Following are Wednesday's biggest winners and losers. Find out why shares of Consol Energy and Flowserve popped while News Corp and Sprint Nextel dropped.
POPS (stocks that jumped higher)
POP: CONSOL ENERGY INC (CNX) POPS 6%
The second-biggest U.S. coal producer popping on overall strength in the industry. "They had a lousy quarter and it will go up without me" said Guy Adami.
POP: FOSTER WHEELER LTD (FWLT) POPS 12%
The oil refinery designer popping after profits more than doubled on strong demand from around the world. "Very good earnings report.. Up Big!" added Karen Finerman.
POP: FLOWSERVE CORP (FLS) POPS 4%
The pumps and valves maker popping after the company released its financial statement. "A little overdone on the earnings" according to Karen Finerman. "It got caught on the momentum swing" she added. Finerman loves Flowserve though.
POP: MILE HIGH CLUB
Strapped on to identical bi-planes, groom Darren McWalters and bride Katie Hodgson tied the knot yesterday over the skies of England. The priest, who flew ahead of the couple on top of his own biplane, conducted the ceremony using an airborne communications system.
POP: HENRY THE TUATARA
New Zealand officials say Henry the Tuatara, a 111 year old reptile regarded as one of the last living remnants of the dinosaurs, will become a father for the first time after mating with his younger female mate, Mildred. Henry, who used to show no interest in sex, finally came around after having a cancerous growth removed from his genitals.
DROPS (stocks that slid lower)
DROP: NEWS CORP (NWS) DROPS 5%
The media company falling after announcing a weak outlook for next year due to declining ad sales. "They earned exactly what Rupert Murdoch said they earned, because that's the way they always earn" according to Jeff Macke.
DROP: SPRINT NEXTEL CORP (S) DROPS 14%
The wireless carrier plunging after reporting a loss on canceled customers and announcing the sale of $3 billion in debt. Joe Terranova recommends avoiding the stock unless it sees some sort of rally above $10 a share.
A study conducted by the American Journal of Medicine revealed that Americans are drinking less alcohol. The study found that during the past 50 years, Americans drank less beer, consumed more wine, and maintained hard liquor consumption.
DROP: DEAN FOODS COMPANY (DF) DROPS 6%
The biggest dairy products maker in the U.S. drops after missing on earnings and weak forecasts for its organic-milk unit. "Move along from Dean Foods. Get out." cautions Jeff Macke.
DROP: PRICELINE.COM INCORPORATED (PCLN) DROPS 17%
The online travel company dropping after beating on earnings but citing weaknesses like slow international growth, and cutbacks in travel. "Don't trade the number, trade the reaction" says Joe Terranova. He recommends to avoid this stock.
DROP: SOTHEBY’S (BID) DROPS 8%
One of the world’s largest art sellers down after reporting second quarter profits dropped 11% and missing on revenues. Guy Adami points out that Finerman has been bearish forever on this stock and has been absolutely right.
DROP: CARMAX (KMX) DROPS 4%
The used vehicle retailer dropping as same-store sales sink 17%. Jeff Macke questioned "Why on earth would you want CarMax in this environment?".
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On Aug 6, 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 (MSFT) (IMAX) (COST) (WMT), Macke Is Short (TM), Finerman's Firm Is Short (IYR) (IJR) (SPY) (MDY) (IWM),Finerman's Firm Owns (ANF) Call Spread, Finerman's Firm And Finerman Own (C) Leap (FLS), Finerman Owns (GS), Finerman's Firm Owns (MSFT) (SUN) (TSO) (VLO), Finerman's Firm Is Short (XLF) (BBT) (COF), Adami Owns (AGU) (C) (BTU) (GS) (INTC) (MSFT) (NUE), Terranova Owns (YHOO) (CME) (SA) (VLO) (KOL) (RIMM) (IYT) (GOOG) (SU) (FCX) (INTC) (XLF) (BNI), Terranova Is Chief Alternatives Strategist Of Phoenix Investment Partners, Ltd., Terranova Is Co-Portfolio Manager Of The Phoenix Diversifier PHOLIO Phoenix Investment Partners Owns More Than 1% Of (ABD) (ARE) (BRE) (CNTY) (CLB) (OFC) (DLR) (ESS) (EXR) (FL) (IAT) (IGE) (LNET) (MAC) (OIIM) (PSPT) (DBC) (DBV) (SLB) (SKT) (BLV), Phoenix Diversifier PHOLIO Owns (IGE) (DBC) (DBV), WIDGET EXTRA: Terranova's Firm Owns (X), Brad Hintz Owns (MS) (CME) (ETFC) (RJ) (AMTD), Accounts Over Which Bernstein And/Or Affiliates Exercise Investment Discretion Own More Than 1% Of (GS), (LEH), (MER), (MS) (GS), (LEH), (MER), (MS) Are Or In Past 12 Months Were Non-Investment Banking Clients (Securities Related Services) Of Bernstein, Which Received Compensation, An Affiliate Of Bernstein Received Compensation For Non-Investment Banking-Securities Related Services From (GS), (LEH), (MER), (MS)