'Fast Money' Recap: Rotten AIG

Awash in same-store sales reports and peppered by analyst ratings updates, investors in U.S. stocks nonetheless bought in, sending the market to close higher Thursday. The Dow and the S&P 500 both climbed 0.4%, and the Nasdaq added 0.5%.

On CNBC's "Fast Money" TV show, the traders discussed a loss from AIG (AIG Quote - Cramer on AIG - Stock Picks) that was twice what the Street expected. The company also said it would raise $12 billion in capital and raise its dividend.

Karen Finerman said she did not approve of the company's decision to raise its dividend. Jeff Macke said the theory is that people own the stock because of its great yield. He said that preserving a dividend doesn't make a company look respectable, it makes it look stupid.

The price of crude oil crossed $124 in extended trading today. Pete Najarian said the rise in oil drove the market's rally. He said the financials and Fannie Mae (FNM Quote - Cramer on FNM - Stock Picks) struggled, but the oil sector showed strength when oil went up. He said Schlumberger (SLB Quote - Cramer on SLB - Stock Picks) and Halliburton (HAL Quote - Cramer on HAL - Stock Picks) are the "biggies" in the sector.

3 Stocks I Saw on TV

Guy Adami said ExxonMobil (XOM Quote - Cramer on XOM - Stock Picks) is more expensive than ConocoPhillips (COP Quote - Cramer on COP - Stock Picks) at these levels, and he'd rather own ConocoPhillips.

Macke said he's using the U.S. Oil Fund (USO Quote - Cramer on USO - Stock Picks) to play the rally in oil. He said supply issues are what are driving the price higher. Finerman said it's important also to address the demand side, and she wondered at what point demand for oil might change.

Najarian said Joy Global (JOYG Quote - Cramer on JOYG - Stock Picks), another name in the energy space, has sold out all its underground equipment for 2009. Adami said copper also looks good here, and he recommended Freeport-McMoRan (FCX Quote - Cramer on FCX - Stock Picks). Macke agreed with Adami.

Energy Conversion Devices (ENER Quote - Cramer on ENER - Stock Picks) exploded higher after reporting a profit. Pete Najarian said that the company's 17 cent per-share profit beat Wall Street estimates of a 6-cent loss.

Investors Shop at Wal-Mart

In retail, Wal-Mart (WMT Quote - Cramer on WMT - Stock Picks) posted solid numbers today. Finerman said some other names, such as Children's Place (PLCE Quote - Cramer on PLCE - Stock Picks) and Aeropostale (ARO Quote - Cramer on ARO - Stock Picks) looked all right.

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