Jeff Macke and Guy Adami both like the more conservative plays in the senior, more mature areas of tech like Microsoft (MSFT), Dell (DELL) or Intel (INTC) – three “Fed proof trades,” according to Guy.
MASTERCARD SURGES ON ‘EVERYTHING ELSE’:
The headline: MasterCard (MA) Shares Soar 20% As Earnings, Revenue Trounce Estimates
This is a sea change story, Guy Adami said. Credit card usage is going up worldwide and MA is leading the charge, but it could be seeing a short-term top. With such huge volume on a 52-week high, Guy would take profits before MA sees a pullback.
AFTER HOURS ACTION: Crocs Crashes:
The headline: Crocs (CROX) Plunges as Much as 21% After Hours on Disappointing Earnings
Jeff Macke and Pete Najarian are both bearish on Crocs. The footwear maker has lost momentum and neither trader would get long until it can show the Street it can continue growing again.
The headline: Bond Insurers Ambac (ABK), MBIA (MBI) in Serious Trouble as Liquidity Remains Tight
The bond insurers have seen big moves down and Carter Worth thinks there is more to come. The earnings for both ABK and MBI are intact yet the share prices for both stocks are collapsing. In addition, the money center banks performed poorly Wednesday, unable to respond to the Fed.
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Trader disclosure: On Oct 31, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Najarian owns options in (BIDU), (GOOG), (MER), (YHOO); Macke owns (YHOO), (DIS); Carter Worth’s firm is a market maker in (DRYS), (YHOO)