Following are the day’s biggest winners and losers. Find out why shares of Hershey and Pepsi popped while Boeing and Ryder dropped.
POPS (stocks that jumped higher)
XM Satellite Radio (XMSR) & Sirius Satellite Radio (SIRI) popped nearly 10%. The FCC is said to be close to approving Sirius' purchase of XM Satellite Radio. – Who cares if they merge at this point, says an angry Jeff Macke.
PepsiCo (PEP) popped 2%. The world's largest snack maker beat analyst estimates and the company boosted prices for potato chips. – I’d get long, says Joe Terranova, using $58 as a stop.
*Intuitive Surgical (ISRG) popped 18%. Sales of the company’s signature Da Vinci surgical system really took-off. This is one of Fast Money’s featured “Future Trades.” Click here to see them all.
John McCain A poll conducted by Reuters finds that a majority of economists at U.S. banks believe the stock market would fare better in the first year with John McCain in the White House.
CEC Entertainment (CEC) popped 24%. The Chuck E. Cheese operator reported strong earnings and raised guidance for the year. – There’s been a huge rally in pizza makers, says an amazed Jeff Macke.
Hershey (HSY) popped 5%. The biggest U.S. chocolate maker increased prices and didn't have many increased costs. – I wouldn’t get involved, says Joe Terranova.
Whirlpool Corp. (WHR) popped 13%. The world's largest appliance maker surged due to increased U.S. market share and rising Latin American sales. – I think it was a relief rally, adds Karen Finerman.
Hertz Global Holdings (HTZ) popped 7%. The world's largest car rental company appears to have been oversold going into earnings. – The stock had been beaten senseless, exclaims Jeff Macke.
Philadelphia Consolidated (PHLY) popped 64%. The insurance company announced it will be bought by Tokio Marine Holdings, Japan's largest insurer.
DROPS (stocks that slid lower)
Boeing (BA) dropped 4%. Earnings declined and the airplane maker incurred costs due to a delay in its military aircraft program. – They always cite the mix and this quarter it was bad, explains Karen Finerman.
Zimmer Holdings (ZMH) dropped 7%. The artificial-joint maker will stop selling a product used in hip replacement surgery and it lowered its earnings forecast. – It seems unbelievable to me that sales in this boomer play are weaker, says Pete Najarian.
Ryder System (R) dropped 10%. The truck company announced a reduction in its 2008 forecast. – This is a good reason to own the IYR which is the transportation ETF, counsels Joe Terranova. Spread out your risk.
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Trader disclosure: On July 23, 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 (WMT), (COST), (MSFT), (EMC); Najarian Owns (AAPL), (COST), (TSO); Najarian Owns (YHOO) Calls, (CSCO) Calls, (SKF) Calls; Finerman Owns (GS); Finerman's Firm Owns (MSFT), (PPH), (SUN), (TSO), (VLO); Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY); Terranova Owns (BNI), (CME), (RIMM), (VLO), (SA), (FCX), (GOOG), (INTC), (IYT), (XLF), (SU), (YHOO); Terranova Is Long September Crude Oil $154 Call; Terranova Is Short September Crude Oil $130 Put; Terranova Is Short September Crude Oil $130 Call
Terranova Is Chief Alternatives Strategist Of Phoenix Investment Partners, Ltd.; 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); Terranova Is Co-Portfolio Manager Of The Phoenix Diversifier PHOLIO; Phoenix Diversifier PHOLIO Owns (IGE), (DBC), (DBV)
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