Crazy Finish But Comeback Continues
CRAZY FINISH BUT COMEBACK CONTINUES
The headline: Another Day Of Volatile Trading As The Dow Finishes With A Gain Of 153 Points. It Had Been Up Nearly 200 Points, Before It Plunged Into Negative Territory And Then It Overcame Most Of That Loss.
Guy Adami feels that tech is leading this market. He likes names such as Juniper (JNPR) and Hewlett-Packard (HPQ).
On a related note, Dylan Ratigan explains that on CNBC, tech titan Cisco (CSCO) Chief John Chambers said the global economy is the strongest he's seen.
Pete Najarian likes CSCO as well as Coke (KO) which reached its 52 week high on Wednesday.
Eric Bolling adds that the market is jittery. He believes when CNBC dispelled a rumor involving Goldman Sachs (GS), the market turned higher.
AFTER HOURS ACTION: AIG
The headline:American International Group Inc. (AIG) Reported Better-Than-Expected Quarterly Profits On Wednesday And Sought To Calm Market Nerves About Its Exposure To Home Mortgage Market.
According to Guy Adami, AIG says “they’re comfortable with their exposure to the US mortgage market." Guy adds “I don’t know what that means,” and cautions the panel not to dive into this stock, until more information comes out.
THE BLACKSTONE COUP:
The headline Blackstone (BX) Closes World's Largest Buyout Fund At $21.7B
Eric Bolling says this suggests to him that private equity money remains in tact and he feels it will go back to work, soon.
Pete Najarian agrees. He says deals are getting done.
BUFFETT THROWS HIS FREIGHT AROUND:
The headline Rail Shares Jump After Buffett's Berkshire Hathaway (BRK) Raises Stake In Burlington Northern (BNI)
Guy Adami says don’t buy BNI at this level. But, he feels there will be an entry point, soon.
Pete Najarian feels differently. He thinks Buffet has set a level and investors can safely enter the rail stocks.
SAME-STORE, SAME STORY?
The headline Will July Same-Store Sales Tomorrow Show Continuing Retail Weakness?
Jeff Macke explains there was exceptional price action in the retail stocks. He says Saks (SKS) was up 7%, Nordstrom (JWN) was up 5% and Zumiez (ZUMZ) was also up 5%.
Jeff says it’s okay to get long Costco (COST) as an investment, but otherwise a lot of good news is already priced into retail, especially specialty retail stocks.