Stocks were down slightly across the board today. The
fell 0.29%, while the
dropped only 0.73%, and the
It was a "peculiar day in the markets, filled with rumor and little else," said Dylan Ratigan to kick off
"Fast Money" show today.
Pete Najarian said that financials had started to roll over, while "regionals were strong all day." He is also looking for
to start coming back from its unannounced two-for-one split.
Consumer confidence numbers were released today and showed the lowest numbers since 1992. Karen Finerman said this could be because "oil affects every portion of the economy" and consumers know that.
raised prices 25% as well, which Ratigan said "creates anxieties about inflation." Guy Adame agreed and was "pretty worried," saying that right now "it's all about containing inflation, and these price increases hurt." Najarian added that he "wouldn't put capital in them right now."
Moving on, the analysts discussed
new numbers, which Ratigan said were "surprisingly lovely." Jim Macke attributed this to the fact that Kroger is "trading on cheap multiples," saying that rising food prices "don't hurt their margin because they're working off an incredibly low base." Finerman added that
grocery area "is doing well" because "they have so much pricing power," something Macke said "comes back to bite the consumer."
3 Stocks I Saw on TV
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Touching on the pharmaceuticals, Ratigan said today was "a horrendous performance for all U.S. drug manufacturers." Adame did say that he "likes
" and Najarian added that
is another to keep an eye on.
reported a huge move higher on a billion dollar share buyback, Ratigan reported. Macke said the Kodak board "is trying to pick the bottom in a stock that has been on a multi-decade downward trend." Adame added that this "gives a bit of a floor on stocks to trade around."
Economics reporter Steve Leisman made an appearance to discuss possible rate hikes. He said that the "market is ahead of the
, with what they'll do with rates." Macke said that he "doesn't think they'll hint at raising rates, and the market will respond well." Leisman finished by saying the "market is well wired for rate hikes beginning in August or September."
Switching gears to tech, the analysts discussed
Research in Motion
, with Ratigan asking if it was ready for a breakout. Najarian said that "almost every analyst expects them to beat predictions" when it announces earnings tomorrow, but that he'd "love to see more pullback."
Bank of America
analyst Tim Long stopped in to discuss RIMM and said there's "a lot more on the horizon if you look at their product roadmap." He also added that strong earnings from RIMM would do well for
, as the smart phone market "has a lot of winners and segmentation."
The analysts then discussed the housing market and its likelihood to continue crashing. Adame said there is some hope, as the "rate of decline in prices has been slowing." Najarian wasn't as optimistic, saying he "hates housing, absolutely hates it."
On their final trade segment, Adame was buying
. Najarian took
and Finerman took all pharmaceuticals.
This article was written by a staff member of TheStreet.com.