Burned by Southwest, UnitedHealth & More

They looked like hot stocks. So how are the traders playing Southwest, UnitedHealth and more now that they’ve been burned.

Steve Grasso

On July 21^st the Governor developed a fear of flying and suggested avoiding at least one airline stock. “I don't like Southwest airlines ,” he said. “The CEO told us it was going to be tough going forward. I'm not a buyer.”

Unfortunately, Grasso missed this flight entirely. Shares of Southwest zoomed higher, nearly 20% this week alone. So what does he have to say for himself after missing this high flier?

I was wrong, Grasso admits, what else can I say.

Pete Najarian

On July 29^th the Pit Boss suggested an HMO stock might be just the medicine your portfolio needed. “I think we're starting to see a little bit of that move to the upside in UnitedHealth ,” he said. “People are starting to gravitate to the idea that something is going to be good for the sector.”

As it turns out there was nothing healthy about Najarian’s trade. Shares have dropped about 5% since he suggested a long position. What does he have to say for himself now?

I really thought the stock was ready to break out, says Najarian.

Joe Terranova

On July 22^nd the Liquidator developed a taste for Mr. Softee -- software giant Microsoft that is. “I might look like a fool after earnings,” he said. “But I have added to my position every day.

Halloween might be months away, but it’s definitely time for Terranova to put on the jester outfit. Since he became a buyer shares of Microsoft have slipped about 6%. So what does he have to say for himself now?

I still like this stock, he insists. And I still think it's going to $30 on the Windows 7 release.

Tim Seymour

On July 13^th the Ambassador went nuclear for a uranium play. “Look at USEC ,” he said, “which is essentially the only American company in this space that is enriching nuclear uranium. This stock at these levels looks very cheap.”

In the end Seymour’s trade was radioactive. Since he suggested a long position shares have slipped about 5%. So what does he have to say for himself?

It's a play on getting a loan from the department of energy, Seymour explains. It hasn't come through yet, but I still think they get it.

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Trader disclosure: On Aug. 7th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Seymour Owns (AAPL), (AA), (BAC), (BX), (TCK), (USU); Seygem Asset Management Owns (CZZ); Grasso Owns (ASTM), (BAC), (COST), (CSCO), (FAZ), (PFE), (PRST), (V), (WMT), (XLF); Terranova Owns (MCD), (RIMM), (AMZN), (MSFT); Terranova Is Short (F), (TM); Najarian Owns (AA) Call Spread; Najarian Owns (BUCY) And Is Short (BUCY) Calls; Najarian Owns (GS), Owns (GS) Puts, Is Short (GS) Calls; Najarian Owns (HIG) Calls; Najarian Owns (INTC) And Is Short (INTC) Calls; Najarian Owns (JPM) And Is Short (JPM) Calls; Najarian Ownws (MS) And Is Sohrt (MS) Call; Najarian Owns (MSFT) And Is Short (MSFT) Calls; Najarian Owns (V) And Is Short (V) Calls; Najarian Owns (YHOO) Call Spread; Najarian Owns (NSC) And Is Short (NSC) Calls; Najarian Owns (CSCO) And Is Short (CSCO) Calls

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For Steve Grasso:
Stuart Frankel And/Or Its Partners Own (CUBA)
Stuart Frankel And/Or Its Partners Own (GERN)
Stuart Frankel And/Or Its Partners Own (MSFT)
Stuart Frankel And/Or Its Partners Own (NWS.A)
Stuart Frankel And/Or Its Partners Own (NXST)
Stuart Frankel And/Or Its Partners Own (NYX)
Stuart Frankel And/Or Its Partners Own (PDE)
Stuart Frankel And/Or Its Partners Own (PRST)
Stuart Frankel And/Or Its Partners Own (RDC)
Stuart Frankel And/Or Its Partners Own (ROK)
Stuart Frankel And/Or Its Partners Own (TLM)
Stuart Frankel And/Or Its Partners Own (TMK)
Stuart Frankel And/Or Its Partners Own (XOM)
Stuart Frankel And/Or Its Partners Own (XRX)
Stuart Frankel And/Or Its Partners Own (SDS)
Stuart Frankel And/Or Its Partners Are Short (QQQ)
Stuart Frankel And/Or Its Partners Are Short (CL)

For Joe Terranova
Terranova Works For (VRTS)
Terranova Is Chief Market Strategist Of Virtus Investment Partners, Ltd.
Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO
Virtus Diversifier PHOLIO Owns (IGE)
Virtus Diversifier PHOLIO Owns (DBC)
Virtus Diversifier PHOLIO Owns (DBV)
Virtus Investment Partners Owns More Than 1% Of (ABD)
Virtus Investment Partners Owns More Than 1% Of (CAL
Virtus Investment Partners Owns More Than 1% Of (DLR)
Virtus Investment Partners Owns More Than 1% Of (EXR)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (DBC)
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (SKT)
Virtus Investment Partners Owns More Than 1% Of (TNB)
Virtus Investment Partners Owns More Than 1% Of (UA)
Virtus Investment Partners Owns More Than 1% Of (CLB)
Terranova Owned (MSFT) On 7/22/09

For Scott Nations
Nations Owns (C) Calls And Is Short (C) Puts