A long position in Fusion IO looked like a hot trade but so far, all it’s done is burn Pete Najarian.
The Pit Boss made the fateful call on April 26th as he extolled the virtues of the company from almost every angle imaginable.
“The core of this business is solid. I love what this company does, I love where they are in the space,” he said at the time.
“I think the upside, the growth potential is unbelievable. I own this stock because I think at $28, yeah valuations look a little bit lofty but I still see a company that is going in the right direction.”
The company may be going in the right direction but shares went in the wrong direction. Since he went long shares are down over 20%.
Now what?
“I got killed in this trade,” admits Najarian today, “however I still believe in the story and I’m thinking about buying more at these levels.”
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Trader disclosure: On May 22, 2012 , the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Pete Najarian is long AAPL; Pete Najarian is long C; Pete Najarian is long INTC; Pete Najarian is long SBUX; Pete Najarian is long PEP; Pete Najarian is long FB; Pete Najarian is long FIO; Patty Edwards is long AAPL; Patty Edwards is long GLD; Patty Edwards is long INTEL; Patty Edwards is long JOYG; Patty Edwards is long SBUX; Patty Edwards is long COP; Patty Edwards is long AMZN; Patty Edwards is long PEP; Patty Edwards is long PVH; Steve Cortes is long QQQ; Steve Cortes is long GOOG; Steve Cortes is long LNKD; Steve Cortes is long SO; Steve Cortes is long DEO; Steve Cortes is long GS; Steve Cortes is long CLX; Steve Cortes is short XHB; Brian Kelly is long AMAT; Brian Kelly is long GE; Brian Kelly is long INTC; Brian Kelly is long MSFT; Brian Kelly is long ORCL; Brian Kelly is long T; Brian Kelly is long VZ; Brian Kelly is long WFC; Brian Kelly is long KRE; Brian Kelly is long GLD; Brian Kelly is long FDX; Brian Kelly is long UPS; Brian Kelly is long USG; Brian Kelly is short EUROSTOXX 50; Brian Kelly is short CAC40; Brian Kelly is short FTSE100
For Camilla Sutton
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Wedbush Securities makes a market in the securities of the subject company, Best Buy: BBY
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