Following are the day’s biggest winners and losers. Find out why shares of Fossil and Newmont Mining popped while China Mobile and Fifth Third Bancorp dropped.
POPS (stocks that jumped higher)
Amex Airlines Index (XAL) popped 3%. Analysts said the recent drop in fuel prices will help boost profits in 2009. – I can not get on board this trade, says Karen Finerman.
Fossil (FOSL) popped 11%. The watchmaker increased its full-year forecast with strong international sales helping the company. – They’re doing great with kids, explains Jeff Macke.
UnionBanCal (UB) popped 13%. California’s second-largest bank received an offer to sell its remaining stock to its biggest shareholder, Mitsubishi UFJ Financial Group, at $63 a share. – America is for sale, says Pete Najarian.
Newmont Mining (NEM) popped 2%. Standard & Poor’s removed the company from CreditWatch. – I would not get long on the back of this news, says Guy Adami.
Turbochef Technologies (OVEN) popped 7%. The designer of high-speed ovens announced Middleby Corp, maker of Toastmaster ovens, will purchase the company. – That’s a big pop, says Pete Najarian.
Forward Industries (FORD) popped 2%. The designer and distributor of custom carrying case products said its sales increased 27%.
Agria (GRO) popped 15%. The Beijing-based agricultural company beat on earnings and reported a strong full-year forecast.
LDK Solar (LDK) popped 17%.The Chinese maker of silicon said second quarter earnings were five times higher on increased production.
DROPS (stocks that slid lower)
China Mobile (CHL) dropped 7%. A Citigroup analyst cut the company’s share-price estimate on increased competition and tariff cuts. – Two weeks ago this stock was exploding, now not so good, says Guy Adami.
Fifth Third Bancorp (FITB) dropped 8%. The Midwest financial company closed lower along with the rest of the financial sector. – I think it’s a terrible name, says Karen Finerman. But beyond that I don’t know.
Fluor Corp. (FLR) dropped 6%. The largest public engineering firm in the US dropped the most in six years after Citigroup downgraded the stock to a “hold.” – If you beat earnings and your stock goes down it’s a bad thing, says Jeff Macke.
McDermott International (MDR) dropped 14%. Second quarter earnings fell short. – I think it’s worth a look on Wednesday, says Guy Adami.