Pharma companies are usually considered safety plays. But might they also be growth stocks in disguise?
Well, that might be taking it to extremes but if you just look over the past 3 months the drug names have been pounded down with the broader market. And according to Pete Najarian they really have little to do with what’s going on economically right now.
"It’s just collateral damage and the opportunities could be great,” Najarian says on CNBC’s Closing Bell.
Going forward he likes Bristol Myers, Merck and Pfizer for the long run because they’re all sitting on cash and fairly promising pipelines.
And if you’re looking for a quick trade Najarian has an idea. The JP Morgan Health Conference is coming in January. Typically stocks build ahead of the event and then sell-off immediately afterwards.
Make of it what you will!
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Trader disclosure: On Dec. 15th, 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 (MSFT), (WMT), (SDS), (MCD); Najarian Owns (FCX), (RDC); Najarian Owns (BMY) Calls; Najarian Owns (NUE) And Is Short (NUE) Calls; Najarian Owns (UYG) And Is Short (UYG) Calls; Finerman's Firm Owns (AET), (DSX), (MSFT), (DVN), (APC); Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM), (COF), (USO); Seygem Asset Management Owns (FXI); Seymour Owns (AAPL), (BAC), (F), (MER), (TSL), (CCJ); Seymour Owns Shares Of Uranium One, Inc.
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