'Fast Money' Recap: I Heart Ma Bell

On Wednesday night, Dylan Ratigan started the Fast Money program by stating how oil has been trending downward as financials continue their upward momentum.

Joe Terranova said he was proud to say he is long on Financial Select Sector SPDR (XLF Quote), since he feels crude oil will continue with its current weakness. He then pointed out a chart showing that oil and financials have an inverse relationship.

Pete Najarian added to Terranova's point by saying, "Financials works when oil goes down."

Jeff Macke said, "It would be a little cute to be short on financials," stating it would be a risky move, since the sector is rising essentially every day. He also said that he sold Goldman Sachs (GS Quote). He said he could not find a reason to continue holding the company after a "40 point rise" since he bought it.

Najarian said he is very bullish on AT&T (T Quote). He said the company showed tremendous strength in the wireless sector that "beat everyone's estimates." He also mentioned that he sees more strength coming from the Apple's(AAPL Quote) iPhone -- it sold 1 million units in one weekend. He said the iPhone "is where they are going to see their growth." He ended by saying "landline business is down, but wireless will continue to rise."

Macke did not agree with Najarian and said he is quite bearish on AT&T.

Ratigan said that Qualcomm (QCOM Quote) is up 11% to $49.50 after it announced it is postponing its earnings.

Ratigan then brought upAmazon.com (AMZN Quote), which was down about 3% to $68.64 after hours upon reporting its second-quarter profit rose to $158 million, or 37 cents a share, from $78 million, or 19 cents a share, it earned in the same quarter last year, beating analysts' estimates by 11 cents.