DOW JUMPS 92
The headline: U.S. Stocks Jump the Most in a Week on Merck's Earnings, Takeovers... Drug, Energy Shares Lead Gains Today; Financials Continue to Trail Market
Eric Bolling says M&A activity fueled the market Monday.
Pete Najarian adds that performance came from AT&T (T),McDoanld’s (MCD) and other internationally exposed companies.
Guy Adami says there’s volatility but he likes this market.
Jeff Macke is cautious.
AFTER HOURS ACTION:TEXAS SELL 'EM:
The headline:Texas Instruments (TXN) Plunges After Hours On Weak Profit, Sales
Pete Najarian says TXN just can’t get out of it’s own way. He also feels the stock is overvalued.
Guy Adami and Eric Bolling are bullish on this name and both recommend buying TXN on the dip.
Jeff Macke says TXN was a sell-off looking for an excuse.
AFTER HOURS ACTION: LEAVE HOME WITHOUT IT?
The headline: American Express (AXP) Falls After Hours On Light Revenue
Guy Adami likes AXP and says by 2010, 60% of all transactions will be done by credit cards. He calls AXP is a long-term plastic play and says forget the earnings.
Jeff Macke thinks it’s ok to buy this stock with a stop underneath.
Pete Najarian expects to see pullbacks in all financial names.
Eric Bolling says don’t be a hero and catch the falling knife. He doesn’t like financials.
A RIGGED DEAL:
The headline: Offshore Driller Transocean (RIG) To Buy GlobalSantaFe (GSF) For $17B; Transocean And GlobalSantaFe Are World's Largest Offshore Oil And Gas Drillers; Does Transocean-GlobalSantaFe Deal Mean Drilling Mergers Are Just Beginning?
Eric Bolling loves this deal – and calls it a real winner.
Pete Najarian agrees - but says this story is over. Instead, Pete recommends keeping an eye on Diamond Offshore (DO) and Rowan (RDC) and Nabors Industries (NBR).
The headline: Halliburton (HAL) Profit More Than Doubles On KBR IPO, Overseas Growth
Eric Bolling says as long as oil stays above $70 he thinks HAL and other oil services companies will continue to perform.
Guy Adami agrees 100% and adds he thinks HAL will have a 45-handle.
EVERYDAY CHEAP BACKPACKS:
The headline: Wal-Mart (WMT) To Cut Prices On 16,000 Back-To-School Items
Jeff Macke says this is a problem because Wal-Mart is slashing prices just to get people in the stores. He recommends buying Target (TGT).
TAKE YOUR POSITION: MCDONALD’S
The headline :McDonald’s(MCD) To Report Earnings Tomorrow Before The Bell
Jeff Macke says they pre-announced and recommends buying any dip in this stock.
TAKE YOUR POSITION: EMC:
The headline: EMC Corp. (EMC) To Report Earnings Tomorrow Before The Bell
Guy Adami says if EMC misses – he thinks any dip is a buying opportunity.
TAKE YOUR POSITION: LEXMARK:
The headline: Lexmark (LXK) To Report Earnings Tomorrow Before The Bell
Pete Najarian thinks this is a stock is poised to start moving higher. He adds that options volume suggests a positive surprise is in store.
TAKE YOUR POSITION: AMAZON.COM:
The headline: Amazon.com (AMZN) To Report Earnings Tomorrow After The Bell
Jeff Macke says AMZN has an enormous run going into earnings, and he recommends taking profits if you own this name.
Eric Bolling agrees and says take the trade off the table right here.
OPTIONS ACTION: BLEACH BUYERS:
The headline: Najarian Continuing To See Unusual Call Option Activity In Clorox (CLX)
Pete Najarian says options volume suggests to him the stock is going a lot higher.
Guy Adami says he also loves this stock and thinks CLX could be a takeover target.
Jeff Macke tells the panel that he’s cautious.
The headline: Nintendo (NTDOY) Extends Beyond Gaming With Wii Fit Balance Board
Jeff Macke says stay long NTDOY.
Eric Bolling also likes Nintendo because the demand for Wii is so strong.
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Trader disclosure: On July 23rd 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 (EMC), (INTC), (HAS); Najarian Owns (CLX), Najarian Owned (CLX) on 7/20/07; Bolling Owns (BP), (XOM), Gold, Silver, Copper, Platinum; Bolling Is Short Crude Oil