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Web Extra: Burned By Big Lots

Moving to the sidelines in Big Lots looked like a smart move about two months ago, but it wasn’t. What does Steve Cortes have to say for himself now?

El Capitan made the fateful call on August 26th – on the thesis that Big Lots would have trouble attracting shoppers.

“I don't like the low end of the retail market here,” he said, “because rising energy costs are putting a serious cramp on the low-end consumer.”

Unfortunately for Cortes, budget-conscious shopping was the new black this season with consumers focused on value. That trend sent shares of BIG up ‘big’ -- almost 10% since he said to step away.

So what does he have to say about this stock now? Get all the details in this web extra. Watch the video now!


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Trader disclosure: On Oct. 20, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Cortes is short crude oil; Cortes is short gold; Cortes is short (BIDU); Cortes is short (RSX); Cortes owns U.S. Treasuries; Cortes owns the S&P 500; Adami owns (AGU), (BTU), (NUE), (C), (GS), (INTC), (MSFT); Adami’s wife works at Merck; Jon Najarian owns (AAPL) calls; Jon Najarian owns (BA) calls; Jon Najarian owns (GS) calls; Jon Najarian owns (NFLX) calls; Jon Najarian owns (PAAS) puts; Finerman owns (AAPL); Finerman and Finerman’s firm owns (BAC); Finerman and Finerman’s firm owns (JPM); Finerman and Finerman’s firm owns (GOOG); Finerman’s firm owns (IBM); Finerman’s firm owns (HPQ); Finerman’s firm owns (MSFT); Finerman's firm is short (IJR); Finerman's firm is short (MDY); Finerman's firm is short (SPY); Finerman's firm is short (IWM); Finerman’s firm owns S&P 500 puts; Finerman’s firm owns Russell 2000 puts

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