'Fast Money' Recap: Brokers Beware

Dylan Ratigan hosted CNBC's "Fast Money" Wednesday night. He started the show with a discussion of the panic that swept across Wall Street today. Ratigan mentioned that gold saw its largest one-day move ever in history, and the Dow closed on its lows of the day.

He moved the talk along to breaking news that Morgan Stanley(MS Quote) is in talks with Wachovia(WB Quote) and others for a possible merger. Karen Finerman explained that she understands Morgan's need for a low cost deposit franchise. Guy Adami said the deal is interesting, especially since Goldman Sachs(GS Quote) came out yesterday and said it wasn't interested in buying a bank. "People are desperate, and the financial system is broken," added Jeff Macke.

Adami pointed out that Barclays(BCS Quote) just became a leader in this game after it moved into Lehman Brothers'(LEH Quote) clearing business.

Najarain mentioned that the volatility in Goldman Sachs and Morgan Stanley is outrageous right now. He explained that the crazy action in the stocks shows that investors are concerned and feel that both investment banks have issues. Najarian said he took off some of his short exposure in the Financial Select Sector SPDR(XLF Quote) today.

Ratigan asked the traders which stocks could be one-of-a-kind investment opportunities right now. Adami said to look at U.S. Bancorp(USB Quote) which fell 5% today. He said he also likes Lockheed Martin(LMT Quote) at $105.

Finerman said she has Boeing(BA Quote) on her radar screen because the company doesn't have a lot of debt. Macke says Apple(AAPL Quote) is a buy at $120. Adami told viewers he would be worried about Johnson & Johnson(JNJ Quote) here, because it seems like everyone is in it for a defense play. Najarian also likes Apple at $120 as long as you buy puts for protection. Macke pointed out that General Mills(GM Quote) made a new high today.