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The headline: Cisco [CSCO
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] and Disney [DIS
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] Beat Earnings; Profits for Both Top Expectations
Cisco’s numbers were terrific, Jeff Macke said, and it’s impressive that the company is holding its own in this environment. Disney’s numbers were even better. Even the theme parks are working. The company is consolidating. This is a great story and still a cheap stock, according to Macke.
Pete Najarian would buy Juniper [JNPR
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], which is way off its highs, on the Cisco beat. Remember that Cisco has had a monster run and while the quarter was good, it couldn’t hurt to take profits or wait for the stock before chasing it here. He also said that Disney is compelling after this earnings beat.
$122 AND COUNTING
The headline: Crude Oil Jumps 1.6% to $121.84, New Record, on Fresh Round of Supply Concerns; Goldman Sachs Says Oil Likely to Reach as High as $200 in Next Two Years
You know what caught Guy Adami’s eye Tuesday as crude ran higher? FedEx [FDX
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], a company about as beholden to oil prices as can exist, was up. Stocks don’t lie, Adami said. He sees FedEx setting up for a great second half of the year, oil prices be damned. For a pure play on oil, he would stick with service names like Baker Hughes [BHI
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], Schlumberger [SLB
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] and Halliburton [HAL
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].
Pete Najarian is a buyer of the drillers or the Oil Service ETF [OIH
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]. Absolutely no refiners, though, for which oil is an input cost.
OPTIONS ACTION: DON”T MESS WITH TEXAS
The headline: Pete Najarian Seeing Bullish Options Activity in Natural Gas Play El Paso [EP
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]
Natural gas is a good buy here and the insider buying in EP is a good sign for the stock, Najarian said.
FINANCIALS FOLLOW FANNIE
The headline: Financials Fall on Fannie Mae [FNM
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] Earnings, Then Rise on Plan to Raise Capital
Fannie Mae reports “horrific” earnings and no one cares. That’s the state of the financials right now, Karen Finerman said. She does not believe Fannie should have gone up 6% on such a bad quarter and, in fact, she sold out of her position in Fannie Tuesday.
As far as Jeff Macke is concerned, it proves the short-sightedness of the short financials trade. The catalyst is dead for these stocks on the short side, he said. “Sometimes that’s good enough to be long.”
YAHOO BOUNCES BACK
The headline: Yahoo [YHOO
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] Gains Back Ground After Monday’s Plunge, Finishing Up 6%
Karen Finerman can’t remember the last time she saw a company as anti-shareholder as Yahoo. She wouldn’t be surprised to see some sort of shareholder uprising before the annual meeting scheduled for July 3.
MERCK’S BITTER PILL
The headline: Merck [MRK
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] Shares Finish Flat After Analysts Say Job Cuts Should Boost Earnings
Merck is having a bad few weeks, that’s for sure. Even still, Guy Adami said the pharma giant sets up for an “easy trade” if you buy it here with a stop in at $36.50.
STOCK SMACKDOWN
The headline: WWE [WWE
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] Shares Fall Despite 29% Increase in Profit, Better-Than-Expected Revenue
CEO Linda McMahon said via satellite that WWE’s long-term investments will yield returns from investors and she does not run the company on a quarter-to-quarter basis.
Investments in content development, marketing and distribution and building an international infrastructure are the three main tiers that make up WWE’s business model, she said. The international growth is what some investors have questioned, but McMahon maintained that, while there are start-up costs associated with broadening overseas, she is confident that it will pay off. In China alone, she said WWE content is expected to reach 100 million households. And the company is still tracking to its overall growth projections for this year.
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Trader disclosure: On May 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; Adami Owns (C), (GS), (INTC), (MSFT), (NUE), (BTU), (AGU); Najarian Owns (AAPL), (TSO), (XLF); Najarian Owns (BSC) Calls, (BUD) Calls, (CSCO) Calls, (EP) Calls, (MSFT) Calls, (YHOO) Calls, ( C) Calls; Macke Owns (DIS), (INTC), (MSFT); Finerman Owns (GS); Finerman's Firm And Finerman Own (HD), (KALU); Finerman's Firm Owns (MSFT), (NYX), (PLCE), (TSO), (VLO), (JCP), (AEO); Finerman's Firm Owns (YHOO) And (YHOO) Call Spreads; Finerman's Firm Owns SPX Index Puts; Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM); Finerman's Firm Is Short The British Pound; Charles Schwab Is A Sponsor Of "Fast Money"; WWE Programs Air On Networks Of NBC Universal, The Parent Company Of CNBC; NBC Universal Is The Parent Company Of CNBC
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