Gap (GPS) popped 7%. The retailer announced a new fall campaign and gave its European design team the boot, in an effort to reduce costs. - But same store sales were down, down, down! If that's not an example of the bar being low in retail then I don't know what is, says Karen Finerman.
Chesapeake Energy (CHK) popped 5%. The nat gas producer intends to sell its Arkoma Basin Woodford shale to BP America. - I like this stock and I hope this is just the beginning, says Pete Najarian.
Amazon (AMZN) popped 7%. Analysts said the company might sell twice as many Kindle electronic-reading devices as previously thought. - A few weeks back Goldman put out a note saying it could go to $96 and I think they're right, explains Joe Terranova.
Best Buy (BBY) popped 9%. The largest US electronics retailer closed higher on its deal to sell iPhones next month. - It should get more customers into their stores and that's a good thing, says Karen Finerman.
General Motors (GM) popped 11%. The biggest US automaker moved higher as oil moved lower. - I think it's a short covering rally, says Guy Adami. I wouldn't touch it.
NVIDIA Corp. (NVDA) popped 18%. The second-largest maker of computer-graphics chips will increase its share buyback program by $1 billion. - I'm looking for better margins in the future, says Pete Najarian.
Starbucks (SBUX) popped 10%. The java giant replaced top execs in Britain and Ireland in a global management reshuffle. - It's approaching the 200-day moving average which is $18.36. If it gets above it, I think you should be long, says Joe Terranova.
Estee Lauder (EL) popped 12%. The maker of Clinique and Aveda cosmetics beat earnings expectations on higher sales abroad. - Nice job, says Karen Finerman.
DROPS (stocks that slid lower)
Union Pacific (UNP) dropped 8%. Investors are growing concerned that valuations have peaked for this railroad. - I think the stock has gotten ahead of itself, says Guy Adami.
Research In Motion (RIMM) dropped 4%. The BlackBerry maker was down for no clear reason. - It's not a drop it's an opportunity, counsels Joe Terranova.
U.S. Steel (X) dropped 5%. A broad fall in commodities dragged America’s largest steelmaker lower. - Good earnings and the stock went down, says Guy Adami. That's bad.
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Trader disclosure: On Aug 15, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (GS), (INTC), (BTU), (MSFT), (NUE); Najarian Owns (AAPL) And Is Short (AAPL) Calls; Najarian Owns (CSCO) Calls, (NVDA) Calls: Najarian Owns (HCBK) Puts; Finerman Owns (GS); Finerman's Firm Owns (JCP), (MO), (NOK), (SUN), (TSO), (VLO); Finerman's Firm And Finerman Own (GLNG); Finerman's Firm And Finerman Own (C) Leaps
Finerman's Firm Is Short British Pounds; Finerman's Firm Is Short (XLF), (BBT), (COF), (SPG), (IYR), (IJR), (MDY), (SPY), (IWM)
Terranova Owns (RIMM), (AAPL), (IYT), (XLF), (KOL), (VLO), (SA), (GS), (POT), (FCX), (NOV), (X), (EOG), (INTC), (GOOG), (CME), (BNI), (SA), (YHOO), (SU); Terranova Is Short Crude Oil Time Spread (Short Dec. 2008, Long Dec. 2012); Terranova is Long Crude Oil (Dec. 2012)
Terranova Is Chief Alternatives Strategist Of Phoenix Investment Partners, Ltd.; 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)
Terranova Is Co-Portfolio Manager Of The Phoenix Diversifier PHOLIO; Phoenix Diversifier PHOLIO Owns (IGE), (DBC), (DBV)