They looked like hot stocks. So how are the traders playing Abercrombie & Fitch, Alcoa and more now that they’ve been burned.
On October 10 the Negotiator thought Abercrombie & Fitch was on its way down. "The valuations don't make sense here and, I'll still say it, even with the move it has lower, I still think it goes further down." But A&F's improving sales reports sent it up 9 percent.
On October 16 the Negotiator thought Bank of America would pop on improving credit. "I bought a little bit of BAC today down near $17.15, right on the opening print ... BAC's got the most upside, that's why I like it." But the overhang from a $2 billion loss this quarter sent BAC sliding 13 percent.
On October 6, the Ambassador took a gander at Alcoa . "I believe I referred to this young lady on Friday as your long-term play ... even conservative CEOs like Klaus Kleinfeld has said that this story is improving, get long Alcoa ahead of these numbers." Despite ann earnings beat, profit-taking sent Alcoa down 7 percent.
Got something to to say? Send us an e-mail at email@example.com and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment but not have it published on our website send your e-mail to firstname.lastname@example.org.
Trader disclosure: On November 6th, 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), (GS), (INTC), (MSFT),(NUE),
Adami Owned (INTC) On 10/15/09
Najarian Owns (AA) Call Spread, (BX) Calls, (GE) Calls, (JWN) Calls, (RIMM) Call Spread, (UUP) Calls, (YHOO), (YHOO) Puts
Finerman's Firm Is Short (IJR), (IWM), (MDY), (SPY), (USO), (UNG),
Finerman's Firm Owns (BAC) Preferred, (BAC), (BAC) Call Spreads;
Finerman Owns (BAC) Preferred, (BAC);
Finerman's Firm Is Short (KFT);
Finerman's Firm Owns (M), (MSFT), (TGT);
Finerman's Firm Is Short (USO), Finerman's Firm Owns (WMT)
For Jeff Lindsay
Accounts Over Which Bernstein And/Or Affiliates Exercise Investment Discretion Own 1% Or More Of (AMZN)
Bernstein Is A Market Maker In (AMZN)
For Steve Cortes
Cortes Is Short (XRT), Owns S&P Futures
***CORTES HAS DISCLOSED FOR: WMT, XRT, SPY, MANPOWER
For Brian Stutland
***BRIAN STUTLAND HAS NOT PROVIDED DISCLOSURES