Massive Mover: Is RIM the Next Hot Stock?
On Friday shares of Research in Motion shot higher, up more than 10% during the session. And lately those kinds of gains are nothing new.
The stock is more than 70% higher over the past 6 months. From a performance standpoint, RIM certainly has had a dramatic turnaround.
Is this the beginning of something?
According to top trader Jon Najarian it just may be. "I'm seeing calls trading versus puts trading at a 2 to 1 ratio," said Najarian.
That suggests pros are looking for more upside.
Mike Santoli, senior columnist for Yahoo!, thinks RIM is a beneficiary of money moving into the market that's 'looking for catch-up.'
"I don't know what the fundamental catalyst may be but I think gains are all about a speculative impulse that's being rekindled.
Pete Najarian agrees.
"There really isn't a catalyst that I can see driving the gains," he added. "A renewed interest in speculation makes sense. That would explain this kind of a violent move to the upside."
Traderdisclosure: On January 11, 2013, the following stocks and commodities mentionedor intended to be mentioned on CNBC's "Fast Money" were owned by the"Fast Money" traders; Jon Najarian is long RIMM CALLS; Jon Najarianis long call spreads in DNB; Jon Najarian is long call spreads in LVS; JonNajarian is short HLF 40 straddles; Stephen Weiss is long M; Stephen Weiss islong BAC; Stephen Weiss is long JPM; Stephen Weiss is long C; Stephen Weiss islong FB; Stephen Weiss is long TBF; Joe Terranova is long VRTS; Joe Terranovais long XOM; Joe Terranova is long AAPL; Joe Terranova is long SWN; JoeTerranova is long GS; Joe Terranova is long MS; Joe Terranova is long DELL; JoeTerranova is long GLW
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