Fast Fire – Friday Mar. 28th
Sometimes a stock is hot and other time it just burns. Following are the Fast Money misfires.
On March 13th the Chairwoman predicted that the refiners would soon pump out profits. At the time she said, "We are long Sunoco , Tesoro , and Valero . Long the refiners."
Unfortunately, Finerman’s refiners are getting squeezed by margins. Valero, Tesoro, and Sunoco are all down since the call.
It’s a volatile group but I’m still in, says Finerman, and I expect to make money. I’m just not sure when.
Despite getting burned two weeks ago, the Pit Boss continued to talk up his cell phone play. At the time he said, "I think Nokia is a buy here, I like Nokia for the long term"
Nokia still isn't working for Najarian. Shares are down since his most recent recommendation.
I still like this stock, says Najarian. Nokia sales are phenomenal in China and Africa and I expect the stock to come storming back.
Finally on March 24th the Lone Wolf thought it was wise to get long Oracle. At the time he said, “I still like it ahead of earnings because they're gonna’ beat the number.”
Unfortunately Macke’s Oracle call turned out to be a profit of doom. Shares tumbled after the company posted revenue that trailed analyst estimates.
Trade out of it, counsels Macke. I think they’re a great company in a tough environment.
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Trader disclosure: On Mar.28, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Jon Najarian Owns (AAPL), (AG), (AGU), (BG), (COST), (DAL), (DE), (JWN), (MO), (MON), (MOS), (NOK), (NTRI), (NVDA), (POT), (RIMM), (TSO), (AET), (WCG); Jon Najarian Is Short (APOL), (TGT), (LEH), (MRK); Pete Najarian Owns (AAPL), (BIIB), (CSCO), (EMC), (ORCL), (TSO), (XLF), (YHOO), (MSFT), (NOK), (BKC); Pete Najarian Owns (LEH) Puts. (MER) Puts, (OIH) Puts; Pete Najarian Owns (BSC) Calls, (COP) Calls, (NVDA) Calls; Macke Owns (YHOO), (INTC), (DIS), (EMC); Finerman Owns (GS); Finerman's Firm Owns (DSW), (JCP), (MSFT), (MO), (MSFT), (SUN), (TSO), (VLO), (WMT), (YHOO); Finerman's Firm Is Short (IYR), (IJR), (MDY), (IWM), (SPY)
Pete Najarian Owned (NOK) On 3/6/08, 3/14/08
Finerman's Firm Owned (SUN), (TSO), (VLO) On 3/13/08