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The Fast Money Misfires – Friday May 1st

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Sometimes a stock is hot and other times it just burns you. Following are Fast Money trades that didn’t... errr, end so well.

Guy Adami

On April 20th the Negotiator said “ Abbott is a buy here” thinking this health care play that would add life to his portfolio.

Unfortunately, a long position didn’t cure anything that ailed his financial health; Abbott is down 6% since Adami’s bullish call.

"I was wrong," Adami concedes on Friday's Fast Money. "Get out."

Joe Terranova

On April 17th the Liquidator recommended McDonald’s as a tasty trade reasoning that “they are gaining market share in this economic downturn.”

Unfortunately this trade left him with indigestion. Since Terranova said long, shares slipped 6%.

We held his feet to the fire, but Terranova didn't was speechless.

Tim Seymour

On April 17th the Ambassador turned a cold should on a red metal when he said, “short copper with Freeport McMoRan.”

The Ambassador didn’t mine any returns on this play. Shares of FCX are up about 5% over the last 2 weeks.

"That was a three day trade," counters Tim Seymour. "I'm out and I made money. That's the problem with this show!"

Karen Finerman

On April 3rd the Chairwoman suggested betting on a takeover when she said “I still like Celgene. I do think that we will see a lot more M&A”

But the urge to merge didn’t propel these shares higher. Since she said to get long Celgene lost about 5%.

Finerman is sure we didn't understand her trade. "I never said get long Celgene," she exclaimed.

Maybe we should be fast fired!

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Trader disclosure: On May 1st, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Seymour Owns (AAPL), (BAC), (EEM), (FXI), (PBR), (DRYS); Finerman Owns (MA); Finerman's Firm Owns (AXP), (PBR), (RIG), (UNH), (TBT), (KFN), (ADP), (XPI), (IBB), (CSCO); Finerman's Firm And Finerman Own (TBT); Finerman's Firm Owns (BAC) Preferred; (C) Preferred; Finerman's Firm Owns (MSFT) & (MSFT) Put Spread; Finermans Firm Is Short (IJR), (MDY), (SPY), (IWM), (USO); Terranova Owns (IBM), (MS), (BP), (XOM), (HES), (X)

Terranova Owns (DIS) Calls; Terranova Owns (JPM) & (JPM) Calls; Terranova Owns (JOYG) & (JOYG) Calls; Terranova Owns (INTC) & (INTC) Calls; Terranova Owns (BRCM) & (BRCM) Calls; Terranova Owns (WYNN) And Is Short (WYNN) Calls

Terranova Works For (VRTS); Terranova Is Chief Alternatives Strategist Of Virtus Investment Partners, Ltd.; Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO

Virtus Diversifier PHOLIO Owns (IGE), (DBC), (DBV)

Virtus Investment Partners Owns More Than 1% Of (ABD),(ARE), (CAL), (DLR), (EPR), (EXR), (IGE), (MEE), (DBC), (DBV), (DBA), (SKT), (UA), (CLB), (WBMD); Virtus Investment Partners Owns More Than 1% Of St Mary Land & Exploration Co; Virtus Investment Partners Owns More Than 1% Of Seagate Tax Refund Rights; Terranova Owns June Crude Oil And Is Short September Crude Oil