Burned By JPMorgan, Whirlpool & More

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

Joe Terranova

On October 9th the Liquidator suggested a bank trade was, well -- money in the bank. “I’d take a long position in JPMorgan ,” he said. “I think its a great trade, They're going to be a decisive winner in the financial fall out.”

Unfortunately this bank didn’t quite generate the kind of returns Terranova was hoping for. A flurry of negative economic data along with a spike in mortgage delinquencies sent share sharply lower since he said to get long. So, what does Terranova have to say at JPMorgan now?

I still like this stock and if you're not in it now, I'd get in, he says.

Symbol
Price
 
Change
%Change
4642.T
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Pete Najarian

On October 16th the Pit Boss thought he’d surely hit pay dirt with an oil services name. “Look at Weatherford,” he said. “That's the name to keep your eye on."

Unfortunately a long position in this stuck didn’t gush profits. Since Najarian said to get long share plunged as the dollar made gains. So, what does he have to say about Weatherford now?

I completely misread this story, admits Najarian. It's entirely my mistake.

Karen Finerman

On November 9th the Chairwoman thought she’d found a bargain in a major department store. ”In retail there are still a few names that I like,” she said, “Macy’s is one of them.”

As it turns out a long position in Macy’s wasn’t a bargain at all – in fact it was rather costly. Since she said to buy, the stocks slipped lower, on concerns about the strength of the consumer. So, what does Finerman have to say about Macy’s, now?

I'm still long, she says. I'm sticking with the trade.

Symbol
Price
 
Change
%Change
M
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Symbol
Price
 
Change
%Change
WHR
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Steve Grasso

On October 23rd the Governor thought he’d clean up with a long position in washing machine maker Whirlpool . “The consumer's not dead,” he reasoned. “I like the guidance; they’re ratcheting it up, I like it. I still say it's a buy.”

Unfortunately Grasso’s Whirlpool trade didn’t clean up – it cleaned him out. Since he said to get long shares have marched lower. So, what does he have to say about Whirlpool now?

I thought cash for appliances would help this one out and I was wrong, admits Grasso. I apologize.


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Trader disclosure: On Nov. 20th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Pete Najarian Owns (DE) Calls; Pete Najarian Owns (DELL) Calls; Pete Najarian Owns (GE) Calls; Pete Najarian Owns (INTC), Is Short (INTC) Calls; Pete Najarian Owns (KRE) Calls; Pete Najarian Owns (LLY) Calls; Pete Najarian Owns (UUP) Calls; Pete Najarian Owns (BRCD), Is Short (BRCD) Calls; Pete Najarian Owns (LAZ), Is Short (LAZ) Calls; nerman's Firm Is Short (IJR), (IWM), (MDY), (SPY), (USO), (UNG), (TLT); nerman's Firm Owns (CLX), (CSCO), (MSFT), (NOK), (WMT), (SFC), (M); nerman's Firm Owns (BAC) Preferred, (BAC), (BAC) Calls; Finerman Owns (BAC) Preferred, (BAC); Finerman's Firm And Finerman Own (SFC); Finerman's Firm And Finerman Own (WFC) Preferred; Finerman's Firm Owns (BCR), (BDX); Finerman's Firm Owns (BGC), (BGC) Calls; Terranova Owns (UNG) April 2010 Calls; Terranova Owns (POT), (GOOG), (AAPL), (FCX), (RIMM); Grasso Owns (AAPL), (ABK), (ASTM), (BAC), (BGP), (C), (COST), (FAZ), (PFE), (MRK), (V), (WMT)

GE Is The Parent Company Of CNBC
NBC Universal Is The Parent Company Of CNBC

For Steve Graso
Stuart Frankel & Its Partners Own (CMCSK)
Stuart Frankel & Its Partners Own (CUBA)
Stuart Frankel & Its Partners Own (GERN)
Stuart Frankel & Its Partners Own (HSPO)
Stuart Frankel & Its Partners Own (NWS.A)
Stuart Frankel & Its Partners Own (NXST)
Stuart Frankel & Its Partners Own (NYX)
Stuart Frankel & Its Partners Own (PDE)
Stuart Frankel & Its Partners Own (PRST)
Stuart Frankel & Its Partners Own (RDC)
Stuart Frankel & Its Partners Own (ROK)
Stuart Frankel & Its Partners Own (TLM)
Stuart Frankel & Its Partners Own (XRX)
Stuart Frankel & Its Partners Own (SDS)
Stuart Frankel & Its Partners Own (TBT)
Stuart Frankel & Its Partners Are Short (QQQQ)
Stuart Frankel & Its Partners Are Short (CL)

For Joe Terranova
Terranova Works For (VRTS)
Terranova Is Chief Market Strategist Of Virtus Investment Partners, Ltd.
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 (XLY)
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 (UA)

For Brian Stutland
Stutland Equities Is A Market Maker In VIX, Is Long Volatility

For Jon Najarian
Jon Najarian Owns (AMZN)
Jon Najarian Owns (WMT), Is Short (WMT) Calls

For Robert Stevenson
FPK Or Affiliates May Seek Investment Banking Compesnation From (RYL), (TOL), (DHI), (PHM), (LEN), (KBH) In Next 3 Months



Terranova Owned (JPM) On 10/9/09
Pete Najarian Owned (WFT) Calls On 10/16/09
Finerman's Firm Owned (M) On 11/9/09