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Gasparino: Merrill Lynch could lay off as much as 10% of its fixed-income department.
I'm hearing that as many as 1,600 people might lose their jobs at Merrill Lynch [MER
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]over the next few months explains Gasparino, mostly in the bond group. I also hear next week we could see layoffs at Citigroup[C
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] .
That’s why I recommend waiting at least 2 weeks to trade financials says Jon Najarian. Big news is coming.
And, make sure you have an exit plan adds Jeff Macke.
Gasparino: Merrill Lynch could take an additional $10 billion write-down next quarter
Expect an 18 billion write down in total from Merrill. That will likely do something to the stock price, says Gasparino.
Gasparino: Bear Stearns’ board discussing graceful exit for CEO James Cayne
If I were to give stock advice, I’d recommend staying out of Bear Stearns [BSC
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]until they figure out their business model going forward says Gasparino. Also it could be a takeover target. With 10 billion market cap it could be easy to gobble up, he adds.
Jon Najarian agrees and adds BSC could drop 10% -15% in a matter of days.
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Trader disclosure: On Jan 2, 2008, 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 (INTC), (DIS); Jon Najarian Owns (AGU), (CSIQ), (AMZN), (BG), (DE), (DPTR), (GFI), (GS), (GT), (MON), (MOS), (MRO), (POT), (TSO), (UBS), (VLO), (CME), (GM),(UA); Jon Najarian Is Short (KLAC); Seymour Owns (CSCO), (INTC), (BX); Seygem Asset Management Owns (EWT), (TSM), (X), (PKX)
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