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The Dow [.DJIA
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] and S&P 500 [.SPX
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] fell on Thursday as Wal-Mart's soft December sales and lowered earnings outlook increased worry the recession may be deepening.
Shares of Wal-Mart (WMT), the world's biggest retailer, slid 7.9 percent to $51.15, making it the top weight on the Dow.
> For more on Wal-Mart click here
Trading was choppy as the broader market oscillated between losses and gains throughout the session a day before data that is expected to show more than half a million U.S. nonfarm jobs were lost in December and unemployment rose to 7 percent.
HOPE FOR MORTGAGE CRISIS?
Financial giant Citigroup [C
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] has agreed to support a controversial rewrite of U.S. bankruptcy law aimed at helping troubled mortgage borrowers, three Democratic senators said on Thursday.
Under the change, known as "cramdown," bankruptcy courts could alter the terms of mortgages, subject to certain conditions, the senators said.
Charles Schumer, a Democrat from New York who is a key player on the Senate Banking Committee, is brokering the talks. He joined us on Fast Money with late details.
>To see our exclusive interview with Sen Charles Schumer click here
And if you're looking for a trade in the financial space, I’d keep an eye on the regional banks, says Tim Seymour. They’re very exposed to commercial real estate. I think if we can stave off some of the foreclosure wave the greatest beneficiary could be the regional banks.
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OIL SLUMP CONTINUES
Oil prices [US@CL.1
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] fell Thursday as deepening economic gloom and soaring crude inventories in the United States eclipsed geopolitical tensions that have put world supplies at risk.
The decline followed Wednesday's 12 percent drop, which marked the biggest daily percentage decline in the price of crude oil in more than seven years.
On a technical basis I think crude could go down to $38, says Guy Adami.
If you’re looking for a trade, airlines [XAL
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] have been a great proxy for oil, adds Pete Najarian.
Wait until you find out how they’re hedged, counters Jeff Macke.
If you want to trade the space I’d look at Valero [VLO
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] , adds Tim Seymour.
> Click here for Joe Terranova’s latest crude oil trade
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SOLAR STOCKS RISE ON OBAMA SPEECH
President-elect Barack Obama, warned of dire consequences if Congress doesn't pass his economic stimulus plan and again emphasized the importance of alternative energy.
He said, "to finally spark the creation of a clean energy economy, we will double the production of alternative energy in the next three years. We will modernize more than 75% of federal buildings and improve the energy efficiency of two million American homes. In the process, we will put Americans to work in new jobs that pay well and can't be outsourced - jobs building solar panels and wind turbines; constructing fuel-efficient cars and buildings; and developing the new energy technologies that will lead to even more jobs, more savings, and a cleaner, safer planet in the bargain."
I think there are going to be real allocations toward solar, says Tim Seymour. SunTech [STP
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] and First Solar [FSLR
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] are the big names in the space.
I’d also keep an eye on Energy Conversion Devices [ENER
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] , adds Pete Najarian.
I like URS Corp. [URS
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] adds Guy Adami.
Cameco [CCJ
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] is also a great energy play, adds Tim Seymour, although that's a nuclear energy play.
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OPTIONS ACTION: PHARMA
Pete Najarian is seeing unusual bullish optiosn action in drug company, Elan [ELN
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I’d keep an eye on this stock, says Najarian. Call buying suggest this stock could go higher.
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- Chartology: December Outlook
- Holiday Toy Trades
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Trader disclosure: On Jan. 8th, 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 (POT), (WMT), (TM), (MGM); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Najarian Owns (CSCO), (FCX), (MSFT), (ELN); Najarian Owns (XME) Calls, (NVLS) Calls, (NVDA) Calls; Najarian Owns (FCX) Short Calls; Najarian Owns (EEM) Long Call Spread ; Najarian Owns (ERTS) Long Call Spread; Najarian Owns (MSFT) Short Calls; Seymour Owns (AA), (BAC), (EEM), (F), (TSO); Seymour's Firm Owns (VIP)
CNBC.com with wires
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