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Ear To The Wall: Financials

Tuesday, 20 Apr 2010 | 5:26 PM ET

It's only been 72 hours since the SEC accused Goldman Sachs of fraud. Yet some say has the venerable firm is already seeing an impact to its business.

But according to CNBC’s David Faber that’s just nasty gossip. “I’m not hearing anything to indicate that clients are leaving,” says Faber.

Faber emphasizes the fact that the fraud charges are civil charges not criminal. “It’s still business as usual,”

Gary Kaminksy says the SEC charges have actually had the opposite impact. “Major clients are sympathetic and asking how they can be supportive,” Kaminksy reveals.

Anthony Scaramucci of Skybridge sees it differently. He says the fraud charges confirm the PR woes facing Goldman and until they can better navigate their public perception, the stock will be facing a major headwind.

6 months from now we won’t be talking about this, counters Gary Kaminksy. That’s my prediction. I think half a year from now, the weakness in the stock will be viewed as an opportunity.

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A ROSE BY ANY OTHER NAME

Shares of Citi traded higher on Tuesday after analyst Christopher Whalen said in a CNBC interview “You've got to throw roses when it's due,” referring to the banks turnaround.

On Monday Citigroup reported a $4.43 billion first-quarter profit.

What’s the trade?

I’m long Citi, says Joe Terranova. I think the stock has upside.

The volume of call buying suggests that at least some big investors expect Citi will be much higher than $4 or $5 -- and in just six months from now, adds Pete Najarian.





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Trader disclosure: On April 20, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders Scaramucci Owns (AAPL), Skybridge Owns (AAPL); Scaramucci Owns (BAC), Skybridge Owns (BAC); Scaramucci Owns (C), Skybridge Owns (C); Scaramucci Owns (GE), Skybridge Owns (GE); Scaramucci Owns (GS), Skybridge Owns (GS); Scaramucci Owns (IBM), Skybridge Owns (IBM); Scaramucci Is Long U.S. Dollar, Skybridge Is Long U.S. Dollar; Najarian Owns (BP); Najarian Owns (C) Calls; Najarian Owns (GOOG) Calls; Najarian Owns (JNPR) Calls; Najarian Owns (LVS) Call Spread; Najarian Owns (MCD) Calls; Najarian Owns (YHOO) Call Spread; Terranova Owns (C) May Calls; Terranova Owns (XCO), (SWN), (TER), (HES), (AXP), (MOS), (YHOO); Terranova Is Short (BRE); Terranova Is Short (LCC); Nations Owns (MSFT); Najarian Owns (C) Calls; Najarian Owns (YHOO) Call Spread; Najarian Owns (MCD) Calls; Najarian Owns (GOOG) Calls; Najarian Owns (ALL) Calls; Najarian Owns (CLF) Call Spread; Najarian Owns (TCK); Najarian Owns (MRVL); Edwards Owns (VXX); Cortes Is Short S&P 500 Futures; Cortes Is Short (LVS); Cortes Is Short (WYNN)

For JoeTerranova
Terranova Works For (VRTS)
Terranova Is Chief Market Strategist Of Virtus Investment Partners, Ltd.
Virtus Investment Partners Owns More Than 1% Of (XLU)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (XLY)
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (XLP)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (XLV)
Virtus Investment Partners Owns More Than 1% Of (XLI)

For Patty Edwards
Edwards Owns (AAPL) For Clients
Edwards Owns (BAC) For Clients
Edwards Owns (GE) For Clients
Edwards Owns (GOOG) For Clients
Edwards Owns (IBM) For Clients
Edwards Owns (INTC) For Clients
Edwards Owns (JNJ) For Clients
Edwards Owns (JPM) For Clients
Edwards Owns (KO) For Clients
Edwards Owns (MCD) For Clients
Edwards Owns (MS) For Clients
Edwards Owns (MSFT) For Clients
Edwards Owns (RIMM) For Clients
Edwards Owns (RIG) For Clients
Edwards Owns (TOT) For Clients
Edwards Owns (UNH) For Clients
Edwards Owns (WFC) For Clients
Edwards Owns (SPY) For Clients
Edwards Owns (QQQQ) For Clients
Edwards Owns (PGM) For Clients
Edwards Owns (GLD) For Clients
Edwards Owns (VXX)

For Yair Reiner
Oppenheimer & Co. Is A Market Maker In (AAPL)

GE Is The Parent Company Of CNBC


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