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The headline: Bernanke’s Negative Comments On Job Growth And Bank Failures Drags Stocks Lower.
Slowing economic growth and rising oil prices pushed The Dow [.DJIA
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]lower Thursday, explains Dylan Ratigan. Before the market opened, the Commerce Department reported economic growth slowed dramatically during the fourth quarter, with the GDP expanding at an annual rate of just six-tenths percent. It had zoomed ahead at a nearly five percent clip in the prior three months.
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AFTER HOURS ACTION: DELL
The headline: Dell [DELL
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] Profit Tops Forecasts, But Sales Fall Short
Dell reported earnings that, excluding one-time items, beat expectations, but the company fell short of forecasts on the sales side, explains Dylan Ratigan.
If you want to get long Dell, buy Hewlett Packard (HPQ), says Jeff Macke.
> Read More
Dell Profit Tops Forecasts, But Sales Fall Short
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AFTER HOURS ACTION: AIG
The headline: American International Group [AIG
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] Reports A $5.29 Billion Q4 Loss.
If this stock breaks $44.50 it could go down to $30, says Guy Adami.
Stay away, adds Pete Najarian.
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OIL HITS ANOTHER RECORD
The headline: Crude Oil Climbs 3% To $102.59, New Record High; Crude Oil Now Just Shy Of All-Time Inflation-Adjusted High
On Thursday, oil settled at a record $102.59 a barrel in New York, and continued to climb in after-hours trading, spurred in part by weakness in the U.S. currency in which the commodity is denominated, explains Dylan Ratigan.
It’s all about inflation, says Tim Seymour. Oil is an inflation trade.
I like the United States Oil Fund [USO
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], adds Jeff Macke.
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NAT. GAS NOT TO BE OUTDONE
The headline: Natural Gas Surges After U.S. Stockpiles Fall More Than Average; Apache[APA
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], Other Natural Gas Stocks Post Sharp Gains Thursday
I expect to see a pull back in nat gas when a warm front goes through. When that happens, I recommend buying nat gas stocks on a pull back, says Guy Adami.
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GOLD RUSHES TO NEW RECORD
The headline: Gold [GLD
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]Roars To Record High Of $974.80 In After-Hours Trading.
Gold prices trekked higher Thursday, as an inflationary combination of high oil prices and a falling dollar pointed investors to the relative safety of precious metals, says Dylan Ratigan.
I think gold is going to $1000, says Jeff Macke.
Look at Mittal (MT) says Tim Seymour. And I’m worried about Posco (PKX) because they might have to acquire another company.
I prefer copper, look at Freeport McMoRan (FCX), counsels Guy Adami.
Or coal, Pete Najarian adds. Look at Arch Coal (ACI), Alpha Natural Resources (ANR) or Ivanhoe (IVAN).
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CUSTOMERS SPRINTING AWAY
The headline: Sprint Nextel [S
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] Falls 10% After Posting $29.5B Loss, Suspending Dividend.
Sprint Nextel posted a quarterly loss of $29.45 billion Thursday due to a huge goodwill write-off and forecast deepening subscriber losses, pushing its stock down as much as 13 percent to a five-year low.
Also, the No. 3 U.S. mobile service said it would stop paying dividends for the foreseeable future, and Chief Executive Dan Hesse said it would take many quarters to turn the company around and rebuild its brand.
Sprint is the crazy guy in the corner, says Jeff Macke. I wouldn’t touch this stock with a ten foot pole.
Sprint can’t get out of its own way, adds Pete Najarian. But I like AT&T (T) and Verizon (VZ).
I agree with Pete, says Guy Adami.
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APPLE OF TECH'S EYE
The headline: Apple’s [AAPL
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] Surge Thursday Helps Tech Sector Outperform Broader Market.
Shares of Apple rose as much as 5 percent on Thursday on optimism that the maker of the iPod and iPhone can overcome an economic slowdown and as it prepares to give details next week on how outside programmers can develop software for the iPhone.
More investors are jumping on the bandwagon, says Pete Najarian. I sold some upside calls Thursday.
Or look at Western Digital [WDC
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] when it dips to $28.50.
Stay long Intel (INTC), exclaims Jeff Macke.
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AN EVEN SOFTER SIDE OF SEARS
The headline: Sears [SHLD
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] Profit Plummets 47%, Even Worse Than Expected.
Sears Holdings reported a 47.5 percent decline in fourth-quarter profit Thursday as sales fell at its Kmart and Sears stores and it marked down prices.
The retailer, which is searching for a permanent chief executive and restructuring its operations, said it plans to reduce inventory purchases this year and take other steps to improve longer-term performance.
I’d love for this turn out like the Giants winning to Super Bowl, says Tim Seymour, but I don’t see it.
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DREAM DRUG
The headline: Novartis [NVS
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] Ends Trial Early After Kidney-Cancer Drug Proves Highly Effective
It could be worth a half billion when it hits the markets, says Pete Najarian. I like Novartis. Also look at Pfizer (PFE), he adds.
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AFTER HOURS ACTION: THE GAP
The headline Gap [GPS
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] Meets Earnings Estimates, Raises Dividends, Annoucned $1B Buyback:
I’m a buyer, exclaims Jeff Macke.
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AFTER HOURS ACTION: KOHL’S
The headline: Kohl’s [KSS
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]Shares Fall After Hours On 15% Decline In Profit
It’s not a disaster but it’s not great, says Jeff Macke.
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VICTORIA'S SECRET: JUST TOO SEXY
The headline: Victoria's Secret Chief: Sales Are Falling Because Brand Has Become 'Too Sexy'.
They’re just too darn good at what they do, says Dylan Ratigan.
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Trader disclosure: On Feb.28, 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 (YHOO), (INTC); Seymour Owns (AAPL), (BX), (DELL), (INTC), (MER), (MSFT), (TMA), (TSL), (SHLD), (SBUX); Seygem Asset Management Is Short (PBR); Seymour Is Short (S); Pete Najarian Owns (AAPL), (BIIB), (C), (MS), (MSFT), (NVS), (XLF), (CSCO), (BKC), (MCD); Pete Najarian Owns (XTO) Calls, (IVN) Calls; Pete Najarian Owns (YHOO) And (YHOO) Calls; Jon Najarian Owns (FRE), (FNM), (GS)
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