Fast Money

[oilmd9]

They've changed their tune..

(or their sponsors, whatever)

This was not Cramer. Now we have the article.

Big Money Very Excited About This Stock: Grasso
Published: Tuesday, 17 Jul 2012 | 6:24 PM ET
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By: Lee Brodie
Producer




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To present the best possible Trade of the Day, Steve Grasso, Director of Institutional Sales Trading at Stuart Frankel, asked a major money PM, for his very best stock.

This money manager is evidently so major that Grasso said he had to keep his identity a secret.

“But this guy practically rushed through the phone to tell me about InterOil [IOC 78.37 1.38 (+1.79%) ],” says Grasso.

InterOil Corp
(IOC)
78.37 1.38 (+1.79%%)
NYSE

The excitement is due to the potential from the discovery of a large gas field in Papua New Guinea.

Currently, there's an upcoming election and the successful candidate will decide the fate of the project. As things stand now, Grasso is hearing that a pro-energy candidate is the most likely winner.

But the stock is up 29% in the past year; are gains already factored in?

"I asked this PM," Grasso said. "I asked how much more is left in the move? He said a considerable amount more,” I asked if $90 was good (target) and he said that’s well within reason, if things go well.”

Posted by CNBC's Lee Brodie