Following are the day’s biggest winners and losers. Find out why shares of General Motors and Amazon popped while Newmont Mining and Alpha Natural Resources dropped.
POPS (stocks that jumped higher)
General Motors (GM) popped 7%. CEO Rick Wagoner made positive comments in the Financial Times about pension costs and healthcare costs. – I’m not so sure about this stock, says Guy Adami.
Amazon (AMZN) popped 9%. Citigroup projected the company will sell twice as many Kindle electronic reading devices as previously thought. – I think there is going to be a sell-off in this name, says Jeff Macke.
Starbucks (SBUX) popped 8%. The java giant replaced the bosses in both Britain and Ireland as part of a broad global management reshuffle. – I think Starbucks moves with the dollar, says Karen Finerman.
Qwest (Q) popped 5%. Citigroup upgraded the phone company on the belief that it could benefit from upcoming labor negotiations. – I’m not impressed, says Pete Najarian.
MGM Mirage (MGM) popped 9%. Investors liked hearing talk that MGM might acquire the foreclosed Cosmopolitan Casino on the Las Vegas strip. – I expect to see profit taking, says Jeff Macke.
Abercrombie And Fitch (ANF) popped 7%. Investors are hoping that this week’s earnings reports may be better than expected. – I sold the strength, says Karen Finerman.
Ciena (CIEN) popped 7%. Morgan Keegan recommended buying the stock at its industry low price. – It was a nice spike but nothing more, says Pete Najarian.
NBC. About 35 million people tuned in to the opening ceremonies of the Olympics on Friday night, up 35% from the last Summer Games. In addition, more viewers watched the first 2 prime-time Olympic telecasts than any other summer games in a decade.
Calpine (CPN) popped 4%. The U.S. power producer beat analysts’ earning estimates. – If this stock continues higher it will do so without me, says Guy Adami.
Sysco (SYY) popped 4%. The food distributor said it should be able to grow its profit in the fourth quarter by 10%. – They’re doing fine, says Jeff Macke.
Beazer Homes (BZH) popped 16%. As oil goes lower the homebuilders move in the opposite direction. – I think it could be short covering, says Karen Finerman.
DROPS (stocks that slid lower)
Newmont Mining (NEM) dropped 5%. As the price of gold gets weaker and weaker so does this stock. – I’d avoid this stock, says Guy Adami.
Alpha Natural Resources (ANR) dropped 8%. The largest US exporter of coking coal dropped for no clear reason.
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Trader disclosure: On Aug 11, 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 (COST), (MSFT), (WMT), ( TM) (UUP); Adami Owns (C), (AGU), (GS), (BTU), (INTC), (MSFT), (NUE); Pete Najarian Owns (AAPL), (COST), (HD), (TSO); Pete Najarian Owns (CSCO) Calls, (INTC) Calls, (MRVL) Calls; Pete Najarian Owns (HCBK) Puts; Finerman Owns (GS); Finerman's Firm And Finerman Own (FLS), (PDE); Finerman's Firm Owns (JCP), (MSFT), (SUN), (TSO), (VLO), (RIG), (NOK); Finerman's Firm And Finerman Own (C) Leap; Finerman's Firm Is Short (XLF), (BBT), (COF), (IYR), (IJR), (MDY), (IWM), (SPY); Finerman's Firm And Finerman Own (ANF), Finerman's Firm Owns (ANF) Call Spreads; Finerman's Firm Is Short British Pound; Finerman's Firm Is Short (RTH); NBC Universal Is The Parent Company Of CNBC