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AFTER HOURS ACTION: BP
Shares of BP made gains in extended trade after the company said it would sell several major assets to Apache for $7 billion.
The sale does not include BP's stake in Prudhoe Bay, countering published reports that said a deal for the Alaska field was in the works.
What’s the trade?
I think it’s a phenomenal deal, says Joe Terranova. Apache will come under pressure in the short-term, he says, but I'm bullish. I’d buy a third of a new position on the close over the next three days. I expect you’ll be rewarded long term. Elsewhere in the space I like ConocoPhilips , he adds.
In the space I still like Exxon, Chevron and the larger companies that are away from the BP mess, says Steve Grasso.
I like oil services names like Weatherford, adds Pete Najairan.
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AFTER HOURS ACTION: VMWARE
After the bell VMware issued a quarterly revenue forecast ahead of Street projections and raised its full-year outlook, citing strong sales to small- and mid-sized businesses. Shares rose 5 percent.
The company said it expects to report third-quarter revenue of $680 million to $705 million, ahead of the $672 million average forecast of analysts polled by Thomson Reuters I/B/E/S.
The company's sales are growing faster than those of many technology companies because its server virtualization products are used to build virtual data centers and cloud computing systems, two of the fastest-growing areas within the tech sector.
What’s the takeaway?
This is a pocket of strength, muses Brian Kelly.
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AFTER HORUS ACTION: BOSTON SCIENTIFIC
Boston Scientific on Tuesday reported a second-quarter profit that was better than expected as sales of its implanted heart defibrillators recovered from a one-month shipment halt this spring.
Looking at the numbers, Second-quarter net income was $98 million, or 6 cents a share, down from $158 million, or 10 cents a share, a year ago. Sales fell to $1.93 billion from $2.07 billion.
What’s the takeaway?
Near its 52-week low, it’s possible that investors are looking at this as a value play, muses Pete Najarian.
When you look at this stocks range, big investors may be interested in dabbling on a bet that it catches up to peers, adds Steve Grasso.
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BROAD MARKETS
Both the Dow and S&P closed with modest gains after recovering from a earlier swoon triggered by weaker than expected earnings from Goldman and housing starts that fell more than expected in June.
The early sell-off was viewed “a buying opportunity for people willing to take on risk," says Peter Costa of Empire Executions in a Retuers interview.
Sentiment changed noticeably after the S&P 500 hit a session low near a key support level of 1,060, the 23.6 percent retracement of the index's 2010 high-to-low slide.
Other market watchers say the late buying was driven in part by speculation that the Federal Reserve would take steps to spur lending by eliminating interest paid on excess bank reserves held at the Fed.
Lots of excitement after hours. From Yahoo to BP to the broad market, the Fast Money gang games all the action!
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Trader disclosure: On July 20, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Terranova owns (EMC), (CREE), (CRCM), (LRCX), (COP), (AXP), (BMO), (CSX), (PEP), (CVS), (GS), (PCP), (C), (APA), (FCX), (JOYG), (MMM), (MOS), (GLD), (UAUA), (WYNN), (GOOG), (BBY), (SU), (KOL); Kelly owns (BP) puts; Kelly is short (GS); Cortes is short the US$; Cortes is short the S&P 500; Cortes is long Crude Oil; Cortes owns (GS); Cortes is short (BAC); Grasso owns (ASTM), (ABK), (BAC), (BA), (BGP), (C), (CSCO), (DYN), (JPM), (LPX), (MO), (NDAQ), (PFE), (PRST); Finerman owns (AAPL); Finerman’s firm owns (BAC); Finerman owns (C); Finerman owns (BAC) & (BAC) preferred; Finerman owns (JPM); Finerman’s firm owns (JPM); Finerman’s firm owns (MCD); Finerman’s firm owns (WMT); Pete Najarian owns (AAPL) call spreads; Pete Najarian owns (C) call spreads; Pete Najarian owns (GS) call spreads; Pete Najarian owns (LOW) call spreads; Pete Najarian owns (TCK) call spreads; Pete Najarian owns (PFG) call spreads; Pete Najarian owns (TEVA) call spreads; Pete Najarian owns (CNI) call spreads; Pete Najarian owns (GNW) call spreads; Pete Najarian owns (V) call spreads
For Joe Terranova
Terranova works for (VRTS)
Terranova is chief market strategist of Virtus Investment Partners, LTD.
Virtus Investment Partners owns more than 1% of (CASS)
Virtus Investment Partners owns more than 1% of (LDR)
Virtus Investment Partners owns more than 1% of (LPHI)
Virtus Investment Partners owns more than 1% of (MGRC)
Virtus Investment Partners owns more than 1% of (XLB)
Virtus Investment Partners owns more than 1% of (XLP)
Virtus Investment Partners owns more than 1% of (XLY)
Virtus Investment Partners owns more than 1% of (XLI)
Virtus Investment Partners owns more than 1% of (XLK)
Virtus Investment Partners owns more than 1% of (XLU)
Virtus Investment Partners owns more than 1% of (SUBK)
Virtus Investment Partners owns more than 1% of (WDFC)
Virtus Investment Partners owns more than 1% of (YDNT)
Virtus Investment Partners owns more than 1% of (DRYS)
For Steve Grasso
Stuart Frankel & Co and it’s partners own (BAX)
Stuart Frankel & Co and it’s partners own (COG)
Stuart Frankel & Co and it’s partners own (CUBA)
Stuart Frankel & Co and it’s partners own (DHR)
Stuart Frankel & Co and it’s partners own (DYN)
Stuart Frankel & Co and it’s partners own (GERN)
Stuart Frankel & Co and it’s partners own (HSPO)
Stuart Frankel & Co and it’s partners own (IP)
Stuart Frankel & Co and it’s partners own (MERC)
Stuart Frankel & Co and it’s partners own (NWS.A)
Stuart Frankel & Co and it’s partners own (NYX)
Stuart Frankel & Co and it’s partners own (PDE)
Stuart Frankel & Co and it’s partners own (PFE)
Stuart Frankel & Co and it’s partners own (PRST)
Stuart Frankel & Co and it’s partners own (RDC)
Stuart Frankel & Co and it’s partners own (SYMC)
Stuart Frankel & Co and it’s partners own (TBT)
Stuart Frankel & Co and it’s partners own (TLM)
Stuart Frankel & Co and it’s partners own (TRV)
Stuart Frankel & Co and it’s partners own (XRX)
Stuart Frankel & Co and it’s partners own (SDS)
Stuart Frankel & Co and it’s partners are short (QQQQ)
Stuart Frankel & Co and it’s partners are short (AAPL)
For Brian Kelly
Accounts managed by Kanundrum Capital own (TLT)
Accounts managed by Kanundrum Capital own (GME)
Accounts managed by Kanundrum Capital own (BIG)
Accounts managed by Kanundrum Capital own (NWL)
Accounts managed by Kanundrum Capital own Japanese Yen
Accounts managed by Kanundrum Capital are short (BA)
Accounts managed by Kanundrum Capital are short (USO)
Accounts managed by Kanundrum Capital are short (GLD)
Accounts managed by Kanundrum Capital are short Aussie Dollar
Accounts managed by Kanundrum Capital are short (AMZN)
Accounts managed by Kanundrum Capital are short (KMX)
Accounts managed by Kanundrum Capital are short (FXI)
Accounts managed by Kanundrum Capital are short (EWO)
Accounts managed by Kanundrum Capital are short (EWI)
Accounts managed by Kanundrum Capital are short (JOE)
Accounts managed by Kanundrum Capital are short (RSX)
Accounts managed by Kanundrum Capital are short (SLX)
Accounts managed by Kanundrum Capital are short (CSX)
Accounts managed by Kanundrum Capital are short (FCX)
For Scott Nations
Nations owns (SPY)
For Doug Sipkin
Ticonderoga Securities Is A Market Maker In (GS), (MS)
For Peter Boockvar
*No Disclosures
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