It's not the news that matters, Aaron Task said Wednesday. It's the market's reaction that matters.

Task, substituting for Jim Cramer on Cramer's

RealMoney radio show, highlighted that Wall Street aphorism in response to Wednesday's bloodletting at

Yahoo!

(YHOO)

and

Intel

(INTC) - Get Report

in the wake of disappointing earnings.

Task, co-executive editor of

TheStreet.com

, said both Yahoo! and Intel continue to show progress. But he said investors can't afford to ignore the vicious beating that ensued in both stocks after the companies posted slightly flawed results late Tuesday. Intel's margins are worrying Wall Street, he said, and Yahoo!'s failure to meet revenue estimates was seen as a cause for much concern.

Task pointed out that Wednesday's 10% selloff in Yahoo! doesn't bode well for

Google

(GOOG) - Get Report

, whose shares have more than quadrupled off last August's initial public offering price.

On the other hand, the bar is not set especially high for tech giant

Microsoft

(MSFT) - Get Report

, which also reports on Thursday. Task says aggressive traders may even want to short Google and go long Microsoft ahead of their quarterly earnings reports.

In response to a caller, Task said

Titanium Metals

(TIE)

is a buy due to the growth in the aerospace and defense industries.

Task also said that perhaps

UnitedHealth Group

(UNH) - Get Report

is rallying because the so-called smart money is shopping smartly.

Finally, Task told another caller that he may want to consider taking profits in

Sears Holdings

(SHLD)

if he has benefited from the run-up because the next leg up may be more difficult.

Powering Up

Task's special guest was Chris Edmonds,

RealMoney.com

contributor and energy maven.

Edmonds advised investors to sell

Unocal

( UCL), because the longer the takeover drama plays out, the more risky it becomes. He says no matter who wins the fight for Unocal, be it

Cnooc

(CEO) - Get Report

or

Chevron

(CVX) - Get Report

, "it's time to take the money off the table and move elsewhere."

Edmonds said he likes

ConocoPhilips

(COP) - Get Report

of all the major oil companies, calling it a safe long-term oil and gas holding for investors. Conoco has been on a solid run the past year, so he advised dollar-cost averaging into the stock.

A caller from Nebraska asked about

Ultra Petroleum

(UPL)

. Edmonds replied it is a fast-growing natural gas company with a lot of promise. Edmonds said the company is trying to "tighten the spacing" on wells, which should significantly boost production.

Edmonds also liked

XTO Energy

( XTO) in response to another caller's question about the best natural gas stocks.

Edmonds recommended a basket approach to buying seismic equipment providers

Input Output

(IO) - Get Report

and

Mitcham Industries

(MIND) - Get Report

.

He also said he really likes

Carrizo Oil & Gas

(CRZO) - Get Report

due to the company's large interest in the Barnett Shale area of north Texas.

In a special energy edition of the lightning round, Edmonds gave his recommendations on a barrel full of stocks.

Edmonds' buys:

Cooper Cameron

(CAM)

, XTO,

Smith International

( SII),

Ensco

(ESV)

,

BJ Services

( BJS),

Valero

(VLO) - Get Report

,

Arch Coal

(ACI)

,

Tidewater

(TDW) - Get Report

,

EOG Resources

(EOG) - Get Report

,

Cimarex

(XEC) - Get Report

,

Nabors

(NBR) - Get Report

and Ultra.

Edmonds' holds:

Occidental

(OXY) - Get Report

,

Kerr McGee

(KMG)

and

ExxonMobil

(XOM) - Get Report

. He advised waiting for the conference call before acting on

Schlumberger

(SLB) - Get Report

.

Aaron L. Task is the co-executive editor of TheStreet.com. In keeping with TSC's editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet.com. He also doesn't invest in hedge funds or other private investment partnerships. He invites you to send your feedback to

atask@thestreet.com.