Electronic Arts Holds Promise: Najarian
Online Producer
As shares in Electronic Arts popped after hours Monday on news of the CEO's resignation, OptionMonster's Pete Najarian said that the stock could be headed higher.
Electronic Arts stock closed slightly lower for the day but gained more than 2 percent in after-hours trading after CEO John Riccitiello announced he would step down at the end of the month.
On CNBC's "Fast Money," Najarian noted that EA was a $5 stock when Riccitiello took the helm in 1991, adding that it saw a "free fall" from $25 per share since November 2011.
It closed at $18.71 per share.
"When you're looking at the balance sheets, however, the balance sheets are very strong," Najarian said, adding that the stock was "not overpriced."
The exit of EA's CEO could be positive for the company, he said.
"Now they've got to get the leadership to get themselves over that hump and to the next level," he added.
Trader disclosure: On March 18, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Brian Kelly is long S&P ; Brian Kelly is long T NOTES; Brian Kelly is long GOLD; Brian Kelly is long EURO; Brian Kelly is long PLATINUM; Brian Kelly is long SILVER; Brian Kelly is long DAX; Brian Kelly is long EUROSTOXX; Brian Kelly is short COPPER; Brian Kelly is short KOSPI; Pete Najarian is long AAPL ; Pete Najarian is long BAC CALLS; Pete Najarian is long JPM CALLS; Pete Najarian is long YHOO; Pete Najarian is long BBRY; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Pete Najarian is long COP CALLS; Pete Najarian is long MRO CALLS; Pete Najarian is long ABX CALLS; Pete Najarian is long CZR CALLS; Pete Najarian is long QQQ CALLS; Pete Najarian is long MTG CALLS; Pete Najarian is long EMC CALLS; Pete Najarian is long CROX ; Tim Seymour is long AAPL; Tim Seymour is long INTC; Tim Seymour is long SBUX; Tim Seymour is long TSO; Steve Grasso is long AAPL; Steve Grasso is long ASTM; Steve Grasso is long BA; Steve Grasso is long GOOG; Steve Grasso is long GDX; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long MU; Steve Grasso is long PXD ; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is long VLO; Steve Grasso is funds long FB; Steve Grasso is funds long MSFT; Steve Grasso is funds long HPQ; Steve Grasso is funds long ZNGA.
