Following are the day’s biggest winners and losers. Find out why shares of Bed Bath & Beyond and DaVita popped while ConAgra and MGM dropped.
POPS (stocks that jumped higher)
Bed Bath & Beyond (BBBY) popped 4%. The home furnishings retailer reported better-than-expected results in its fiscal first quarter. – Take profits, says Guy Adami.
DaVita Inc. (DVA) popped 2%. The dialysis center operator announced the arrival of a new chief medical officer. – I think it’s a recession proof business, says Karen Finerman.
Novo Nordisk (NVO) popped 3%. Credit Suisse issued a report Thursday claiming obesity and related diseases are on the rise worldwide. – It’s a nice pop, says Pete Najarian
Fruit salad. Farmers in Peru donated 18 tons of fruit to make the world's biggest fruit salad breaking the Guinness World Record they had already set five years before.
Photon Dynamics (PHTN) popped 31%. The maker of flat-panel production tools agreed to be bought by Orbotech. – That’s that, says Pete Najarian.
United Natural Gas Fund (UNG) popped 3%. Weekly natural gas inventories, which rose this week, still were 2.7 percent below the five-year average for this time of year. – I think there could be a little pullback, says Joe Terranova.
DROPS (stocks that slid lower)
ConAgra Foods (CAG) dropped 6%. North America's largest packaged food company’s fiscal year forecast lagged Wall Street expectations. – They have higher commodities costs, adds Joe Terranova.
MGM Mirage (MGM) dropped 6%. The casino operator “crapped” out after JP Morgan cut its rating on the company to 'Neutral' from 'Overweight' citing an unprecedented lack of visitors to the Vegas Strip. – Not a great space, says Karen Finerman.
Brunswick Corporation (BC) dropped 4%. The boat manufacturer’s CEO stated that demand for its products is down due to a shrinking U.S. job market, surging fuel prices and declining home values. – Bad environment for them, says Joe Terranova.
Oshkosh Corporation (OSK) dropped 33%. The truck maker said it expects to report a loss in the third quarter citing a slowing economy and weakness in the nonresidential construction market. – I think there’s more room on the downside, says Guy Adami.
Discover Financial Services (DFS) cropped 8%. The credit card company reported an increase in overdue payments from customers and curbed second-quarter profit. – If you want to be in the space Mastercard or Visa is the way to go, says Karen Finerman.
Lear Corporation (LEA) dropped 16%. Goldman Sachs cut its rating on the company to 'Sell' from 'Neutral' citing worsening conditions in the automotive sector. – This stock looks interesting at current levels, says Guy Adami.
Monsanto (MON) dropped 3%. Investors expected a more "robust" revision to the company's fiscal 2008 outlook.
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Trader disclosure: On June 26, 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), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Finerman Owns (GS); Finerman's Firm Owns (MO), (MSFT), (PM), (SUN), (TSO), (VLO), (AXP), (DVA); 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), (SPY), (IWM); Najarian Owns (AAPL), (ANR), (CHK), (RIMM), (TSO), (XLF); Najarian Owns (MER) Puts; Najarian Owns (NUE) Calls, (QID) Calls, (SLB) Calls, (YHOO) Calls; Terranova Owns (BNI), (CME), (FXC), (LUV), (GOOG), (INTC), (IYT), (XLF), (SU), (YHOO), (FCX); Terranova Owns Dollar Index Futures
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)