'Fast Money' Recap: Up on the Farm

Macke said that Icahn is representing a strong hand with this letter, but Microsoft's best move at this point is to step back from the deal, because it is the only bidder. It's probably a little late to get long Yahoo!, but the company probably won't be independent at the end of this year, he said.

Tiffany Lights Up

J.C. Penney (JCP - Cramer's Take - Stockpickr) and Tiffany (TIF - Cramer's Take - Stockpickr) reported good earnings, and shares of both companies went up today.

Macke said that there was a lot of bad news already in Tiffany stock, and he called today's climb a rally from a previous beatdown. He said that with the earnings catalyst gone, it's time to sell out of positions in these names. He also warned viewers against being long Kohl's (KSS - Cramer's Take - Stockpickr) here, but he said he's still long Wal-Mart (WMT - Cramer's Take - Stockpickr) because it's a different kind of story.

Najarian said he observed unusual call activity in CVS Caremark (CVS - Cramer's Take - Stockpickr) and Temple-Inland (TIN - Cramer's Take - Stockpickr).

UBS rated six offshore drillers with buy ratings today and raised its long-term forecast for the price of crude well into the $100s. The traders spoke with UBS analyst Dave Anderson about the decision. Anderson said the fundamentals of the story indicate that oil has a long way to run. He said UBS doesn't see the supply situation improving.

Little Big Brands

The traders then turned to Big Idea host Donny Deutsch about a trend of big businesses buying small brands. Deutsch said that companies like Coke (KO - Cramer's Take - Stockpickr) and Pepsi (PEP - Cramer's Take - Stockpickr) don't have the wherewithal to create new brands the way small companies do. He said the key to making these acquisitions are working is to keep the essence of the brand.