The market spent most of the day trying to climb its way out of negative territory Thursday. It took a rope from tech stocks to pull the market up in order to end the day only slightly down. CNBC's "Fast Money" team took a look at what was driving the market and talk about upcoming drug company earnings.
Tech Safety LineGoogle ( GOOG) reported quarterly profits that soar 46% and the Internet search giant added 2,130 employees in the third quarter. Pete Najarian remarked that it might take a while for the market to digest the new hires at Google. Nokia ( NOK) traded higher after earnings nearly doubled and global market share rose to 39%. Najarian points out that it's all about growth in China and India and Nokia is seeing strong demand for its high-end products.
Drug Money?The big pharmaceutical companies will have earnings rolling in with Pfizer ( PFE), Eli Lilly ( LLY) and Wyeth ( WYE) set to report Thursday and Merck ( MRK) and Schering-Plough ( SGP) set to report Monday. CNBC's Mike Huckman joined the "Fast Money" crew to discuss his take on the Big Pharma group. Huckman says Pfizer issued news that it will no longer sell Exubera, an inhalable insulin device. This news took down Alkermes ( ALKS), MannKind ( MNKD) and Nektar ( NKTR). Najarian points out that Nektar has a real problem because it doesn't have many other products to cushion this blow. Macke remains bullish on all of the Big Pharma stocks and especially Pfizer. Guy Adami agrees with Macke on Pfizer's earnings, remarking that they weren't that bad and he still likes it here. Karen Finerman continues to believe that Merck will buy Biogen Idec ( BIIB).
Word on the StreetAlong the lines of good news and bad news, Advanced Micro Devices ( AMD) reported a quarterly loss but, revenues soared. In Najarian's opinion, the AMD sales and revenue numbers were great. Adami suggests trading off of AMD with Dell ( DELL). However, Macke would buy Microsoft ( MSFT) based on this news. Baxter ( BAX) traded higher after earnings beat Wall Street estimates. Najarian recommends looking at a medical device play with Intuitive Surgical ( ISRG). He tells viewers about ISRG using technology that allows for surgeons to operate remotely and the firm specializes on cutting down time spent in the hospital for patients. Financials were mired in the mud as Bank of America ( BAC) traded lower after reporting a 32% drop in earnings. Capital One Financial ( COF) reported a third quarter loss as profits fell 32%. Najarian would sell Capital One Financial and buy State Street ( STT) and JPMorgan ( JPM). Wal-Mart ( WMT) announces plans to drop prices ahead of the holiday season. Finerman maintains that Wal-Mart is attractive on valuation and she owns the stock. Wal-Mart cuts prices all the time and this isn't "new" news to Macke, so he advises investors to sell.