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In the after hours, investors poured over earnings from Dell [DELL
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], hoping to gleen insights about the market and the economy from the computer maker's results.
Although Dell said both profit and sales fell, the results were slightly better than expected sending shares higher in extended trade.
What must you know before you make your next move?
Dell's results reinforce a trend outlined in the latest numbers from rival Hewlett-Packard [HPQ
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], the world's No. 1 PC seller, and supplier Intel [INTC
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], the biggest computer chip maker: Consumer demand for PCs is perking up, but spending by corporations is still weak, explains CNBC’s Jim Goldman.
What’s the trade?
I’d recommend getting out of Dell at these valuations, counsels Guy Adami. If you want to play the space Hewlett Packard [HPQ
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] looks better to me.
> Click here for complete coverage of Dell earnings
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STOCKS STAGE LATE-DAY REVERSAL
The S&P [.SPX
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] closed higher on Thursday as investors turned back an early sell-off, thanks to a rebound in oil prices. The Dow [.DJIA
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] also made gains, largely propelled by Boeing [BA
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] which said it expects the first flight of its long-delayed 787 Dreamliner by the end of 2009.
For the first three days of the week, stocks rose early and fell later, but the pattern reversed on Thursday as shares built momentum throughout the session in tandem with assets identified with improved demand, such as crude oil.
Strategy Session with the Fast Money traders
I always hear that the buyers don’t have conviction but it seems to me the sellers don’t have conviction either, muses Pete Najarian.
The market challenged 1010, adds Joe Terranova. It seems to me that could be a level of support.
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OIL STAGES LATE DAY COMEBACK
Oil prices [US@CL.1
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] rebounded on Thursday after two days of losses, lifted by a weaker dollar late in the session.
New York's main futures contract, light sweet crude for October delivery, closed at 72.49 dollars a barrel, up 1.06 dollars from Wednesday's close.
The benchmark New York contract had traded lower for much of the day, then came back up strong, explains Phil Flynn of PFG Best Research. Part of it was that the stock market came back, and part of it was the dollar.
What’s the trade?
My trade has been when oil dips I become a buyer, explains Joe Terranova. Contango is coming out of the marketplace.
Unless oil gets above $75 I think the movement in oil is relatively meaningless, counters Steve Cortes.
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BULLISH REVERSAL: MATERIALS
The weaker dollar also lifted materials stocks with Alcoa [AA
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], Freeport McMoRan [FCX
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] and other names in the space making gains.
What’s the trade?
I’m still looking to short resources, says Steve Cortes. Weakness in China makes me skeptical. I think it’s time to get short on a relative basis. If you want a long trade, I’d play the space long-term with water, he adds.
I’m watching Eastman Chemical [EMN
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], adds Guy Adami. I think this stock is cheap on a valuation basis. I’m a buyer at current levels.
If you want to play the space I’d make sure to also buy puts and protect my position, adds Pete Najarian.
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TOPPING THE TAPE: AIG SOARS 27%
Shares of AIG [AIG
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] surged on Thursday after the new chief executive, Robert Benmosche, told Reuters he did not favor a fire sale of its assets. He also said in the interview that in a year, people will say the company is performing well.
AIG's stock price has spiked since the beginning of August in a rally initially spurred as the insurance giant posted its first profit in seven quarters. Analysts have also cited a short squeeze as contributing to the run-up as short investors have given up on bearish bets.
What’s the trade?
It seems that the dash for trash is giving traders their biggest bang for the buck, muses Pete Najarian.
Dash For Trash: 1-Month Performance
Freddie Mac +251%
Fannie Mae +231% |
AIG +170%
Citigroup +71%
CIT +67%
If you’re long Hartford [HIG
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], I’d suggest taking profits says Guy Adami.
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TOPPING THE TAPE: BOEING SOARS 8%
Shares of Boeing [BA
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] took off on Thursday after the aviation giant said its 787 Dreamliner would finally make its first flight by the end of this year, with initial delivery expected in the fourth quarter of 2010.
Boeing's statement helped ease some often-asked questions that have surrounded the lighter, more fuel-efficient 787 aircraft, said Alex Hamilton, an analyst with Jesup & Lamont Securities.
"There was a lot of uncertainty, and a lot of the chatter on the street was 'Would this aircraft ever fly?'" he said. "It sort of ends the uncertainty."
Standard & Poor's upgraded Boeing shares to "buy" from "hold."
What’s the trade?
In the space I’d play Rockwell Collins [COL
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], counsels Guy Adami.
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STRONG DEMAND FOR 7-YR. AUCTION
Despite a seemingly endless flow of US government debt into the markets, foreign investors continued to gobble up Treasurys keeping yields relatively low. Once again, the latest auction of Treasurys attracted solid demand; this time it was for $28 billion in new 7-year bonds.
"(It appears that) the market is digesting the current supply easily," says John Spinello, a bond strategist at Jefferies.
What must you know?
I find the results staggering, muses Steve Cortes. The market is absorbing a tremendous amount of debt and it’s happening without any hiccups. Personally, I think bonds will continue to trade well.
If you’re looking for a safer haven trade, I’d go to the utilities that pay strong dividends, counsels Pete Najarian.
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ALERT: CITI 'HALL' SOLUTION
As you might remember, Citigroup [C
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] landed in the hot seat after revealing that it was obligated to pay top trader Andrew Hall a bonus of approximately $100 million.
According to the New York Times, Hall’s compensation was inked in October, before a law went into effect allowing Treasury secretary, Tim Geithner, to examine pay packages of top executives at companies that received exceptional bailout assistance from the government.
The resulting public outcry left Citi scrambling to do damage control. And according to CNBC’s Charlie Gasparino they’ve come up with a solution.
What is it? Watch the video now and find out!
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Trader disclosure: On Aug 27th, 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 (AMZN), (MSFT), (FCX), (BTU), (SU), (XOM), (WFT); Terranova Is Short (SHLD), (EES); Terranova Owns (CCL) Puts; Adami Owns (AGU), (C), (GS), (INTC), (BTU), (MSFT), (NUE); Najarian Owns (AAPL) Call Spread; Najarian Owns (BAC); Najarian Owns (BUCY) & Short (BUCY) Calls; Najarian Owns (C) Calls; Najarian Owns (FCX), Is Short (FCX) Calls, Owns (FCX) Puts; Najarian Owns (HGSI) Call Spread; Najarian Owns (JPM) & Short (JPM) Calls; Najarian Owns (MS) And Is Short (MS) Calls; Najarian Owns (MSFT) And Is Short (MSFT) Calls; Najarian Owns (PALM) Calls; Najarian Owns (TXT) Calls; Najarian Owns (TEVA); Najarian Owns (V) & Short (V) Calls; Najarian Owns (WFT) Call Spread; Najarian Owns (YHOO) Call Spread; Najarian Owns (XHB) Call Spread; Cortes Owns (SPX), (GS); Cortes Is Short Nasdaq 100; Cortes Is Short (JPM); J. Najarian owns (DELL) Calls ; J. Najarian Owns (AAPL) & Short (AAPL) Calls ; J. Najarian Owns (CHU)
CNBC.com with wires
Data is a real-time snapshot *Data is delayed at least 15 minutes