The Fast Money Misfires – Friday Feb. 1st
Sometimes a stock is hot and other time it just burns. Following are the Fast Money misfires.
On Wednesday January 23rd, the Pit Boss recommended a bet against Motorola . At the time he said, "If you're short it, just keep piling on because they're doing nothing right."
But when news broke that the company might shed its handset unit, shares went up in a hurry. They’re now higher since Pete's call to short.
“I think it’s still a sell,” says Pete Najarian, “and I think Icahn’s wrong.”
On Jan 28th the Lone Wolf predicted a bright future for one java giant. At the time he said, "I like Starbucks as I've said before over the last few weeks since Howard Schultz came back. I like that name more than McDonalds over the next six months."
But just days later, Starbucks announced it was scaling back its expansion plans, sending shares down.
“It’s not going to turn around tomorrow, but I still recommend buying it,” says Jeff Macke.
For months the Chairwoman has been saying to stay short one broker, in particular. And on January 8th she said it again, "I'm very happy to be short Lehman ."
But recently Lehman's come back to life, since hitting a bottom in mid-January.
“I’m sticking with my trade,” says Karen Finerman.
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Trader disclosure: On Feb.1, 2008, 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 (INTC), (YHOO); Najarian Owns (BIIB), (C), (CSCO), (MCD), (MS), (MSFT), (XLF), (YHOO); Najarian Owns (AAPL) Calls, (GOOG) Calls; Finerman Owns (GS), (M); Finerman's Firm Owns (NMX), (PZN), (RTP), (SUN), (VLO), (YHOO), (TSO), (WMT), (JCP), (SKS); Finerman's Firm And Finerman Own (CROX), (FLS), (HD); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts; Finerman's Firm Is Short (CME); Seymour Owns (AAPL), (CSCO), (INTC), (MSFT), (S), (MER), (MBI), (GAF); Seygem Asset Management Owns (CX), (ABV), (FMX)
Finerman's Firm Was Short (LEH) And Owned (LEH) Puts On 1/8/08