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Follow Leon Cooperman into RIM, Halliburton?

Money pros are taking a second look at a handful of stocks after billionaire investor Leon Cooperman, who runs Omega Advisors, disclosed new positions in Halliburton and Transocean and increased his position in Research in Motion.

Cooperman is widely considered one of the smartest investors on the Street; prior to establishing his hedge fund in 1991, he spent 25 years at Goldman Sachs.

What should you make of Cooperman’s positions?

Research in Motion

“This is a classic ‘half a cigar butt’ trade,” says Anthony Scramucci. “In other words, RIM has been half smoked. Somebody could pick it up.”

But he adds it's also value stock, it's cheap.

Therefore Scaramucci sees the position as a kind of calculated bet that the catalyst most likely to move the stock will be something good happening. All the bad is baked in.

“If shares go higher, Cooperman could win big but because of the stock’s current valuations, he probably doesn't have a lot to lose."

(The Fast gang spoke with Cooperman about his RIM position in November 2011.Click here to see what he said at that time.

Halliburton & Transocean

Trader Steve Grasso thinks Cooperman is simply buying laggards which he hopes will play a game of catch up. “There’s been a divergence between North American names and companies with more international exposure in this space,” explains Grasso.

However, he thinks the move may have already happened.

If you’re looking for a trade, Grasso says “you’re better off buying Weatherford and Schlumberger .”

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Trader disclosure: On Feb. 10, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Scaramucci is long AAPL; Scaramucci is long C; Scaramucci is long GS; Scaramucci is long CSCO; SkyBridge Capital Is A Fund Of Funds Manager; Anthony Scaramucci is one of 8 national finance chairs for Mitt Romney campaign; Scaramucci a fundraiser for Mitt Romney and has contributed to the Romney campaign; Najarian is long AAPL; Najarian is long BAC; Najarian is long GS; Najarian is long NFLX; Najarian is long INTC; Najarian is long CSCO; Najarian is long IBM; Najarian is long RVBD; Najarian is long ALL; Najarian is long DIS; Najarian is long FIO; Najarian is long LNKD;

For Steve Grasso
Stuart Frankel & Co and it’s partners own CSCO
Stuart Frankel & Co and it’s partners own HPQ
Stuart Frankel & Co and it’s partners own MU
Stuart Frankel & Co and it’s partners own P
Stuart Frankel & Co and it’s partners own ZNGA
Grasso is long NUAN
Grasso is long S
Grasso is long XLU

For Zach Karabell
Karabell is long TGT
Karabell is long AAPL
Karabell is long IBM
Rivertwice is short GS puts
Rivertwice is short XLF

For Patty Edwards
Trutina Financial is long AAPL
Trutina Financial is long GLD
Trutina Financial is long INTC
Trutina Financial is long JOYG
Trutina Financial is long MAT

For Tony Sacconaghi
Toni Sacconaghi maintains a long position in Seagate Technology (STX).
Mit Shah maintains a long position in Apple Inc. (AAPL).
Bernstein currently makes a market in the following companies AAPL / Apple Inc.

For Gene Munster
I or a household member have a financial interest in the securities of the following companies: none

I or a household member is an officer, director, or advisory board member of the following companies: none

I have received compensation within the past 12 months from the following companies : none

Piper Jaffray or its affiliates beneficially own 1% or more of any class of common equities of the following companies: none

The following companies have been investment banking clients of Piper Jaffray during the past 12 months: ACOM, DANG, DRIV, MOBI, YNDX, YOKU

Piper Jaffray expects to have the following companies as investment banking clients within the next three months: none

Other material conflicts of interest for Gene Munster or Piper Jaffray regarding companies in my universe for which I am aware include:
ACOM, YNDX, YOKU: underwriting

Piper Jaffray received non-investment banking securities-related compensation from the following companies during the past 12 months:
ACOM, DRIV

Piper Jaffray makes a market in the securities of the following companies, and will buy and sell the securities of these companies on a principal basis:
AAPL, ACOM, AMZN, BIDU, DANG, DRIV, EBAY, GOOG, IACI, LOGM, MCHX, MELI, MOBI, PRTS, RLOC, SINA, SOHU, VCLK, WWWW, YHOO, YNDX, YOKU

Piper Jaffray usually provides bids and offers for the securities of the following companies and will, from time to time, buy and sell the securities of these companies on a principal basis: none

For Amelia Bourdeau
No disclosures

For Bryan Stockton
No disclosures

For Jeff Weiner
No disclosures

For Jeff Kilburg
Kilburg is long TLT



CNBC.com with wires.

Symbol
Price
 
Change
%Change
HAL
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RIG
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BB
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SLB
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WFT
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