Following are the week’s biggest winners and losers. Find out why shares of Home Depot (HD) and Advanced Micro Devices (AMD) popped while Google (GOOG) and Schlumberger (SLB) dropped.
POPS (stocks that jumped higher)
Homebuilders ETF (XHB) popped 2%. The Mortgage Bankers Association said on Wednesday that mortgage application volume had climbed 28% in the previous week. – I wouldn’t race in, says Guy Adami.
Home Depot (HD) popped 7%. Resurgent retail was one of this week's bright spots. – Retail is oversold, says Karen Finerman.
Advanced Micro Devices (AMD) popped 13%. Sales of higher-priced chips led AMD to report a smaller-than-anticipated loss. – Low expectations, explains Jeff Macke.
Smiles. Forget just whitening your teeth, people are now going to the dentist for "gum contouring" which makes teeth appear longer. For a deeper look into how people are spending thousands on their smiles, check out High Net Worth at 8:30 PM Eastern on CNBC.
American Eagle Outfitters (AEO) popped 11%. This teen clothing seller surged higher as certain retail names sprung to life this week. – It’s another one I own, says Karen Finerman.
DROPS (stocks that slid lower)
Google (GOOG) dropped 6%. The search giant was not immune to the market's troubles. – The market is selling the good names, says Pete Najarian, and I think this is a good name.
Schlumberger (SLB) dropped 15%. The oil services stock plunged after 4th quarter profit disappointed analysts. – I think you can look at this stock next week, says Guy Adami.
Sprint Nextel (S) dropped 28%. The nation's 3rd largest wireless carrier said it shed nearly 700,000 customers last quarter. Shares fell the most since 1980.
Motorola (MOT) dropped 9%. The mobile phone maker slid ahead of next Wednesday's earnings report. – This is the Sprint of cellphone makers, says Pete Najarian.
Sears (SHLD) dropped 7%. Sears lowered its fourth quarter and full-year guidance. – I don’t like this stock, says Jeff Macke.
Emerging Market ETF (EEM) dropped 8%. India and China both followed the US markets into sell-offs this week. – I think it has more room lower, says Guy Adami.
Russell 2000 ETF (IWM) dropped 4%. Small caps officially fell into bear-market territory after sliding more than 20%.
Fun. Richard Knerr, co-founder of the Wham-O toy company died this week. Wham-O was the company behind popularizing the Hula-Hoop, Frisbee, Silly String, and the Slip N' Slide.
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Trader disclosure: On Jan 18, 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), (YHOO); Najarian Owns (BIIB), (C), (CSCO), (MS), (MSFT), (EMC); Najarian Owns (LEH) Puts; Finerman Owns (GS); Finerman's Firm And Finerman Own (HD); Finerman's Firm Owns (PLCE), (TSO), (VLO), (WMT), (YHOO), (M), (AEO) (DSW), (SUN), (SKS); Finerman's Firm Owns Russell 2000 Puts And Is Short (IWM); Finerman's Firm Owns S&P 500 Puts; Finerman's Firm Is Short (MDY), (IYR), (IJR), (SGP), (TCO),(SPY); Finerman's Firm Is short (LEH) And Owns (LEH) Puts; GE Is The Parent Company Of CNBC