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After a 30% drop in 30 days, should you be a buyer of Continental Airlines?
JPMorgan analyst Jamie Baker, the #1 airlines analyst as ranked by Institutional Investor says yes.
He rates the stock "overweight" and feels that the stocks drop has been “too fast and too furious.”
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Although Baker is bullish on this stock fundamentally, his call is more technical.
"(The) ‘down 30 in 30’ rule has worked 25 times in a row for Continental,” he tells the desk. In other words a 30% slide in 30 trading days or less means the stock is a buy – pure and simple.
Here’s why.
“Since 1993 there have been 25 instances in which Continental fell this fast and this furiously. If you bought the stock each time, 25 times you would have made a 100% return over the next 180 trading days,” Baker says.
”Now, there’s no guarantee that lighting will strike a 26th time but we’re cautiously optimistic that it might,” he concludes.
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Trader disclosure: On Oct. 23th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Najarian Owns (BX); Najarian Owns (GE) Calls; Najarian Owns (LAZ) & (LAZ) Puts; Najarian Owns (MYL) Call Spread; Najarian Owns (RIMM) Call Spread; Najarian Owns (WFT) Call Spread; Najarian Owns (YHOO) & Short (YHOO) Calls; Najarian Owns (STX) Calls; Najarian Owns (CLF) & Short (CLF) Calls; Finerman Owns (RIG), (TGT), (WMT), (WFC), (PDE); Finerman's Firm Owns (BAC) Preferred; Finerman Owns (BAC) Preferred; Finerman's Firm Owns (WFC), (FLS), (MSFT), (PBR), (PDE), (RIG), (PLCE), (TJX); Finerman's Firm Is Short (IJR), (MDY), (SPY), (IWM), (USO), (UNG); Terranova Owns (HES), (JPM), (IBM); Seymour Owns (AAPL), (BAC), (EEM), (FXI), (SBUX)
For Jamie Baker:
JP Morgan Owns (UAUA)
JP Morgan Has An Investment Banking Relationship With (UAUA)
JP Morgan Has An Investment Banking Relationship With (CAL)
JP Morgan Has An Investment Banking Relationship With (AMR)
For Paul Sankey:
Deutsche Bank Owns (VLO)
(VLO) Is an Investment Banking Client of Deutsche Bank
Deutsche Bank Has Received Compensation From (VLO)
(VLO) Has Been A Client Of Deutsche Bank In Past Year
Deutsche Bank Owns (HES)
(HES) Is an Investment Banking Client of Deutsche Bank
Deutsche Bank Has Received Compensation From (HES)
(HES) Has Been A Client Of Deutsche Bank In Past Year
Deutsche Bank Owns (BP)
(BP) Is an Investment Banking Client of Deutsche Bank
Deutsche Bank Has Received Compensation From (BP)
(BP) Has Been A Client Of Deutsche Bank In Past Year
Deutsche Bank Owns (OXY)
(OXY) Is an Investment Banking Client of Deutsche Bank
Deutsche Bank Has Received Compensation From (OXY)
(OXY) Has Been A Client Of Deutsche Bank In Past Year
(SUN) Is an Investment Banking Client of Deutsche Bank
Deutsche Bank Has Received Compensation From (SUN)
Deutsche Bank Owns (PDE)
(PDE) Is an Investment Banking Client of Deutsche Bank
Deutsche Bank Owns (COP)
(COP) Is an Investment Banking Client of Deutsche Bank
Deutsche Bank Has Received Compensation From (COP)
(COP) Has Been A Client Of Deutsche Bank In Past Year
Deutsche Bank Owns (CVX)
Deutsche Bank Has Received Compensation From (CVX)
(CVX) Is an Investment Banking Client of Deutsche Bank
Deutsche Bank Owns (XOM)
Deutsche Bank Has Received Compensation From (XOM)
(XOM) Is an Investment Banking Client of Deutsche Bank
For Peter Schiff
Schiff Is Long Gold
Schiff is Short U.S Dollar
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