The Fast Money Misfires – Friday June 13th
Sometimes a stock is hot and other time it just burns. Following are the Fast Money misfires.
On Friday June 6th the Pit Boss set sail for another shipping stock. At the time he said, “Buy Excel Maritime . Their shipping rates just hit a new record at $230 and change, giddy up!”
Unfortunately investors jumped ship and shares tumbled. Since Najarian’s buy recommendation they’re down 29%.
I own this stock and will continue to do so, Najarian says. I think it’s going higher.
On Thursday June 6th the Chairwoman suggested shorting a bulk retailer. At the time she said, “Big Lots took lots of insider selling, I wonder what they know?”
Unfortunately for Finerman, no one seems to know anything. Shares of this discount retailer climbed 10% since her short sell recommendation.
I’ve seen yet more insider selling, she reveals, I’m sticking with this trade.
On May 29th the Negotiator thought shares of a Big Pharma name were about to get a shot in the arm. At the time he said, "The Merck trade to me sets up really easy now. Valuation wise, it seems cheap. Buy Merck and stop out below $36.50.”
Sadly, since his buy recommendation investors have seen nothing but pain. The stock is down 9%.
I think there will be a time to buy this stock, Adami says, but it’s not yet.
On June 10th the Lone Wolf recommended steering clear of Manny, Moe & Jack. At the time he said, “Pep Boys - I'm not buying a name like this, up 10%. Maybe you can buy it on dips but you'll have plenty of time because it'll come back to ya.”
Alas, the Pep Boys are popping -- up 10% since Macke said to get out.
I said that 3 days ago, says Jeff Macke. Wait, it will come down.
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Trader disclosure: On June 13, 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 (ATVI), (INTC), (MSFT), (DIS); Adami Owns (AGU), (C), (BTU), (GS), (INTC), (NUE), (MSFT), (INTC), (MSFT), (DIS); Pete Najarian Owns (ANR), (BHI), (CHK), (TSO), (XLF), (HPQ); Pete Najarian Is Short (KEY); Pete Najarian Owns (BAC) Puts, (WFMI) Puts, (FITB) Puts; Pete Najarian Owns (EXM) And (EXM) Puts; Pete Najarian Owns (AAPL) And (AAPL) Puts; Finerman Owns (GS); Finerman's Firm Owns (MSFT), (NYX), (SUN), (TSO), (VLO), (PM), (MO); Finerman's Firm Owns SPX Index Puts; Finerman's Firm Is Short (BIG), (IYR), (IJR), (MDY), (IWM), (SPY); Finerman's Firm Is Long (AAPL) Out-Of-The Money Calls; Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm Is Short The British Pound
Pete Najarian Owned (EXM) On 6/5/08; Finerman's Firm Was Short (BIG) ON 6/6/08