EAR TO THE WALL: IBM TAKEOVER?
Cree Inc. (CREE) popped on Tuesday on speculation that the firm is a takeover target. How much truth is there to this market rumor?
According to Cannacord Adams analyst Jonathan Dorsheimer, Cree is often a target of takeover talk and he doesn’t think this one is true. Dorsheimer likes Cree long term, but thinks "the shares are overvalued" at the present moment.
Every 2 or 3 months I hear talk that someone is going to takeover this company, adds Pete Najarian. I also don’t think there’s anything here.
Also we've got your FAST MESSAGES!
Raj from Florida
Raj writes, “What’s going on with Citi puts. Volume was especially high. Is Citi tanking?
No, replies Pete Najarian. These aren’t puts that would scare me because they are so deep in the money puts.
Marcus from Texas
Marcus writes, “Is there any news on the move in Activisiontoday?”
I don’t think there’s a bid coming for it, replies Jeff Macke. But I do think they’re the best in the space.
Charles from Florida
Charles writes, “What’s with Tesoro ? Oil’s up it goes down. Oil’s down and it still goes down?”
It’s a tough environment, replies Joe Terranova. Overall I would avoid the refiners.
Mike from Montana
I know you like Microsoft , but what will it take for it to move with the rest of tech?
I still think MSFT is headed for $33 and I like being long, replies Guy Adami.
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Trader disclosure: On June 17, 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), (BTU), (NUE), (GS), (INTC), (MSFT); Macke Owns (INTC), (MSFT), (ATVI), (WMT); Najarian Owns (AAPL), (BHI), (CHK), (TSO), (XLF), (MYGN),(ENER); Najarian Owns (MS) Puts, (BAC) Puts; Terranova Owns (LUV), (FXC); Terranova Is Long Dec 2008 Crude Oil; Terranova Is Short Dec 2009 Crude Oil
Terranova is chief alternatives strategist at Phoenix Investment Partners; Phoenix Investment Partners Ltd. Owns (RWX), (DBC), (DBV), (IGE), (AAI), (ALK), (AMR,) (APA), BP plc, British Airways plc, (CHK), (CVX), (COP), (CAL), (DAL), ENI SPA, (XOM), Gazprom, (HA), (HES), (HOC), (HSE), (JBLU), Lukoil, (MRO), (MUR), (OXY), Petrobras Intl Fin, Petro-Canada, (PBR), Petroleos De Venezuela, (QAN), (RJET), Royal Dutch Shell plc A Shares, (SKYW), (LUV,) (SU), (TSO), Texaco Capital, Total SA, (UAUA), (LCC), (VLO)