How should you play it?
Mike Abramsky of RBC Capital Markets thinks the stock will be range bound for a while.
However it's always worth noting he says, "it's trading around 6 times earnings which is a historical low. If you think the stock could rebound to 7 or 8 times (earnings), which would be quite egregious relative to its growth rate take advantage of this weakness."
But he adds, “I don’t see a big catalyst until later in the year.”
*Check out our entire conversation with Mike Abramsky. Watch the video now!
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Trader disclosure: On May 16, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Stephen Weiss is short (X). Stephen Weiss owns (DVN), (COP), (QCOM), (BRCM), (TEVA), (KO), (RIG), (HK), (AKAM), (UUP), (DE), (UAL), (MRK), (HBAN), (KEY) and (JPM); Terranova owns (VRTS); Terranova owns (AAPL); Terranova owns (JPM); Terranova owns (V); Terranova owns (BX); Terranova owns (UPL); Terranova owns (BAX); Terranova owns (PFE); Terranova owns (PEP); Terranova owns (MCD); Terranova owns (TM); Terranova owns (DIS); Terranova owns (BJ); Terranova owns (APA); Terranova owns (OXY); Terranova owns (XOM); Adami owns (AGU); Adami owns (C); Adami owns (GS); Adami owns (MSFT); Adami owns (NUE); Adami owns (BTU); Karabell owns (RIMM); Karabell owns (SLV); Karabell owns (AAPL); Karabell owns (GE); Karabell owns (GOOG)
For Joe Terranova
Terranova is Chief Market Strategist of Virtus Investment Partners, LTD
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For Amelia Bourdeau
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