Following are the day’s biggest winners and losers. Find out why shares of Hexcel and Amazon popped while Sigma dropped.
POPS (stocks that jumped higher)
Hexcel (HXL) popped 13%. The plastics firm won a contract with Airbus valued between $4 and $5 billion. – Take profits, counsels Guy Adami.
Amazon.com (AMZN) popped 4%. The online retailer cut the price of the "Kindle" reading tablet by $40 to $359 from $399. – They’re great merchants and you wouldn’t catch me shorting this stock, says Jeff Macke.
First Solar (FSLR) popped 7%. This stock moved 7% higher on Friday after the German government (a major consumer of solar energy) announced a smaller than expected cut of its solar subsidy program. It had dropped 7% on Thursday. – I like it, says Pete Najarian.
Starbucks (SBUX) popped 6%. The java giant’s stock continues its month-long rally. – I own a little, says Karen Finerman.
Grease. Thefts of used fryer grease - which is traded on commodities exchanges - are surging nationwide as the price for so-called "yellow grease" has more than quadrupled since 2000. Fast food restaurants in twenty states have reported pilfering from their vats of used oil, as the demand for this biodiesel input has surged.
Mastercard (MA) popped 12%. The credit card company said it expected 20 to 30 percent annual revenue growth through 2011. – Time to take profits, says Guy Adami. Valuations are getting rich.
Moody's (MCO) popped 9%. After last week's catastrophic 20% drop shares of the ratings agency bounced off the lows. – I’m not impressed, says Jeff Macke.
Nasdaq (NDAQ) popped 5%. Fast Money's home in Times Square received an upgrade from Lehman Brothers. – This stock looks cheap to me, says Pete Najarian.
Wind River Systems (WIND) popped 25%. The software consulting firm beat EPS estimates.
Harris (HRS) popped 5%. The Wall Street Journal reported that the maker of military communications equipment had received bids valuing the company at $10 billion.
DROPS (stocks that slid lower)
Sigma (SIGM) dropped 22%. This maker of chips for Blu-Ray players plunged after forecasting 2nd quarter revenues below expectations. – I don’t like what I see, says Karen Finerman.
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Trader disclosure: On May 30, 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), (DIS), (WMT), (ATVI); Najarian Owns (AAPL), (ANR), (BHI), (BKC), (HPQ), (TSO), (XLF), (AMLN), (HD), (SYMX); Najarian Owns (HK) Calls; Najarian Owns (EXM) And (EXM) Puts; Adami Owns (BTU), (C), (GS), (INTC), (MSFT), (NUE), (AGU); Finerman Owns (GS); Finerman's Firm And Finerman Own (GLNG), (HD); Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm Owns SXP Index Puts; Finerman's Firm Owns (AAPL), (MSFT), (SUN), (TSO), (VLO), (SBUX), (MPG); Finerman's Firm Is Short (IYR), (IJR), (MDY), (IWM), (SPY)