Pops & Drops: Nike, Whole Foods...
Following are the day’s biggest winners and losers. Find out why shares of Nike and BHP Billiton popped while Whole Foods and American Apparel dropped.
POPS (stocks that jumped higher)
Nike (NKE) popped 3%. The president of the sneaker giant said the company might purchase a Chinese or Japanese rival to boost their Asian business. – Good reasons for a pop, says Pete Najarian.
BHP Billiton (BHP) popped 3%. Speculation Wednesday that China may take a stake in the world's largest mining company sent shares higher. –It’s getting a little rich on a valuation basis, says Guy Adami.
Astrazeneca (AZN) popped 2%. The FDA approved the drug company's anti-psychotic drug, Seroquel. – Interesting, says Pete Najarian.
RF Micro Devices (RFMD) popped 4%. A Merrill analyst upgraded the maker of RFID tags and cited improvements from a recent restructuring. – I don’t like it, says Guy Adami.
Coach (COH) popped 5%. The luxury handbag maker rose after Macy's beat profit and sales expectations. – Very nice, says Karen Finerman
Schering Plough (SGP) popped 3%. Bernstein analysts raised their price target for the pharma name to $25 from $22.
Under Armour (UA) popped 5%. The sporting equipment company replaced IndyMac in Standard & Poor's Mid-Cap 400. – I think this company's share price is stuck for the next year, says Jeff Macke.
E*Trade (ETFC) popped 6%. The online broker's trading volume for April came in higher than expected.
Energizer (ENR) popped 5%. The battery company with a pink bunny as its mascot got a $100 price target at Bernstein and Merrill reiterated its "Buy" rating.
Sotheby's (BID) popped 11%. Bank of America said a contemporary art auction at rival house Christie's (which posted a total hammer price of $331.4 million) "bode well" for Sotheby's.
Velcro. Wednesday marks the 50th Anniversary of the day Velcro was trademarked in the United States. To celebrate, workers at a New Hampshire Velcro factory assembled in a one-mile long line and ripped apart strips of the sticky fabric.
DROPS (stocks that slid lower)
Whole Foods (WFMI) dropped 14%. Profit at the upscale supermarket fell 13% this past quarter.- I’m a skeptic, says Jeff Macke.
American Apparel (APP) dropped 9%. The hipster T-shirt company with the "colorful" CEO said first quarter profit was off 34%. – Stay away, counsels Karen Finerman.
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Trader disclosure: On May 14, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Macke Owns (MSFT), (INTC), (WMT), (EMC), (DIS); Pete Najarian Owns (AAPL), (BKC), (ENER), (TSO), (XLF); Pete Najarian Owns (C) Calls, (MSFT) Calls, (YHOO) Calls; Finerman Owns (GS); Finerman's Firm Owns (JCP), (MSFT), (SUN), (TSO), (VLO), (AEO), (PLCE); Finerman's Firm Owns (YHOO) Puts And Call Spreads; Finerman's Firm Owns (C) And (C) Leaps; GE Is The Parent Company Of CNBC; NBC Universal Is The Parent Company Of CNBC; Charles Schwab Is A Sponsor Of "Fast Money"