Pops & Drops: General Motors, Teva...
Following are the day’s biggest winners and losers. Find out why shares of General Motors and Dryships popped while Teva and RBS dropped.
POPS (stocks that jumped higher)
General Motors (GM) popped 1%. The automaker's shares jumped as much as 7% today on a report that the company was considering cutting jobs and brand offerings, but then the stock reversed itself after the company wouldn't comment on the news. – I think there's opportunity but not yet, says Guy Adami.
BCE Inc. (BCE) popped 11%. Canada's biggest phone company signed a $35 billion agreement to complete the world's largest leveraged buyout. – They clutched victory from the jaws of defeat, muses Karen Finerman.
Cash America (CSH) popped 16%. The payday lender raised its second-quarter earnings outlook above analyst estimates.
Dryships (DRYS) popped 3%. The shipper announced plans to buy new ships and sell older ones. – Also a competitor talked about a big second quarter, adds Pete Najarian.
Flowserve Corp. (FLS) popped 6%. BMO Markets upgraded the company to 'Outperform' from 'Market Perform' saying shares are cheaply priced after a recent sell-off. – It was down on Thursday, explains Karen Finerman. The market is just taking it back.
Temple-Inland (TIN) popped 9%. Credit Suisse upgraded the stock to 'Outperform' from 'Neutral' claiming the company will raise prices for their products.
Solarfun (SOLF) popped 8%. The China-based solar company traded higher along with the other stocks in the sector. – The party could be over tomorrow, cautions Pete Najarian.
Cal Maine Foods (CALM) popped 6%. Barron's said the company's stock price could double due to rising food prices.
Maguire Properties (MPG) popped 5%. The REIT moved higher on a Wall Street Journal report.
DROPS (stocks that slid lower)
Teva Pharma. (TEVA) dropped 9%. The world's biggest generic-drug maker dropped on news its 40mg Copaxone drug failed during testing. – That’s a big drop, says Pete Najarian.
Royal Bank of Scotland (RBS) dropped 6%. Cazenove cut its rating to 'Underperform' from 'in-line' citing a higher corporate impairment charge. – I can’t imagine being long bank stocks, says Jeff Macke.
Pringles. A British tax court ruled that the snacks are not potato chips, or "crisps" as the British call them because Pringles are made from baked dough, not potato slices.
Bank of Ireland (IRE) dropped 10%. Moody’s cut the debt rating of the oldest bank in Ireland. – I like Ireland more than Scotland but I wouldn’t buy this bank either, says Jeff Macke.
A-Rod. A drop for Yankees third-baseman Alex Rodriguez, as soon-to-be ex-wife Cynthia seeks to invalidate the pre-nup she signed in 2002 claiming she's entitled to an "equitable distribution" of A-Rod's estimated $445 million in assets.
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Trader disclosure: On July 7, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (ATVI), (WMT), (DIS), (MSFT); Najarian Owns (AAPL), (NOK), (TSO), (XLF), (XTO), (FNM), (ANR); Najarian Owns (FNM) Puts, (MER) Puts; Najarian Owns (RIMM) Calls, (SLB) Calls; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Finerman's Firm Owns (GE), (MPG), (MSFT), (SUN), (TSO), (VLO); Finerman's Firm And Finerman Own (PDE); Finerman's Firm Owns SPX Index Puts; Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm And Finerman Own (FLS); Finerman's Firm Is Short (SPG), (IYR), (IJR), (MDY), (SPY), (IWM); Finerman's Firm Is Short (XME) And Owns (XME) Puts
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