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Although the Dow [.DJIA Loading... ()
]closed lower, Intel (INTC), Cisco (CSCO) and the overall tech sector showed strength on Wednesday. The gains could bode well for the broader stock market if it’s a signal of renewed investor confidence.I think it’s rotation, explains Pete Najarian, out of oil and other commodity names coming into tech.
Intel [INTC
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] is a buy in my book, adds Guy Adami.
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LEHMAN IN LIMBO
Lehman Brothers [LEH
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] shares have been on a wild ride as investors debate whether the brokerage is going to be able to avoid the fate suffered by Bear Stearns.
In recent days, the investment bank has taken steps to sell off some of its riskier assets and eliminate its proprietary trading. There also have been reports that the company is looking overseas for a strategic partner.
However, news that investment manager Loomis Sayles has been buying Lehman Brothers debt over the past several days--and a decision by Merrill Lynch to upgrade Lehman shares to buy--sparked a rally in Lehman shares
I wouldn’t get into financials right now , says Pete Najarian. Not yet.
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ICAHN SAYS YANG `SABOTAGED' DEAL
Yahoo! [YHOO
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] has come under increased criticism from some shareholders, including billionaire investor Carl Icahn, for not taking more aggressive steps to negotiate a deal with Microsoft, which had offered Yahoo $47.5 billion.
According to Icahn, Yahoo CEO Jerry Yang went to inordinate lengths to sabotage the Microsoft [MSFT
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] bid. He’s also threatening to replace Yang at the Aug. 1 meeting and has asked the board to rescind a severance package for new employees.
I think Carl Icahn is going to crush these guys, speculates Jeff Macke.
Microsoft is a screaming buy, adds Pete Najarian. Whether the deal goes through or not I think the stock is seriously undervalued.
Read More:
> Carl Icahn takes the battle to the set of Fast Money.
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CRUDE CONTINUES RETREAT
Crude oil [US@CL.1
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]ended down sharply for a second day in a row on Wednesday as a larger-than-forecast rise in refined product inventories last week trumped a surprisingly big drawdown in crude oil stocks. Also gasoline futures tumbled nearly 5 percent as data showed demand for gasoline fell amid high pump prices.
I said on Friday that this week was going to be big for commodities, reminds Guy Adami. I think oil is going to continue to pull back and the refiners might be a good way to play it (because the crack spread should increase). I’d look at Tesoro [TSO
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] with a 25-handle.
With the government mulling new regulations for oil trading I can’t see any reason to get long, says Jeff Macke.
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POTS & PANNED
Williams-Sonoma [WSM
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] posted a 42 percent drop in quarterly profit on Wednesday and lowered its 2008 revenue forecast, sending its shares down as the soft U.S. economy and weak housing market hurt sales.
I think Williams-Sonoma is in the wrong place at the wrong time, says Jeff Macke.
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'X' MARKS THE SPOT
U.S. Steel (X), Nucor (NUE), and other steel stocks continue their march higher.
I like Nucor [NUE
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]right here and right now, says Guy Adami.
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JELLY MEETS JAVA
J.M. Smucker [SJM
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] intends to buy Procter & Gamble's Folgers brand in a deal valued at $3.3 billion. Shares of P&G jumped as investors applauded the move.
Smuckers acquired Jif from P&G in 2002, reminds Karen Finerman. Imagine that, a jelly maker buying peanut butter!
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BIG BOARD BLUES
Shares of NYSE Euronext were battered on Wednesday after it said May trading volume fell to lowest levels of the year.
Essentially investors are making fewer trades, explains Rich Repetto, Sandler O'Neill exchange analyst. But as I look out a year from now, I think the trend will change. Volumes should return at some point. I think NYSE/Euronext [NYX
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] is a buy at current levels if you're a long-term investor.
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Trader disclosure: On June 4, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (HAS), (INTC), (MSFT), (DIS); Adami Owns (BTU), (C), (AGU), (GS), (INTC), (MSFT), (NUE); Najarian Owns (AAPL), (ANR), (BHI), (CHK), (HPQ), (TSO), (XLF); Najarian Owns (LEH) Puts; Finerman Owns (GS); Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm And Finerman Own (FLS); Finerman's Firm Owns (AAPL), (MSFT), (NYX), (SUN), (TSO), (VLO), (UFS) Finerman's Firm Owns SPX Index Puts; Finerman's Firm Is Short (IYR), (IJR), (MDY), (IWM), (SPY)
FPK Or Its Affiliates May Seek Compensation For Investment Banking Services From (LEH), (MS), (GS), (BAC), (C )< (JPM), (MER), (BSC) During The Next 3 Months; Sandler O'Neill Managed A Public Offering Of (NMX) Securities In Past 12 Months; Sandler O'Neill Advised The (NMX) Board; Sandler O'Neill Advised YellowJacket Software In A Deal With (ICE); A Principal Of Sandler O'Neill Is A Director Of (NDAQ), Sandler O'Neill Is A Market Maker In (NDAQ); Sandler O'Neill Received Inv. Bank. Comp. From (CME), (ICE), (NDAQ), (NMX) In Past 12 Months; Sandler O'Neill Expects To Receive/Seek Inv. Bank. Comp. From (CME), (ICE), (NDAQ), (NMX), (NYX) In Next 3 Months; (CME) (ICE), (NDAQ), (NMX) Were Clients Of Sandler O'Neill
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