Pops & Drops: General Mills, Panera Bread...
Following are the day’s biggest winners and losers. Find out why shares of General Mills and Panera Bread popped while Genreal Motors and Tyson dropped.
POPS (stocks that jumped higher)
Union Pacific Corporation (UNP) popped 5%. The largest U.S. railroad closed up after Morgan Stanley predicted an 11% increase in profit in the second quarter. They also said the stock may double in three to four years. – I like it, says Pete Najarian.
Celtics. A pop of the champagne cork for the Boston Celtics, as the storied franchise wins its 17th NBA title by trouncing LA by 39 points. The win marked the end of the Celtics 22 year championship drought.
Consol Energy (CNX) popped 7%. The coal company rose after JP Morgan upgraded the company to 'Overweight' from 'Neutral' citing the raised estimate for coal prices from the company's Northern Appalachian market. – Coal just keeps moving higher, Pete Najarian exclaims.
General Mills (GIS) popped 3%. Shares of the food maker climbed after the company boosted 2008 profit guidance. – I think they are controlling their expenses better than anyone else in the space, says Jeff Macke.
Panera Bread Company (PNRA) popped 6%. The retail bakery-cafe operator popped after it increased its fiscal second quarter 2008 earnings per diluted share target. – I don’t like this stock, says Joe Terranova.
La-Z-Boy Inc. (LZB) popped 9%. The furniture-maker traded higher after the company announced it will be profitable in fiscal 2009. – If people are staying home this summer this stock could be going up, says Pete Najarian.
VistaPrint Limited (VPRT) popped 5%. The online supplier of graphic design services moved up after Goldman added the company to its Conviction Buy list citing customer and operating profit growth.
DROPS (stocks that slid lower)
General Motors (GM) dropped 6%. The auto giant's shares fell as analysts predicted sales may plunge to a 15 year low due to a surplus of big trucks and shortage of small cars. – I don’t see this stock going higher anytime soon, says Guy Adami.
Tyson Foods (TSN) dropped 8%. Shares of the meat producer slid after Fitch cut its debt rating to 'BB+' from 'BBB-' due to concern over higher grain costs. – Maybe people are raising their own chickens at home, jokes Jeff Macke.
Lindsay Corporation (LNN) dropped 17%. The irrigation and infrastructure products maker closed significantly lower after third quarter earnings missed Wall Street estimates. – Wow that’s a drop, says a startled Joe Terranova.
MF Global (MF) dropped 41%. The futures and commodities trader plunged on a gloomy fiscal Q1 earnings outlook. – The MF takes on a whole new meaning for me, says Guy Adami.
Ohio Banks. Bank stocks in Ohio are dropping like flies, as Fifth Third, Huntington Bancshares, KeyCorp, and National City all get whacked.
RHI Entertainment (RHIE) dropped 4%. The Made-For-TV movie producer dropped after its IPO initially prices at $14 per share below the anticipated range of $16 to $18. – Not so good, says Guy Adami.
Carmax (KMX) dropped 11%. The used-car retailer sank after it reported a 55% drop in first-quarter profit and stated it will temporarily suspend its forecast for the rest of the fiscal year
Victoria's Secret. 52 year old Macrida Patterson is suing lingerie giant Victoria's Secret claiming she was hit in the eye by a decorative metallic object that flew off a thong she was trying on. Patterson was hurt last May while trying on a "low-rise v-string," which is part of the Victoria's Secret "Sexy Little Thing" line.
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Trader disclosure: On June 18, 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 (INTC), (MSFT), (WMT); Pete Najarian Owns (AAPL), (BHI), (ENER), (MS), (TSO), (XLF), (XTO), (CHK), (HPQ), (MYGN); Pete Najarian Owns (RF) Puts; Adami Owns (AGU), (BTU), (C), (NUE), (GS), (INTC), (MSFT); Terranova Owns (XLF), (YHOO), (LUV), (FXC); Terranova Is Long Dec 2008 Crude Oil; Terranova Is Short Dec 2009 Crude Oil; Terranova is chief alternatives strategist at Phoenix Investment Partners;
Phoenix Investment Partners Ltd. Owns (RWX), (DBC), (DBV), (IGE), (AAI), (ALK), (AMR,) (APA), BP plc, British Airways plc, (CHK), (CVX), (COP), (CAL), (DAL), ENI SPA, (XOM), Gazprom, (HA), (HES), (HOC), (HSE), (JBLU), Lukoil, (MRO), (MUR), (OXY), Petrobras Intl Fin, Petro-Canada, (PBR), Petroleos De Venezuela, (QAN), (RJET), Royal Dutch Shell plc A Shares, (SKYW), (LUV,) (SU), (TSO), Texaco Capital, Total SA, (UAUA), (LCC), (VLO)