Pops & Drops: Intel, General Motors...
Following are the week’s biggest winners and losers. Find out why shares of Intel and General Motors popped while ConocoPhillips and Advanced Micro Devices dropped.
POPS (stocks that jumped higher)
Intel (INTC) popped 7%. Bolstered by strong demand for chips, the world's largest computer-chip maker posted a 25% jump in second-quarter profits. – I don’t think Intel is much to look at going forward, says Jeff Macke.
Homebuilders (XHB) popped 15%. The Commerce Department reported that construction of multifamily units surged by 42.5% last month. – Housing starts were lost in the shuffle this week, says Joe Terranova.
General Motors (GM) popped 32%. Investors embraced GM's cost-cutting plan which includes slashing its work force and suspending its dividend. – I think it’s a dead cat bounce, says Karen Finerman. They don’t seem to have products that consumers want. I’d stay away.
Nokia (NOK) popped 6%. The world's largest cell phone maker reported better-than expected results showing the people still like to chat in a tough economy. – I’m interested to see if they have follow through, says Pete Najarian.
Mattel (MAT) popped 19%. The toy maker posted better than expected earnings and won a jury verdict concerning Bratz dolls. – I like Hasbro better, says Jeff Macke.
Macy's (M) popped 17%. Macy’s CEO Terry Lundgren reassured investors his company was dressed for success and a JPMorgan analyst removed his sell rating on the stock. – It’s a nice turnaround, says Karen Finerman.
Werner Enterprises (WERN) popped 26%. A JPMorgan analyst upgraded the company to 'Neutral' from 'Underweight,' citing the trucking company's improving fuel efficiency and capacity utilization.
Tempur-Pedic (TPX) popped 28%. The luxury mattress maker soared on strong sales showing that nothing beats a good night’s sleep.
IMAX Corp. (IMAX) popped 19%. The large format movie theatre operator said it had strong advanced ticket sales for “The Dark Knight.”' – It’s a little ahead of itself, says Jeff Macke.
DROPS (stocks that slid lower)
ConocoPhillips (COP) dropped 5%. Lower crude prices dragged down the third-largest U.S. oil company as well as its peers. – It’s was a liquidation trade, says Joe Terranova. I think it’s going higher, next.
Advanced Micro Devices (AMD) dropped 4%. The chipmaker reported a wider second-quarter loss than expected and said CEO Hector Ruiz would step down. – The chip makers just can’t get out of their own way, says Pete Najarian.
Evergreen Solar (ESLR) dropped 11%. The solar company initially popped after inking a $1.2 billion deal with IBC Solar, but then dropped after it guided lower.
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Trader disclosure: On July 18, 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 (ATVID), (MSFT), (GS), (WMT), (HAS); Pete Najarian Owns (AAPL), (CHK), (TSO), (XLF); Pete Najarian Owns (CSCO) Calls, (MRK) Calls, ; Pete Najarian Owns A (YHOO) Call Spread; Finerman Owns (GS); Finerman's Firm And Finerman Own (PDE); Finerman's Firm Owns (MCC), (MSFT), (SUN), (TSO), (VLO), (MCC); Finerman's Firm And Finerman Own (C), (C) Leap; Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM); Terranova Owns (VLO), (RIMM), (INTC), (YHOO), (GOOG), (CME), (FCX), (BNI), (XLF), (IYT), (SU), (SA); Terranova Is Short September Crude Oil $130 Puts; Terranova Is Short September Crude Oil $130 Calls; Terranova Is Long September Crude Oil $154 Calls
Terranova Is Phoenix Investment Partners' Chief Alternatives Strategist And Co-Manages The Phoneix Diversifier Fund; Phoenix Investment Partners Owns More Than 1% Of (DBV), (RWX), (LNET), (EXR), (SKT), (DLR), (IGE), (ARE), (DBC), (ABD), (OFC), (CLB), (BLV), (CNTY), (FL), (HPC), (PSPT), (ESS), (OIIM), (BIG), (ENG), (PFD), (DRH); Phoenix Diversifier Fund Owns (IGE), (DBC), (DBV), (GOOG)
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