Pops & Drops: Comcast, Hess...
Following are the day’s biggest winners and losers. Find out why shares of Comcast and Hess popped while Garmin and Dreamworks dropped.
POPS (stocks that jumped higher)
Comcast (CMCSA) popped 5%. The nation’s largest cable-TV company increased its digital phone and Internet customers. – I think valuations are too rich, says Guy Adami.
Hess (HES) popped 14%. The fifth-largest U.S. oil company surged on a strong profit report and climbing oil prices. – It was a good day to be an oil stock, muses Karen Finerman.
Owens Corning (OC) popped 9%. Higher energy costs have more people putting down insulation in the attic. Sales at Owens Corning were up 82%. – Their ’08 outlook was impressive, says Pete Najarian.
Cummins Inc (CMI) popped 7%. The engine maker reported better-than-expected earnings as demand for recovers. – The stock made a 52-week high, says Guy Adami. I’d wait for a pull back.
Reynolds American (RAI) popped 7%. The second-largest U.S. tobacco company beat Street expectations on higher cigarette prices and snuff sales. – On a valuation basis I think it’s cheap, says Karen Finerman.
Cheech And Chong. The comedy duo are planning their first comedy tour in over 25 years. Details of the 'Hey, What's That Smell?' will be released soon.
Avon Products Inc (AVP) popped 17%. Demand increased for Avon products in Europe and Latin America. – I think it goes lower before it goes higher, says Guy Adami.
Jones Apparel Group Inc (JNY) popped 12%. Earnings beat Street estimates as the company lowered costs and eliminated unprofitable brands. – High results met low expectations, says Jeff Macke.
Interpublic Group of Companies (IPG) popped 7%. The advertising company said it has attracted more clients and expanded its business with existing clients.
Visteon Corporation (VC) popped 19%. The auto-parts maker posted a 2nd quarter loss that wasn’t as bad as analysts expected.
Apple the cow. Apple, a Holstein cow, sold for $1 million at auction in Connecticut this week, possibly making her the most expensive cow ever sold in this country. Bidders desired Apple because of her rare red color, and her potential to breed black and white, or red and white calves.
DROPS (stocks that slid lower)
Hanesbrands (HBI) dropped 18%. The underwear maker missed estimates for 2nd quarter earnings due to weak consumer spending. – In tough economic times more people go commando, exclaims Jeff Macke.
Garmin (GRMN) dropped 22%. The GPS maker missed analyst expectations on 2nd quarter earnings and they cut their 2008 earnings forecast. – The stock will probably go lower still, says Jeff Macke.
Dreamworks (DWA) dropped 9%. The 'Kung Fu Panda' and 'Shrek' studio said earnings dropped 55% from a year ago. – Not so good, says Pete Najarian.
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Trader disclosure: On July 30, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Najarian Owns (AAPL), (TSO); Najarian Owns (CSCO) Calls, (EMC) Calls, (XLY) Calls, (SU) Calls; Macke Owns (WMT), (MSFT), (COST), (ATVID), (DIS), (EMC); Adami Owns (C), (GS), (INTC), (NUE), (AGU), (MSFT), (BTU); Finerman Owns (GS); Finerman's Firm And Finerman Own (C) Leaps; Finerman's Firm Owns (FLS), (MO), (NOK), (PM), (RAI), (SUN), (TSO), (VLO), (RIG), (MCC); Finerman's Firm Is Short (SPG), (KIM), (XLF), (BBT), (IYR), (IWM), (MDY), (SPY), (IJR)