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Big Energy Earnings Next Week

Exxon and big oil companies are scheduled to report quarterly earnings next week, amid record level crude prices. But the traders are nervous. Why?

Guy Adami thinks Exxon profits could be very disappointing because the crack spread is getting smaller. He’s worried that weak earnings from Exxon could drag the Dow lower.

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On a related note, Karen Finerman adds that Kirk Kerkorian’s Tracinda has proposed buying 16% in refiner Tesoro (TSO) for $1.4 billion. Here’s how she thinks the deal may go down.

STEP 1) Kerkorian Tender Offer for 16% Stake

STEP 2) Kerkorian Puts Representative(s) on Board

POSSIBLE STEP 3) Kerkorian or Another Company Makes a Bid

Karen Finerman says if TSO stock pulls back about one more dollar she thinks it’s a buy.

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Trader disclosure: On Oct 26, 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 (ATVI), (INTC), (YHOO), (EMC); Najarian Owns (GOOG), (BHI), (C), (DISH), (HAL), (YHOO), Najarian Owns (SNDK) Calls; Najarian Owns (MSFT) Puts; Finerman Owns (C); Finerman's Firm And Finerman Own (GS), (KFT), (MSFT), Finerman's Firm Is Short (MER) And Owns (MER) Puts; Finerman's Firm Owns (MO), (NVT), (TWX), (YHOO), (BIIB); Finerman's Firm Owns S&P 500 Puts; Finerman's Firm Owns Russell 2000 Puts; Finerman's Firm Owns (BEAS) And (BEAS) Options

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