Pops & Drops: Macy's, Hovnanian...
Following are the day’s biggest winners and losers. Find out why shares of Macy's and Hovnanian popped while Starwood and Sunoco dropped.
POPS (stocks that jumped higher)
Macy's (M) popped 4%. JP Morgan upgraded the company to 'Neutral' from 'Underweight,' claiming Macy’s will meet earnings expectations and has enough liquidity. – You couldn’t make me buy it at gun point, says Jeff Macke.
AmBev (ABV) popped 5%. The Brazilian brewer popped after InBev agreed to acquire Anheuser-Busch creating the world’s largest beer company. – I like it, says Tim Seymour.
Hovnanian Enterprises (HOV) popped 3%. The homebuilder traded higher on news chairman & founder Kevork Hovnanian bought 220,000 shares of the company on July 3rd.
Owens Corning (OC) popped 5%. Morgan Keegan upgraded the company to 'outperform' from 'market perform' claiming Owens Corning is well positioned in the building materials segment. – I think the stock is under water, says Joe Terranova.
Canadian Solar (CSIQ) popped 18%. This China based solar company lifted its second quarter revenue forecast. – I think the numbers were strong, says Tim Seymour.
Allegheny Technologies (ATI) popped 10%. The company lifted its second quarter forecast, claiming it benefited from risk-management programs that reduced the impact of volatile raw material costs. – Nice job, says Karen Finerman.
Coach (COH) popped 3%. The luxury goods moved higher for no clear reason.
DROPS (stocks that slid lower)
Airlines. The airlines took a hit after Credit Suisse downgraded several carriers, claiming profitability looks unlikely in 2009 given a future of $150 oil. – I’d get long Southwest, says Joe Terranova.
Banco Santander (STD) dropped 2%. The second largest bank in Europe announced it would acquire U.K. mortgage lender Alliance & Leicester. – I like this stock on the dip, says Tim Seymour.
Starwood Hotel & Resorts (HOT) dropped 7%. Goldman Sachs added the company to its conviction sell list, saying it expects fundamentals to start deteriorating in both the higher-end segments of the lodging industry, as well as international markets. – It’s down 40% for the year so maybe Goldman is late to the party, says Karen Finerman.
Sunoco (SUN) dropped 4%. The refiner took a hit along with the rest of the sector on concerns about long range oil prices. – I think it’s at a point where you can step in, says Joe Terranova.
Sonic Corp (SONC) dropped 3%. Banc of America initiated coverage of the company with a 'neutral' rating, claiming the company faces near-term challenges including higher dairy costs and a rise in the federal minimum wage. - It’s a sell, says Jeff Macke.
Miss USA. During the Miss Universe competition on Saturday night, Miss USA Crystle Stewart hit the deck on live television during the evening gown competition. But she's not alone, as last year Miss USA Rachel Smith fell at the same competitition!
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Trader disclosure: On July 14, 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 (US), (WMT), (MSFT), (INTC), (USO); Finerman Owns (CSCO), (GS); Finerman's Firm Owns (MSFT), (SUN), (TSO), (VLO), (PDE); Finerman's Firm Is Long SPX Index Puts; Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm Is Short (IYR), (IJR), (MDY), (IWM), (SPY); Seymour Owns (TSL), (AAPL), (CSCO), (INTC), (MER), (MSFT)
Terranova Owns (VLO), (SA), (YHOO), (FCX), (IYT), (GOOG), (CME), (INTC), (BNI), (LUV), (XLF), (SU); Terranova Is Short 30 Year US Bond Futures (September); Terranova Owns Dollar Index Futures (September)
Terranova is chief alternatives strategist at Phoenix Investment Partners;Phoenix Investment Partners Owns (IGE),(DBC), (DBV), (RWX), (AAPL), (AMD), (ATI), (AW), (BA), (BAC), (BNI), (BSC), (BUD), (C), (CHK), (COH), (COP), (CSCO), (CME), (CVX), (DAL), (DNA), (DVN), (FCX), (FNM), (FRE), (GOOG), (GS), (HAL), (HOT), (IBM), (INTC),(ICE), (JNJ), (JNPR), (JPM), (LEH), (LUV), (M), (MEE), (MON), (MOS), (MS), (MSFT), (NCC), (NUE), (NYX), (NDAQ), (OC), (POT), (RBN), (RSG), (SU), (SUN), (SWKS), (TIE), (TSO), (USB), (VLO), (WB), (X), (XOM), (YHOO)
Phoenix Investment Partners Owns (AA) And Is Short (AA); Phoenix Investment Partners Owns (BHI) And Is Short (BHI); Phoenix Investment Partners Owns (DE) And Is Short (DE); Phoenix Investment Partners Owns Shares Of InBev NV; Phoenix Investment Partners Owns (MER) And Is Short (MER); Phoenix Investment Partners Owns (SLB) And Is Short (SLB); Phoenix Investment Partners Is Short (SONC); Phoenix Investment Partners Owns (WFC) And Is Short (WFC); Phoenix Investment Partners Owns Nike-Cl B Shares; Phoenix Investment Partners Owns (KMB)