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Stocks climbed on Tuesday, with the S&P 500 [.SPX
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] and the Nasdaq [.NCOMP
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] up for a third straight day as a rare bit of encouraging news on the earnings front offset fresh signs that consumers remain glum.
Analysts said investors were beginning to look beyond some of the gloomy news amid hopes about efforts to stabilize the economy.
"The day's trading, however, was marked by a skittish tone as investors still had to contend with more signs of a weakening consumer. The Conference Board reported that its index of consumer confidence fell to a record low in January.
Meanwhile, the Federal Reserve's monetary policy-setting Federal Open Market Committee began a two-day policy meeting on Tuesday. Investors will watch for signals of any non-conventional methods of fighting the credit crisis at the meeting's conclusion on Wednesday.
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AFTER HOURS ACTION: YAHOO
Yahoo [YHOO
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] reported a higher-than-expected quarterly profit after several months of cost-cutting moves, sending its shares up 3 percent in after-hours trade.
But the Internet company gave forecasts for first-quarter operating income that were below average Wall Street expectations, according to Reuters Estimates.
They gave the Street decent numbers, muses Pete Najarian. But investors really want to know what happens going forward.
This is the most talked about $15 billion company with a very niche business, adds Tim Seymour.
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BRISTOL LEADS HEALTH CARE BOOM
Bristol-Myers Squibb [BMY
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] led healthcare higher on Tuesday after the firm reported a higher-than-expected quarterly profit on demand for its Abilify schizophrenia drug and Plavix blood-clot preventer.
The New York-based drugmaker said it earned $1.24 billion, or 63 cents per share. That compared with a loss of $89 million, or 5 cents per share, in the year-ago period when it took a big charge for soured investments.
Pharma has a lot of cash, muses Joe Terranova. I bought SPDR S&P Biotech [XBI
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] and Amgen [AMGN
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] because I think Pharma and biotech is a good place to be.
Once you see a big merger others think they need a partner and activity typically picks up, speculates Karen Finerman. (She's referencing the merger between Pfizer and Wyeth.) I'm playing it with the XBI and the iShares Nasdaq Biotechnology Index ETF [IBB
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If Bristol doesn’t get taken over themselves they have a lot of cash and could become a buyer, adds Pete Najarian.
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COMMODITY CORNER
Oil [US@CL.1
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] fell 9 percent on Tuesday after bleak economic data stirred demand concerns and consumer confidence slipped to a record low in January.
I think this is a great place to get long oil, muses Tim Seymour. I’d recommend getting long Petrobras [PBR
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] and Gazprom. Also keep an eye on steel, he adds.
I agree with Tim and disagree with reports from Goldman, says Joe Terranova. I think the short trade is over and that $32.40 was the bottom.
I’d look at the rails, adds Pete Najarian as a play on commodities. Both CSX [CSX
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] and Burlington Northern [BNI
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] look cheap to me.
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AFTER HOURS ACTION: GE
Late word suggests that Moody's may cut its rating on GE's [GE
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] AAA senior unsecured debt. The conglomerate says it’s objective is to maintain its AAA rating, but does not anticipate any major operational impacts should that change.
It’s difficult to figure out the valuation right now, muses Joe Terranova. However, I think news out of the Treasury about creating a bad bank is good for GE because, if nothing more, it could bury this headline.
- Your First Move For Tuesday November 24th
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- Giving Thanks: Energy
- Web Extra: Winning The Chocolate Wars
- Holiday Travel Outlook
- Trading The Dollar Drama
- Prepare For Large Decline In Stocks, Next Year?
- Unusual Options Action w/ Pete Najarian
- Take Your Position: Black Friday
- Mutual Fund Mondays
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Trader disclosure: On Jan. 27th, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Seymour Owns (AAPL), (BAC), (EEM), (F), (FXI), (VIP); Seymour Is Short (SNE); Seymour's Firm Owns (MBT), (TRC); Finerman's Firm Owns (DNA) & (DNA) Call Spread; Finerman's Firm Owns (MSFT), (UNH); Finerman's Firm Is Short (IYR), (IJR), (IWM), (MDY), (SPY), (ANF), (COF), (USO), (TBT); Terranova Works For (VRTS); Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO; Terranova Owns (XBI), (DIS), (AMGN), (FCX); Terranova Owns (IBM) & (IBM) Call Spread; Najarian Owns (EEM) Call Spread; Najarian Owns (BMY) CAll Spread; Najarian Owns (FCX) & (FCX) Short Calls; Najarian Owns (GE) Put Spread; Najarian Owns (MSFT) & (MSFT) Short Calls; Najarian Owns (MS) & (MS) Short Calls/Put Spread; Najarian Owns (YHOO) Call Spread
CNBC.com with wires
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