'Fast Money' Recap: Jobless Angst

Mike Huckman, a CNBC reporter, later came on the show and said the deal is important to Roche because it will allow it to capture all of the revenue and profits from the oncology drugs produced by Genentech as well as get its hands on its prized research and development engine.

Huckman told the panel word of the deal sets up nicely the huge JPMorgan Health Care conference that starts in San Francisco next week that is expected to draw 6,600 attendees.

According to Huckman, Steve Burrill said investors should be looking for deeply discounted biomedical diamonds in the rough. Instead of picking individual small cap stocks, Finerman said she invests in an ETF called iShares Nasdaq Biotechnology(IBB Quote).

Ratigan asked the panel to comment on the 12% decline this week in oil, which closed at about $40 on Friday. Karabell said the decline just reconfirms the fact that "global activity is definitely depressed."

Najarian, though, was a little more optimistic, saying he is seeing an improvement in shipping rates as well as in steel and copper.

Ratigan invited Charlie Gasparino, an on-air editor for CNBC, for his observations on the Citigroup story. Gasparino said Citigroup is caught in a bad situation, where it's been pushed by the Federal Reserve to increase capital on top of already having received $45 billion in government bailout money.

Moreover, it is being forced to do this by selling its cash cow (Smith Barney) at a discount, he said.

Gasparino said the deal would be great for Morgan Stanley because it's "exactly what they have to do."