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After hours investors poured over results from Cisco [CSCO
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], trying to determine if the stock has more room to run.
The tech bellwether reported a steep decline in its quarterly results saying customers held back spending on network equipment. But on a bullish note, Chief Executive John Chambers said the company saw "a number of positive signs" in its fiscal fourth quarter compared to the previous quarter.
"If we continue to see these positive order trends for the next one to two quarters, we believe there is a good chance we will look back and see that the tipping point occurred in our business in Q4," he said in a statement.
What's the trade?
Strategy Session with the Fast Money traders
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The stock has gone from $13 to $22, reminds Guy Adami. The quarter was fine but a lot of what they’re saying is in the stock. I’d take money off the table.
I’m indifferent, says Karen Finerman. Cisco results were not disappointing but they weren’t out of the park either.
Chambers was a little less bullish than I expected him to be, says Pete Najarian. But otherwise I agree that the results were perfectly fine.
I agree with Guy. It seems to me that all that was said is already built into the Cisco’s stock price, adds Joe Terranova.
> Click here for the very latest on Cisco results
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TOPPING THE TAPE: BANKS UP BIG
Citigroup [C
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] led the financials [XLF
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] higher as investors cheered news that the firm plans to sell 20 businesses in the consumer finance area, many of them located in Europe.
Adding to the bullish sentiment, American Express [AXP
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] said credit card defaults fell for a second straight month in July, helped by lower-than-expected bankruptcies.
What’s the trade?
I wouldn’t dive into the credit card companies right now, counsels Guy Adami, not with the S&P at these levels. My trade in the financial space is long Blackstone [BX
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] above $14.50, he counsels.
It seems to me that investors are getting more excited about the consumer, counters Pete Najarian. Maybe they’re not in as bad shape as we feared. That could be bullish for Bank of America [BAC
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] and maybe Wells Fargo [WFC
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].
I think the trade is long JPMorgan [JPM
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], adds Joe Terranova.
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MARKET LOVES CASH FOR CLUNKERS
Over the last month shares of Ford have surged 44% as Wall Street bets Cash for Clunkers sets the automaker back on the road to profits. Of all the cars available under the government’s incentive program, the Ford Focus has been the most purchased, at least so far.
What’s the trade?
American Axle [AXL
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] soared on Wednesday, explains Karen Finerman, but the company is in distress. It doesn’t make sense. The program has seemed to create euphoria.
Personally, I’d stay away from Ford [F
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], counsels Guy Adami. I don’t see how the gains are sustainable.
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POWER TRADE: UTILITIES POWERING UP
Investors are taking another look at the power trade after Devon Energy [DVN
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] posted a steep slide in quarterly profit Wednesday, hurt by the drop in energy prices, but beat Wall Street forecasts as its production climbed to record levels.
What’s the trade?
I like the engineering names, reminds Pete Najarian. They have great potential and relatively low valuations. I’m keeping my eye on Foster Wheeler [FWLT
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] and Flour [FLR
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] but if you take a long position also buy puts for protection.
Fluor just beat out KBR [KBR
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] for a big government contract, reminds Guy Adami. These stocks tend to scare me into earnings, but long-term they may be undervalued.
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SECTOR TRADE: AG TRADE HOT AGAIN
The ag trade turned hot again after fertilizer maker CF Industries [CF
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] said on Wednesday it would hike its hostile offer for rival Terra Industries [TRA
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] by 22 percent, upping the ante in the struggle for dominance in the lucrative North American market.
Also shares of Potash [POT
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] and Mosaic [MOS
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] climbed on Wednesday after rival Agrium [AGU
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] posted a better-than-expected second-quarter profits on strong sales of seed and crop protection chemicals.
What’s the trade?
I expect M&A in the space to continue, muses Joe Terranova. Put these names on your radar.
With the tape like it is, I’d get out of Potash, counters Guy Adami, at least in the short-term.
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Trader disclosure: On Aug 5th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Terranova Owns (MSFT), (RIMM), (JPM), (MS), (ABT), (MCD), (AMZN); Terranova Works For (VRTS); Terranova Is Short (TM), (WFC), (WYNN), (F); Finerman Owns (RIG); Finerman's Firm Owns (MSFT), (NOK), (PBR), (RIG), (PDE), (TBT), (WMT), (TGT); Finerman's Firm Is Short (USO), (IJR), (IYR), (IWM), (MDY), (SPY); Finerman's Firm And Finerman Own (BAC) Preferred Shares; Finerman's Firm And Finerman Own (WFC) Preferred Shares; Finerman's Firm Is Short (WFC); Finermna's Firm Is Long (WFMI) Puts; Najarian Owns (AET); Najarian Owns (BAC) Call Spread; Najarian Owns (BX) Call Spread; Najarian Owns (BUCY) & (BUCY) Call Spread; Najarian Owns (FCX) & (FCX) Call Spread; Najarian Owns (INTC) Call Spread; Najarian Owns (JPM) & (JPM) Call Spread; Najarian Owns (MS) & Short (MS) Calls; Najarian Owns (MSFT) & Short (MSFT) Calls; Najarian Owns (PALM) Call Spread; Najarian Owns (V) & Short (V) Calls; Najarian OWns (YHOO) Call Spread ; Najarian Owns (SYNA) Calls; Najarian Owns (CSCO) Call Spread; Najarian Owns (SWNA) Calls; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU)
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