Leery about Lehman - Fast Money Recap (6/3/08)

Recap of CNBC's Fast Money, Tuesday June 3.


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Leery about Lehman: Lehman Brothers (LEH), Financial Select Sector SPDR (XLF), Goldman Sachs (GS), Citigroup (C)

Financials led stocks down with Lehman leading the way as it attempted to deny rumors that it is raising $3 to $4 billion. Macke says LEH is trading “like a stuck pig” and while he doesn’t think it is another Bear Stearns, he wouldn’t buy the stock. Najarian observed put activity in LEH and XLF and high volatility. Finerman says LEH will have to approach the markets to get liquidity even though this will hurt the stock. Adami doesn’t think Lehman will attract an offer from Goldman Sachs or another bank. Macke said although financials were down, Goldman Sachs and Citigroup were not low enough to buy.