Fast Fire – Friday Mar. 14th
Sometimes a stock is hot and other time it just burns. Following are the Fast Money misfires.
Just last Tuesday the Negotiator looked at $100 oil and said, “Your instinct would be to buy ExxonMobil . Don't do it, it's the wrong trade."
Maybe you should trust your instincts. Since that call shares of Exxon are up some 3%.
Adami isn't convinced. I still wouldn’t race into integrated oil, he counsels.
On March 5th the Chairwoman went shopping for a high end retailer. At the time she said, "Saks , I'm long the stock."
Finerman didn’t get the bargain she’d hoped for. Shares of Saks are off some 20% since her buy recommendation.
I was wrong, says Finerman. When a stock is down 20% it’s time to cut your losses and get out.
On March 4th the Pit Boss dialed up a cell phone play. At the time he said, "I like Nokia at this level."
Unfortunately for Najarian he didn’t have a good connection. Shares of Nokia are down since his call.
Najarian remains optimistic. I think Nokia is a buy for the long-term, he says.
On February 7th, the Liquidator was bullish on a lumber company. At the time he said, "Weyerhauser is a buy; a good way to play it is on the long side."
Looks like money doesn’t grow on trees. Since the call WY is down 2%.
Terranova isn't afraid to admit his mistakes. It was a bad call on my part, he says.
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Trader disclosure: On Mar.14,, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Finerman Owns (GS); Finerman's Firm Owns (AAPL), (FNM), (MSFT), (NMX), (NYX), (SKS), (TSO), (VLO), (WMT), (YHOO); Finerman's Firm Is Short (IYR), (SPY), (IWM), (IJR), (MDY), (COF); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts; Pete Najarian Owns (AAPL), (AMR), (C), (MS), (MSFT), (NOK), (YHOO); Pete Najarian Owns (COP) Calls, (DNA) Calls; Pete Najarian Owns (FNM) Puts, (LEH) Puts, (USB) Puts; Finerman's Firm Is Long (CCU) Call Spreads: Najarian Owned (AMAT) Calls On 3/4/08; Finerman's Firm Owned (SKS) On 3/5/08; Najarian Owned (NOK) On 3/4/08