'Fast Money' Recap: Ken Lewis Trade

NEW YORK (TheStreet) -- More mixed economic data caused stocks to zig-zag in the last trading session of the third quarter Wednesday, with the major indices ending in the red.

The Dow Jones Industrial Average declined 29.92, or 0.31%, to 9,712.28, while the S&P 500 slipped 3.54, or 0.33%, to 1,057.07. The Nasdaq, meanwhile, lost 1.62, or 0.08%, to 2,122.42.

Late-breaking news that Ken Lewis had retired as Bank of America's(BAC Quote) chairman and CEO dominated Wednesday's session of CNBC's "Fast Money" TV show.

As is their wont, the program's panelists asked themselves: Is there a trade here?

Karen Finerman said, "I think it's a mild positive. The timing of the event is what's newsy." Many BofA watchers didn't expect Lewis to take his leave for another year at least. But with some of the "noise" caused by Lewis' legal and/or regulatory problems seemingly now out of the way with his retirement, Finerman said BofA shares could benefit.

Steve Grasso, meanwhile, said BofA shares could receive a short-term bump on the news, calling Lewis and the regulatory issues surrounding him an "overhang" on the stock. Indeed, in after-hours trading, BofA issues were moving at $17.15, up 1.4% from the regular session close.

For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."

3 Stocks I Saw on TV

Was there a flip-side trade, mused "Fast Money" moderator Melissa Lee.