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Wall Street Correction

Monday, 26 Nov 2007 | 7:50 PM ET

WALL STREET CORRECTION

The headline: S&P 500 Closes at 1407.22. Just Above Credit Crunch Low Of 1406.70 on August 15th

Guy Adami says 1400 is a critical number that investors should watch closely. If the S&P closes below that level the Dow will likely dive to 12,000, he says.

Karen Finerman thinks a letter released by Senator Chuck Schumer is the reason behind Monday’s market weakness.

> Read more about Schumer's letter

Pete Najarian feels uncertainty in the financials drove the market lower.

  Price   Change %Change
NASDAQ
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S&P 500
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BLACK FRIDAY BUST

The headline: Retailers Help Drag Market Lower as Reports Show Shoppers Spending Less.

Word on the Street
The Fast Money guys take a look at today's top business stories.

Karen Finerman explains that Apple (AAPL) and Best Buy (BBY) bounced Monday following Black Friday sales. According to ShopperTrak, Friday And Saturday sales totaled $16.4 billion, a 7% jump over last year.

Guy Adami adds that Morgan Stanley raised its price target on Mastercard (MA) to $215. He thinks the credit card story is still in tact.

  Price   Change %Change
VOW3
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ORLOVS1
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MA
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RECORD 'NET INCOME?

The headline: Online Spending On 'Cyber Monday' May Exceed $700M, A Single-Day Record: ComScore.

Online consumer purchases on 'Black Friday' surged 22% over last year, explains Dylan Ratigan.

Cyber-Monday is a bunch of malarkey, exclaims Jeff Macke.

  Price   Change %Change
EBAY
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WHALE WATCHING: ACKMAN HITS THE BOOKS

The headline: Wall Street Whale Bill Ackman Boosts Stake In Borders (BGP) To 17.1%.

Karen Finerman explains that Border’s CEO also bought stock. She thinks it’s a straight valuation play.

It’s only worth a look, if you think it will pop on a short covering, adds Guy Adami.

OPTIONS ACTION: IN-FLIGHT OPTIONS

The headline: Pete Seeing Unusual Options Activity In Airline Stocks

Out of

Into:

Delta

Dec. $15 Calls

March $17.50 Calls

Northwest

Dec. $15 & $20 Calls

March $17.50 Call

> Read more

  Price   Change %Change
DAL
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Trader disclosure: On Nov. 26, 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 (DIS), (YHOO), (ATVI), (INTC), (HAS); Najarian Owns (AMTD) Options, (AMZN) Options, (GOOG) Options, (YHOO) Options, (CFC) Options, (BSC) Options; Finerman Owns (HD); Finerman's Firm And Finerman Own (GS); Finerman's Firm Owns (WMT), (YHOO), (KSS), (TSO); Finerman's Firm Owns (MSFT) Options; Finerman's Firm Owns S&P 500 Puts; Fienrman's Firm Owns (HD) And (HD) Puts; Finerman's Firm Is Short (SPY), (IWM), (MDY), (IYR), (IJR), (MBI), (LEN), (BIG); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts

Contact Fast Money

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  • Melissa Lee is the host of CNBC's “Fast Money” and “Options Action.”

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  • Guy Adami is a contributor on CNBC's "Fast Money." He also is managing director of stockMONSTER.com.

  • Najarian, the "Pit Boss," is cofounder of optionMONSTER.com, a news site for options traders.

  • Finerman is president of Metropolitan Capital Advisors, Inc., a company she co-founded.

  • Founder of EmergingMoney.com

  • Chief Market Strategist for Virtus Investment Partners & CNBC Contributor

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