RATE CUT HOPES BOOST STOCKS
The headline: Fed Rate Cut Hopes, Boeing Buyback Led Market Higher Monday.
The Utilities ETF (XLU) led the market higher Monday ahead Of Fed decision says Dylan Ratigan.
Karen Finerman finds it surprising that the market continues to move, every day on the same news – the belief that the Fed will cut rates.
Pete Najarian feels a rate cut is already priced into the market, he just isn’t sure if it’s 25 or 50 basis points.
Guy Adami likes Public Service Enterprises (PEG) in the utilities space.
OIL BREAKS $93:
The headline: Crude Oil Jumps Nearly 2% To $93.53, New Record Close.
Dylan Ratigan reveals that there’s a wide belief gas prices will follow crude prices, higher.
Pete Najarian recommends keeping an eye on coal.
Guy Adami likes Tesoro (TSO).
Karen Finerman doesn’t agree with Adami. She doesn’t like that TSO isn’t paying a dividend.
FROM STAND-OUT TO STAN-OUT:
The headline: Merrill Lynch CEO Stan O'Neal Reportedly Negotiating Terms Of His Departure.
Merrill (MER) shares jumped 2% Monday as investors anticipated a new CEO, explains Jeff Macke. However, Macke doesn’t recommend owning the stock.
CHIPS JOIN TECH TRADE:
The headline: Intel (INTC), Chip Stocks Gain After Industry Report Shows Global Sales Rose 5.9%.
Jeff Macke tells the panel he still loves Intel
Guy Adami adds that Dell (DELL) shares climbed after Goldman added the PC maker to its conviction buy list.
NOT SO G-R-R-R-EAT:
The headline: Kellogg (K), Maker Of Frosted Flakes, Plunges On Disappointing Earnings Forecast.
Jeff Macke explains that Kellogg’s will likely have to spend more money on advertising. He adds if you're going to buy the food stocks, he thinks the ones to own are on the retail side, not the producers side.
OPTIONS ACTION: UNDER OVERPERFORMING?
The headline: Pete Seeing Unusual Options Activity In Red-Hot Sports Apparel Maker Under Armour (UA)
Options activity suggests to Pete Najarian that investors anticipate a $10 dollar move in either direction.
In athletic wear, Jeff Macke prefers Nike (NKE).
BEA SYSTEMS FAILURE?
The headline: BEA Systems (BEAS) Lets Sunday Deadline Lapse For Oracle's $17-Per-Share Offer.
Karen Finerman explains that BEAS has reiterated in a letter to Carl Icahn that it will not sell itself at $17 per share. However, the company has made it clear - it is for sale.
TAKE YOUR POSTION: EXXON MOBIL
The headline: Exxon Mobil (XOM) To Report Earnings Thursday Before The Bell
Guy Adami feels Exxon is rich on a valuation basis. He recommends taking money off the table and buying back this stock when it’s cheaper.
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Trader disclosure: On Oct 29, 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 (YHOO), (INTC), (SWY), (EMC); Najarian Owns (UA) And (UA) Options; Najarian Owns (BHI) Options, (DISH) Options, (GOOG) Options, (HAL) Options, (MER) Options,(SNDK) Options, (YHOO) Options; Finerman's Firm Owns (MSFT), (TWX), (YHOO), (NMX), (NYX); Finerman's Firm Owns (NVT) And (NVT) Options; Finerman's Firm And Finerman Own (C), (BEAS); Finerman's Firm Owns Russell 2000 Puts; Finerman's Firm Owns S&P 500 Puts; Finerman's Firm Owns (BIIB) Options; Finerman's Firm And Finerman Own (GS), (KFT); Finerman's Firm Is Short (MER) And Owns (MER) Puts