Halftime Pt. 2: BP Leaks Its Way to a New Low

BP fell just cents away from hitting its new 10-year low Wednesday after the Associated Press reports that the oil spill in the Gulf of Mexico might be larger than the London-based company has said.

What's the Trade?

On Tuesday, Whitney Tilson of T2 Partners revealed to the Fast Money desk that the stock is "too cheap" to pass up. It's his latest long position.

Tilson's clients must be a little more patient than mine, Patty Edwards of Storehouse Partners says. She thinks there is money to be made with BP, but says everytime she catches the falling knife, she gets cut.

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IS RISK TRADE BACK ON?

Traditional flight to safety trades fell Wednesday, including Treasuries and gold . So is risk trade back on? Joe Terranova of Virtus Investment Partners says commodities hedge funds are wanting to get back into oil and copper. Brian Kelly of Kanundrum Capital says he's hearing the same.

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CALL TO THE FLOOR: CORNING's GORILLA GLASS

A scratch resistant and durable glass used in touch-screen devices has been a huge driver for Corning , a New York State-based glassmaker, says CFO Jim Flaws.

He told the Fast Money desk that Gorilla Glass is its fast growing product and there has been an uptick from mobile makers. He says that as touch-screens become more popular in mobile devices, there will be increased demand. GLW also expects growth from televisions.

At this time, penetration is low. But that should change, Flaws says.

What's the Trade?

GLW has a great story, Patty Edwards of Storehouse Partners says. She's bullish because she thinks consumers will give up most anything to stll have their smartphone products.

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BERNANKE BULLISH ON AIG

Excluding AIG , every major financial institution has repaid their government loans with interest and dividends, Federal Reserve Chairman Ben Bernanke told Congress on Wednesday. But he expects AIG to repay their loans, too.

Bernanke’s bullish comments helped push AIG stock higher. Getting rid of bad assets is AIG’s first step toward paying back those loans, Joe Terranova of Virtus Investment Partners says. The company’s biggest problem is AIG Asia, which Prudential Financial recently offered $30 billion for. Terranova thinks AIG should sell for $35 billion.

Now that Prudential’s offer is off the table, Jon Najarian of optionMONSTER.com says an IPO might be the best option. He thinks the third quarter will be a better environment for IPOs.

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CALL THE CLOSE

Brian Kelly of Kanundrum Capital says use Goldman Sachs an indictor for the broader market.

Patty Edwards of Storehouse Partners is buying individual names, but is “doing it covered.”

Jon Najarian of optionMONSTER.com thinks the markets push up against 1100 in the next few days, but then pulls back.

Joe Terranova of Virtus Investment Partners says the market is moving from its trough back up to its trendlines.

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CNBC.com with wires