Follow Leon Cooperman into RIM, Halliburton?

Money pros are taking a second look at a handful of stocks after billionaire investor Leon Cooperman, who runs Omega Advisors, disclosed new positions in Halliburton and Transocean and increased his position in Research in Motion.

Cooperman is widely considered one of the smartest investors on the Street; prior to establishing his hedge fund in 1991, he spent 25 years at Goldman Sachs.

What should you make of Cooperman’s positions?

Research in Motion

“This is a classic ‘half a cigar butt’ trade,” says Anthony Scramucci. “In other words, RIM has been half smoked. Somebody could pick it up.”

But he adds it's also value stock, it's cheap.

Therefore Scaramucci sees the position as a kind of calculated bet that the catalyst most likely to move the stock will be something good happening. All the bad is baked in.

“If shares go higher, Cooperman could win big but because of the stock’s current valuations, he probably doesn't have a lot to lose."

(The Fast gang spoke with Cooperman about his RIM position in November 2011.Click here to see what he said at that time.

Halliburton & Transocean

Trader Steve Grasso thinks Cooperman is simply buying laggards which he hopes will play a game of catch up. “There’s been a divergence between North American names and companies with more international exposure in this space,” explains Grasso.

However, he thinks the move may have already happened.

If you’re looking for a trade, Grasso says “you’re better off buying Weatherford and Schlumberger .”


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Trader disclosure: On Feb. 10, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Scaramucci is long AAPL; Scaramucci is long C; Scaramucci is long GS; Scaramucci is long CSCO; SkyBridge Capital Is A Fund Of Funds Manager; Anthony Scaramucci is one of 8 national finance chairs for Mitt Romney campaign; Scaramucci a fundraiser for Mitt Romney and has contributed to the Romney campaign; Najarian is long AAPL; Najarian is long BAC; Najarian is long GS; Najarian is long NFLX; Najarian is long INTC; Najarian is long CSCO; Najarian is long IBM; Najarian is long RVBD; Najarian is long ALL; Najarian is long DIS; Najarian is long FIO; Najarian is long LNKD;

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