Pops & Drops: Medtronic, Las Vegas Sands...
Following are the day’s biggest winners and losers. Find out why shares of Medtronic and Reliance Steel popped while Las Vegas Sands and Starbucks dropped.
POPS (stocks that jumped higher)
Medtronic (MDT) popped 2%. Investors were impressed with sales of a new heart stent and the medical device maker said they had reduced costs. – Everything is going well for them right now, says Pete Najarian.
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)