In this feature the guys revisit recent trades. Find out what Eric Bolling is saying today about the country's largest iron company ... and discover what Guy Adami said about a metal components company before it joined the S&P today.
Cleveland-Cliffs (CLF), North America’s largest iron company, saw its stock soar today as talks of a takeover continue to heat up.
Back on March 29, Eric Bolling noted that CLF bought two mines – one in Australia and one in Brazil – showing its more than just an American iron company. And Jon Najarian, brother to the Pit Boss, said just last Friday that the stock was trading at an abnormally high volume, a sign that people were putting out leveraged bets for the stock to be taken over.
Eric says CLF is still a buy, citing the huge demand for iron aside from the takeover potential. Pete notes that the volatility is still in CLF’s options. “This has been a monster trade,” he says.
And Precision Castparts (PCP) joined the S&P 500 today, hitting its 52-week high along the way. Back on May 9, Guy Adami said “you need to own” PCP. It had beaten its fourth quarter by 11% and it’s a true growth company, he said.
The stock is up 900% over the last five years, Guy notes, and it was up 2.5% today alone.
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Trader disclosure: On May 31, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Bolling Owns (ICE), (NMX), Natural Gas, Sugar, Coffee; Najarian Owns (AAPL),(CLF),(DNDN),(MOS)
For the record: Jon Najarian Owned (CLF) On 5/25/07