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Oil rose on Monday as Tropical Storm Dolly barreled into the Gulf of Mexico, stoking concerns of disruptions to offshore oil and gas production.
The U.S. National Hurricane Center warned the storm could reach hurricane strength on Tuesday, but the U.S. Energy Information Administration said on its current path it was likely to miss major oil producing areas but could threaten some coastal refineries later in the week.
I think the oil services names are the way to play energy right now, says Joe Terranova. I wouldn't trade futures over the next few weeks because I don’t expect oil to go significantly higher or lower.
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BANK RALLY CONTINUES (BARELY)
Bank of America [BAC
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] has become the latest in a string of big banks whose second-quarter earnings, while hurting from the impact of the credit crisis, still managed to beat expectations.
Although its second-quarter profit fell 41 percent that easily beat estimates and provided the Street with new hope that banks have weathered the worst of the credit crisis.
Four of the nations five largest banks have now reported better-than-expected results.
I was surprised that the positive run continued, says Karen Finerman.
The KBW Bank Index [KBE
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] is still below it’s March low of $73, adds Joe Terranova. I think it needs to get above that with conviction before investors can say that was the bottom.
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BET ON ICAHN INSIDE?
Yahoo [YHOO
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] is relinquishing three seats on its board of directors to activist investor Carl Icahn, ending a battle for control of the Internet company while still leaving the door open for a possible sale to Microsoft [MSFT
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].
The truce announced Monday gives Yahoo a reprieve from two months of bickering with Icahn, who had been spearheading a shareholder rebellion aimed at replacing the company's entire board in retaliation for its rejection of Microsoft's $47.5 billion takeover bid in early May.
Following is a look at company performance after Carl Icahn joined the board.
Company Date Performance Since
Blockbuster 5/12/05 - 76%
Imclone 9/21/06 + 60%
Yahoo Today ?
Even good doctors have terminal patients, exclaims Jeff Macke. Not every situation is fixable!
At current levels I think investors can be long Yahoo!, counters Joe Terranova.
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BIGGER DEAL COMING FOR DNA?
Swiss pharmaceutical maker Roche on Monday offered $43.7 billion for the remaining shares of its U.S. biotech partner Genentech [DNA
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] seizing the opportunity offered by the weak U.S. dollar to grab a bigger share of earnings from such Genentech drugs as the blockbuster cancer treatment Avastin.
I expect to see some rabble rousing in this deal so keep an eye on this stock, says Pete Najarian.
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GRAND THEFT REJECTION IV
Video game publisher Electronic Arts [ERTS
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] said on Monday it has extended its unsolicited tender offer for shares of Take-Two Interactive [TTWO
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] by one month to August 18.
This is the fifth time EA has extended its tender offer for Take-Two.
I don’t see any reason to jump-in, says Karen Finerman.
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BIGGEST BOX OFFICE IN HISTORY
Forget Robin, the Caped Crusader should team up with Meryl Streep.
The new Batman movie "The Dark Knight" smashed the weekend record set by "Spider-Man 3" last year, selling an estimated $155.3 million worth of tickets during its first three days of release.
However, at $27.6 million the musical "Mamma Mia!" starring Streep returned impressive results as well. With women making up 75% of the audience the ABBA musical provided a very successful alternative to “The Dark Knight.”
I wouldn’t look for a traditional toy bonanza on this Batman, says Jeff Macke. Mattel [MAT
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] got a little bounce then sold off because this movie is for adults.
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Trader disclosure: On July 21, 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 (WMT), (HAS), (ATVID), (GS), (DIS); Najarian Owns (AMLN), (TSO); Najarian Owns (AAPL) And (AAPL) Puts; Najarian Owns (FHN) Puts; Najarian Owns (MRK) Calls, (YHOO) Calls, (CSCO) Calls; Finerman Owns (GS); Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm And Finerman Own (PDE); Finerman's Firm Owns (GE), (MRK), (MSFT), (PPH), (PFE), (SUN), (TSO), (VLO), (AXP); Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY)
Terranova Owns (RIMM), (GOOG), (YHOO), (INTC), (VLO), (IYT), (CME), (BNI), (FCX), (XLF), (SU); Terranova Is Long Crude Oil Sept. $154 Call; Terranova Is Short Crude Oil Sept. $130 Call; Terranova Is Short Crude Oil Sept. $130 Put; Terranova Is Chief Alternatives Strategist Of Phoenix Investment Partners, Ltd.,Terranova Is Co-Portfolio Manager Of The Phoenix Diversifier PHOLIO
Phoenix Investment Partners Owns More Than 1% Of (DBV), (RWX(, (LNET), (EXR), (SKT), (DLR), (IGE), (ARE), DBC), (ABD), (OFC), (CLB), (BLV), (CNTY), (FL), (HPC), (PSPT), (ESS), (OIIM), (BIG), (ENG), (PFD), (DRH)
Phoenix Diversifier PHOLIO Owns (IGE), (DBC), (DBV)
NBC Universal Is The Parent Company Of CNBC
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