Wall Street Correction
WALL STREET CORRECTION
The headline: S&P 500 Closes at 1407.22. Just Above Credit Crunch Low Of 1406.70 on August 15th
Guy Adami says 1400 is a critical number that investors should watch closely. If the S&P closes below that level the Dow will likely dive to 12,000, he says.
Karen Finerman thinks a letter released by Senator Chuck Schumer is the reason behind Monday’s market weakness.
> Read more about Schumer's letter
Pete Najarian feels uncertainty in the financials drove the market lower.
BLACK FRIDAY BUST
The headline: Retailers Help Drag Market Lower as Reports Show Shoppers Spending Less.
Karen Finerman explains that Apple (AAPL) and Best Buy (BBY) bounced Monday following Black Friday sales. According to ShopperTrak, Friday And Saturday sales totaled $16.4 billion, a 7% jump over last year.
Guy Adami adds that Morgan Stanley raised its price target on Mastercard (MA) to $215. He thinks the credit card story is still in tact.
RECORD 'NET INCOME?
The headline: Online Spending On 'Cyber Monday' May Exceed $700M, A Single-Day Record: ComScore.
Online consumer purchases on 'Black Friday' surged 22% over last year, explains Dylan Ratigan.
Cyber-Monday is a bunch of malarkey, exclaims Jeff Macke.
WHALE WATCHING: ACKMAN HITS THE BOOKS
The headline: Wall Street Whale Bill Ackman Boosts Stake In Borders (BGP) To 17.1%.
Karen Finerman explains that Border’s CEO also bought stock. She thinks it’s a straight valuation play.
It’s only worth a look, if you think it will pop on a short covering, adds Guy Adami.
OPTIONS ACTION: IN-FLIGHT OPTIONS
The headline: Pete Seeing Unusual Options Activity In Airline Stocks
Dec. $15 Calls
March $17.50 Calls
Dec. $15 & $20 Calls
March $17.50 Call