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Recap of CNBC's Fast Money, Wednesday May 7. Click on a stock ticker for more analysis.

Financial Select Sector SPDR (NYSEARCA:XLF), Fannie Mae (FNM), Freddie Mac (FRE)

An announcement from the Securities and Exchange Commission that investment banks will have to disclose more information about their assets was an excuse for a selloff in financials, said Karen Finerman. Adami noted 1410 is a resistance point for the Dow and Macke said financials needed to drop anyway. Najarian noted XLF fell after reaching $27, and FNM and FRE gave back their gains from yesterday. Finerman would sit on the sidelines for a day, and Adami thinks the decline will last for the remainder of the week, but predicted a rally by next Wednesday. Macke would buy on drops but said it is not worth shorting the market.

Cisco (NASDAQ:CSCO)

Adami is not worried about CSCO since he predicted the stock would be okay and it was, although it led other stocks lower. He would buy on any decline. Najarian agreed that there is future upside for Cisco.

Apache (NYSE:APA), Anadarko (NYSE:APC) and Devon (NYSE:DVN)

Oil passed the $123 mark and the traders noted that natural gas is on oil’s heels. Finerman regretted selling some natural gas, but she wouldn’t chase it higher. Najarian discussed solid earnings from APA, APCO and DVN. He blamed the general selloff on slight declines in the sector.

Disney (NYSE:DIS), Take-Two (NASDAQ:TTWO)

Disney did well on bad tape and Macke likes it as a long-term buy. Adami predicted a short-term decline for DIS and would wait to buy then. On skyrocketing sales TTWO’s Grand Theft Auto 4, Najarian says the good news is priced in, but he thinks TTWO is a good stock.

Dennis Gartman, The Gartman Letter

Gartman said oil is going to continue to rise on demand from China and India, and oil is a bull market. He attributed the strong dollar to the Fed’s completion of rate cuts and the likelihood that Europe’s Central bank will start reducing interest rates. He doesn’t see an upside for gold.

Google (NASDAQ:GOOG)

Gene Munster, Piper Jaffray’s Senior Research Analyst, thinks there is an upside for Google, given its dominance in the search market. He predicts the company will find ways to monetize You Tube and make it profitable.

First Solar (NASDAQ:FSLR), MEMC (WFR)

Solar is not keeping up with oil, and the group discussed FSLR, which has risen only 3.5% this year compared to its mammoth gain of 840% in 2007. Najarian said the group had advised selling solar by the end of 2007 and he now recommends coal stocks. However, he still likes MEMC. Adami thinks MEMC will reach $70.

Wal-Mart (NYSE:WMT) Aeropostale (NYSE:ARO), Costco (NASDAQ:COST)

The group was optimistic about WMT’s upcoming April sales announcement, and Jon Najarian says WMT is the top retailer and will be the place rebate checks are spent. He also recommended ARO, but Macke says he would stay away from specialty retailers now. Finerman said her fund took profits on WMT, but she would not short it. Jon Najarian thinks COST will miss its numbers.

Intel (NASDAQ:INTC), Time Warner Cable (NYSE:TWC), Clearwire (CLWR), Sprint (NYSE:S), Comcast (NASDAQ:CMCSA)

The group noted Intel, Google, TWC and CMCSA are all interested in WiMax. Macke and Najarian think Intel is the best play on this trend, and Macke would sell Sprint.

Market Vectors Russia (NYSEARCA:RSX), Vimpel Communications (NASDAQ:VIP), Mobile Telesystems (NYSE:MBT)

Tim Seymour gave Russia a report card following the election of its new President, Dmitry Medvedev. Seymour gave its political climate a B minus, macroeconomics an A plus, valuation an A minus, and investability a C. The few ways to play Russia include VIP, MBT and RSX.

Final Trade: U.S. Oil Fund (NYSEARCA:USO), Adami: Short Dow30 ProShares (NYSEARCA:DOG), Finerman: Yahoo (NASDAQ:YHOO), Najarian: U.S. Natural Gas (NYSEARCA:UNG)

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Source: SEC Selloff - Fast Money (5/7/08)