Reliance Steel (RS) popped 5%. A Goldman Sachs analyst increased his earnings estimate for the company. – I think it’s cheap on a valuation basis, says Guy Adami.
Massey Energy (MEE) popped 7%. The coal producer climbed as investors turned bullish on the price of crude. – These names have been beaten but be careful, counsels Pete Najarian.
Wellcare Health Plans (WCG) popped 10%. The managed-health-care provider will pay $35.2 million for a Medicaid fraud investigation, which was a good outcome for the company. – It’s a bounce, says Guy Adami.
Tasr International (TASR) dropped 5%. The stun-gun maker named a new Chief Strategy Officer and GM for its new virtual systems division. – The new manager is from Microsoft, adds Karen Finerman.
Federated Investors (FII) popped 4%. The financial services company declared a special cash dividend of $2.76 a share.
DROPS (stocks that slid lower)
Las Vegas Sands (LVS) dropped 11%. All the casino names that operate in Macau are down after the country threatened to impose travel limits on the gambling destination. – Casino stocks are a sinkhole, exclaims Jeff Macke.
Starbucks (SBUX) dropped 3%. The java giant said its largest shareholder, Maverick Capital, is liquidating its position in the company. – Oh well, says Karen Finerman.
Crocs (CROX) dropped 11%. Credit crunch fears sparked sell-offs in a number of stocks including this one.- Why would you do anything but sell this stock, says Jeff Macke.
China Techfaith Wireless (CNTF) dropped 26%. China’s maker of mobile phones forecast weak revenue for its third quarter. – I wouldn’t invest in a communist nation, says Jeff Macke.
Amylin (AMLN) dropped 4%. The drugmaker was dragged down by Monday’s news that the FDA is issuing safety advisories for the company’s diabetes drug Byetta due to cases of pancreatitis linked to the drug. – At some point I think the stock will turn around, says Pete Najarian.
Lululemon (LULU) dropped 7%. The athletic apparel maker slid for no apparent reason.
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Trader disclosure: On Aug 19, 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 (C), (AGU), (BTU), (GS), (INTC), (MSFT), (NUE); Macke Is Short (TM); Macke Owns (MSFT), (WMT), (DIS), (CY); Najarian Owns (AAPL) And Is Short (AAPL) Calls; Najarian Owns (CSCO) Call Spread; Finerman Owns (GS); Finerman's Firm And Finerman Own (C) Leap; Finerman's Firm Owns (MSFT), (SUN), (TSO), (VLO); Finerman's Firm Is Short (SPG), (COF), (IYR), (IWM), (IJR), (SPY), (MDY), (BBT)