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The headline: Major Indexes Drop 2% as Bear Stearns Emergency Bailout Overshadows Tame Inflation Report
Wall Street sent the Dow [.DJIA Loading... ()
] lower Friday amid the stunning news that the Federal Reserve had helped to engineer a bailout of investment bank Bear Stearns, explains Dylan Ratigan. This week was filled with news, says Pete Najarian. From Eliot Spitzer to the Fed intervention it’s been was quite a ride. Giddyup!
When things start trading down in integers it’s probably time to start buying, counsels Karen Finerman.
My sense, adds Guy Adami, is that the trouble in Bear Stearns is specific to Bear Stearns.
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BREAKING NEWS: UBS
The headline: UBS Could Be Looking To Resume Sales of Paine Webber Unit
Swiss bank UBS [UBS
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()
], another bank suffering from the credit crunch, recently shopped its PaineWebber brokerage unit in an effort to drum up cash but failed to find the right buyer, explains CNBC’s Charlie Gasparino.
It’s not that surprising, says Pete Najarian.
Read More
> UBS Shopped Its Brokerage Unit In Bid to Raise Cash
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BEAR STEARNS IN FREEFALL
The headline: Bear Stearns Plunges 47% After Emergency Bailout By Fed, JPMorgan;
Bear Stearns [BSC
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()
], the fifth largest U.S. investment bank, said a cash crunch forced it to turn to the Federal Reserve and JPMorgan Chase for emergency funds, intensifying fears of a widening global credit crisis and driving its shares down as much as 50 percent, explains Dylan Ratigan.
Central bankers tapped a rarely used Depression-era provision to provide loans, and said they were ready to provide extra resources to combat an erosion of confidence in America's biggest financial institutions.
Bear Stearns is actively being shopped to a potential acquirer, and not just to JPMorgan Chase, CNBC has learned.
On a related note, I noticed the same kind of put buying in Lehman [LEH
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()
] that I saw in Bear a few days ago, Najarian explains.
Read More:
> Bear Stearns Being Shopped to Chase, Other Banks
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GOLD CROSSES $1,000
The headline: Gold Closes Week Up $25.30 To $999.50 After Touching Record $1,009 Friday.
Many analysts saw Bear's travails as part of an unfolding financial system crisis which is far from over and could drive yet more flows into Treasuries, gold and other safe harbor assets, explains Dylan Ratigan.
Once the April contract comes off the board it’s possible oil rolls over, warns Joe Terranova. But I don’t see it happening until, then.
If you’re looking for a commodity trade look at steel, counsels Guy Adami.
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MICROSOFT-YAHOO MEET
The headline: Microsoft Presented Merger Vision To Yahoo During Meeting Monday.
Senior executives from Microsoft [MSFT
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()
] and Yahoo [YHOO
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()
] met on Monday to discuss Microsoft's takeover bid for the company, according to two people familiar with the matter. The meeting was said to be the first since Microsoft made its unsolicited offer for Yahoo, worth nearly $42 billion, on January 31. Yahoo rejected the offer as inadequate last month, explains Dylan Ratigan.
I bought Yahoo on Friday, says Karen Finerman.
I also think investors could buy the dip in Yahoo, echoes Guy Adami.
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SICK WEEK
The headline: Healthcare Stocks Finish Rocky Week With Steep Losses Across The Board.
Genentech [DNA
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()
] fell sharply this week after its adjusted forecast failed to impress the Street. Meanwhile Aetna [AET
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()
] tumbled even after backing its 2008 forecast, explains Dylan Ratigan.
At least the bad news in the sector is out, says Pete Najarian.
I like Pfizer [PFE
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()
], says Guy Adami but recent CFO comments suggest they’re not currently holding merger talks with anyone.
I like Genentech around $74, adds Joe Terranova.
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SEEING CLEARLY NOW
The headline: Clear Channel [CCU
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()
] Deal Roars Back On Report of Deal Agreement.
The deal is scheduled to close next week, explains Karen Finerman. I expect it to go through.
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CAT'S MEOW
The headline: Industrials Finish Week On High Note After Caterpillar [CAT
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()
] Forecast Wednesday.
Revenues by 2010 are expected to be $60 billion, explains Guy Adami. I find CAT an interesting trade in a miserable tape.
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Trader disclosure: On Mar.14,, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Finerman Owns (GS); Finerman's Firm Owns (AAPL), (FNM), (MSFT), (NMX), (NYX), (SKS), (TSO), (VLO), (WMT), (YHOO); Finerman's Firm Is Short (IYR), (SPY), (IWM), (IJR), (MDY), (COF); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts; Pete Najarian Owns (AAPL), (AMR), (C), (MS), (MSFT), (NOK), (YHOO); Pete Najarian Owns (COP) Calls, (DNA) Calls; Pete Najarian Owns (FNM) Puts, (LEH) Puts, (USB) Puts; Finerman's Firm Is Long (CCU) Call Spreads
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