Burned by Lululemon

A long position in Lululemon looked like a hot trade but so far all it’s done is burn Fast Money trader Pete Najarian, co-founder of OptionMonster.

Najarian made the fateful call back on May 11th.

At the time he said, “This is a name that is just absolutely impressive This is a great entry point.”

That was when LULU was trading around $73.

But - flash forward 2 months - and it's safe to say $73 was not such a great entry point. On Tuesday July 3rd, LULU was trading $57.

Now what?

Najarian remains a buyer. “I still like it," he says on Halftime. "Their numbers are still outstanding. Around $57 I think the stock goes higher.”

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Trader disclosure: On July 3, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Patty Edwards is long MCD; Patty Edwards is long for clients WFM; Patty Edwards is long for clients BGS; Patty Edwards is long for clients CBI; Patty Edwards is long for clients WDFC; Pete Najarian is long AAPL; Pete Najarian is long AAPL CALLS; Pete Najarian is long BAC CALLS; Pete Najarian is long C; Pete Najarian is long INTC; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Pete Najarian is long LULU CALLS; Pete Najarian is long NKE CALLS; Pete Najarian is long NOK; Joe Terranova is long VRTS; Joe Terranova is long MCD; Joe Terranova is long PNC; Joe Terranova is long USB; Joe Terranova is long TCBI; Joe Terranova is long SBUX; Joe Terranova is long MNST; Joe Terranova is long NKE; Joe Terranova is long UPL; Joe Terranova is long WFM; Joe Terranova is long AAPL; Joe Terranova is long EMC; Joe Terranova is long NXPI; Joe Terranova is long LPX

For Kathy Lien:
Nothing to disclose

For Ron Carson
Ron Carson is long DE
Ron Carson is long POT

For Herman Leung
SFG is a market maker in the securities of Expedia, Inc. EXPE

For Christine Short
Nothing to Disclose

For Kyle Cooper
Nothing to Disclose