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Correction Shopping List

Monday, 17 Aug 2009 | 5:51 PM ET

If stocks are about to correct significantly, it's probably a smart time to make a shopping list because just like stocks are overbought on the way up they’re typically oversold on the way down.

So we asked the traders which stocks to put on the radar in the event investors throw out the proverbial baby with the bathwater.

Tim Seymour

I’d put Exxon on the radar, says the Ambassador. Even with oil around $65 this company should make a lot of money.

Guy Adami

I like Intel on a pullback, says the Negotiator. It’s a buy around $16.50.

Karen Finerman

I’m watching Pride , says the Chairwoman. I like it at current levels.

Pete Najarian

For me Microsoft is a buy, says the Pit Boss. I like what they’re doing.

Prop Desk: Correction Shopping List
A list of blue chips to buy for the long-term.


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Trader disclosure: On Aug 17th, 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 (BAC); Najarian Owns (BBT) Call Spread; Najarian Owns (C) Calls; Najarian Owns (FCX), Is Short (FCX) Calls, Owns (FCX) Puts; Najarian Owns (HD) September And Is Short (HD) August Calls; Najarian Owns (HPQ) September Calls And Is Short (HPQ) August Calls; Najarian Owns (MS) And Is Short (MS) Calls; Najarian Owns (MSFT) And Is Short (MSFT) Calls; Najarian Owns (UNH) Calls; Najarian Owns (YHOO) Call Spread; Finerman's Firm Owns (BAC) Preferred Shares, Finerman Owns (BAC) Preferred Shares And Owns (BAC); Finerman's Firm Owns (MSFT), (TGT), (WMT), (CTX); Finerman's Firm Owns (WFC) Preferred Shares And Is Short (WFC), Finerman Owns (WFC) Preferred Shares; Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM), (USO), (XRT); Finerman's Firm And Finerman Own (PDE); Seygem Asset Management Is Short (BIDU); Seymour Owns (AAPL); Seymour Owns (BAC); Seygem Asset Management Is Short (FXI)

For Jeff Tomasulo:
Tomasulo Is Short (IBM)
Tomasulo Owns (JPM)

For Pip Coburn:
Coburn's Fund Owns (AAPL), (ANSS), (ADBE), (SY)
Coburn's Fund Is Short (PALM)

CNBC.com with wires

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MSFT
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  • Melissa Lee is the host of CNBC's “Fast Money” and “Options Action.”

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  • Guy Adami is a contributor on CNBC's "Fast Money." He also is managing director of stockMONSTER.com.

  • Najarian, the "Pit Boss," is cofounder of optionMONSTER.com, a news site for options traders.

  • Finerman is president of Metropolitan Capital Advisors, Inc., a company she co-founded.

  • Founder of EmergingMoney.com

  • Chief Market Strategist for Virtus Investment Partners & CNBC Contributor

Halftime Report

  • Jay Yarow, The Business Insider, and Steve Milunovich, UBS, discuss whether Tim Cook is to blame for Apple's drop in growth. I think it's pretty clear they missed the big phone market and overestimated the success of the plastic 5C phone, says Milunovich.

  • CNBC's Eamon Javers reports on Bill Ackman's stake in Allergan. Javers says this is a classic case of insider trading that is not against the rules.

  • FMHR trader Josh Brown thinks Dunkin' Brands looks fantastic technically, while Mike Murphy says investors are questioning the company's massive expansion plans.