Another Late-Day Sell-Off

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FINANCIALS FALL…AGAIN:

The headline: Wells Fargo (WFC) Says Housing Slump Is Worst Since Great Depression; Lehman (LEH), Leaderless Citi (C), Financials Sell Off After Brief Recovery This Week

Karen Finerman is bullish on Barclays (BCS) after the bank had a $2.7 billion write-down that was not as bad as many feared.

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Guy Adami said he would buy Altria (MO) as a defense play against weakness in financials and the broader market.

GOLD’S BIGGEST DROP IN A YEAR:

The headline: Commodity Stocks Lead Market Lower as Gold Futures Plunge 3%; Oil Keeps Sliding, Down 0.7% to $93.43

Gold historically moves lower very quickly, Guy Adami said. Remember that, while technically a commodity, gold is more of a trading vehicle, he said.

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Because gold itself has no actual use, it makes its value as a commodity questionable, Pete Najarian added. The best commodity to peg to is probably oil, he said.

PENNEY FROM HELL:

The headline:JC Penney (JCP) Plunges After Reporting Weaker-Than-Expected Revenue, Slashing Forecast

This loss underlines how brutal a time it is for retailers, according to Jeff Macke. His advice is to avoid the group for the next few weeks when a “drumbeat of negativity” is likely to continue.

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Pete Najarian blames high oil prices for finally putting a dent in consumer discretionary spending.

AFTER HOURS ACTION: KOHL’S:

The headline: Kohl's (KSS) Shares Drop After Hours on Weak Profit, Lowered Forecast

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Karen Finerman, a buyer of Kohl’s, said she would actually add more to her position in light of the earnings. Once JCP reported, a loss in KSS wasn’t surprising, she said.

AFTER HOURS ACTION: STARBUCKS:

The headline: SBUX Shares Fall After Hours on Lowered ‘08 Forecast

Starbucks can blame the loss on dairy prices all it wants, Jeff Macke said. But the company’s business model is the problem. This stock should be avoided at all costs, he said, calling it a “value trap” that’s going nowhere fast.

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Plus, a 3% short interest indicates there’s plenty more room to go down, Guy Adami said.

SUN STOCKS ON FIRE:

The headline: Suntech (STP), LDK (LDK), Solar Stocks Working Even as Crude Oil Retreats; STP Shares Soar After Earnings Burn Through Expectations

The solar stocks that have enough silicon inventory are doing fine, Pete Najarian said. But the ones that don’t use the commodity at all are in the best shape. That said, he thinks this group still has room to go higher. $100 oil or $80 oil doesn’t make a difference.

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Guy Adami would buy Evergreen Solar (ESLR), a name that’s down 26% since his call to take profits. It’s come back down enough that it’s time to get back in ESLR, he said.

SOFTWARE, HARDBALL:

The headline: BEA Systems (BEAS) Drops After Oracle (ORCL) Chief Says Any Future Bid Will Be Lower Than Original Offer

Oracle’s Larry Ellison has made claims like that in the past, Karen Finerman said. It’s hard to tell if he will stick to his guns or not.

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Jeff Macke thinks Oracle will “crush BEAS in the marketplace” and come back to offer them a reduced price of $14 per share next year (Oracle’s original offer was for $17 per share which BEAS rejected, countering with $21 per share).

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Trader disclosure: On Nov. 15, 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 (COH), (SWY), (HAS), (INTC), (ATVI); Najarian owns (MER) and is short (MER) options, owns (AMTD) options, owns (BHP) options, owns (C) options, owns (GS) options; Finerman’s firm owns Russell 2000 Puts, S&P 500 Puts, is short (IYR), (IJR), (MDY), (IWM), (SPY); Finerman’s firm owns (BEAS) Options, (COV), (KSS), (PLCE), (TYC); Finerman and her firm own (GS), (CROX), (HD), (KFT); Finerman’s firm is short (LEH) and owns (LEH) puts

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