The one year chart looks like the stock is broken to me, exclaims Jeff Macke.
In the space RIM is now trading at the level where it broke down a few weeks back, says Joe Terranova. I’m not sure if you should hold onto it at this level.
AFTER HOURS ACTION: AMAZON
People are still shopping their just doing on the internet. Online retailer Amazon.com said on Wednesday its second quarter net profit doubled, helped by higher revenues and a gain related to the sale of European DVD rental assets.
Shares of Amazon rose more than 8 percent after hours.
Goldman Sachs has a $98 price target on this stock, reminds Joe Terranova.
SELLING IN BULK... COSTCO PLUNGES 12%
Costco warned on Wednesday that its quarterly profit would miss current Wall Street targets because of soaring energy costs and other inflationary pressures, sending shares of the No. 1 U.S. warehouse club operator tumbling by the close.
I bought this stock because I think it’s a best of breed play, says Jeff Macke. I think consumers will continue to shop Costco for low prices.
On the technical side the stock broke right below it’s 200-day moving average, counters Joe Terranova. That isn’t good.
> Click here to find out how Jon Najarian recommends trading the news
HAPPY WITH SECOND PLACE
General Motors took it on the chin again Wednesday. New data reveals the largest US automaker is trailing rival Toyota in global vehicle sales.
In the first six months of 2008, GM sales totaled 4.54 million while Toyota’s tally reached 4.8 million.
I can’t get on board the GM wagon, says Karen Finerman. Too many miles per gallon.
I think Toyota is the short, says Jeff Macke, because investors think they will stay ahead of the product cycle. I’ve got news. The Prius isn’t the answer to our long term energy problems.
TOPPING THE TAPE: BIG PHARMA
It looks like investing and drugs mix, afterall. The world's two biggest drugmakers, Pfizer and GlaxoSmithKline , both beat expectations for quarterly earnings on Wednesday.
Although both companies face major threats from generic competition, the latest results show demand for medicines is holding up relatively well at a time of economic downturn.
Lipitor is carrying Pfizer, exclaims Pete Najarian. They need to make acquisitions. I’d look at Roche, instead. They’re not sitting on their hands.
I’m long the Pharmaceuticals HLDRS , reveals Karen Finerman.
Got something to to say? Send us an e-mail at email@example.com and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment but not have it published on our website send those e-mails to firstname.lastname@example.org.
Trader disclosure: On July 23, 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), (COST), (MSFT), (EMC); Najarian Owns (AAPL), (COST), (TSO); Najarian Owns (YHOO) Calls, (CSCO) Calls, (SKF) Calls; Finerman Owns (GS); Finerman's Firm Owns (MSFT), (PPH), (SUN), (TSO), (VLO); Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY); Terranova Owns (BNI), (CME), (RIMM), (VLO), (SA), (FCX), (GOOG), (INTC), (IYT), (XLF), (SU), (YHOO); Terranova Is Long September Crude Oil $154 Call; Terranova Is Short September Crude Oil $130 Put; Terranova Is Short September Crude Oil $130 Call
Terranova Is Chief Alternatives Strategist Of Phoenix Investment Partners, Ltd.; 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); Terranova Is Co-Portfolio Manager Of The Phoenix Diversifier PHOLIO; Phoenix Diversifier PHOLIO Owns (IGE), (DBC), (DBV)
Charles Schwab Is A Sponsor Of "Fast Money"