The Federal Reserve slashed rates by 50 basis points on Wednesday, bringing the fed funds rate to 3%. The Dow was up triple digits intraday, but closed the trading session down 37 points. The Nasdaq finished down 9 points and the S&P 500 closed down 6 points.

Water was thrown on the post-Fed rally after Fitch Ratings downgraded

FGIC

,

Ambac

(ABK)

and

MBIA

(MBIA)

.

Guy Adami told investors to buy bank stocks like

Wachovia

(WB) - Get Report

on any dips.

3 Stocks I Saw On TV

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Pete Najarian mentioned he bought a downside put and sold an upside call on the

Financial Select Sector SPDR

(XLF) - Get Report

Wednesday. Jeff Macke hopes the Fed will just go away for a while and let the market work.

Starbucks

(SBUX) - Get Report

fell 1% after hours as the coffee giant lowered its profit forecast. Macke likes the job CEO Howard Schultz is doing, and he would buy the stock at $18. Adami likes

McDonald's

(MCD) - Get Report

for a buy around $50.

Amazon.com's

(AMZN) - Get Report

fourth-quarter profits soared, but shares fell 11% after hours on margin concerns. Macke explained that the numbers were better than so-so, but in this market everything is being taken down.

Eli Lilly

(LLY) - Get Report

and the government are in talks to explore a settlement over the marketing of Zyprexa. Najarian explained that LLY made a ton of money off Zyprexa, and the firm will likely continue to fight for a settlement. He would continue to avoid the big pharma names because of the negative press surrounding many of the firms. Adami likes

Merck's

(MRK) - Get Report

valuation and he would be a buyer.

Google Earnings Trade

Google

(GOOG) - Get Report

is set to report earnings Thursday after the market close. What is the trade? Adami explained that this is the first quarter that Wall Street firms have downgraded the stock ahead of the earnings report.

He believes the stock is setting up as a technical trade to the long side, but it could drop 50 to 75 points if Google says anything bad. Macke says he doesn't like the tape here nor Google. He explained that no matter what Google says, it will probably go down. Najarian says Google could surprise Wall Street, and he likes the stock ahead of the report. He says the best way to play Google is to put on a call options spread.

Dividend Trade

A dividend increase doesn't always mean that the financial standing of a company is in great shape. Finerman highlighted four companies that raised their dividend and then went down big after the hike. MBIA hiked then went down 78%, Ambac fell 86%,

Northern Rock

fell 89% and

New Century Financial

(NEWCQ)

fell 99%. Finerman says the dividend increase from

Lehman Brothers

(LEH)

doesn't mean much. She disclosed she is staying short LEH with put options. Adami was very skeptical of the timing of the Lehman dividend increase and stock-buyback announcement in front of the Fed meeting.

Chartology

The "Fast Money" crew was joined by Jason Pestricelli of TD Ameritrade and Dennis Gartman, founder of The Gartman Letter. Pestricelli explained that the S&P 500 futures were moving down in after-hours trading on heavy volume. He says this indicates that Thursday's open will be lower for the stock market.

According to Gartman, the Fed has given up completely on fighting inflation with Wednesday's rate cut and is only concerned about fighting weakness in the economy. He feels that the Fed's actions are terribly bearish for stocks going forward. Gartman disclosed he is long gold, long

JPMorgan Chase

(JPM) - Get Report

and short high-tech names like Amazon.com and Google. He also mentioned he likes natural gas here and he is short crude oil. Adami likes natural gas play

Apache

(APA) - Get Report

around $94.

Pops and Drops

Pops

:

E*Trade Financial

(ETFC) - Get Report

traded up 10%.

Walt Disney

(DIS) - Get Report

traded up 2%. Macke explained that during a recession, it's not a great time to be long DIS.

Honda

(HMC) - Get Report

traded up 4%.

Najarian says U.S. sales are strong for HMC.

Pacific Ethanol

(PEIX) - Get Report

traded up 11%. Macke says take your profits; this stock is last year's fad.

Boeing

(BA) - Get Report

traded up 2%. Adami thinks BA has a cheap valuation and the stock is a long-term hold.

Crocs

(CROX) - Get Report

traded up 6%. Finerman likes the stock, and she disclosed she is long and hanging on to it through earnings.

Drops

:

Eastman Kodak

traded down 3%. Adami says margins are lousy at EK, and investors should avoid the stock.

Tesoro

(TSO)

and

Valero

(VLO) - Get Report

both fell 2%. Finerman says take some profits; these stocks have had a huge run.

Align Technology

(ALGN) - Get Report

plunged 14%. Najarian explained that if the U.S. economy is slowing, then people will cut back on straightening their teeth.

Trader Radar

Tupperware

(TUP) - Get Report

traded almost five times its average daily volume Wednesday.

Final Trade

Macke would sell the

Retail HOLDRs

(RTH) - Get Report

Thursday. Adami favors

Public Service Enterprise Group

(PEG) - Get Report

. Finerman recommends

Altria Group

(MO) - Get Report

. Najarian likes E*Trade Financial for a trade Thursday.

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