Stocks On The Move: HSBC, Supervalu...
Following are the day’s biggest winners and losers. Find out why shares of HSBC (HBC) and Supervalu (SVU) popped while Google (GOOG) and LDK Solar (LDK) dropped.
POPS (stocks that jumped higher)
HSBC (HBC) popped 5%. Europe's biggest bank turned a 17% profit for the quarter, as its emerging market investments made up for US subprime losses. – It’s good news, says Karen Finerman.
ArcelorMittal (MT) popped 4%. A senior exec at the steel company said he expected steel prices to remain high throughout 2008. – I love this steel name, says Guy Adami.
Apple. The company topped Fortune Magazine's list of America's Most Admired Companies, up from #7 last year. Apple got it highest marks for innovation, people management, and quality of products.
Supervalu (SVU) popped 7%. The supermarket chain reported a higher than expected profit and forecast higher same store sales. – Take profits, counsels Jeff Macke.
MF Global (MF) popped 12%. The futures brokerage that fell sharply last week over major losses incurred by a "rogue wheat trader" recovered somewhat today after the CEO and other upper management bought up shares on the dip. – Interesting, says Pete Najarian.
Exelon (EXC) popped 4%. The energy company was upgraded to "Buy" from "Hold" at Jefferies.
Monsanto (MON) popped 3%. The ag name rose for no clear reason.
ArthroCare (ARTC) popped 7%. The surgery equipment firm hired Goldman Sachs to aid it in seeking "strategic alternatives."
Foreclosure Fiestas. Police in Bakersfield, California broke up a drunken party taking place in a foreclosed home over the weekend, a scenario that has been playing out across the country as more homes are left abandoned.
DROPS (stocks that slid lower)
Google (GOOG) dropped 3%. In a direct challenge to Google's internet-based software platforms, Microsoft unveiled online versions of Exchange and Sharepoint business software. – Stay away, says Jeff Macke.
LDK Solar (LDK) dropped 10%. Barron's raised eyebrows over this Chinese solar name's accounting of its silicon inventory. – Goldman downgraded it today, adds Pete Najarian.
Ambac (ABK) dropped 12%. The bond insurer said its writedown losses continued into 2008. – Hope is fading, says Karen Finerman
Advanced Micro Devices (AMD) dropped 6%. The Semiconductor Industry Association reported that global chip sales fell 3.6% in January. – Sell any rally in this stock, says Guy Adami.
Lennar (LEN) dropped 10%. Homebuilders were slammed across the board, Monday. – Too much debt, says Karen Finerman.
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Trader disclosure: On Mar. 3, 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), (ATVI) (YHOO); Najarian Owns (AAPL), (C), (ETFC), (MS), (MSFT), (XLF); Najarian Owns (COP) Calls; Najarian Owns (YHOO) And (YHOO) Puts; Finerman Owns (GS); Finerman's Firm Owns (AAPL), (MSFT), (TSO), (YHOO), (BJS); Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts; Charles Schwab Is A Sponsor Of "Fast Money"