With shares of Freeport McMoRan down over 30% over the past 3 months how should you trade this stock?
The world’s largest publicly traded copper miner has taken a hit as jittery ran for the exits fearing a slowdown in China and a meltdown in Europe.
But as of this writing, both China and Europe haven’t fallen off the face of the earth. If you think the selling is overdone, Mike Khouw of Cantor Fitazgerald suggests the following options trade.
Get all the details. Watch the video now!
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Trader disclosure: On October 12, 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 BAC; Seymour owns GLD; Seymour owns POT; Seymour owns AKS; Adami Owns (AGU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (MSFT); Adami Owns (NUE); Adami Owns (BTU); Terranova is long VRTS; Terranova is long LQD; Terranova is long MUB; Terranova is long FCX; Terranova is long TBT; Terranova is long OXY; Terranova is long HOS; Terranova is long F; Terranova is long LULU; Terranova is long OIH; Terranova is long CAT; Terranova is long AXP; Terranova is long EMC; Terranova is long WFC; Terranova is long AAPL; Terranova is long IBM; Terranova is long Silver December $40 puts; Finerman owns AAPL; Finerman owns BAC; Finerman owns GOOG; Finerman owns JPM; Finerman owns ORCL; Finerman’s firm owns AAPL; Finerman’s firm owns JPM LEAPS & PUTS; Najarian has long call spreads APPL; Najarian has long call spreads MOS; Najarian is long CBOE; Najarian is long CME; Najarian is long SIGX
For Jeff Saut
Saut owns HCN
Saut owns LIN
Saut owns EVEP
For Anthony Scaramucci
No disclosures
For Jonathan Schildkraut
Evercore Partners seek investment banking business from Sprint (S) and expect to receive or intend to seek compensation for investment banking services from this subject company within the next three months.
For Mark Gulley
Ticonderoga Securities: The relevant research analyst(s), as named on the front cover of this report, certify that (a) the views expressed in this research report accurately reflect their personal views about the securities and companies mentioned in this report; and (b) no part of their compensation was, is, or will be directly or indirectly related to the specific recommendation(s) [POT, CF, MOS, DE, DBA] or views expressed by them.
For Peter Boockvaar
No disclosures
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