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Burned By JPMorgan, IBM & More

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

Guy Adami

On July 14th the Negotiator suggested taking a shot at a Wall Street heavyweight. “Short JP Morgan,” he said. “I think it still sinks. And if it closes above $35 and a quarter you're out.”

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4642.T
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Unfortunately, Adami made the wrong move and found himself down for the count. After posting a 36% rise in quarterly profits, the stock jumped over 10%. So what does he have to say for himself?

I was wrong, says Adami, but that's why a tight stop is critical.

Joe Terranova

On July 7th the Liquidator jumped out of a trade a tad too early. “You can't hang in there with IBM,” he said. “The way that it's performed over the last 3, 4 days, you've got to move to the sidelines.”

Sometimes the best thing to do is nothing. After making his exit, the stock soared another 17%. So what does he have to say for himself?

I still expect the stock to pull back, says Terranova.

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IBM
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Tim Seymour

On July 14th the Ambassador suggested keeping your distance from GE, the parent of CNBC. “Technically and tactically, I would not jump into this stock in the short-term.”

But since he said to pass, GE has been in play climbing 9% after Goldman Sachs upgraded the stock to “Buy.”

I'm still concerned that stock is challenged at $13.50, Seymour says.

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Trader disclosure: On July 31st, 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); Terranova Owns (AMZN), (MSFT), (MCD); Terranova Is Short (TM)

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)

For Mike Khouw:
Cantor Fitzgerald & Co. Is A Market Maker In (AAPL)
Cantor Fitzgerald & Co. Is A Market Maker In (AMSC)
Cantor Fitzgerald & Co. Is A Market Maker In (EXPE)
Cantor Fitzgerald & Co. Is A Market Maker In (GOOG)
Cantor Fitzgerald & Co. Is A Market Maker In (INTC)
Cantor Fitzgerald & Co. Is A Market Maker In (MSFT)
Cantor Fitzgerald & Co. Is A Market Maker In (NKE)
Cantor Fitzgerald & Co. Is A Market Maker In (SYMC)
Cantor Fitzgerald & Co. Is A Market Maker In (YHOO)

GE Is The Parent Company Of CNBC

CNBC.com with wires