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PLUNGING LEHMAN KNOCKS STOCKS

Lehman Bros. [LEH  Loading...      ()   ] stock plummeted after the WSJ reported the bank is mulling a $3B to $4B capital raise, although Lehman denied the rumors.

Even after such a drastic pullback, the traders agree that Lehman is not a buy here. This could be the precursor of a “serious problem,” Jeff Macke said. While it’s unlikely Lehman is another Bear Stearns [BSC  Loading...      ()   ], Guy Adami thinks there’s more pain in the stock to come.

GM MAY SELL HUMMER BRAND

GM [GM  Loading...      ()   ] considers selling its Hummer unit as part of a restructuring effort forced on by record gas prices.

GM is not a buy, according to Guy Adami. You can’t turn a company of that size around overnight. Instead, buy BorgWarner [BWA  Loading...      ()   ], which makes emission controls and drive trains for environmentally friendly cars.

ICAHN SEEKING YANG’S OUSTER

Carl Icahn says he will seek to oust Yahoo [YHOO  Loading...      ()   ] chief Jerry Yang if the proxy fight is successful.

Jeff Macke believes Microsoft [MSFT  Loading...      ()   ] will still take over Yahoo, only this time it’s going to be a “mercy killing” far below Yahoo’s original asking price.

NATURAL HIGH

Natural gas jumps to its highest price since December 2005.

If you strongly believe natural gas is going higher, Pete Najarian recommends individual nat gas stocks like Petrohawk Energy [HK  Loading...      ()   ], Devon [DVN  Loading...      ()   ] and Chesapeake [CHK  Loading...      ()   ]. If you’re less sure, you can always stick with the U.S. Natural Gas ETF [UNG  Loading...      ()   ].

YES, IT HAS GOTTEN THIS BAD

One San Diego housing developer is offering “buy one, get one free” deal on homes.

Sure, it’s bad out there, but some of the homebuilders are still higher for the year. Guy Adami thinks the bottom in names like Hovnanian [HOV  Loading...      ()   ] and Toll Brothers [TOL  Loading...      ()   ] could be around the corner.

TOPPING THE TAPE: STEEL & MATERIALS

Steel and material stocks hang strong in a rough tape, adding to a market-beating performance this year.

Guy’s steel picks: U.S. Steel [X  Loading...      ()   ] first, Nucor [NUE  Loading...      ()   ] a close second.

BEN BACKS THE BUCK

Bernanke strongly defends the dollar and suggests the Fed is unlikely to cut interest rates further.

This change in rhetoric from Bernanke is meanginful, said contributor Tim Seymour. It means he would be wary of weak-dollar-dependant trades, especially in the commodities space. However, he’s bullish on Chinese oil stocks Petrochina [PTR  Loading...      ()   ] and China Petroleum & Chemical [SNP  Loading...      ()   ].


















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