Stocks On The Move: GameStop, Limited Brands…
Following are the days biggest winners and losers. Find out why shares of GameStop (GME), Limited Brands (LTD) and Sotheby's (BID) popped while Hot Topic (HOTT) and Crocs (CROX) dropped.
Carter Worth is Chief Market Technician for Oppenheimer & Co and he joins the panel.
POPS (stocks that jumped higher)
GameStop (GME) popped 9%.The video-game retailer beat analyst forecasts and raised its guidance on strong sales of Guitar Hero II and NCAA Football '08. – Pete Najarian says video games are on fire.
Limited Brands (LTD) popped 6%. The parent of Victoria's Secret beat estimates by a penny, helping it bounce back from a 52-week low. – Jeff Macke says sell this stock.
Limelight Networks (LLNW) popped 5%. The company, which makes software that speeds up the delivery of web videos, was hired by Microsoft. – Carter Worth says stay away.
Your iPhone Bill... Some are 300+ pages...According to text messages sent to customers yesterday, AT&T is now going to keep the itemized detail on the web.
Sotheby's (BID) popped 4%. The auction house boosted its sales commission to 25% from 20% for items under $20,000, matching a similar move by Christie's.
Phillips-Van Heusen (PVH) popped 4%. The owner of Izod and Timberland presented a rosier earnings forecast than analysts expected. – Carter Worth says it’s a fantastic company.
Amgen (AMGN) popped 2%. Investors fished for value in the biotech giant after the shares fell below $50 for the first time in over 4 years. – Pete Najarian says stay away.
Smithfield Foods (SFD) popped 8%. The country's biggest hog and turkey producer beat analyst estimates as its overseas business beefed up results. – Jeff Macke recommends investors stay long.
DROPS: (stocks that slid lower)
Hot Topic (HOTT) dropped 9%. The retailer catering to teen wannabe's had a wider than expected loss and issued a disappointing forecast. – Guy Adami doesn’t know what to say.
JDS Uniphase (JDSU) dropped 5%. The infamous maker of fiber optic equipment earned more than expected last quarter, but didn't raise its forecast for the next period. – Pete Najarian calls this stock, terrible.
Children's Place (PLCE) dropped 17%. The kiddie clothier predicted a huge earnings miss and told investors don't expect things to get better any time soon. – Jeff Macke doesn’t like this stock.
Crocs (CROX) dropped 2%. The Colorado-based specialty shoe company, after popping more than 300% this year, gave back some of its gains. – Pete Najarian says “Cone on! The stock is up 300% for the year!”
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Trader disclosure: On Aug 23 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money; Macke Owns (DIS), (ATVI), (HAS); Najarian Owns (GS) Puts; Najarian Owns S&P Puts; Oppenheimer & Co. Inc. Is A Market Maker In (MRVL)