'Fast Money' Recap: Waiting for Wal-Mart

Najarian agreed, saying that wireless buildout will feed Cisco's earnings in the future.

Macke said Cisco looks bullish, because the tech buildout story remains intact. Corporate America and industrial America still have money to spend, he said.

Oil surged past $123 a barrel today. The traders noted that natural gas is catching up to oil, also rising. Finerman said she was kicking herself a little bit for selling some natural gas positions early. She said she wouldn't short natural gas here, but she wouldn't chase it either.

Najarian observed strong earnings from Apache APA, Anadarko APC and Devon DVN. He said that today's selloff in the broad market had to do with some profit-taking in natural gas names.

Disney DIS shares performed well today on a bad tape. Macke said he would put money in the name at these levels. He said Disney is a long-term investment. He called the company best of breed and recommended buying dips.

Adami said that he thinks the next several percentage points in Disney will be lower. He recommended buying the stock on a dip as well.

Take-Two's TTWO Grand Theft Auto 4 sales were very strong, prompting the traders to discuss the stock. Najarian said he believes the video game's success is already priced in, but he still likes the name.

Oil Power

The traders then turned to Gartman Letter author Dennis Gartman to discuss commodities and the U.S. dollar. Gartman said oil is strong and continues to go higher. He said the price increase is driven by demand, particularly in China and India, which compensate for weakness in the U.S. He said the oil market is a bull market.

Gartman also said the dollar is strong. He said the strength in the dollar may owe to the Fed's probable decision to finish cutting rates and the European Central Bank's probable decision to begin cutting. He said that gold will go down from here.

The traders then turned to Piper Jaffray Senior Research Analyst Gene Munster to talk about Google GOOG. Munster said the Internet company's stock should go up from here. He said the company's foothold in the search market offers considerable upside. He said that as Google finds a way to monetize YouTube, which has 130 million viewers, the company will continue to make money.

Solar Plays

The traders observed that solar stocks don't appear to be responding to the runup in oil. For example, First Solar FSLR shares climbed 840% in 2007 but are up 3.5% so far in 2008. Najarian said the stocks were ahead of themselves and reminded viewers that the traders urged investors to take profits at the end of 2007. He said coal stocks have been working, but he thinks MEMC WFR is a good solar play.

Adami said viewers should get long MEMC with a stop at $62.90. He said the stock is going into the $70s.

Wal-Mart Approaches

Retailer Wal-Mart WMR will announce April sales figures tomorrow. Jon Najarian joined the show to discuss the stock. He said Wal-Mart is the best in the space. He predicted that tax rebate checks will go into Wal-Mart. He also said he likes Aeropostale ARO because it's well managed.

Macke said he loves Wal-Mart but he can't get long specialty retailers like Aeropostale. Adami said he likes Wal-Mart. Finerman said her fund sold out of its position but she wouldn't short the name. Jon Najarian also predicted an earnings miss from Costco COST.

The WiMAX Mix

The traders then examined the potential for the WiMax revolution. Google, Intel INTC, Time Warner Cable TWC and Comcast CMCSA are all interested in building the high-speed, far-reaching Internet infrastructure.

Pete Najarian said there are many ways to play this. He recommended Intel, because it's the largest independent investor into the project. Finerman said her fund sold Clearwire CLWR shares, because she thinks it's tied to the WiMax story.

Macke said that Sprint S is a sell on this development. He agreed with Najarian that Intel is the company that will get paid from this project.

From Russia, With Love

Tim Seymour joined the show to talk about investment prospects in Russia after the election of new President Dmitry Medvedev. He rated the country's political climate a B-minus, its macroeconomics an A-plus, its valuation an A-minus and its investability, or how easy it is for U.S. investors to put their money there, at a C. He said there are only a couple ways to play Russia available to Americans, including Market Vectors Russia RSX, Vimpel-Communications VIP and Mobile Telesystems MBT.

Final Trade

Macke said to trim from a U.S. Oil Fund USO position. Adami chose the Short Dow30 ProShares DOG. Finerman selected Yahoo! YHOO for the next three days. Najarian picked U.S. Natural Gas UNG.