A powered-up week lies ahead for the market. First, the NYMEX (NMX) goes nuclear as uranium futures begin trading there on Monday. The radioactive metal, used to generate about 16% of global electricity output, has been soaring in recent months on demand from power plants and fears of shortages.
Next up - a spate of profit reports from electric utilities. The industry has been surging this year as demand has risen and companies have jacked up spending on transmission lines.
Duke Energy (DUK) and Dynegy (DYN) are set to release earnings on Tuesday, with Edison International (EIX) on Wednesday and PG&E Corp (PCG) on Thursday.
Where's the fast money in the surging energy sector?
Eric Bolling explains 100 million pounds of uranium are produced every year and we use 180 million pounds. The difference comes from idle warheads. Consequently Eric recommends Cameco Corp. (CCJ) and USEC Inc. (USU) because both companies extract uranium from those warheads.
Tim Strazzini says he likes the energy companies, but thinks they’re dicey because of interest rates. His favorites are PCG and EIX, but admits they’re both up a lot.
Guy Adami likes Fluor Corp (FLR) because they design nuclear power plants and clean up nuclear waste. He recommends buying this stock on any pull back.
On May 4, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Macke Owns (JWN), Strazzini Owns (MPEL), (NWS-A), (YHOO) Bolling Owns (NMX), (DIS), (MPEL), Gold, Silver, S&P Futures, S&P Options, Nasdaq Futures, Nasdaq Options.
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