"Around the house it feels pretty much business as usual," Chief Executive Officer Rex Tillerson told reporters after an analysts' meeting. And the company's spending for 2009 could rise even higher, Tillerson said, if he sees new opportunities.
What’s the trade?
Pete Najarian thinks Exxon's spending speaks to how important all types of energy will become in the not too distant future.
And he likes trading that trend with the engineering firms. "I’d take a look at McDermott and Fluor ," he counsels. "I really like their prospects going forward."
"Another company to watch in the space is URS Corp," adds Guy Adami.
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Trader disclosure: On Mar. 6th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Najarian Owns (GDX); Najarian Owns (DNA) Calls; Najarian Owns (FCX) Spread; Najarian Owns (GLD) Put Spread; Najarian Owns (MS) & (MS) Calls; Najarian Owns (MSFT) & (MSFT) Calls; Najarian Owns (PNC) Put Spread; Najarian Owns (X) Call Spread; Najarian Owns (V) & (V) Calls; Najarian Owns (WFC) & (WFC) Calls; Finerman Owns (WFC) Preferred; Finerman's Firm Owns (WFC) Preferred; Finerman's Firm Owns (DNA) & (DNA) Calls; Finerman's Firm Owns (BAC) Preferred; Finerman's Firm Owns (MSFT), (PBR), (RIG), (TGT); Finerman's Firm Is Short (VNO), (BAC), (BBT), (IYR), (IJR), (IWM), (MDY), (SPY), (USO); J. Najarian Owns (AA), (FDO), (M); J. Najarian Owns (MS) & (MS) Puts; J. Najarian Owns (BAC) Preferred; J. Najarian Owns (FAS)