WORST WEEK SINCE MARCH:
The headline: Dow's 186-Point Drop Today Caps 2% Loss This Week...Mortgage Bond Bust at Hedge Funds, Rate Worries Crush Market This Week
Karen Finerman says she’s nervous on general fears and thinks sentiment on The Street is changing.
Jeff Macke adds today’s close was terrible – near the lows of the day. However, nothing broke, he says.
Tim Seymour adds global markets are alive and well – he says that trade is still alive.
Guy Adami is nervous about next week, as well.
M&A Lawyer Frank Aquila of Sullivan Cromwell joins the guys for this conversation. He's a bit more positive and says it’s still possible to get deals done and “people are confident.”
MORTGAGE BOND CRISIS?
The headline: Blow-Up at Bear Stearns (BSC) Hedge Fund This Week Containing Subprime Mortgage Securities... Bear Stearns $3.2 Bailout of Failing Hedge Fund Sends Tremor Through Market This Week...
Tim Seymour explains 10 years ago when long term capital was in trouble Wall Street got together as a consortium and said “we’ll help you out.” Bear Stearns didn’t want to participate at the time. According to speculation, BSC is getting a little of their own medicine, now.
Karen Finerman suggests the payback is well deserved. Also, she doesn’t think subprime troubles are over and admits she sold Goldman Sachs (GS) today because she’s worried about ramifications.
Guy Adami thinks the media might be making more of the story than necessary.
Frank Aquila says he’s not worried about a subprime ripple into the larger financing business.
BLACKSTONE JUMPS 13%:
The headline:Blackstone (BLV) Jumps 13% on First Day of Trading Following Biggest Ever IPO of Buyout Firm...Blackstone Paired Gain During Day as New Tax Bill is Introduced...
Karen Finerman says she wouldn’t own BLV.
Guy Adami echoes that he sees no reason to own this company.
Frank Aquila tells the panel to watch for more private equity IPO’s coming soon.
SHANGHAI SWOON NEXT WEEK?
The headline: China Market Falls Most In Nearly 3 Weeks On Rate Hike Speculation
Guy Adami says the concern is China might raise rates over the weekend. He thinks the market sold-off in anticipation.
Tim Seymour says China’s economy is hot – and relative to their growth rate, a hike would be fine.
TRADE UPDATE: HAVE YOU TRADED FORD LATELY?:
The headline:Ford (F) Bucks Troubled Market, Breaks Out This Week
Guy Adami says the increase in share price stems from Ford’s decision to change the name of the “Ford 500” to the "Taurus" which has better recognition. Guy is a buyer – so is Tim Seymour.
Both Karen Finerman and Jeff Macke tell the panel they wouldn’t go near the stock.
WHERE'S THE DEAL?
The headline:Wendy's (WEN) Tumbles Despite Sale Talk, While Kraft (KFT) Jumps On Report Of Nelson Peltz Stake
Karen Finerman says today’s actions suggest to her than Wendy’s might be closer to a sale.
Jeff Macke adds WEN has been underperforming in the fast food space.
MACY'S SHARES PARADE:
The headline:Macy's (M) Shares Surge 8% -- Most in Year -- On Takeover Speculation
Jeff Macke says the speculation was KKR would take them out at $52 a share. However, he feels the deal doesn’t make a ton of sense.
INSIDE RUSSIA'S ENERGY MARKET:
The headline: BP (BP) Accedes To Kremlin Pressure, Sells Gas Field Stake To Gazprom...
Novatek Chief Financial Officer Mark Gyetvay joins the guys for this conversation.
Gyetvay says “The (Russian) government has made it known to everybody that the energy sector is in command of the economy. Anyone going into the market should be aware of that.”
How do you feel about the gas business through the Summer?
“In Russia it’s a regulated market,” Gyetvay explains. “Russia is about 1/5 of the global market.. It’s highly subsidized and that has a direct impact on valuations. By 2011 the government has stated they will (go) into full market liberalization and prices should stabilize.”
How does your company work with Gazprom?
“Gazprom owns about 19% of Novatek he says. “We essentially are a complementary business to them… we supply to the (Russian) domestic market which allows Gazprom to export to the European Union.”
Does Gazprom want to get more gas to the West?
“Yes, I don’t think there’s a problem that Gazprom will not deliver,” says Gyetvay. “I think that’s misread in the press. It’s about 25% of the European demand… that number is supposed to go up to 40% by 2015.”
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Trader disclosure: On June 21 2007, 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 (FL); (MO),S&P Puts; Finerman's Firm And Finerman Own (HD); Finerman's Firm Owns UniCredito Italiano; Seymour Owns (COP), (EEM), (BX), (AAPL), (TIE), (BP), (RTI), Gazprom; Gazprom Is On Pink Sheets In The U.S. And Trades On The Exchange In London; UniCredito Italiano Is On Pink Sheets In The U.S. And Trades On The Exchagne In London; Red Star Asset Management Owns Gazprom; Red Star Asset Management Is Short (EEM); Red Star Asset Management Is Short (XOM):GE Is The Parent Company Of CNBC