Hovnanian’s price action has been a “disaster,” according to Adami, there’s a huge (72%) short interest and the company is laden with debt problems. But the stock is so depressed that it’s getting toward levels where “interesting things may start to happen,” he said. It wouldn't be surprising if HOV rallied $3 on any day - a huge percentage move given the current stock price.
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Trader disclosure: On Nov. 20, 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 (YHOO), (EMC); Najarian Owns (AMTD) Options; (GOOG) Options; (YHOO) Options; Finerman's Firm And Finerman Own (GS), (KFT); Finerman's Firm Owns (SKS), (TSO), (WMT), (LTD), (CROX); Finerman's Firm Owns (MSFT) Options; Finerman's Firm Is Short (SPY), (IWM), (IYR), (IJR), (MDY), (LEN); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts; Finerman's Firm Owns (HD) And (HD) Puts, Finerman Owns (HD); Finerman's Firm Owns S&P 500 Puts; Finerman's Firm Owns Russell 2000 Puts