Jimmy Cayne has a health problem, adds Gasparino. I give him 6 months.
And Stan O’Neil has done a good job, but he’s changed the culture at Merrill. Subsequently, he isn’t liked.
Pete Najarian says the trade is buying Citi stock as well as the put. Then, he says, sell the upside call about 3 months out and collect the dividend.
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Trader disclosure: On Oct 8, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Najarian Owns (VCLK), Najarian Owns (GOOG) Calls: Seygem Asset Management Owns (AA), (AAPL), (EEM), (GLD), (MSFT), (TIE), (CX), (ITU): Stacey Gilbert Is Chief Options Strategist For Susquehanna Financial Group, LLLP; Gilbert Is Head Of Market Intelligence Research For Susquehanna Financial Group, LLLP; Gilbert Does Not Cover Individual Securities But Does Recommend Trading Strategies; Gilbert Owns (TIE); Susquehanna Financial Group Owns More Than 1% Of (AAPL), (AKS), (BSC), (FCX), (GOOG), (GRMN), (NYX), (PALM), (RIMM); Susquehanna Financial Group Is A Market Maker In (AAPL), (AMZN), (BOBJ), (CSCO), (CTCM), (CETV), (EEM), (EWZ), (EWH), (FXI), (GOOG), (GLD), (GRMN), (MSFT), (PALM), (RIMM), (TRMB), (TLAB), (YHOO)