'Fast Money' Recap: Apple Loses Its Luster

Shares of Apple (AAPL Quote) fell sharply Wednesday on deepening concern's of CEO Steve Jobs' health.

The news came on a day when the Dow Jones Industrial Average plunged 248.42, or 2.9%, to 8,200.14, while the S&P 500 fell 29.17, or 34%, to 872.62. The Nasdaq dropped 56.82, or 3.7%, to 1,489.64.

Most of the show dealt with the latest events at Apple and a report that Bank of America (BAC Quote) is seeking more money from the federal government to cover losses from its acquisition of Merrill Lynch and boost capital. Both stocks were off at one point 10% in after-hours trading.

Dylan Ratigan, the moderator, CNBC's "Fast Money" TV show, was upset over how Apple handled the release of information on the deteriorating health of Jobs, who had said in a letter recently that his weight loss was due to a hormone imbalance. He said the company has an obligation to its shareholders to be more forthcoming in telling the truth.

Jeff Macke called the action of Apple's board "a case study of how not to handle the succession plan for your CEO."

Guy Adami said, "As an investor, you're mad, but as a trader, you're thrilled. You're going to see a 100-million share trade day, at least."

Tim Seymour called Jobs' health problems an "eventuality." "I don't think you can challenge the medical opinions because it's a very slippery slope."

Pete Najarian said that Apple, with $28 billion in cash and strong products, is "getting awfully cheap."