This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

'Fast Money' Recap: Negative Pre-Announcements

NEW YORK (TheStreet) -- The S&P 500 sold off Friday, closing lower by almost 0.5%. 

On CNBC's "Fast Money" TV show, Josh Brown, CEO and co-founder of Ritholtz Wealth Management, said that 94 companies in the S&P 500 have pre-announced negative earnings, a seven-year high. But he said the magnitude of the lowered estimates are much lower than the average, and so far Wall Street seems fine with it. It allows the corporations to keep estimates realistic. 

Steve Grasso, director of institutional sales at Stuart Frankel, said that investors continue to buy the dips and there is support near 1,815 in the S&P 500. 

Pete Najarian, co-founder of optionmonster.com and trademonster.com, said the S&P 500 has been mostly rangebound between 1,825 and 1,845. He added that the selloffs in individual stocks are being bought intraday and the low volatility levels suggest investors aren't scared. 

Guy Adami, managing director of stockmonster.com, said International Business Machines (IBM) held the $175 level but seems to have only gone higher because of a rising broader market. He suggested the stock could "get whacked" after it reports earnings on Jan. 21. Grasso concurred. 

Brown said investors shouldn't short-sell IBM since it has a low value and famed investor Warren Buffett has been buying. That said, Brown said the stock is not a buy either.

Stock quotes in this article: IBM, BIDU, SINA, TWTR, GS, YHOO, GE, CLVS, MDVN, AA, F, AWAY, JACK, JNJ 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs