×

Apple Boosts Market

graphic_word_ofthe_street.jpg

Concerns abut Merrill Lynch and Wal-Mart can’t drag down this market. Tech stocks pushed us higher. But what happens next?

APPLE BOOSTS MARKET

The headline: Apple, Tech Stocks Lifts NASDAQ To 1.6% Gain; Dow Rallies 109 Points, Shaking Off Wal-Mart, Merrill Lynch Concerns.

Dylan Ratigan explained that tech stocks pushed the S&P 500 into positive territory. Apple surged 7% to an all-time high following Monday's blowout earnings and several analysts have increased Apple’s price target, he added.

Symbol
Price
 
Change
%Change
S&P 500
---
VOW3
---

AFTER HOURS: AMAZON (AMZN)

The headline: Amazon Shares Drop 8% After Hours Despite Blockbuster Results.

Amazon's 10% jump during the trading day was cut after hours as expectations got out of control, Pete Najarian said. However, he emphasized the stock is still higher on the day.

Jeff Macke said the stock is a “buy” if it dips 10 points!

WHAT DID BROWN DO FOR THE STREET?

The headline: United Parcel Service (UPS) Profit Tops Estimates, But Shares Finish Flat On Outlook.

Guy Adami explained that UPS foresees its slowest Q4 profit growth in 4 years, however, the company believes strength in international business will offset weak U.S. sales. He likes this stock as a play on online retail.

Symbol
Price
 
Change
%Change
UPS
---

BLACKBERRY IN CHINA

The headline: Research In Motion (RIMM) Soars 10% On Deal To Sell BlackBerry In China.

Pete Najarian said that Research In Motion is pairing with Alcatel-Lucent (ALU) to distribute BlackBerry In China. He’s enthusiastic about the deal, but does not recommend chasing this stock at current levels.

Symbol
Price
 
Change
%Change
3641.T
---
BB
---

AFTER HOURS: JUNIPER (JNPR)

The headline: Juniper Networks Tumbles After Hours As Earnings Miss High End Of Estimates.

Guy Adami recommended owning JNPR on the pullback.

Symbol
Price
 
Change
%Change
JNPR
---

DRESSED TO A “T”

The headline: AT&T (T) Shares Jump On 42% Profit Surge, Bullish Forecast; AT&T CFO Expects Double-Digits Earnings Growth This Year And Next.

Jeff Macke said that the iPhone revitalized AT&T.

Symbol
Price
 
Change
%Change
T
---

TAKE YOUR POSITION: THURSDAY

The headline: EMC Corp. (EMC) And VMware (VMW) To Report Earnings Thursday Before The Bell.

Guy Adami said he thinks EMC still has legs.

Pete Najarian is anticipating good things from VMW.

Symbol
Price
 
Change
%Change
EMC
---
VMW
---

ALIBABA AND THE 40% STAKE

The headline: Yahoo (YHOO) Holds A Nearly 40% Stake In Hot Chinese E-Commerce Site Alibaba.com.

Pete Najarian explained that Alibaba.com will raise as much as $1.3B next month in the largest-ever Chinese internet IPO. He said the trade is YHOO because he expects Alibaba to take-off.

Symbol
Price
 
Change
%Change
AABA
---

FREIGHT WATCHERS

The headline: Buffett Stock Burlington Northern (BNI) Profit Climbs 8% On Wheat, Corn, Agricultural Shipments.

Karen Finerman doesn’t recommend chasing BNI.

Guy Adami added that CSX Corp. (CSX) looks attractive to him.

Symbol
Price
 
Change
%Change
CSX
---

BREAKING NEWS WITH CNBC’s CHARLIE GASPARINO

In a CNBC exclusive, Charlie Gasparino revealed that investors are still jittery about the future of Bear Stearns, and they cite several reasons.

- The 6% stake in Bear taken by Citic, the Chinese bank, isnt large enough for many investors who wanted a much larger infusion of cash that could have led to a stock buy back.

- People are worried about a possible Q4 write down of risky securities on Bear's books, as well as a possible regulatory settlement stemming from the implosion of two sub-prime hedge funds.

- Then there's continued questions about CEO Jimmy Cayne's future. Investors believe Cayne's management team is among the weakest on Wall Street, and there is increased speculation that Cayne might step down sometime next year.

> Read More

______________________________________________________
Got something to say? Send us an e-mail at fastmoney-web@cnbc.com and your comment might be posted on the Rapid Recap! Prefer to keep it between us? You can still send questions and comments to fastmoney@cnbc.com.

Trader disclosure: On Oct 23, 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 (YHOO), (COH), (DIS), (EMC), Najarian Owns (SII), (C), (GOOG), (YHOO), Najarian Owns (AMZN) Options; Finerman Owns (C ), (GS), (BIIB), (BEAS), (MSFT); Finerman's Firm And Finerman Own (TGT); Finerman's Firm Owns (WMT), Finerman's Firm Owns Russell 2000 Puts; Finerman's Firm Owns S&P 500 Puts