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As Fast Money took to Chicago Friday, the timing couldn't have been better as commodities finished off a breakout week, starting with oil...
CRUDE CROSSES $127
The headline: Crude Oil Trades Above $127 For First Time After Goldman Raises Price Estimate to $141
When it comes to oil, the trend is your friend, Jeff Macke said. The trade is simple: chart the trend and buy crude on pullbacks.
But if you don’t want to trade the commodity, Guy Adami recommended the oil services sector – particularly Baker Hughes [BHI
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] and Halliburton [HAL
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], both of which are still cheap, he said.
YAHOO PREPARES FOR WAR
The headline: Yahoo [YHOO
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] Digs in its Heels for a Fight After Carl Icahn launches Proxy Contest Plans
Yahoo blames Microsoft [MSFT
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], but it's Yahoo who are without a deal and now have a lower stock price. So who’s the loser, Karen Finerman wondered. She thinks Icahn has a good shot of winning the fight because Yahoo shareholders are so upset with management’s inability or unwillingness to get this done.
Jeff Macke’s trade is simple: sit back, relax, watch the drama unfold and get long Microsoft.
Guy Adami would rather play Google [GOOG
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], which he said is way better and way cheaper on a valuation basis than Yahoo.
3 GEE WHIZ
The headline: Tech Shares Break Out This Week on Excitement Over Apple [AAPL
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] 3G iPhone, New Touch-Screen BlackBerry
Apple continues to win, Pete Najarian said, but don’t neglect the networkers. As more 3G phones come out, the networks are going to need to be continually upgraded to handle the expanded bandwidth. He thinks Cisco [CSCO
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] and Juniper [JNPR
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].
Guy Adami is eyeing the hard drive makers, especially Western Digital [WDC
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]. The stock is up big so take profits if you’re in it or buy it on a pullback if you’re not, he advised.
BOEING: THE CUBS OF AEROSPACE
The headline: Lockheed Martin [LMT
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] Beats Out Chicago’s Boeing [BA
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] for $1.46B Air Force Satellite Contract
The worst in Boeing looks to be over, according to Guy Adami. That said, the best names in aerospace are still Raytheon [RTN
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] and Lockheed. Raytheon’s the cheaper bet, he said.
Pete Najarian agreed, saying Raytheon is by far best of breed and “too cheap,” with the most upside potential in aerospace.
A caveat, though, from Jeff Macke: Aerospace companies like Boeing and Airbus seem to be having trouble building commercial jets right now. He wouldn’t trade these as airline plays. Instead, trade them as defense stocks, he said. Because there’s always going to be a market for fighter jets.
SMALL BANKS, BIG PROBLEMS
The headline: Merrill Lynch Downgrades KeyCorp [KEY
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], Regions Financials [RF
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] on Loan Loss Concerns
The fact that Warren Buffett’s Berkshire Hathaway is eliminating its position in Ameriprise [AMP
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] should be a bearish signal to AMP investors, Pete Najarian said.
The easiest trade on the financials right now is Citigroup [C
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], according to Guy Adami. He’d buy it here and sell if it goes below $22.50.
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Trader disclosure: On May 16, 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 (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Pete Najarian Owns (AAPL), (BKC), (TSO), (XLF), (HPQ); Pete Najarian Owns (AA) Calls, (C) Calls, (MSFT) Calls; Macke Owns (MSFT), (ATVI), (DIS), (WMT), (INTC); Finerman Owns (GS); Finerman's Firm Owns (JCP), (MO), (MSFT), (NYX), (PLCE), (TSO), (VLO); Finerman's Firm Owns SPX Index Puts; Finerman's Firm Owns (C) And (C) Leaps, Finerman Owns (C); Finerman's Firm Owns (HD) And (HD) Puts, Finerman Owns (HD); Finerman's Firm Owns (YHOO) 1X2 Call Spreads; Finerman's Firm Is Short (IYR), (IJR), (MDY), (IWM), (SPY)
Data is a real-time snapshot *Data is delayed at least 15 minutes