Pops & Drops: General Motors, Dillard's...
Following are the day’s biggest winners and losers. Find out why shares of General Motors and Dillard's popped while VeriFone and Crocs dropped.
POPS (stocks that jumped higher)
General Motors (GM) popped 4%. Despite a 19% drop in U.S. sales last month, General Motors lead the Dow advancers Wednesday. – I’d stay away, counsels Guy Adami.
Dillard's (DDS) popped 15%. The department store chain fended off a proxy fight after striking a deal with a group of investors who were looking to change management. – Sell the rip, says Jeff Macke.
Intercontinental Exchange (ICE) popped 6%. The futures exchange posted record trading activity, as the average volume in March exceeded 1 million contracts per day. – Love volume, says Karen Finerman.
Immucor (BLUD) popped 10%. This maker of testing systems for blood banks said 2008 earnings may exceed its original forecast. – I like it for a pop, says Pete Najarian.
Sneakers. People who buy more than three pairs of sneakers per year are 61% more likely to be leaders, according to a new study conducted by Mindset Media.
The Talbots (TLB) popped 16%. Two firms (Buckingham Research & Friedman, Billings Ramsey) increased their price target for the women’s wear retailer.
Solarfun (SOLF) popped 18%. All of China's solar names made double-digit percentage gains Wednesday.
DROPS (stocks that slid lower)
VeriFone (PAY) dropped 19%. The CFO of the electronic payment company stepped down after an accounting probe confirmed financial errors. – I see a lot of issues here, says Pete Najarian.
Manhattan Real Estate. Sales for condos and co-ops fell the most in 18 years, dropping by 34% from a year earlier. The median price of an apartment in the Big Apple, however, increased to $945,000.
Crocs (CROX) dropped 10%. JP Morgan cut the maker of rubber clogs to "neutral'' from "overweight''. – I think it’s cheap, says Guy Adami.
Yahoo (YHOO) dropped 2%. Microsoft said it will not sweeten its $31 offer for Microsoft. – Sell, says Jeff Macke.
Sotheby's (BID) dropped 10%. Investors didn't take kindly to news that the auction house was expanding its realty business in Europe. – No good, says Karen Finerman.
Bank of New York Mellon (BK) dropped 5%. Friedman, Billings, Ramsey said banks may be forced to raise capital to avoid regulatory review. – Hmmm, says Guy Adami.
Medarex (MEDX) dropped 18%. After Pfizer abandoned development of a melanoma treatment similar to a drug Medarex had been testing, Piper Jaffray downgraded the stock.
Anger Management. In the 3rd round of the Sony Ericsson open, short-tempered tennis player Mikhail Youzhny missed a simple volley, and proceeded to slam himself in the head with his racquet three times, causing him to bleed.
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Trader disclosure: On Apr.2, 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 (MSFT), (YHOO), (INTC) Finerman Owns (GS); Finerman's Firm And Finerman Own (HD); Finerman's Firm Owns (CROX), (MSFT), (NYX), (TSO), (VLO), (WMT), (YHOO); Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM), (COF), (CROX); Pete Najarian Owns (AAPL), (CSCO), (ETFC), (MU), (NOK), (TSO) , (YHOO), (XLF); Pete Najarian Owns (AA) Calls, (BSC) Calls, (COP) Calls, (MSFT) Calls, (LEH) Puts, (MER) Puts, (OIH) Puts; Pete Najarian Has A Long Diagonal Time Spread In (RIMM)