AstraZeneca (AZN) popped 2%. A U.S. court upheld a patent on its Seroquel antipsychotic. – I think the stock looks interesting, says Tim Seymour.
Family Dollar Stores (FDO) popped 8%. The discount-store operator released strong third quarter results. – I think it might go higher, says Guy Adami.
Morgans Hotel Group (MHGC) popped 14%. The luxury hotel announced a stock buyback. – The stock didn’t pop until after lunch and I don’t know why that was, says Karen Finerman.
Rush Limbaugh. The conservative talk radio jock signed a new $400 million deal with Clear Channel. Limbaugh now makes more than network news anchors Katie Couric, Brian Williams, Charlie Gibson and Diane Sawyer combined!
Apollo Group (APOL) popped 18%. The University of Phoenix owner beat Q3 Street expectations.
Dogs. Besides leaving $12 million for the care of her own pooch, Leona Helmsley reportedly directed that her fortune — up to $8 billion — be used for the care and welfare of dogs.
DROPS (stocks that slid lower)
Circuit City (CC) dropped 9%. The electronics retailer sank after Blockbuster abandoned its offer to buy the company. – I think they need to do something quickly, says Guy Adami.
Western Union (WU) dropped 4%. An Arizona appellate court ruled against the company concerning the state’s right to seize certain money transfers. – I think it will take a long time to sort it out, says Karen Finerman.
Sam Israel. And a drop for fugitive hedge-fund shyster Sam Israel, who after faking his own suicide on June 9th, turned himself in to authorities in Southwick, Massachusetts earlier this morning.
Bunge Ltd. (BG) dropped 4%. The grain and oilseed processor agreed to buy Tate & Lyle's international sugar trading and marketing division. – I like that they’re getting into sweetners, says Pete Najarian.
Vimpel Communications (VIP) dropped 6%. The Russian telecom provider announced an organizational restructuring. – I think it’s one of the best companies in emerging markets, says Tim Seymour, and I would start looking at it here.
Avis Budget Group (CAR) dropped 22%. The third largest U.S. car-rental company said full year profit will decline because of rising gasoline costs and a decrease in commercial travel
Market Vectors Coal ETF (KOL) dropped 10%. The coal ETF slid as the sector took a hit.
Got something to to say? Send us an e-mail at firstname.lastname@example.org and your comment might be posted on the Rapid Recap! If you'd prefer to make a comment but not have it published on our website send your e-mail to email@example.com.
Trader disclosure: On July 2, 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), (ITNC), (MSFT), (NUE); Finerman Owns (GS); Finerman's Firm Owns (SUN), (TSO), (VLO), (MSFT), (PM); Finerman's Firm Owns SPX Index Puts; Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm Owns (GE) And (GE) Puts; Finerman's Firm Is Short (XME) And Owns (XME) Puts; Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM); Najarian Owns (AAPL), (CHK), (HPQ), (TSO), (XLF); Najarian Owns (MER) Puts; Najarian Owns (SLB) Calls, (WM) Calls, (YHOO) Calls, (ZRAN) Calls ;Seymour Owns (AAPL), (F), (MER), (MSFT), (TSO); Seygem Asset Management Owns (EEM), (TTM)