The headline: Dow Rallies 100 points, Falls 100 Points, then Ends Little Changed...London Terror Scare, Subprime Fears Send Market on Wild Ride Today
Jeff Macke says traders are afraid to be long over the weekend. He adds Friday's volatility is nothing to worry about. Pete Najarian agrees.
The headline: Energy, Materials, Industrials, Tech Lead Market In First Half.
Jon Najarian says keep energy in your portfolio.
Guy Adami likes materials companies especially Vulcan (VMC) and Freeport-McMoRan (FCX). He also likes engineering stocks such as Flour Corp (FLR), Shaw Group (SGR) and McDermott (MDR).
Jeff Macke recommends owning semiconductors going into the second half of 2007. He likes Dell (DELL), HP (HPQ) and Intel (INTC).
Pete Najarian says stay out of financials right now. Instead focus on China and the iShares FTSE/Xinhua China 25 Index (FXI) and Oil Service HOLDRs (OIH).
WHEN BREAKING UP IS SMART TO DO:
The headline: Which Companies Should Follow Tyco's (TYC) Lead And Split Up?
Guy Adami says Honeywell (HON) could break up.
Pete Najarian adds that Time Warner (TWX) might also spin-off companies.
Jeff Macke says he’d like to see Sony (SNE) break-up.
BROTHER VS. BROTHER:
The headline: Research In Motion (RIMM) Turns the Najarian Brothers Against Each Other
Jon thinks RIMM is a winner because people who are addicted to BlackBerrys will not switch over to iPhones or anything else.
Pete Najarian says RIMM is a sell because the stock has done everything it can do. Instead The Pit Boss recommends Nokia (NOK) for its new phone, which he says is hot overseas.
The headline: Blockbuster (BBI) Announces 282 Store Closings, While Netflix (NFLX) Cuts Price Of 2-DVD Plan
Jeff Macke thinks Netflix is dead and BBI isn’t far behind.
"SICKO" STOCKS UPDATE:
The headline: Jon Najarian Seeing Unusual Options Activity In Health Insurance Stocks
Jon Najarian likes UnitedHealth Group (UNH) and CIGNA (CI) and recommends buying either of those two names.
Jeff Macke cautions the panel that he thinks M&A action will taper off in the second half of 2007.
IPHONE GOES ON SALE, RED SEA PARTS:
The headline: iPhone Goes on Sale at Packed Apple (AAPL) & AT&T (T) Stores Around the Country
CNBC Silicon Valley Bureau Chief Jim Goldman joins the guys for this conversation.
He suggests 400,000 units will sell this weekend if Apple doesn’t run into supply problems. That translates into a $150 million in revenue by Sunday night.
Dylan Ratigan also talks with Steve Hodges, Northeast President of AT&T Mobility.
“I’ve played with it and it’s one of the best devices ever.” says Hodges. “(Also) this edge network is great.”
“In the WSJ, Steve Jobs said it’s good enough but wishes it was a little faster,” says Dylan.
“We’ve spent about a 50 million to enhance the network,” answers Hodges. “We merged two companies.. AT&T Wireless and Cingular and put them together.. this network is fantastic. Nationally it’s the biggest digital wireless network in the country.”
Dylan asks the panel about AT&T going into the second half of the year
Jeff Macke says he’s bullish on AT&T although he thinks the iPhone will be a headache for the company. Shortcomings won’t be attributed to Apple, says Jeff. They will be attributed to AT&T.
Pete Najarian says T is a buy.
QUICKER THAN THE TICKER:
On June 22nd Jeff Macke recommended buying Nike (NKE). He said, “Nike reports next week. Get long ahead of earnings."
The Lone Wolf, beat Nike earnings to the finish line, shares of the shoe seller shot up 9% after slam dunk result.
Guy Adami / Pete Najarian / Eric Bolling
Next, Fast Money’s pick of the week, the guys on our desk were calling nothing but net on BlackBerry maker Research In Motion (RIMM).
Back On April 5th The Pit Boss said, “"If you're looking at RIMM vs. the iPhone, the iPhone is interesting. I love Apple. But I really think they have a stronghold right now and I think RIM is a better buy."
Two months later, on June 4th The Negotiator told the panel, “You can still own RIMM.”
The on June 27th The Admiral added “The BlackBerrys are going to do very well because they have a higher priced hand set and they cost a lot more on a monthly basis."
Shares of the BlackBerry maker exploded, up more than 20% after Thursday’s earnings blew away The Street and an outlook showed RIMM is unfazed by the iPhone.
Now that’s “Fast Money.”
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Trader disclosure: On June 29 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders.
Jon Najarian Owns (RIMM); (AAPL), (DIS), (UNH), (TOL), (JNPR), (KOMG), (ZQK), (ISRG), (ITG), Pete Najarian Owns (BIDU), GE Is The Parent Company Of CNBC