Does that 16% after hours decline in Deckers leave you itching to make a move?
Fast Money Trader Jon Najarian thinks it should. With shares down so sharply after earnings, he thinks it due for a bounce on Friday.
Investors went running for the exits after Deckers reported lower-than-expected quarterly results and cut its full-year profit forecast due to rising product costs.
Also the company said the warm winter had dented demand for the company’s signature UGG brand boots.
Looking at the numbers, first-quarter profit fell to $7.9 million, or 20 cents per share, from $19.2 million, or 49 cents per share, last year.
Analysts had expected the company to earn 25 cents per share on revenue of $246.5 million, according to Thomson Reuters I/B/E/S.
And although the results may warrant a decline, Najarian thinks the decline has been excessive.
Despite results, “Deckers deserves to be at least a $60 stock,” he says. “At $56, I just don’t understand why anyone wouldn’t want to own it.”
But he adds it's a short-term trade. "I'll probably get out by lunchtime, Friday."
* You can find our conversation with Jon Najarian about 7 minutes into this video clip.
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Trader disclosure: On Apr 26, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Jon Najarian is long DECK; Jon Najarian is long EXPE; Tim Seymour is long AAPL; Tim Seymour is long BAC; TIm Seymour is long CSCO; Brian Kelly is long SPY; Brian Kelly is long USG; Brian Kelly is long IWM; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Keith McCullough is long GLD; Keith McCullough is long XLU
For Keith Goddard
Keith Goddard is long SPLS
Keith Goddard is long AMZN
For Peter Nesvold
Nothing to disclose
For Michael Pachter
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CNBC.com with wires.