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Waiting On The Fed

graphic_word_ofthe_street.jpg

Nervous investors pushed the Dow down 77 points in late afternoon trading. What’s the word on the Street?

BUY BACKS

The headline:Dell (DELL), UPS (UPS) both announced buy-backs after hours.

Karen Finerman likes that both companies see value in their own stocks.

Guy Adami recommends buying UPS and Dell. He says “You’ve got to own both.”

Symbol
Price
 
Change
%Change
DELL
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UPS
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TECH HOLDING STRONG:

The headline: Micron (MU),Advanced Micro Device (AMD) Lead Chip Stocks To 2nd Solid Day In A Row.

Pete Najarian explains that a Consumers Electronics Association survey suggests computers will be the hot gift this Christmas. He adds, on the news Microsoft (MSFT) notched a 3% gain Tuesday while Apple (AAPL) closed up 2%. He likes both names.

Symbol
Price
 
Change
%Change
VOW3
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SUPREMETEX
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MSFT
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MU
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PROCTER & GAMBLE DRAGS DOWN MARKET:

The headline:Procter & Gamble (PG) Full-Year Outlook Disappoints Investors, Weights on Market

Jeff Macke recommends adding on the dip. He’s not concerned.

Symbol
Price
 
Change
%Change
PG
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HEADLESS MERRILL FALLS:

The headline: Merrill (MER) Shares Drop After O'Neal Steps Down, Board Member Steps In As Interim CEO.

Karen Finerman doesn’t think an interim CEO’s ever works well and adds Co-CEO’s never work well.

Guy Adami again recommends Raymond James (RJF) as a name in the financial world that he likes.

Symbol
Price
 
Change
%Change
RJF
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AFTER HOURS ACTION: WYNN

The headline: Wynn (WYNN) Resorts Drops After Hours on Disappointing earnings

Pete Najarian likes Wynn for its Macao’s exposure. He thinks the current dip is a buying opportunity.

Guy Adami prefers Las Vegas Sands (LVS) and Boyd Gaming (BYD).

Symbol
Price
 
Change
%Change
ARCL
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LVS
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WYNN
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FREAK CHARTS:

The headline: Under Armour (UA) Survives Series Of Sharp Reversals To Finish Up 7%.

Pete Najarian says investors sold UA down to $53 in the pre-market trading. Then, he thinks investors woke-up and realized the stock was cheap.

Symbol
Price
 
Change
%Change
UAA
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HOME STOCKS OK:

The headline: Masco (MAS), Maker Of Kitchen And Bath Cabinets, Jumps On Solid Earnings.

Guy Adami still thinks the stock still has couple percentage points to the upside.

Symbol
Price
 
Change
%Change
MAS
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DEAL ON THE “VERIZON”

The headline:Verizon (VZ) and Google (GOOG) Discuss Mobile Phone Partnership

The Verizon hardware would run the Google software explains Dylan Ratigan.

Jeff Macke likes Verizon as a trade off the news.

Pete Najarian prefers Google.

Symbol
Price
 
Change
%Change
GOOGL
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VZ
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Trader disclosure: On Oct 30, 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), (ATVI), (INTC); Najarian Owns (C); Najarian Owns (BHI) Options, (BIDU) Options, (HAL) Options, (UA) Options, (YHOO) Options, (SNDK) Options, (GOOG) Options; Finerman's Firm Owns (TSO), (WMT), (MSFT), (YHOO); Finerman's Firm And Finerman Own (C), (GS), (HD), (TGT); Finerman's Firm Is Short (MER) And Owns (MER) Puts; Finerman's Firm Owns Russell 2000 Puts; Finerman's Firm Owns S&P 500 Puts