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Record Oil Deflates Rally

The headline: Stocks Manage Gain Despite Record Oil.

The Dow achieved modest gains on Thursday despite a new record for crude oil prices. Stocks received some of that support from better-than-expected April retail sales numbers and a big drop in new claims for unemployment benefits.



The headline: Crude Rallies as High as $124.57 After Hours

Oil prices surged to a fourth straight record high on Thursday after slipping more than $1 in seesaw trading as growing demand for transport fuel in Europe and power demand in emerging economies supported oil futures on both sides of the Atlantic.

If you want to play oil look at the oil services sector, counsels Pete Najarian. Companies will continue to seek out resources. I like the Oil Services HOLDRS .

I’d play the integrated names, counters Guy Adami. ConocoPhillips is my favorite.

Play the United States Oil Fund exclaims Jeff Macke. I say it almost every day!

I wouldn’t put my money here, adds Karen Finerman. There are better trades.



The headline: Long-Dated Futures Contracts Show Higher Oil Prices Are Here To Stay.

Future contracts suggest that current oil prices could be here to stay, with some traders betting on crude at or above $115 a barrel in 2012 and 2014, explains Dylan Ratigan

It looks like a problem that’s going to stick around for a while, adds independent oil trader Joe Terranova. I think the best trade is stay long oil, he adds. Or if you want to play stocks make a basket of 5 names; 4 companies and the ETF.



The headline: AIG loses $7.8 billion in 1Q on swap, investment charges

American International Group says it swung to a $7.81 billion loss during the first quarter due to losses in credit swaps and mortgage-related operations.

The New York-based company lost $9.11 billion in its credit-default swaps portfolio, which promise to cover losses on $579 billion in bonds or other kinds of debt. Losses in its investment portfolio, which includes debt backed by troubled mortgages, totaled $6.09 billion. Despite the losses, the company raised its dividend.

I don’t know what to say, says Karen Finerman. I can only hope the dividend part is a typo.


A MATERIAL WORLD The headline: Rumors Of Commodities' Demise Premature As Material ETF Approaches New High.

The global growth story is sending the materials names off to the races, says Pete Najarian. I like Joy Global as well as Bucyrus .

Copper looks tremendous to me, adds Guy Adami. I think Freeport McMoRan is the play.



The headline: Solar Play Energy Conversion Devices Surges 40% On Unexpected Quarterly Profit.

Energy Conversion Devices , a manufacturer of thin-film flexible solar laminate products swung to a quarterly profit, suggesting that the market for building integrated solar products is on the rise.

"The driver of this big beat is the gross margins and was driven by the fact that they had better utilization of their factory," said analyst Paul Clegg of Jefferies & Co, who termed Energy Conversion as a turnaround story that is gaining momentum. Shares popped as much as 41% on Thursday.

They showed the Street the money, explains Pete Najarian. It’s that simple. I own ENER but wouldn’t put in new money at current levels.



The headline: Wal-Mart Leads April Sales Jump As Cash-Conscious Consumers Seek Lower Prices.

Retail sales rebounded in April after the worst March in 13 years, as warmer weather boosted demand for spring and summer apparel, and most discounters shined as cash-strapped consumers hunted for bargains. Wal-Mart reported a stronger-than-expected 3.2% percent rise in sales.

Also, you might want to look at Children’s Place and Aeropostale , says Karen Finerman.

Find out how Jeff Macke recommends trading same-store sales in “A Pop for Your Portfolio?”



The headline: Pete Seeing Bullish Options Activity In Eastman Kodak

Eastman Kodakhit a 52-week low on Thursday, explains Pete Najarian. Considering an unusually high volume of call options traded as well I think the stock could be ready to turn around.



The headline: No Signs Of Game Industry Slowdown-Activision CEO

Activision Chief Executive Bobby Kotick said on Thursday he sees no signs that growth in the video game industry is slowing. "The video-game market fundamentals have never been stronger. There's no evidence that this growth will slow," Kotick told a conference call.

I love the stock, exclaims Jeff Macke.



The headline: McDonald's Global Sales Jump 5% In April On Premium Menu Items, Promotions.

McDonald's , the world's largest fast-food chain, said on Thursday that sales at restaurants open at least 13 months rose 5 percent globally in April, helped by strong sales in China, Australia and Russia.

Eventually, the strong dollar is going to keep a lid on this stock, says Jeff Macke due to the very international exposure that's driving their sales.

I like Burger King better, adds Pete Najarian.



The headline: Men Losing Jobs In Current Economic Downturn As Women Make Gains

Word on the Street

From last November through this April, American women aged 20 and up gained nearly 300,000 jobs, according to the household survey of the Bureau of Labor Statistics (BLS). At the same time, American men lost nearly 700,000 jobs.

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Trader disclosure: On May 8, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Adami Owns (C), (GS), (INTC), (MSFT), (BTU), (AGU), (NUE); Najarian Owns (AAPL), (ENER), (TSO), (XLF), (BKC); Najarian Owns (AA) Calls, (EK) Calls, (MSFT) Calls, (BID) Calls, (YHOO) Calls, (C) Calls, Najarian Owns (BUD) Calls; Macke Owns (MSFT), (INTC), (ATVI); Finerman Owns (GS); Finerman's Firm And Finerman Owns (C) And (C) Leaps; Finerman's Firm And Finerman Own (HD), (KALU); Finerman's Firm Owns (YHOO) And (YHOO) Call Spreads; Finerman's Firm Owns SPX Index Puts; Finerman's Firm Owns (AEO), (MSFT), (NYX), (PLCE), (TSO), (VLO); Finerman's Firm Is Short (IYR), (MDY), (IWM), (SPY), (IJR)

Terranova Owns (FXC), Crude Oil, Natural Gas