from the nasdaq in new york city time squa i'm melissa lee, this "fast money." thave your winning game plan. alocoa to become t first dow member with cond quarter resus. meer- or serving after hours and pointing to a higher on tomorrow morning headlines out of aloco loss smaller than expecd, revenue better than expected. in terms of cost savgs the company is doing better than they planned. theyai$2 billion in procurement savingover the next two years. they record a billion dollars in the firshalf of the year. th're way ahead. very positive signs. >> higher shar of shipments and alumina, very positive we got a lot of news othis yesterday. ock was beaten down. alocoa always disappoint thisas a very positive number from these guys.

first stock beaten dow from a trader's perspecte you'reffside if you followed the rally yesterday. which i had ne. i had a long positwhich i lighteneup yesterday. m still long but not enough. >> earning season we say it's not a bellwhether. in this case it coite? what's important about this report is it highlights th intensity of the credit global crisis management managedhat bottom line so well and you're seeing in protection how they cutack on production,ork force, cost, lar. i think going foard you'll see other companies th have managed the bottom le particularly well and they have ne so because this crisis was so iense, it really scared management. >> i think it's a bellweth. a lot of things reversed. we will talk about ilater.

maybe rally but now you have a bit of a benchmark it got there tod cled, yes, low on date but rallied nicely. alocoa on the back of th. might bode well morrow? >> is thisellwether in your view, karen? does it mn that markets tomorrow -- keep in mind alocoa is the smallest on the dojos indurial average because its share price is t smallt. >> i don't put whole lot of stocin this as being a great irnd indicator for what we' see in the weeks come. >> managing the bott line, they did that veryell, nothing? >> that's the key with aminum. people believe the's supply, 5 to 10%way. they need tong that down.

>> i belve the earning season is going to be about how companieare maging the bottom le and cutting back. >> oh, i think the earning season will be about olook. i think the st quarter wasn't great and the beginng of the quartes particularly -- it did improve -- >> we're 1 for 1. >> feels good, america. so far we haven't gott any headlines on thelook but rebecca jarvis is listening on t conference call and tweeting. we the check with h for evidence -- >> like we are running a telethon. >> go to a good cause. >> we'll check in wi rebecca later on. back to the markets, s&p 500 hitting the lowest levels sie may 1st. where's the best place to be heading into earni season? do we contue on with this tion we've seen in the markets day after da this week at least? >> the we were talking about th before the show started. e most interesting thing to was threversal of the oih.

oil finish down sharply but the oih turned it aroundater in theay and went up on the day. decoupling entirely from the underlyingil. >>'s bring up the chart so ewers n see exactly what they're talking abouand see the divergce. the underlying commodity. what is the reason for tha joe? >> i think what you' seeing is a lot the iestment community ght now wants to get exposure to energy outside of the energy features emselves. we have 've talked about the derivative, ice, they're und pressure. because of whatthe cftc may be managing looking at oih, oil tradg at $61., oih is down around $87. oil continues too lowe i bought oih after the inventory numbers we out. nervous out it. i saw oil ming back. oil go out trading $60.12, oih trading $90.25. i think oih it gives you a poi

referce that clearly the bottom is in place there. >> we been talking aut oih going down to $90 and we said y when you get there. i'm not trying to be a jerk but it's not a surpre to me because wealked about the 50% correction coming in exactly where it stopped. we said thme thing about slumber j. we gave ithe 870evel on the s&p. things areorking out as pland. now benchmarks on the down side. we talked about the potential impact the cftc limits on contras any speculor can trade. in terms of the impact, what youe saying, hearing from the trading desk is that t will see less lu and therefe they will be -- >> youant energy exposure. that's not going to change. they're just gng to ve your exposure ay from oil futures, which are down -- >> so the volumes will be do on exchanges likthis. >> you have to movaway from the exchges and look at the energy eity names, oil

services, inteated names, get exposure that way. >> this kind of attack on speculators, which think they're rely going -- >> it'zombie buyers. >> this is also gog hurt liquidities in t futures market which is where real players are. i don'know that they are helping the people. i think the comments out of e french and germans that u're going to begino stifle the retu of the economy because of highernergy prices is totally off base. i don't think that's wheree're going to see, u knowthe recovery run intsteam. so i think the speculatiois one more case erpeople are taking that, along with ndamenls and using it as an opportunity to sl oil because the ndamental reason which does not look good. todainventory numbers said that. >> in terms ofxchanges, just tout a bton on this thing, is the reaction overown? >>ompletely.

peopleleout of those things. joe was talking earlier, peopl got shorthese ocks yesterday. a nice trade but don't hold onto the shortsfolks. you can get ur you know what ueezed. i think the are great opportunit you lookt e volumes in exchans, especially cme. u heard donahue on "closing bell," he made gre cments. i thincme is a buy right off e bat. >> all of this sff, its trading vehies. oil lower six days in a row. on the seventhay it st. i got oil longn the close on the seventh day hopefully we rest. ta a look at rimm. saw powerful reversal, got below $64, hasn't done thain a long way. we were looking for the capitulation momen the price of rimm jus from $64.25 andoes $65.50 that's a tell bottom is in place. gives you a great point of

refence. i bought i >> let's move onthe next. in addition to oil banks weighed on the market. bernstein cutting estimates for morgan stanley as well as goldman sachs. trimmed back earnings on t namepartly because of the fdic assessment and becausef the t.a.r.p. could this be anpportunity? we'rseeing goldman sachs trade we're seeing goldman sachs trade $136 and chae. that's theest in clas. >> it's big dollar stock. these stocks do move in inches. goldn was ead of itself. i thk it could come in a little more. and that wouldrobably be a decent place to buy it. i wouldn't be yi it just for is quarter's earnings. i think the r is high. i think the earnings will probably be pret good but you have to lo at it as a longer term. >> i'm sorry. it doesn't mean we hate th company. we talk about goldman sachs

it h nothing to with my elings about the firm. trading lowe this stocks got ahead of themselves. it means you can dipour toe. doesn't me i'm a raging bull. another point of reference >> you are a raging bu but not on this paicular stock. again, brad we love, he comes on the show all theime. what he's allung to or ultimate positives, the cost of repayintht.a.r.p. will hurt these guys but it's a one off. cost related to their debt, credit spreads are tigening, is isn't accounting calesthenics. this wasn't noing driven to undeine the fundamental diet of these guys goinforward. >> it goes back to what morgan stanley did lastrter. they hado rk up the liilities and the street nished them. for a y or two it was the low and morgan stanleyas a bing

opportunity. >> we had something that aired earlier aaron burnett and he sa he sees a recovery in the second half of 201 he said some refms could hurt a consumered recovery. does tt make you more cautious? thisuy hasis pulse on the consumer and entrenched in the financial world sang the recovery isn't happening this ar. >> sure. we got a consumer credit number saying consumecredit has declined som$60 billion over the last eight months. this is a gnificant claw back in t spending power, especially that which ives a recovery. i am concerned about tha don't think we can't rally off lows. think a sustainable recovery which is what i inhe's referrg to, it's not here and t in the future. >> the credit numb was that it wasn'town nearly as what peop estimated so, in fact, the consumer is spendingore and that led to a turnound in some consumer names.

we will get me store sales tomorrow to see how they held up in e quarter. that was interesting. maybe the consumer i-- >> not as bad -- >> it's exaggerated. >> exactly. >> the market itself will tell you whether the envinment is improvin last week everyoneas wildly bullish. today if you listen everyone on thework, everyone was wildly bearish. we talk about revisiting the lows back in march. everyone has a diffent terpretation in what's going to happen in the ecomic landscape. this morning, imf raised the growth outlookor 2010. >> let's move on to the next trade and this ithe other thing that could help th consumer out treurging. strong demand for the ten-year note. we s the ten-year dip down to two-year ls whicis a good sign fornybody looking to lock in a mortgage rate. >> not aood time if you are a short longer term treasury, whh i happen to be.

for this particular consumert wasn't delightful. >> but longer term >> i still thi - >> ultimatel juxtaposed against the nsumer number, faing yields is a big negative for our econom it means people are not ve bullish on the short term prospects d the ten year means the outlook on inflation isn't quite as bad. the bid to cover was theighest they've seen i15ears of this auction and is is the ten year auction. is is e auction. is is e auction. this was an extraoinary event. and i think it was five bitps through where ey wer excting it to come and rallied another five after thaauction. an exclamaon point on economic weakness. >> gd,e talked about at 950, we said no man's land, any ht of inflation arod the corner. now we're trading 910. if y're long, this stock a trade. as an instment, i get it. as a tradeyou're not feeling good right now. i ink it moves lower from here. let's move to the next one. topping the day, walma jcpenney, the discounters closed higher following -- ahead of tomorr's june sales figures and on the back of posive

sults out of family doll, which is a story we brought to you re yesrday. >> hnailed it. >> yes, he absolutely nailedt. is didake the bid for the dollar type source. e llar trees of the world, the discounters higher tay. is there stillalue here or is this trade, this trading dn trade past i prime? >> the consumer is looking for the basic item at the lowest possible price. names like kohl's, that rks well. dick's srting goods was upaded as well. family dollar, all these nam where you allow the conser the ability to walk in and get what ey need at the cheapest possible price, i don't thk that story -- >> walmart, if you're oking r where can the consumer go that's the cheapest, the biggest, it's walmart, ndoubt. >> in terms of trading the stock, family dollarlosed up

31.2 to 12.5%. you would say take money off the table. we saw it at 35 a uple wks ago and then it corrected. i think there s a neglect journaor barron's article or something. i thk it has room on the upside. >>ooe announced it's developing an opating system to cpe with windows, had the drudge report running this headline. oge plots death blow to microsoft. >> never happen. how much of a threat will i be. le comes up to attack microsoft's core pct. >>hich is precisely my poi. let's talk about this r a second. when microsoft unveiled ng

theyghed at it as any type of threat to google because miosoft was entering the search busines as soon google announces pls r an operating system, all of a sudden it's microft's death now. les not forget that kromos is at least a year away, d is getting real good rie, ish a couple weeks away fr hitting the marketace. i am n sure how big of a threat this is. by and large, if y're gog to trade on this or invt on it, u might be sorely disappointed as far as any real action is, based onhese headlines. >> is part of the rootf the concern, jim- there you are. wead a flash with your satellite. part of the concern that perha krone could be used on netwo in the pc mark? >> that's veryuch the case. but it's n as though microsoft is sitting still. 's not as if xp isn't interesting or windows 7 m not

interesting in some new form for netbooks down throad. google has tried the operang game before. android is enjoying some prett goodraction with mobile smartphones, if you will, and big companies like hewlett-packard are testg it as far as usinitn new netbooks. google is looking at netoks as a oppornity down t road but this isn't anhing until 2011, 2012 at the earliest. >> i totally agree with u. it's joe. thsmartphones have evolved into the technology of tay, 2009. when you look at the operati systems, it seemis is where thtenology is not based on 200. -- 20 09. at google doing advantagus to everyone, includi microsoft where th'll look at what they haven't tried and brg it uto 2009 technology vels? >> yeah, that's a great point. ifou look at what we're seeing with smartphones todaythat's one of theeasons apple isn't getting involved in netbooks

hone. this is essentially our veion of the netboecause it does evything all the other netbooks do and then some. google is playing the groundwork, trying to put a lot this erational capability as far as operating systems are concerned into t cloud, on the web,hat's good for google, the more people who go on the web will search on googl aleast that's the conventiol wisdom at googl i dot thinmicrosoft is sitting still, though. i think that when u look at what google isoing today, it is notuca stretch to believe thiss exactly what microsoft is already doi and microsoft's got, what, 20, 30 yearon gole in the operating system business? i don'think it's just an -- you know, an automatic slam dunk that merely because googleas w shifted its spotlight to t operatg system that it's going to be the defacto nner. >> and 90% of the market share. >> got it, jim. thanks. remind me, google entered the search market when yah! was thleader and everybody said yahoo! has it on google because they've beenn the market so lo. look what happened.

that's just a cautionary te. the share price d go below $400hare. you werealng about the levels there. i don't kn. it seems like a bounce bk -- >> the s&p made a low. if it does hold d google is a proxy stock to be long. it can go back to up 4 schb, 430. 870 fe like it held today. we'll re-evaluate. >> you're using the weakne in microsoft to b, joe? >> lover of microst. >> i did not buy microso just yet. i ll. >> what vel? >> it's -- you know, when yo look at it, it is re about seeinghe price action, the versal price action higher i would likeo see follow through in the s&p and results of next week's earnings. microsoft is a slow move gives you plty of time. karennows that well. time now to see wh's going around the trang floors today. the latest, to jump on the gution band wagon, you'll never guess. >> who? >> pope benedict xvi. >> lr.

>> pope benedict in s latest he critized the financial system where pernicious effects of sin a evident and urged the tablishment of a true world authority to overseehe economy. so he wants a global regulor. i guess, beyonthe almighty. that w the word on the street. latest from the alocoa conference call fromebecca jarvis and here'what else is comi up on "fast money". alocoa after hou. we break down the econom bellwether's outlook to see where th market's headed next. steewars. cha detaining an executives one of the bgest iron ore producers in the world. it's an ternational espionage story. weill take you inside for the trade. one sizzng fast food trade losing steam. wi new items whet the appete

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welcback. aloa is trading higher after hours. 26 cents a share was the loss. rebecca jarvis was on the company conference caland she joins usith the latest. >> we have the comny ceo of alocoa going over the numbers. a couple of big highlights. he talked about the au industry, clearly impoant to this com, given they dial in end he auto industry. heaid he's seeing signs of stabilization in the auto industry. for the month of june he sd orders have gone up 10% for class 8 ucks and obviously we know the headlines here. we got to those earlier,ut the earnings upbt on top and bott line. on the tope it was $4.2 lln versus expectations of $3.9 billion. bottom line, their consecuti quarter losses but fewer ces lost on the share basis than many were anticipating, 26 cents loss ahare versus

expections of 38 cents a loss. >> it's karen. did he talk about the brkdown in the airline business, what are ey seeg there? >> he's actually talking about it rightow and i've got it of a little light on the speaker because i'talking with you. and i will definely twt that soon as we have that information. sorry. >> did he stressthgh, the bott line? what i think is thesguys a ve close if not free cash flow positive forhe first time in a long time, their ban sheet what's worried people. if they can withstanthe downturn, this is the ory. >> absolutely. the cost side has be a major element they've been exping throughout the cference call. they talked about the head count reduions. 21,000n head count reductions, done 18,000 of tm. they say 75% of them they estimate will be formay in place going rward. those people wilnot be rehired. they tald about the liquidity position. the cfo said liquidity positn is showing market improvemt and he said they're exceing expectations in every seent,

and that is being realized in their financial position but they are happy with the st savings. they've cut a t ck on cap backs and in ter of dring downheir inventory. they said they've been livinup to that goal and continuto pursue it. >> thank you. geback othat conference call and keep tweeting beuse i'm sure our viewe want to know whathis ceo says. we hava adline thanks to dow jones. the ceo iseeing a cyclical wnturn in aerospace. based on what he's saying,as on rebecca, esn't make you any more blish about alocoa. the fact of the matter is upturn in the autoindustry -- >> i think auto producti in the fourth quarter is where you wa to get on this trade but it will help these guys a help the steel coanies. >> didn't know that already? didn't we -- >> i don't think it that big of a surprise. the surprise was on the ttom line, not thtop line.

it meanshis company has clned up over the last few months and positioning themselves. aluminum and steel stockles are 90% abovwhere they were la year. th is why aluminum hasn't -- >> your favorite nfl quarterba will be very hapbout this. >>ea >> yeah. >> why? >> loving alocoa. >> let's check on dow futures. it lks likwe are ticking slhtly higher. alocoa once again because the dow is a price-weighted inde alocoa is the smallest membe because its share price the smallest on the dow so the impact on the dow is ctained, but still >> s&p is up two pnts -- >> you havto remember the dow has really bome irlevant. look how it closely not closely,ecoupled from the s&p. the dois down way -- it's not even relevant. >> that's a good trade schl. it decoupled frothe s&p 500 cause it's rigged by sha price as opposed to market catalization. >> rigged is the right wor rigged. i just meant rigged meaning

wired. let'move on here. >> pretty hey accusation ther >> yeah. one word, it's a firestorm. much more to the metal story an alocoa. we'll uncover steel deal with interniol intrigue. while china has execs from r tinto. how t will affect your trade. later on. heading over to op desk, if you've been noticing there are fewer and fewer tenas living in your condo building, karehas found a way to trade that that. i think most of the trade, if you look in the lastonth what's hpened to the mmcial real estate and the rental space, avalon bay is a name we have in th space, this stock and this industry in general has soldff very hard in the last month. you sestories like this coming out today and talking aboua new york rentals down anthere was a hope that people who couldn buy homes would then go

to rent. if you lost your job you'rnot doing either. and because -- >> where do you live? you live on a couch with your friends. >> you have to live somewhere. >> the prices of houses contue to come down and they're more affordable so the rent cushion people thought wasre isn't ther all that having been said,ith down 14 points fm the high. it's is a cover more than a short. the move has happed ready. >> l's move on on to the next. burger wars heating up. mcdonald's announcedhe lauh of a new angusurger and maybe burger king y report a $1 cheeseburger. the ceo of cke restaurants, an twister, who owns ca jr. as well as hardee's joining us on the fast line. >> good to be here. >>o many people offering the

economical offerings. are you ramping thatp and how will thaimpact margins? >> we are not rampinup value offerings, we have very od affordable, value offers. we focused on the premium product. when you come out of an economic recession you want to be known for somethg positive. we've been knoor our premium burgers, charbroiling, black angus beef. we an't going to lose that we have not changeour focus. >> i'm getting hungry with those offerings. in the shorterm if burger king fers this $1 double cheese burgerit will be out on the market, will you feel th impact? consumers are pinched for pennies. they may not go to the pmium gus burger. >> we call them bottomeeders. burger kinis run by smart

gu. they're doing wh's best for their mpany. to the extwe've had any hit sales in the past six months, it's been two things. coos, not premium burgers. i guy a year ago said i'll take a $6 combo is now saying il take $6 burger and a glass of water. the othecoumers we're losing are the 99 cent guys which are thleast ofitable consumers. so for first quarter, our rgins were about 19.9%. and i think buer kinwas in the 11% rae. you know, they're doing wh's smarfor their company. at would not be what i wou do. >> you're a smart guy as wel i know you're going to tell me north american oppornity is a great grth engine but they're ckg it in asia. what are you doing? >> we open our first restaurant in shanghai i'm figurinwe'll open in

shanai in october, september. and we have commments r 100 restaurants beijing and shanghai and talking to people in other parts of china. we have restaurants singapore and malaia. our third biggest openi was in pango pango. those are huge opportunity markets for us. >> quicklywhere do you see the u.s. economy? whenill we number a recovery? >> i think we'll numbe recovery whethe government stts doing the right thing to encourage busiss insad of tryi to spend us into prosperity. >> which would be when? >> thinkhey have to get rely scared. 9.4% unemployment would scare me t it sred the government in just ending more money. continuingo spend on roads and bridges isn't going to do it. >> great to talk wityou. hope youl join us again soon. >>f, in fact, this asia mo is for real d he's got his arms around it, then you can be

buying a yumarly on with ckr. 'vhad him on before. stock hasn't done much but it could be aearly ay. >> you're also buying what the sttegy is going forward. when youome out of the economic recessionhow does he keep the market sharthat h has gained during at recession? that's the strategy. you're buying this longer term forinvestment, you're buying that -- >> that's a concern abt this burger king strategy, that is, it wilcannibalize their profits. >> they work to col their margin >> mcdonald's, moving into coffee was a high main business was the right the w to go. that's whayou need to look to, especially growing globally. >> that was a shout t to pete. >> i was feeling the loss pete here and --ey, pete. >> never g that mburger last night. >> we will be talking to pete, the pit bosslater in the show. >> let's askimbout it. >>he imf predicting strong global recovery in 2010.

what should ben youruying list? joining us with his picks, washington redskins player tu four star mutual fund manager, eugene profit. of the profit fund. a pleare to have you here. >> is it a real me? >> it's for real. >> let's second the record straight. you believin a recovery in 2010. what are the beswa to play it >> i think you heard him a say the secondalf 2010. i say 2010 we'll see the best improvement. we to want look at compaes that executingight now. so one of the names we brings u.p.s. u.p.s. we know, big brown, global transport companyhad delivery than fedex.ackage it's n at a price point that you can buy it because of the ecomic recession. they'rusing this time period to sell off some old dc- s improving their bottom le. wh the company turns around, packages still occur and u.p.s

will ba major beneficiary. early cyclical p another na is visa. we actually bought visa toda we hadt up on our list to buy when it t down to about the $59 area. we think it has a $70 valuation price. thnefit of visa is that with e-commerce you'll continually have more transaions occurring. visa is e leader in debit card transactions. ternationally you're starting tose deb cards for transactions -- >> like an eommerce site as ? >> i do. online jeweler, the largest ceified jeweler in the united states. they had 6% revenue grow. their avere tick is about $2500 per cket. they're big in the 25 to 35-year-old male mket. they spend a lot of time online. we think enomy will turn arou being people will be getting engaged, people wi still be buying diamondsnd

blue nile has the most. >> eugene, great talking with up. hope you come back >> my pleasure. comingp next, if you thought u could wait out a corrtion in the stock market by hiding in gold, thinkgain. we explain why clouds ar foing over this supposed safety trade. on tonight's "trad radar we look at stock lighting screens across walstreet today. founded in the late 1980s, thi casino operator has seen a good run th year after expanding into the far east. toy the shares went far south after they said they needed billions to fish their hotel billions to fish their hotel prects. to support bon and breast health... while helping you drate. one a day won's 2o. reeshingly healthy.

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> t therader radar tonight, s vegas sands, among t theosost active namesesn n thnyse today. welcome back to "fast t money." he's'shat's coming up in thehe second half of theherorogr. tradining e e gle, steel wars, latestst ierertional intrigue beeeeechina and australia ththat got onone ececute locked up.

after another sell-l-f f inil, you might be ready t tgigivep the energy t tra. . and trading after dadarkthth t t bo pete dials in with the biotech live from hihis adadin desk. time to test the technhnics. greg hasas yr r fa forecast. >> cloud conditions persisist the s&p market. stst wk we warned you in thihi consolidatioion h h key support 4. the fact is yesterday y weamam down to 87875. did not close belolo87874. that's my key popoinonon close babasi warned you aboututt.t. we're still in thehe consolidation. 'l'll ep our eyes on it. we closed before 87474, llllain condititio b bute're not there st yet. watchihingt t y in, day out. go, near term support ararndnd 920. we failed to g getbobove resistancecef f 95last week. moving average line stararti t t turn over.r. this at this point stitillloloy if gold d brksks bore 950.

tutuining the treasury market, ce downtrend here that thehe markrketioioted. price action to o thupupde. at is the inverse to stockcks. therers s a ight to quality taking place r rig n n in the trsury market. hehenc w whave price action momong up as stocks remainin uer pressure. that could reverse r ratr r ickly if stocks do holold atat 874.11. s&p 500 market, septemembe contract, thatat'shehe tdeable onon expect rain only if f welolo below 87874. we talked about that pointnt a for the last w weeanand half. gold, susun memes t above 950, between 920 and 95950. mixture of s sunndnd cuds. 're down lower into ththat range, cloudy. treasusueses, ight to quality, trtreariri moving up based on the fact that stocks a a u und pressure. hold the 874 levelel. we have your backs covereded. >> thank you, greg.. the bottom lininisis cry your umbrelellandndear your shades.

can i change one thinin in gold you have t to anangehat to a s sereriawinter. that's's t o olook in gold right w. let't's veve oto today's editions of pop anand opops. family dolollaupup3%. >> we talked a autut gting above $35.5. i agree wiwithimim. they're e magigi the bottom line we. rnrnin are increasing. >>tutuwhat's popping, 4%. >> gololdm u upgded it. the differenencehehesaid peabody h healy exposed to asia. at is where you wtt to be withth cl.l. >> general e eleriric,arent compmpy y ofhis network, down 3%3% >> they'rere wririedbout debt ncncer. the right prpricfofothe stock is 12, , .5.50 anywhere around 10 u want in. >> pop for costco, up p 3% >>t t waon the back of family y dollar's figures. me kind of space. if you w wanexexsure to the acace,almart is the name to o to. >> w we t t drop for john meriwethererththe onic trader, shting doors to the hedgdgfufund

he started ten y yea a a after losing almost 40% ovoverheheast couplele oyeyear this folollo t the998 crash of lo term capital, another hededge fund meriwether r unundewhich proves t to u u wall street therere'alalwa second, third, d fourth chances out therere. coming up, the case e of inrnrnional intrigue, why china's auauthitits locked up an exexecrom australia's steel l company. veve t sydney. how it is vivingour metal adade. its s the st advanced automobobile he ever created. cathat can help awak itsriver if he begio doze... ke him in his lane if he stts to wander... evenen stop ititlf if he becomes distrara.

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welcome back. we're live in neyork city. steel wa after stalled negotiations iron ore,hina detained aexecutive from rio tinton espionage. t's go to sydney with karen. >> four rio tintexeces detained on steals ste secrets. one is an auralian. stern hoop.

according to sources, rio shanghai offices raideand computers moveafter the detentio. sources cna are saying it's part of a broader investigation into allegations of ckbacks paid during the allocation of raw materials to state own steel mills. speculation about the real arrestthe timing is signicant to some. china has be pushing for a steeper cut in iron ore ice. some bieveind scenes agreeing to a 33reduns. burihas been a producer at the front, pushing for a hher iron price. the man arsted is rio general manager of markeng rio general mager of marketing in china and he determines who receives what. rio/china relations are strained. ina feels as though it was strung along by rio. the two were to partnewith injecting $15 billion into ri

the detentions, course, have unneed foreign business people in china. fr alobal perspective as china demands a gger role in worlaffairs, it throws into questions e practices behind the great wall. cha official as the g-8 will be under pressure to rssure other countrs that china does, deed, engage in fair dealis. whilchina authorities don't always detail allegatis in this case it will be pressured too so, especially if it wants to maintn reons with australia. to have closer tie with mining companies. >> thank you. >> karen raised an interesting point. the reality is that ritinto almost did a deal th china chlcfor an aluminum stake but so to get closer to iron ore. ere are negotiations. i don't think it changes anybody's vi whether they want to do business in china before or not. i think it shows the value in the ore compy.

blig sell-off in rio tinto and bhp, theare cuttindealth chinese. i ingreat opportunity here and i think the steel tradis just starting to come on board going into the fourth quter. are seeing steel prices rise around the country. if you look at u.s. eel and cor. >> there you he it. coming up, today mard the sixth consecive drop of crude l. don't declare itead. ita heart attack a at 53 butus out...

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time now for what t you've been waing for, an oil trade that actually y works. melissa, you have to o cuddle up tthe ugly duckling. yohave to cuddle up to t the ducklingnd the refinery section is priceced for armaddon. we have not t seen a increase in expectctations take a look at t the namesnd buy the worst one, t the one dn the most. bought sunoco, tradingng at 21 bucks. it is great way to play a

potential turnrnaround ithe auto spe, miles driven, a grereat way to play turnrn around economic activity in terms s of truckg activity. hohow about e hurricane? potential hurrrricanesrefinery margins will m move high. you can't replace e barrels lost gasine. 's low trading at $21 1 but it is a very ugly ducuckling. >> let's get to tradading afte darkrk. >> straight t from trang desk tonit is the one and only y pit boss, aka pete watchining biotec big shes in amgen. we talkeked about at yesterday on thehe desk om positive resusults fromhe study. what a are you lking at? > the impssive thing, melissa, b by the y, hello, amgennas been a phenomenal stock. when you look atat it, itrades a price to earning ratitio much mo like a utility stock.k.

it's's incredie. it trades even at t $60 a are, which its now, and $60 billionon market cap, wewe're taing about a 15 pe.e. you're also tatalking abt the potential of this drugug they've alreready got phase three that had d so mucfollowing yesterday, inuding today. you'rere talkingbout a multibillion dollar drugug. thenen you lk at the rest of the pipeline for amgen and t the biotecech space. itit's not pced like the old daysys of bioth. we're seseeing pring very the beet that is a 0 s so ves at half the voluntarility to the s&p. soist a vevery, veryrynterestina stock even at t the $6level. gu the world's most succecel businessgecko. thgecko vovofirst rule of business::ec"hard work " rated excellent or betr geicy terms of financial sengt

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welcome back. let's gegeststraht to it. ththe nal trade? >> mt cutting deals withth c o o conanant this is a tradade . . >> intnt m mada 1578 today. >> karen? >> wells f far p pferred. >> got to love americacan prpres top perfrforr r that irrelevant industrial average, , rfrford lllloday, so much exposurere t e e coumer but yet it continueues d dy logic and moves hihierer. > i m missa lee, thanks for wawatcng. see you 12:45 5 anbabackt 5:00 p.m. for more "fast momone o o

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