The Fast Money Misfires – Friday May 23rd
Sometimes a stock is hot and other time it just burns. Following are the Fast Money misfires.
On May 6th the Negotiator recommended a transport play. At the time he said, “FedEx is at its highest levels since December. I think FedEx sets up great for the second half."
Unfortunately the Negotiator is going nowhere fast. With oil surging, shares of FedEx are down 11%.
I’ve been dead wrong on this stock, admits Guy Adami.
On May 12th the Ambassador hoisted the sails on a shipping stock. At the time he said, "I really like Genco . They’re growing revenue by 40%."
Although it had a huge run this shipping stock has been sinking lately. Genco is down 17% since Tim's call.
I’d buy it on the dip, says Tim Seymour.
On April 28th the Monster suggested building a position in sink and cabinet maker Masco ahead of its profit report. At the time he said, "The stock looks like it's ready to break to the upside. I am long."
Sadly, this housing play was not on firm foundation. Shares are 9% lower since Najarian’s call.
Just get out of this stock, Najarian now advises.
On May 13th the Lone Wolf suggested playing a toymaker. At the time he said, “I like Hasbro because we talked to the Hasbro CEO, and he said he didn’t need Iron Man to be a hit. So this is found money for them.”
Turns out Macke didn’t win this game. Shares of Hasbro are down 7% since his call.
I don’t think people are going to stop buying toys, Macke says. But it’s a long-term trade and I'm talking my book.
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Trader disclosure: On May 23, 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 (HAS), (MSFT), (INTC), (WMT); Jon Najarian Owns (AAPL), (AMR), (BHI), (BUD), (DELL), (FTO), (VLO), (OII), (CPX); Jon Najarian Is Short (LEH); Seymour Owns (AAPL), (F), (INTC), (MER), (MSFT), (TSO); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE)
Macke Owned (HAS) On 5/13/08; Jon Najarian Owned (MAS) On 4/28/08