Fast Money: Halftime Report
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Steve Grasso, Pete Najarian Say These Stocks Too Cheap
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The stock market [.SPX
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] soared Monday amid optimism that Europe's debt crisis may have turned a corner and, finally, the market's massive headache is about to lift.
If those frightening headlines that have whipsawed the market for weeks are finally in the rear view mirror, then fundamentals should come back into play.
So where are the Fast pros putting their money to work?
Pete Najarian
Fast Money's Pit Boss has got a eye on the materials and he's itching to pull the trigger. "Joy Global [JOYG
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] and Caterpillar [CAT
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] are just too cheap," he says, on the belief that even if China's growth is slowing, it remains substantial.
However if you're a short term trader, he thinks it's better to wait and watch. "I think there will be a day to get into these names but not now." If fact, if you have new profits, Najarian suggests taking some off the table.
Steve Grasso
If you have an appetite for risk Fast Money's Governor sees opportunity in energy after Superior Energy [SPN
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] inked a deal to buy smaller rival Complete Production Services [CPX
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] in a cash-and-stock deal for about $2.6 billion.
"Look at Key Energy [KEG
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] or Basic Energy [BAS
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]," Grasso says. "These names look like they still have room to the upside. They've been under-appreciated," he says.
And if you can't stomach risk and would rather play it safer in this market, Grasso suggests gaming the utility space with Southern [S
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], Dominion Resources [D
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] or simply the XLU [XLU
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].
Stephen Weiss
The co-founder of Short Hills Capital added a little to his positions in Allscripts Healthcare Solutions [MDRX
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] and Qualcomm [QCOM
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]. “I don’t believe in chasing markets, particularly this market,” he said, “but there are still some compelling values out there.”
However, he's also making a currency bet - Short euro [EUR=X
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] against the dollar.
“When a currency—particularly a troubled currency—moves over two percent, to me that’s a time when you want to get in,” he said. “It doesn’t scare me away. I think it’s still going to par.” (Read more about this trade. Click here to go to Did ‘Merkozy’ Alter Fundamentals or Just Squeeze Shorts?)
Zach Karabell
Fast Money's Acamdemic is bullish and thinks last Monday’s 20 percent drop in the market may well prove to be a turning point. He thinks earnings should confirm that the U.S. is not deteriorating drastically and that the global growth story is expanding.
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Trader disclosure: On Oct 10, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Weiss is long QCOM; Weiss is long HPQ; Weiss is long EUO; Weiss is long NIHD; Weiss is long COP; Weiss is long KEG; Najarian owns (AAPL); Najarian owns (C); Najarian owns (BX); Najarian owns (MSFT); Najarian owns (MRVL); Najarian owns (MS); Grasso owns AKS; Grasso owns ASTM; Grasso owns BA; Grasso owns BAC; Grasso owns D; Grasso owns LIT; Grasso owns MHY; Grasso owns PFE; Grasso owns PRST; Grasso owns S; Grasso owns XLU
For Steve Grasso
Stuart Frankel & Co and it’s partners own CSCO
Stuart Frankel & Co and it’s partners own CUBA
Stuart Frankel & Co and it’s partners own FDX
Stuart Frankel & Co and it’s partners own GERN
Stuart Frankel & Co and it’s partners own HPQ
Stuart Frankel & Co and it’s partners own HSPO
Stuart Frankel & Co and it’s partners own JPM
Stuart Frankel & Co and it’s partners own MET
Stuart Frankel & Co and it’s partners own MSFT
Stuart Frankel & Co and it’s partners own MU
Stuart Frankel & Co and it’s partners own NYX
Stuart Frankel & Co and it’s partners own PFE
Stuart Frankel & Co and it’s partners own PRST
Stuart Frankel & Co and it’s partners own UAL
For Axel Merk
Merk Investments is long Euro currency
Merk Investments is long Gold
For Michael Pachter
**No disclosures
CNBC.com with wires.
Data is a real-time snapshot *Data is delayed at least 15 minutes
