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Najarian: Next Week's Tech Standout

For the second consecutive day, optimism about tech earnings pulled the S&P 500 higher after RBC Capital started coverage of the cellphone chip supplier Qualcomm with an "outperform" rating.

A day earlier Intel, a rival chipmaker, provided an even more powerful tailwind after solid results reinforced hopes for an economic recovery and a rebound in technology spending. The bulls were particularly elated to hear about Intel’s upbeat outlook, which was due to strong consumer demand for PCs.

Meanwhile, the tech-heavy Nasdaq advanced for the seventh straight day and closed at its highest level since October ahead of big profit reports.

Considering tech earnings are just getting started, what’s the tech trade?

As I look forward to next week Texas Instruments stands out to me, explains Pete Najarian. In June they raised their profit forecast. Now, if they show growth in China with their chips I think it could be huge. And if that happens the SMH could explode to the upside.


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Trader disclosure: On July 16th, 2009, 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), (FXI), (GE) Seygem Asset Management Owns (NOK) Calls; Finerman's Firm Owns (WMT), (MSFT), (NOK); Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM), (XRT)

Finerman's Firm And Finerman Own (BAC) Preferred Shares, Finerman Owns (BAC); Finerman's Firm And Finerman Own (WFC) Preferred Shares, Finerman's Firm Is Short (WFC); Pete Najarian Owns (YHOO) Call Spread; Pete Najarian Owns (INTC) Calls, (IBM) Calls; Jon Najarian Owns (AGU), (IPI); Terranova Owns (TER), (MSFT), (RIMM), (INTC), (SUN), (FTO); Terranova Owns (CCE) Calls

GE Is The Parent Company Of CNBC

Terranova Works For (VRTS)
Terranova Is Chief Alternatives Strategist Of Virtus Investment Partners, Ltd.
Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO
Virtus Diversifier PHOLIO Owns (IGE)
Virtus Diversifier PHOLIO Owns (DBC)
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Virtus Investment Partners Owns More Than 1% Of (ABD)
Virtus Investment Partners Owns More Than 1% Of (CBL)
Virtus Investment Partners Owns More Than 1% Of (CAL)
Virtus Investment Partners Owns More Than 1% Of (CLB)
Virtus Investment Partners Owns More Than 1% Of (DLR)
Virtus Investment Partners Owns More Than 1% Of (EXR)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (MEE)
Virtus Investment Partners Owns More Than 1% Of (DBC)
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (DBA)
Virtus Investment Partners Owns More Than 1% Of St Mary Land & Exploration Co
Virtus Investment Partners Owns More Than 1% Of Seagate Tax Refund Rights
Virtus Investment Partners Owns More Than 1% Of (SKT)
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Virtus Investment Partners Owns More Than 1% Of (UA)
Virtus Investment Partners Owns More Than 1% Of (WBMD)

For Jared Levy:
Peak6 Investments Is Short And Has An Options Position In (CROX)
Peak6 Investments Is Short And Has An Options Position In (ESL)
Peak6 Investments Is Short And Has An Options Position In (FDX)
Peak6 Investments Is Short And Has An Options Position In (FTO)
Peak6 Investments Is Short And Has An Options Position In (FXI)
Peak6 Investments Is Short And Has An Options Position In (GE)
Peak6 Investments Is Short And Has An Options Position In (GILD)
Peak6 Investments Is Short And Has An Options Position In (GS)
Peak6 Investments Is Short And Has An Options Position In (HOT)
Peak6 Investments Is Short And Has An Options Position In (JPM)
Peak6 Investments Is Short And Has An Options Position In (KSU)
Peak6 Investments Is Short And Has An Options Position In (MOS)
Peak6 Investments Is Short And Has An Options Position In (NOK)
Peak6 Investments Is Short And Has An Options Position In (POT)
Peak6 Investments Is Short And Has An Options Position In (RIO)
Peak6 Investments Is Short And Has An Options Position In (SGP)
Peak6 Investments Is Short And Has An Options Position In (STLD)
Peak6 Investments Is Short And Has An Options Position In (XLF)
Peak6 Investments Is Short And Has An Options Position In (XLNX)

For Peter Jacobs:
Jacobs Owns (GE)
Wells Fargo Investments And/Or Affiliates Owns 1% Or More Of (GE)
Wells Fargo Investments And/Or Affiliates Owns 1% Or More Of (ESL)
Wells Fargo Investments And/Or Affiliates Owns 1% Or More Of (KSU)
Wells Fargo Investments And/Or Affiliates Owns 1% Or More Of (MMM)
Jacobs Owns (SLE)
Wells Fargo Investments And/Or Affiliates Owns 1% Or More Of (VWO)

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