“I would sell the pop in copper,” he said. “I wouldn’t stay there.”
Jon Najarian noted Dec. 15 call-buying on Friday outperformed the market and that in Monday’s early trading, Dec. 16 calls were also up.
“They are not looking further down the road at anything other than to the end of this year,” he said. “They’re all focusing right now on December.”
On the news that billionaire investor Carl Icahn — through Icahn Enterprises — offered to buy Commercial Metals at $15 a share, which is 31 percent more than the stock’s Friday closing price, Najarian weighed in cautiously. The deal is valued at $1.73 billion.
The stock traded for $13.99 at midday.
“This is a great opportunity on this spike,” he said. “If you were lucky enough to be in this stock, you want to take some off right now.”
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Trader disclosure: On Nov. 28, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Najarian is long AAPL stock; Najarian is long AKS calls; Najarian is long C stock; Najarian is long JPM calls; Najarian is long WFC calls; Najarian is long INTC stock; Najarian is long YHOO stock; Grasso is long retailers in retail based hedge fund; Grasso has positions in AA, AKS, AMR, ASTM, BA, BAC, D, LIT, MHY, PFE, PRST, S, XLU; Weiss is long EUO; Weiss is long QCOM; Weiss is long NFLX puts; Weiss is long HPQ stock; Weiss is long DE stock; Weiss is long MDRX stock;
Morgan Stanley managed or co-managed public offering in EXPR
Morgan Stanley received compensation for investment banking services from EXPR, LTD
Morgan Stanley expects to received or seek compensation for products from ANF
Morgan Stanley & Co. LLC makes a market in the securities of Abercrombie & Fitch Co., Aeropostale Inc, American Eagle Outfitters, Inc., AnnTaylor Stores Corp, Chico's FAS Inc., Children's Place Retail Stores Inc., Coach Inc, Express, Inc., Gap Inc, Guess, Limited Brands Inc, Lululemon Athletica Inc., Ross Stores Inc., Skullcandy Inc, Teavana Holdings, Inc., Tiffany & Co., TJX Companies Inc., Urban Outfitters Inc..
Morgan Stanley & Co. International PLC and its affiliates have a significant financial interest in the debt securities of Limited Brands Inc, TJX Companies Inc..
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SFG and/or its affiliates beneficially own 1% or more of the securities of Netflix, Inc. (NFLX).
Citigroup has received compensation for products and services other than investment banking from ERTS
ERTS has been a non-investment banking client of Citgroup Global markets over the past 12 months
Keybanc Capital Markets makes market in WYNN Securities
Expects to receive or seek compensation for investment banking from WYNN
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