Dow Takes A Step Back

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Major indices pulled back from their best week in 6 months, with traders hashing over the headlines on the floors: GM experienced its first nationwide strike in 37 years, Microsoft enjoyed its biggest jump since April and Lowe's lowered its forecast after the bell.

MARKET HANGOVER:

The headline: Stocks Surrender Early Gains Following Best Week In 6 Months.

The Dow tumbled 61 points Monday as tech gains failed to prop up the broader market, explains Dylan Ratigan. The GM strike as well as weakness in the homebuilders dragged down stocks after early gains.

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S&P 500
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AFTER HOURS ACTION: LOWE'S & TARGET:

The headline:. What's The Trade Ahead Of Lowe's (LOW) Analyst Meeting Tuesday? Also, Target (TGT) Lowers September Same Store Guidance.

Jeff Macke says the Target guidance is bad news and it leaves him feeling concerned about retail overall.

Karen Finerman isn’t as bearish and remains a buyer of premiere retail franchises such as Target.

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LOW
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TGT
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MICROSOFT SHOOTS 'EM UP:

The headline: Microsoft (MSFT) Sees Best 1-Day Gain Since April Ahead Of "Halo 3" Release Tuesday WSJ.

Pete Najarian reminds the panel that more money will be generated by this premiere than any movie opening -- and he’s encouraged by advance word.

Guy Adami anticipates MSFT stock will climb as high as $32.

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MSFT
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DISASSEMBLY LINE:

The headline: General Motors (GM) Shares Flat Despite United Auto Workers Strike.

73,000 GM workers walked away from their jobs in the 1st nationwide strike in 37 years explains Dylan Ratigan.

Guy Adami thinks GM can’t afford to allow this strike to go beyond the weekend. However, in the auto sector he prefers Ford (F) stock.

Jeff Macke thinks GM is a sell.

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F
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GM
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WEAK BUCK, STRONG BULLION:

The headline: Dollar Sinks To New Low Vs. Euro As Gold Hovers Near 27-Year High.

Pete Najarian tells the panel to play BHP Billiton (BHP) and Freeport McMorRan (FCX) as mining stocks.

Guy Adami admits that he’s nervous about the price of gold which he believes is headed lower.

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OGT
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FCX
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HOMELAND INSECURITY:

The headline: Will Iran Nuclear Plans Keep Oil Prices High?

Earlier on Monday, Dylan Ratigan spoke with Sec. Of Homeland Security Michael Chertoff about Iran’s nuclear ambition. Chertoff said, "(Iran) publicly declared their intent to continue to develop nuclear capabilities. And as we’ve learned through the Aku Khan network we saw disrupted a few years ago once those capabilities are developed, it’s not necessarily easy to cabin them in a particular country. So I think this a case where prompt attention to the problem is an important element of resolving it.”

Guy Adami tells the panel that this kind of saber rattling usually has a huge effect on the energy markets and typically sends prices higher.

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OIH
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NUCLEAR PROFLIERATION:

The headline:NRG Energy (NRG) To Submit 1st Application For New US Nuclear Reactor In 30 Years.

Pete Najarian thinks the trade is BHP Billiton (BHP) which he believes is sitting on the world’s largest supply of uranium. Najarian adds Cameco (CCJ) might also have a great deal of upside on the news.

Karen Finerman likes Flowserve (FLS). Guy Adami prefers Fluor Corp (FLR). Jeff Macke recommends NRG Energy (NRG).

BRIGHT, SHINING BUYS?

The headline: Trina (TSL), Solar Power Stocks Jumping As Major Conference Gets Underway

Pete Najarian tells the panel to expect volatility in this sector. Then he reveals that he’s a buyer of TSL options.

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TSL
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SOMETHING'S BREWING:

The headline: SABMiller (SAB), Maker Of Miller Lite, Reports 11% Surge In Underlying Beer Volumes;

Molson Coors (TAP) is up 26% this year adds Dylan Ratigan.

Jeff Macke likes both companies mentioned above.

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SAB
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TAP
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Trader disclosure: On Sept. 24, 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 (DIS), (EMC), (ATVI); Najarian Owns (AAPL), (DGX), (VCLK); Najarian Owns (TSL) Options; Finerman's Firm Owns (JNJ), (NMX), (NYX), (VCLK), (TGT); Finerman's Firm Owns S&P 500 Puts; Finerman's Firm Owns Russell 2000 Puts; Finerman's Firm And Finerman Own (HD), (FLS); Finerman's Firm Owns (MSFT) Options