Following are the day’s biggest winners and losers. Find out why shares of AMR Corp. and Movado popped while Sallie Mae and Safeway dropped.
POPS (stocks that jumped higher)
Johnson Controls (JCI) popped 6%. Profit at the auto parts maker climbed 27% in the second quarter and beat analyst estimates. – If you want to play auto look at BWA in this space, counsels Guy Adami.
AMR Corp. (AMR) popped 4%. Despite American's $328-million loss for the quarter shares rallied on word the company would sell its investment unit. – It doesn’t make up for the drop on Tuesday, says Pete Najarian.
CSX Corp (CSX) popped 4%. The rail company touched a 52-week high after it announced a 46% profit increase. – I think the rails have pricing power, says Guy Adami.
Banco Brasdesco (BBD) popped 5%. This bank climbed up the Bovespa index after UBS upgraded Brazilian stocks. – This is a $65 billion company, explains Tim Seymour.
Elan (ELN) popped 11%. The Irish company spiked after word that its biotech partner, Biogen, did not discover any additional cases of a fatal infection related to their MS drug Tysabri.- I think ELN is going higher, says Pete Najarian.
Knight Capital (NITE) popped 12%. Last quarter's volatility was positive for this broker which posted a 2% profit increase. – I think this company has one of the best CEOs that no one talks about, says Guy Adami.
Movado (MOV) popped 5%. Morgan Joseph upgraded the luxury watch maker to "Buy." – Stay away, says Carter Worth.
Titantium Metals (TIE) popped 9%. The metals name moved higher for no clear reason. – I think it’s all about short covering going into options, says Tim Seymour.
Snickers, the castaway cocker spaniel.Snickers, an 8-month old cocker spaniel, was rescued by a cruise ship, "The Pride of Aloha," after being stranded on an island in the Pacific since December...Snickers owners were stranded on the island as well, but were rescued by a supply ship after only two weeks. It took until today to get Snickers back home.
DROPS (stocks that slid lower)
Sallie Mae (SLM) dropped 7%. The student lender received a downgrade to "underweight'' from "equal-weight'' by Morgan Stanley. – I don’t like it either, says Pete Najarian.
Mobile Telesystems (MBT) dropped 10%. Despite posting a four-fold rise in profits, shares of Russia's largest telecom fell. – I think it’s been overly beat up, says Tim Seymour.
Safeway (SWY) dropped 5%. The supermarket chain touched a new 52-week low on this drop. – Stay away, counsels Carter Worth.
The Talbots (TLB) dropped 29%. HSBC and Bank of America terminated $265 million in letters of credit to the women's retailer. – Not good, says Carter Worth.
Got something to to say? Send us an e-mail at firstname.lastname@example.org and your comment might be posted on the Rapid Recap! If you'd prefer to make a comment but not have it published on our website send your e-mail to email@example.com.
Trader disclosure: On Apr. 16, 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 (AAPL), (BIIB), (CSCO), (TSO), (YHOO), (XLF), (AMR), (ETFC), (ATI); Najarian Owns (EBAY) Calls, (IBM) Calls, (BSC) Calls, (COP) Calls, (MSFT) Calls, (HK) Calls; Najarian Is Short (INTC) Calls; Najarian Owns (LEH) Puts; Seymour Owns (AAPL), (CSCO), (INTC), (MER), (MSFT), (TSO); Seygem Asset Management Owns (TIE), (COP), (PKX), (GGB); Oppenheimer & Co. Is A Market Maker In (GOOG), (AMZN), (EBAY), (BIIB), (MLNM), (CSCO), (RIMM), (MSFT), (INTC); Oppenheimer & Co. Has Provided Investment Banking Services For (XTO) In The Past 12 Months; Oppenheimer & Co. Has Received Compensation For Investment Banking Services From (XTO) In The Past 12 Months; GE Is The Parent Company Of CNBC; Charles Schwab Is A Sponsor Of "Fast Money"