Fast Fire – Friday Apr. 11th
Sometimes a stock is hot and other time it just burns. Following are the Fast Money misfires.
On Tuesday April 15th the Lone Wolf recommended staying away from a tech titan. At the time he said, “Sell IBM going into earnings. I think the reaction is going to be more negative, I'd take profits ahead of that."
This trade left Macke blue, big-time. Shares surged after IBM said its full-year profit would top previous forecasts.
My bad, Jeff Macke exclaims. But take some gains
On April 4th the Negotiator thought it might be time to snap up Crocs . At the time he said, “Although JP Morgan downgraded the stock on falling demand one of their directors bought 5 million dollars worth of stock. This was a $75 stock at Halloween, and now it’s $15. I think it's cheap."
We all know how this story ends. Shares of Crocs slipped even lower after the company lowered its sales forecast.
I’ve got to take some of the heat for this, says Karen Finerman. I’m sorry I ever recommended it.
Don’t be, Guy Adami says. Buy Crox now for a trade with a stop at $10; I think it’s fast money.
On April 2nd the Pit Boss talked up a mobile phone play. At the time he said, "I still like Nokia . They have an absolutely stunning product line. I think they've been unjustly beaten down and they're going to be storming back."
Najarian really missed this call. Nokia shares plummeted after the firm missed estimates.
Around $30 I think it’s a buy, says Pete Najarian. I’m sticking with it.
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Trader disclosure: On Apr. 18, 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 (DIS), (INTC), (MSFT), (YHOO); Najarian Owns (AAPL), (AMR), (BIIB), (CSCO), (MSFT), (NOK), (TSO), (XLF), (YHOO), (ETFC), (EMC), (NVS); Najarian Owns (BKC); Najarian Owns (BHI) Calls, (BSC) Calls, (COP) Calls, (DD) Calls; Finerman Owns (GS); Finerman's Firm Owns (JCP), (MSFT), (NOK), (PZN), (TSO), (VCLK), (VLO), (YHOO), (GE), (NOK); Finerman's Firm Owns (FNM) Calls; Finerman's Firm Is Short (COF); Charles Schwab Is A Sponsor Of "Fast Money"; GE Is The Parent Company Of CNBC
Najarian Owned (NOK) On 3/28/08, 4/2/08