The Fast Money Misfires
Sometimes a stock is hot and other time it just burns. Following are the Fast Money misfires.
On several occasions in the last few weeks, The Chairwoman has suggested buying Home Depot (HD). But in the last week - shares of HD have actually been off about 4% and that has incurred the wrath of one fan.
Matt, a senior at Penn State is irate. He joins the conversation and says “The stock continues to slide taking my money with it, Karen. I’m ready for a divorce from you and this stock!”
Finerman says I look for valuation in a company. Home Depot has valuation. I still believe that when you can buy a premiere franchise at a valuation like you can here, that’s something I want to own. I’m sticking with it! This is a long term relationship.”
On September 13th, The Lone Wolf growled at a Detroit auto-maker. At the time he said, “The idea that General Motors (GM) benefits from settling with their union - not so much a fresh insight folks. Sell GM!"
Maybe it wasn’t fresh - but it was certainly effective. Shares of GM zoomed 15% higher since the call.
Today Macke says once GM settles it’s union problems investors are left with a bad car company!
On Monday September 17th The Negotiator weighed in The Fed decision and said, “If they cut by 50 bases point – I anticipate a panic move. The market might knee-jerk higher – but ultimately it goes lower.
The large rate cut sparked the best two-day rally in four years.
Amanda, a Fast Money viewer from Wash DC joins the panel for an update. She says “Guy, normally I’m a fan. But after following your advice I can’t afford it anymore.”
Adami tells her he was wrong. “It was a bad call.”
And finally, September 13th – turned out to be an unlucky day for The Pit Boss. He got religion and presented a Talmudic trade. He said, “Sell Rosh Hashanah. Buy Yom Kippur. When in doubt, palms out!” (That means sell options).
Well Yom Kippur - The Jewish Day of Atonement is upon us - and the market has rallied nearly 4% leaving Pete with some atoning of his own to do.
Today Najarian says he was only sharing an expression often heard on the floor.
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Trader disclosure: On Sept. 21, 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 (DIS), (INTC); Najarian Is Short(GS); Finerman's Firm Owns S&P Puts; Finerman's Firm Owns Russell 2000 Puts; Finerman's Firm Owns (COP), (GE), (GCO), (NYX), (NMX), (USG), (LTD), (WMT); Fineram's Firm And Finerman Own (HD); NBC Universal Is The Parent Company Of CNBC