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Big Money Very Excited About This Stock: Grasso

To present the best possible Trade of the Day, Steve Grasso, Director of Institutional Sales Trading at Stuart Frankel, asked a major money PM, for his very best stock.

This money manager is evidently so major that Grasso said he had to keep his identity a secret.

“But this guy practically rushed through the phone to tell me about InterOil ,” says Grasso.

The excitement is due to the potential from the discovery of a large gas field in Papua New Guinea.

Currently, there's an upcoming election and the successful candidate will decide the fate of the project. As things stand now, Grasso is hearing that a pro-energy candidate is the most likely winner.

But the stock is up 29% in the past year; are gains already factored in?

"I asked this PM," Grasso said. "I asked how much more is left in the move? He said a considerable amount more,” I asked if $90 was good (target) and he said that’s well within reason, if things go well.”

Posted by CNBC's Lee Brodie




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Trader disclosure: On July 17, 2012 , the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Tim Seymour is long BAC; Tim Seymour is long SBUX; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long JPM; Karen Finerman is long WMT; Karen Finerman is long TGT; Karen Finerman is long GOOG; Karen Finerman is long M; Karen Finerman is short SPY; Karen Finerman is short MDY; Karen Finerman is short IWM; Steve Weiss is long QCOM; Steve Weiss is long DVN; Steve Weiss is long T; Steve Weiss is long VZ; Steve Weiss is long WLP; Steve Weiss is long BCE; Steve Weiss is long VOD; Steve Weiss is short PCAR; Steve Weiss is short APPLE PUTS; Steve Weiss is short JCP; Steve Grasso is long ASTM; Steve Grasso is long BA; Steve Grasso is long D; Steve Grasso is long FRO; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long MO; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is long VLO; Steve Grasso is long XLU

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