Varney asked Fitz-Gerald if any of these companies presented a buy-when-it's-cheap opportunity, or if investors should steer clear.
First, Eastman Kodak Co.
The photo company is rumored to be preparing to declare bankruptcy if a plan to sell digital patents doesn't materialize over the next few weeks. The company has plunged a staggering 98% in the past five years, bringing its market cap to a measly $170 million.
"It's hard to believe this company is in danger of delisting and has become a microcap stock," said Fitz-Gerald.
Fitz-Gerald said as an investment this company should be avoided, but did not discount some day-trading opportunities for aggressive traders.
"Of these stocks, this is the one that intrigues me if I want to take a flyer - not an investment, but a flyer. The potential winner if you are a trader here is the patent lawsuit against Apple and Research in Motion."
Kodak initiated a suit against Apple Inc. (Nasdaq: AAPL) and Research in Motion Ltd. (Nasdaq: RIMM) in 2010 claiming patent infringement on imaging technology.
"But my concern is the judge has put off an opinion until September 2012; Kodak may not have the cash to survive until then," said Fitz-Gerald.
Next up, Sears Holding Corp. (Nasdaq: SHLD). Sears announced last month it was closing 100 stores. Its stock lost about 25% in one day after the news broke, and is down 56% over the past year.
Is Sears a "Buy"?
"Nope," Fitz-Gerald told Varney. "The bet about Sears has never been about retailing. The play here for years has been Sears as a land bank. But real estate is in the toilet and no amount of new merchandising can help offset this."
Rounding out the "death watch" stocks is Research in Motion. The Blackberry smartphone maker has struggled to maintain market share as consumers continue flocking to Apple's iPhone and phones using the Google Inc. (Nasdaq: GOOG) Android platform.
News broke Tuesday that RIM might be replacing its long-time co-CEOS, Mike Lazaridis and Jim Balsillie, at the end of the month.
"I've said before I wouldn't touch it with a proverbial ten-foot pole - probably not even a 20-foot pole at this point," said Fitz-Gerald. "If they can't fix things with two CEOs and can't get a handle on their cash flow despite long-term contracts, it's dead. The technology is being replaced."
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