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Jon Najarian: Carl Icahn Talk Creates Stir In This Name

Word that renown investor Carl Icahn may be looking at getting into RadioShack, options trader Jon Najarian said shares and options went higher in trading Friday.

In the options market, traders are buying an "awful lot" of at-the-money RadioShack call options, Najarian noted. Specifically, there has been heavy buying of the Feb. 16 calls.

Najarian himself is long both RSH stock and calls. In the next week, he plans to keep that trade on while waiting to see if Icahn actualy does something with RadioShack.

Based in Fort Worth, Texas, the electronics retailer operates nearly 5,000 stores across the U.S., Puerto Rico and U.S. Virgin Islands.

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BETTING AGAINST LAS VEGAS SANDS

Casino operator Las Vegas Sands posted sharply higher quarterly revenue on Friday, but the total fell short of estimates. Ahead of earnings, gaming analyst Todd Jordan recommended his clients short LVS. As shares continue to fall Friday, it seems that trade has panned out.

The company, which earns most of its money in Asia, had booming business in Macau and at its new resort in Singapore — its single most profitable casino — but the results fell short of some investors' very lofty expectations, noted Jordan of Hedgeye Risk Management.

The government of Macau, the world's largest gambling market, said last month that gambling revenue rose more than 66 percent year-over-year in December.

Going forward, Jordan said he'll remain cautious and recommend clients continue to short LVS. Jordan thinks it could trade down to the low $40s range in the near-term. The trading range has been between $44 and $51 a share, chimed in Stuart Frankel's Steve Grasso, adding that those who trade on technical indicators have "hit this one out of the park."

Although a volatile stock, Jordan said he thinks Las Vegas Sands is a "good company" that has a "bright future."

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POPS & DROPS

Stocks traded narrowly mixed Friday in the wake of a tepid jobs report and as the major indices remained above key benchmarks reached earlier this week. As it all played out, the "Fast Money" traders took note of these market movers in particular.

Pops (stocks that went higher)

Aetna (AET) popped 8%: The health care company reported fourth-quarter revenue of $8.54 billion, beating the average estimate of $8.33 billion. It also boosted its quarterly dividend to 15 cents a share. Stuart Frankel's Steve Grasso thinks the whole space could grind higher by the quarter's end.

Tyson Foods (TSN) popped 6%: The largest U.S. meat processor reported a first-quarter profit of 75 cents a share, beating the Street’s estimate. With input costs rising, trader Joe Terranova thinks this move higher defys logic, but nonetheless likes the story.

Weyerhaeuser (WY) popped 3.5%: The timber company saw shares rally after beating on fourth-quarter earnings by nearly 4 cents on improving revenue and margins. Revenue increased nearly 14 percent. Najarian likes WY at current levels.

Drops (stocks that went lower)

US Airways (LCC) dropped 3%: Shares selling off after JPMorgan downgraded the stock to ‘neutral’ from ‘overweight’ citing increasing crude costs. In addition, bad weather has made things difficult for all of the airlines, said Patty Edwards of Trutina Financial. She likes Alaska Airlines, though, because it mainly travels along the West Coast.

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CALL THE CLOSE

Before signing off, Terranova predicted where he thinks the market could go and how he plans to play it.

"What you've seen when you've had treasury yield rise is a reallocation to equities," Terranova said. "I don't like that you're not seeing that today. Financials aren't doing well. Homebuilders not doing well. And that has been the theme, so I'm a little concerned."

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Trader disclosure: On Feb. 4, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Joe Terranova owns (VRTS), (C), (UPL), (GM), (PEP), (MS), (LTD), (CVI), (CVE), (SU) and (CNQ). Steve Grasso owns (ASTM), (BA), (BAC), (BWC), (C), (CSCO), (JPM), (LIT), (LPX), (MT), (MHY), (NDAQ), (PFE), (PRST) and (S). Jon Najarian owns (AET), is short (AET) calls. Jon Najarian owns (AKAM), is short (AKAM) calls. Jon Najarian owns (BX), is short (BX) calls. Jon Najarian owns (CAM), is short (CAM) calls. Jon Najarian owns (JNPR), is short (JNPR) calls. Jon Najarian owns (MON), is short (MON) calls. Jon Najarian owns (ONNN), is short (ONNN) calls. Jon Najarian owns (RAX), is short (RAX) calls. Jon Najarian owns (RSH), is short (RSH) calls. Jon Najarian owns (SVU), is short (SVU) calls. Jon Najarian owns (WMT), is short (WMT) calls. Jon Najarian owns (X), is short (X) calls. Jon Najarian owns (CVA) calls. Jon Najarian owns (ELN) calls. Jon Najarian owns (APC) calls.

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JOE TERRANOVA
Terranova is Chief Market Strategist of Virtus Investment Partners, LTD
Virtus Investment Partners Owns More Than 1% Of (ABAX)
Virtus Investment Partners Owns More Than 1% Of (AMKR)
Virtus Investment Partners Owns More Than 1% Of (CCG)
Virtus Investment Partners Owns More Than 1% Of (CASS)
Virtus Investment Partners Owns More Than 1% Of (CSVI)
Virtus Investment Partners Owns More Than 1% Of (EXR)
Virtus Investment Partners Owns More Than 1% Of (FCFS)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (KRC)
Virtus Investment Partners Owns More Than 1% Of (LDR)
Virtus Investment Partners Owns More Than 1% Of (LPHI)
Virtus Investment Partners Owns More Than 1% Of (NRCI)
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 (XLP)
Virtus Investment Partners Owns More Than 1% Of (XLY)
Virtus Investment Partners Owns More Than 1% Of (XLE)
Virtus Investment Partners Owns More Than 1% Of (XLF)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (XLK)
Virtus Investment Partners Owns More Than 1% Of (XLU)
Virtus Investment Partners Owns More Than 1% Of (SUBK)
Virtus Investment Partners Owns More Than 1% Of (WDFC)
Virtus Investment Partners Owns More Than 1% Of (YDNT)
Virtus Investment Partners Owns More Than 1% Of (DPUKF)

PATTY EDWARDS
Edwards owns (SPY) for clients
Edwards owns (GLD) for clients
Edwards owns (SLV) for clients
Edwards owns (AMZN) for clients
Edwards owns (V) for clients
Edwards owns (JNJ) for clients
Edwards owns (AAPL) for clients
Edwards owns (GOOG) for clients
Edwards owns (VZ) for clients
Edwards owns (MSFT) for clients
Edwards owns (C) for clients
Edwards owns (GE) for clients
Edwards owns (TGT) for clients
Edwards owns (MCD) for clients
Edwards owns (KO) for clients
Edwards owns (ALK) for clients

STEVE GRASSO
Stuart Frankel & Co and its partners own (AAPL)
Stuart Frankel & Co and its partners own (ABT)
Stuart Frankel & Co and its partners own (ABX)
Stuart Frankel & Co and its partners own (CUBA)
Stuart Frankel & Co and its partners own (GERN)
Stuart Frankel & Co and its partners own (HSPO)
Stuart Frankel & Co and its partners own (NEM)
Stuart Frankel & Co and its partners own (NWS.A)
Stuart Frankel & Co and its partners own (NYX)
Stuart Frankel & Co and its partners own (PDE)
Stuart Frankel & Co and its partners own (PFE)
Stuart Frankel & Co and its partners own (PRST)
Stuart Frankel & Co and its partners own (RDC)
Stuart Frankel & Co and its partners own (SDS)
Stuart Frankel & Co and its partners own (UAL)
Stuart Frankel & Co and its partners own (XRX)
Stuart Frankel & Co and its partners own (S)
Stuart Frankel & Co and its partners own (SDS)
Stuart Frankel & Co and its partners are short (QQQQ)
Stuart Frankel & Co and its partners are short (AAPL)

DENNIS GARTMAN
Funds Managed by Dennis Gartman Are Long Canadian Dollars
Funds Managed by Dennis Gartman Are Long Australian Dollars
Funds Managed by Dennis Gartman Are Long Gold
Funds Managed by Dennis Gartman Are Long Wheat
Funds Managed by Dennis Gartman Are Long Corn
Funds Managed by Dennis Gartman Are Long Soybeans
Funds Managed by Dennis Gartman Are Long Sugar
Funds Managed by Dennis Gartman Are Long Crude
Funds Managed by Dennis Gartman Are Long Nat Gas
Funds Managed by Dennis Gartman Are Short The Euro
Funds Managed by Dennis Gartman Are Short The Sterling
Funds Managed by Dennis Gartman Are Short The Yen

TODD JORDAN
Jordan has no disclosures

CNBC.com with wires. Reuters contributed to this report.

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