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Web Extra: Burned by MGM

Wednesday, 27 Oct 2010 | 6:03 PM ET

A long position in MGM looked like a hot trade but all it did was burn. So how is Pete Najarian gaming the stock now?

The Pit Boss made the fateful call on September 28th believing that MGM would move in tandem with its rivals.

“Las Vegas Sands has been scorching to the upside,” he said. “While MGM's just been plodding along. I think there's definitely more upside.

As it turned out betting that MGM would follow LVS higher was a bad bet - it went snake eyes, luck was no lady, double whamee... you get the drift!

Maybe we should just say, since Najarian said to go long shares dropped sharply.

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

Fast Money Web Extra
The Fast Money traders offer special CNBC.com-only advice on your investments.



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Trader disclosure: On Oct. 27, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Scaramucci and SkyBridge Capital own (AAPL); Scaramucci and SkyBridge Capital own (BAC);Scaramucci and SkyBridge Capital own (XOM); Scaramucci and SkyBridge Capital own U.S. Dollars; Finerman owns (AAPL); Finerman & Finerman’s Firm owns (BAC); Finerman’s Firm owns (BKS); Finerman’s Firm owns (FLS); Finerman’s Firm owns (MSFT); Finerman’s Firm owns (POT) options; 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; Pete Najarian owns (AKAM) call spread; Pete Najarian owns (BAC); Pete Najarian owns (POT) call spread; Terranova owns (APA), (AAPL), (AXP), (C), (CRM), (FCX), (GOOG), (GS), (IBM), (ISRG), (JPM), (MCD), (MDT), (MMM), (NBR), (NKE), (ORCL), (PEP), (PCP), (TBT), (TLT), (UPL), (VRTS), (XBI)

For Joe Terranova
Terranova is chief market strategist of Virtus Investment Partners, LTD.
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For Jan Van Eck
Van Eck is a principle in firm that is sponsoring the Rare Earth/Strategic Metals ETF

For Brent Thill
A member of Thill’s team owns (MSFT)
(MSFT) within the past 12 months has been an investment banking client of UBS
(MSFT) within the past 12 months has been a non-investment banking securities-related client of UBS
(MSFT) within the past 12 months has been a non-securities services client of UBS
UBS has received compensation from (MSFT) within the past 12 months

For Mike Khouw
Cantor Fitzgerald makes a market in (CSTR)
Cantor Fitzgerald is long (CSTR) calendar spreads

For Jeff Saut
***No Disclosures***

  Price   Change %Change
MGM
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  • Chief Market Strategist for Virtus Investment Partners & CNBC Contributor

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