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Burned by Ford, Schlumberger & More

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

Joe Terranova

On September 23rd the Liquidator thought Ford was a stock with plenty of acceleration potential. “The international story for Ford is phenomenal, but also look domestically,” he said. “CEO Alan Mulally, he has just done a phenomenal job navigating through this crisis. This is the time to step in and buy again.”

Unfortunately this trade just kind of sputtered out. Since Terranova turned bullish shares have run out of gas. So, what does he have to say about Ford now?

"I'm so disappointed," he says. "I still like the play but considering the downtrend it's got to break above $7.60, a point of resistance, before you can get long."

Symbol
Price
 
Change
%Change
F
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Guy Adami

On October 1st the Negotiator thought oil services firm Schlumberger was hardly a stock worth gushing about. “You might want to get Schlumberger short here,” he said. “I’m looking for 52.50.”

As it turns out getting short left Adami holding the short end of the stick. Since he made the call for this stock to go down, Schlumberger has climbed well above $60. So, what does he have to say about this trade now?

I was wrong on my timing but I still think you can get short, he says, with a stop at $63.89.

Symbol
Price
 
Change
%Change
SLB
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Karen Finerman

On October 1st the Chairwoman just couldn’t justify buying a high priced specialty retailer. “Although JCrew is down 6% I just think its still too rich,” she said. “I think they still have more to go. It’s still too expensive.”

As it turns out this stock was cheap. Since her suggestion to sell, shares have climbed higher. So what does Finerman have to say about this trade now?

I still think the valuations are crazy but I can't deny that I got it wrong, she says.

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Trader disclosure: On Oct. 9th, 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), (BTU), (C), (INTC), (MSFT), (NUE); Finerman's Firm Owns (BAC), (BAC) Calls, (BAC) Preferred; Finerman's Firm Owns (UNH) Calls; Finerman Owns (BAC), (BAC) Preferred; Finerman's Firm Owns (CSCO), (M), (MSFT), (DRI); Finerman's Firm Is Short (IJR), (MDY), (SPY), (IWM), (UNG), (USO); Finerman's Firm And Finerman Own (WFC) Preferred; Finerman's Firm Owns (WLP) Calls; Finerman's Firm Is Short (TLT); Terranova Owns (JPM), (MOS), (NOV); Terranova Is Short (GRMN), (CCL); Terranova Owns December 2009 Gold Futures; Terranova Owns December 2009 Crude Oil Futures; Terranova Owns December 2010 Crude Oil Futures; Terranova Works For (VRTS); Terranova Is Chief Market Strategist Of Virtus Investment Partners, Ltd.; Seymour Owns (AAPL), (BAC), (EEM), (F), (INFY), (RTP)

For Joe Terranova
Virtus Investment Partners Owns More Than 1% Of (XLY)
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 (XLI)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (DBA)
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (UA)