'Fast Money' Recap: What Would Warren Do?

(For a look at Buffett's portfolio, go to Stockpickr.com at Warren Buffett.)

Lehman Preview

Lehman Brothers Holdings(LEH Quote) is set to release quarterly earnings on Thursday before the bell. Finerman mentioned that she did some digging on the Lehman Brother's 10-Q. What she found was that Lehman moved $11 billion from "Tier 2" to "Tier 3"assets which implies that Lehman doesn't think there is a market to sell those assets in. Lehman's "Tier 3" asset pool now makes up $34 billion and that would make for a $2 hit to their book value. Finerman mentioned she is still short Lehman going into earnings. Najarian says he hasn't seen any options activity in Lehman that makes him want to put a trade on.

Tech Survivors

Tech stocks took a beating Tuesday, but a few names bucked the trend like AT&T(T Quote), Cisco Systems(CSCO Quote), Texas Instruments(TXN Quote) and Juniper Networks(JNPR Quote). Najarian favors AT&T's $13 billion stock buy back and its recent dividend hike. He thinks the networking stocks like Cisco and Juniper will benefit from the gadget revolution. Macke also liked the price action in AT&T and he recommended buying the stock on weakness. However, Najarian isn't excited about chipmakers, especially names like Micron(MU Quote) and Rambus(RMBS Quote).

Switzerland based STMicroelectronics(STM Quote) agreed to buy Genesis Microchip(GNSS Quote) for $336 million. In Najarian's opinion, the foreign buyers will continue to come and buy American firms on the cheap with the weak dollar.