Involved in the cleanup of the massiveGulf oil spill, Clean Harbors' stockhit an all-time high this week with second-quarter revenues totaling as much as $70 million, CEO Alan McKim tells Fast Money.
Goldman Sachs estimates Clean Harbors will gain $1 billion in revenue over the next three years due to the BP spill. The cleanup will cost $24 billion, according to Goldman. But McKim says it's too early to provide an estimate for potential costs or revenues past his last update on May 18.
The Norwell, Mass.-based company has been getting more resources to expedite the process, says McKim, but he doesn't know how long the cleanup will ultimately take.
McKim says BP has done everything they can to help. He wouldn't comment on reports claiming CEO Tony Hayward is handing over day-to-day operations of cleanup operations.
On a related note, host Melissa Lee pointed out that Goldman's favorite stock in the space is Stericycle . But she says at a 25 forward P/E, it is probably fully valued. Brian Kelly of Kanundrum Capital agrees, but explains he's sold out of his position. He would, however, be a buyer on a pullback.
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CALL THE CLOSE
I like us going into the close today, says Jon Najarian of optionMONSTER.com. "I think there's a little optimism in the market still."
The markets will likely squeeze higher, says Steve Grasso of Stuart Frankel, but thinks it could ultimately go lower.
Brian Kelly of Kanundrum Capital says "quadruple witch — stay away. Go out and play."
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Trader disclosure: On June 17, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Kelly is short (GS); Kelly owns (BP) puts; Kelly owns (FCX) puts; Kelly owns (GLD); Kelly owns (GDXJ); Grasso owns (ABK); Grasso owns (BAC); Grasso owns (BGP); Grasso owns (C); Grasso owns (DYN); Grasso owns (JPM); Grasso owns (LPX); Grasso owns (NDAQ); Grasso owns (PRST); Jon Najarian owns (NYX) and seats on the exchange; Jon Najarian owns (CME) and seats on the exchange; Jon Najarian owns (CBOE) and seats on the exchange; Jon Najarian owns (RIG) and is short call options; Jon Najarian owns (COP) and is short call options; Jon Najarian owns (DO) and is short call options; Jon Najarian owns (BAC) and is short call options; Jon Najarian owns (JPM) and is short call options; Jon Najarian owns (GS) and is short call options; Jon Najarian owns (MS) and is short call options; Jon Najarian owns (CLH) and is short call options
For Patty Edwards
Edwards owns (AAPL) for clients
Edwards owns (AMZN) for clients
Edwards owns (BAC) for clients
Edwards owns (BBY) for clients
Edwards owns (C) for clients
Edwards owns (COP) for clients
Edwards owns (CVX) for clients
Edwards owns (DELL) for clients
Edwards owns (DO) for clients
Edwards owns (GE) for clients
Edwards owns (GLD) for clients
Edwards owns (GOOG) for clients
Edwards owns (GLW) for clients
Edwards owns (HAL) for clients
Edwards owns (HPQ) for clients
Edwards owns (INTC) for clients
Edwards owns (JPM) for clients
Edwards owns (MS) for clients
Edwards owns (MSFT) for clients
Edwards owns (NE) for clients
Edwards owns (NSC) for clients
Edwards owns (NVDA) for clients
Edwards owns (PNC) for clients
Edwards owns (QQQQ) for clients
Edwards owns (RIG) for clients
Edwards owns (SLB) for clients
Edwards owns (SPY) for clients
Edwards owns (STI) for clients
Edwards owns (STM) for clients
Edwards owns (TXN) for clients
Edwards owns (UNP) for clients
Edwards owns (VXX) for clients
Edwards owns (VZ) for clients
Edwards owns (WFC) for clients
Edwards owns (WFT) for clients
Edwards owns (XOM) for clients
Edwards owns gold for clients
Edwards owns platinum for clients
Edwards owns silver for clients
Edwards owns the Russell 2000 for clients
Edwards owns the S&P500 for clients
For Steve Grasso:
Stuart Frankel & Co and it’s partners own (BAX)
Stuart Frankel & Co and it’s partners own (CUBA)
Stuart Frankel & Co and it’s partners own (DHR)
Stuart Frankel & Co and it’s partners own (GERN)
Stuart Frankel & Co and it’s partners own (HSPO)
Stuart Frankel & Co and it’s partners own (MERC)
Stuart Frankel & Co and it’s partners own (NWS.A)
Stuart Frankel & Co and it’s partners own (NYX)
Stuart Frankel & Co and it’s partners own (PDE)
Stuart Frankel & Co and it’s partners own (PFE)
Stuart Frankel & Co and it’s partners own (PRST)
Stuart Frankel & Co and it’s partners own (RDC)
Stuart Frankel & Co and it’s partners own (SYMC)
Stuart Frankel & Co and it’s partners own (TLM)
Stuart Frankel & Co and it’s partners own (TRV)
Stuart Frankel & Co and it’s partners own (XRX)
Stuart Frankel & Co and it’s partners own (SDS)
Stuart Frankel & Co and it’s partners own (TBT)
Stuart Frankel & Co and it’s partners are short (QQQQ)
Stuart Frankel & Co and it’s partners are short (AAPL)
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