Pops & Drops: Alcoa, Blockbuster...
Following are the day’s biggest winners and losers. Find out why shares of Alcoa and Blockbuster popped while Clearwire and Vimplecom dropped.
POPS (stocks that jumped higher)
Alcoa (AA) popped 7%. Citigroup sharply raised its aluminum price forecasts and Morgan Stanley lifted its Alcoa price target to $47 from $44. – I like this stock, says Guy Adami.
Blockbuster (BBI) popped 5%. Citigroup said Blockbuster's potential purchase of Circuit City could send BBI's shares into the $8-$11 range. – I love this stock right here, right now.. but only for the CNBC Million Dollar Portfolio Challenge, says Jeff Macke.
Valero (VLO) popped 6%. The refiner bounced off its 52-week low after announcing it would sell four refineries in the 2nd quarter. – This trade looks sick to me, says Tim Seymour.
Deere & Co. (DE) popped 4%. Investors are eagerly anticipating earnings from this ag name which reports Wednesday. – This stock could trade at $100, says Guy Adami.
Collective Brands (PSS) popped 17%. The owner of Payless Shoes posted a positive first-quarter forecast and said it would seek to overturn a $300 million verdict for patent violations brought against it by Adidas. – The only people who win in court are the lawyers. It’s not reason to buy this stock, says Jeff Macke.
Holly Corp (HOC) popped 8%. Although the refiner's profit per barrel decreased sharply their earnings still exceeded Wall Street's expectations. – Oil needs to go down, says Pete Najarian, for this stock to really work.
Postage Stamps. The price of mailing a letter went up a penny to 42-cents Monday.
Fortress Investment Group (FIG) popped 9%. Shares moved Monday on little news other than word the brokerage sold the loan on Michael Jackson's Neverland Ranch to a private equity group, preventing if from going into foreclosure. – I don’t know what to say, says Guy Adami.
AnnTaylor Stores (ANN) popped 16%. A higher forecast and news that it will close 117 stores sent shares of the women's workwear retailer surging. – I don’t see a trade here, says Jeff Macke.
Cogent (COGT) popped 12%. The maker of fingerprint identification technology forecast full-year profits and sales above expectations. – Good for them, says Pete Najarian.
E-House (EJ) popped 5%. The Chinese real estate agency and brokerage moved for no clear reason. – They’re growing their earnings, says Tim Seymour, but I wouldn’t say it’s a “buy”.
Neil Young. The legendary singer-songwriter can add a new accolade to his storied career. He now has a spider named after him. A biologist at East Carolina University discovered a new species of arachnid, whose scientific name is now officially "Myrmekiaphila neilyoungi."
DROPS (stocks that slid lower)
Clearwire (CLWR) dropped 10%. IPCS sued Sprint and alleged that Sprint's WiMax deal with Clearwire violated a non-compete agreement between Sprint and IPCS. – Right now, I don’t know about this stock, says Pete Najarian.
Speed Racer. The latest Wachowski Brothers film earned a mere $20.2 million in its box office debut this weekend far short of expectations. It was beat out by Iron Man, which took home another $50 million and was nearly eclipsed by "What Happens In Vegas" which debuted at $20 million.
Vimplecom (VIP) dropped 3%. A metals tycoon is set to become Russia's new Telecom Minister and the impact on the sector is unclear. – I’m bullish, says Tim Seymour.
Got something to to say? Send us an e-mail at email@example.com 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 firstname.lastname@example.org.
Trader disclosure: On May 12, 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), (INTC), (ATVI); Najarian Owns (AAPL), (BKC), (ENER), (TSO), (XLF), (PDE), (DIS); Najarian Owns (AA) Calls, (C) Calls, (MSFT) Calls, (YHOO) Calls; Adami Owns (AGU), (BTU), (NUE), (C), (GS), (MSFT), (INTC); Seymour Owns (CSCO), (INTC), (MBI), (MER), (TSO); Seygem Asset Management Owns (VIP); NBC Universal Is The Parent Company Of CNBC