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The headline: Stocks closed higher, led by the blue chips.
The Dow [.DJIA
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] rallied after the Labor Department released a better-than-expected report on consumer prices, however GE and Carl Icahn stole the spotlight after hours.
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ICHAN LAUNCHES PROXY FIGHT
The headline: Carl Icahn Decides Launches Proxy Fight With Yahoo.
Billionaire investor Carl Icahn has elected to move ahead with plans to run a dissident board slate at Yahoo! [YHOO
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], sources familiar with the matter told Reuters on Wednesday
Icahn, who has amassed a large stake in the Internet company, has lined up at least 12 potential board candidates and could announce the slate as early as Wednesday night, the sources said. The deadline for nominating a dissident slate is Thursday.
The 12 board strategy is interesting, says Karen Finerman. It’s hard to get the whole board thrown out, but if anyone can it’s Carl.
The best trade here is buy Google [GOOG
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], says Guy Adami
Read More
> Icahn Moving Ahead with Proxy Battle for Yahoo
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GE PLANS TO SELL APPLIANCE BUSINESS
The headline: General Electric To Seek Buyers for Appliance Business
General Electric [GE
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]plans to auction off its appliances business for as much as $8 billion, ending the company's long association with so-called "white goods," the Wall Street Journal reported.
GE General, which also owns CNBC, has hired Goldman Sachs Group Goldman Sachs to run an auction for the appliances, unit, which could fetch between $5 billion and $8 billion, sources told the Journal.
With appliance sales getting hit by the slowing U.S. economy and the housing bust, jettisoning the business could help GE reach its long-term goal of boosting profits by at least 10% annually, the Journal said.
It doesn’t make a lot of sense to me, says Guy Adami.
Read More
> GE Plans to Sell Appliances Unit for Up to $8 Billion
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MAC DADDY OF FINANCIALS
The headline: Freddie Mac Shares Soar 9% On Narrower-Than-Expected Loss;
Although Freddie Mac posted its third-straight quarterly loss shares soared 9% because that loss was narrower than expected. Also Freddie says it won't cut its dividend.
In the financials I like Citicorp [C
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], says Guy Adami. I think the next 5%-8% move is higher.
I’d look at Visa [V
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], Mastercard [MA
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] or American Express [AXP
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] instead, says Pete Najarian.
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MACY'S DAY RETAIL PARADE
The headline: Macy's Leads Retail Shares Higher After Earnings, Revenue Top Forecasts
Retailer Macy's [M
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] says it lost 59 million dollars in the first quarter citing lower sales as well as the cost of consolidating business units, which should save money starting next year. The results topped forecasts and sent shares nearly 4% higher.
I don’t think this sounds the all clear for the consumer, says Jeff Macke.
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DEERE IN THE HEADLIGHTS
The headline: Deere Down After Saying Raw Material Costs May Hurt Profits.
Deere & Co. [DE
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] says its second-quarter profit rose 22 percent as lofty crop prices stoked global demand for its farm equipment. But its shares tumbled after the Moline, Ill.-based company cautioned that rising material costs could cut into its earnings over coming months.
I think DE is a buy with a stop out at any close below $80.75, says Guy Adami.
Deere was hurt in construction and the housing business not in “ag”, adds Pete Najarian. I’d look at Potash [POT
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], Monsanto [MON
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] and all the rest. And keep an eye on Terra Industries [TRA
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]; it’s P/E looks cheap to me.
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"SAUD" THE ALARM
The headline: An Influx Of Saudi Oil Could Depress Short-Term Oil Prices
Oil prices [US@CL.1
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]settled lower Wednesday as traders reacted to an increase in US crude stocks and as profit-taking occurred a day after prices struck a record high. Light, sweet crude for June delivery fell $1.58 to settle at $124.22 a barrel Wednesday on the New York Mercantile Exchange.
Guy Adami thinks crude could be coming down. When the government releases oil from the strategic reserve it’s usually bearish for oil prices, he explains. In the past it’s driven prices down about 10%.
I expect the market to remain strong through expirations on Tuesday, adds Joe Terranova, an independent oil trader. But once you get past Tuesday it’s anyone’s guess. The thing to watch is oil from Saudi Arabia. They’re sending 16 million barrels. After that point there could be a short-term pullback.
How do you trade it?
Stay long the United States Natural gas Fund [UNG
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] and sell short the United States Oil Fund