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Fast Money

The Fast Money Misfires – Friday May 2nd

Sometimes a stock is hot and other time it just burns. Following are the Fast Money misfires.

Guy Adami

On April 12th the Negotiator thought he saw potential in a biotech play. At the time he said, “Genetech on a valuation basis looks cheap. I understand that its a trading vehicle that people will sell off...but I love the stock.”

It’s time for Adami to take his medicine. Shares of Genentech stumbled after their cancer drug Rixutan failed in a study as a treatment for lupus.

I should have kept my mouth shut, says Guy Adami. I still think it’s cheap but buy at your own risk.

Karen Finerman

On April 14th the Chairwoman recommended a short position in one of the nation’s largest banks. At the time she said, We’re short Capital One and we're going to stay that way. I don't think we've seen the worst (in consumer debt writedowns.)

Finerman can’t take credit for this trade. In the last month shares of the company have turned, rallying since her call.

It’s time to get out, says Karen Finerman. It’s my bad.

Jeff Macke

On April 23rd the Lone Wolf was in a bad mood over Moody’s . At the time he said, “They're a sell. You don't need a rating agency to get you this far behind the curve.”

Maybe Macke needs some mood enhancers. Since his call shares of Moody’s are 8% higher.

My feelings about Moody’s haven’t changed, exclaims Jeff Macke.

Tim Seymour

On April 11th, the Ambassador recommended a bearish bet on emerging markets. At the time he said, “Buy the UltraShort MSCI Emerging Markets ProShares (as a bet against emerging markets). I’m saying the emerging markets are going down.”

No happy returns for Seymour, here. That double short ETF is down 14% since his call.

It was a short term play, explains Seymour, if you’re still in it you should know it’s going to plummet if emerging markets go up.


Fast Fire

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Trader disclosure: On May 2, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (ATVI), (DIS), (MSFT), (HAS), (INTC); Adami Owns (AGU), (NUE), (BTU), (C), (GS), (INTC), (MSFT); Seymour Owns (AAPL), (CSCO), (INTC), (MER), (MSFT); Seygem Asset Management Owns (EEM), (INFY); Finerman Owns (GS), (C); Finerman's Firm And Finerman Own (HD); Finerman's Firm Owns (NYX), (MO), (MSFT), (PLCE), (PM),(YHOO) and (YHOO) Call Spreads, S&P 500 Puts, Finerman's Firm Is Short (WWY), (IYR), (IJR), (MDY), (IWM), (SPY), (COF); Finerman's Firm And Finerman Own (C) And (C) Leaps; GE Is The Parent Company Of CNBC