Fast Money Stock Picks – July 17, 2008 – Oil Drops

Macke:
POT – Potash – Sell
GM – General Motors – Sell – “Final Trade”
*Sell the rips, buy the dips
*Get out of oil

Adami:
XOM – Exxon – Buy
COP – ConocoPhillips – Buy
*Watch how Schlumberger (SLB) reports – that should tell you how to trade Baker Hughes (BHI) and Halliburton (HAL)

Najarian:
MER – Merrill Lynch – Sell
NOK – Nokia – Sell into the strength
APPL – Apple – Buy
CHK – Chesapeake – Buy – “Final Trade”

Finerman:
PM – Philip Morris Int’l – Buy – “Final Trade”

Pops (stocks that jumped higher):
UTX – United Technologies (6%) – Said demand was strong for its Otis elevator and fire and security equipment
BLK – Blackrock (16%) – Finerman: I think they’re best in breed
HOG – Harley-Davidson (7%) – Stood by its outlook for the year
COF – Capital One (14%) – Finerman: Earnings after hours weren’t terrible, I think that’s a huge victory for these guys
MTG – MGIC Investment Corp (35%) – Finerman: I think the pop is short covering

Drops (stocks that slid lower):
KO – Coca-cola (4%) – Najarian: They’re having a tough time
YUM – Yum! Brands (7%) – Macke: I like McDonald’s more
EBAY – eBay (14%) – Growing, but not as quickly as it once did
SWY – Safeway (11%) – Macke: The margin of error is very small in grocers
BK – Bank of New York Mellon (7%) – Najarian: That’s a big drop
NUE – Nucor Corp (11%) – Adami: I still like steel
IGT – International Game Tech (8%) – Cheif Executive T.J. Matthews called current weak market conditions ‘unprecedented’ citing a combo of increased casino competition, new smoking bans, and slower consumer spending