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The headline: Stocks Stumble As Oil Reaches Another High
Stocks lost ground as oil reached another new high in New York trading. It was the third straight triple-digit decline for the Dow [.DJIA
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], explains Dylan Ratigan, which has lost a total of more than 530 points in three days.
In this market, I want to get a little longer as scary as that seems, says Karen Finerman. And I’m covering shorts says Karen Finerman.
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NY SEX SCANDAL
The headline: Gov. Eliot Spitzer, Accused In News Reports Of Being Involved In A Prostitution Ring
Gov. Eliot Spitzer, accused in news reports of being involved in a prostitution ring, apologized to his family and the public on Monday at a hastily called news conference, explains Dylan Ratigan. He did not elaborate on the story.
On Fast Money CNBC’s Charlie Gasparino reveals that sources suggest Spitzer is not going to step down anytime soon.
Boy, this story eclipsed any news out of the stock market Monday, observes Pete Najarian
Read More
> NY Gov. Spitzer Apologizes But Does Not Resign
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AFTER HOURS ACTION: TXN
The headline: Texas Instruments [TXN
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] Lowers Q1 Earnings; Revenue Outlook
Chip maker Texas Instruments on Monday lowered its outlook for quarterly earnings and revenue in the first quarter on weaker than expected chip demand and its shares fell as much as 5.5 percent.
I don’t like this stock at current levels, says Guy Adami.
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AFTER HOURS ACTION: WELLPOINT
The headline: WellPoint [WLP
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]cuts 2008 profit outlook
Health insurer WellPoint Inc cut its 2008 profit outlook on Monday, citing higher-than-expected medical costs and lower-than-expected enrollment, sending shares 18 percent lower in after-hours trading, explains Dylan Ratigan.
No need to jump in right now, counsels Pete Najarian.
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BEAR STEARNS PLUNGES
The headline: Financials Drag Market Lower On Fears Of Liquidity Crisis; Bear Stearns [BSC
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] Plunges Most In 10 Years After Moody's Downgrades.
The sell-off in financial stocks picked up speed Monday after rumors circulated that Bear Stearns was facing a cash shortage. Alan "Ace" Greenberg, chairman of the investment bank's executive committee, called the speculation "totally ridiculous," explains Dylan Ratigan.
No one knows what’s happening at BSC, says Karen Finerman.
I wouldn’t run after this stock, adds Guy Adami.
Options action suggests to me that traders expect a $15 move in this stock in either direction, reveals Pete Najarian. Also I’m seeing a lot of put buying in Washington Mutual [WM
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] which suggests the stock could go lower.
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OIL CROSSES $108
The headline: Crude Oil Closes Up 2.6% To $107.90, New Record, After Climbing As High As $108.17.
The national price for regular, self-service gasoline is up 67 cents from a year ago, thanks to expensive crude oil that reached a record $108.21 a barrel on Monday, explains Dylan Ratigan.
It seems to me like a flight to quality, observes Tim Seymour.
I own ConocoPhillips [COP
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] calls and Baker Hughes [BHI
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] calls, adds Pete Najarian. But Applied Materials [AMAT
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] is the energy company I think is most worth watching.
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I'M LOVIN' IT AGAIN
The headline: McDonald's [MCD
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] Shares - Down 8% This Year - Rally Monday On Strong February Sales.
McDonald's climbed 2.9 percent to $53.80 after the world's largest hamburger chain said sales at established stores jumped 11.7 percent globally in February, explains Dylan Ratigan.
Take some profits counsels Pete Najarian. But do look at Burger King [BKC
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] because they have room to expand, he adds.
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THEY MEAN BUSINESS
The headline: IBM [IBM
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], Oracle [ORCL
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], Cisco [CSCO
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]- The Biggest Names In Business Technology - Hold Strong Monday.
I like Oracle ahead of earnings, says Guy Adami. Also I think Cisco might have put in a bottom, he says.
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CHINA INFLATION AT 3-YEAR HIGH
The headline: China Inflation Measure Climbs 6.6%, Fastest Rate In More Than 3 Years.
I don’t love China at current levels, says Tim Seymour. Instead I recommend looking at Russia as an emerging markets play.
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GOING DUTCH
The headline: Business-Software Maker Sybase [SY
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] Launches $300M Dutch Tender Offer.
I expect to see more Dutch auctions, says Karen Finerman, perhaps the next one could be from Brinks [BCO
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].
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BROKEN AXLE KNOCKS GM
The headline: General Motors