Pops & Drops: Visa, Palm, GM and More
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POPS (stocks that jumped higher)
CIT Group popped 34%. The commercial finance firm assured worried investors that it had enough cash to last through the year. Finerman: The company is hoping for a buyer to bail them out. Don’t touch it.
General Motors popped 4%. The automaker rose on no news. Seymour: This is massive short covering.
Children’s Place popped 12%. The retailed continued to rise after last week’s announcement that it was terminating its deal to manage the Disney Stores chain. Finerman: It’s rallying on last week’s news, which is still good for shareholders.
Palm popped 8%. A rollercoaster ride for Palm shares: they tanked early after its third quarterly loss led to analyst cutting their prices targets, but the stock staged a comeback when UBS upgraded from neutral to sell. Jon Najarian: “Not dead but not cool.” Stay away.
Walgreen popped 5%. Prescriptions were up and labor costs were down this quarter at the pharmacy chain, leading to a 5% increase in profits. Macke: WAG has been a long-time dog but it’s looking a little better now.
Circuit City popped 3%. After the electronics retailer was removed from the S&P 500, the WSJ reported that activists were swarming and looking to change management. Macke: Maybe it isn’t the worst company in the world anymore but it’s certainly not a buy.
DROPS (stocks that slid lower)
BioVail dropped 4%. The SEC reported that the Canadian drugmaker paid $10 million to settle charges that its former CEO and two current directors engaged in accounting fraud. Jon Najarian: Probably not the end of the line as there is a lot of put activity in the stock.
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Trader disclosure: On Mar. 24, 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), (ATVI); Seymour Owns (AAPL), (F), (INTC), (MER), (MSFT), (SBUX), (TOL), (TSO), Seygem Asset Management owns (EEM), (CHT), (EWT), (TSM); Finerman Owns (GS), Finerman’s Firm Owns (PM-WI), (PLCE), (AAPL), (FLS), (MSFT), (SUN), (TSO), (VLO), (WMT), (YHOO), Is Short ( IYR), (IJR), (MDY), (SPY), (IWM), (GLD); Jon Najarian Owns (AAPL), (ACI), (AG), (AGU), (GOOG), (GS), (MON), (MOS), (POT), (USB), (IDCC), (EK), Is Short (BVF), (TGT)
