Pops & Drops: Reynolds, Citigroup...
Following are the day’s biggest winners and losers. Find out why shares of Reynolds and Nationwide Financial Services popped while Citigroup and Rio Tinto dropped.
POPS (stocks that jumped higher)
Nationwide Financial Services popped 26%. The parent company of the insurance firm offered to buy all of the Class-A outstanding shares it doesn't already own. – Nice to see, says Karen Finerman.
Drugs In Drinking Water. An investigation conducted by the Associated Press found that everyday tap water contains traces of a variety of pharmaceuticals, including antibiotics, anticonvulsants, mood stabilizers and sex hormones. However, they are in extremely small concentrations that the utility companies are safe to consume.
Agriculture ETF popped 2%. Closely mirroring the move in corn Monday, the DBA dropped at the open, but recovered and closed up by afternoon. – I like it, says Tim Seymour. Find out why. Read “Eat Like An American.”
Reynolds American popped 2%. Investors flocked to defensive names like this maker of Camel and American Spirits cigarettes.
BCE Inc. popped 5%. Shares of Canada's largest telecom popped after a judge threw out a lawsuit that threatened its leveraged buyout.
DROPS (stocks that slid lower)
Citigroup dropped 6%. So far Bove's call that Citi was "the strongest buy he's ever seen" is not working out, as the bank was dragged below $20.00. – I think he’s right, says Pete Najarian, just early.
AK Steel dropped 10%. A sell-off in materials names dragged on the market. – This isn’t one of my favorite names in steel, says Guy Adami.
Malaysian stocks dropped 12%. An election put power in the hands of opposition parties, placing the spending plans of the current prime minister in doubt. – I’d look at Taiwan, counsels Tim Seymour.
Rio Tinto dropped 6%. This London-based miner was sold-off with the rest of the UK market. – Nothing to worry about, says Karen Finerman.
MannKind dropped 10%. The biotech may end development of its inhaled insulin product, Technosphere, after Eli Lilly and others left the market indicating that such a device may not be commercially feasible. – I think investors are giving up, says Pete Najarian.
Blue Nile dropped 5%. The CFO of the online-diamond retailer stepped down. – Maybe it will rally, speculates Guy Adami.
Research in Motion dropped 5%. Apple’s strategy to make the "iPhone business friendly" is still weighing on the BlackBerry maker's shares.
Cosan Ltd. dropped 7%. The Brazilian ethanol and sugar company dropped as white sugar posted its biggest three-day drop in nearly one year.
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Trader disclosure: On Mar. 7, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Najarian Owns (BIIB), (BKC), (C), (CSCO), (MS), (MSFT), (XLF), (YHOO), (AAPL); Najarian Owns (COP) Calls, (BHI) Calls, (AMAT) Calls; Seymour Owns (BX), (CFC), (F), (HAL), (MER), (MSFT), (SBUX), (TSO), (AAPL), (INTC); Seygem Asset Management Owns (EEM); Seygem Asset Management Is Short (FXI); Finerman Owns (GS); Finerman's Firm Owns (MSFT), (TSO), (WMT), (YHOO), (FNM), (AAPL), (MO), (AEO); Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts