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Burned by Xilinx, Altera

A long position in Xilinx and Altera looked like it was going to be a hot trade but all it did was burn. So how is Pete Najarian playing these stock now.

The Pit Boss made the unfortunate call on July 14th.

“Look across the sector,” he said. “Some of these various names such as Xilinx and Altera, there’s still up side in these names. If you believe in the Apple story, if you believe in the entire cycle going forward, you’ve got to like these names.”

Well Pete may have liked these names but they sure didn’t like him. Both have dropped by double digits after he said to get long.

So what does he have to say now?

I still believe in these names, Pete Najarian says. But they definitely haven't performed.


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Trader disclosure: On Aug 30, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Terranova Owns (AXP), (GS), (IBM), (QCOM), (AAPL), (GOOG), (BRCM), (TER), (MSFT), (C), (MRVL), (BMO), (V), (POT), (OXY), (GLD), (SU), (FCX), (APA), (XBI); Adami owns (AGU), (BTU), (NUE), (C), (GS), (INTC), (MSFT); Adami’s wife works at Merck; Pete Najarian owns (SCCO); Pete Najarian owns (TCK); Pete Najarian owns (PFE); Pete Najarian owns (CELG); Pete Najarian owns (CNI)

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