'Fast Money' Recap: Kicking the Tires on GM
09/12/08 - 07:42 PM EDT
TSC Staff
Dylan Ratigan hosted CNBC's "Fast Money" Friday night. He began the show by discussing the amazing moves seen in financial stocks such as Lehman Brothers(LEH Quote - Cramer on LEH - Stock Picks), American International Group(AIG Quote - Cramer on AIG - Stock Picks) and Washington Mutual(WM Quote - Cramer on WM - Stock Picks) this week.
"The moves in these stocks have never been seen in the history of Wall Street," Ratigan said. Pete Najarian said the financial sector looked terrible, but the coal stocks, steel and everything commodity helped the S&P 500 today. Ratigan mentioned that S&P put American International Group's credit rating on negative watch. "Have they no sense of shame?" Jeff Macke said. He said S&P and Moody's have a lot of explaining to do. Tim Seymour said that AIG has a lot of balance sheet issues. Joe Terranova told viewers that he owns AIG puts. He also mentioned that AIG's credit default swaps will continue to move higher and that the CEO will have to come out with a plan for the company by Monday morning. Ratigan moved the discussion to the general stock market. Macke said the reason the indices didn't look so bad was that previously beaten-down stocks moved higher. Terranova pointed out that the dollar came in weak, and investors knew the commodity stocks would come on strong today and move the S&P up. Seymour said there are good valuation stories in the commodity complex. Macke explained that the dollar has rallied too far, too fast. "I would have loved to have stayed long the dollar forever, but if you give me 10% to 15% in this tape, I am taking it," he added.
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