Schlumberger (SLB) popped 1%. J.P. Morgan added the oil services firm to its Analyst Focus List with a $140 price target. – It was a good day for them, says Pete Najarian.
Wellpoint (WLP) popped 2%. First American Trust reported buying 26,000 shares. – The valuations are cheap, says Karen Finerman.
SGX Pharmaceuticals (SGXP) popped 126%. Ely Lilly agreed to buy the company for $3 a share.
Charming Shoppes (CHRS) popped 3%. The company’s CEO announced his resignation following a volatile period of slumping sales and shareholder pressure.
Locusts. 33,000 insect terminators were dispatched to Inner Mongolia in hopes of preventing a cloud of locusts from descending on Beijing during the Olympics.
DROPS (stocks that slid lower)
Chesapeake Energy (CHK) dropped 6%. The natural gas producer said it will issue 25 million shares of common stock to pay down debt. – I like it at this level, says Pete Najarian.
Tesoro (TSO) dropped 12%. All the refiners moved lower Wednesday after oil recovered some losses from Tuesday’s sharp drop. – Refiners can’t seem to make money right now, says Karen Finerman.
Northwest Airlines (NWA) dropped 16%. The airline announced a round of job cuts and that it will charge $15 for the first bag checked. – They’re charging you twice as much for an experience that’s half as good, exclaims Jeff Macke.
1995 Honda Civic. According to the National Insurance Crime Bureau, for the 4th year in a row, the 1995 Honda Civic was the most stolen car in America.
Hansen Natural Corp. (HANS) dropped 15%. US consumers cut back on impulse drink purchases at gas stations, which is an important place of purchase for this energy drink maker.
Arris Group (ARRS) dropped 17%. The communications technology firm cut its sales forecast which could mean the cable internet phone business may be maturing.
Wolverine World Wide (WWW) dropped 13%. The Hush Puppies maker disappointed investors with its 2008 outlook.
Sealy Corp (ZZ) dropped 9%. The mattress maker drooped after it posted a 26% drop in quarterly profit.
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Trader disclosure: On July 9, 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 (INTC), (MSFT), (WMT); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Najarian Owns (AAPL), (CHK), (MAR), (TSO), (ANR); Najarian Owns (SLB) Calls, (YHOO) Calls; Najarian Owns (XLF) And (XLF) Puts; Najarian Owns (FNM) And (FNM) Puts; Finerman Owns (GS); Finerman's Firm Owns (MSFT), (SUN), (TSO), (VLO),(PPH), (MRK), (PFE), (JNJ); Finerman's Firm Owns (TGT) Calls; Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM); Finerman's Firm Is Long SPX Index Puts; Finerman's Firm And Finemran Own (C) And (C) Leaps; Finerman's Firm And Finerman Own (PDE) And (PDE) Calls; Finerman's Firm And Finerman Own (FLS)
Gartman Owns (PLL), (AFFY), (SJT), (JJG), (EWZ), (PH), (GOOG),(ATW); Gartman Owns (SU), And Is Short (SU) Calls; Gartman Owns (UYG) And Owns (SDS) Against It; Gartman Is Short (WFMI), (BA), (DE); Gartman Owns (BPT) And Is Short (BP); Gartman Owns (TOWN) And Is Short (ING); Gartman Is Short (X); CIBC Gartman Index Owns Natural Gas And Is Short Crude Oil; CIBC Gartman Index Owns Aluminum