DOW SKID CONTINUES:
The headline: Dow Down Four of Last Five Days as Housing Market, Hedge Fund Worries Continue...Dow Down 2.2% Over the Last Five Days.
Eric Bolling expects more movement to the downside. He tells the panel to look for 1475 on the S&P and 1850 on the NASDAQ.
Pete Najarian says the volatility index tells him to expect movement.
Both Guy Adami and Jeff Macke agree that caution should prevail in this market.
SINKING LIKE A STONE:
The headline:Blackstone (BX) Continues Slide With 6% Plunge Today, Closing Below IPO Price.
Guy Adami says the IPO price of BX was rich on a valuation basis.
Jeff Macke says he can’t imagine KKR going public unless it’s for the prestige.
Eric Bolling recommends owning the stock when the price settles.
Pete Najarian thinks at $21 BX is a buy. Eric tells Pete he thinks Pete will never see that price. (It’s worth noting BX closed at $30.75 on Tuesday June 26th)
ORACLE AFTER HOURS
The headline:Oracle (ORCL) Profit Surges 23%, But Shares Fall After Hours as Investors Worry About Growth.
Guy Adami and Pete Najarian both like this stock – because Oracle has made so many acquisitions. Pete adds they’re going in the right direction during a difficult time.
Eric Bolling and Jeff Macke both agree this is a great stock to own when the market settles.
The headline:Lennar (LEN) Shares Fall On Lower-Than-Expected Earnings; Najarian Seeing High Level Of Bearish Options Activity In Beazer Homes USA (BZH).
Pete Najarian says Lennar disappointed as expected. Meanwhile Beazer is trading 20,000 puts says Pete. He doesn’t think the homebuilders are at the bottom.
Guy Adami says when homebuilders trade at .7 (point-seven) times book – grab them again.
The headline:Target (TGT) Tumbles After Saying It Sees June Same-Store Sales At Low End Of Range
Jeff Macke says give TGT space. Pete Najarian tells the panel Target’s Chairman sold 1 million shares and the President sold a quarter million shares. Pete says, “That’s telling.”
TRADE UPDATE: PICKET LINE, AISLE 3:
The headline: Kroger (KR) Profit Jumps 10%, But Shares Plunge On California Labor Unrest
Jeff Macke says grocers are now less of a trade and more of an investment. He calls the space a great long term hold. However Jeff isn’t getting long Kroger because of its union woes.
THIS IS THE GUY TAKING ON RUPERT?
The headline: MySpace Founder Brad Greenspan Meeting Dow Jones Board This Week to Discuss Bid for 25% of DJ
Dylan Ratigan says this is maybe the most absurd deal he’s ever heard. All the traders agree, stay away from this guy.
TRADE UPDATE: REFINERS OFTEN FINER:
The headline:Tesoro, (TSO) Refiners Slip Today As Even as Lower Capacity Should Help Them; Should You Buy Tesoro, Refiners On The Dip?
Eric Bolling says own Valero (VLO) Alon (ALJ) and/or Western Refining (WNR) on this dip because they have big West Coast exposure.
Guy Adami tells the panel to get out of Holly Corp (HOC).
A REALLY DIRTY TRADE:
The headline: A Viewer Asks If There Are Any Porn-Related Stocks Or ETFs
Marcia From Daytona Beach writes "Please advise if there are any porn related stocks or ETF's. My husband and I love the show. Keep up the good work."
Eric Bolling recommends Marcia get long LodgeNet (LNET).
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Trader disclosure: On June 26 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 (.VIX); Bolling Owns (BP), (T); Bolling Is Short S&P Futures; Bolling Is Short Nasdaq Futures; CNBC Is A Service Of NBC Universal And Dow Jones