Exxon Mobil (XOM) popped 2% The Supreme Court ruled in Exxon’s favor concerning the Exxon Valdes punitive damages award. – I think integrated oil could begin to perform, says Joe Terranova.
Eastman Kodak (EK) popped 17%. The imaging technology products company initiated a $1 billion share buy-back program. – I don’t think it’s rolling any higher, says Pete Najarian.
Sears (SHLD) popped 4%. The department store operator announced plans to jazz up its private brands. – I still wouldn’t own it, says Karen Finerman.
Kroger (KR) popped 7% The grocery store chain posted better than expected earnings this week. – I like it around $26, says Joe Terranova.
DROPS (stocks that slid lower)
Boeing (BA) dropped 5%. Goldman Sachs cut the company's rating due to slowing economic conditions and rising fuel costs. – Not good, says Guy Adami.
Yahoo! (YHOO) drops 3%. Shares of the internet site dropped as the company struggled to revive a deal with Microsoft. – I feel sorry for Carl Icahn, says Karen Finerman.
Global M&A. Bankers are bracing for further job cuts as global M&A activity fell 35 percent in the first half of the year to $1.6 trillion.
Wynn Resorts (WYNN) dropped 10%. The casino and resorts operator tanked after a downgrade from Key Banc and data that showed spending is down on the Vegas Strip. – You can gamble on the market so why go to Vegas, says Guy Adami.
Nike (NKE) dropped 10%. The world's largest athletic shoe maker dropped on concerns of slower growth due to weakening global economic conditions. – I think the stock is oversold, says Joe Terranova.
Micron Technology (MU) dropped 15%. The memory chipmaker missed third quarter earnings expectations. – Not so good, says Guy Adami.
Palm (PALM) dropped 11%. The mobile computer and handheld maker slid after it reported weak earnings. – Nobody seems to care about their devices, says Pete Najarian.
American Eagle Outfitters (AEO) dropped 16%. Oppenheimer downgraded the company to 'Perform' from 'Outperform' after its President and Chief Marketing Officer announced she will be leaving the company.
Professor Splash. Colorado native Darren Taylor, known as 'Professor Splash,' broke his own Guinness World Record for highest shallow water dive on Thursday, as he dove from 35 feet, 4 inches into a kiddie pool filled with 12 inches of iced water.
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Trader disclosure: On June 27, 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), (BTU), (NUE), (GS), (INTC), (MSFT); Pete Najarian Owns (ANR), (TSO), (XLF); Pete Najarian Owns (AAPL) Calls, (EK) Calls, (QID) Calls, (RIMM) Calls, (YHOO) Calls, (WLT) Calls; Pete Najarian Owns (HRB) Puts, (MER) Puts, (HBC) Puts; Finerman Owns (GS); Finerman's Firm Owns (MSFT), (NYX), (SUN), (TSO), (MRK), (PPH); Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm Is Short (SPY), (IYR), (IJR), (MDY), (IWM); Finerman's Firm Is Short SPX Index Puts; Finerman's Firm Owns (VLO) And (VLO) Call Spreads; Terranova Owns (BNI), (CME), (FXC), (LUV), (GOOG), (FCX), (INTC), (IYT), (XLF), (SU), (YHOO); 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)