Burned by These Tech Names

Brian Kelly of Kanundrum Capital is still feeling the burn after going with some networking names as second derivative plays—namely Emulex and QLogic ,which are both down.

So what happened?

On July 13, Intel reported its largest quarterly net income in a decade.

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The next day, Kelly said on Fast Money Halftime Report that the results were so strong, it made him incrementally more positive. He thought the data storage growth aspect of Intel's earnings was especially impressive and recommended playing it long via Emulex and QLogic.

"Earnings disappointed," explains Kelly, adding that he's not in either of those names. "I still like the story, but I'm going to have to wait for a better tape."

_____________________________________________________Got something to to say? Send us an e-mail at [e-mail] and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment but not have it published on our Web site send your e-mail to [e-mail] disclosure: On July 29, 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 owns (BP) puts; Jon Najarian owns (GLD) puts; Jon Najarian owns (AAPL) call spreads; Jon Najarian owns (MSFT) and short calls; Jon Najarian owns (COP) and short calls; Jon Najarian owns (RRC) and short calls; Jon Najarian owns (MSFT) and short calls; Jon Najarian owns (SYMC) and short calls; Jon Najarian owns (RIMM) and short calls; Jon Najarian owns (IACI) and short calls; Jon Najarian owns (LVS) and short calls; Jon Najarian owns (MGM) and short calls; Jon Najarian owns (XOM) and short calls; Jon Najarian owns (MOS) and short calls; Adami owns (AGU), (BTU), (NUE), (C), (GS), (INTC), (MSFT); Adami’s wife works at Merck; Finerman owns (AAPL); Finerman owns (BAC); Finerman’s firm owns (BAC); Finerman owns (BP); Finerman’s firm owns (BP); Finerman owns (C); Finerman owns (CVS); Finerman’s firm owns (CVS); Finerman owns (FLS); Finerman’s firm owns (FLS); Finerman’s firm owns (GLW); Finerman owns (JPM); Finerman’s firm owns (JPM); Finerman’s firm owns (KFT); Finerman’s firm owns (PLCE); Finerman’s firm owns (RIMM); Finerman’s firm owns (SKS); Grasso owns (ASTM), (ABK), (BAC), (BA), (BGP), (C), (CSCO), (DYN), (JPM), (LPX), (MO), (NDAQ), (PFE), (PRST); Scaramucci owns (APL), (PFE), (MO), (BUD), (KFT), (RAI)For Steve Grasso:Stuart Frankel & Co and it’s partners own (BAX)Stuart Frankel & Co and it’s partners own (COG)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 (DYN)Stuart Frankel & Co and it’s partners own (ESV)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 (LEN)Stuart Frankel & Co and it’s partners own (IP)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 (TBT)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 are short (QQQQ)Stuart Frankel & Co and it’s partners are short (KEG)For Anthony ScaramucciSkyBridge Capital owns (APL)SkyBridge Capital owns (PFE)SkyBridge Capital owns (MO)SkyBridge Capital owns (BUD)SkyBridge Capital owns (KFT)SkyBridge Capital owns (RAI)For Brian KellyAccounts managed by Kanundrum Capital own (BAK)Accounts managed by Kanundrum Capital own (VIV)Accounts managed by Kanundrum Capital own (ORI)Accounts managed by Kanundrum Capital own (TLT)Accounts managed by Kanundrum Capital own Swiss FrancsAccounts managed by Kanundrum Capital are short (GLD)Accounts managed by Kanundrum Capital are short (XME)Accounts managed by Kanundrum Capital are short (SLX)Accounts managed by Kanundrum Capital are short (RKH)Accounts managed by Kanundrum Capital are short (XLK)For Peter BoockvarBoockvar owns EurosFor Brian StutlandStutland's firm makes a market in VIX FuturesFor Gene MunsterPiper Jaffray makes a market in (AAPL), (AMZN), (GOOG), (IACI), (YHOO)For Joseph LaVorgna***No Disclosures***