these days. got to get larry back here. a lot to get through. "fast money" coming up in just a few moments with melissa lee. >> we're going to have an interview. very rambunctious bunch. we've got an exclusive, remember that yesterday the stock was up at 20% on this deal that they have. it's up again today on news that its vaccines are being tested for ebola. so this is a big ebola stock that also has a solid pipeline of immuneo therapy treatment. >> without delay, over the you guys. >> "fast money" starts right now. i'm melissa lee. your traders tonight are ryan, karen, guy. yahoo shares popping after hours. the company beating earnings and revenue estimates. the conference call starting right now. we have got the latest in a big rally today. the s&p and nasdaq posting their best day of the year. the longest winning streak this

year. is this a rally to sell? that's coming up. we start off with yahoo ceo marisa myers expected to unveil her turnaround strategy for the company today. so at this point, have we alleviated concerns about the core business? because that was the drag on the stock. >> if you look at these guys relative to the industry, they're lagging in a big, bad way. versus facebook and google. but if you look to me -- this is not a lot more complicated than looking at the sum of the parts and also looking at where people are valuing their business. if you think there is a valdetero disruptive acquisition in the cards, then this is a stock you worry about. otherwise there has to be buybacks. there has to be capital restructuring. if there is anything, and the probability in most analysts -- if you look at people that have a buy rating on yahoo, they put about a 50% probability that the selloff of the remaining alibaba stake will be in a tax efficient manner. that puts the stock at 50 or above. to me, if the core business, which is -- i wouldn't say it's

failing. i'd say it's going sideways at a time when other people are growing, which maybe equals failing, but this is a stock i own. >> display, in terms of year on year, disappointing and slower than the rest of the industry. so why is the stock up 2%? >> because it was good enough. it was good enough. and i think at this point, it absolutely is. technically, that 38 level held again. to me, it's imperative that it gets above 42. you might get to the levels that timmy and pete think, 50. i don't think it gets that high, but i think 45 is at least in the cards. this was not a disaster of a quarter. it was good enough for me to get the stock to the next level. >> it seems like marisa has this opportunity on the conference call to actually set the table for what she intends on doing next, because i think a lot of people think that the clock is ticking at this point. >> they do, and i wonder what starboard's response is going to be to what the quarter and what she says. i do think she probably does feel under pressure somewhat, now that the big event of alibaba has happened. so i don't think this will be

enough to satisfy starboard. i think they're going to push on. >> i think you have to sell it. sell it in the afterhours and take the profits. it's a special situation stock. i don't think you're going to get killed in this. but the way i trade these, and the way i've actually traded yahoo, is when you get a big 5% drop on disappointment, you buy it. because you know somebody else is going to come in and say hey, sum of the parts, whatever it is. special situation. you sell the pops and then you buy them on drops. >> is this that big of a move? you say i got what i came for? >> i'm saying the way i trade, have traded yahoo and the way i would, buy it at 39, sold it at 42. i wish i had bought it at 36. i would wait for a drop back down to 40. >> i think the key question is what do they do with -- well, the tax efficiency in terms of the sale of the baba stake and what do they do with the rest of it. that's going to be key. >> the management call -- i mean, this is really what could move the stock. when we get some answers and some confidence out of management, what they think they're doing, the trajectory of operating costs, this is

something else people are looking for. but the potential for cash returns to investors are what they want to know about right now. any glimmer of this, very important. >> that is a shot of the webcast in case you're wondering, it's a live shot of what's going on with the call under way right now. meantime, let's get more on yahoo, bring in rosenblatt securities. what do you make of this quarter? and in your note, you sound a little bit skeptical as to why one would own yahoo at this point. what do you want to hear on that conference call? >> i think there's two parts, the event, the transaction of the alibaba. i think they should be very explosive to say they'll continue to hold that. they're locked up far year, but i mean beyond that. that's a good thing for them to be doing. the core business is continuing to erode, and you were mentioning a couple numbers, the one i zeroed in on immediately was that pricing and display advertising was down 24% again after being down 24% last quarter. they have no pricing power in

the business right now in terms of display advertising. a lot of factors. facebook's a factor. google's a factor on search. not so much on display. but that's a big challenge and i think it's a reason you stay on the sidelines on this name. it's trading up a little bit. surface level beat the earnings number from alibaba, but the core business is not growing and that's the challenge. >> i think they were up 24% and i'm looking at the revenue in display. even that was bad. i think it was about 10% better than the street was looking. at worst, it offsets each other. >> it was still down 6%. i kind of compare it to the radio business. that's not a great analogy, but the radio business is suffering because they're selling ads much cheaper and more volume to make it up. that's kind of what yahoo is getting in this bind about. everybody else has price power. facebook is gaining 80% to 90% equivalent unit pricing power. google is still growing its pricing. although admittedly a little bit

more mature. if you can't price for your premium inventory in the business, it's a challenge to grow. and i think yahoo's going to be flattish. >> we're showing a shot of marisa mayer on the webcast in the conference call right now. she's already been a ceo at yahoo! for two years, more than two years at this point. she's made a number of acquisitions. she made more than a billion dollars to tumblr. how much time do you think she's got? do you think in a year she'll still be the ceo of yahoo? >> i think she's done a pretty good job for the two years she's been here. as you mentioned some of those acquisitions and they reinvigorated the product line, so those things have been good. tumblr is a mystery as to whether it's really been a credit to the company. i think this the next year if this company is not growing meaningfully in terms of top line, which to me it would be at least 5% towards 10%, again, i'm not saying they're going to be google, they're not going to be facebook in growth rate, but if they don't get back to 5% to 10%

revenue growth with stable margins, i think it's time to look elsewhere. it's not a simple problem to fix. i'm not really critiquing her so much. i just think you've got to move on and try the next go-around. >> all right, thank you for your time. what do we want to hear from marisa? >> well, i'm not sure what she can say to make anybody feel any better. i mean, clearly i think the street has marginalized her. there's a faction of the street that no matter what she says, it's not going to be good enough. i don't think she can say anything to get the stock higher. i think the quarter and the guidance somewhat speaks for itself. it wasn't a disaster. i think it was good enough. >> we'll continue to track the yahoo call, which, of course, is under way. yahoo shares up 2%. got to address the markets here. it was a large day on the streets. nasdaq logging triple digit gains as apple neared an all-time high. the russell 2,000 clocking with gains of just under 2%. is this the rally to sell in

that's the feeling i got on our conference call. >> has this been the earnings season to make you forget about the fears of ten days ago when central banks looked like they were running for the door. that's the question you have to ask yourself. i think a lot of people have been talking about it, dan's been talking bette. i think this has been all about central banks coming to the rechb rescue. this was spurred on by expectations of the ecb buying corporate bonds, december possibly january. i think there's a limit to what they can do there. i think there's major legal and structural issues to what they can do there. and so the other side of this is i've not been as negative as other people, but after this rally, i think you have to sell. i think it enters your name from the lows to the highs, and for that, i was actually buying the qid, which is the double nasdaq short, because these are short-term ways to play an over market. >> okay, so the extension of it, if you believe today's rally, was stoked by the ecb potentially buying corporate

bonds. that means that this rally was based on a false foundation. >> it's the peter pan rally. as long as you close your eyes and believe, you'll be able to fly. as soon as you stop believing, doubt comes in. i don't know if alibaba was going to mark the top and mark said that is the top. but what we're seeing is a topping process. you saw coca-cola, mcdonald's, ibm. what happens when financial engineering ends and you can't grow your revenues anymore? you hollow out the company, you have no revenue growth. ibm, coca-cola, and mcdonald's. >> in fact, you're doing some selling today, karen. >> yes. we try to buy when things are low, and sell when things are high. in the last week, we've sort of gotten a little lucky with timing. we bought some disney calls. we're going to sell against it. we sold some mdy, the etf to hedge some of our more mid cappy stuff that we bought.

it just seemed not quite as panicky, but it did seem rather indiscriminate in buying. >> yesterday i sat here and said 1904 should sell. clearly that didn't happen. the ecb headlines obviously spurred this. but even if they're considering that, how bad must things be there for them to have that conversation? to me, that's really the thing you have to focus on. so what does this mean technically? 1970 was support, becomes resistance. maybe we'll trend up to there. clearly i was wrong yesterday. >> shares of new link surging again today on promising news for its ebola vaccine. plus, a new deal to develop a cancer drug. we've got the ceo in an exclusive interview. apple rallying after last night's earnings report. we have got an interview with carl icahn. that's coming up on "fast." see things in a whole new way. it's in this spirit that ing u.s. is becoming a new kind of company.

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want to take a look at shares in yahoo. we are watching them just come off of their after session highs. it was what some are calling the muted quarter. it was a beat on the top and the bottom line. fourth quarter guidance was pretty much in line. a year on year basis, those growth trends do look to be sub

industry standards. so there we are, shares of yahoo up 1.5%. we are in the midst of a conference call right now. we'll bring you the latest developments as we have them. we're also tracking irobot. let's get the details with dom. >> those shares moving higher in the afterhours. it also raised its guidance for the year. the company did say that home robot growth of 19% year over year drove total company revenue growth of 15%, and revenue in the defense and security business also exceeded the company's expectations, so again, irobot shares reflecting home robot and defense and security robot growth trade in that 11% gain. back over to you, melissa. >> thanks, dom. as much as we like to joke about irobot, it's a real stock. >> the end of 2013, it bottomed out at 30 bucks, had that huge rally to 45. obviously this year we made that

same low 30. it's obviously trading 35 now, so the risk/reward is a little dangerous here, but against 30, if you have that kind of risk tolerance, this is the stock that might rally from this level as well. so i think you stay with it. >> it's time for one of the favorite games on "fast money." would you rather a special top trades edition. we want to kick it off with coke versus monster beverage. coke, of course, falling short of investments in the third quarter. monster has gained over 53% in the same timeframe. tim, what do you say? >> coca-cola, i would rather. coke looking to kind of get into the monster game as well. this is a company that they are trying to buy into, and this is a company that coke announced a bunch of strategic changes that fell well short of what the expectations were. this is not a company we're going to turn around overnight. this is not a broken company. this is a company that is fighting i think just kind of

cultural changes and things in their u.s. mark, which haven't turned around. the valuation here, relative to monster, is what it comes down to for me. coke is trading somewhere around 19 times. after today, it's even cheaper. i even bought some coke. my average price is about 4% higher. i actually bought it after the last pullback. and so around $40, the stock actually has very good support. this is a stock that rallied 10% into these numbers, and numbers that people thought were going to improve upon disappointing. >> it may not be broken, but the fix is going to take a long time. when you're talking north american bemplg sales, those have been on the decline for a decade. >> but markets are willing to hope and markets are willing to anticipate. and if given the choice between the two, you're looking at coke, which is a company that's doing all the wrong things and mons has clearly done all the right things. who has a better chance of changing? monster has further to fall. >> so the risk/reward on monster -- >> exactly. >> where do you stand, karen? >> i'm not sure.

i just can't really get onboard. >> you cannot get onboard monster? >> by default. >> coke by default. but monster the stock has some giddy up. but i'm here with the hash tag down there. >> it's an interesting case, especially when the stock is down on a single day. next, a look at the fast-food trade. would you rather mcdonald's or el poyo loco? loco priced at $15 a share. has more than doubled since then. guy? >> this quarter for mcdonald's, i think in a word, it's awful, which i think is a good thing for mcdonald's, because i think tim used the word earlier, hubrus. comps are down around the world. obviously the stock is flirting with 90 bucks. it doesn't feel like it wants to hold. big, short interest. maybe the stock bounces from here. but for the long term, i've got to believe that mcdonald's is --

i mean, loco. mcdonald's is going to be forced to figure this out. if you ask me jack or mcdonald's, i would have said jack. >> but good to know. noted. they haven't had an increase since last november. you could have said that for months and months on end. >> this is, one, the market we're in. and two, more how i invest. we saw this a couple days ago. i don't want to own 45 times multiples in a sector that i think still the jury is out. how can you grow at 45%? cmg grows at 25%, they get punished. mcdonald's is a proven global brand. again, same issues. the millennials not really eating mcdonald's in this country, but if you look around the world, they are. these guys will reinvent themselves. 15 times multiple. i like that. >> but how do you reinvent yourself? you buy something loco. >> it was clearly a mistake. if you're reinventing yourself, would you make it or buy it?

i think you buy it. >> still ahead, newlink genetics. the company just secured a $1 billion deal with genentech. that's next. and later, a first on cnbc interview with carl icahn. we'll talk apple, netflix and much more with the man himself. that's straight ahead. every night, the "fast money" team makes sense of trades. serving up in-depth analysis and actionable advice. >> a lot of guys are looking to put some respect on. >> all to help you prepare for the next trading day. >> these stocks that are love stories can go down. >> this is "fast money." >> we're just trying to find good stocks. >> have a market question for the "fast money" traders? tweet us at cnbc "fast money." the equipment tracking system will get you to the loading dock. ♪ there should be a truck leaving now. i got it.

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they cut the power. it'll fix itself. power's back on. quick thinking traffic lights and self correcting power grids make the world predictable. thrillingly predictable. major hedge fund titans and presente erers presenting theirt idea. we're there with carl icahn. >> carl icahn literally walked off the stage and straight on to our set. it's nice to see you. >> good to see you. >> let's hear from you on apple, first and foremost. the company out with earnings last night, very strong. what's your initial reaction to

what you saw? >> well, i think the earnings were very good. but i really believe that you look for companies like this, they come around maybe once a decade. maybe even less than that, that are just no-brainers to buy. the risk/reward is so much in your favor on that one. because where do you see a company that literally could do eight, nine times earnings? even if they don't grow 30%, it's just tremendously cheap because i think apple literally owns the smart phone business, at least the high-priced smart phones. and when anybody buys a phone, it's an annuity, because they keep it. and even if they want to keep it an extra year, they still want to get the new stuff. they really have their photos on it. it's an ecosystem.

>> did you buy back -- not buy back. did you buy any more stock since you sent this most recent letter to tim -- >> i really don't want to say. and i tell you honestly, i don't remember, because we buy so many things and do so many things. >> you probably remember that one. >> no, because the apple position is really, in my mind, controlled -- even though i control it, by brett and dave. my son brett and dave. they tell me. >> you're the last one to know. >> but i agree with them 100% that this is a company -- and there's an interesting kicker in it that i think exists maybe that's overlooked. a lot of funds are short apple. meaning they're not short the stock. but they're underweight. a lot of these funds compete with the index funds.

and when you compete with an index fund, you want to do better, because you're getting a percent more, a closer percent more. a lot of these funds i think missed it. because the analysis of it is they're a hardware company, they're overpriced, they can't keep the margins. and that's not the case and therefore as it goes up, the index funds own it and it's a big part of the index. i think 5%. so i think you're going to -- if it keeps going this way, it's literally tantamount a de facto short squeeze, which will push that stock up very fast one day. and if you notice, and i'm real happy about this, tim cook just bought $17 billion, apple just bought 17 billion back this quarter. and it's absurd not to buy it back. you know, people don't get that. they write oh, they need the money for investment. they don't need $135 billion for an investment. the cash flow pays for

investment. >> maybe some would say this quarter is evidence that let apple figure it out. they're doing a great job. david einhorn was sitting in that very seat with us exclusively today and said apple's hitting on all cylinders. isn't there something to be said for that? just let tim cook and apple figure it out. they're doing a pretty darn good job of it. >> i think very few would deny, very few, and i'm not going to go into individuals, because i have dinner with tim cook, i meet with him, and very few would deny that we did not have an flounce on accelerating the buyback. that made apple a lot of money and made the shareholders a lot of money and i think we had a lot to do with accelerating it. i'm not saying they wouldn't have bought it back. and i believe that. and i think if you ask tim cook, i can't speak for tim, but i think he would tell you that, too. why not have an influence? we are a large shareholder. i have $5 billion.

i think i have a right to say what i think. i just don't agree with this philosophy that oh, just shut and let them run companies. if we did that, we would have never had the results that we had. we never would have enhanced value the way we did for shareholders. so i really disagree with that completely. >> it's my understanding that part of the conversation that took place with you today and larry fink was over whether activist investors are destructive or not. whether they're forcing companies to buy back too much stock. i could just point to ibm as an example of a company that's buying back a lot of stock. having some problems as a result of a lack of investment perhaps in some other areas. at least there are those who would say that. what is your response to that? >> i responded to larry on that, and i'm not sure he doesn't agree. there are some cases where companies -- i agree with larry. that you shouldn't go and borrow -- in fact, i think the high yield market might be in a bubble. but that doesn't mean that companies that have capital -- you know, when you buy back

stock, that stock doesn't disappear into a furnace. it goes into society. people use that. and there are ceos -- i mean, let's take the other side. i think tim cook's a great ceo, so i want to make that clear. but there are a lot of ceos that are mediocre guys, a lot of great guys. these mediocre guys shouldn't be given a lot of money to invest because they're going to lose it in a bad market. in a bad economy. these guys don't have the ability to invest it. they should give the money back. as long as they have it. but they shouldn't go borrowing for it. i'm not saying to borrow for it. none, if you have $135 billion buried in ireland somewhere, you don't have to worry about borrowing money, but that's not true of a lot of companies. so i agree with them to that extent. but i don't agree that a company like an apple that has tremendous assets, that's very cheap -- and tim cook is the first to say where we really undervalue is sitting with money

they're making nothing on. why not buy the stock for the benefit of the shareholders that want to keep it? >> you alluded to the fact in your answer just now that you don't like the high yield market. you're short. correct? >> i think the high yield market is in a bubble. i think that sooner or later it's going to -- i'm not telling you next week, next month. i'm not telling you what i'm doing next week, whether i'm buying or selling it. we do a very archean product. we buy the insurance. we buy the cbs on the high yield versus the treasuries, the five-year treasuries. and it doesn't mean i'm right. in fact, i'm losing money on it right now. but i think that that is a no-brainer also. >> the bet is that interest rates are going to rise. people are beginning there because there's a hunt for yield. >> well, yeah. and that's for the wrong reason. i mean, if you look at the numbers ten years ago, there was nothing in these funds.

19 billion. now i think there's 800 billion. people buying them for the wrong reasons. some people buy them because an interest play. some people because oh, i can't make 2% on my money, i want to make five. for that 3.5%, you're taking a major risk. way too much. now, it doesn't mean to do it tomorrow, because tomorrow i can't tell you that that might not narrow. the fed is lowering rates. but -- so i'm not telling the company to go borrow, to buy back this stock. we're not saying that at all and i agree with larry on that. what i don't agree, that apple has this unbelievable ecosystem that you can't -- and as larry -- you can't compete with him, very hard. it's one of the cheap stocks around. why not use your capital, if it's sitting in ireland doing nothing, buying back the stock and help the shareholder. >> you told me a couple weeks ago when you were on with us that you were nervous about where the stock market was.

well, last week, volatility kicked up to a level we haven't seen in some five years. are you more nervous today? do you think we bottomed last week? where do you think we are? >> i think it's sort of very interesting. the fed has made it clear that they're not going to raise interest rates so fast. this market follows the fed. the fed is saying now, we're certainly not in march going to change the fed funds rate. pretty much saying that. that helps this market tremendously. i don't think necessarily the market -- the market, you can't just look at the market and say it's correct or not correct. and there's too many variables to predict on a short-term basis. i am concerned -- i am quite concerned that something is going to happen. >> let's put it this way. if the fed wasn't involved in the market right now, where would the s&p be in your mind? as i heard, you made a comment about that as well.

>> i think it would be meaningfully lower. >> meaningfully lower. >> yes. i think that that's helped the market tremendously. these low interest rates. people have nowhere to put their money. companies are able to make good earnings. i don't know if anybody can hear us. >> they can. might want to speak up. >> so i don't think -- that's my opinion. but i'm not here to predict the market. i'm concerned about it. but we own a lot of stocks. we make money on a day like this. a lot of money. and i have big hedges on them, but we still make a lot of money and i'm hedged. >> let me ask you as well before i let you go. e-bay. we spoke about this before. you had some pretty interesting things to say about mark andresen, to say the least. >> mark andresen made an interesting comment. i'm very pleased with what i accomplished at e-bay. a lot of people will be pleased if you can make a profit of

about $5 billion. you go buy it for yourself and flip it. hey, i'd be pleased too with that accomplishment. >> your reaction to him leaving the board? >> well, i'm certainly happy about it. i've been pushing for that. i mean, i don't go into what we say at the dinners, but i had dinner with john two nights ago, and i don't want to talk about what happened at that dinner. >> you brought it up, not me. >> you can imagine my feelings about andreesen. it's sort of interesting that guys like that in silicon valley have decided that they can get away with this stuff. like michael dell. i mean, nobody could compete with him to buy that company, so now he bought delchi. these guys are like alchemists.

but a lot of them, it's ridiculous. >> did you tell donahoe that you want to do a deal? >> i don't want to say what i told him, butly say what i think. and i'm not going to say what i told him. but i really believe donahoe really does believe in enhancing value. he wants to enhance value. and frankly, you know that he's leaving, so, you know, his stock goes up. but the real problem i think you have in e-bay is that i worry about him, because it's like motorola. if we hadn't been at motorola, i think we would have gossip back. we got excel to google. we helped quite a bit in that. i think e-bay -- i said that in there. it's sort of binary. i'd like them to sell right now

as opposed to waiting for this year to go by. i talked to john. i think he really means very well. i think he's made a lot of errors. keeping marc andreesen is an error. having had this sort of a bit of a fight with apple and not being part of that ecosystem of apple pay is a big error. these are errors he's made. i don't want to say what i tell him. you can imagine it. i can't say it and i'm not going to say what he said. but i am beginning to say that -- you know, i keep my powder dry. i never exercise. we have this confidentiality. but i never exercise. so we talk about what he tells other shareholders.

so i don't know completely his inner feelings. but what i will say is i never exercise it because i want to keep my prouder dry, to have a proxy fight, although i have made no decision to do it. like i was at motorola, it could be a great company. paypal is a jewel right now. because it really controls all the small merchants online, and they like them and they get along with paypal, and paypal is almost necessary. but that's not going to last forever. not with apple pay there. i don't know who else is going to really come in there. but they absolutely do what motorola did. that's my job. we have a major position in it. i hope that we -- you know, i made a great deal of money for some other shelves. and just to digress a little

bit -- >> we've got to go. >> i'd like to do a study. if you take andreesen and dell and add up what they lost for shareholders that trusted him against what i made for him. as much as i made for shareholders, i think it would be close. i'm being a little facetious. >> thanks for joining us. i appreciate it very much. carl icahn. melissa, back to you. >> thanks so much. our thanks, of course, again to carl icahn of icahn enterprises. a couple of interesting nuggets from this interview. more capital return to shareholders. and apple is like an annuity, which sort of raised our eyebrows here in terms of the phone, because once you get somebody to own the phone, you will keep coming back, because the thought is there's an ecosystem to keep coming back to. it pays like an annuity. do you agree with that? >> i do agree with the ecosystem. i haven't heard it referred to as an annuity.

apple is $20 a share. that's very positive. had much better iphone, much better mac growth in the last quarter than expected. that's very positive. 50% of the people in china were making a first-time apple purchase. >> they've already done a significant amount of buybacks. >> however, they had so much fire power going in, they still have a ton that they could do. they're continuing to generate cash. this is something they could aggressively do for quite some time. so, you know, if you think about it that way, maybe there's a floor underneath and that allows you upside and long stock. i was disappointed with how it acted today. you had a monster day in the market. great earnings last night. and, you know, not fantastic fr reaction from the stock today. >> not fantastic today. but i think it traded down to

95.5, 96. so relatively speaking, we pointed out it has traded well. this level here should get you the level i think tim is looking for, 110. i think some of the things carl said was somewhat self-serving, which is fine. i think the part about the barriers of entry is probably true. we'll see what happens. >> just quickly on high yield. high yield is in a bubble, he says. >> he's 100% right. the other part is very structural, where you don't have a lot of liquidity in this market. even if you get just a small little prick of the bubble, you get a huge move in high yield, which we've seen. i think carl's going to make a lot of money in that trade. >> want to get back to yahoo. it is still moving higher. josh lipton live from yahoo's campus with the latest from that conference call. josh? >> reporter: on the conference call, a lot of focus on capital return. take a listen to what marisa mayer talked to analysts about. >> in september 2012, we promised to return $3 billion of those proceeds to shareholders.

over the past two years, we went on to return $6.2 billion to shareholders. more than double our commitment. >> now, yahoo did net about $6 billion from that alibaba ipo, promised to return half to shareholders. no real news here on that in terms of the mechanism. no news on the special dividend or major repurchase. myers simply reiterating what she has said before, that yahoo tends to be a good steward of capital. i'll also mention on acquisitions. we saw a lot of press reports that yahoo will be announcing acquisition. instead so far, mayers speaking very generally about acquisit n acquisitions. that she'll continue to look for opportunities. but keeping the discussion very broad so far. melissa, back to you. >> so many analysts were expecting some sort of a turnaround plan to be discussed, or the start of a turnaround plan on this conference chasm any indication of that so far?

it sounds like no. >> yeah, "the wall street journal" did report that meyer would go into this greater at t the, detail about how to turn it around. meyer said clearly may be breathing some sigh of relief. she's been in charge of this company behind me for two years, facing a lot of activists, investors. you did see revenue pop ever so slightly, enough to beat expectations. but right now, the discussion pretty general. >> all right, josh lipton, thanks iffthank s for that again. doesn't sound like it would be good enough. >> i go back to what i said earlier. you sell this pop in the after hours and then you wait. if it's down 5%, you buy it because you know you have an activist in there. >> shares of newlink genetics today rising, jumping 10%, in fact, on news the world health organization will send thousands of doses of newlink's experimental ebola vaccine to west africa in january.

this news comes on the back of a $1 billion deal newlink reached with genentech to develop therapies. let's bring in dr. charles link as well as our own reporter meg terrell. great to have you with us. >> hi, melissa. >> the vaccine was already in a trial of 500 volunteers or so. so what will this bigger study starting in january do for you and what sort of data are you expecting out of it? >> the first 500 volunteers are in phase one testing, testing for toxicity and trying to determine dose. the large-scale trial in west africa is trying to look at the effectiveness to determine if it should be widely distributed within the hot zone. >> what sort of timeframe should be we be expecting? >> it's a little hard to project, but we expect to get the first phase one data by around december, and that data will be used to make a choice, to then launch the larger scale trial, and sort of a phased

version in january of next year, but it's a little hard to nail that date downright today. >> are you going to be able to ramp up supply in order to help -- i know the w.h.o. is looking for 20,000 doses potentially starting in january. do you have that capacity? gsk talking about a million potentially by the end of 2015. are you going to be able to ramp up to that kind of capacity? >> yes, there's a difference in the two vaccines in that this is a live vaccine, so it's actually easier to ramp up. and we think by the end of the year, that we could have hundreds of thousands of doses, if the dose that's chosen is a moderate sized dose. so it could be hundreds of thousands of dose, maybe more. >> let's talk also about the deal that you did earlier this week. looking at your pipeline, it's so diversified. you've got so many things going on. pancreatic cancer, ebola vaccine, immuno oncology is super hot right now. i know a lot of investors are

waiting for that pancreatic cancer data. >> they sure are. we still believe we'll hit it end of this year, beginning of next. and we're still on pace for that. the large collaboration with genentech, we are super excited about. it's a project that we've been working on for almost ten years. we found terrific alignment in science between the genentech team and the new link team on how this type of new immuno therapy should be developed in the clinic. >> a lot of investors are curious about the pancreatic drug, so i wanted to ask you, you mentioned that you're expecting that next critical data point to happen sometime before the end of 2014 or early next year. some analysts are saying that perhaps, perhaps, although this is a high bar, you could reach the 30-plus percent efficacy rate and that would halt the trial and allow you to move on.

what do you think the odds are of that? is that just off the charts? is that feasible? >> it's hard to put -- i think it is a possibility. you know, the trial is designed for the final event, which we think will happen third quarter of 2015. but i do think given where we're seeing the overall trial progress in terms of how long the paretients are living. we're excited about it. that has made us do a lot of planning for commercial infrastructure. our intention is to commercialize this drug in the united states for ourselves. >> we'll have to leave it there. thank you so much for joining us. we do appreciate it. >> my pleasure. >> dr. charles link, the chairman and ceo of newlink. a lot of people were looking for the hyper acute pancreatic phase three data point. and so he said it's a possibility that that high bar at 30%-plus could be reached. >> what's amazing is we talked about this before. this is a company getting so much attention because of ebola, but then we're seeing all this

other news. there's a lot of other things going on. >> in terms of the biggest drug in the pipeline, what would that be? >> the roche deal certainly blew that up. but it's an early product. i think all the eyes were on the pancreatic drug before ebola came along. >> a number of times this year, but now you're in the deep end of the pool. sometime next week, maybe towards the end of the week, if you've enjoyed this move to the upside, maybe another 10%, you've got to get out of some of it here ahead of earnings, illinois. >> mega, thank you for coming by. still ahead, we'll tell you how investors are diving into that trade. that's next. you make a great team.

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late, in that the opportunity has passed. what do you find? >> i think some of that true is because there's big outflows in 2003. trading between 80 and 100 and 110 for how long since 2009. and i think we're seeing a responsive value of investors coming in. and also people are reallocating some of their equity gains and bond gains into commodities and into oil in particular. >> if you're coming here and saying there's room in your portfolio for some sort of oil exposure, what is going to the catalyst to draw the price higher? is it just that one opec meeting in november? is it the premise that global growth is going to be rip roaring so therefore you want to own oil? what's your primary thesis here? >> in the short term, we estimate oil is below production. made around $90 a barrel. so it's cheap right now. in the short term, it should rally and has for a while. the bigger picture, your point is clear, the u.s. is becoming energy independent. but why do investors invest oil? one of the key reasons you

always need oil protection is for insurance. so the way i look at it, it's wake up in the morning double risk. if oil doubles when you get up in the morning, it's going to be major impact in everything. more than any other commodity. so you need exposure to that. our main focus is really more precious metals. the difference is you can invest in precious metals through an etf and you never have to worry about the derivatives or the futures that you have to worry about in an oil etf. so say you can invest in a precious metals etf and you don't have a physical precious metal. you get the direct return. but you don't have to worry about it, which i don't know if you want to get into on this program. >> we're going to have to leave it there, though. bk, i want to go to you. his top picks are palladium platinum. would you have to believe there is growth in the global economy? >> exactly. >> or in cars. >> that's true. supply, demand, and balance. >> that was the play. i bought swc.

it didn't work out. out of swc. i would jusy gold, i actually took some profits today and rolled it into calls, so that's what i would do for you tomorrow. >> lumber liquidators out with earnings tomorrow. we'll tell you why traders are betting it's headed even lower. that's next. you know how fast you were going? about 55. where you headed at such an appropriate speed? across the country to enhance the nation's most reliable 4g lte network. how's it working for ya? better than ever. how'd you do it? added cell sites. increased capacity. and your point is... so you can download music, games, and directions for the road when you need them. who's this guy? oh that's charlie. you ever put pepper spray on your burrito? i like it spicy but not like uggggh spicy. he always like this? you have no idea. at&t. the nation's most reliable 4g lte network.

lumber liquidators reporting tomorrow. the question is, which direction? mike with the action. >> three times the average daily. it was down 25% by last july and another 25% after they lowered their guidance for the year. and then today, we saw buyers of the november -- buyer of the put about $4. that's a bet that the stock will either be below $45 or above $69 by november expiration. so that would be a 20% move, or a 40% move, thinking about it from the downside break even to the upside. a lot of volatility priced into tomorrow's earnings. >> we've got your first move tomorrow when we come right back. stay tuned.

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bringing new meaning to the word partnership. banking. loyalty. analytics. synchrony financial. enagage with us. big day? ah, the usual. moved some new cars. hauled a bunch of steel. kept the supermarket shelves stocked. made sure everyone got their latest gadgets. what's up for the next shift?

ah, nothing much. just keeping the lights on. (laugh) nice. doing the big things that move an economy. see you tomorrow, mac. see you tomorrow, sam. just another day at norfolk southern. this is important. tomorrow night is the hedge fund for oktoberfest where they get together in new york city to

support the leg to stand on foundation. i know tim seymour will be rocking out with the styx. >> best charities in the world. they get new prosthetic limbs and surgeries to kids in emerging markets that need them. we are rocking, we are rock stars and wall street stars. ha ha. a chance to be a rock star. and we like that. so please check it out. it's a great charity and please tune in. you can still come tomorrow and watch us all play. >> your band is named -- >> jam partner. what else would we be called? >> let's go around the horn. >> i'm going to take the opposite side of bk on this. i think you buy yahoo. i think it's going higher. >> you sell your pumpkin futures before halloween. dia puts, buying. >> karen. >> this rally has been really powerful. disney is a name we like, but it's rallied probably close to a billion dollars. i think you saw some upside against it. >> are you going to go to oktoberfest? >> rocking. fronting. going to do some singing, people. >> he nailed that oih trade last

week. and the reverse on oil, that should all go well for the earnings. >> i'm melissa lee. thanks so much for watching. see you back here tomorrow. in the meantime, "mad money" with jim cramer starts right now. my mission is simple. to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now. >> hey, i'm cramer! welcome to "mad money." welcome to cramerica. other people want to make friends, i'm just trying to make you some money. my job, entertain, explain, put it in context, call me at 1-800-743-cnbc, or tweet me @jimcramer. how the heck did this market bottom? what changed that allowed us