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It's A Wireless World

Cell phones and BlackBerrys were buzzing Monday with news from the wireless world. Nokia (NOK) plans to buy GPS company NAVTEQ (NVT) for $8.1 billion. Meanwhile, Palm (PALM) earnings came out after the bell and Research In Motion (RIMM) earnings are released Thursday.

Pete Najarian likes new handheld devices from Palm and Nokia - he tells the panel he thinks NOK is a buy. Najarian adds Morgan Stanley estimates wireless revenues will go up 3 fold over the next 5 years.

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On a related note, Karen Finnerman says she’s concerned about the NAVTEQ valuation and cautions investors not to buy other GPS companies such as Garmin (GRMN) on hopes they too will become a takeover target.

Jeff Macke agrees with Karen and recommends investors take gains.

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Guy Adami says if RIMM misses estimates he recommends investors buy shares on the dip. However, he adds don’t chase this stock at current levels.

Symbol
Price
 
Change
%Change
GRMN
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NOK
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BB
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Trader disclosure: On Oct 1, 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 (HAS), (ATVI), (INTC), (SWY); Najarian Owns (GS) Options; Finerman's Firm And Finerman Own (FLS); Web Caller Roger Nesham Owns (DE), (AGU)

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