Bear Market Blues

Friday, 11 Jul 2008 | 6:33 PM ET

Is there any way that earnings could help Wall Street shake off the bear market blues next week?

You might remember remember that UPS, rattled investors in recent weeks with profit warnings, blaming the sluggish economy and soaring oil prices.

Still Alcoa beat Street expectations and GE met them. It could be worse; a lot worse, actually. With Johnson & Johnson , CSX Corp , and Intel all reporting on Tuesday, what should you expect?

"People are awfully pestimtic to the point that you could get some up-side surprises," says Sandler O'Neill analyst Jeff Harte on Fast Money. "But if that should happen I think the positive impact on the stock market would be short lived."

Turning attention to individual stocks; specifically the three companies mentioned above, how will they perform?

Intel’s exposure to the chip sector should be negative, says Pete Najarian. But I like JNJ ahead of earnings. They trade at a 16 P/E which I think is relatively cheap.

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JNJ looks interesting me as well, adds Guy Adami. They’re really becoming much more of a consumer staples company which is a good thing right now.

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Trader disclosure: On July 11, 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), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Macke Owns (INTC), (USO), (WMT), (MSFT); Najarian Owns (AAPL), (CHK), (TSO), (XLF); Najarian Owns (FNM) And (FNM) Puts; Najarian Owns (LEH) And (LEH) Puts; Najarian Owns (RIMM) Calls, (SLB) Calls, (YHOO) Calls, (CSCO) Calls; Finerman Owns (GS); Finerman's Firm And Finerman Own (PDE); Finerman's Firm Owns (MSFT), (SUN), (TSO), (VLO), (GE), (MO); Finerman's Firm Is Long SPX Index Puts; Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm Is Short (BIG), (RTH), (IJR), (MDY), (SPY), (IWM); Finerman's Firm Owns (TGT) Calls: GE Is The Parent Company Of CNBC

Sandler O'Neill Advised clients in deals involving (BAC) and (JPM): Sandler O'Neill Recvd. Inv. Bank. Comp. From (BAC), (C), Past 12 Mos.; Sandler O'Neill Expects To Receive or SeekInv. Bank. Comp. From (BAC), (JPM), (C) In Next 3 Mos.; p(BAC), (C), (JPM), (MER), (MS), (LEH) Are Clients Of Sandler O'Neill ; Sandler O'Neill Was A Manager Or Co-Manager of A Public Offering for (C), (JPM) In Past 12 Mos.; Sandler O'Neill Has Received Non-Inv. Bank. Comp. from (C), (JPM), (MER), (LEH), (BAC); (GS) Is A Non-Inv. Bank. Client Of Sandler O'Neill

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  • Chief Market Strategist for Virtus Investment Partners & CNBC Contributor

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