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] looking for insights into Wednesday’s market action as well as trading opportunities in retail apparel.AFTER HOURS ACTION: NIKE
Nike shares climbed about 3% in extended trader after the apparel maker reported a profit that topped analysts expectations.
Nike said it earned $1.04 a share in its fiscal first quarter on sales of $4.8 billion, compared with $1.03 a share on sales of $5.43 billion in the same period last year
However, it's worth noting that Nike's largest market is in the U.S., where shoppers are still keeping a lid on discretionary spending and specialty athletic retailers that emphasize the Nike brand are struggling.
What’s the trade?
I really like what I’m seeing in this report, says Joe Terranova. I think this is good news for the company and the market overall.
I think what Nike says could be indicative of what to expect from Foot Locker [FL
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] as well as retail in general, says Karen Finerman.
Forget the derivative play, counters Steve Grasso, I think the trade is long Nike.
> For complete coverage of Nike earnings click here
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SAKS ANNOUNCES SHARE OFFERING
After hours Saks [SKS
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] said it is offering up to $100 million in common stock, and its shares fell over 4 percent in after-hours trade.
The company, known for selling designer brands, said it would use proceeds from the offering to pay down debt and for general corporate purposes.
Saks said in the filing with the U.S. Securities and Exchange Commission that it had roughly 138.3 million shares of common stock outstanding as of Sept. 28, and long-term debt and lease obligations of about $662.9 million as of Aug. 1.
What should you know?
They do have a lot of debt so anything that can do to repay the debt should help, muses Karen Finerman.
I think raising money now is considered weakness, counters Steve Grasso. It says the balance sheet is not sound.
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STOCKS LIMP INTO TOMORROW’S QUARTER-END
Both the Dow [.DJIA
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] and S&P [.SPX
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] closed modestly lower on Tuesday after the latest figures showed consumer confidence not only fell unexpectedly in September, but more Americans consider jobs “hard to get.”
The data suggests that despite improvements in the economy, it could be a long time before consumers contribute to growth. “With the holiday season quickly approaching, this is not very encouraging news," says Lynn Franco, director of the Conference Board Consumer Research Center.
What must you know?
Consumer confidence surprised me, says Joe Terranova. It’s all about jobs and we’ll find out more about that on Friday.
I don’t make much out of consumer confidence, adds Karen Finerman. It’s not a forward looking indicator.
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TOPPING THE TAPE: MORE SIGNS OF LIFE FOR HOMEBUILDER
On a bullish note, D.R Horton [DHI
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], Toll Brothers [TOL
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] and other homebuilders showed gains after an improved S&P/Case-Shiller home price index reading, suggested the housing market was bottoming out.
What’s the trade?
I’m not sure if I’d establish a long-term position in this sector, says Joe Terranova, at least not yet.
I don’t think we’re out of the woods yet either, says Pete Najarian.
But it’s also important to note interest rates, says Karen Finerman. Right now rates are low, that’s a big positive.
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CHART OF THE DAY: OIL’S DUD QUARTER
U.S. crude oil futures [US@CL.1
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] closed lower on Tuesday dragged down by demand concerns and a stronger dollar. Despite geo-political concerns about Iran's nuclear program, the commodity could not rally.
Instead traders appeared much more focussed on weekly inventory data, which is forecast to show that supplies are rising.
What’s the trade?
I’m concerned to see oil is trading lower in a quarter when equities are higher, muses Joe Terranova. It seems to me that investors want exposure to oil but they’re staying away from the commodity itself fearing regulation. However I do think that by the end of the year we’ll see oil near $85.
I think we’re at a key moment in oil, adds Summit energy analyst Brad Samples on Fast Money’s Halftime Report. If we see oil break lower on big inventories we could see oil go to $55. I think it’s okay to short crude.
My fear is a spike or drop that’s very dramatic, muses Karen Finerman. That could spook investors. If the climb or fall is slow and steady that’s okay. And if you want to trade the space, I’d do it with Transocean [RIG
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].
In this space I’d look at ConocoPhillips [COP
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] for its refinery business and also BP as a strong integrated name.
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SECTOR TRADE: A SECTOR DIVIDED CANNOT STAND
Capital One [COF
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] led credit card names lower after the Federal Reserve proposed tough new credit card rules to protect consumers from potentially costly practices by lenders and moved to implement legislation enacted in May.
Among the more controversial proposals is one that would prohibit creditors from issuing a card to anyone under the age of 21 unless the borrower has either the ability to make the required payment, or has the signature of a parent or other co-signer who has the means to do so.
What’s the trade?
Keep in mind these are proposals for new rules, explains Patty Edwards on Fast Money’s Halftime Report. In the space I like Visa [V
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] as well as MasterCard [MA
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]. I bet if the rules pass we’ll see more debit cards and that’s good for Visa and Mastercard.
Meanwhile, boutique firms are climbing on chatter of new pay curbs at banks after world leaders at the G20 summit said bank executives should not be guaranteed multiyear bonuses because such compensation makes them less accountable for risky investments.
What’s the trade?
Of all the names in the boutique space I like Lazard [LAZ
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] best,, says Pete Najarian.
Or play it with KCE [KCE
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], adds Joe Terranova.
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Trader disclosure: On Sept. 29th, 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 (KCE), (F), (ABT), (XOM), (SUN); Terranova Is Short (CCL), (ESS); Grasso Owns (AAPL), (ABK), (BAC), (C), (COST), (CSCO), (PFE), (V), (MMT); Finerman's Firm Owns (BAC) Preferred Shares, Finerman Owns (BAC) Preferred Shares And Owns (BAC); Finerman's Firm Owns (WFC) Preferred Shares And Is Short (WFC); Finerman Owns (WFC) Preferred Shares; Finerman Owns (RIG); Finerman's Firm Owns (MSFT), (NOK), (PBR), (WMT), (RIG), (TGT), (PLCE); Finerman's Firm Is Short (IJR), (MDY), (SPY), (IWM), (USO), (UNG); Najarian Owns (ACI) Call Spread; Najarian Owns (C) Calls; Najarian Owns (DELL) Call Spread; Najarian Owns (ERTS) Call Spread; Najarian Owns (GE) Calls; Najarian Owns (JPM) And Is Short (JPM) Calls; Najarian Owns (MS) And Is Short (MS) Calls; Najarian Owns (MSFT) And Is Short (MSFT) Calls; Najarian Owns (RIMM) Call Spread; Najarian Owns (ORCL); Najarian Owns (TEVA); Najarian Owns (V) And (V) Calls; Najarian Owns (WFC) Put Spread; Najarian Owns (YHOO) Call Spread ; Najarian Owns (BIIB) Calls
For Steve Grasso
Stuart Frankel Owns (ACS)
Stuart Frankel Owns (GERN)
Stuart Frankel Owns (MSFT)
Stuart Frankel Owns (NWS.A)
Stuart Frankel Owns (NYX)
Stuart Frankel Owns (PDE)
Stuart Frankel Owns (PFE)
Stuart Frankel Owns (ROK)
Stuart Frankel Owns (XOM)
Stuart Frankel Owns (SDS)
Stuart Frankel Is Short (QQQQ)
For Greg Troccoli
Troccoli Is Short S&P 500
Troccoli Owns US Dollar
CNBC.com with wires
Data is a real-time snapshot *Data is delayed at least 15 minutes