Investors slammed a string of Apple rivals in the wake of earnings. But as they made a mad dash for the exits, were some stocks oversold?
On April 16thGoogle beat expectations but rattled investors by adding nearly 800 workers in the quarter, the most in two years, and vowing to spend heavily to hire even more employees, snap up smaller companies and develop more products beyond the Internet search advertising market that generates most of the company's profits.
Since the announcement, shares have done little else but march lower.
Is this stock oversold?
I think Google is going to fall further, says Tim Seymour. Goldman just removed it from the conviction buy list.
Also the price action worries me, adds Joe Terranova. It’s looking heavy. I think the stock stays under pressure.
Google is also a proxy for the broad market, adds Guy Adami. I’d keep a close eye on it.
RIM
On April 1st investors jumped ship, after that latest results from RIM showed consumers favored lower-cost versions of its BlackBerry. Also speculation that Verizon Wireless might carry the iPhone this fall didn’t help any. Since that news broke, shares of RIM have struggled to get above $74.
Is this stock oversold?
Of the three names here, I’d keep my eye on this one, says Pete Najarian. I think it turns around on their new OS system.
Qualcomm
On April 21stQualcomm tumbled after the company reported lower-than-expected revenue because of weak cellphone chip prices. Since that time shares are off about 10%.
Is this stock oversold?
The company is a major part of the smartphone trade, says Tim Seymour. I’d jump on this one.
Nokia
On Thursday April 22ndNokia cut its profit outlook and delayed the launch of phones it needs to compete with the iPhone and Blackberry.
Is this stock oversold?
We ran out of time on TV, but in the past Tim Seymour has said he's bullish Nokia long-term for its growth prospects in emerging markets.
What do you think? We want to know!
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Trader disclosure: On Apr 26, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Grasso Owns (NDAQ), (DYN), (LPX), (ASTM), (ABK), (BAC), (BGP), (C), (CVGI), (JPM), (NEM), (PRST), (PFE), (BA), (T), (CSCO), (X); Karabell Owns (CAT), (GS), (FXI), (FCX); Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (BTU), (NUE); Najarian Owns (C) Calls; Najarian Owns (STEC) Call Spread; Terranova Is Short (CMA), (LCC); Terranova Owns (HES), (TER), (SWN), (XCO), (AXP); Terranova Owns (C) Calls; Scaramucci Owns (GS), Skybridge Owns (GS); Seymour Owns (AAPL), (BAC), (GE), (INTC), (MSFT)
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