A deluge awaits us, folks! Nearly half of the Dow Jones Industrial Average reports earnings next week as does almost 1/5th of the S&P 500. Does this run have legs and what will we find out next week?
BIOGEN IDEC UP FOR SALE
The headline: Bigoen (BIIB) Board Puts Company Up for Sale
CNBC’s Mike Huckman reveals that the stock was halted for trading (although it began trading again after hours) and the company has hired Goldman Sachs and Merrill Lynch to broker the deal.
Guy Adami thinks Pfizer (PFE) might be a buyer for $23 or $24 billion.
Pete Najarian doesn’t understand the need for a strategic investor, however he thinks it will add value to the stock. He feels the best trade is Elan (ELN) who has partnered with Bigoen on the development of some drugs.
Huckman adds that Merck (MRK) is rallying after hours, on FDA approval of a new HIV drug.
WHALE WATCHING: AN ICAHNIC BID:
The headline: Oracle (ORCL) Makes Unsolicited $6.7B Bid For Carl Icahn Investment BEA Systems (BEAS)
BEA soared more than 35% on Oracle’s bid, says Dylan Ratigan and finished above $17-per-share offer. Also BEA rejected the bid, saying it "significantly undervalues" the business software maker.
Ratigan adds the he spoke with Carl Ichan Friday morning who expressed hope that other bids would also come in.
Karen Finerman reveals she sold some BEAS into this bid, however she’s intrigued by the developments. She thinks ultimately Oracle will increase their bid.
Jeff Macke thinks Oracle is a buy.
MARKET REACHES RECORD ON WEEK:
The headline: Stocks Surge To New Highs, Then Stall As Investors Await Earnings Deluge.
Nearly half the Dow as well as 85 stocks on the S&P 500 are expected to report earnings next week explains Dylan Ratigan.
Pete Najarian says tech is driving the current surge. He likes Apple (AAPL) which Najarian calls “cheap.”
THE WEEK: OIL RECORD HIGH:
The headline: Crude Oil Cruises 3% This Week To $83.69, New Record High.
Guy Adami explains that Exxon Mobil (XOM) and ConocoPhillips (COP) jumped this week on crude’s price surge. He thinks it may be time to buy refiners again and recommends Valero (VLO) and Tesoro (TSO) which he thinks can go to $60.
Karen Finerman likes ConocoPhillips (COP).
THE WEEK: RETAIL SHARES:
The headline: Wal-Mart (WMT) Among Few Retail Winners This Week After Tepid Sept. Same-Store Sales Figures.
Nordstrom (JWN),Macy's (M), and J.C. Penney (JCP) all dropped sharply this week explains Jeff Macke. Plus, Coldwater Creek (CWTR) plunged 27% Friday on earnings warning and an analyst downgrades. He recommends taking money off the table.
THEY'RE STILL LOVIN' IT:
The headline: McDonald's (MCD) Climbs On Higher Profit Forecast, Strong September Sales
Jeff Macke calls MCD an incredible company.
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Trader disclosure: On Oct 12, 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), (INTC), (JWN), (EMC); Najarian Owns (BEAS), (C), (EMC), (GOOG), (UA); Finerman Owns (C), (GS); Finerman's Firm Owns (COP), (CTX), (GE), (KSS), (LTD), (MSFT), (NVT), (TGT), (WMT), (DAI), (KFT), Finerman's Firm And Finerman Own (HD); Finerman's Firm Owns S&P 500 Puts; Finerman's Firm Owns Russell 2000 Puts; Finerman's Firm Owns (BEAS); GE Is The Parent Company Of CNBC; NBC Universal Is The Parent Company Of CNBC