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.
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.
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.
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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)