FAST MONEY: Starbucks A Buy On Earning?

Again the market dropped like a rock and Pete Najarian pointed out that the VIX or the volatility index but all the traders said they kept all their stocks while Pete Najarian and Eric Bolling are using puts and shorts to hedge their portfolios. So it seems no one is afraid yet.

“Eric Bolling says that August is a typically quiet month – but could also be a great time to buy. He likes energy and tech stocks and recommends looking for dip.

Guy Adami says this isn’t a time to be away from Wall Street.

Jeff Macke adds sell the rally and maybe buy weakness but for a trade.”

Starbucks (SBUX) – Bolling and Najarian says buy while Jeff Macke says buy into earnings and sell the news. While Adami says it’s a sell. Najarian says heavy call options and that the CEO exercised the options and didn’t sell suggesting that the CEO may believe that it’s a buy as well.

Media earnings from Disney, Viacom, and Time Warner are coming out this week but there were mixed results from the traders. Boiling said sell all of them. Najarian said that Time Warner has a catalyst with AOL and split up. Jeff Macke owns Disney (DIS) and will buy more.

Sprint (S) who is building a Wimax network with Clearwires (CLWR) was a trade topic with Sprint Nextel VP, Atish Gude who explained their project. Most of the traders favored the equipment maker such as Alvarian (ALVR).

Gen-Probe (GPRO) – from the Fast Money Web Extra – Pete Najarian recommended Gen Probe Inc, a diagnostic company that is relatively a good sector of healthcare because it has great margins for testing and Medicare always covers testing. It has been experiencing higher volume and options activity because of earnings next week and Jim Cramer has mentions this stock as well.

The traders suggest that the “subprime slime” is still lurking because Bear Stern (BSC) has been rumored to have another fund is in trouble and traders suggest staying away or selling insurers that hold mortgage securities such as Allstate (ALL) but that everyone should expect a drop tomorrow morning in the market.  It’s going to be rough.  Hold on folks.

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Trader disclosure: On July 31st 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (ATVI), Najarian Owns (GS); Bolling Owns (DIS), (T); Bolling Is Short S&P Futures; Bolling Is Short Nasdaq

FAST MONEY: The Monday After the Worst Week in Five Year

This is what the Fast Money Traders had to say:

Nividia (NVDA) – Guy Adami once again supported Nividia, a graphic chip company due to it’s continued strength that continued on Monday and started on the bloody days on Thursday and Friday.

Ameritrade (AMTD) – John Najarian highlights that Ameritrade’s move from $21 to $17 is due mostly to the hit from financials but trading volume is hitting highs and there is usual trading volume. Also Jeff Macke adds that there is activist support for a merger with Etrade (ET)

Sun Microsystems (SUNW) – It moves 10% aftermarket due to higher margins and lower cost. KKR, private equity fund holds a position and Jeff Macke says that we need to trade with the pros.

Republic Service Group (RSG) and Allied Waste (AW)-Garbage company that is growing through acquisitions say supported by John Najarian and Guy Adami but Eric Boiling and Jeff Macke disagrees.

Sunpower and Cypress Semi (CY) – Recommended by John Najarian as a play for earnings and growth in solar power as demand grows as shown by growth in nuclear.