Here We Go Again
HERE WE GO AGAIN
The headline: Summer's Violent Volatility Returns as Dow Plunges 177 Points Wednesday After a 91 Point Gain Tuesday.
Pete Najarian explains that stocks erased Tuesday’s gains on new housing woes and job growth concerns. He feels volatility is here to stay.
Karen Finerman recommends being defensive. She’s looking for another shoe to drop.
CISCO BACKS OUTLOOK
The headline: Cisco (CSCO) CEO John Chambers reaffirms Q1 Guidance.
Pete Najarian says Chamber’s is talking the global economy. In addition to Cisco, Pete likes Hewlett Packard (HPQ), Dell (DELL), Juniper (JNPR) and IBM (IBM) because they have global exposure and little exposure to housing.
The headline: Retail Sales Figures Get Off To Gloomy Start As Costco (COST) Disappoints.
Jeff Macke explains that Costco shares plunged after August same-store sales missed estimates. He recommends buying into the weakness.
Karen Finerman recommends waiting a while before buying COST stock.
J. CREW CUT
The headline: J Crew Plummets After Hours On Weaker-Than Expected Revenue.
Jeff Macke explains that J Crew (JCG) revenue came in about 1% light. He adds Guess (GES) profits topped estimates, but shares slid on outlook.
Karen Finerman tells the panel she thinks J Crew is a buy.