'Fast Money' Recap: Amazon's Strange Call

Jeff Macke said the market treated the stock the way it should have been treated: it opened higher and then it was sell all day long to the close.

Dennis Gartman said even his wife noted there was no mention about margins or what was sold. "Even non-market people saw through it," he said.

Jon Najarian said the factors behind Amazon's higher shipment numbers may have more to do with tax savings, bad weather, comparison shopping and discounted prices.

Terranova said he would sell Amazon and buy Kroger(KR Quote).

Najarian said he preferred three other retail names to invest in: Walmart(WMT Quote) for its solid revenue growth; Family Dollar(FDO Quote) for its ability to move merchandise; and TJX(TJX Quote), for what could be strong sales in the first and second quarters of next year.

Pete Najarian shifted the conversation to Apple (AAPL Quote) and its plans to sell its 3G iPhone for $197 at Walmart(WMT Quote) stores.

Najarian said the iPhone will drive folks to Walmart outlets but the iPhone is not the big margin product for Apple. Rather it's the MacBook, but he said it's expensive and will be an issue for Apple going into 2009.

Lee moved on to the next trade of the day: oil being up 7% and breaking a nine-day losing streak. Terranova ignored a report today that the UAE will comply with OPEC's previous announced plans for a production cut. He said what really matters is a Jan. 19 summit in Kuwait in which the Arabs will have to decide what they want to do in the next OPEC meeting in March.