Mike Taylor
After the Microsoft (MSFT Quote - Cramer on MSFT - Stock Picks)-Yahoo! (YHOO Quote - Cramer on YHOO - Stock Picks) merger appeared to fall apart, U.S. stocks lost their mojo, closing to the downside Monday. The Dow dipped 0.7%, the S&P 500 stumbled 0.5 and the Nasdaq was also down 0.5%.
On CNBC's "Fast Money" TV show, Pete Najarian said that copper, gold and steel all came back while financial stocks took it "a bit on the chin." He said that Bank of America (BAC Quote - Cramer on BAC - Stock Picks), Citigroup (C Quote - Cramer on C - Stock Picks) and AIG (AIG Quote - Cramer on AIG - Stock Picks) were the financial stocks to get hit. He said Google (GOOG Quote - Cramer on GOOG - Stock Picks) and other tech stocks were making a comeback. On the Yahoo!-Microsoft news, Jeff Macke urged viewers to get out of Yahoo!. He said Microsoft is the better stock. He cautioned however that Microsoft will take time to rebuild confidence, because the company shouldn't have gotten involved with Yahoo! in the first place. Finerman said she sold some Yahoo! stock on its surprising strength today. Najarian said that the failure of Microsoft shares to spike on the news may indicate that someone thinks the Yahoo! deal may still happen. Guy Adami said the company can rebuild confidence by announcing a stock buyback.3 Stocks I Saw on TV |
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Finerman noted skepticism on the Street about Bank of America's offer to buy Countrywide Financial (CFC Quote - Cramer on CFC - Stock Picks). She said Countrywide may be different when it's presented to BofA for acquisition. Adami said he believes there's downside in Countrywide shares. On news that Sprint (S Quote - Cramer on S - Stock Picks) may spin off a segment of its company, Macke instructed viewers to walk away. He said that, like a Motorola (MOT Quote - Cramer on MOT - Stock Picks) breakup, the idea will accomplish very little. He recommended buying AT&T (T Quote - Cramer on T - Stock Picks) and Verizon (VZ Quote - Cramer on VZ - Stock Picks) instead. Najarian pointed out that Deutsche Telekom (DT Quote - Cramer on DT - Stock Picks) would be the No. 1 telecom if it bought Sprint or Sprint Nextel.
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