The Word On Gas Prices Soaring 4%...
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UNLEADED IRREGULAR:
The headline: Gasoline Surges More Than 4% To Highest Closing Price This Month
The word: Eric Bolling says there’s only one thing to do; own Chevron (CVX) because they own 2 of the 3 biggest refineries on the West Coast.
AIRLINE SURGE:
The headline: Airline Stocks Jump 3% - 4% On Thursday Trading
The word: Guy Adami explains Morgan Stanley and Lehman upgraded the sector to overweight, but Guy doesn’t think this is the bottom. Tim Strazzini adds JetBlue (JBLU), American Airlines (AMR) and Continental (CAL) are up 5%; they’re back on their feet strictly as a better valuation. Eric Bolling says investors who own airline stocks are out of their minds.
DEPT STORE TRADE:
The headline: J.C. Penney (JCP) Shares Surge As Sales Of Lingerie, Private-Label Brands Boost Earnings
The word: Jeff Macke says both JCP and Nordstrom (JWN) beat expectations. JCP told The Street they haven’t noticed any downtick in consumer buying.
TECH SERVICE TRADE:
The headline: Computer Services Stocks In Focus As Private Equity Snaps Up Acxiom (ACXM), Alliance Data Systems (ADS)
The word: Tim Strazzini says Lexmark (LXK) was up today on the news. This sector will be driven by service in the second half of the year, he adds.
TRADE UPDATE:
Last night the Fast Money traders told you Dell (DELL) was possibly a good buy. Today, Guy Adami says the stock is up 2% and he’s staying with the trade. He adds 85% of Dell’s revenues come from corporate purchases.
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Trader disclosure: On May 17, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders
Macke Owns (JWN); Strazzini Owns (GOOG), (JBLU), (IBM), (EDS), (WMT), (YHOO); Strazzini Is Short (GOOG) Bolling Owns Gold, Silver, Coffee, Sugar; Bolling Is Short S&P Futures; Bolling Is Short S&P Options
