Some traders are using the current sell-off to selectively buy where others fear to tread. It’s scary, but sometimes you’ve got to go out on a limb, because that’s where you’ll find the sweetest fruit, says Jon Najarian.
Following is Najarian’s “close your eyes and buy ‘em list”.
Sprint Nextel – Najarian likes this stock on speculation on that Carlos Slim and/or Deutsche Telecom might be interested in a deal. There’s also chatter that Sprint has hired Morgan Stanley to explore options.
Amylin Pharmaceutical – There’s speculation that Eli Lilly is interested in buying AMLN, explains Najarian. Keep an eye on this stock next week because Amylin is scheduled to present at a biopharmaceuticals conference Tuesday
Schlumberger Limited – Najarian likes the world's leading oil services company on recent options action. Specifically he’s seeing investors buying April 90 calls on nearly double open interest which suggests to him the stock could move higher.
Or you can check out Fannie Mae , adds Karen Finerman. I can’t believe this stock will ever go to zero because it has implicit backing from the government.
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Trader disclosure: On Mar. 7, 2008, 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), (YHOO); Pete Najarian Owns (AAPL), (C), (CSCO), (MS), (MSFT), (XLF), (MCD), (BKC); Pete Najarian Owns (COP) Calls, (AMAT) Calls; Pete Najarian Owns (XLB) Puts, (USB) Puts; Pete Najarian Owns (YHOO) And (YHOO) Calls; Finerman Owns (GS); Finerman's Firm And Finerman Own (FLS), (HD); Finerman's Firm Owns (AAPL), (DVA), (FNM), (MSFT), (TSO), (WMT), (YHOO); Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM), (COF), (RTH); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts; Finerman's Firm Owned (DVA) On 12/17/07, 2/12/08, 2/26/08
Jon Najarian Owns (S), (AMLN), (SLB)