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The Word On Regional Banks, The Starwood CEO & More...

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BAD LOAN BUST:

The headline: Sub-prime Lender New Century (NEWC) Files For Chapter 11 Bankruptcy

The word: Tim Strazzini says the news wasn’t a surprise. He adds the negative news that took the industry lower came from M&T Bank (MTB) which said mortgages are going to hurt regional banks. Tim says the trade is avoid the regional banks.

EARLY CHECK-OUT:

The headline: Starwood (HOT) Shares Surge After CEO Resigns Over Clash With Board

The word: Guy Adami says The Street didn’t like the old CEO and Starwood is going to hire a new CEO who is more Wall Street friendly.

GRAIN IN PAIN:

The headline: Corn Sees Biggest 2-Day Plunge In More Than A Decade After Crop Report

The word: Eric Bolling says investors who have never traded a weather related commodity should put on their seatbelts. (Evidently it’s going to be a bumpy ride.) He says the trade is to buy and hold PowerShrs DB Agricultural Fund (DBA) which is made up for corn, wheat, sugar and soybeans.

GETTING AHEAD OF GIZMOS:

The headline: Best Buy (BBY), Circuit City (CC) To Report 4th Quarter Earnings Wednesday Before The Bell

The word: Jeff Macke says runaway from CC and reiterates his Best Buy play from last week – which was buy BBY April $50 call options. Jeff adds that investors should not bet money they can’t afford to lose, because calls are dangerous.

MCMAHON MATCHES MACKE:

The headline: World Wrestling Entertainment (WWE) Chairman Vince McMahon Loses To Donald Trump, Gets Head Shaved

The word: Jeff Macke (who is folic-ly challenged) says Vince looks better! And as publicity stunts go, on a scale of 1-10, this was an 11!

Symbol
Price
 
Change
%Change
ORLOVS1
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BFRE
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HOT
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MTB
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WWE
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Questions? Comments? fastmoney@cnbc.com

Trader disclosure:
On APR 2, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders
Bolling Owns (ICE), (NMX), (DIS) , Gold, Silver, Pali Capital Is A Market Maker In (NIHD), Pali Capital Is A Market Maker In (NEWC), Strazzini owns (T), WWE Programs Air On SciFi And USA, Networks Of NBC Universal, NBC Universal Is The Parent Company Of CNBC