It’s time for a little trade update on Guitar Center (GTRC). We talked about that stock a little while back when we went Face 2 Face with Rick Nielsen, the guitarist from 80's band "Cheap Trick."
At the time Jeff Macke said “I think you get long this stock.”
Well, the company was bought out today by Bain Capital partners for a cool $1.9 billion sending shares up 20% today.
Jeff still likes this company.
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Trader disclosure: On June 26 2007, 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 (GTRC); Bolling Owns (NMX), (MPEL), (ICE), (T),; Bolling Has Closed Out Of His S&P Futures Short: Bolling Has Closed Out Of His Nasdaq Futures Short: Najarian Has Closed Out Of His Long (.VIX) Trade; NBC Universal Is The Parent Company Of CNBC