This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

'Fast Money' Recap: Financials Weigh on Markets

Stocks in this article: INTC CSX X

In other tech news, Lee noted that eBay (EBAY) plans to spin off Skype in an IPO in 2010.

Goldman called it the "worst-kept secret in tech land." He said the IPO's great for eBay's shareholders because Skype has been a non-performing asset.

Lee shifted the discussion to the financial stocks which led the market down. Seymour the action was expected because it would have been difficult for the other financials to top the earnings of Goldman Sachs (GS), and "that's what the Street did today."

Lee said it appeared the financials were reverting to an old trading pattern where Goldman "would knock the cover off," only to be followed by a pullback by the rest of the group.

Lee said the Citigroup (C), up 2%, was the only financial winner. Finerman, though, called the stock a "fake winner."

Finerman said what happened today was a "gigantic short squeeze." "There's an interesting arbitrage going with the convertible stock which the TARP owns some and the public owns a lot," she said. "The convert will be converted into new Citigroup shares, but you can't borrow Citigroup shares because of the squeeze."

Finerman said the convert has jumped from 18 cents on the dollar when the deal was announced to 112 cents on the dollar at noon today. She said it's interesting this squeeze is happening to an American icon like Citigroup.

Lee brought in Brad Hintz, a brokerage analyst with Sanford Bernstein, who said Goldman's recent earnings report demonstrated its success in playing the slow improvement of the credit markets.

2 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs