The Fast Money Misfires
By: Lee Brodie | Producer
Sometimes a stock is hot and other time it just burns. Following are the Fast Money misfires.
Jeff Macke
Last Thursday, The Lone Wolf had a change of heart on his handheld play. He said "I like Palm.. I'm getting long Yahoo! (YHOO) and Palm (PALM)."
Shares of Palm plummeted 5% since the call leaving Macke with little more than sweaty palms.
Despite the slide he tells the panel, Friday, that Palm is a long term play and he’s sticking with it.
Pete Najarian
On Tuesday October 2nd, Pete Najarian doubled-down on a gambling stock. He said, "I like Wynn Resorts (WYNN) better than I like Las Vegas Sands (LVS). I think they have more upside.
But the very next day, shares of WYNN crapped out and fell 8% over concerns about growth in Macau - the very catalyst Najarian was betting on.
Najarian doesn't like the loss, but he tells the panel to stick with this stock because he believes it has more upside.
Karen Finerman
On September 12th, the Chairwoman said to ditch a sneaker stock. “Skechers (SKX) was up a lot and then down… we’re out of Sketchers.”
But since Finerman's sell call, shares of Skechers (SKX)have been on a run, up 16%.
Finerman says at the time she felt retail was really getting hit and she doesn’t regret selling.
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Trader disclosure: On Oct 5, 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 (ATVI), (INTC); Najarian Owns (VCLK), (NDAQ); Finerman Owns (GS); Finerman's Firm And Finerman Own (HD); Finerman's Firm Owns (BWS), (GE), (WMT), (TGT), (PSS), (COP); Finerman's Firm Is Long (MSFT) Calls; Finerman's Firm Owns S&P 500 Puts; Finerman's Firm Owns Russell 2000 Puts; Seygem Asset Management Owns (BX), (BBD), (EEM), (EWZ), (GLD), (ITU), (TWX), (CFC)
