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Dow Drops 190

DOW DROPS 190

The headline: Writedown Fears, Slowing Economy Concern & Bhutto Assassination Send Dow Sharply Lower Thursday

Wall Street skidded Thursday in part because of the assassination of Pakistani opposition leader Benazir Bhutto. The major indexes lost well over 1% and the Dow Jones industrial average fell more than 190 points explains Becky Quick who’s substituting for Dylan Ratigan.

The consumer confidence number came out Thursday and it was stronger than expected says Karen Finerman. I thought retail would edge higher on the data, but it didn’t.

Time to lighten up on the solar stocks says Pete Najarian. Their P/E ratios are very high.

Guy Adami says if you’re looking for a trade, buy consumer product stocks such as Unilver (UL),Procter & Gamble (PG) and Altria (MO).

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WRITE-DOWN TO THE BONE

The headline: Citigroup Shares Fall to the Lowest Closing Price in 8 Years Thursday

Goldman Sachs raised write-down estimates for Citigroup, as well as Merrill Lynch (MER), and JPMorgan (JPM) explains Becky Quick. In addition Goldman said, Citigroup might need to cut its dividend by 40%.

If I were running Citigroup I’d cut the dividend, says Karen Finerman. It doesn’t make sense to keep it this high.

Jeff Macke agrees.

For the second day in a row, Guy Adami recommends U.S. Bancorp (USB) for investors who want to play financials.

Pete Najarian prefers Fannie Mae (FNM) and Freddie Mac (FRE).

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OIL AT 1-MONTH HIGH

The headline: Crude Oil Climbs To $96.62 On U.S. Supply Picture, Benazir Bhutto Assassination.

U.S. fuel stockpiles dropped to their lowest levels since January 2005 explains Becky Quick.

Pete Najarian, Guy Adami and Jeff Macke all think Tesoro is a buy.

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TECH HIT HARD THURSDAY

The headline: Hewlett and Tech Stocks Hit Hardest Besides Financials Thursday.

Slowing growth concerns reduced gains in the Technology ETF (XLK) to 16% for ’07 explains Jeff Macke. Investors are taking profits he adds.

Morgan Stanley says Larry Ellison's Oracle (ORCL) remains its “Top Pick” for 2008 explains Pete Najarian

Oracle was among the few tech stocks in the green on Thursday adds Guy Adami. And I think it’s going even higher!

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WHAT'S ON MURDOCH'S IPOD?

The headline: Apple And News Corp In Deal To Rent Twentieth Century Fox Films Through iTunes.

Pete Najarian expects to see pressure on AAPL stock through the end of the year. However in the long-run he expects Apple to go higher.

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IS DELL COOL?

The headline: Dell's New XPS One PC Gets Glowing Review From Influential WSJ Columnist Walt Mossberg.

Mossberg wrote that Dell's new PC, “Matches or exceeds the iMac in hardware design” explains Guy Adami. I agree and recommend owning this stock, he adds.

Pete Najarian echoes, Dell is a buy.

Jeff Macke sees it differently. He’s not nearly so bullish on Dell.

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Trader disclosure: On Dec. 27, 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), (INTC); Najarian Owns (C), (CSCO), (MS), (MSFT), (BIIB); Najarian Owns (YHOO) Options; Najarian Owns (CSUN) Options; Finerman Owns (GS); Finerman's Firm And Finerman Own (HD), (FLS); Finerman's Firm Owns (PLCE), (SKS), (VLO), (YHOO); Finerman's Firm Is Short (IYR), (IJR), (SPY), (IWM), (SPG), (TCO); Finerman's Firm Owns (MSFT) Options; Finerman's Firm Owns Russell 2000 Puts; Finerman's Firm Owns S&P 500 Puts; Finerman's Firm Owns (MDY) Puts And Is Short (MDY); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts; NBC Universal Is The Parent Company Of CNBC

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