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Burned by Xilinx, Altera

Monday, 30 Aug 2010 | 5:52 PM ET

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.

Fast Fire
One Fast Money trader takes a look at a pick they may have been wrong about.

“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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  Price   Change %Change
ALTR
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XLNX
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  • Melissa Lee is the host of CNBC's “Fast Money” and “Options Action.”

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  • Guy Adami is a contributor on CNBC's "Fast Money." He also is managing director of stockMONSTER.com.

  • Najarian, the "Pit Boss," is cofounder of optionMONSTER.com, a news site for options traders.

  • Finerman is president of Metropolitan Capital Advisors, Inc., a company she co-founded.

  • Founder of EmergingMoney.com

  • Chief Market Strategist for Virtus Investment Partners & CNBC Contributor

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