And Citigroup (C) saw its biggest move in four years after Eddie Lampert's ESL investments said it owned $800 million worth of the stock.
What are the best and worst moves among the billionaire boys today?
Guy Adami thinks the billionaires are playing an anticipated interest rate cut that could come in the Fall. He adds Citi is cheap and they feel if Chuck Prince can’t fix Citi; someone will.
Tim Strazzini believes the billionaires are playing globalization and explains that Citigroup (C) and Wells Fargo (WFC) are both building their world wide footprint. However, Tim says these stocks are 2-3 year investments.
Jeff Macke says the billionaires are casting a vote in favor of the market. That gives Jeff a lot of confidence in buying stock.
Eric Bolling turns attention to George Soros’ stock picks; Starbucks (SBUX), Blockbuster (BBI) and Restoration Hardware (RSTO). 2 of them are on 52-week lows, says Eric
Jeff adds Soros’ picks just aren’t that good. Jeff thinks Hot Topic (HOTT), another one of Soros’ stock picks, is an absolute disaster.
Tim adds Soros is betting on a turnaround. Tim thinks Restoration is a great franchise with terrible margins while Blockbuster has to find a way to link online subscribers with their brick and mortar stores.
Dylan Ratigan says the bottom line is there’s a distinct point of view on the large banks from these billionaires and the most speculative position came from Soros.
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Trader disclosure: On May 16, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (SWY); Strazzini Owns (T), (YHOO), (NWS.A) (IBM); Bolling Owns (NMX), (XOM) Bolling Owns Gold, Silver, Coffee, Sugar;CNBC Is A Service Of NBC Universal And Dow Jones