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FIRST: Exclusive Playboy Offer Details!

Moments after putting $210 million on the table for Playboy Enterprises , Penthouse parent FriendFinder Networks CEO Marc Bell told Fast Money why he wants to get into bed with Hugh Hefner.

Quite simply, he thinks he can make a lot of money.

In a First on CNBC interview, Bell says his "first big move" would be to take the Playboy's online presence and move it into FriendFinder's affiliate program. The Boca Raton, Fla.-based company has approximately 200,000 affiliates, which makes it one of the Internet’s largest affiliates program.

"Those affiliates will drive more traffic to the Playboy site to derive more revenue," he says.

The privately-held company operates a number of social-networking sites, including FriendFinder.com and AdultFriendFinder.com. Bell says FriendFinder operates more than 30,000 Web sites overall with 140 million unique visitors each month.

"With all the traffic we have and all the consumers, just adding Playboy into our portfolio gives us a huge marketing push for their global brand," says Bell, adding that the value in acquiring Playboy is not as a magazine, but as a brand.

"We're buying a brand that has a global reach, but a small online presence and we're experts at building out online communities," says Bell. "So our goal is to take that Playboy community and really expand it globally online."

When Bell meets with the Playboy Enterprises board Wednesday, his first order of business is to find out what Hefner wants.

"We'd love to have him as part of our business going forward," says Bell, adding that he's open to allowing Hefner to continue to have editorial control over Playboy and reside in the infamous Mansion.

There is, however, some skepticism as to whether FriendFinder can afford an acquisition of Playboy, notes host Melissa Lee. But Bell says he's comfortable taking leverages in volume.

Watch the full interview with Bell here.

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TAKE YOUR POSITION: APPLE

Once again the traders are keeping a close eye on Apple after the company said it will hold a press conference tomorrow to discuss growing concerns about receptions problems with the new iPhone 4.

What’s the trade?

Apple is smart, says Patty Edwards. I expect they have a solution to the problem or they wouldn’t have the press conference. I think after the event the stock goes higher.

I’m seeing a lot of institutional investors buying 10% out of the money puts in Apple, says Jon Najarian. That’s negative and it suggests to me that big money is nervous.

If you’re been waiting for a pull back, I’d close my eyes and buy the stock around $230 and hope for better days, says Guy Adami.

What do you think? We want to know!

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TAKE YOUR POSITION: VIVUS

Shares of biopharmaceutical company Vivus have halted, as the US Food and Drug Administration is scheduled to weigh Qnexa—the first US prescription weight-loss pill in more than a decade—and could decide whether the product moves closer to market Thursday.

Volatility was through the roof on Vivus, says Jon Najarian of optionMONSTER.com. He owns Arena Pharmaceuticals, which popped following positive news late Wednesday and held onto much of its 18% gain. Najarian has some calls against it and has the same position with Vivus, so he's "crossing his fingers."

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CALL THE CLOSE

"I think we could be a little soft into the bell," says Jon Najarian of optionMONSTER.com. "But I still like them on any dips."

Brian Kelly of Kanundrum Capital would "sell on any rally" and recommends watching the ag bank opening up trade in Hong Kong Thursday night.

Patty Edwards of Storehouse Partners doesn't like the market overall. She would, however, buy individual stocks and hedge them.

"The VIX held that 23.5 level right on the moving average," notes Guy Adami of Drakon Capital. "I think the VIX is your tell. I think it goes higher. That means, I think, the market's going down."

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Got something to to say? Send us an e-mail at fastmoney-web@cnbc.com and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment but not have it published on our Web site send those e-mails to fastmoney@cnbc.com.

Trader disclosure: On July 14, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Najarian Owns (APC), Is Short ( APC ) Calls; Najarian Owns (VVUS), Is Short (VVUS) Calls; Najarian Owns (ARNA), Is Short (ARNA) Calls; Kelly Owns (BP) Puts; Kelly Is Short (GS); Adami owns (AGU), (BTU), (NUE), (C), (GS), (INTC), (MSFT); Adami’s wife works at Merck;

For Patty Edwards
Edwards Owns (JPM) For Clients
Edwards Owns (MS) For Clients
Edwards Owns (BAC) For Clients
Edwards Owns (C) For Clients
Edwards Owns (WFC) For Clients
Edwards Owns (RIG) For Clients
Edwards Owns (XOM) For Clients
Edwards Owns (AAPL) For Clients
Edwards Owns (GOOG) For Clients
Edwards Owns (YHOO) For Clients
Edwards Owns (MSFT) For Clients
Edwards Owns S&P 500 For Clients
Edwards Owns Nasdaq 100 For Clients
Edwards Owns Gold For Clients
Edwards Owns Silver For Clients
Edwards Owns (VXX) For Clients

For Brian Kelly
Accounts Managed By Kanundrum Capital Own (GLD)
Accounts Managed By Kanundrum Capital Own (TLT)
Accounts Managed By Kanundrum Capital Own (AUY)
Accounts Managed By Kanundrum Capital Own (GFI)
Accounts Managed By Kanundrum Capital Own (C)
Accounts Managed By Kanundrum Capital Own (GME)
Accounts Managed By Kanundrum Capital Own (BIG)
Accounts Managed By Kanundrum Capital Own (NWL)
Accounts Managed By Kanundrum Capital Are Long Japanese Yen
Accounts Managed By Kanundrum Capital Are Short (USO)
Accounts Managed By Kanundrum Capital Are Short Australian Dollar
Accounts Managed By Kanundrum Capital Are Short (AMZN)
Accounts Managed By Kanundrum Capital Are Short (KMX)
Accounts Managed By Kanundrum Capital Are Short (FXI)
Accounts Managed By Kanundrum Capital Are Short (EWO)
Accounts Managed By Kanundrum Capital Are Short (EWI)
Accounts Managed By Kanundrum Capital Are Short (JOE)
Accounts Managed By Kanundrum Capital Are Short (RSX)
Accounts Managed By Kanundrum Capital Are Short (SLX)
Accounts Managed By Kanundrum Capital Are Short (CSX)
Accounts Managed By Kanundrum Capital Are Short (FCX)

For David George
Robert W. Baird & Co. And/Or Affiliates Expect To Receive/Seek Investment Banking Compensation From (JPM) In Next 3 Months



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VVUS
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AAPL
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