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The Fast Money Misfires – Friday May 8th

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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.

Joe Terranova

On May 1st the Liquidator thought he’d hit the jackpot by betting against the casino stocks. At the time he said, “Wynn Resorts, I would take some off of the table, and maybe go short."

Unfortunately, this gamble didn’t pay. Since he said to go short Wynn has popped 13%.

What now?

It didn't feel good and I'm still short, sniffles Terranova.


Jeff Macke

On April 29th the Wolf thought he’d broadcast his way to profits by shorting a media titan. At the time he said, "Viacom is a sell. If you’re long just because rival Time Warner is breaking off AOL you’re just a little silly.”

Unfortunately, there’s nothing to laugh about with this trade. Since Macke said Viacom was a sell the stock has climbed 6%.

What now?

So I missed a 6% move, bristles Macke. I don't feel that bad.

Guy Adami

On April 28th the Negotiator thought he’d dial up returns with a long position in Verizon . At the time he said, "Verizon, they have been doing everything right for a long time. Their EPS was better than expected. I think you can stay with VZ."

Unfortunately, Adami’s long call was disconnected. Since he recommended Verizon it’s down 5%.

What now?

I still think the stock is okay, says Adami. Maybe it gets cheaper, but it's still on my radar.

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Trader disclosure: On May 8th, 2009, 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 (AAPL), (TGT), (WFC), (GS), (PCLN), (GE), (SDS), (AGU); Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Finerman's Firm Owns (MSFT) And Is Long (MSFT) Put Spreads; Finerman's Firm Owns (UNH); Finerman's Firm And Finerman Own (WFC) Preferred Shares, Finerman's Firm Is Short (WFC); Finerman's Firm Is Short (IJR), (SPY), (MDY), (IWM), (USO), (BBT); Terranova Owns (XBI), (GENZ), (ABT), (BP); Terranova Is Short (XOM) Call Spread; Terranova Owns (MS) And Is Short (MS) Calls; Terranova Owns (DIS) Call Spread; Terranova Is Short (JPM), (BRCM), (POT), (X), (WYNN), (JOYG), (HES); Terranova Is Short June Crude Oil Futures; Terranova Is Short June Natural Gas Futures

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

GE Is The Parent Company Of CNBC; NBC Universal Is The Parent Company Of CNBC; Charles Schwab Is A Sponsor Of "Fast Money"