Following are the day’s biggest winners and losers. Find out why shares of Amazon and Humana popped while U.S. Steel and Unibanco dropped.
POPS (stocks that jumped higher)
Amazon (AMZN) popped 4%. The world's largest Internet retailer was raised to "buy'' from "hold'' at Citigroup Inc. citing market share gains.
Humana (HUM) popped 4%. A CIBC analyst spiked shares of this health insurer higher after saying the company will have higher earnings than expected because government Medicare payments may not be cut until 2011. – Guy Adami recommends watching this stock.
Dick's Sporting Goods (DKS) popped 3%. The sports retailer was listed in brokerage D.A. Davidson & Co.'s "2008 Best Ideas" Top 10 list. – I like this stock says Jon Najarian.
Minimum Wage. A handful of state and city mandated minimum wage increases went into effect Jan 1st. States with increases include California, Massachusetts, Ohio, Florida, Colorado, Oregon, Arizona, and Iowa. The federal minimum wage remains unchanged at $5.85.
LDK Solar (LDK) popped 5%. The Chinese maker of wafers used to build solar cells said shipments may double in 2009 because of skyrocketing demand. – Buy Canadian Solar (CSIQ) instead, says Jon Najarian.
OK! Magazine. The Jamie Lynne Spears pregnancy issue was the best-selling cover for OK! magazine in America. It sold 2 million copies which is nearly triple OK!'s regular weekly circulation.
Vimpelcom (VIP) popped 5%. The Russian telecom company, popped higher for no apparent reason. – Revenues per user are growing explains Tim Seymour and they are going to start selling the BlackBerry in Russia.
Female Viagra. Researchers at the University of Virginia are testing a testosterone-laden ointment called LibiGel -- intended to boost the libido of women who have lost interest in sex.
DROPS (stocks that slid lower)
U.S. Steel (X) dropped 6%. Investors took profits in steel names. U.S. Steel climbed almost 70% in 2007. – I agree, take some profits in this stock says Tim Seymour.
Unibanco (UBB) dropped 5%. The Brazilian bank fell Wednesday for no clear reason. – It’s a good play but the market is volatile says Tim Seymour.
BJ’s Wholesale Club (BJ) dropped 12%. A downgrade of the wholesaler by JP Morgan sent shares sharply lower. The analyst cited slower jewelry and toy sales in December. – This is a club you don’t want to join, according to Jeff Macke.
Goodyear Tire (GT) dropped 5%. Goldman Sachs initiated coverage of the tire-maker with a lukewarm "neutral" rating. – Keep an eye on the short interest, recommends Guy Adami.
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Trader disclosure: On Jan 2, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (INTC), (DIS); Jon Najarian Owns (AGU), (CSIQ), (AMZN), (BG), (DE), (DPTR), (GFI), (GS), (GT), (MON), (MOS), (MRO), (POT), (TSO), (UBS), (VLO), (CME), (GM),(UA); Jon Najarian Is Short (KLAC); Seymour Owns (CSCO), (INTC), (BX); Seygem Asset Management Owns (EWT), (TSM), (X), (PKX)