Pops & Drops: Coach, Broadcom...
Following are the day’s biggest winners and losers. Find out why shares of Coach and Broadcom popped while Gannett and XTO Energy dropped.
POPS (stocks that jumped higher)
SAFECO (SAF) popped 46%. Liberty Mutual paid $6.2 billion to buy this insurer, in a deal that will create the fifth largest property and casualty insurance company. – Wish I owned it, says Karen Finerman.
WellPoint (WLP) popped 7%. Despite a 25% drop in profits (due to increases in the number of claims filed by the elderly) shares of the health insurer surged. – I don’t like this stock, says Jeff Macke.
Raymond James (RJF) popped 20%. The brokerage reported a profit that topped estimates. – It’s worth a look, says Guy Adami.
Broadcom (BRCM) popped 16%. Profit was the catalyst again, up 22% at the chipmaker. – Be careful in the chip space, counsels Pete Najarian.
Moody's (MCO) popped 3%. The credit rating agency's profit fell less than expected while cost cutting measures offset a decline in credit rating demand. – I think it’s a sell, exclaims Jeff Macke.
Bee Thefts. As bee populations shrink due to the mysterious "colony collapse disorder", honey producers are facing a new challenge: bee thefts. According to the Baltimore Sun, burglaries of whole hives from beekeepers are on the rise nationwide, as honey prices reach new highs. In California, they've gone so far as to establish a Bee Theft Reward Program, which gives $10,000 for information that helps to identify bee bandits.
Coach (COH) popped 6%. The handbag maker received an upgrade to "Buy" from "Hold" from Citigroup, after Tuesday's earnings. – I'm not on board, says Karen Finerman.
Tupperware (TUP) popped 12%. Are leftovers a recession indicator? Profit for the food storage container company beat estimates on a 19% increase in sales. – You can’t fight it, says Jeff Macke.
Unexpected Guests. A 69-year old woman in Florida discovered an 8-foot long alligator had welcomed itself into her kitchen. She caught the incident on video. Animal control came to the rescue and captured the animal.
DROPS (stocks that slid lower)
Gannett (GCI) dropped 6%. The publisher of USA Today reported a 9% drop in profit on declining ad revenues. – This is a serious problem because there’s a monumental shift in the way news is being delivered, exclaims Karen Finerman.
Ameriprise Financial (AMP) dropped 6%. Unable to beat earnings expectations, the financial services company fell. – I liked this stock and I was dead wrong, says Guy Adami.
XTO Energy (XTO) dropped 4%. The natural gas firm missed estimates which sent shares lower. – I don’t think this story is over, says Pete Najarian.
Rockwell Automation (ROK) dropped 9%. Despite a 33% rise in profits, the industrial automation firm fell short of expectations. – Don’t own this stock, says Guy Adami.
Mosaic (MOS) dropped 5%. This ag name slid one day after the new fertilizer firm Intrepid Potash made its IPO. – I’m all right with where the stock is right now, says Pete Najarian.
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Trader disclosure: On Apr. 23, 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 (DIS), (INTC), (MSFT), (YHOO); Najarian Owns (AAPL), (CSCO), (XLF), (YHOO), (BEAV); Najarian Owns (CHK) Calls, (MSFT) Calls, (POT) Calls; Finerman Owns (GS); Finerman's Firm Owns (MO), (MSFT), (PM), (SUN), (TSO), (VLO), (WMT), (YHOO); Finerman's Firm Owns (FNM) Calls; GE Is The Parent Company Of CNBC; Charles Schwab Is A Sponsor Of "Fast Money"