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No. 3 - Saved From Chip-Wreck

The market struggled with a chip-wreck Wednesday, with semiconductor stocks having their worst day since the broad market selloff on February 27th. But flash memory maker Sandisk (SNDK) bucked the tide on an upgrade from JP Morgan. Is SNDK a life jacket in the sea of tech carnage?

Pete Najarian says there’s been a lot of unusual activity in SNDK options. As a trade, he recommends taking profits off the table.

Pete adds that as an investment, he likes Sandisk long term.

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Trader disclosure: On July 18th 2007, 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 (INTC), (JWN), (SWY); Najarian Is Short (LEH); Najarian Is Short (YHOO); Bolling Owns (XOM), (BP), Gold, Silver, Copper, Platinum, Corn; Bolling Is Short (FXI) And Owns (FXI) Puts; Finerman Owns (CX), Finerman's Firm And Finerman Own (C); Finerman's Firm Owns (BAC), (COP), S&P Puts, Russell 2000 Puts