$80 Oil, Record Low Dollar, Stocks Quiet
$80 OIL, RECORD LOW DOLLAR, STOCKS QUIET
The headline: Oil Touches Record Intraday High Of $80.18 After Supplies Fall More Than Expected.
Pete Najarian tells the panel that commodities such as oil were the main drivers of Wednesday’s market.
Karen Finerman likes ConocoPhillips (COP) as a beneficiary of $80 oil.
Guy Adami recommends Apache (APA) as a trade on crude.
On a related note, Dylan Ratigan explains that the Dow gave up a gain of 52 points to end the session lower snapping a 2-day advance. It’s Up 6.6% in 2007
He also says that the dollar fell to a record low against the euro on rate-cut speculation.
THE BROTHERS BREAK OUT
The headline: Lehman Brothers (LEH), One Of Worst-Performing Financials This Year, Jumps 3%.
Pete Najarian believes the brokers have hit a bottom. He feels LEH earnings will be a big “tell” for the financial community.
The rest of the panel is left speechless. Karen Finerman says she thinks Lehman’s balance sheet is a big unknown.
Jeff Macke feels the heart of the problem is that the brokers themselves don’t know how badly they’re involved in the subprime slime.
On a related note, in this conversation Karen says the NASDAQ (NDAQ) is interesting as a stock on trading volume.
The headline: Amgen (AMGN) Continues Run Today On Positive Anemia Drug News.
Pete Najarian says he doesn’t like AMGN. He feels it’s time to get out of this stock.
The headline: Target (TGT) Reviewing Their Options For Credit Card Receivables.
Karen Finerman says the news makes this stock attractive to her in the after-market.
Jeff Macke agrees.