Here We Go Again

HERE WE GO AGAIN

The headline: Summer's Violent Volatility Returns as Dow Plunges 177 Points Wednesday After a 91 Point Gain Tuesday.

Pete Najarian explains that stocks erased Tuesday’s gains on new housing woes and job growth concerns. He feels volatility is here to stay.

Karen Finerman recommends being defensive. She’s looking for another shoe to drop.

CISCO BACKS OUTLOOK

The headline: Cisco (CSCO) CEO John Chambers reaffirms Q1 Guidance.

Pete Najarian says Chamber’s is talking the global economy. In addition to Cisco, Pete likes Hewlett Packard (HPQ), Dell (DELL), Juniper (JNPR) and IBM (IBM) because they have global exposure and little exposure to housing.

COSTCO PLUNGES

The headline: Retail Sales Figures Get Off To Gloomy Start As Costco (COST) Disappoints.

Jeff Macke explains that Costco shares plunged after August same-store sales missed estimates. He recommends buying into the weakness.

Karen Finerman recommends waiting a while before buying COST stock.

J. CREW CUT

The headline: J Crew Plummets After Hours On Weaker-Than Expected Revenue.

Jeff Macke explains that J Crew (JCG) revenue came in about 1% light. He adds Guess (GES) profits topped estimates, but shares slid on outlook.

Karen Finerman tells the panel she thinks J Crew is a buy.

APPLE'S IPHONE, STOCK GET CHEAPER

The headline: Apple (AAPL) Shares Retreat From Near Record Even After iPhone Price Cut.

Pete Najarian explains that Apple slashed the price of the iPhone by $200. He recommends buying into the news.

Guy Adami tells the panel he doesn’t like Apple stock at its current level.

Jeff Macke reminds the panel he doesn’t like APPL, at all!

THE CHEESE STANDS ALONE

The headline:Kraft (KFT) Foods Bucks Market As Shares Rise On Higher Forecast.

Karen Finerman likes KFT for its products and cost cutting program. She explains they also have activist shareholders.

Pete Najarian agrees and thinks Kraft shares are going higher.

Guy Adami tells Karen he feels the stock has done nothing for quite some time.

ATTACK OF THE 'CLONES

The headline: Najarian Seeing Unusual Options Activity In Biotech Firm ImClone (IMCL).

Pete Najarian is seeing buying of upside calls which he interprets to be positive. He thinks ImClone stock is going higher.

CHOO-CHOO PAIN

The headline: Rail Stocks Tumble Despite Dealmaking.

Guy Adami suggests Warrren Buffett may boost his stake In Burlington Northern (BNI) to 25%. He recommends buying BNI here and stopping out below 80.

TAKE YOUR POSITION: SMITH & WESSON

The headline: Smith & Wesson (SWHC) To Report Earnings Tomorrow After The Bell.

Guy Adami says SWHC was a $10 stock in January and its $21 now. Although he loves this stock Guy adds “you can’t chase it here.”

SOMETIMES LIFE ISN'T FARE

The headline: Striking NYC Cab Drivers Protest Order To Install Credit-Card Readers, GPS Devices.

Pete Najarian explains shares of Garmin (GRMN), the #1 U.S. maker of portable navigation devices jumped Wednesday. He also likes NAVTEQ (NVT) and Research In Motion (RIMM) on this headline.

BOEING'S BAD DREAM

The headline:Boeing (BA) Delays Test Flights Of New 787 Dreamliner Until November Or December.

Karen Finerman says the delay worries her, a little.

Jeff Macke adds that it’s never good to hear there’s a problem in the supply chain. He tells the panel, get out of Boeing stock.

Dylan Ratigan explains that Nepal's state-run airline sacrificed 2 goats to solve technical problems with Boeing 757

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Trader disclosure: On Sept, 5, 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); Pete Najarian Owns (BMY); Pete Najarian Is Short (GS); Finerman Owns (GS); Finerman's Firm Owns (KFT), (WMT); Finerman's Firm Owns Russell 2000 Puts; Finerman's Firm Owns S&P 500 Puts