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Web Extra: Burned by Salix Pharma

A long position in Salix Pharma looked like a hot trade but all it did was burn Joe Terranova. So what does he have to say about this stock now?

The Liquidator made the fateful call on February 16th as a bet on the company’s pipeline.

“Another name I bought, Salix Pharmaceuticals, SLXP,” he said at the time. “It’s got a nice IBS drug coming down the line.”

Unfortunately betting on the company’s irritable bowel drug ended up being a pain in the you know where.

After the FDA asked for further tests, shares of the company plunged. They’re 20% lower since Terranova said to go long.

So what does he say now?

Find out in this web extra. Watch the video now.






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Trader disclosure: On March 22, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Tim Seymour is Long (AAPL); Tim Seymour is Long (CCJ); Tim Seymour is Long (CSCO); Steve Cortes is Long (TM); Steve Cortes is Long (GS); Steve Cortes is Long (CSX); Steve Cortes is Long (SDY); Steve Cortes is Long (SO); Steve Cortes is Long Crude Oil; Steve Cortes is Short (F); Steve Cortes is Short (C); Steve Cortes is Short (UNP); Steve Cortes is Short (SPY); Steve Cortes is Short (DBA); Steve Cortes is Short Wheat; Steve Cortes is Short Soybeans; Steve Cortes is Short Corn; Steve Cortes is Short CAD/USD; Steve Cortes is Short EUR/USD; Joe Terranova is Long (C); Joe Terranova is Long (VRTS); Joe Terranova is Long (GS); Joe Terranova is Long (PNC); Joe Terranova is Long (USB) ; Joe Terranova is Long (JPM); Joe Terranova is Long (UPL); Joe Terranova is Long (CREE); Joe Terranova is Long (MS); Joe Terranova is Long (PBR); Joe Terranova is Long (BAX); Joe Terranova is Long (POT); Joe Terranova is Long (FCX); Joe Terranova is Long (CVE); Joe Terranova is Long (CVI); Joe Terranova is Long (SU); Joe Terranova is Long (TEVA); Joe Terranova is Long (IBM); Joe Terranova is Long (BTU); Joe Terranova is Long (CNX); Joe Terranova is Long (XOM); Joe Terranova is Long (DIS); Joe Terranova is Long (MCD); Joe Terranova is Long (RSX); Joe Terranova is Long (CNQ)

For Brian Kelly
Accounts managed by Kanundrum Capital Are Long (EWJ)
Accounts managed by Kanundrum Capital Are Long (MCP)
Accounts managed by Kanundrum Capital Are Long (NFLX) Puts
Accounts managed by Kanundrum Capital Are Long U.S. Dollar
Accounts managed by Kanundrum Capital Are Long Gold
Accounts managed by Kanundrum Capital Are Long Crude Oil
Accounts managed by Kanundrum Capital Are Long Natural Gas
Accounts managed by Kanundrum Capital Are Short (SPY)
Accounts managed by Kanundrum Capital Are Short Yen
Accounts managed by Kanundrum Capital Are Short Copper

For Sandeep Shyamsukha
No Disclosures

For Carter Worth
No Disclosures

For Barry Ritholtz
Funds Managed by Fusion IQ Own (DELL)
Funds managed by Fusion IQ Own (CBOE)

For Nick Deluliis
No Disclosures

For Brian Stutland
No Disclosures


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