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Market Ends Flat; Oil Hits Record; Earnings Flood Wall Street

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TECH AFTER HOURS:

The headline: Google (GOOG) Profit Jumps 46%, Beating Estimates; AMD Jumps 2% as Sales Surprise Analysts Despite Narrower-Than-Expected Loss

Google investors are concerned that the company is hiring too fast, Pete Najarian said. That’s why the stock initially dropped after hours, but the CEO has since said on the conference call that he’s confident hiring expenses are under control. The stock is up 1% in extended trading.

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Also keep in mind that a 40 cent upside move for AMD (AMD), a name that’s been treading water for months, is “mammoth,” said Pete.

CLANK OF AMERICA:

The headline:Bank of America (BAC) Shares Sink After Worse-Than-Expected Profit Drop; BofA Earnings Plunge 32% on Investment Bank Losses

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The BofA earnings were a disaster. But it shouldn’t be indicative of the entire financial sector. Pete recommended State Street (STT) and JPMorgan Chase (JPM), who both “knocked the cover off the ball”, thanks to their asset management divisions.

DIAGNOSIS: ROCKING:

The headline: Medical Products Maker Baxter (BAX) Soars After Earnings Top Estimates; Boosts Full-Year Forecast on Surging Sales of Hemophilia Treatment

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Pete Najarian recommended another medical devices company, Intuitive Surgical (ISRG), which just raised its sales guidance. ISRG owns a creative surgery technique that involves using robotics to perform surgery remotely. Da Vinci, as the product is known, also operates using smaller incisions and allows patients to spend less time in the hospital. “any time you can get people out of the hospital faster, that is good news,” Pete said.

WIRELESS WONDER OF THE WORLD:

The headline: Nokia (NOK), World’s No. 1 Handset Maker, Surges After Earnings Nearly Double; Global Market Share Climbs to 39%

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The international growth story, especially in China and India, is “what it’s all about” for NOK, Pete Najarian said. The company is also seeing strong sales of its high-end products ($400 - $700 handsets).

AN UNDERCOVER RETAIL TELL:

The headline:VF Corp. (VFC) – Owner of Nautica, North Face, Wrangler Brands – Jumps On Strong Earnings

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VFC is an excellent story in a dismal sector and Jeff Macke said he would be a buyer on any dip.

THE 12 PRICE CUTS OF CHRISTMAS:

The headline: Wal-Mart (WMT) Once Again Slashes Prices Ahead of the Holiday Shopping Season

There’s nothing wrong with delivering value to the customer, Karen Finerman said. It’s “put up or shut up” time for Wal-Mart, she said.

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This is a familiar event now, Jeff Macke said, and investors should be wary of any company that “gives stuff away” as its investment thesis.

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Trader disclosure: On Oct 18, 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 (INTC); Najarian Owns (C), (GOOG)(CY); Najarian Owns (SNDK) Options; Finerman Owns (C), (GS); Finerman's Firm And Finerman Own (ASD), (KALU); Finerman's Firm Owns (NYX), (MSFT), (LTD), (BIIB), (BEAS), (COP), (TGT), (VMSI), (WMT); Finerman's Firm Owns S&P 500 Index Puts; Finerman's Firm Owns Russell 2000 Index Puts