Fast Money's Karen Finerman To Sell Crocs (CROX)
Oh my...Karen Finerman finally selling Crocs (Nasdaq: CROX). Karen Finerman was buying Crocs in early November 07 because she thought CROX was oversold. She was buying Crocs in the $48 price range; in the after-hours this evening Crocs is trading at $13, that's a 73% loss in value for Finerman.
On Fast Money, a month later (in December) after her initial call, Karen Finerman said that there is more growth ahead for CROX. She recalls a few years ago, when people thought Decker Outdoors' (Nasdaq: DECK) Uggs brand was a fad, (Uggs brand continues to grow) but it obviously was not, as DECK has exploded over the past few years. She thinks Crocs could follow the same path as Decker Outdoors.
Additionally, she said, as long as retailers are willing to give Crocs floor space, Crocs will be successful at selling its wares. Crocs was trading at $45.21.
A few weeks ago, Finerman said she liked that an insider bought shares, and she did work on the stock and felt more insiders would buy shares after their 6-month frozen period was over.
Well, tonight on Fast Money, Karen Finerman said she is abandoning plans to stay in CROX and plans on selling Crocs because management has disappointed her. [JT]
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