Recap of Fast Money, Thursday March 13. Click on a stock ticker for more analysis.
John Najarian noted the high volume of trading in BSC on Thursday, and sees capitulation in the market. Adami would buy GS. Commenting on margin calls from Carlyle Group, Finerman says there will be more negative surprises as the subprime crisis continues, although she thinks Carlyle’s bad news has been digested. She is skeptical of the S & P’s bullish forecast. John Terranova says the Fed is trying to make sure that market deleveraging is proceeding at an orderly pace and would not be bearish now. Najarian commented the current environment is for traders who sell on rallies and buy on selloffs. He added the S & P has to break 1330 before there will be a bull run.
Commodities: Newmont Mining (NYSE:NEM), StreetTracks Gold (NYSEARCA:GLD), Nucor (NYSE:NUE), U.S. Steel (NYSE:X), Freeport-McMoRan (NYSE:FCX), Southern Copper (PCU) Adami would sell NEM which rose 5% and buy GLD instead. He is also bullish on NUE, X and FCX. Terranova added PCU to the list
Najarian would buy OIH at $170 and sell it at $177 and adds BNI is also a good trade. Adami likes XTO and Apache, and Terranova added natural gas is a good story because of supply issues. Najarian likes the insider buying at CHK.
Chrysler said it would halt production for two weeks on the summer. Adami thinks BWA is the best auto stock. Amgen’s volatile trading on Thursday worried some, but Najarian said it was good news for the Amgen, which has been stagnant.
Najarian says LOW has been beaten “with the ugly stick” and predicts HD will go to $30. ZUMZ zoomed higher after hours on strong earnings.
Electronic Arts (ERTS), Take Two (NASDAQ:TTWO)
Finerman praised ERTS which said its takeover of TTWO was turning hostile. TTWO has ten days to respond.
Gartman would wait for a pullback from $1,000 before buying gold. He is bullish on ag, especially corn, soybeans and wheat, and predicted a run for POT, MON and MOS. He criticized the Bush Administration’s policy of increasing strategic oil reserves. Terranova noted China’s oil reserve could squeeze supply.
The group expected analyst meetings to move the market. Adami expects good news from DD, especially since 20% of its revenues come from agriculture. Najarian predicts an upside for DNA because of its drug Avastin and would pay attention to AET.Consumer Price Index iShares Lehman TIPS Bond (NYSEARCA:TIP)
Finerman predicted the CPI information will warn of inflation and recommended TIP. Adami says if the CPI number is not negative, the market could run.Trader Radar: Carnival Cruise Lines (NYSE:CCL) traded at unusual volume on Thursday.
David Swanson, CEO of R.H. Donnelley (RHD)
In spite of RHD’s devastating 93% drop in the past year, the group was wondering if RHD could make a comeback. David Swanson said people are still using the Yellow Pages and the company has diversified online. However, Finerman pointed to the company’s substantial debt and commented “You can’t own it.”Pops and Drops: CPN), Adami: Home Depot (HD), Finerman: Goldman Sachs (GS), Najarian: Genentech (DNA),
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