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What must you know before you trade on Friday?
AFTER HOURS ACTION: GOOGLE
Google [GOOG
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] handily beat analysts' expectations for both profit and revenue on Thursday, sending its shares as much as 3% higher in after-hours trading.
The world's No. 1 search engine said sales in the third quarter totaled $5.94 billion, up from $5.52 billion in the second quarter and $5.54 billion in the year-earlier period.
Google has faced increased competition from Microsoft's Bing but continued to increase its market share in September, capturing nearly 65 percent.
Meanwhile, CEO Eric Schmidt says he’s optimistic about a recovery and says “we think the worst of the recession is behind us” and also sees great potential in Google’s recently announced a partnership with Verizon [VZ
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] for an Android mobile operating system.
What’s the trade?
I like Google and expect top see it get above $550, says Joe Terranova. As far as I’m concerned, it’s a name you can own. And I think it sets up well for Amazon [AMZN
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] which appears poised to go through $100.
> Click here for complete coverage of Google earnings.
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AFTER HOURS ACTION: IBM
IBM [IBM
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] reported higher-than-expected quarterly profit and raised its full-year outlook as its growing focus on higher-margin software and services businesses helped it cope with weak technology spending.
But investors dumped IBM shares after the results, sending the stock as much as 4% lower in after-hours trading.
It’s worth noting that revenue fell 7 percent from a year earlier to $23.6 billion, although it rose 1 percent from the previous quarter and was better than Wall Street's forecast of $23.4 billion.
"We are optimistic about 2009 as we again raise our full-year expectations and we remain well ahead of pace for our 2010 roadmap of $10 to $11 per share," said Chief Executive Samuel Palmisano.
What’s the trade?
IBM’s results were fine, explains Guy Adami. They’re just a victim of their own success and now the stock is too rich. If you think the tape is going higher it should go with. If you think the tape is tired I’d take profits. But again IBM is fine.
And elsewhere in tech, I think it’s okay to short Intel [INTC
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], he adds.
> Click here for complete coverage of IBM earnings
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LATE RALLY BOOSTS STOCKS
A late rally buoyed the Dow [.DJIA
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] and the S&P 500 [.SPX
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] on Thursday to 2009 closing highs with energy stocks leading the way as oil prices jumped.
"It appears the market is reacting to the energy inventory data, the strength in crude and the idea that the economic recovery is firming," says Nick Kalivas of MF Global.
Investors are also bullish after results from Intel [.DJIA
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], JPMorgan [.DJIA
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] and other firms triggered a belief that earnings could be stronger than expected over the next few weeks.
What’s the trade?
I'm bullish coming out of earnings season, says Art Hogan of Jefferies. I think we still see liquidity chasing momentum.
But coming out of earnings I think investors need to be very selective, he adds. I'd look at technology for M&A - I think there's an entire universe of software companies that will be gobbled up in the next 3 months. And I'm also bullish energy on a weaker dollar [US@DX.1
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Meanwhile, the Nasdaq [.NCOMP
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] eked out a slim gain, but shares of big-cap tech companies, including Apple [AAPL
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] were drags.
What's the trade?
The thing that caught my eye was the weakness in Nokia [NOK
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] , muses Pete Najarian. I think it bodes well for Apple.
I’m flat in Nokia, reveals Tim Seymour, but I like the company and I think it’s almost time to consider a long position. I think it’s a buy at $13.
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GOLDMAN BLOWOUT CAN’T SAVE FINANCIALS
Bank stocks [XLF
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] slipped on Thursday after quarterly results from Goldman Sachs [GS
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] and Citigroup [C
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] failed to live up to heightened expectations.
Although both banks produced great numbers, the results didn’t compare to those reported by JPMorgan [JPM
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] one day earlier. Investors drove the Dow above 10,000 on hopes other banks would follow suit.
Where are the opportunities in this tape?
I think Goldman is a victim of the success they had last quarter, muses Joe Terranova. Personally, I’m a buyer on any pullback because I think it’s going over $200.
I just think Goldman weakness on Thursday is profit taking, adds Pete Najarian. I also think Goldman goes higher long-term.
I like Goldman on a pullback, reveals technical analyst Greg Troccoli of Opalesque on Fast Money’s Halftime Report. I’m a buyer at $185 which is the stock’s 21-day moving average. As for Citi, I can’t get excited even if it pulls back to $4.
I’m cautious of Citigroup, says Tim Seymour. They were forced to divest Phibro, one of their most profitable units, as well as Smith Barney, another extremely profitable unit.
In the space, I still like Lazard [LAZ
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] and Greenhill [GHL
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], says Guy Adami. And I’m bullish Jefferies [JEF
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] long-term but I wouldn’t chase it here.
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NEW GLOBAL COMMODITY EQUITY FUND (CRBQ)
Art Hogan, Managing Director at Jefferies joined the desk to talk about his company's new Global Commodity Equity Fund [CRBQ
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] . "This index is made up of equities," he says. "We took 147 companies from 32 countries around the globe and put them together into an index that represents 70% of the commodities owned privately on the planet."
Is this security right for you? Watch the video now and find out more!
- Your First Move For Friday November 27th
- Web Extra: Private Equity, Conviction Buy?
- Pops & Drops: Abercrombie & Fitch, Nucor...
- Giving Thanks: Seymour
- Your Questions About... Alcoa & The Dollar
- Best Wishes Regis
- Gartman's Annual Rules For Trading
- Chartology: December Outlook
- Holiday Toy Trades
- Steepest Black Friday Discounts, Revealed
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Trader disclosure: On October 15, 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): Terranova Owns (SUN), (OIH), (HOC), (HES), (GOOG), (IUYG), (OHI), (FTO): Terranova Is Short (GRMN), (CCL): Najarian Owns (BX) Calls; Najarian Owns (DELL) Call Spread; Najarian Owns (GE) Calls; Najarian Owns (GOOG) Nov. Calls, Is Short (GOOG) Oct. Calls; Najarian Owns (HMY) Calls; Najarian Owns (IBM) Nov. Calls, Is Short (IBM) Oct. Calls; Najarian Owns (LAZ), Is Long (LAZ) Puts, Is Short (LAZ) Calls; Najarian Owns (MYL) Calls; Najarian Owns (RIMM) Call Spread; Najarian Owns (STX) Call Spread; Najarian Owns (TEVA); Najarian Owns (YHOO) Call Spread
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