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BlackBerry Earnings Keeps Tech Party Going

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RESEARCH IN MOTION UP 10% AFTER HOURS

The headline: Blowout Research In Motion (RIMM) Earnings Thursday Point To More Tech Success Friday.

Pete Najarian reveals he bought RIMM at 1pm Thursday afternoon and plans to sell at the open, Friday.

Jeff Macke adds Thursday’s action was good for the bulls.

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> Read more "RIM Earnings More Than Double, Top Forecasts"

SAIL ON ORACLE SAILOR

The headline: Larry Ellison Riding High On Oracle (ORCL) Earnings.

Take some off the table counsels Pete Najarian, and do it whenever a stock pops like this.

On a related note, Najarian bought Microsoft (MSFT) Thursday.

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BONDS, LAME BONDS

The headline: Bond Insurer MBIA (MBI) Falls Most In 20 Years After Disclosing $8.1B In CDO Exposure.

A Morgan Stanley analyst said he’s “shocked'” MBIA withheld this information for so long, says

Karen Finerman doesn’t feel MBIA has the same credibility anymore.

> Read more "MBIA Exposed to $30.6 Billion in Debt Securities"

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BEAR OUT OF THE WOODS?

The headline: Bear Stearns (BSC) Shares Finish Higher After Disclosing Nearly $2bln Mortgage Writedown.

In breaking news Dylan Ratigan explains that Moody’s cut Bear Stearns long-term rating to A2 from A1.

Bear and Morgan are doing the right things says Jeff Macke. They’re exposing the pain instead of sugar coating the results.

Also Bear CEO James Cayne as well as the executive committee will forego 2007 bonuses adds Dylan Ratigan.

RETURN TO SENDER?

The headline: FedEx (FDX) Lower On Revenue Miss, Disappointing Profit Forecast.

The overnight shipper blamed its 6% profit drop on fuel costs as well as fewer freight shipments, says Jeff Macke. That suggests the US economy could be sluggish.

Guy Adami says if the stock trades around $90, it’s probably a buy.

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GREENBACK COMEBACK CONTINUES

The headline: Dollar Rallies To 2-Month High Despite Grim Economic Data.

Gold futures slid below $800 as the dollar strengthened explains Guy Adami. I think the dollar will continue to go higher and I would be short of gold.

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AFTER HOURS ACTION: MICRON

The headline: Micron (MU) posted a net loss of $262 million as it continued to be dragged down by falling prices for its computer memory chips amid a supply glut.

I’d rather be in potato chips that microchips says Pete Najarian.

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AFTER HOURS ACTION: JABIL CIRCUIT

The headline: U.S. contract electronics maker Jabil Circuit Inc (JBL) on Thursday posted a higher quarterly profit but the shares tumbled as it gave a current-period forecast that missed estimates.

The outlook doesn’t look so good and that’s why the company is getting hammered says Pete Najarian.

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AFTER HOURS ACTION: RED HAT

The headline: Software maker Red Hat (RHT) reported fiscal third-quarter net income rose 28% to $20.3 million with subscription revenue climbing 30% to $115.7 million.

They have a tie-in with the virtual world says Pete Najarian and I think this is the kind of company Google might look at.

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Trader disclosure: On Dec. 20, 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), (INTC), (EMC), (DIS); Pete Najarian Owns (C), (MS), (MSFT), (RHT), (TGT); Pete Najarian Owns (YHOO) Options, (EMC) Options, (GOOG) Options, (RIMM) Options; Pete Najarian Owns Shares Of NetSuite; Finerman's Firm Owns (WMT), (YHOO), (GS), (BEAS), (PLCE),(VCLK); Finerman's Firm Is Short (SPY), (IYR), (IJR), (MDY), (IWM); Finerman's Firm Owns S&P Puts; Finerman's Firm Owns Russell 2000 Puts; Finerman's Firm Is Short (LEH) And Owns (LEH) Puts; Finerman's Firm Is Short (MBI) And Owns (MBI) Puts