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The headline: Stock Close Higher For First Time This Week During A Volatile Day
Stocks struggled through much of the session, but the Dow [.DJIA
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]managed to close higher for the first time this week, explains Dylan Ratigan. There was little to lift the mood, however, between downbeat January retail sales figures, and a drop in sales of pending homes.
The volatility remains in this market, says Pete Najarian. And watch where investors are putting their money. I was impressed Thursday by Pepsi [PEP
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](PEP).
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WORST SALES SINCE NIXON
The headline: Retail ETF [RTH
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] Jumps 2% Despite Worst January Sales Growth Since 1970.
Gains in Wal-Mart (WMT), Target (TGT) and other retailers helped the market rebound, Thursday, explains Dylan Ratigan. This comes despite the fact that retailers turned in their worst January in four decades as high gas and food prices, a slumping housing market, tighter credit and a tougher job market pushed consumers to the edge.
I didn’t expect anything good from the numbers, says Karen Finerman. I was actually impressed by the moves Thursday from JC Penney [JCP
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] as well as Children’s Place[PLCE
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] which could be a takeover target.
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CISCO PSYCH-OUT
The headline: Cisco [CSCO
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] Pulls Remarkable Rebound Into Green After 8% Post-Earnings Plunge.
Wall Street opened lower Thursday, partly on the weak outlook from Cisco Systems (CSCO), a technology bellwether. However by the end of trading shares were able to shake off the drag.
Once the bell rang, investors realized that CSCO earnings weren’t so bad, explains Pete Najarian. The company was able to close in positive territory.
CSCO made a 52-week low, adds Guy Adami. I recommend trading CSCO from the longside.
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3 STOCKS THAT COULD BOUNCE
The headline: Google [GOOG
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], Apple [AAPL
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] & Microsoft [MSFT
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] Are Oversold and Due For A Bounce Says Carter Worth, Chief Market Strategist For Oppenheimer.
I agree his Microsoft and Apple calls, says Guy Adami. And I’d buy Google above $513.
Of all those names, Microsoft is the name I’d recommend owning for the next year, says Jeff Macke.
I love Apple at these levels, adds Pete Najarian.
On a valuation basis I also like Apple, adds Karen Finerman.
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AFTER HOURS ACTION : ACTIVISION
The headline: Activision [ATVI
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] Rose In Extended-Hours Trading On Thursday After The Video Game Publisher Reported Earnings That Beat Expectations.
I still like this stock, says Jeff Macke and I think there’s still time for investors to buy.
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FRANCE INVESTIGATES BRONFMAN
The headline: French Authorities Investigating Warner Music [WMG
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](WMG) CEO Edgar Bronfman For Insider Trading
If it’s true, why?! exclaims Guy Adami.
It’s too goofy to be true, adds Jeff Macke.
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OPTIONS ACTION: A TRUE TRADER'S MARKET
The headline: Stocks Swing Wildly, Options Action Explodes As Traders Jockey For Short-Term Positions.
Options trading in Frontier Oil [FTO
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] suggests to me the stock could go higher, says Pete Najarian.
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LET THEM FAIL
The headline: Bill Ackman: Rescuing Bond Insurers Will Only Prolong the Credit Crisis...Rating Agencies.
I think Bill Ackman understands the bond insurance business better than anyone, says Karen Finerman. But he’s talking his book and that takes away a little of his credibility for me.
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EXCHANGING BLOWS
The headline: CME Group [CME
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] Rebounds 10% On Aggressive Response To DOJ Regulatory Proposal.
Bank of America has a $725 price target on CME says Guy Adami. I think it’s a trade, buy the dips and sell the rips.
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THERE IS NO BAD PRESS
The headline: Altria [MO
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] Jumps Even As World Health Organization Calls Tobacco Industry A 'Disease Vector'
I still think it’s a value stock, says Karen Finerman.
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Trader disclosure: On Feb.6, 2008, 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 (INTC), (YHOO), (DIS), (ATVI), Najarian Owns (AIG) Puts; Najarian Owns (AAPL) Calls, (NYX) Calls, (SKS) Calls; Najarian Owns (BIIB), (C), (CSCO), (MS), (MSFT), (YHOO), (AMR), (CTSH); Finerman Owns (GS); Finerman's Firm Owns (AEO), (BR), (DSW), (JCP), (KSS), (MO), (MSFT), (PLCE), (SKS), (SUN), (TSO), (WMT), (YHOO); Finerman's Firm Is Short (IJR), (IYR), (IWM), (SPY), (MDY), (SPG); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts; Finerman's Firm And Finerman Own (FLS) (HD); Finerman's Firm Owns (CROX) And (CROX) Calls, Finerman Owns (CROX); Finerman's Firm Owns Shares Of Royal Bank of Scotland Group plc; Finerman's Firm Owns Shares Of HBOS plc; Finerman's Firm Is Short The Pound; Terranova Owns Crude Oil; Vivendi Owns 20% Of NBC Universal, The Parent Company Of CNBC
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