The Fast Money Misfires – Friday June 27th
Sometimes a stock is hot and other time it just burns. Following are the Fast Money misfires.
On June 9th the Chairwoman found herself dazzled by the big “Citi”. At the time she said, "I have a position in Citigroup as a proxy for the general financials. I know people say never pick a bottom, but I will build a position overtime.”
Looks like Finerman made her trip to the Citi a little too early. Since her buy recommendation shares slid 15%.
I was way early and that’s same as wrong, says Finerman. I sold my position.
On June 16th the Negotiator suggested nibbling on a corn trade. At the time he said, "Pilgrim's Pride …you actually might want to start dipping your toe in this thing, if you think corn prices might turn lower.”
Adami loves corn but corn doesn’t love him back. Shares of PPC have slid 19%.
I was wrong but I think the trade works if commodities go down, says Adami.
On June 18th the Pit Boss thought his play would hit the ground running. At the time he said, “I like Nike's direction, I think they continue.”
Unfortunately this runner stumbled. Since his suggestion shares of Nike are down 11%.
I like the stock but the market didn’t, says Najarian. Sorry about that.
On June 17th the Liquidator ended up going nowhere fast with a transport play. At the time he said, “I would buy the iShares Dow Jones Transport. Avg (as a bet against oil.)
Terranova’s trade never got the gas. Oil’s up and his trade is down 4%.
I’m still riding this trade, says Terranova.
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Trader disclosure: On June 27, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (BTU), (NUE), (GS), (INTC), (MSFT); Pete Najarian Owns (ANR), (TSO), (XLF); Pete Najarian Owns (AAPL) Calls, (EK) Calls, (QID) Calls, (RIMM) Calls, (YHOO) Calls, (WLT) Calls; Pete Najarian Owns (HRB) Puts, (MER) Puts, (HBC) Puts; Finerman Owns (GS); Finerman's Firm Owns (MSFT), (NYX), (SUN), (TSO), (MRK), (PPH); Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm Is Short (SPY), (IYR), (IJR), (MDY), (IWM); Finerman's Firm Is Short SPX Index Puts; Finerman's Firm Owns (VLO) And (VLO) Call Spreads; Terranova Owns (BNI), (CME), (FXC), (LUV), (GOOG), (FCX), (INTC), (IYT), (XLF), (SU), (YHOO); Terranova Owns Dollar Index Futures
Terranova is chief alternatives strategist at Phoenix Investment Partners;; Phoenix Investment Partners Ltd. Owns (RWX), (DBC), (DBV), (IGE), (AAI), (ALK), (AMR,) (APA), BP plc, British Airways plc, (CHK), (CVX), (COP), (CAL), (DAL), ENI SPA, (XOM), Gazprom, (HA), (HES), (HOC), (HSE), (JBLU), Lukoil, (MRO), (MUR), (OXY), Petrobras Intl Fin, Petro-Canada, (PBR), Petroleos De Venezuela, (QAN), (RJET), Royal Dutch Shell plc A Shares, (SKYW), (LUV,) (SU), (TSO), Texaco Capital, Total SA, (UAUA), (LCC), (VLO)
Finerman's Firm And Finerman Owned (C) And (C) Leaps On 6/9/08, 6/10/08