“You want to talk about a global brand. They’re in China, Europe, South America. They’re everywhere,” he said. “But if you also look at it on a chart, they’ve only regained not even what they lost in the last two weeks or so, three weeks or so.”
The apparel company’s 50-day moving average stood at $147.97 and was trading in the $145 range as of midday.
“We still have a little wood to chop to get back there, so I probably wouldn’t be betting on the name until I get back to that 50-day moving average,” he said. “Remember it’s a marco bet on the economy as well.”
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Expert Jon Najarian sounded upbeat on Ralph Lauren stock.
“I like it a lot, especially on any of these $10 pullbacks which you just had,” he said. “You could take advantage of that, but like Grasso said, we’re $6 off of that and I’m not chasing it today.”
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Trader disclosure: On Nov. 28, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Najarian is long AAPL stock; Najarian is long AKS calls; Najarian is long C stock; Najarian is long JPM calls; Najarian is long WFC calls; Najarian is long INTC stock; Najarian is long YHOO stock; Grasso is long retailers in retail based hedge fund; Grasso has positions in AA, AKS, AMR, ASTM, BA, BAC, D, LIT, MHY, PFE, PRST, S, XLU; Weiss is long EUO; Weiss is long QCOM; Weiss is long NFLX puts; Weiss is long HPQ stock; Weiss is long DE stock; Weiss is long MDRX stock;
Morgan Stanley managed or co-managed public offering in EXPR
Morgan Stanley received compensation for investment banking services from EXPR, LTD
Morgan Stanley expects to received or seek compensation for products from ANF
Morgan Stanley & Co. LLC makes a market in the securities of Abercrombie & Fitch Co., Aeropostale Inc, American Eagle Outfitters, Inc., AnnTaylor Stores Corp, Chico's FAS Inc., Children's Place Retail Stores Inc., Coach Inc, Express, Inc., Gap Inc, Guess, Limited Brands Inc, Lululemon Athletica Inc., Ross Stores Inc., Skullcandy Inc, Teavana Holdings, Inc., Tiffany & Co., TJX Companies Inc., Urban Outfitters Inc..
Morgan Stanley & Co. International PLC and its affiliates have a significant financial interest in the debt securities of Limited Brands Inc, TJX Companies Inc..
SFG is a market maker in the securities of AMC Networks, Inc. (AMCX), Walt Disney Co. (DIS), Discovery Communications, Inc. (DISCA), DreamWorks Animation SKG Inc. (DWA), Madison Square Garden, Inc. (MSG), Netflix, Inc. (NFLX), News Corp. (NWSA), Time Warner Inc. (TWX), and Viacom, Inc. (VIA/B).
SFG and/or its affiliates beneficially own 1% or more of the securities of Netflix, Inc. (NFLX).
Citigroup has received compensation for products and services other than investment banking from ERTS
ERTS has been a non-investment banking client of Citgroup Global markets over the past 12 months
Keybanc Capital Markets makes market in WYNN Securities
Expects to receive or seek compensation for investment banking from WYNN
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