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Fast Fire: NRG

A long position in NRG looked like a hot trade but all it did was burn. So how is Joe Terranova playing this stock now.

The Liquidator made the fateful call on August 13th. “This is the one you want to buy,” he said confidently.

”You want to buy it because its diversified its portfolio. The acquisition we are getting in terms of assets - they are getting exposure on the west coast, which they did not have, and in terms of capacity… they are getting a slice of natural gas that they did not have previously. This is a good deal right now.”

It might have been a good deal for NRG but a long position was anything but a good deal for investors. Since he suggested a long position shares are down about 5%.

So what does Terranova have to say about NRG now?

I think investors can buy it here with $20 as a stop, he says.

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Trader disclosure: On Sept. 27th, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami owns (AGU), (BTU), (NUE), (C), (GS), (INTC), (MSFT); Adami’s wife works at Merck; Terranova Owns (APA), (AAPL), (ARUN), (BMO), (C), (IBM), (HES), (JOYG), (XBI), (FTO), (OXY), (ORCL), (PEP), (POT), (RSH), (SU), (RIG), (UPL), (VRTS); Weiss owns (BAC), (MOS), (CSX), (HK), (TXN), (WFR), (QCOM); Weiss is short (SF); Pete Najarian owns (NETL) call spreads; Pete Najarian owns (POT) call spreads; Pete Najarian owns (CNI); Pete Najarian owns (AMZN) call spreads; Pete Najarian owns (AKAM) call spreads; Pete Najarian owns (RAX) call spreads; Pete Najarian owns (LLNW) call spreads; Pete Najarian owns (DD); Pete Najarian owns (NOV); Pete Najarian owns (YHOO); Karabell owns (POT), (RIMM), (AAPL); Grasso owns (ASTM), (BA), (BAC), (C), (CSCO), (JPM), (LPX), (MO), (MOT), (NDAQ), (PFE), (PRST)

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