Following are the day’s biggest winners and losers. Find out why shares of Raytheon and Pulte popped while UPS and Cooper Tire dropped.
POPS (stocks that jumped higher)
Raytheon Company (RTN) popped 3%. JP Morgan upgraded the stock to 'Overweight' from 'Neutral' claiming the defense sector to be relatively safe in a period of economic weakness. – I think it’s cheap, says Guy Adami.
Pulte Homes (PHM) popped 5%. Credit Suisse initiated coverage of the stock with an 'Overweight' rating. – Move on, says Karen Finerman.
The LZR Swimsuit. Speedo's LZR swimsuit, a suit worn by swimmers who have broken 38 world records since February, has been called 'technological doping' by some critics. But don't say that 5-time Olympic gold medalist Michael Phelps, who said he feels like a "rocket" in it.
UST Inc. (UST) popped 4%. UBS upgraded the company to 'Buy' from 'Neutral' citing the company's attractiveness as an acquisition target. – Keep an eye on it, says Pete Najarian.
The Cheesecake Factory (CAKE) popped 6%. Wedbush Morgan upgraded the company to 'Buy' from 'Hold' claiming 1st-half 2009 catalysts provide reason for optimism. – Eventually there’s a bottom, says Jeff Macke. As a spec play it’s not the worst.
Novartis (NVS) popped 3%. Exane BNP raised their rating of the company to 'neutral' from 'underperform'. – There’s some great stuff in their pipeline, says Pete Najarian, but they need to do acquisitions too.
Pzena Investment Mgmt. (PZN) popped 13%. Shares of the small-cap investment management firm closed higher for no clear reason. - I think Rich Pzena is one of “the” names in money management for the financials, says Karen Finerman.
Starbucks (SBUX) popped 2%. Wedbush Morgan saw a possible partnership opportunity with The Cheesecake Factory. – I think the trend is down until they come up with a better business model. exclaims Jeff Macke.
DROPS (stocks that slid lower)
United Parcel Service (UPS) dropped 6%. The world's largest delivery company cut its second quarter profit outlook. – I don’t think things will change for them anytime soon, says Jeff Macke.
Cooper Tire & Rubber (CTB) dropped 4%. The tiremaker cut production in the second quarter of the year in the face of a dramatic loss of demand for its tire products. – I think it has further room on the downside, says Guy Adami.
comScore (SCOR) dropped 23%. The digital marketing intelligence company dropped on fears that Google may launch its own Internet measurement service. – That’s not good, says Karen Finerman. Stay away.
Lost Amazon Tribe. Photographer Jose Carlos Meirelles recently revealed that photos he took of the "lost Amazon tribe" were a hoax, as the tribe was discovered way back in 1910. Meirelles thought the fake pics would draw attention to the dangers of logging in the area.
Smurfit-Stone Container Corp. (SSCC) dropped 11%. Citi raised the company's risk rating to 'Speculative' from 'High' and lowered its price target. – Not so good, says Guy Adami.
The World. According to a Dutch newspaper, thousands of Dutch people think the world will end in 2012. Said resident Petra Faile, "You know, maybe it's really not that bad that the Netherlands will be destroyed... I don't like it here anymore."
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Trader disclosure: On June 24, 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), (C), (GS), (INTC), (BTU), (NUE), (MSFT); Macke Owns (DIS), (WMT), (MSFT); Najarian Owns (AAPL), (HD), (NOK), (TSO), (XLF); Najarian Owns (WFMI) Puts, (MER) Puts, (DHI) Puts; Najarian Owns (YHOO) Calls, (EK) Calls, (UBS) Calls; Finerman Owns (GS)
Finerman's Firm Owns (AXP), (MSFT), (NYX), (PZN), (TSO), (VLO), (PPH); Finerman's Firm Owns SPX Index Puts; Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm Is Short (IYR), (IJR), (MDY), (IWM), (SPY); Finerman's Firm And Finerman Own (HD) And (HD) Puts