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Whale Watching… And Breakouts & Breakdowns

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Hedge fund manager William Ackman appeared on CNBC and revealed stock recommendations as well as his reaction to some of the top news stories this week.

Following is a synopsis.

Lehman Is Different From Bear Stearns

"They're in a tough spot...we bought puts on Lehman almost as a market hedge than a bet against Lehman. If Lehman goes, I think it's bad for the markets generally,” Ackman said.

Ackman On His Latest Bets

"I very rarely like to make stock recommendations, but...I'll point out an 'interesting opportunity…

> Click here for more on Ackman’s thoughts and all his trades!

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Also… our friends at quantitative research firm Fusion IQ sort through 1000s of stocks in order to find stocks those that are breaking out or breaking down!

They use parameters including 1) price trend 2) money flow and 3) short interest to come up with these nice looking charts.

Breakout: Piedmont Natural Gas (PNY)

Symbol
Price
 
Change
%Change
PNY
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The Trade: Piedmont is now losing less money, explains Pete Najarian. I’d be hesitant to jump in.



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Breakdown: Newmont Mining (NEM)

Symbol
Price
 
Change
%Change
NEM
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The Trade: Newmont is worth watching now, says Guy Adami. I’ve hated it for a long time but now I’m staring to warm up.

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Trader disclosure: On Sept 10, 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 (WMT), (MSFT), (UUP); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Najarian Owns (AAPL) And (AAPL) Collar; Najarian Owns (KR) Calls; Najarian Owns (RIMM) Call Spread, (XLE) Call Spread; Najarian Owns (XLF) Collar; Najarian Owns (LEH) Put Spreads; Najarian Owns (MS) And Is Short (MS) Calls; Finerman Owns (GS); Finerman's Firm Owns (MSFT), (TSO), (VLO), (AEO); Finerman's Firm Is Short (BAC), (WFC), (XLF), (IYR), (IJR), (MDY), (SPY), (IWM), (KSS); Finerman's Firm Owns (DNA) Calls, (IRF) Calls; Finerman's Firm Owns Shares Of SeaDrill Limited