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Guy Adami: Go Long Nordstrom Against $40

”The stock bottomed out around $40 back in February and then a couple weeks ago,” says Guy Adami. “I think it’s interesting on the long side with a $40 stop.”

That was pro trader Guy Adami’s play after sorting through results from Nordstrom .

By the numbers Nordstrom net income for the quarter, ended on July 30, rose 19.9 percent to to $175 million, or 80 cents per share. That beat Wall Street expectations of 74 cents per share.

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Trader Karen Finerman was more focused on the fact that Nordstrom increased guidance, “that speaks well for their business.”

Nordstrom said it now expects fiscal 2011 earnings per share of between $2.95 and $3.10, compared with an earlier range of $2.80 to $2.95. That compares with $3.05 expected on average by Wall Street analysts, according to Thomson Reuters I/B/E/S.

Also, the department store chain said it now expects fiscal 2011 sales at stores open at least one year to rise 4 percent to 6 percent, up from an earlier range of 2 percent to 4 percent.




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Trader disclosure: On Aug 11, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Terranova owns (XOM); Terranova owns (CVI); Terranova owns (CAT); Terranova owns (OXY); Terranova owns (AAPL); Terranova owns (DAR); Terranova owns (FCX); Terranova owns (CACI); Terranova owns (ARUN); Terranova owns (ORCL); Terranova owns (EMC); Terranova owns (NCR); Terranova owns (VMW); Terranova owns (IBM); Terranova owns (AMZN); Terranova owns (LULU); Terranova owns (LTD); Terranova owns (WFM); Terranova owns (JPM); Terranova owns (AXP); Terranova owns (FXA); Terranova owns (VRTS); Terranova owns (LQD); Adami Owns (AGU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (MSFT); Adami Owns (NUE); Adami Owns (BTU); Finerman and Finerman’s firm own (AAPL); Finerman owns (BAC) and Finerman’s firm own (BAC) leaps; Finerman owns (JPM) and Finerman’s firm owns (JPM) stock and (JPM) leaps; Finerman's Firm Is Short (IWR); Finerman's Firm Is Short (MDY); Finerman's Firm Is Short (XRT); Finerman's Firm Is Short (SPY); Finerman's Firm Is Long S&P 500 Puts; Finerman's Firm Is Long Russell 2000 Puts; Najarian owns (AAPL); Najarian owns (BAC) calls; Najarian owns (C); Najarian owns (F) bonds; Najarian owns (MS); Najarian owns (PFE); Najarian owns (BX); Najarian owns (UNP) calls; Najarian owns (GDX) calls; Najarian owns (GLD) calls; Najarian owns (ECA)


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CNBC.com with wires.