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Dow's Worst Week Since 2003

DOW'S WORST WEEK SINCE 2003

The headline: The Dow Falls 4.4% This Week, S&P 500 Drops 4.6%, Nasdaq 4.5%.

The Dow ended a dismal week lower on Friday as investors grappled with anxiety about the broader economy, explains Dylan Ratigan. The market has been shaken in recent weeks by uncertainty surrounding bond insurers and whether they'll be able to handle huge losses in the value of mortgage-backed bonds.

This is a very tough market says Jeff Macke. But this is what a bear market looks like. You’ve either got to be quick, or you’re dead.

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NASDAQ IN BEAR'S GRIP

The headline: Struggling Tech Shares Lead Nasdaq Into Bear-Market Territory This Week.

Although the Nasdaq slid into bear market territory earlier in the week, strength in Cisco (CSCO) helped the tech heavy exchange gain back some ground on Friday, explains Dylan Ratigan.

All tech is not bad, Pete Najarian tells the panel emphatically. I’m taking a look at Cisco. I think it’s a value under $23.

I also think Cisco is a buy, adds Guy Adami.

I bought shares of Apple (AAPL) on Friday, says Karen Finerman. I’m thinking of it as a value stock. I love their balance sheet as well as the promise of the Mac.

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NO WIND IN THEIR SALES

The headline: Retailers Limp Out Of Horrible Week After Worst January Sales Growth Since 1970.

Less than a day after a surge sparked by January same-store sales numbers that surpassed already lowered expectations, many retailers continued lower. Wal-Mart (WMT), Target (TGT) and Costco (COST) all finished the week down sharply, explains Dylan Ratigan.

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RECORD WHEAT PRICES

The headline: Wheat Hits Record High For 3rd Straight Day On Expectations Supply Will Fall To 60-Year Low.

Keep an eye on March 31st – that’s when a report from the farmers is released which explains what they’re planting, says Pete Najarian.

Wheat gets around the nation on rail cards, adds Guy Adami. I think Burlington Northern (BNI) may be ahead of itself now , but it’s a buy on a pull back. I also like Kansas City Southern (KSU), right now.

And if you want to get into coal look at Arch Coal (ACI), Peabody Energy (BTU) and Joy Global (JOYG), he adds.

I also like Alpha Natural Resources (ANR), Pete Najarian adds.

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MEDIA PLAYERS

The headline: Disney (DIS), News Corp. (NWS), Media Stocks Shine This Week On Strong Earnings.

I couldn’t have written a better quarter for Disney if I’d written it myself, says Jeff Macke. I think this company is extremely well positioned.

On Thursday’s Fast Money, media titan Michael Eisner revealed that the WGA strike was all but over. “They made a deal. They shook hands.” he said. Get all the details. Now!
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THE WHOLE PACKAGE

The headline: Lehman Brothers Upgrades U.S. Packaged Food Sector On Profit Growth Prospects, Valuation;

I think Coke (KO) is a little expensive, says Karen Finerman.

I like Owens Illinois (OI) adds Guy Adami. Citigroup made it one of their top picks for ’08.

Stick with the generics says Jeff Macke. I like Ralcorp (RAH).

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OPTIONS ACTION: WHIRLWIND WEEK FOR OPTIONS

The headline: Najarian Seeing Unusual Options Activity Today In CNET Networks (CNET), Fannie Mae (FNM)

> Find out how Jon Najarian recommends trading in “Options on the Move”
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SOCIETE GENERALE'S GRASSY KNOLL
The headline: Jerome Kerviel Taken Into Custody As Probe Suggests SocGen Rogue Trader Did Not Act Alone.

Imagine that, says Karen Finerman.

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HAPPY BIRTHDAY, SUBPRIME!

The headline: HSBC (HBC) Took 1st Subprime-Related Write-Down 1 Year Ago Friday.

Jamie Dimon says he’s going after the large mortgage market, says Pete Najarian. I think he’s ahead of the curve,, but he’s acting like the vulture and not the meat.

Since Jamie Dimon Became JP Morgan CEO

JPMorgan +10%
Morgan Stanley -5%
Bank of Amer. - 8%
Merrill Lynch - 22%
Wachovia -35%
Citigroup -45%

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Trader disclosure: On Feb.8, 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), (YHOO), (DIS); Najarian Owns (AMR), (C), (CSCO), (EBAY), (MCD), (MS), (MSFT), (XLF), (YHOO), (BIIB); Najarian Owns (FRE) Puts, (AIG) Puts; Najarian Owns (CNET) Calls, (AAPL) Calls, (NWA) Calls, (SKS) Calls; Finerman Owns (GS); Finerman's Firm Owns (GE), (JCP), (MSFT), (SKS), (WMT), (YHOO), (AAPL), (MO); Finerman's Firm Is Short (IWM), (IJR), (IYR), (MDY), (SPY), (COF); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts; Finerman's Firm Owns (CROX) And (CROX) Calls, ; Finerman Owns (CROX) And (CROX) Calls; Finerman's Firm Is Short (RTH), (SPG), (TCO)

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