Exxon To Shatter Records
Investors are closely watching quarterly reports from Exxon this week to gain new insights into the energy bubble. What will they reveal?
On Thursday it’s widely believed that Exxon will set a new record for quarterly income & revenue by a U.S. company.
But the thing to watch are production numbers which will probably be down, says Pete Najarian. As a result I would sell a rally in the integrated names and take that money and buy the oil services names.
Karen Finerman agrees and stays with that theme. I like Transocean and Pride International , she says. Exxon will likely make a huge capital expenditure on exploration and these are the guys who should benefit.
On a valuation basis I think Exxon stock looks reasonable, adds Guy Adami.
I’d avoid all of them, bristles Jeff Macke. Oil is broken right now.
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Trader disclosure: On July 28, 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 (HAS), (DIS), (WMT), (ATVID), (MSFT); Adami Owns (BTU), (C), (AGU), (GS), (MSFT), (NUE); Finerman Owns (GS); Finerman's Firm Owns (MSFT), (SUN), (TSO), (VLO); Finerman's Firm And Finerman Own (C), (C) Leaps; Finerman's Firm Is Short (BBT), (XLF), (IYR), (IJR), (MDY), (IWM), (SPY); Finerman's Firm And Finerman Own (C), (C) Leaps; Najarian Owns (CSCO) Calls, (YHOO) Calls, (SKF) Calls, (WLT) Calls; Najarian Owns (TSO) And Is Short (TSO) Calls; Najarian Owns (AAPL) And (AAPL) Puts; Najarian Owns (XLF) Puts
Karabell Owns (GOOG), (DIS)