The financials went on a wild ride this week after the same subprime slime that gripped the market in February re-emerged. Investors bid down shares of both brokerages and money-center banks on concerns of exposure and then bought them back. Now its show me time; industry giants Merrill Lynch (MER), Citigroup (C) and Bank of America (BAC), are all out with results next week. What's the trade now?
Pete Najarian likes Merrill Lunch and recommends owning it on Monday. He adds that he doesn’t expect to see JP Morgan (JPM) perform well. In addition, he’s also keeping an eye on Piper Jaffray (PJC).
Guy Adami likes US Bancorp (USB) because Warren Buffet increased his position in this company.
Karen Finerman reveals that she’s long Bank of America and Citigroup. She speculates that Eddie Lampert will soon buy more shares of Citigroup.
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Trader disclosure: On July 13th 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 (ATVI), (DIS); Finerman's Firm And Finerman Own (COP), (C), (FTWR); Finerman's Firm Owns (AA), (AL), (BWS), (BAC), (HOV), (SKX), (WMT), (FL), (GE), (TGT)Finerman's Firm Owns S&P Puts; Finerman's Firm Is Short (RTP); Finerman's Firm Is Short (RIO)