Fast Money

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Fast Money

Banks, Tech Push Stocks Lower


The headline: Stocks Post Second Straight Decline 

The Dowclosed lower Thursday suffering its second straight triple-digit loss. With just two trading days left in the quarter, the market is starting to think seriously about what the summer will bring, explains Dylan Ratigan.

I think we’re out of steam if you’re looking for an end of month rally, says Jeff Macke.

I don’t know what to make of Thursday’s trading other than to note that investors are watching the financials very closely, adds Karen Finerman.



The headline: Lehman Bros. (LEH) Rolls Over Even as Spokesperson Denies "Rumors"

Shares of Lehman fell in early New York trading on Thursday on rumors that it too could see a run on the bank similar to what happened to Bear Stearns (BSC), explains Dylan Ratigan. Meanwhile, Oppenheimer's Meredith Whitney predicted that Merrill (MER) and UBS (UBS) could report worse than expected earnings.



The headline: Bear Stearns Chief Jimmy Cayne Unloaded All His Shares For $61 Million.

The fact that Cayne cashed out suggests Bear Stearnsstock can go no higher, says Pete Najarian.

I agree, adds Karen Finerman. I think the chances that anyone offers more than $10 a share for BSC is extremely unlikely now, she says.



The headline: Investment Firms Tap Fed For Billions To Secure Emergency Loans.

Big Wall Street investment firms are taking advantage of the Federal Reserve's unprecedented offer to secure emergency loans, reports CNBC’s Senior Economics Reporter Steve Liesman.

The central bank reported Thursday that those firms averaged $32.9 billion in daily borrowing over the past week from the new lending facility, compared with $13.4 billion the previous week. The program, which began last Monday, is part of the Fed's effort to aid the financial system.

The Fed does not release the identity of the borrowers using the facility.



The headline: Oracle Sheds 7% After 3rd-Quarter Sales Miss Estimates.

Technology stocks were a major force in pulling the market lower as investors reacted negatively to disappointing revenue growth for software giant Oracle , explains Dylan Ratigan.

Oracle's weaker-than-expected revenue and cautious comments from its chief financial officer, knocked the software maker's shares down 7.2 percent, explains Pete Najarian. But I like Oracle more and more at current levels, he adds.

I think investors should take their time, says Jeff Macke, but ultimately get long tech.



The headline: Pete Seeing Bullish Options Activity In Chip Maker NVIDIA

Action in options trading suggests to Pete Najarian that NVIDIA   could go higher in April. He suggests it could be a takeover target.



The headline: Crude Oil Closes Up 1.6% To $107.58 After Trading As High As $108.22.

Oil futures shot back above $107 a barrel Thursday after the bombing of an Iraqi oil pipeline diverted investors' attention away from a stabilizing U.S. dollar. Retail gas prices, meanwhile, inched up overnight while diesel prices slipped, explains Tim Seymour.

The Energy Select Sector SPDR pulled back Thursday says Pete Najarian. I found that interesting.

Check out how Addison Armstrong, Director Of Market Research at Tradition Energy recommends trading nat gas in “Bullish on Gas?"



The headline: Monsato, Ag Stocks Perform Well In A Tough Tape.

Agricultural biotech company Monsanto raised its fiscal 2008 earnings forecast on Tuesday, citing strong demand for corn seeds and increased demand for glyphosate-based herbicides.

Tim Seymour recommends looking at Syngenta (SYT) or Sociedad Quimica y Minera (SQM).



The headline: Upscale Retailer Williams-Sonoma Plunges On Disappointing Forecast

Word on the Street

Upscale home goods retailer Williams-Sonoma forecast a disappointing fiscal-year because of tough economic conditions, explains Karen Finerman. Also DSW told the Street they weren’t providing guidance going forward. That can’t be good, she speculates.

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Trader disclosure: On Mar.27, 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 (YHOO), (DIS), (INTC); Finerman Owns (GS); Finerman's Firm Owns (DSW), (MSFT), (SUN), (TSO), (VLO), (WMT), (YHOO), (NYX), (PM-WI); Finerman's Firm Is Short (IYR), (IJR), (IWM), (MDY), (SPY); Najarian Owns (BKC), (MSFT), (NOK), (ORCL), (TSO), (XLF), (YHOO), (AAPL); Najarian Owns (AA) Calls, (CCU) Calls, (COP) Calls, (NVDA) Calls, (BSC) Calls, (CHK) Calls; Najarian Owns (LEH) Puts, (MER) Puts, (USB) Puts, (OIH) Puts; Seymour Owns (CFC), (F), (MER), (MSFT), (TMA), (AAPL), (TSO); Seygem Asset Management Owns (TSM); Charles Schwab Is A Sponsor Of "Fast Money"