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Baker Hughes a Buy if It Pulls Back to This Level

Following are Friday’s Pops & Drops.

Find out what’s going up, what’s going down and whether our traders would double down, fade or run in the other direction!

BHI

The catalyst:Baker Hughes’ second-quarter profit climbed 30%, beating Wall Street's estimates in part due to better-than-expected North American margins.

The trade: Right now the stock is trading around $46 and that's rich, says Joe Terranova, chief market strategist for Virtus. However; I like it on a pull back. Around $42 I’m a buyer.

Intuitive

The catalyst:Intuitive Surgical cautioned that tough economic conditions in Europe and declines in U.S. prostate surgeries were likely to persist presenting challenges for the bottom line.

The trade: I think it has a little more room to the downside, says Jon Najarian, co-founder OptionMonster.com.

Advance Micro Device

The catalyst:Advanced Micro Devices forecast third-quarter revenue below expectations on Thursday vexed by a weak global economy and tepid PC sales.

The trade: I think they’re too exposed to the PC market, says Steve Grasso, director of institutional sales trading at Stuart Frankel. Play chip makers that are more tethered to smartphones or tablets.

Posted by CNBC's Lee Brodie

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Trader disclosure: On July 20, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Pete Najarian is long AAPL; Pete Najarian is long C; Pete Najarian is long JPM CALLS; Pete Najarian is long INTC; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Pete Najarian is long EBAY CALLS; Pete Najarian is long MRK; Jon Najarian is long GLD; Jon Najarian is long SBUX; Jon Najarian is long FB; Jon Najarian is long EBAY; Jon Najarian is long KYAK; Jon Najarian is long GLUU; Jon Najarian is long SNDK; Jon Najarian is long BHI; Jon Najarian is long CIGX; Jon Najarian is long GLUU; Jon Najarian is long CME; Jon Najarian is long CBOE; Joe Terranova is long VRTS; Joe Terranova is long MCD; Joe Terranova is long USB; Joe Terranova is long GS; Joe Terranova is long JPM; Joe Terranova is long YHOO; Joe Terranova is long SBUX; Joe Terranova is long NKE; Joe Terranova is long WFM; Joe Terranova is long AAPL; Joe Terranova is long EMC; Joe Terranova is long NXPI; Steve Grasso is long ASTM; Steve Grasso is long BA; Steve Grasso is long D; Steve Grasso is long FRO; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long MO; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is long VLO; Steve Grasso is long XLU

For Paul Richards
Nothing to Disclose

For Jeff Kilburg
Nothing to Disclose

For Dan Niles
We have positions both as a firm and individually in GLUU
We have positions both as a firm and individually in AAPL
We have positions both as a firm and individually in MSFT
We have positions both as a firm and individually in FB
We have positions both as a firm and individually in INTC
We have positions both as a firm and individually in PAY
We have positions both as a firm and individually in QCOM
We have positions both as a firm and individually in DIS
We have positions both as a firm and individually in TWX
We have positions both as a firm and individually in LGF

For Barbara Ryan
Company an Investment Banking client of DBSI: JNJ
Deutsche Bank and/or its affiliate(s) has received non-investment banking related compensation from this company within the past year: JNJ
This company has been a client of Deutsche Bank Securities Inc. within the past year, during which time it received non-investment banking securities related services: JNJ

For Bryan Elliott
This company has been a client of Deutsche Bank Securities Inc. within the past year, during which time it received non-investment banking securities related services: CMG


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