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One of the biggest “swingers” in the stock market is DryShips [DRYS
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]. The stock more than doubled over the past 30 days only to fall 17% Thursday of this week.
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Credit Suisse downgraded the firm to “Underperform” from “Outperform” citing management's move to cancel the acquisition of four vessels. They also lowered their target price to $9 from $30.
As the traders have been telling you for some time, it's time to take profits in DRYS.
Traders, where else are you seeing big moves?
Karen Finerman
When you have moves like we’ve had in Diana [DSX
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] you’ve got to trade around it, says the Chairwoman. UnitedHealth [UNH
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] is the same.
Pete Najarian
I think there’s still upside in Freeport McMoRan [FCX
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] but that’s another name in which you’ve got to take some off the table, says the Pit Boss.
Tim Seymour
The short interest in Frontline [FRO
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] is massive, adds the Ambassador. And Centex [CTX
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] and Lennar [LEN
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] are up 30- 50% in the last month. I’d be out.
Guy Adami
I told you to take profits the other day in Target [TGT
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], exclaims the Negotiator. You've got to move quickly and trade this market!
- Halftime Report: Dubai - First Ripple Of Larger Crisis?
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- Best Wishes Regis
- Gartman's Annual Rules For Trading
- Chartology: December Outlook
- Holiday Toy Trades
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Trader disclosure: On Dec. 12th, 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), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Najarian Owns (FCX); Najarian Owns (DRYS) And Is Short (DRYS) Calls; Najarian Owns (NUE) And Is Short (NUE) Calls; Najarian Owns (UYG) Calls; Najarian Owns (XHB) Calls; Finerman's Firm Owns (DSX), (MSFT), (UNH), (IBB); Finerman's Firm Is Short (USO), (BBT), (COF), (IYR), (IJR), (MDY), (SPY), (IWM); Seymour Owns (AAPL), (BAC), (F), (INTC), (MER); Seygem Asset Management Owns (EEM)
Data is a real-time snapshot *Data is delayed at least 15 minutes