The "Halftime Report" traders tackle Carl Icahn's playbook.

Pete Najarian is most interested in Freeport-McMoRan. "Carl Icahn is talking 3-4 years out and I think that's something that everybody has to understand. It's a longer-term play. If it goes lower, I bet he goes in and buys more," he adds.

Jon Najarian says to look at eBay and some of the spin-off companies like PayPal. "That has me interested and I would look to get into Paypal.

Josh Brown is also concerned about the high yield bond market. "We haven't really had defaults spike in junk market bonds but we are now looking at four straight months of declines and that's definitely something that should be on everyone's radar," said Brown.

Trader disclosure: On September 30, 2015 the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Halftime Report" were owned by the "Halftime Report" traders:

Pete Najarian is long AAPL, AMAT, BAC, BMY, BP, CSX, DIS, DISCA, DKS,FOXA, GE, KKR, KO, MRK, PEP, PFE, PHM he is long calls AA, ABX, BMY, COP, DAL,EEM, FL, HLT, MPEL, PFE, SWFT, UAL, XLF, XOM, ZIOP. He is long puts DISH, FCX,X.

Jon Najarian is long AAPL, FTR, NBL, PFE, PG, PPG, RAI, TEVA, WBA, XOM,ZSPH, ZTS. He is long calls AAL, ABX, ADXS, BAX, BBY, BMY, F, FL, GE, HLT, HZNP,ISIL, QCOM, MAR, MCK, MDLZ, NBL, NKE, PBR, PMCS, RAI, PFE, PPG, SWFT, TAP, YHOO.

Josh Brown is long AAPL, BABA, DE, DNKN, EBAY, FB, JMBA, NFLX, PYPL,SAM, SHAK, SPWR, TWTR, XLE, XON.