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Moment Of Truth

All eyes will be on Wall Street next week as three big investment banks reveal their quarterly earnings. Lehman kicks things off - or should we say punts, as it reports its previously disclosed $2.8 billion dollar loss, explains CNBC’s Mary Thomson.

But that’s not the case at Goldman . It's avoided the big writedowns that have hurt rivals, but some analysts speculate the next two quarters will be pressured by the lack of investment banking going forward. We find out Tuesday before the bell.

Meanwhile, The Street expects to hear mostly positive news from Morgan Stanleyon Wednesday. Analysts think that its diversified businesses should help minimize the impact of the credit crisis. Profit of 92 cents a share is expected.

In the past I’d say buy these names ahead of earnings and sell immediately after, says Pete Najarian, but not this cycle. If you must play financials of the three I like Goldman best.

Fade whatever happens, says Guy Adami. If it’s a big swoosh to the downside, you should buy and if these stocks go higher, you'd best sell.

I’m long Goldman, reveals Karen Finerman, but I have been for a long time.

Trade at your own risk, that’s the bottom line, says Dylan Ratigan.
















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Trader disclosure: On June 13, 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 (ATVI), (INTC), (MSFT), (DIS); Adami Owns (AGU), (C), (BTU), (GS), (INTC), (NUE), (MSFT), (INTC), (MSFT), (DIS); Pete Najarian Owns (ANR), (BHI), (CHK), (TSO), (XLF), (HPQ); Pete Najarian Is Short (KEY); Pete Najarian Owns (BAC) Puts, (WFMI) Puts, (FITB) Puts; Pete Najarian Owns (EXM) And (EXM) Puts; Pete Najarian Owns (AAPL) And (AAPL) Puts; Finerman Owns (GS); Finerman's Firm Owns (MSFT), (NYX), (SUN), (TSO), (VLO), (PM), (MO); Finerman's Firm Owns SPX Index Puts; Finerman's Firm Is Short (BIG), (IYR), (IJR), (MDY), (IWM), (SPY); Finerman's Firm Is Long (AAPL) Out-Of-The Money Calls; Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm Is Short The British Pound

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