'Fast Money' Recap: Lowly Lehman
On Monday night's "Fast Money" show on CNBC, Melissa Lee started the program stating that the major indices closed in negative territory. She continued by saying that American International Group (AIG) and Lehman Brothers (LEH) were down alongside with most financials.
Pete Najarian said "nothing was helping this market today." He also said commodities from metals to crude oil "did not help." In addition, he said he felt that a "big part" of the downside in financials specifically had to do with Lehman Brothers.
Guy Adami said, "I see it trade single digits," making reference to Lehman Brothers currently trading at $13.45. He also mentioned that he does not see any reason for investors to own the stock, especially when he "does not see the company getting bought out."
Joe Terranova said that what the market lacked today was a catalyst. He then said he wondered what kind of catalyst will it take to move the markets.Jon Najarian said he noticed that ChevronTexaco (CVX) has dropped considerably -- the stock is down 15% to $85.38 in the past three months. Regarding Lehman Brothers, Adami said he foresees Ricahrd Fuld, chief executive officer of Lehman Brothers, "going out the door soon." Pete Najarian questioned whether Lehman Brothers employees will stay working at Lehman Brothers. Answering his own question, Najarian said he believes more and more Lehman employees will leave for better opportunites, since they do not know what the future holds for Lehman. Elsewhere in Financials Chart of the Day was Goldman Sachs (GS). Najarian reiterated what he always felt about Goldman Sachs, that it is the best of breed when it comes to investment banks. He went on to say, "if it breaks even lower, it could be considered a buy." While he does like Goldman, he currently owns Morgan Stanley (MS).
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