They looked like hot stocks; so how are the Fast Money traders playing Pulte, Fortress and other losers, now that they've been burned!
On May 4th the Negotiator thought he’d hunker down with a long position in Fortress . At the time he told the panel, “I still think there’s room on the upside.”
But since Adami said it could go up this stock has taken the express elevator down with shares off 26%. What does Adami have to say for himself?
"I stayed at the party too long," he admits. "I thought it was okay to own on the secondary but I was wrong!"
On May 4th the Chairwoman suggested building a position in homebuilder Pulte . She said, “if you think the bottom is in, and I actually think it may be in, then Pulte is the way to go. Nice balance sheet, a lot stronger than some of the others in the same space.”
But since the Chairwoman said to get long the stock lost its foundation, down 18%. What does Finerman have to say for herself?
"I was wrong," she admits. "There's no other explanation."
On May 5th the Pit Boss suggested playing Boyd Gaming due to unusually bullish options action. He said, “They were buying the May 10 calls last week, May 12 calls today. Four times the interest today, keep an eye on it, absolutely screaming run, continues to run into this number.”
But since the Pit Boss placed his bets Boyd dropped 11%. What does Najarian have to say for himself?
"My casino trade 'crapped' out," admits Pete Najarian. "That's what happens when you belly up to the table."
On May 4th the Ambassador thought a shipping stock was about to sail higher. At the time he said, “I happen to think that Dryships is an investment here if only because they have seemingly forestalled the problems in their balance sheet. So they have a billion seven in cash to work with. They've got some cap ex next year, that leaves them still with a cash cushion.”
But since the Ambassador hopped on board the stock dropped anchor, plunging 25%. What does Seymour have to say for himself?
"I'm still in the name and I'm hanging on for dear life," he reveals.
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Trader disclosure: On May 15th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Seymour Owns (DRYS), (RIMM), (RIG), (TSL), (F), (AAPL), (BAC), (BX), (EEM), (FXI), (TSL); Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Finerman's Firm Owns (PBR), (RIG); Finerman's Firm Owns (BAC) Preferred, (WFC) Preferred; Finerman's Firm Is Short (XRT), (BAC), (WFC); Najarian Owns (CELG); Najarian Owns (AMD) Calls; Najarian Owns (BX) Calls; Najarian Owns (INTC) Calls; Najarian Owns (MOS) Call Spread; Najarian Owns (XHB) Call Spread; Najarian Owns (XLB) Call Spread; Najarian Owns (XLU) Calls