Pops & Drops: Nutrisystem, Garmin...
Following are the day’s biggest winners and losers. Find out why shares of Nutrisystem and Chattem popped while First Marblehead and Garmin dropped.
POPS (stocks that jumped higher)
Nutrisystem (NTRI) popped 24%. Sales at the weight-loss company beat estimates and they named a new CEO. – It was time, says Guy Adami.
Chattem (CHTT) popped 4%. The company behind "Icy Hot" forecast full-year earnings that topped expectations. – I think there’s room on the upside, says Guy Adami.
Visa (V) popped 5%. Last month's mega-IPO continues its climb. – I think it’s a sell, says Jeff Macke.
Kansas. The Kansas Jawhawks won the NCAA tournament last night, defeating the Memphis Tigers after a 3 pointer with 2.1 seconds left on the clock forced the game into overtime, where the Jayhawks triumphed. The final score: 75-68.
Ford (F) popped 3%. The automaker continued its run higher, after a new study showed reliability of its models matched that of Japanese competitors Honda and Toyota.
Layne Christensen (LAYN) popped 22%. This gas and oil driller beat earnings per share estimates.
UnitedHealth Group (UNH) popped 4%. The government said it would increase payments to health insurers for seniors under the Medicare Advantage program.
Ravi Shankar. Last night Jeff Macke said the famed Indian sitar player, with whom he shares a birthday, was dead. Well its a pop for Ravi because he is in fact not dead. He turned 88 and is preparing to launch a European tour. Shankar's daughter, singer Norah Jones, is currently starring in art house movie "My Blueberry Nights."
DROPS (stocks that slid lower)
First Marblehead Corp. (FMD) dropped 37%. After its guarantor filed for Chapter 11, First Marblehead plunged. – Stay away, says Karen Finerman.
China ETF (FXI) dropped 3%. Chinese stocks faltered Tuesday and Fast Money’s Jon Najarian pointed out a "double top" pattern forming at $150. – I’m looking for more pull backs, says Pete Najarian.
Garmin (GRMN) dropped 8%. The GPS navigation firm closed down again after rival TomTom cut its sales outlook. – I think it’s a sell, says Jeff Macke.
Flowserve (FLS) dropped 5%. The pump and valve maker had its biggest drop in 3 years after a Robert W. Baird analyst cut his rating to "neutral'' from "outperform'' - as shares approached the analyst's price target of $120. – It might be time to take some profits, says Karen Finerman.
Agria Corp (GRO) dropped 38%. The Chinese ag firm plummeted on 3 pieces of negative news; 1) a delay in auditing its 2007 financial statements, 2) the COO resigned, and 3) management discarded its 2008 forecasts. – I’d avoid this stock, says Pete Najarian.
Novellus (NVLS) dropped 8%. The maker of microchip processing equipment sunk after EPS and sales missed targets.
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Trader disclosure: On Apr .8, 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), (MSFT), (INTC); Najarian Owns (AAPL), (MSFT), (YHOO), (XLF), (CSCO), (BIIB), (CHK), (BKC), (AMR), (DAL); Najarian Owns (AA) Calls, (BA) Calls, (BSC) Calls, (COP) Calls; Najarian Owns (LEH) Puts, (MER) Puts, (OIH) Puts; Finerman Owns (GS); Finerman's Firm And Finerman Own (FLS); Finerman's Firm Owns (MSFT), (PZN), (SUN), (TSO), (VLO), (WMT), (YHOO), (KALU), (SBUX); Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM); Finerman's Firm Owns (FNM) Calls; Finerman Owns (AMV) Warrants