Recap of CNBC's Fast Money TV Program, Wednesday April 23.
All Eyes on Amazon (AMZN)
All eyes are on Amazon and Oprah's favorite device, the Kindle. Dan Niles, of Alpha One Capital Partners is concerned that Amazon is up 50% for the year and is trading at a 30 multiple. He would buy Ebay instead. Karen Finerman is also leery about the stock and Guy Adami says if Amazon disappoints he might "hold his nose and jump in." However, Jefferies & Co. analyst Youssef Squali points to increasing traffic at the site and thinks they will be in line with estimates.
The Dow dropped late in the day on Morgan Stanely's second consecutive quarterly loss and intention to cut its dividend. Karen Finerman says banking stocks have been rising steadily during the week and expects an even bigger pullback. Tim Seymour thinks there will be doubt about the health of earnings in the financial sector and is worried about what the bank stress test will show about JP Morgan and Capital One Financial. Pete Najarian notes the S&P 500 can't seem to rise beyond 860 and the Volatility Index is rising. Guy Adami says news from GM that it can't make its $1 billion payment on June 1st also brought down the market.
AT&T brought up the Nasdaq on a lower than expected profit loss and impressive revenue gains, partly thanks to its deal with Apple. Guy Adami warned of Apple's tendency to sandbag and said in any case, the stock is too high. Tim Seymour and Karen Finerman agreed that Apple has risen enough already and it may be time to take profits.
Although it reported lower revenue for the second consecutive quarter, shares of eBay rose because it beat analyst estimates. Neither Pete Najarian nor Guy Adami were excited about the stock. Tim Seymour likes Mercadolibre, the Latin American version of eBay better as a trade.
The Microsoft Mystery (MSFT)
Microsoft reports Thursday and in an uncharacteristic move, it did not give guidance last quarter. Some worry about declining PC sales worldwide. Thomas Weisel analyst Heather Bellini thinks Microsoft will report in-line with estimates and gives the stock a buy rating; "We also think they will show better cost controls in this quarter and that could get investors excited,” she says. Tim Seymour and Guy Adami would both be long Microsoft. Karen Finerman agrees, but adds "that stock kills me."
In honor of Green Day, Pete Najarian discussed some trades on clean coal technology. He pointed out Eastman has 25 years of experience in developing the technology to make coal clean. He also recommended Fuel Tech and Peabody. Guy Adami recommends Cree and Broadcom on President Obama's energy exploration plan.
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