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S&P Touches 19-Month Low

S&P 500 TOUCHES 19-MONTH LOW

The headline: Stocks Stumble As Oil Reaches Another High

Stocks lost ground as oil reached another new high in New York trading. It was the third straight triple-digit decline for the Dow , explains Dylan Ratigan, which has lost a total of more than 530 points in three days.

In this market, I want to get a little longer as scary as that seems, says Karen Finerman. And I’m covering shorts says Karen Finerman.


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NY SEX SCANDAL

The headline: Gov. Eliot Spitzer, Accused In News Reports Of Being Involved In A Prostitution Ring

Gov. Eliot Spitzer, accused in news reports of being involved in a prostitution ring, apologized to his family and the public on Monday at a hastily called news conference, explains Dylan Ratigan. He did not elaborate on the story.

On Fast Money CNBC’s Charlie Gasparino reveals that sources suggest Spitzer is not going to step down anytime soon.

Boy, this story eclipsed any news out of the stock market Monday, observes Pete Najarian

Read More

> NY Gov. Spitzer Apologizes But Does Not Resign

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AFTER HOURS ACTION: TXN

The headline: Texas Instruments Lowers Q1 Earnings; Revenue Outlook

Chip maker Texas Instruments on Monday lowered its outlook for quarterly earnings and revenue in the first quarter on weaker than expected chip demand and its shares fell as much as 5.5 percent.

I don’t like this stock at current levels, says Guy Adami.

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AFTER HOURS ACTION: WELLPOINT

The headline: WellPointcuts 2008 profit outlook

Health insurerWellPoint Inc cut its 2008 profit outlook on Monday, citing higher-than-expected medical costs and lower-than-expected enrollment, sending shares 18 percent lower in after-hours trading, explains Dylan Ratigan.

No need to jump in right now, counsels Pete Najarian.

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BEAR STEARNS PLUNGES

The headline: Financials Drag Market Lower On Fears Of Liquidity Crisis; Bear Stearns Plunges Most In 10 Years After Moody's Downgrades.

The sell-off in financial stocks picked up speed Monday after rumors circulated that Bear Stearns was facing a cash shortage. Alan "Ace" Greenberg, chairman of the investment bank's executive committee, called the speculation "totally ridiculous," explains Dylan Ratigan.

No one knows what’s happening at BSC, says Karen Finerman.

I wouldn’t run after this stock, adds Guy Adami.

Options action suggests to me that traders expect a $15 move in this stock in either direction, reveals Pete Najarian. Also I’m seeing a lot of put buying in Washington Mutual which suggests the stock could go lower.

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OIL CROSSES $108

The headline:
Crude Oil Closes Up 2.6% To $107.90, New Record, After Climbing As High As $108.17.

The national price for regular, self-service gasoline is up 67 cents from a year ago, thanks to expensive crude oil that reached a record $108.21 a barrel on Monday, explains Dylan Ratigan.

It seems to me like a flight to quality, observes Tim Seymour.

I own ConocoPhillips calls and Baker Hughes calls, adds Pete Najarian. But Applied Materials is the energy company I think is most worth watching.

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I'M LOVIN' IT AGAIN

The headline: McDonald's Shares - Down 8% This Year - Rally Monday On Strong February Sales.

McDonald's climbed 2.9 percent to $53.80 after the world's largest hamburger chain said sales at established stores jumped 11.7 percent globally in February, explains Dylan Ratigan.

Take some profits counsels Pete Najarian. But do look at Burger King because they have room to expand, he adds.

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THEY MEAN BUSINESS

The headline: IBM , Oracle , Cisco - The Biggest Names In Business Technology - Hold Strong Monday.

I like Oracle ahead of earnings, says Guy Adami. Also I think Cisco might have put in a bottom, he says.

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CHINA INFLATION AT 3-YEAR HIGH

The headline: China Inflation Measure Climbs 6.6%, Fastest Rate In More Than 3 Years.

I don’t love China at current levels, says Tim Seymour. Instead I recommend looking at Russia as an emerging markets play.

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GOING DUTCH

The headline: Business-Software Maker Sybase Launches $300M Dutch Tender Offer.

I expect to see more Dutch auctions, says Karen Finerman, perhaps the next one could be from Brinks .

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BROKEN AXLE KNOCKS GM

The headline: General Motors Slides On Fears American Axle Strike Will Hurt Entire Auto Sector's 1st-Quarter Earnings

GM is down 52% since October, says Guy Adami. I’m not sure how much lower the stock can go.

Toyota is very concerned about the yen’s rise combined with weak sales in North America. Look for that stock to come under pressure, counsels Tim Seymour.

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Trader disclosure: On Mar. 7, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Najarian Owns (BIIB), (BKC), (C), (CSCO), (MS), (MSFT), (XLF), (YHOO), (AAPL); Najarian Owns (COP) Calls, (BHI) Calls, (AMAT) Calls; Seymour Owns (BX), (CFC), (F), (HAL), (MER), (MSFT), (SBUX), (TSO), (AAPL), (INTC); Seygem Asset Management Owns (EEM); Seygem Asset Management Is Short (FXI); Finerman Owns (GS); Finerman's Firm Owns (MSFT), (TSO), (WMT), (YHOO), (FNM), (AAPL), (MO), (AEO); Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts

Symbol
Price
 
Change
%Change
DJIA
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AMAT
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BCO
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BHI
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COP
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CSCO
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GM
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IBM
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ORCL
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7203.T
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TXN
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WLP
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WM
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BA
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MCD
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