NEW YORK (TheStreet) -- The U.S. Senate's committee on investigations said in a report that banks had manipulated prices and taken an unfair advantage over consumers in the commodities market. The report, released Wednesday, caps a two-year investigation.
Will this report affect bank stocks Thursday? If so, it's a good time to buy them, according to the CNBC "Fast Money" traders.
Commodities is an issue now only because prices have moved lower, Guy Adami, managing director of stockmonster.com, said. Tim Seymour, managing partner of Triogem Asset Management, agreed, saying the whole thing is "ridiculous" because banks have been out of commodities trading for months, and in some cases years. No one had an issue when commodity prices were rising, he said.
If bank stocks trade lower on this news it's a buying opportunity, said Brian Kelly, founder of Brian Kelly Capital. "I'd be a big-time buyer," agreed Pete Najarian, co-founder of optionmonster.com and trademonster.com. Specifically, he likes Goldman Sachs (GS) , JPMorgan Chase (JPM) and Morgan Stanley (MS) .
Another opportunity is in Qualcomm (QCOM) , whose shares slid 2% following its analyst day. Investors can stay long the stock as long as shares stay above the recent low of $68, Adami said. Seymour agreed, adding that all of the bad news seems priced into the stock near current levels.
Kelly argued that shares of Qualcomm trade "terribly" and investors should avoid the stock, especially if it breaks below $69. Najarian said he prefers Intel (INTC) .
Najarian also likes Yahoo! (YHOO) , which announced a five-year partnership with Mozilla. The deal is unlikely to be accretive to the bottom line, he said. But the stock seems likely trade up to $55 thanks to Yahoo!'s stake in Alibaba (BABA) . As long as Yahoo! stays above $50, investors can stay long, said Kelly. Seymour added that investors should not be initiating new long positions in Yahoo! near current levels.