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] to its best finish so far this year as industrial and technology companies made gains at the expense of the weak dollar. As the US currency falls it makes U.S. products more competitive in overseas markets. In a bullish move, Goldman upgraded the multi-industry sector to "attractive" from "neutral," given the group's tendency for outperformance when the ISM manufacturing index makes a sustainable move above 50. (A reading above 50 indicates expansion.)
As part of its call, Goldman upgraded Illinois Tool Works [ITW
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] and raised its price target on General Electric [GE
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], United Technologies [UTX
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] and 3M [MMM
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], three components of the Dow [.DJIA
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].
How should you trade?
In the space I’m a fan of Honeywell [HON
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], reveals Guy Adami.
If the ISM number stays above 50, I’d own all the industrials, adds Joe Terranova.
I’m also bullish on industrials, adds Tim Seymour. I know they’re near resistance but this time I think they blow through.
I’m watching Textron [TXT
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], adds Pete Najarian. The stock is probably ahead of itself but I like the company.
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THE APPLE TRADE
Tech stocks [XLK
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] were also among the big gainers but the Nasdaq's [.NCOMP
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] advance was limited by Apple [AAPL
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] which fell after a gaunt Steve Jobs appeared at a company event leading to speculation that “the torch will soon be passed it’s just a matter of when,” according to Dave Rovelli of Canaccord Adams.
What’s the trade?
The trade on Apple was to cut down your position on the return of Steve Jobs, muses Joe Terranova. I think investors will be able to buy this stock around $160 within the next two weeks.
There was no gadget surprise at their event, adds Tim Seymour, and that was part of the disappointment. But I wouldn’t be a seller. Just because the excitement is slowing down doesn’t mean the stock can’t go to $190.
I thought Steve Jobs was energetic when I sat down with him, reveals New York Times reporter David Pogue. Seeing Steve Jobs back on stage was just a big relief.
(Click here to read more about Apple’s media event.)
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AFTER HOURS ACTION: TEXAS INSTRUMENTS
In the after hours, investors were mulling the profit potential in the chip sector after Texas Instruments [TXN
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] sharply raised its third-quarter guidance. According to Dow Jones, in its regular mid-quarter update, the chip maker now expects earnings of 37 cents to 41 cents a share on revenue of $2.73 billion to $2.87 billion.
What’s the trade?
That’s pretty impressive, says Guy Adami. For me the question is, at 18 times earnings is the stock still attractive? I can’t say I’d race in and buy but I think it’s worth watching.
And in the space I’m also watching IBM [IBM
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], adds Adami. I didn’t like the action on Wednesday.
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TOPPING THE TAPE: MORGAN STANLEY LEADS FINANCIALS HIGHER
Investors remained bullish on financials Wednesday after JP Morgan upgraded Morgan Stanley [MS
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] to “Overweight” from “Neutral” and increased its price target on the stock to $36 from $33.
It’s also worth noting that Citigroup boosted Capital One [COF
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] to “Buy” from “Hold” and set a $44 price target on the stock and they also upgraded Mastercard [MA
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] to “Hold” from “Sell” with a price target of $209.
And at a banking conference in Europe Goldman Sachs CEO Lloyd Blankfein made bullish comments. He said financial markets are “in recovery,” banks are “healing” and the worst of the crisis is “off the table,” reports Bloomberg.
What’s the trade?
Morgan Stanley has struggled to get above $30, explains Joe Terranova. But I like that they’re really focusing on M&A.
I think Raymond James [RJF
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] is the place to be in this space, adds Guy Adami.
For me the play is Goldman Sachs [GS
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], adds Pete Najarian.
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Trader disclosure: On Sept. 9th, 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), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Terranova Owns (WFT), (SU); Terranova Owns December Gold Futures; Terranova Is Short Dec. Copper Futures; Terranova Owns Oil Futures; Terranova Is Short (CCL); Terranova Works For (VRTS); Najarian Owns (AAPL) & Short (AAPL) Calls; Najarian Owns (BAC) & Short (BAC) Calls; Najarian Owns (C) Calls; Najarian Owns (INTC) & Short (INTC) Calls; Najarian Owns (DFS) Calls; Najarian Owns (FCX), Owns (FCX) Put, Is Short (FCX) Calls; Najarian Owns (JPM) & Is Short (JPM) Calls; Najarian Owns (JOYG) & Short (JOYG) Calls; Najarian Owns (MS) And Is Short (MS) Call; Najarian Owns (MSFT) And Is Short (MSFT) Call; Najarian Owns (PALM) Calls; Najarian Owns (TEVA); Najarian Owns (V) & Short (V) Calls; Najarian Owns (WFC) Put Spread; Najarian Owns (YHOO) Calls; Seymour Owns (AAPL), (BAC), (DIS), (EEM), (FXI), (RIG); Seymour's Firm is Short (GFI)
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