FAST MONEY FEATURES
FAST MONEY POLLGet in the post game. Respond to our "Question of the Day" right now.
FULL SHOWSMissed an episode of Fast Money? Watch the lastest show here.
TRADE SCHOOLGrab a pencil because school is in session and the Fast Money traders are teaching class.
FAST MONEY PODCASTSDownload Fast Money onto your MP3 Player.
FAST MONEY WIDGETGrab this all-in-one application and get recaps of the show sent right to your desktop or blog.
SHOP FOR FAST MONEY MERCHANDISEGet your game on with Fast Money gear.
FAST MONEY PHOTOS!Check out our scrapbook. These "pix" are guaranteed winners.
NEWSLETTERSign up and receive a recap email every Friday after the show!
FAST MONEY MOBILE ALERTSGet advanced information about the next Fast Money.
Text Size 
 |
The headline: Bernanke Testifies For First Time That U.S. Recession Is Possible
Bernanke’s trips to Congress don’t mean as much as they used to, as far as Jeff Macke is concerned. He did a fine job Wednesday, but the fact is that Treasury Secretary Hank Paulson is clearly in control and his testimony will do more to move the markets, Macke said.
Karen Finerman took the opposite view, exclaiming that Bernanke is in control and doing a “good job.”
Each of the last six times, including Wednesday, that Bernanke testified before Congress the Dow ended the day lower. The biggest loss was 306 points in January; the smallest was 33 points last November.
AFTER HOURS ACTION: RESEARCH IN MOTION
The headline: RIMM [RIMM
Loading...
()
] Moves Higher After Hours on Better-Than-Expected Profit, Revenue
Pete Najarian put on a complex options trade before the earnings his the tape where he essentially sold April calls and bought May calls in RIMM as a way to take advantage of the stock’s volatility.
Even after a blow-out quarter, Jeff Macke isn’t convinced the stock soar higher. He believes the earnings have been priced in as the stock as moved steadily from $100 to $120.
CRUDE COMEBACK
The headline: Oil Surges 3.8% to $104.83 After Gasoline Stockpiles Fall Most Since August
When oil goes higher, you can bet the solar names are going higher. And that’s what they did Wednesday. Pete Najarian urged restraint – there’s no need to chase these stocks but they are definitely buys when oil is this expensive. His favorite is Energy Conversion Devices [ENER
Loading...
()
].
Guy Adami prefers to play high crude prices with the oil service sector. Schlumberger (SLB) or Baker Hughes (BHI) should get it done, he said. (Najarian added he would buy that oil refiner Holly [HOC
Loading...
()
]).
BERNANKE SAYS BEAR FACED CHAPTER 11
The headline: Financials Give Back Some of Tuesday’s Gains on Bernanke Comments; Merrill (MER) to Cut 10-15% of Workforce
If the Merrill news is true, it will be a sign of more layoffs to come on Wall Street, Karen Finerman said. Be prepared.
OPTIONS ACTION: EVERY STOCK HAS ITS THORN
The headline: Pete Najarian Seeing Heavy Put-Buying in Embattled Lender Thornburg Mortgage [TMA
Loading...
()
]
The July puts were especially active, Najarian said. Don’t buy TMA, Karen Finerman added.
BEST OF BUYS IN WORST OF TIMES
The headline: Best Buy (BBY) Shares Trade Higher on Better-Than-Expected Profit
Sure, Best Buy is easily best-of-breed. But look at the breed, Jeff Macke said. Consumer electronics is not exactly a flourishing sector right now. Best Buy benefited from selling high-priced laptops and video game units but the company only makes margin on those sales. It needs to sell more high-end televisions and software, he said.
Guy Adami looks to companies like Corning [GLW
Loading...
()
], that make the parts for many of the products, like televisions, that Best Buy sells. GLW should have a $30-handle on it, Adami said.
THE BOTTOM IS IN … FOR NOW
The headline: Dow Double Bottom Suggests Market May Be Due For a Turnaround: Analysts
Guy Adami believes the Bear Stearns [BSC
Loading...
()
] collapse effectively marked a bottom. He’s not saying everything is going to be fine from here on out, but he thinks the worst is over and the market’s next big move is to the upside.
GROWING, GROWING, GONE
The headline: Monsanto (MON) Profit Tops Estimates But Shares Fall on Disappointing Outlook
Is Monsanto a seed company or a fertilizer company? Actually, it’s a biotech company with plenty of upside, according to Pete Najarian. He still prefers DuPont [DD
Loading...
()
] when it comes to agriculture chemicals.
MON shares sold off Wednesday because the company didn’t raise guidance, but has Wall Street’s memory become so short sighted that it forget that the company just raised its outlook last week? The stock was unduly punished, Guy Adami said. It’s a buy.
______________________________________________________
Got something to to say? Send us an e-mail at and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment but not have it published on our website send those e-mails to .
Trader disclosure: On Apr.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 (MSFT), (YHOO), (INTC) Finerman Owns (GS); Finerman's Firm And Finerman Own (HD); Finerman's Firm Owns (CROX), (MSFT), (NYX), (TSO), (VLO), (WMT), (YHOO); Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM), (COF); Pete Najarian Owns (AAPL), (CSCO), (ETFC), (MU), (NOK), (TSO) , (YHOO), (XLF); Pete Najarian Owns (AA) Calls, (BSC) Calls, (COP) Calls, (MSFT) Calls, (LEH) Puts, (MER) Puts, (OIH) Puts; Pete Najarian Has A Long Diagonal Time Spread In (RIMM)
Data is a real-time snapshot *Data is delayed at least 15 minutes