GO
Loading...

Burned by 3M

Monday, 1 Aug 2011 | 5:56 PM ET

A long position in 3M looked like a hot trade but all it did was burn Guy Adami. So what does he have to say about the trade now?

Fast Money’s Negotiator made the fateful call on July 14th as a bet that momentum would drive the stock higher.

”3M has been a grinder,” he said at the time, “and my sense is that it will continue to be a grinder on the upside.”

  Price   Change %Change
MMM
---

Unfortunately, 3M ground down, with shares falling about 9% since he recommended a long position.

So what does Adami have to say about the stock now?

"It was a great looking chart but the chart broke," he says. "Unfortunately it wasn't a good call and I'd stay on the sidelines now."

Fast Fire
The Fast Money traders answer your stock questions.





______________________________________________________
Got something to to say? Send us an e-mail at fastmoney-web@cnbc.com and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment but not have it published on our Web site send your e-mail to fastmoney@cnbc.com.


Trader disclosure: On Aug 1, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Seymour owns (AAPL; Seymour owns (BAC); Seymour owns (GE); Finnerman and Finnerman’s firm own (AAPL); Finnerman owns (BAC) and Finnerman’s firm own (BAC) leaps; Finnerman owns (JPM) and Finnerman’s firm owns (JPM) stock and (JPM) leaps; Terranova owns (XOM); Terranova owns (DIS); Terranova owns (WFM); Terranova owns (LULU); Terranova owns (MSFT); Terranova owns (TM); Terranova owns (JWN); Terranova owns (MCD); Terranova owns (PEP); Terranova owns (MA); Terranova owns (BX); Terranova owns (GS); Terranova owns (DAR); Terranova owns (CAT); Terranova owns (VRTS); Terranova owns (AAPL); Terranova owns (F); Terranova owns (CVI); Terranova owns (IBM); Terranova owns (FCX); Adami Owns (AGU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (MSFT); Adami Owns (NUE); Adami Owns (BTU); Jon Najarian owns (AAPL) call spreads; Jon Najarian owns (BIDU) call spreads; Jon Najarian owns (APKT) call spreads; Jon Najarian owns (TLB)

For Joe Terranova
Terranova is Chief Market Strategist of Virtus Investment Partners, LTD
Terranova is Chief Market Strategist of Virtus Investment Partners, LTD
Virtus Investment Partners Owns More Than 1% Of (ABAX)
Virtus Investment Partners Owns More Than 1% Of (AMKR)
Virtus Investment Partners Owns More Than 1% Of Building Materials Holdings
Virtus Investment Partners Owns More Than 1% Of (CASS)
Virtus Investment Partners Owns More Than 1% Of (CSVI)
Virtus Investment Partners Owns More Than 1% Of (EXR)
Virtus Investment Partners Owns More Than 1% Of (FCFS)
Virtus Investment Partners Owns More Than 1% Of (KRC)
Virtus Investment Partners Owns More Than 1% Of (LDR)
Virtus Investment Partners Owns More Than 1% Of (LHO)
Virtus Investment Partners Owns More Than 1% Of (NRCI)
Virtus Investment Partners Owns More Than 1% Of Sun Pharmaceutical Industries Ltd
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (RLI)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (XLV)
Virtus Investment Partners Owns More Than 1% Of (XLP)
Virtus Investment Partners Owns More Than 1% Of (XLE)
Virtus Investment Partners Owns More Than 1% Of (XLF)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (XLK)
Virtus Investment Partners Owns More Than 1% Of (XLU)
Virtus Investment Partners Owns More Than 1% Of (SUBK)
Virtus Investment Partners Owns More Than 1% Of (WDFC)
Virtus Investment Partners Owns More Than 1% Of (YDNT)
Virtus Investment Partners Owns More Than 1% Of Domino's Pizza UK & IRL PLC

For Scott Nations
Nations owns (SPY)

For Dennis Gartman
Funds Managed By Dennis Gartman and Dennis Gartman are short the S&P
Funds Managed By Dennis Gartman and Dennis Gartman own the Australian Dollar
Funds Managed By Dennis Gartman and Dennis Gartman are short the British Pound
Funds Managed By Dennis Gartman are short (EUR)
Funds Managed By Dennis Gartman are long gold.

For Doug Kass
Seabreeze Partners Management is short (GE)
Seabreeze Partners Management is short (DHR)

For Andy Busch
** No disclosures

For Carter Worth
** No disclosures

  Price   Change %Change
MMM
---

Contact Fast Money

  • Showtimes

    Halftime Report - Weekdays 12p ET
    Fast Money - Weekdays 5p ET
  • Melissa Lee is the host of CNBC's “Fast Money” and “Options Action.”

  • Scott Wapner is host of the "Fast Money Halftime Report," which airs weekdays from 12 p.m. to 1 p.m. ET.

  • 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

Halftime Report