BREAKING NEWS: Intel Earnings
The headline:Intel (INTC) Shares Up 5% After The Bell On Blockbuster Earnings...Also Yahoo (YHOO) surges after hours.
Pete Najarian says Yahoo! revenue was very strong domestically. However, he cautions don’t chase the stock here.
Guy Adami likes IBM although the hardware numbers were worse than the Street expected.
Guy adds he likes Intel right now at $27 and recommends riding it to $29 or $30. Also, Guy suggests a stop down to $26.50.
AFTER HOURS ACTION: Bristol Myers
The headline: FDA Approves Bristol-Myers (BMY) Breast Cancer Drug
Pete Najarian isn’t surprised by the news because he feels BMY has a strong pipeline.
Guy Adami prefers Pfizer (PFE) as a Big Pharma play going into earnings.
Karen Finerman says she bought Biogen (BIIB) on Tuesday because she sees a number of potential suitors. Finerman expects a takeover to happen within 3 months.
OIL ABOVE $88:
The headline: Crude Jumps Nearly 2% To $87.61, New Record Close, On Fear Of Turkish Incursion Into Iraq.
Crude oil has soared 11% over the last 6 sessions and oil is now up 46% over the last year, explains Dylan Ratigan. The recent climb stems from the expectations that Turkey’s Parliament is expected to approve possible incursion into Iraq as soon as Wednesday.
Guy Adami says the trade is Apache (APA) on a valuation basis. He thinks the stock is going to $105.
UNSAFE DEPOSIT STOCKS:
The headline:Wells Fargo (WFC), JPMorgan (JPM), Money Center And Regional Banks Tank Tuesday.
Wells Fargo missed estimates on mortgage losses explains Dylan Ratigan
Meanwhile, Washington Mutual (WM) andJPMorgan (JPM) tumbled ahead of earnings Wednesday and Bank of America (BAC) slipped ahead of earnings Thursday before the bell.
Pete Najarian says institutional options traders were buying the 65-strike puts in PNC Bank (PNC) ahead of earnings Thursday. That suggests to Pete that PNC could go much lower.
LOW POINT FOR HIGH FINANCE:
The headline: If You Think The Credit Crunch Is Over, Look At 6-Month Chart Of Financials ETF (XLF)
Jeff Macke says don’t bother. It’s not a buying opportunity.
BREAKING NEWS: CSX
The headline:CSX Corp (CSX) Q3 Revenue Beat Forecast.
Guy Adami says because Carl Icahn and other Wall Street whales own shares of CSX Corp., he thinks the stock is a buy.
Karen Finerman thinks CSX is interesting.
Pete Najarian reminds the panel that Warren Buffet owns Burlington Northern (BNI) and consequently he thinks it’s a buy.
DIGITAL REVOLUTION: NOW E.T. CAN PHONE HOME:
The headline:AT&T (T) Has Hired Goldman Sachs To Explore Purchase Of EchoStar (DISH).
Jeff Macke says he loves the price action in DISH.
STENT OUT OF SHAPE:
The headline:Johnson & Johnson (JNJ) Profit Drops 8% On Lower Sales Of Heart Stents.
Pete Najarian says although other parts of JNJ are strong he doesn’t like the company.
Guy Adami feels differently. He likes that JNJ is moving away from Big Pharma and toward consumer brands. Guy expects JNJ will son have a multiple more like Procter & Gamble (PG).
THE LAUGHING STOCKHOLM OF WIRELESS:
The headline:Ericsson (ERIC), Swedish Maker Of Wireless Networks, Plummets 24% On Shocking Earnings Warning.
Dylan Ratigan explains that Ericsson cut its forecast on lower sales of ‘mobile network upgrades’ and it’s CEO claims he only became aware of the issue 24 hours before the earnings announcement.
One month ago Ericsson Chief Executive Carl-Henric Svanberg told us, “We continue to gain market share and outperform the competition… telecommunications operators are in a fairly good financial position…operators keep telling us, 'Gee, data is growing!’. It is happening much faster than we thought."
On Tuesday Syanberg told us, "This is a day to be humble, concerned and disappointed."
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Trader disclosure: On Oct 16, 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 (INTC) (SWY), Najarian Owns (DISH), (GOOG), (UA); Najarian Owns (IBM) Options ;Najarian Is Short (PNC); Finerman Owns (GS), (C); Finerman's Firm And Finerman Own (KFT); Finerman's Firm Owns (LTD), (NMX), (NYX), (VCLK), (JNJ), (MO), (MSFT), (COP), (BIIB) Finerman's Firm Is Short (WFC); Finerman's Firm Owns S&P 500 Index Puts; Finerman's Firm Owns Russell 2000 Index Puts; Finerman's Firm And Finerman Own (FLS)