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Web Extra: Financials in a Funk

Shares of Goldman Sachs led the financials lower on Thursday after ISI Group analyst EdNajarian downgraded the firm to ‘Hold’ from ‘Buy’ and reduced his price target to $135 from $153.

Najarian, who is no relation to Fast traders Pete or Jon, expects ‘very weak’ earnings through year’s end as well as ‘significant’ revisions to earnings expectations over the next month. As a result he slashed estimates to $0.75 from $2.50.

Considering Goldman is widely considered best of breed, will the firm drag down the entire sector? How should you trade it? Get all the details in this web extra. Watch the video now!








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Trader disclosure: On September 1, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Jon Najarian is long (AAPL) call spreads; Jon Najarian is long (JBL) call spreads; Jon Najarian is long (GLD) call spreads; Jon Najarian is long (FNSR) call spreads; Jon Najarian is long (CLWR); Jon Najarian is long (CCI); Jon Najarian is long (CIGX); Adami Owns (AGU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (MSFT); Adami Owns (NUE); Adami Owns (BTU); Pete Najarian owns (AAPL);’ Pete Najarian owns (C); Pete Najarian owns (HPQ); Pete Najarian owns (MS); Weiss owns (AAPL); Weiss owns (COP); Weiss owns (JPM); Weiss owns (QCOM); Weiss owns (DVN); Weiss owns (VZ); Weiss owns (TWM); Weiss owns (SDS); Weiss is short (X); Weiss owns (BTU)

For Brian Kelly
Accounts managed by Brian Kelly Capital own (TLT) options
Accounts managed by Brian Kelly Capital own (JJG) options
Accounts managed by Brian Kelly Capital are short (FXE) via options
Accounts managed by Brian Kelly Capital are short (SLV)
Accounts managed by Brian Kelly Capital are short (JJC)

Brian Stutland
Stutland Equities is a market maker holding positions in (VIX) futures and options and (VXX) stock and options
Stutland Equities holds hedged option positions in (SPX) and (SPY)

Carter Worth
**No disclosures

CNBC.com with wires.



CNBC.com with wires