Dick Grasso. A New York appeals court dismissed the remaining claims against the former NYSE Chairman and his $187.5 million compensation package.
CIT Group (CIT) popped 30%. The commercial finance company sold its subprime mortgage business to Lone Star Funds. – They're at half of their February value, says Pete Najarian.
Sherwin-Williams (SHW) popped 6%. The paint maker won an appeal that would have otherwise cost the company $2.4 billion. – Guy Adami doesn’t know what to say.
Happiness. The World Values Survey finds that happiness has been on the rise around the world in recent years. The Happiness Index created from the survey's answers rose in 40 countries between 1981 and 2007 and fell in the other 12, with Denmark being the happiest country and Zimbabwe the most glum.
France Telecom (FTE) popped 3%. Goldman Sachs resumed coverage of the company with a 'buy' and Merrill Lynch upgraded it to 'buy' from 'neutral'
Fat Monkeys. Park officials in Western Japan placed their monkeys on a crash diet after they noticed some were 3 times normal size and had a hard time moving around. Officials suspect the monkeys lived off the largesse of visitors who threw food into their enclosures.
DROPS (stocks that slid lower)
NYSE Euronext (NYX) dropped 2%. Goldman Sachs removed the NYSE from its Conviction Buy List citing diminished investor sentiment. – I removed it from my "Buy" list too, says Karen Finerman.
Yahoo (YHOO) dropped 2%. The search portal dipped below $20 on general market worries. – I think it’s priced about right, says Pete Najarian.
BHP Billiton (BHP) dropped 3%. China slammed the company's plan to overhaul iron ore contract pricing as "unfair and improper". – I like this company, says Tim Seymour.
Dollar Thrifty (DTG) dropped 40%. The car rental company crashed after it announces a profit warning. – Annihilation is a good way to describe it, says Karen Finerman. Stay away.
ArcelorMittal (MT) dropped 5%. The world's largest steelmaker acquired a 60% stake in Dubai Steel Trading Company. – Some feel they're overpaying and that could be behind the drop, says Tim Seymour.
R.H. Donnelley (RHD) dropped 17%. The yellow pages publisher was removed from the Russell 1000 and placed in the small-cap Russell 2000. – Not a good time to be in a declining business, says Karen Finerman.
The McClatchy Company (MNI) dropped 7%. Deutsche Bank downgraded the company to 'sell' from 'hold' on concerns that newsprint costs and lower revenue will hurt earnings. – These guys are struggling, says Pete Najarian.
Smithfield Foods (SFD) dropped 12%. The U.S. pork producer announced several moves that should help it pay down debt. – I think it could go down further, says Guy Adami.
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Trader disclosure: On July 1, 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 (C), (AGU), (BTU), (GS), (INTC), (MSFT), (NUE); Finerman Owns (GS); Finerman's Firm Owns SPX Index Puts; Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm Owns (MSFT), (SUN), (TSO), (VLO), (SBUX); Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM); Pete Najarian Owns (AAPL), (NOK), (TSO), (XLF); Pete Najarian Owns (HBC) Puts, (MER) Puts, (RIMM) Calls, (SLB) Calls, (UBS) Calls, (WM) Calls, (YHOO) Calls; Seymour Owns (AAPL), (CFC), (F), (MER), (MSFT), (TSO), (TSL); Seygem Asset Management Owns (TTM), (PKX), (FMX); Seygem Asset Management Owns Shares Of Grupo Modelo