Following are the day’s biggest winners and losers. Find out why shares of eBay (EBAY) and BlackRock (BLK) popped while Freeport McMoRan (FCX) and AIG (AIG) dropped.
POPS (stocks that jumped higher)
eBay (EBAY) popped 1%. Bear Stearns upgraded the online auctioneer to "outperform," saying shares are undervalued and fears over Amazon competition are overhyped. – Interesting, says Jeff Macke.
BlackRock (BLK) popped 1%. The largest publicly-traded asset manager said profits had nearly doubled -- thanks to booming hedge fund fees. – Nice earnings, says Karen Finerman.
Boston Scientific (BSX) popped 2%. The firm received a pair of upgrades for BSX yesterday from Bank of America, and another one today from Morgan Stanley. They both cited valuation as a reason to buy. – It looks okay, says Pete Najarian.
Bulldogs. After a 75 year absence, Bulldogs have crept back into the Top Ten of the American Kennel Clubs list of most popular pure-bred dogs. The cost of a typical purebred bulldog puppy is around $2,800. Yet again this year, the "Top Dog" is the labrador retriever, which has held the #1 spot since 1991.
Apple (AAPL) popped 1%. The stock popped for no clear reason. – The traders don’t know what to say.
Urban Outfitters (URBN) popped 1%. A Citigroup analyst said this company was one retailer bucking the trend of slowing consumer spending.
LDK Solar (LDK) popped 4%. The Chinese solar firm signed a 10-year agreement to supply wafers to Taiwan-based Neo Solar Power. Terms of deal were not disclosed. – On a day like Thursday, that’s impressive, says Pete Najarian.
DROPS (stocks that slid lower)
Freeport McMoRan (FCX) dropped 8%. Commodity stocks, like this copper and gold miner were pummeled on recession concerns. – Buy FCX Friday, says Guy Adami.
AIG (AIG) dropped 6%. The world's largest insurer fell in sympathy with the collapsing bond insurers Ambac & MBIA. – Insurance is out of favor right now, says Karen Finerman.
Harley Davidson (HOG) dropped 7%. Citigroup made HOG squeal with a downgrade to "Sell" from "Hold" citing declining consumer spending. – It’s been a long brutal ride, says Jeff Macke.
Perini Corp. (PCR) dropped 27%. This construction company crumbled after the developer behind its latest project, the Cosmopolitan Resort & Casino in Las Vegas, received a notice of loan default from Deutsche Bank. – Ouch, this company has issues, says Pete Najarian.
Alliance Data Systems (ADS) dropped 16%. Doubts were being raised over this credit card issuer's deal to be acquired by Blackstone. – I don’t have the courage to step in, says Karen Finerman. Wait.
PNC Financial (PNC) dropped 7%. Profit at this bank was down 53% in the 4th quarter on losses tied to the real estate downturn. – I think this will drop down to $49, says Guy Adami.
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Trader disclosure: On Jan 17, 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 (YHOO), (INTC); Pete Najarian Owns (BIIB), (C), (CSCO), (EBAY), (ETFC), (MS), (MSFT); Pete Najarian Owns (LEH) Puts; Pete Najarian Owns (AAPL) Calls, (AIG) Puts, (WM) Calls, (YHOO) Calls; Finerman Owns (GS); Finerman's Firm Owns (PLCE); Finerman's Firm Owns (MSFT) Options; Finerman's Firm Owns Russell 2000 Puts And Is Short (IWM); Finerman's Firm Owns S&P 500 Puts And Is Short (SPY); Finerman's Firm Is Short (IYR), (IJR); Finerman's Firm Is Short (MDY) Puts And Is Short (MDY); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts; Finerman's Firm Is Short (HET) And Owns (HET) Puts; GE Is The Parent Company Of CNBC; Charles Schwab Is A Sponsor Of "Fast Money"