Pops & Drops: AIG, Nokia...
By: Following are the week’s biggest winners and losers. Find out why shares of AIG and Union Pacific popped while Nokia and Amylin dropped.
POPS (stocks that jumped higher)
AIG (AIG) popped 8%. Strong GDP numbers lifted the all the financials including this insurance giant. – I think it’s a dead cat bounce, says Karen Finerman.
Union Pacific (UNP) popped 5%. Railroads surged due to rising coal futures; coal is transported by train. – A great performance, says Pete Najarian.
MBIA Inc. (MBI) popped 59%. The bond insurer announced it will reinsure $184 billion in municipal bonds for Financial Guaranty Insurance Co., signaling it may be able to salvage its bond insurance business. – This stock is too volatile for me, says Karen Finerman.
Advanced Micro Devices (AMD) popped 9%. Broadcom agreed to buy a unit of the company for $192.8 million. – That’s a great pop, says Pete Najarian.
China Finance Online (JRJC) popped 8%. A lot of people live in China and more of them are subscribing to this Internet financial information provider. – I’m not excited about this stock, says Zach Karabell.
PetSmart (PETM) popped 7%. Earnings were anything but “for the dogs” as this pet store beat expectations. – I’m not so sure about this stock, says Karen Finerman.
China Life (LFC) popped 8%. China’s biggest insurer reported a 36% decline in profits, but that was less than expected. – It’s interesting, says Zach Karabell. The Chinese are starting to think ahead to what it will be like if the state doesn’t support them.
Sunoco (SUN) popped 12%. This refiner was lifted by crude futures trading higher earlier in the week. – I think it could be a “Buy,” says Joe Terranova.
DROPS (stocks that slid lower)
Nokia (NOK) dropped 4%. Samsung announced a gloomy holiday season outlook and dragged down rivals, including Nokia. – It’s a range bound stock, explains Zach Karabell.
Amylin (AMLN) dropped 17%. The drug developer dropped the most in eight years this week after its diabetes treatment Byetta was linked to two more deaths, bringing the total number to six. – I’d own it for the long-term, says Joe Terranova.
CME Group (CME) dropped 6%. Bank Of America lowered its price target from $475 to $415. – I’d get long with a $400 stop, counsels Joe Terranova.
Fujifilm (FUJI) dropped 11%. UBS cut its rating on the company to “Neutral” from “Buy” after the company lowered its outlook. – That’s a problem, Pete Najarian says.
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Trader disclosure: On Aug 29, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders;Karabell Owns (AAPL), (BHP), (CHL), (GLD), (GOOG), (JPM), (NOK), (SLB); Najarian Owns (LEH) Puts Spread; Najarian Owns (RIMM) Call Spread; Najarian Owns (WFC) Call Spread
Najarian Owns (MS) And Is Short (MS) Call; Najarian Owns (NOK) And Is Short (NOK) Call; Finerman Owns (GS); Finerman's Firm Owns (MSFT), (NOK), (SUN), (TSO), (VLO); Finerman's Firm And Finerman Own (C) Leaps; Finerman's Firm And Finerman Own (GLNG); Finerman's Firm Is Short (IYR), (IWM), (MDY), (SPY), (IJR), (BBT), (COF); Terranova Owns (NOV), (KOL), (X), (GS), (SA), (VLO), (RIMM), (AAPL), (EOG); Terranova Owns (POT); Terranova Owns (FCX)
Terranova Owns (AIG) Puts; Terranova Is Long Dec. 2008 Reformulated Gasoline Crack Futures
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)
