doubled, and the best market in the world, i believe, is peru this year. >> peru, and russia is up about 8%. first of all, they're coming off low bids. the question we'll always ask is how fast is the earnings growth here, and i would say if you look at the emerging space,
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china is trading at 30%. you're getting real evaluation up grades. the earnings this quarter were very good. even volley had some encouragement about the next quarter. i think the best place to go right now where i don't think you're reaching out and grabbing is in the cellular space. this is a utility around the world. this is obviously leap-frogging the fixed line structure. as you look in brazil, it's very much represented in the total subscriber base. they have to grow substantially. they are roughly four or five times higher. >> viv, these are great names. turkey turkctc.
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>> another time we'll talk about emerging market debt. >> overdue. >> overdue for that. which is a first for where you going, right? >> among -- among -- breaking news. here's our poll of the day. best trade for the rest of the year. s&p 500, spdr and ishares emerging markets. tonight's trading radar founded in 1886. this company has grown into one of the largest consumer products company with brands like irish spring soap. >> you look at the dividend yields on some of these names. >> this maker of soap and
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dish soap was one of the most active names today. welcome back to "fast money" and this is what we have coming up in the second half of our show. elliot spitzer is going to weigh in on the debate of fast trading. after the action of solar stocks, which ones are heating up? sai let's bring you up to date on our after-hours. the ceo of disney is on the conference call. the discounting that we all knew they were doing heavily has made a dent. it's now down 4%. >> he says it's not going to run
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too far in terms of price targets. if we want to get interested, 23.5 or 24, but i think it's still too rich here. >> too rich. >> for me. 27 has been topped a couple times. it's run from 16.5, 16. i don't think this is where we want to chase right now. >> still the best place to go with little kids. >> time for more earnings. sky aluminum, i do believe they're down 38% over the past year. turning now to ceo of kiser aluminum, mr. hawkum. you don't necessarily make aluminum, you're doing sort of a value ad of part of the aluminum process. so you're not necessarily taking the risk of whether aluminum prices go up or down? >> thanks for having me, erin, and that's correct. we seek to be neutral and make our money on the value added. >> what is that value added? >> roughly 50% of our business
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is aerospace. the other 50% is general industrial and automotive. we make products and exclusions and pass through the cost of the metal and make our money on the value added above the cost of metal. >> this is karen. i don't know if you heard rockwell ceo we just had on talking about the aerospace industry, and i wonder what you're seeing in terms of demand there. obviously this is a huge end market for you. how does it look? >> similar to what he said, karen. we see the build rates continuing at a strong level. we are seeing some destocking, although in our case, that's primarily in the service center segment that also services the aerospace industry. but we believe we were down in the second quarter in our aerospace sector. we reported this morning on our earnings call that we expected our earnings quarter in the third would be pretty flat, as our second quarter sees some destocking. but we think the build rates are
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going to continue to be strong, and we see this as a big market for kaiser aluminum. >> let's talk about autos real quick. ford made some great comments about july. they said units sold may be over 10 million. how important is that to your business? >> it's only about 5% of our value-added revenues today, but it's an important segment and a key growth segment for us going forward. with the kapay legislation and the drive to more fuel-efficient automobiles, that drives manufacturers to design more aluminum exclusion, our products into those models. our growth rate has been in the past five or ten years, and we see that escalating in terms of automobile growth going forward. >> the trade, karen, from what you heard. >> i like the name. i am not sure at the moment. >> aluminum to me we see
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production cut back about 20%. we're starting to see the beginning of balance in that industry. the minute you do, you'll start seeing prices take off. that's whial cy alcoa has room . they had a ridiculously terrible quarter. the ceo was just in the wall street journal saying if business improves, liquidity will be fine. if i could pitch, i'd play for the yankees. this has become a free option, but one i'm not going to buy. >> did you watch our father's day special? on our father's day special, timmy gave you the stocks. that was your father's day present. today was the day to save profits. there was a price gap between 6.47. stock ran into the gap, 6.82. close below the gap, you get out. and here's your consumer markets consumer play.
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latin america, 30% of the field. stocks are growing outside the united states like crazy. >> david ortiz, your anonymous lawyers have identified the red sox nbc as the major league baseball players. big poppy came in '04 and '07. >> stop. this is ridiculous. this is becoming a joke. just get this list out there and let's figure out who is real. you want pure sports, williams does a football game every year, right? >> right. and when the last time they won? mot motorola up 9%. >> in 40 minutes is the beer meeting at the white house.
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>> bud lite is the top. much attention has been made over what the president drinks, right? they had belgian, south african, brazilian and gentlemjamaican b there, no american. i brought you each a beer. >> this is old school. >> i think these were about $95 in high school. whoops. did i say that? >> cheers, maria. high-frequency trading, we're back in a moment.
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welcome back to "fast money." covering market manipulates on wall street, pursuing those involved in price fixing, pred to her lending and biassed analyst research. the tearing down and rebuilding of the chinese wall. ask now we take up on wall street high-frequency trading. joining us is elliot spitzer, and we must disclose, his wife works with karen.
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high-frequency trading. this is when big guys sort of get a brief look at a small price difference. >> they get a look ahead of the rest of the market, and that is what is making people queasy. you can't oppose technology. technology is what made this set possible, makes the markets possible. the question is, how do you use it? do you use it in a way that's fair, open to everybody, or do you give the advantage to only a select few? if you give the advantage only to a select few, then you've created a two-tier market and that's not fair, and he can with itty -- equity in the marketplace is what we need. one person is told what the other's cards are. that's not fair. everybody gets access, good thing. >> let's begin with the old problem with the sec. the sec has taken the position
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that permitting changes to access to this position is good. they're saying this is not too dissimilar to what used to go on with somebody who is closest, gets in ahead of the others. the problem is the exchanges are for-profit institutions selling this access. the sec has said that's permissible. you permit some people to get in by the information when others can't get it or don't have the where wi wherewithall to get it. front running, when some people get an inside look at this deal flow, all these trades coming in, these flash orders, and if their own retail clients are on the other side of that information, they're getting ahead of their own clients. nobody knows how big this is, if it is, so let's be careful about some of the hysteria about it, but a lot of theoretical issues. >> you could have a lot to use by this, right? >> the volume is huge.c3 the volume is enormous.gñ that doesn't necessarily mean
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it's a bad thing, but i would ask the question, what's the point of all this? are we merely creating -- what's the whole purpose to raise capital, allocate it to the good companies? is this merely ahead of a trade of tsunami that's coming? >> if the sec said, though, this is something that could be done, they could revise that and change that, but if that's what the position was, it's going to be virtually impossible then, to quote, unquote, profit from that? >> if somebody is, in fact, getting out in front of their clients, having the se krerc sa you could get that information doesn't permit that. >> what else could you use the information for? >> momentum trading is not that dissimilar. here you've got better information. the question is, is one of your retail clients on the other side of this information flow and you're getting ahead of them to take advantage of a tenth of a penny. >> what do you think the resolution is here? >> i think either you permit
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everybody access to this information, or you forbid it or you say nobody can get information that's more than 50 milliseconds. you eliminate that advantage. >> do you look back and start an intensive investigation into bank after bank to find out what they knew, what their intent was? >> we don't know enough now to say. if someone is front-running the answers, yes, because front-running goes to the core of market integrity if they're merely doing what the sec said they could do to trade information, that's okay. >> meredith whitney just spun off her own company. i'm an advocate of research being their own entities. do you think that's where we're headed? would you be an advocate of that as well? >> the whole problem we had with research a few years back and still today is content is free. once the information gets out in the marketplace, how do you get
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a revenue stream attached to it, and that's how the analysts became kaecattached to the investment bankers and made the whole thing tainted and not eñ trustworthy. >> thank you very much. we appreciate you being with us. elliot spitzer, former governor of new york. we've got more "fast money" coming up. ♪ ♪
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how to play the rally, some of your fast messages. we have one from scottsdale, arizona. she writes, honda motors has been soaring since reporting their second quarter results. would any of the traders be a buyer here? >> well, jamie, honda has had a great run, and i think they're leading this global auto trade into the fourth quarter. they have revenues at almost 40%. they're going to be leaner and meaner, but it's a very crowded trade. i would not jump in here. >> gal of atlanta, georgia. gail indicated that transatlantic is overbought.
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time to reveal the person we think made the most money today.
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warren buffett taking the top spot. according to bloomberg, the stock in his electric car company, byd, soared in value by $1 billion since it was first announced last fall. i guess that's since last fall. not up today. >> still, that's good. and he got on the cover of fortune magazine with it, too. allan says it will hang around at the same profitability, but the stocks will take profits. >> erin? >> taking profits, children's place put an end to the proxy fight. stock went up $3 today. time to say goodbye. >> angen, time to get out. it's been a good trade. tomorrow night your host will be back, melissa lee, 5:00.
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i'll see you tomorrow night. christine roma will be our guest to talk about that gdp report. good night.

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