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Burned By Freeport McMoRan, Gap & More...

They looked like hot stocks. So how are the trader playing Freeport McMoRan, Gap and more now that they’ve been burned?

Joe Terranova

On November 10, the Liquidator suggested looking at oil refiners – and hitting the gas selectively. “There is one name, Holly Corp,” he said. “You can own it using a 27.50 stop. I think it gets back into the mid 30s.”

The company might make gas but the stock was certainly out of it. Since he said to get long share are sharply lower. What does Terranova have to say about this stock, now?

Holly is now trading at $23.45 which is its 200-day moving average, he says. I'm a buyer on the technicals.



Pete Najarian

On November 23rd the Pit Boss suggested Freeport McMoRan looked like, well – a gold mine, or at least a copper mine. “They've got some copper exposure. They also got a little bit of something in the gold world as well,” he said. “You've got to like the direction they’re going.”

Unfortunately for bullish investors, that direction was down the tubes. Since he said to get long shares have slipped nearly 10%. What does Najarian has to say about this stock now?

With copper above $3, I still this this is a stock worth owning, Najarian says.

Symbol
Price
 
Change
%Change
FCX
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Guy Adami

On November 5th the Negotiator thought apparel seller Gap looked rather attractive. “It's unbelievable what these guys are doing,” he said. “Inventories are down, the stock is trading at levels we haven't seen since 2004. Raised guidance and valuation is fair at 15 times forward earnings.”

In hind sight, the Gap didn’t look so good. Since he said to get long shares have tumbled. What does Adami have to say about this stock now?

I'd still be a buyer on positive comps, he reveals

Symbol
Price
 
Change
%Change
GPS
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Trader disclosure: On Dec. 18th, 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); Pete Najarian Owns (M) Calls; Pete Najarian Owns (MS), Is Short (MS) Calls; Pete Najarian Owns (UUP) Call Spread; Pete Najarian Owns (MRVL); Finerman's Firm Is Short (IJR), (MDY), (SPY), (IWM), (UNG); Finerman Owns (AAPL); Finerman's Firm Owns (BCR), (M), (MSFT), (NOK), (TGT), (WMT); Finerman's Firm Owns (BAC) Preferred, (BAC), (BAC) Call Spread; Finerman Owns (BAC) Preferred, (BAC); Finerman's Firm And Finerman Own (WFC) Preferred; nerman's Firm And Finerman Own (FLS)

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 (DBV)
Virtus Investment Partners Owns More Than 1% Of (UA)

For Jim Iuorio
Iuorio Owns (FXA) Calls
Iuorio Owns (SH), Owns (SDS) Calls, Is Short S&P Futures
Iuorio Owns (GIS)
Iuorio Owns (UN)
Iuorio Owns (EWC)
Iuorio Owns (FXA) Calls
Iuorio Owns (FXE) Calls

For Brian Stutland
Stutland Owns (GLD), Is Short (GLD) Dec. Call Spread, Owns (GLD) Jan. Put Spreads, Is Short (GLD) Jan. Calls

For Liz Dunn
Thomas Weisel Partners Or Affiliate Has Managed Or Co-Managed A Public Offering In Past 12 Months For (CACH), (ULTA), (LULU)
Thomas Weisel Partners Or Affiliate Has Received Investment Banking Compensation In Past 12 Months From (CACH), (ULTA), (LULU)
Thomas Weisel Partners Or Affiliate Expects To Receive/Seek Investment Banking Compensation In Next Three Months From (ANF), (ANN), (CACH), (CWTR), (ULTA), (LULU)
Thomas Weisel Partners Is A Market Maker In (CACH), (CWTR), (PSUN), (ULTA), (URBN), (LULU)
Thomas Weisel Partners Or Affiliate Has Provided In Past 12 Months Or Is Providing Investment Banking Services To (CACH), (ULTA), (LULU)

Pete Najarian Owned (BRCD), (BRCD) Calls On 11/24/09
Terranova Owned (HOC) On 11/10/09
Pete Najarian Owned (FCX) Call Spread On 11/23/09