'Fast Money' Recap: Unfaithful Lehman

U.S. Stocks retreated from their highs on Thursday as bullish news from the retail sector clashed with a rally in crude and a drop for Yahoo! (YHOO Quote). The ouster of two high-level executives from Lehman Brothers (LEH Quote) also made headlines. The Dow rose 0.5%, the S&P 500 added 0.3% and the Nasdaq gained 0.4%.

On CNBC's "Fast Money" TV show, the traders discussed the Lehman news. Karen Finerman said it was "disgraceful" that the company sacrificed CFO Erin Callan. Lehman threw Callan "under the bus" and made her the sacrifice for the company's woes, she said.

Guy Adami said Lehman traded 173 million shares today and that it is "worth a trade here" and to buy with a stop, acknowledging that there is some downside potential.

Jeff Macke agreed with Adami on his idea to place a stop on a long-side play in Lehman. Pete Najarian said that Lehman had heavy put activity and the volatility was high.

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On the possibility of a sale of Lehman, Adami said that "integration will be a disaster" and that firms will not know what they are buying when they buy the bank.

Macke agreed. He said that the stock is trading below book value but that does not mean anything to investors.

Najarian said that he was "not comfortable" with buying a dip on the banks. He said that Keycorp (KEY Quote) did not have a good day. On the other hand, he said Frontier Oil (FTO Quote) and Boyd Gaming (BYD Quote) are looking interesting with heavy call activity.