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Trading Wall Street

The Street is anxiously waiting to hear from Citigroup (C) Monday. What will the behemoth bank’s quarterly earnings reveal and what’s the trade ahead of the data?

CNBC’s Charlie Gasparino joins the panel for this conversation. Following are excerpts from what was said.

Gasparino On Citibank

Gasparino says Citi shares shot up Thursday because Wall Street pros believe Chuck Prince is about to resign. Also Gasparino suggests the stock is moving because cost-cutting measures are starting to yield results.

Guy Adami agrees and recommends getting long at $48. Once Chuck goes, says Adami, the stock will shoot higher. However, stop out at $45 he adds.

Pete Najarian recommends buying Citi stock as well as the '$47.5 downside December put' and then selling the 'December call'. Najarian feels this play will allow traders to reap benefits from the company’s next dividend.

Jeff Macke doesn’t agree. He doesn’t think Chuck Prince is going anywhere!

Gasparino On Merrill Lynch

Gasparino also reveals that there’s increasing speculation that Merrill Lynch CEO Stan O’Neal will be asked to take a massive pay cut.

Guy Adami tells the panel to forget Merrill Lynch; buy Goldman Sachs (GS).

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Trader disclosure: On Oct 11, 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 (EMC), (HAS), (INTC), (JWN), (ATVI): Najarian Owns (GOOG); Najarian Owns (EMC) Call Options: Finerman's Firm And Finerman Own (ASD): Finerman's Firm Owns (DAI), (LTD), (MSFT), (NYX), (NMX), (TGT). (WMT), (GS), (COP): Finerman's Firm Owns S&P 500 Puts; Finerman's Firm Owns Russell 2000 Puts: GE Is The Parent Company Of CNBC