Fast Money: Rapid Recap - The first and only official show synopsis
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With Banks At 52-Week Lows, Time To Buy?
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Lousy housing data this week dragged down banks with several names including BofA [BAC
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] and Wells [WFC
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] trading near their 52-week lows.
Investors went running for the exits on Wednesday, after the latest info sparked fears that housing prices would topple even more – leading to even more foreclosures and mortgage woes.
But investors are known to sell first and ask questions later.
Are any bank stocks worth nibbling at their current levels?
”Bank of America is the cheapest stock we’re currently recommending,” says Moshe Orenbuch of Credit Suisse. “And Citi [C
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] is also cheap on tangible book value,” he says.
Of course it’s important to note these are long term calls.
And if you’re looking for dividends, Orenbuch says “I think you’ll see it first at JPMorgan [JPM
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] and possibly US Bancorp [USB
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] and later at some of the other big banks.”
Get all the details. Watch the video above!
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Trader disclosure: On Aug 25, 2010, 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 (BM), (GOOG), (MSFT), (QCOM), (TER), (BRCM), (AXP), (C), (MRVL), (BMO), (V), (POT), (GLD), (FCX), (APA), (SU), (XBI); Cortes Owns (FCX), (SFD), (BHP), (TD), (BMO);Cortes Is Short Yen; Cortes Owns Crude Oil; Najarian Owns (HPQ) Calls; Najarian Owns (CELG); Najarian Owns (TCK); Najarian Owns (CNI); Najarian Owns (TEVA); Najarian Owns (V) Calls; Najarian Owns (STX) Calls; Najarian Owns (WDC) Calls; Najarian Owns (MU) Calls
For Joe Terranova
Terranova is chief market strategist of Virtus Investment Partners, LTD.
Virtus Investment Partners own more than 1% of (ABAX)
Virtus Investment Partners own more than 1% of (ALK)
Virtus Investment Partners own more than 1% of (AMKR)
Virtus Investment Partners own more than 1% of (CASS)
Virtus Investment Partners own more than 1% of (CSVI)
Virtus Investment Partners own more than 1% of (XLY)
Virtus Investment Partners own more than 1% of (XLP)
Virtus Investment Partners own more than 1% of (DRYS)
Virtus Investment Partners own more than 1% of (EXR)
Virtus Investment Partners own more than 1% of (XLI)
Virtus Investment Partners own more than 1% of (IGE)
Virtus Investment Partners own more than 1% of (LDR)
Virtus Investment Partners own more than 1% of (LPHI)
Virtus Investment Partners own more than 1% of (XLB)
Virtus Investment Partners own more than 1% of (MGRC)
Virtus Investment Partners own more than 1% of (NRCI)
Virtus Investment Partners own more than 1% of (DBV)
Virtus Investment Partners own more than 1% of (SUBK)
Virtus Investment Partners own more than 1% of (XLK)
Virtus Investment Partners own more than 1% of (XLU)
Virtus Investment Partners own more than 1% of (WDFC)
Virtus Investment Partners own more than 1% of (YDNT)
For Brian Kelly
Accounts managed by Kanundrum Capital own (GDXJ)
Accounts managed by Kanundrum Capital own (GLD)
Accounts managed by Kanundrum Capital own (SLV)
Accounts managed by Kanundrum Capital own U.S. Dollar
Accounts managed by Kanundrum Capital own (TBT)
Accounts managed by Kanundrum Capital own (ANDE)
Accounts managed by Kanundrum Capital own Swiss Franc
Accounts managed by Kanundrum Capital are short (XLF)
Accounts managed by Kanundrum Capital are short (IAI)
Accounts managed by Kanundrum Capital are short (RSX)
Accounts managed by Kanundrum Capital are short (AFL)
Accounts managed by Kanundrum Capital are short (MCO)
Accounts managed by Kanundrum Capital are short Mexican Peso
Accounts managed by Kanundrum Capital are short U.K. Pound
Accounts managed by Kanundrum Capital are short Australian Dollar
Accounts managed by Kanundrum Capital are short (RTH)
For Dennis Gartman
Funds managed by Gartman own Gold
Funds managed by Gartman is short the Euro
For Peter Boockvar
Boockvar is long the Euro
For Eric Jackson
Funds managed by Jackson own (MSFT)
Moshe Orenbuch
(C), (JPM), (BAC) , (WFC), (PNC), (USB) Is Or In Past 12 Months Was A Client Of Credit Suisse
Credit Suisse Provided Investment Banking Services To (C), (JPM), (BAC), (WFC), (PNC), (USB) In Past 12 Months
Credit Suisse Provided Non-Investment Banking Services To (C), (JPM), (BAC), (WFC), (PNC), (USB) In Past 12 Months
Credit Suisse Has Managed Or Co-Managed Public Offering Of Securities For (C), (JPM), (BAC), (WFC) In Past 12 Months
Credit Suisse Has Recieved Investment Banking Compensation From (C), (JPM), (BAC), (WFC), (USB) In Past 12 Months
Credit Suisse Expects To Receive/Seek Investment Banking Comepnsation From (C), (JPM), (BAC), (WFC), (PNC), (USB) In Next 3 Months
Credit Suisse Has Received Non-Investment Banking Compensation From (C), (JPM), (BAC), (WFC), (PNC), (USB) In Past 12 Months
For Gene Munster
(ACOM), (LOGM), (RLOC) have been investment banking clients of Piper Jaffray during the past 12 months.
Piper Jaffray expects to have (RLOC) as an investment banking client within the next three months.
Piper Jaffray received non-investment banking securities-related compensation (DRIV) during the past 12 months
Piper Jaffray makes a market AAPL, ACOM, AMZN, BIDU, DRIV, EBAY, FMCN, GOOG, GSIC, IACI, KONG, LOGM, MCHX, MELI, PRTS, RLOC, SINA, SOHU, VCLK, WWWW, YHOO
For Mike Khouw
***No Disclosures***
CNBC.com with wires.
Data is a real-time snapshot *Data is delayed at least 15 minutes
