Credit crunch, we hardly knew ya. The Dow Jones Industrial Average muscled back to a new high, surpassing the record set in July before bad loans in the housing market rocked Wall Street banks and hedge funds. Are stock investors delusional or are we really out of the woods?
DOW ROARS TO NEW RECORD:
The headline: Dow Roars 192 Points To A Record 14,087.55 On 1st Day Of 4th Quarter.
Dylan Ratigan explains that stocks rallied Monday in spite of a Citigroup warning and UBS losses. He says that doesn’t make sense! Also the S&P 500 is now within 9 points of its record high of 1,555.90 he adds and the NASDAQ surged nearly 1.5% to its highest level in 6 years.
Karen Finerman agrees that Monday’s action was surprising.
Pete Najarian suggests investors who were holding back from buying stocks over the summer started buying Monday.
GODZILLA BACK WITH A VENGEANCE:
The headline: "Godzilla" (which is our term for global growth names) such as Materials ETF (XLB), Tech ETF (XLK), Energy ETF (XLE) Roaring Monday.
Guy Adami says Fluor Corp (FLR) is up 87% in the past 9 months McDermott (MDR) is up 120% since January and Jacobs Engineering (JEC) is up 100% since the beginning of the year. He suggests these stocks will pull back but still likes them long term.
Karen Finerman prefers Flowserve (FLS) and reveals she owns the stock but sold some calls against it.
NOKIA'S GLOBAL POSITIONING:
The headline:Nokia (NOK) To Buy NAVTEQ (NVT), Maker Of GPS Software, For $8.1B;
Garmin, the world's top maker of navigation devices plunged 10% on the Nokia-NAVTEQ deal explains Dylan Ratigan.
Pete Najarian says this headline suggests to him that M&A is still happening. He adds there was some concern on the Street that Nokia didn't pay a big premium for NAVTEQ and that's likely what dragged down Garmin.
AFTER HOURS ACTION: SWEATY PALM:
The headline:Palm (PALM) Executives Likely Nervous As Shares Plunge After Hours On Guidance
Jeff Macke says he likes PALM and recommends buying on this dip.
Pete Najarian agrees and is bullish on some their new devices.
The headline: China Markets, Coming Off Last Week's Record High, Take Well-Deserved Break This Week.
Karen Finerman thinks the iShares FTSE/Xinhua China 25 Index (FXI) is a little ahead of itself although she likes China long term.
Pete Najarian thinks Las Vegas Sands (LVS) is a buy because of their investment in Macau.
WHAT'S BETTER THAN CHEAP DRUGS & TOYS?
The headline:Wal-Mart (WMT) Moves From Slashing Generic Drug Costs To Lowering Toy Prices Ahead Of Holidays.
Jeff Macke says WMT will ruin margins for themselves and possibly other toy retailers this Holiday season. He doesn’t like WMT stock.
PETE'S CONFERENCE CALLS:
The headline: Deutsche Bank, Jefferies, William Blair Conferences Offer Pete More Than Bad Coffee.
Pete Najarian recommends keeping an eye on OSI Systems (OSIS). He also likes Cephid (CPHD) and Manitowoc (MTW).
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Trader disclosure: On Sept. 28, 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 (HAS), (ATVI), (INTC), (SWY); Najarian Owns (GS) Options; Finerman's Firm And Finerman Own (FLS)