Following are the day’s biggest winners and losers. Find out why shares of American Express and Disney popped while Hovananian and Valero dropped.
POPS (stocks that jumped higher)
American Express (AXP) popped 3%. The credit card company affirmed their '08 forecast and said their future earnings would be unaffected by credit losses. – I’m not a fan of this stock, says Guy Adami.
Disney (DIS) popped 4%. The Mouse House broke a 5-day losing streak on speculation of a higher upfront ad-buy. – I like it, says Jeff Macke.
Goodyear Tire (GT) popped 4%. Fast Money’s "tire swing" is in full effect. If you’re a regular viewer you remember that Pete spotted options action in this name on Tuesday. – I told you so, he exclaims.
Cigarettes. A new $1.25 per-pack state tax in New York pushed the price of cigarettes to as much as $12.00 in certain parts of Manhattan.
Advanced Micro Devices (AMD) popped 6%. The semiconductor stock unveiled a new line of high-powered chips aimed to compete with Intel's line of laptop processors. – I don’t love it, says Guy Adami.
Hasbro (HAS) popped 5%. No news on the toy maker, but shares climbed sharply. – I’m long and I like it, says Jeff Macke.
Bob Evans Farms (BOBE) popped 17%. Net profit was higher than expected at the restaurant chain. It also reported a 4.4% same store sales increase and highlighted its "Big Farm Salads" promotion as a driving force behind the numbers. – This stock is okay by me, says Pete Najarian.
Gas Thieves. We've told you before about drivers intentionally breaking down to get a free gallon of gas. We also told you about and the spike in "fill then flee" gas station bandits and used-fryer oil pilferers. Now, the next generation in gasoline theft: the robbers are using giant pumps to steal hundreds of dollars worth of diesel fuel from tanks of 18-wheelers, which have 240-gallon tanks that can cost $750 to fill.
Koppers (KOP) popped 11%. UBS analysts upgraded this maker of carbon materials to "Buy" from "Neutral." – This is a new name to me, says Guy Adami.
Joseph A. Bank (JOSB) popped 11%. The men's formalwear company unexpectedly released earnings in the middle of the day and ahead of schedule - posting an 18% increase in profits.
Allergan (AGN) popped 1%. The maker of Botox announced it was working on a new drug - Bimatoprost - that stimulates eyelash growth.
DROPS (stocks that slid lower)
Hovnanian (HOV) dropped 10%. Looks like the bottom’s not yet in for this homebuilder, the quarterly loss at Hovnanian widened to $340 million. - Go somewhere else, says Karen Finerman.
Valero (VLO) dropped 5%. The refiner's 10% streak over five days came to a halt Wednesday. – Not good, says Karen Finerman.
TIBCO Software (TIBX) dropped 8%. Preliminary second-quarter profit for this business software designer missed expectations.
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Trader disclosure: On June 4, 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 (HAS), (INTC), (MSFT), (DIS); Adami Owns (BTU), (C), (AGU), (GS), (INTC), (MSFT), (NUE); Najarian Owns (AAPL), (ANR), (BHI), (CHK), (HPQ), (TSO), (XLF); Najarian Owns (LEH) Puts; Finerman Owns (GS); Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm And Finerman Own (FLS); Finerman's Firm Owns (AAPL), (MSFT), (NYX), (SUN), (TSO), (VLO), (UFS) Finerman's Firm Owns SPX Index Puts; Finerman's Firm Is Short (IYR), (IJR), (MDY), (IWM), (SPY)