Instant Insights with the Fast Money traders
The action in Apple looked strong into the close, says Jon Najarian. I think the stock is going to $300. In the space, I’m also bullish SanDisk and Akamai .
Many companies in tech have great balance sheets and pricing power, says Joe Terranova, but investors need to be stock specific To me that’s Apple and Akamai, he says.
If you want to play and think the market is about to bounce, I like Intel and IBM , says Guy Adami. But if you’re bearish, I’d be careful.
I like Intel too, says Tim Seymour, but I worry about tech broadly if we’re moving into a period of consumer weakness.
AFTER HOURS ACTION
Shares of Micron slipped in extended trade Monday with investors disappointed by its latest quarterly report; despite results that largely beat expectations.
Micron said net profit came to $939 million, or 92 cents per share in the quarter ended June 3, compared with a net loss of $301 million, or 37 cents per share, a year earlier.
The Boise, Idaho-based company is starting to see some uptick from resurgent corporate spending on computer technology, as budgets loosen after years of belt-tightening
Nonetheless, the company's shares slid 5 percent, giving up most of the gains acquired in regular trading on Monday.
FINREG PUSH BACK
After the close, Sen Russ Feingold (D-WI) said he would not vote to advance fin reg denying his fellow Democrats the 60th vote they need to clear a final hurdle in Congress.
"My test for the financial regulatory reform bill is whether it will prevent another crisis," Feingold said in a prepared statement. The bill "fails that test and for that reason I will not vote to advance it."
That combined with death of Senator Robert Byrd (D-WV) calls into question just how quickly the Dems can get financial regulation through Congress.