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Burned By Qualcomm, Amgen & More

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

Joe Terranova

On February 1st the Liquidator put some chips on, err.... chips. He recommended a long position in Qualcomm ! “$38.67 is the low in Qualcomm. I think you could be long here,” he said at the time.

Unfortunately, long Qualcomm turned out to be a losing bet. What does Terranova have to say about this trade now?

I'd stay long with a $35 stop, he counesls.

Guy Adami

On February 1st the Negotiator thought shares of Amgen looked cheap. “It's reasonably priced with a lot of upside,” he said.

But if you paid $59 and change for this stock -as the Negotiator suggested - you overpaid. Shares are currently around $56 and change. What does Adami have to say about this stock now?

I think you can still own this name, he says. They have at least 4 promising drugs in their pipeline.

Symbol
Price
 
Change
%Change
EME
---

Pete Najarian

On February 2nd the Pit Boss suggested Big Pharma as his prescription for profits. “Look at Pfizer,” he said. “I love the performance and dividend stream.”

Unfortunately, there’s no pill to cure the ills of this trade. Since Najarian suggested a long position shares are off about 5%. What does Najarian have to say about this stock now?

It's a long term play, he says. I'm getting burned a little but that's okay.

Symbol
Price
 
Change
%Change
PFE
---

Tim Seymour

In early February, the Ambassador said ‘Nyet’ to Russia. “Russia's been outperforming this year but the RSX looks like it's going lower,” he said. "Stay short."

Unfortunately Seymour should have said ‘Da.’ The ETF bounced 6%. What does Seymour have to say about this ETF now?

I think Russia goes higher from here, he admits.


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Trader disclosure: On February 26, 2010, 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), (GS), (INTC), (MSFT), (NUE), (BTU); Kaminsky Owns (EPV); Kaminsky Owns (LULU) Puts; Najarian Owns (AKAM) Call Spread; Najarian Owns (BAC) Call Spread; Najarian Owns (CMC) Call Spread; Najarian Owns (JDSU) Calls; Najarian Owns (MYL); Najarian Owns (TEVA), (TEVA) Puts; Najarian Owns (HK) Call Spread; Najarian Owns (HOLX) Calls; Najarian Owns (TEVA), (TEVA) Puts; Najarian Owns (MYL); Najarian Owns (JOYG); Najarian Owns (PFE); Najarian Owns (CELG); Najarian Owns (CEPH) Call Spread; Kelly Owns (AMZN) Calls; Kelly Owns (ELX) Calls; Kelly Owns (HOV) Calls; Terranova Owns (JPM), (AAPL), (EMC), (QCOM), (GOOG), (MSFT), (DELL), (IBM), (MSFT); Terranova Owns (GLD) March Puts; Terranova Is Long April, December Oil Futures; Terranova Is Long Oil Futures (April 2010, December 2010); Grasso Owns (AAPL)
Grasso Owns (BAC); Seymour Owns (AAPL), (BAC), (F), (INTC), (PBR), (TSL)

For Tim Seymour:
Seygem Asset Management Owns (POT)

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 (XLP)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (SKT)

For Steve Grasso
Stuart Frankel And Its Partners Own (ABX)
Stuart Frankel And Its Partners Own (BAC)
Stuart Frankel And Its Partners Own Gold
Stuart Frankel And Its Partners Own (SDS)
Stuart Frankel And Its Partners Own (TOL)
Stuart Frankel And Its Partners Are Short (QQQQ)

For Whitney Tilson
Funds Managed By Whitney Tilson Owned (BRK.A), (BRK.B) On 2/25/10

Tilson Owned (BRK.A), (BRK.B) On 2/25/10

For Dennis Garwtman
Funds Managed By Gartman Are Short S&P 500
Funds Managed By Gartman Are Short Euro
Funds Managed By Gartman Are Short Yen
Funds Managed By Gartman Are Short Steel
Funds Managed By Gartman Are Long Gold
Funds Managed By Gartman Are Long Natural Gas
Funds Managed By Dennis Gartman Are Short Yen, Are Long Canadian Dollar, Are Long Australian Dollar
Funds Managed By Dennis Gartman Are Short (NUE)
Funds Managed By Dennis Gartman Are Short (SPY)
Funds Managed By Dennis Gartman Are Short S&P 500
Funds Managed By Dennis Gartman Are Long Gold
Funds Managed By Dennis Gartman Are Short British Pound
Funds Managed By Dennis Gartman Are Long Australian Dollar
Funds Managed By Dennis Gartman Are Long Canadian Dollar
Funds Managed By Dennis Gartman Are Short Euro

For Mike Khouw
Cantor Fitzgerald & Co. Is A Market Maker In (SPY)

For Brian Kelly
Kanundrum Capital Owns (DB)
Kanundrum Capital Owns (CS)
Kanundrum Capital Owns (C)
Kanundrum Capital Owns (JPM)
Kanundrum Capital Owns (GLD)
Kanundrum Capital Owns (GDXJ)
Kanundrum Capital Owns (BRCM)
Kanundrum Capital Owns (QCOM)
Kanundrum Capital Owns (VMW)
Kanundrum Capital Owns (ELX)
Kanundrum Capital Owns (QLGC)
Kanundrum Capital Is Long U.S. Dollar
Kanundrum Capital Is Short (GS)
Kanundrum Capital Is Short (JWN)
Kanundrum Capital Is Short Euro
Kanundrum Capital Is Short Japanese Yen
Kanundrum Capital Is Short Swiss Franc
Kanundrum Capital Is Short Singapore Dollar

Other Relevant Disclosures:
Terranova Owned (QCOM) On 2/1/10
Najarian Owned (PFE) On 2/2/10