Web Extra: Burned By DryShips

A long position in DryShips looked like a hot trade to Pete Najarian but all it did was burn him. So how does he suggest playing this stock now?

The Pit Boss made the fateful call on December 15^th largely as a momentum play.

“In 2011, the shippers will have plenty of upside,” he said with conviction. “I think they'll gain some momentum. I'm not saying they're going to go back to where they were, but I think they've got some upside definitely in 2011.”

Unfortunately, they had as much upside as a lead balloon. Since he said to go long shares of DryShips have collapsed about 20%.

So what does Najarian think of this stock now? Find out in this web extra. Watch the video now!

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Trader disclosure: On Jan. 26, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Guy Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE) and (BTU). Karen Finerman owns (AAPL), (BAC), (BP), (C), (GLW), (GOOG), (HPQ) and (MSFT). Karen Finerman owns (BAC) leaps. Karen Finerman owns (JPM) and (JPM) leaps. Pete Najarian owns (BAC) call spreads. Pete Najarian owns (C). Pete Najarian owns (F) calls and bonds. Pete Najarian owns (GE). Pete Najarian owns (JPM) call spreads. Pete Najarian owns (MS). Pete Najarian owns (TCK). Pete Najarian owns (YHOO) and (YHOO) calls. Josh Brown owns (BAC), (GE), (JPM), (QCOM), (NVDA) and (GLD).

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KAREN FINERMAN
Finerman's firm is short (MDY)
Finerman's firm is short (SPY)
Finerman's firm is short (IWM)
Finerman's firm is short (IJR)
Finerman's firm is long S&P puts
Finerman's firm is long Russell 2000 puts
Finerman's firm owns (AAPL)
Finerman's firm owns (BBY)
Finerman's firm owns (BP)
Finerman's firm owns (HPQ)
Finerman's firm owns (IBM
Finerman's firm owns (JPM) and (JPM) leaps
Finerman's firm owns (MCD)
Finerman's firm owns (MSFT)
Finerman's firm owns (TGT)
Finerman's firm owns (WMT)

GUY ADAMI
Adami's wife works for (MRK)

BRIAN KELLY
Accounts Managed By Kanundrum Capital Own (FCX)
Accounts Managed By Kanundrum Capital Own (GLD)
Accounts Managed By Kanundrum Capital Own (MCP)
Accounts Managed By Kanundrum Capital Own (SLV)
Accounts Managed By Kanundrum Capital Own (TBT)
Accounts Managed By Kanundrum Capital Are Long The Euro
Accounts Managed By Kanundrum Capital Are Short The Yen
Accounts Managed By Kanundrum Capital Are Short (XLF)

JOSH BROWN
Brown owns (AAPL) for clients
Brown owns (AMZN) for clients
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Brown owns (C) for clients
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Brown owns (T) for clients
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ANDY BUSCH
Busch has no disclosures

MIKE KHOUW
Cantor Fitzgerald & Co is a market maker in (AMZN)
Cantor Fitzgerald & Co is a market maker in (F)

DAVID RIEDEL
Riedel has no disclosures

COLIN GILLIS
BGC Financial LP and/or its affiliates, expect to receive, or intend to seek, compensation for investment banking services within the next three months from (MSFT)
No disclosures on (AMZN)

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