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Fast Money

The Word on Kerkorian and MGM Mirage, Gas Prices and more


Kerkorian Ups Ante
The news: Kirk Kerkorian Expresses Interest In Buying Two MGM Properties
The word: Pete Najarian likes Las Vegas Sands (LVS) on this news. It hasn’t been moving and Pete thinks it’s going to benefit now.

Pain In the Pump
The news: Gas Prices Reach Record Highs Before Summer Driving Season
The word: Other than the obvious big names like Valero (VLO) and ExxonMobil (XOM), Eric Bolling recommends Hess (HES) and Western Refining (WNR). As prices don’t even tend to hit the pump for another 20 to 30 days, these companies will continue to print money, he says.

A Super Value?
The news: WSJ ‘Heard On the Street’ Questions Supervalu’s Valuation
The word: Jeff Macke isn’t biting. Of course you can be negative on the supermarkets after a 40% rally, he says, but he would still buy Supervalu (SVU), along with Kroger (KR) and Safeway (SWY) on a dip.

Glaxo’s Drug Problem
The news: FDA Knew Risks of Glaxo’s Avandia
The word: Guy Adami says despite the Avandia issues, the bottom line is that Glaxo (GSK) has a market cap of $150 billion and a ton of drugs in its pipeline. He thinks the stock is compelling on a valuation basis $3 from where it is now. The buying opportunity is coming soon, he says.

Word on the Street

Medtronic Earnings
The news: Shares of Medtronic Rise on Strong Earnings
The word: Investors – and there were a lot of them - who wanted the options ahead of Medtronic’s (MDT) report did well for themselves, Pete Najarian says. He’s adding that people should keep an eye on the options activity in SunTrust Banks (STI), a constantly-rumored takeover target. While the rumors are yet to be anything more, the options trading is there, he says.

China Visit Continues
The news: Chinese and U.S. Officials Continue High-Level Talks
The word: China is doing the smart thing, Eric Bolling says. It’s talking and making deals with oil-rich countries in the Middle East, Latin America and Africa that the U.S. still won’t negotiate with. Demand for oil keeps increasing, but the supply is, at best, staying the same and the U.S. is making a mistake in not dealing with nations like Venezuela and Iran at such a critical time, he says. $100 for a barrel of crude oil is coming, Eric says, the only question is when.

Just Did It!
The news: Nike and Foot Locker Plan to Open 50 Hoop Stores
The word: Jeff Macke has said before that it would be foolish for Nike (NKE) to expand its retail operations because, frankly, it’s difficult to run a shoe operation. This is a step in the right direction for Nike, he says, and it’s also a long-term positive for Foot Locker (FL), but Jeff wouldn’t own it right now.

Word on the Street

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Trader disclosure: On May 22, 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 (SWY); Najarian Owns (MDT), (STI); Bollings Owns Coffee, Sugar, Gold, Silver, March Natural Gas Futures, Is Short April Natural Gas Futures