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Burned By IBM & Posco

They looked like hot stocks. So how are the traders playing IBM and Posco now that they’ve been burned?

Pete Najarian

On July 14th the owner of Taco Bell, Pizza Hut and KFC whet the appetite of our Pit Boss. “I think Yum is a steal even at these levels. As much as it’s run up already this year, you can still buy it."

Hope Najarian’s got some antacid handy because this play generated nothing but heartburn. Since he said to go long shares of Yum have slipped about 8%. So what does he have to say for himself now?

I still like the stock, Najarian reveals, but I also realize it wasn't my best call.

Symbol
Price
 
Change
%Change
YUM
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Tim Seymour

On July 13th the Ambassador thought a South Korea based steel producer wasn’t worth its metal. “I’m seeing some cracks in the Asian growth story,” he said. “Short Posco .”

Looks like the Ambassador failed to recognize just how strong metal is. Since he said to short, shares of Posco has climbed 14%. So what does he have to say for himself, now?

Korea has been kicking butt, says Seymour. Clearly, there's another economy growing in Asia.



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Trader disclosure: On July 24th, 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 (TSL), (MSFT); Grasso Owns (ASTM), (BAC), (BA), (COST), (FAZ), (OXY), (V), (WMT), (XLF), (T); Terranova Owns (MSFT), (MCD), (GOOG), (AMZN), (AXP); Najarian Owns (CSCO) Call Spread; Najarian Owns (INTC) Call Spread; Najarian Owns (JPM) And Is Short (JPM) Calls; Najarian Owns (MCD) And Is Short (MCD) Calls; Najarian Owns (MS) And Is Short (MS) Calls; Najarian Owns (MSFT) And Is Short (MSFT) Call; Najarian Owns (YHOO) Call Spread; Najarian Owns (V) And Is Short (V) Calls; Najarian Owns (HIG) Calls

For Steve Grasso:
Stuart Frankel And Its Partners Own (ABT)
Stuart Frankel And Its Partners Own (CUBA)
Stuart Frankel And Its Partners Own (GERN)
Stuart Frankel And Its Partners Own (MSFT)
Stuart Frankel And Its Partners Own (NWS.A)
Stuart Frankel And Its Partners Own (NXST)
Stuart Frankel And Its Partners Own (NYX)
Stuart Frankel And Its Partners Own (PDE)
Stuart Frankel And Its Partners Own (PRST)
Stuart Frankel And Its Partners Own (RDC)
Stuart Frankel And Its Partners Own (ROK)
Stuart Frankel And Its Partners Own (TLM)
Stuart Frankel And Its Partners Own (XOM)
Stuart Frankel And Its Partners Own (XRX)
Stuart Frankel And Its Partners Own (SDS)

For Joe Terranova:
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)
Virtus Diversifier PHOLIO Owns (DBC)
Virtus Diversifier PHOLIO Owns (DBV)
Virtus Investment Partners Owns More Than 1% Of (ABD)
Virtus Investment Partners Owns More Than 1% Of (CBL)
Virtus Investment Partners Owns More Than 1% Of (CAL)
Virtus Investment Partners Owns More Than 1% Of (CLB)
Virtus Investment Partners Owns More Than 1% Of (DLR)
Virtus Investment Partners Owns More Than 1% Of (EXR)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (MEE)
Virtus Investment Partners Owns More Than 1% Of (DBC)
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (DBA)
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
Virtus Investment Partners Owns More Than 1% Of (SKT)
Virtus Investment Partners Owns More Than 1% Of (TNB)
Virtus Investment Partners Owns More Than 1% Of (UA)
Virtus Investment Partners Owns More Than 1% Of (WBMD)