Technology stocks were the only sector stocks to close in the green in an otherwise sideways and slow trading day. Google (GOOG) led the way, jumping over $600 for the first time. Is tech your best bet for the rest of the year?
TECH STANDS ALONE
The headline: Tech Stocks The Lone Sector in Green as NASDAQ Closes Near 7-Year High..
Pete Najarian is keeping an eye on VMware (VMW), IBM (IBM), Research In Motion (RIMM) and more. He explains that VMware keeps making new highs.
THE $600 CLUB:
The headline: Google (GOOG) Tops $600 For 1st Time As Investors Look Forward To Earnings Oct. 18
Stacey Gilbert likes Google and sees no reason to be short. However she suggests watching developments in the DoubleClick deal.
Pete Najarian says options buying suggests to him that GOOG is going higher.
SPRINT NEXTEL CEO RESIGNS
The headline:Sprint Nextel (S) CEO Gary Forsee Resigns Effective Immediately
Pete Najarian adds that Sprint has underperformed as compared to AT&T and other carriers. He’s happy to see this turn of events.
Stacey Gilbert suggests that Sprint could be a takeover target. Maybe for the Chinese she adds.
AFTER HOURS ACTION: YUM! (YUM)
The headline: Yum! Brands Surges After Hours On Deliciously Strong Earnings
Jeff Macke says 41% of this company’s sales are generated overseas and Yum is particularly strong in China. Jeff thinks Yum is a buy.
The headline: Aeropostale (ARO), Small-Cap Retailers Roughed Up Ahead Of Same-Store Sales Figures Thursday
Jeff Macke says sell the retailers ahead of same store sales on Thursday.
OPTIONS ACTION TO THE MAX
The headline: Pete Seeing Unusual Options Activity in TJX Companies (TJX)
Pete says the October 30 calls “were absolutely going crazy” and it makes him wonder what’s going on at the company.
Jeff Macke guesses that TJX could be a real winner when same store sales numbers are released.
LOOKING FOR VALUE IN ALL THE WRONG PLACES
The headline: TimSeymour Shows You The Value Plays In Hot Emerging Markets;
Emerging Markets Value Plays
CTC Media (CTCM) Russian television network
Media Ent. (CETV) Runs TV networks in Eastern Europe
Cemex (CX) Produces and markets cement
TAKE YOUR POSITION: ALCOA:
The headline: Alcoa (AA) To Report Earnings Tuesday After The Bell.
Stacey Gilbert says avoid aluminum. She prefers titanium makers such as RTI International (RTI) and Titanium Metals (TIE).
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Trader disclosure: On Oct 8, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Najarian Owns (VCLK), Najarian Owns (GOOG) Calls: Seygem Asset Management Owns (AA), (AAPL), (EEM), (GLD), (MSFT), (TIE), (CX), (ITU): Stacey Gilbert Is Chief Options Strategist For Susquehanna Financial Group, LLLP; Gilbert Is Head Of Market Intelligence Research For Susquehanna Financial Group, LLLP; Gilbert Does Not Cover Individual Securities But Does Recommend Trading Strategies; Gilbert Owns (TIE); Susquehanna Financial Group Owns More Than 1% Of (AAPL), (AKS), (BSC), (FCX), (GOOG), (GRMN), (NYX), (PALM), (RIMM); Susquehanna Financial Group Is A Market Maker In (AAPL), (AMZN), (BOBJ), (CSCO), (CTCM), (CETV), (EEM), (EWZ), (EWH), (FXI), (GOOG), (GLD), (GRMN), (MSFT), (PALM), (RIMM), (TRMB), (TLAB), (YHOO)