The Word on Imus, Sirius & More...
IS IMUS SIRIUS?
The headline:A viewer asks how to play the Imus fallout if he signs with Sirius (SIRI).
The word: Jeff thinks that the inevitable comparison of Imus to Howard Stern is flawed. Stern didn’t get enough subscribers to justify the stock he got when he went to Sirius, and he also didn’t come with the baggage that Imus now has. With the Sirius-XM merger happening, Sirius doesn’t need this headache, according to Jeff. Najarian thinks Imus will end up on satellite eventually, but he doesn’t see that as a reason to buy Sirius.
The headline: Najarian seeing unusual options activity in Penn National Gaming (PENN); Penn to report first quarter earnings April 26.
The word: Jon says he is noticing a lot of buying of out-of-the-money calls. Tim would sell those calls, even with the risk. The stock took off because they surprised everyone with strong March sales in casino numbers and got an upgrade from BeaR Stearns, Tim says, and this is an example where you buy the stock but not the option.
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On APR 12 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders:
Strazzini Owns (SNDK), (NWS.A)
Macke Owns (SWY)
Najarian Owns (ARO), (AMLN), (BRCM), (CAT), (COST), (KSS), (MEDI), (PENN), (AAPL), (TLM), (EDS), (BSX)
For the record:
Strazzini Owned (SNDK), (BRCM) On 3/9/07