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The headline: Wall Street rallies on tech and dollar rebound
The Dow [.DJIA
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]rose on Thursday as a rebound in the dollar and retreating oil prices calmed fears about inflation, renewing investors' appetite for riskier assets, including undervalued technology shares.
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NASDAQ JUMPS 3%
The headline: Tech-Heavy Nasdaq Jumps 3%, Led By Intel, Apple & Microsoft.
The Nasdaq was powered by a 3.5 percent jump in shares of Apple Inc [AAPL
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] on news it will sell movies on iTunes the same day they are available on DVD, giving further momentum to the company's lucrative iPod franchise.
Mac sales also drove Apple, explains Pete Najarian. And Research in Motion [RIMM
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] was also smoking on Thursday. I think the play is Broadcom [BRCM
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] and Qualcomm [QCOM
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] because they make the chips for these products.
I agree that big things are going on in the semiconductor space, reveals Guy Adami. But I think you should play it with Intel [INTC
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].
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CITI, MERRILL LEAD BANK BOUNCE
The headline: Citigroup Among Strongest-Performing Financials
Citigroup jumped 4% only 2 days after it raised $4.5 billion via a common stock sale, explains Dylan Ratigan.
I went out and bought Citigroup [C
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] today, reveals Pete Najarian.
Meanwhile, speculation is growing that Warren Buffett could be looking to buy American Express [AXP
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] . Berkshire Hathaway [BRK
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]is already the biggest investor in AXP with almost 152 million shares as of the end of the year, worth about $7.3 billion at today's close.
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OIL FALLS BELOW $111; EXXON DROPS ON EARNINGS
The headline: Exxon Mobil Posts 17% Jump In Quarterly Profit, But Falls Short Of Estimates.
U.S. crude oil futures fell on Thursday, pressured by the dollar's strengthening, easing supply worries in Nigeria and concerns that demand, especially in the United States, is being curbed by high prices.
Exxon Mobil [XOM
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] says record crude oil prices helped it to post a 17 percent increase in first-quarter profits. The gain was 10.9 billion dollars, or $2.03 a share. Even so, the results fell short of Wall Street expectations.
Valuations appear to be catching up with XOM, says Guy Adami. At current levels it’s a little rich.
Don’t bother with Exxon. Instead I like the United States Oil Fund [USO
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], exclaims Jeff Macke.
Look at Marathon [MRO
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], counsels Pete Najarian. It was up Thrusday when the rest of the space was down. And keep an eye on the Energy ETF [XLE
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].
The other side of the oil trade is the dollar, reminds Karen Finerman. With so much strength in the greenback I’m not surprised to see weakness in crude.
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HOME IMPROVEMENT
The headline: Home Depot Shares Jump On Plans To Close 15 Stores, Pare Future Openings.
The Home Depot [HD
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] is closing 15 of its namesake stores, affecting 1,300 employees. The stores to be closed consist of three in Wisconsin, two in Ohio, two in New Jersey, two in Indiana and one each in Kentucky, Louisiana, Minnesota, North Dakota, New York and Vermont.
It is the first time the home improvement retailer has ever closed a flagship store for performance reasons. They will be shuttered within the next two months.
I sold into the strength on Thursday, reveals Karen Finerman. Whenever retail names explode liked HD did on Thursday, I like to sell.
I still think HD has a 35-handle on it, counters Guy Adami.
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A WHOPPER OF A QUARTER
The headline: Burger King Beats Estimates On Strong Sales, Spurred By Whopper Ad Campaign.
Burger King [BKC
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]