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]closed lower on Tuesday with stocks slipping on concerns about the economy after consumer confidence fell to a 16-year low. Also a profit warning from United Parcel Service [UPS
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] didn’t help buoy investors’ spirits.BANKING ON A BOTTOM?
Financials turned around Tuesday mostly on value buying and speculation that UBS [UBS
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] could become a takeover target.
Forget the rumors, says Pete Najarian. There were a lot of speculative options trading. "It seems the someone is looking for UBS to come back on the 2 for 1 split that was unannounced."
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AG LAGS
On Tuesday UBS upgraded their price target for fertilizer maker Potash [POT
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] from $250 to $285. Despite the positive news, shares of Potash closed lower.
If you’re long Potash I’d take some profits, counsels Guy Adami.
Meanwhile, Swiss agrochemical company Syngenta [SYT
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] said Tuesday it has signed a crop-protection technology agreement with U.S. specialty chemicals maker DuPont [DD
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].
Under the deal's terms, the companies will share the costs to prepare regulatory studies for DuPont Cyazypyr, a new insecticide aimed to control moths and sucking insects such as leafhoppers and aphids.
Also, keep your eye on Intrepid Potash [IPI
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], says Jeff Macke. It did two and half times normal volume, peaked early in the day and then sold off.
That just seems like rotation to me, counters Pete Najarian. I wouldn’t read too much into it.
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A CRUDE FINISH.....
Oil futures [US@CL.1
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] ended a choppy session almost even as traders await news on supply data as well as the outcome of the Fed meeting. Retail gas prices, meanwhile, slid below a national average of $4.07 a gallon.
I’m really quite concerned about the impact of oil prices on the economy, says Karen Finerman. Right now for every 100 dollars I'm long, I’m 54 dollars short as a hedge.
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INFLATION OUT OF CONTROL?
Dow Chemical [DOW
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], the biggest U.S. chemicals manufacturer, said Tuesday it will raise prices for its products by as much as 25 percent, institute freight surcharges and cut back on output of some products because of soaring energy prices.
Dow Chemical seems to have pricing power, says Guy Adami, but I wouldn’t buy this stock at current levels. I do, however, think the steel stocks are worth your time.
> Check out how Adami recommends trading in Steel Still Works
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PROFITS IN AISLE 2
Kroger [KR
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], the largest U.S. grocery chain, Tuesday posted a better-than-expected quarterly profit, helped by an emphasis on lower prices, gasoline discounts and other efforts to appeal to cash-strapped consumers.
I like the way this company has positioned themselves, says Jeff Macke. They’re taking market share from the higher end grocers.
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TOPPING THE TAPE: DRUGS
Lots of news out of Big Pharma on Tuesday. Merck [MRK
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] climbed due to strong sales of Vytorin And Zetia, shares of Novo Nordisk [NVO
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]rose after Goldman upgraded the stock to "Buy" from "Neutral," and Novartis [NVS
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]popped after it received an upgrade from Exane BNP.
I’ve been trying to pick bottoms in Merck for a while and it hasn’t worked, says Guy Adami. Instead, I’d look at Celgene [CELG
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].
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KODAK MOMENT
Eastman Kodak [EK Loading...