Pops & Drops: Hess, Verizon...
Following are the day’s biggest winners and losers. Find out why shares of Hess and GameStop popped while Verizon and Coca-Cola dropped.
POPS (stocks that jumped higher)
Las Vegas Sands (LVS) popped 7%. The casino operator moved for no clear reason. – I think the shorts got squeezed, says Pete Najarian.
Hybrids. As the wait for a new Toyota Prius approaches 4 months, car buyers are finding that used Priuses on eBay cost more than brand new ones.
Barclay's PLC (BCS) popped 4%. The British Bank surged after announcing it will raise $7.8 billion to bolster financial position. – Looks like a classic relief rally to me, says Guy Adami.
Hess Corp. (HES) popped 2%. FBR Capital Markets raised its earnings target for the company by 25% due to the higher price of crude oil. – If oil comes down the integrated names could move up, speculates Joe Terranova.
Landry's Restaurants (LNY) popped 18%. The restaurant operator allowed CEO Tilman J. Fertitta to buy out the company and take it private. – It’s a hard space in this economy, says Jeff Macke.
GameStop Corp. (GME) popped 8%. The videogame retailer surged after Goldman upgraded its stock to 'Neutral' from 'Sell'.
Pier 1 (PIR) popped 7%. The home furnishings retailer moved up after Cost Plus rejected their unsolicited buyout offer.
DROPS (stocks that slid lower)
Verizon (VZ) and AT&T (T) both dropped. UBS downgraded both carriers over concerns that the slowing US economy will hurt the wireless business. – I think $34 is support in AT&T, says Guy Adami.
Coca-Cola (KO) dropped 3%. Investors feared rising plastic costs could hurt the margins of this soft-drink maker. It’s near a 52-week low, adds Joe Terranova.
Hershey (HSY) dropped 7%. Speculation that Hershey's majority owner has no interest in selling the company sent shares lower. – It’s a bitter-sweet story, exclaims Jeff Macke. Stay away.
Republic Services (RSG) dropped 7%. Investors took profits following Friday's announcement of a merger with Allied Waste. – This stock worries me, says Pete Najarian.
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Trader disclosure: On June 16, 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 (NUE), (AGU), (C), (GS), (INTC), (BTU), (MSFT); Macke Owns (ATVI), (MSFT), (INTC), (WMT), (HAS), (DIS); Najarian Owns (AAPL), (BHI), (CHK), (ENER), (HPQ), (TSO), (XLF); Najarian Owns (GME) Calls; Terranova Owns (GS), (LUV), (FXC); Terranova Is Long Dec 2008 Crude Oil; Terranova Is Short Dec 2009 Crude Oil; GE Is The Parent Company Of CNBC; NBC Universal Is The Parent Company Of CNBC
Terranova is chief alternatives strategist at Phoenix Investment Partners; Phoenix Investment Partners Ltd. Is Long Airtran Holdings, Alaska Air Group, American Airlines, Apache, BP, British Airways, Chesapeake Energy, Chevron, ConocoPhillips, Continental Airlines Delta Air Lines Deutsche Lufthansa, ENI SPA, ExxonMobil Gazprom, Hawaiian Holdings, Hess, Holly Corp. Husky Energy, JetBlue, Lukoil, Marathon Oil, Murphy Oil, Occidental Petroleum, PetroBras Intl. Fin. Petro-Canada, Petroleo Brasileiro S.A., Petroleos De Venezuela SA, Qantas Airways Republic Airways, Royal Dutch Shell, Skywest, Southwest Airlines, Suncor Energy, Sunoco, Tesoro Texaco Capital, Total SA, United Airlines, US Airways Group, Valero Energy