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The Fast Money Misfires

Friday, 9 Nov 2007 | 7:38 PM ET

Sometimes a stock is hot and other time it just burns. Following are the Fast Money misfires

Guy Adami

On October 25th The Negotiator put in his bid for Sotheby’s (BID), a prestigiousauction house. He said, "It's a wealth trade. It's a global wealth trade. It's not just Wall Street types, there’s Russian money, there’s Chinese money, there’s Saudi money….”

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But shares of Sotheby's were hammered this week. They’re down 8%, after disappointing results from a recent auction forced the company to buy art that it otherwise, could not sell.

Guy Adami still thinks the global wealth story is in tact but Sotheby’s was the wrong way to play it.

Karen Finerman

On October 2nd The Chairwoman thought that fashion would fly at a discount department store. At the time she said, "We like Kohl's (KSS). We like the management and we like some of the balance sheet restructuring. Plus they have some new initiatives. Get long Kohl's."

But the stock has taken a big hit. It’s down almost 20% since the call in part because the store posted disappointing same store sales for October.

Karen Finerman explains that she still owns this stock as a long term investment, however she admits she got in too early.

Pete Najarian

On Tuesday The Pit Boss bought the bull-ishness of tech boss John Chambers. At the time Najarian suggested that Cisco (CSCO) was a buy and said, “Everyone who’s in the global growth space is doing very, very well. John Chambers pounded the table last quarter saying how big the growth is. I didn’t think he was BS-ing. I think he was right on.”

But after an earnings call Thursday, not only did the stock drop, it took the rest of the tech sector with it.

I’m still holding onto the Cisco shares I own, says Pete Najarian but I wouldn’t pile on, either.

  Price   Change %Change
CSCO
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KSS
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Trader disclosure: On Nov. 9, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Najarian Owns (C) Options, (CSCO) Options, (GOOG) Options, (GS) Options, (XLF) Options (YHOO) Options; Finerman's Firm And Finerman Own (GS), (HD), (KALU); Finerman's Firm Owns (WMT), (BEAS), (KSS); Finerman's Firm Is Short (LEH), (MBI), (SPY), (IYR), (IJR), (IWM); Finerman's Firm Owns (BIIB) Options; Finerman's Firm Owns (MSFT) Options; Finerman's Firm Owns Russell 2000 Puts; Finerman's Firm Owns S&P 500 Puts; Seygem Asset Management Owns (AAPL), (CSCO), (EEM), (F), (GLD), (MER), (SBUX), (X), (YHOO), (MSFT),Gazprom

  Price   Change %Change
CSCO
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KSS
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Contact Fast Money

  • Showtimes

    Halftime Report - Weekdays 12p ET
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  • Melissa Lee is the host of CNBC's “Fast Money” and “Options Action.”

  • Scott Wapner is host of the "Fast Money Halftime Report," which airs weekdays from 12 p.m. to 1 p.m. ET.

  • Guy Adami is a contributor on CNBC's "Fast Money." He also is managing director of stockMONSTER.com.

  • Najarian, the "Pit Boss," is cofounder of optionMONSTER.com, a news site for options traders.

  • Finerman is president of Metropolitan Capital Advisors, Inc., a company she co-founded.

  • Founder of EmergingMoney.com

  • Chief Market Strategist for Virtus Investment Partners & CNBC Contributor

Halftime Report

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  • CNBC's Eamon Javers reports on Bill Ackman's stake in Allergan. Javers says this is a classic case of insider trading that is not against the rules.

  • FMHR trader Josh Brown thinks Dunkin' Brands looks fantastic technically, while Mike Murphy says investors are questioning the company's massive expansion plans.