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Roller Coaster Market

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DOW JUMPS 92

The headline: U.S. Stocks Jump the Most in a Week on Merck's Earnings, Takeovers... Drug, Energy Shares Lead Gains Today; Financials Continue to Trail Market

Eric Bolling says M&A activity fueled the market Monday.

Pete Najarian adds that performance came from AT&T (T),McDoanld’s (MCD) and other internationally exposed companies.

Guy Adami says there’s volatility but he likes this market.

Jeff Macke is cautious.

Symbol
Price
 
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S&P 500
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AFTER HOURS ACTION:TEXAS SELL 'EM:

The headline:Texas Instruments (TXN) Plunges After Hours On Weak Profit, Sales

Pete Najarian says TXN just can’t get out of it’s own way. He also feels the stock is overvalued.

Guy Adami and Eric Bolling are bullish on this name and both recommend buying TXN on the dip.

Jeff Macke says TXN was a sell-off looking for an excuse.

Symbol
Price
 
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TXN
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AFTER HOURS ACTION: LEAVE HOME WITHOUT IT?

The headline: American Express (AXP) Falls After Hours On Light Revenue

Guy Adami likes AXP and says by 2010, 60% of all transactions will be done by credit cards. He calls AXP is a long-term plastic play and says forget the earnings.

Jeff Macke thinks it’s ok to buy this stock with a stop underneath.

Pete Najarian expects to see pullbacks in all financial names.

Eric Bolling says don’t be a hero and catch the falling knife. He doesn’t like financials.

A RIGGED DEAL:

The headline: Offshore Driller Transocean (RIG) To Buy GlobalSantaFe (GSF) For $17B; Transocean And GlobalSantaFe Are World's Largest Offshore Oil And Gas Drillers; Does Transocean-GlobalSantaFe Deal Mean Drilling Mergers Are Just Beginning?

Eric Bolling loves this deal – and calls it a real winner.

Pete Najarian agrees - but says this story is over. Instead, Pete recommends keeping an eye on Diamond Offshore (DO) and Rowan (RDC) and Nabors Industries (NBR).

Symbol
Price
 
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DO
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NBR
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RDC
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RIG
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HAL-LELUJAH:

The headline: Halliburton (HAL) Profit More Than Doubles On KBR IPO, Overseas Growth

Eric Bolling says as long as oil stays above $70 he thinks HAL and other oil services companies will continue to perform.

Guy Adami agrees 100% and adds he thinks HAL will have a 45-handle.

Symbol
Price
 
Change
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HAL
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EVERYDAY CHEAP BACKPACKS:

The headline: Wal-Mart (WMT) To Cut Prices On 16,000 Back-To-School Items

Jeff Macke says this is a problem because Wal-Mart is slashing prices just to get people in the stores. He recommends buying Target (TGT).

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Price
 
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TGT
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WMT
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TAKE YOUR POSITION: MCDONALD’S

The headline :McDonald’s(MCD) To Report Earnings Tomorrow Before The Bell

Jeff Macke says they pre-announced and recommends buying any dip in this stock.

Symbol
Price
 
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MCD
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TAKE YOUR POSITION: EMC:

The headline: EMC Corp. (EMC) To Report Earnings Tomorrow Before The Bell

Guy Adami says if EMC misses – he thinks any dip is a buying opportunity.

Symbol
Price
 
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%Change
EMC
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TAKE YOUR POSITION: LEXMARK:

The headline: Lexmark (LXK) To Report Earnings Tomorrow Before The Bell

Pete Najarian thinks this is a stock is poised to start moving higher. He adds that options volume suggests a positive surprise is in store.

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Price
 
Change
%Change
LXK
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TAKE YOUR POSITION: AMAZON.COM:

The headline: Amazon.com (AMZN) To Report Earnings Tomorrow After The Bell

Jeff Macke says AMZN has an enormous run going into earnings, and he recommends taking profits if you own this name.

Eric Bolling agrees and says take the trade off the table right here.

OPTIONS ACTION: BLEACH BUYERS:

The headline: Najarian Continuing To See Unusual Call Option Activity In Clorox (CLX)

Pete Najarian says options volume suggests to him the stock is going a lot higher.

Guy Adami says he also loves this stock and thinks CLX could be a takeover target.

Jeff Macke tells the panel that he’s cautious.

Symbol
Price
 
Change
%Change
CLX
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Wii YOGA?

The headline: Nintendo (NTDOY) Extends Beyond Gaming With Wii Fit Balance Board

Jeff Macke says stay long NTDOY.

Eric Bolling also likes Nintendo because the demand for Wii is so strong.

Symbol
Price
 
Change
%Change
PFB
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Trader disclosure: On July 23rd 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 (EMC), (INTC), (HAS); Najarian Owns (CLX), Najarian Owned (CLX) on 7/20/07; Bolling Owns (BP), (XOM), Gold, Silver, Copper, Platinum; Bolling Is Short Crude Oil