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Halftime—Joe Terranova: Ceiling on This Stock Now Floor

Tuesday, 30 Nov 2010 | 1:43 PM ET

Netflix shares topped $200 in trading Tuesday, hitting a new 52-week high and creaming the heavy short interest in the name. To "Fast Money" trader Joe Terranova, the move tells him that resistance could soon become support.

"I would view this move above $200 as more the ceiling taken out and eventually becoming the floor," explained Terranova, chief market strategist of Virtus Investment Partners. "This is clearly not a name that I would set in and short."

It will be a first if the stock is able to close above 200 bucks Tuesday, he said. If that happens, he thinks shares will only continue to climb.

That said, neither Terranova or Trutina Financial's Patty Edwards aren't stepping in to buy NFLX, though. The stock has already made too much of a move higher for them to get in now.

There is currently a lot of interest in the $200 strike right now, noted Terranova.

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ANALYST: NEAR-TERM CATALYST FOR GOOGLE IS ANDROID

Googleis close to acquiring online coupon company Groupon for as much as $6 billion, according to The New York Times. But Google's real catalyst for the near-term, said Wedbush analyst Lou Kerner, is its Android operating system.

"The near-term catalyst for Google is if they start to monetize Android in a meaningful way," said Kerner. "It really looks as though Android is poised to be the largest wireless platform in the world and that should start to generate cash for Google relatively soon."

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Kerner gave Google a 12 month price target of $575, but isn't giving any value for its Android OS just yet. His price target will be much higher once the Droid is factored in, though. As people continue to use their mobile devices to browse the Web, Kerner thinks the Droid will bring in more revenues. In other words, this is a long-term play. Edwards agreed Google isn't a quick trade.

"If you buy it, you're buying it for five years from now," explained Edwards. "You're not buying it for a trade."

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CALL OF THE DAY: RESEARCH IN MOTION

Shares of Research In Motion popped after catching an upgrade to 'buy' from 'hold' from Jefferies. The firm also increased its price target to $80 from $55.

Peter Misek, the analyst who made the call, said he likes RIM's newly acquired QNX operating software, which will go into its “PlayBook” tablet. Misek joins other analysts, who are looking forward to the device's release next quarter.

Brian Kelly, founder of Kanundrum Capital, likes RIM at current levels. He said its handheld devices are selling well, so the "PlayBook" will only bolster sales. While Kelly likes the whole mobile computing space, he said RIM is his favorite.

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Trader disclosure: On November 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 (FCX), (UPL), (C), (PEP), (VRTS), (OXY), (AXP), (GS), (POT), (AAPL), (NKE), (OIH); Cortes owns (GS), (MS), (CLE), (TSN); Cortes is short (XLE); Cortes is short (UNP); Cortes is long U.S. Dollar vs. Mexican Peso, Australian Dollar; Cortes is short Crude Oil; Cortes is short Nat Gas; Cortes is short Corn; Cortes is long US 2-year notes

For Brian Kelly
Accounts Managed By Kanundrum Capital Own (GLD)
Accounts Managed By Kanundrum Capital Own (GDXJ)
Accounts Managed By Kanundrum Capital Own (SLV)
Accounts Managed By Kanundrum Capital Own (MON)
Accounts Managed By Kanundrum Capital Own (JPM)
Accounts Managed By Kanundrum Capital Own (WFC)
Accounts Managed By Kanundrum Capital Own (QCOM)
Accounts Managed By Kanundrum Capital Own (RDC)
Accounts Managed By Kanundrum Capital Own (WFC)
Accounts Managed By Kanundrum Capital Own (AAPL)
Accounts Managed By Kanundrum Capital Own (DRIV)
Accounts Managed By Kanundrum Capital Own (DRYS)
Accounts Managed By Kanundrum Capital Own (JJG)

For Joe Terranova
Terranova is chief market strategist of Virtus Investment Partners, LTD.
Virtus Investment Partners own more than 1% of (ABAX)
Virtus Investment Partners own more than 1% of (ALK)
Virtus Investment Partners own more than 1% of (AMKR)
Virtus Investment Partners own more than 1% of (CASS)
Virtus Investment Partners own more than 1% of (CMS)
Virtus Investment Partners own more than 1% of (CSC)
Virtus Investment Partners own more than 1% of (CSVI)
Virtus Investment Partners own more than 1% of (FCFS)
Virtus Investment Partners own more than 1% of (IGE)
Virtus Investment Partners own more than 1% of (LDR)
Virtus Investment Partners own more than 1% of (LPHI)
Virtus Investment Partners own more than 1% of (MGRC)
Virtus Investment Partners own more than 1% of (NRCI)
Virtus Investment Partners own more than 1% of (DBV)
Virtus Investment Partners own more than 1% of (XLB)
Virtus Investment Partners own more than 1% of (XLP)
Virtus Investment Partners own more than 1% of (XLY)
Virtus Investment Partners own more than 1% of (XLF)
Virtus Investment Partners own more than 1% of (XLI)
Virtus Investment Partners own more than 1% of (XLU)
Virtus Investment Partners own more than 1% of (SOA)
Virtus Investment Partners own more than 1% of (SUBK)
Virtus Investment Partners own more than 1% of (WDFC)
Virtus Investment Partners own more than 1% of (WMB)
Virtus Investment Partners own more than 1% of (YDNT)
Virtus Investment Partners own more than 1% of (DRYS)

For Patty Edwards
Edwards owns (AAPL) for clients
Edwards owns (MSFT) for clients
Edwards owns (GS) for clients
Edwards owns (TIF) for clients
Edwards owns (AMZN) for clients
Edwards owns (F) for clients
Edwards owns (TTM) for clients
Edwards owns (MSFT) for clients
Edwards owns (GLD) for clients
Edwards owns S&P 500 for clients
Edwards owns Nasdaq 100 for clients
Edwards owns Gold for clients
Edwards owns Silver for clients
Edwards Owns (COH) For Clients

For Lou Kerner (Wedbush Securities)
Wedbush Securities Is A Market Maker in (GOOG)
Kerner Has A Long Position In Facebook (Private)

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  Price   Change %Change
NFLX
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BB
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GOOGL
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