TSC Staff
Dylan Ratigan hosted CNBC's "Fast Money" Thursday night. He began the show by discussing the breaking news out of the Wall Street Journal that all the potential buyers of Lehman Brothers(LEH Quote - Cramer on LEH - Stock Picks) are seeking government backing.
Jeff Macke says Lehman should just end the misery and said the bailout won't help anyone. Pete Najarian said the preferred yields on Merrill Lynch(MER Quote - Cramer on MER - Stock Picks) are suggesting that the stock is about to fall big. "If I owned the stock, I would be very nervous and buy puts to protect the position," he added. Joe Terranova said the market doesn't like the leadership changes among financial companies like American International Group(AIG Quote - Cramer on AIG - Stock Picks), Lehman Brothers, Washington Mutual(WM Quote - Cramer on WM - Stock Picks) and Merrill Lynch. He explained that the street doesn't know what strategic direction these mangers plan to take these companies in. He also pointed out that Goldman Sachs Group(GS Quote - Cramer on GS - Stock Picks) closed higher today, which shows that investors believe it has good leadership. Ratigan switched the talk to the oil complex. Terranova said the refiners are the one trade in the energy space that you can make money right now. He recommended investors play the sector with Valero(VLO Quote - Cramer on VLO - Stock Picks), Frontier Oil(FTO Quote - Cramer on FTO - Stock Picks), Sunoco(SUN Quote - Cramer on SUN - Stock Picks) and Tesoro(TSO Quote - Cramer on TSO - Stock Picks). Najairan pointed out that the airlines were ripping today. Ratigan asked the traders what other stocks will benefit from falling oil prices. Macke mentioned that Wal-Mart(WMT Quote - Cramer on WMT - Stock Picks) is breaking out higher. He also feels that Gap(GPS Quote - Cramer on GPS - Stock Picks) is good enough for a trade here. Ratigan moved the discussion to the gold sector. He pointed out that gold has gone down since the S&P 500 hit its lows on July 15. Terranova explained that as long as the dollar is rallying, there is no reason to be long gold. "I would wait for a pullback on the dollar here before buying," added Macke.
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