'Fast Money' Recap: FedEx Sends a Warning

The U.S. stock market ended Friday's trading to the downside. The Dow sank 0.9%, the S&P 500 lost 0.7%, and the Nasdaq slipped 0.2%. After hours, FedEx FDX warned about its earnings, sending shares lower.

On CNBC's "Fast Money" TV show, Guy Adami apologized for recommending FedEx and said the news doesn't bode well for UPS UPS, but it does bode well for the rails.

Jeff Macke said that FedEx committed the cardinal sin by warning on a Friday afternoon, hoping no one would notice. He said the news indicates that retailers are going to complain about high oil prices next week.

Pete Najarian pointed out that FedEx dropped its earnings per share guidance by 20 cents, with oil up $20. He said that if investors see a pullback in oil, they might be able to gauge an improvement in FedEx's earnings, because FedEx blamed its warning on oil.

Macke said it might be time to pare some oil positions. He said it might be time to take an opportunity here and buy UPS UPS.

Big Citi

Citigroup C shares fell today. CEO Vikram Pandit announced plans for the company to unload $400 billion in assets. Finerman said she thought the news wasn't earth-shattering. She said it's difficult to turn a company the size of Citi around quickly. She also said that if viewers believe management, it's possible to come up with a model where the bank earns $3.50 to $4 per share the next year. The stock, therefore, could go to $38, she said. She said she plans to buy more shares for her fund.