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Burned By Morgan Stanley, Potash & More

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

Steve Grasso

On July 20th the Governor thought a move higher in the casino space was nothing but a losing bet. At the time he said, “Hold back on MGM , LVS and other casino stocks purely on technical basis. I think you've got to hold back on the casino names."

As it turns out Lady Luck was not smiling on this trade. Over the last month shares of MGM are about 7% higher while Las Vegas Sands soared nearly 40%. What does Grasso have to say for himself?

We've seen a nice rally in almost every stock since that time, he says. I'd still stay away from casinos.

Symbol
Price
 
Change
%Change
MGM
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Symbol
Price
 
Change
%Change
LVS
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Joe Terranova

On August 6th The Liquidator turned bullish on a bank. “If you look at Morgan Stanley, the trade has been to buy every dip this year. Why? Because the stock moves higher on every dip subsequent to when the bad news comes out,” he said.

Unfortunately this trade left Terranova weeping all the way to the bank. Since his call shares of Morgan have plunged 10%. So what does he have to say for himself?

Morgan is having trouble at $30, but I still like it, says Terranova.

Symbol
Price
 
Change
%Change
MS
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Tim Seymour

On August 19th The Ambassador thought a fertilizer company was well positioned for growth “A company like Potash,” he said. “They've got this new paradigm where the price of their underlying commodity triples or quadruples.”

As it turns out this fertilizer trade was anything but fertile. Since he said to get long shares of Potash are down about 7%. So what does he have to say for himself?

I'm sticking with this trade, says Seymour. I still believe in it.

Symbol
Price
 
Change
%Change
POT
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In case you're wondering, Guy Adami gets a pass this week.

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Trader disclosure: On Sept. 4, 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), (INTC), (MSFT), (BTU), (NUE), (GS); Grasso Owns (AAPL), (ABK), (ASTM), (BA), (BAC), (C), (COST), (CSCO), (PRST), (V), (WMT), (FAZ); Terranova Owns (AAPL), (QCOM), (EOG); Terranova Owns Gold Dec. Futures; Seymour Owns (AAPL), (BAC), (ETFC), (CHL), (VIP); Seygem Asset Management Is Short (FXI)

GE Is The Parent Company Of CNBC

For Steve Grasso
Stuart Frankel & Grasso's Partners Own (CUBA)
Stuart Frankel & Grasso's Partners Own (DVN)
Stuart Frankel & Grasso's Partners Own (EOG)
Stuart Frankel & Grasso's Partners Own (GRN)
Stuart Frankel & Grasso's Partners Own (HSPO)
Stuart Frankel & Grasso's Partners Own (MSFT)
Stuart Frankel & Grasso's Partners Own (NWS.A)
Stuart Frankel & Grasso's Partners Own (NXST)
Stuart Frankel & Grasso's Partners Own (NYX)
Stuart Frankel & Grasso's Partners Own (PDE)
Stuart Frankel & Grasso's Partners Own (PRST)
Stuart Frankel & Grasso's Partners Own (RDC)
Stuart Frankel & Grasso's Partners Own (ROK)
Stuart Frankel & Grasso's Partners Own (TBT)
Stuart Frankel & Grasso's Partners Own (TLM)
Stuart Frankel & Grasso's Partners Own (XOM)
Stuart Frankel & Grasso's Partners Own (XRX)
Stuart Frankel & Grasso's Partners Own (SDS)
Stuart Frankel & Grasso's Partners Own (STWD)
Stuart Frankel & Grasso's Partners Are Short (QQQQ)
Stuart Frankel & Grasso's Partners Are Short (CL)

For Joe Terranova
Terranova Works For (VRTS)
Terranova Is Chief Market 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 (CAL)
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 (DBV)
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 (CLB)

For Charles Boorady
Citigroup Global Markets Or Affiliates Has Managed Or Co-Managed An Offering Of Securities Of (AET), (CI) In Past 12 Months
Citigroup Global Markets Or Affiliates Has Received Investment Banking Compensation In Past 12 Months From (AET), (CI), (UNH), (MHS), (CAH), (ABC)
Citigroup Global Markets Or Affiliate Received Non-Investment Banking Compensation In Past 12 Months From (AET), (GTS), (CI), (CVH), (HNT), (HS), (HUM), (UNH), (MHS), (CAH), (ABC), (MCK)
(GTS), (HS), (AET), (CI), (UNH), (MHS), (CAH), (ABC) Are Or In Past 12 Months Were Investment Banking Clients Of Citigroup Global Markets
(AET), (CI), (CVH), (HNT), (HUM), (UNH), (CAH), (GTS) Are or In Past 12 Months Were Clients Of Citigroup Global Markets (Non-Investment Banking, Securities Related Services)
(AET), (CI), (CVH), (HNT), (HS), (HUM), (UNH), (MHS), (CAH), (ABC), (MCK), (GTS) Are or In Past 12 Months Were Clients Of Citigroup Global Markets (Non-Investment Banking, Non-Securities Related Services)

Citigroup Global Markets Or Affiliate Received Compensation In Past 12 Months From (AET), (GTS)
Citigroup Global Markets Is A Market Maker In (CAH), (PFWD)

For Mike Khouw:
Cantor Fitzgerald Is A Market Maker In (AAPL)

For Jim Iuorio:
Iuorio Owns (GLD), (SLV)



Quicker/Fast Fire
Grasso's Clients Owned (UNH) On 7/20/09