ON A ROLL:
The headline: S&P 500, Nasdaq Climb for Fifth Day In a Row. Dow 27 Points From Record; Nasdaq at 6 1/2 Year High
Eric Bolling says the resource sector was especially hot. BHP Billiton (BHP)Anglo-Akmerican (AAUK), Posco (PKX) and others exploded today on world wide growth says Eric.
Pete Najarian tells the panel to protect the portfolio and buy puts. He adds anything that’s global is ripping today such as Exxon (XOM) and Caterpillar (CAT).
AFTER HOURS ACTION: ROUGH START
The headline: Alcoa (AA) Starts Earnings Season Off with Whimper as Revenue Misses Estimates, Shares Fall. Alcoa Extends Deadline For Hostile Alcan (AL) Bid to Aug. 10 From July 10
Karen Finerman isn’t worried about AA’s earnings. She thinks both Alcoa and Alcan could be taken out this year.
Eric Bolling adds that he thinks Alcan will be bought out by Rio Tinto (RTP).
THEY'RE BRINGING BUYBACKS BACK:
The headline: Johnson & Johnson (JNJ) Announces $10B Repurchase, Its Biggest Buyback Ever; ConocoPhillips (COP) Hits 52-Week High After Approving $15B Buyback. First Quarter 2007 a Record for Stock Buybacks
Dylan Ratigan goes over 3 points
- First Quarter was Record for Buybacks
- $117.7 Billion Bought Back, Up 18% From a Year Ago
- Technology Making Up 23% of Buybacks
Source: Standard & Poor's
Pete Najarian thinks COP has a lot more upside and says that’s the trade.
Jeff Macke says the buyback trend is going to continue.
Karen Finerman says the mother of all buybacks is the Home Depot (HD) buyback, and consequently she loves this stock. In addition, she thinks when HD updates their guidance on Tuesday they guide a little lower.
TRADE UPDATE: BIG BLUE'S BIG DAY:
The headline: IBM (IBM) Hits 52-Week High Following Its Own Monster Buyback Earlier This Year
Eric Bolling recommended this stock in early June. He says IBM made a 5-year high today and he still likes it.
Jeff Macke says this is great stock management and he recommends owning it.
Karen Finerman agrees.
TRADE UPDATE: PETE'S SUITE CALL:
The headline: Hilton Hotels (HLT) Buyout Announcement Came Hours After Najarian's Call; Blackstone (BX) Agreed Last Week To Buy Hilton For $26B
Pete Najarian says the options activity began over a week ago and the volume of options trading was the trigger. He thinks other hotel chains could come into play and he likes Starwood (HOT) as a trade.
Eric Bolling tells the panel to keep an eye on Choice Hotels (CHH).
The headline: Target (TGT) Slides After Rampant Speculation Sends Shares Skyward Last Week
Karen Finerman says she’s heard TGT might be looking to sell their credit card business. She adds there’s been a lot of option trading in TGT but doesn’t know what to make of it.
Pete says he’s trying to identify the buyers of the options. He looks for large block trading which says to him that institutional investors are involved.
PUT THE PEDAL TO THE METALS?
The headline: Bolling Seeing Positive Trends In Gold, Silver, Copper Charts
Eric Bolling says gold dipped about $10 and the charts suggest to him this might be a buying opportunity. He tells the panel to buy streetTRACKS Gold (GLD).
Karen Finerman recommends buying Meridian Gold (MDG).
Pete Najarian prefers Anglo Gold (AU), and Newmont (NEM).
TRADING A HEAT WAVE:
The headline: What's The Trade As Eastern U.S. Temperatures Near 100 Degrees?
Eric Bolling likes Exelon (EXC), Entergy (ETR) and Constellation Energy Group (CEG).
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Trader disclosure: On July 9th 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders. Finerman's Firm And Finerman Own (HD), Finerman's Firm Owns (COP), (JNJ), (KALU), (MSFT), (MDG), (AL), (YUM), (KFT), S&P Puts; Bolling Owns (ICE), (SLW), (NMX) Gold, Silver, Copper, Corn, Natural Gas; Bolling Is Short (FXI) And Owns (FXI) Puts; GE Is The Parent Company Of CNBC; CNBC Is A Service Of NBC Universal And Dow Jones