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Halftime Pt. 2: A Safer Play for a Volatile Market?

Shares of General Mills are tasting as sweet as its sugary cereals with the Minneapolis-based company trading at an all-time high Tuesday.

People are investing in companies, who make products they can't live without, says Patty Edwards of Storehouse Partners. She likes GIS, but would play the processed and packaged goods industry through Kraft because it's "trading cheaper."

"Cash in on canned goods," Edwards says, adding that she also likes Hershey right now.

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AMERICAN EXPRESS: NET CHARGE-OFFS FALL

Credit card issuer American Express said Tuesday that net charge-offs have slowed, meaning debt on credit cards is being paid off.

Other credit card issuers have recently reported similar findings, including Discover Financial Services , Visa and MasterCard .

As a holder, Joe Terranova of Virtus Investment Partners is pleased with the results. He says the affluent the credit card holder is doing well and recommends American Express for exposure. But he also thinks today's announcement broadens the investment landscape and suggests Discover or Capital One Financial , as well.

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CALL TO THE FLOOR: THE RISKY, BUT REWARDING BIOTECH INDUSTRY

Because it often costs more than $1 billion to develop a new drug, many drug companies are outsourcing research and development, says host Melissa Lee on Tuesday's Fast Money Halftime Report.

As one of the largest contract research organizations in the world, Charles River Laboratories provides such services to many drugmakers. In April, the Wilmington, Mass.-based company offered to acquire Wuxi Pharmatech for $1.6 billion. In turn, hedge fund operator Jana Partners came out in opposition of the acquisition. In a live interview on Fast Money, Charles River CEO James Foster talked about the Wuxi deal and the biotech industry in general. Watch the video to see how it went.

What's the Trade?

If you're in the biotech space, Pete Najarian of optionMONSTER.com says the IBB has great exposure to the sector and has liquidity, too.

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CALL THE CLOSE

Patty Edwards of Storehouse Partners says "wait for it."

Brian Kelly of Kanundrum Capital says sell into the "madness of crowds."

Joe Terranova of Virtus Investment Partners thinks the market is going higher.

Pete Najarian of optionMONSTER.com says to take a little off and then ride the upside.


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Trader disclosure: On June 15, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Pete Najarian owns (C) calls; Pete Najarian owns (BAC); Pete Najarian owns a (BBY) call spread; Pete Najarian owns (TEVA); Pete Najarian owns (CELG); Pete Najarian owns (PFE); Pete Najarian owns (HPQ); Pete Najarian owns a (CEPH) call spread; Pete Najarian owns (MRVL); Pete Najarian owns (NOVL) and calls; Pete Najarian owns (CNI) & short calls; Pete Najarian owns (TCK); Kelly owns (GLD); Kelly owns (GDXJ); Kelly owns (BP) puts; Kelly is short (GS); Terranova owns (IPSU), (BX), (PFE), (GMCR), (RSX), (TER), (AXP), (BMO), (BBY), (DIS), (XCO), (SWN), (GLD), (AAPL), (IPI), (SU), (V), (TEVA); Terranova owns UK Pounds; Terranova owns Euros; Terranova is short the US Dollar

For Joe Terranova
Terranova works for (VRTS)
Terranova is chief market strategist of Virtus Investment Partners, LTD.
Virtus Investment Partners owns more than 1% of (AMKR)
Virtus Investment Partners owns more than 1% of (IGE)
Virtus Investment Partners owns more than 1% of (DBV)
Virtus Investment Partners owns more than 1% of (XLB)
Virtus Investment Partners owns more than 1% of (XLV)
Virtus Investment Partners owns more than 1% of (XLY)
Virtus Investment Partners owns more than 1% of (XLI)
Virtus Investment Partners owns more than 1% of (XLU)
Virtus Investment Partners owns more than 1% of (DRYS)

For Patty Edwards
Edwards owns (XOM) for clients
Edwards owns (CVX) for clients
Edwards owns (COP) for clients
Edwards owns (RIG) for clients
Edwards owns (NE) for clients
Edwards owns (SLB) for clients
Edwards owns (HAL) for clients
Edwards owns (WFT) for clients
Edwards owns (DO) for clients
Edwards owns (VZ) for clients
Edwards owns (C) for clients
Edwards owns (BAC) for clients
Edwards owns (WFC) for clients
Edwards owns (JPM) for clients
Edwards owns (STI) for clients
Edwards owns (PNC) for clients
Edwards owns (BBY) for clients
Edwards owns (HPQ) for clients
Edwards owns (AMZN) for clients
Edwards owns (VXX) for clients
Edwards owns the S&P500 for clients
Edwards owns (QQQQ) for clients
Edwards owns the Russell 2000 for clients
Edwards owns gold for clients
Edwards owns silver for clients
Edwards owns platinum for clients

For David Strasser
Janney Montgomery Scott makes a market in BBY

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