Pops & Drops: Staples, Honda...
Following are the day’s biggest winners and losers. Find out why shares of Staples and Honda popped while Nokia and ConAgra dropped.
POPS (stocks that jumped higher)
Smurfit-Stone (SSCC) popped 30%. Citigroup said the box makers' earnings may soar as containerboard prices advance. – I wouldn’t chase this stock, says Guy Adami.
Staples (SPLS) popped 2%. The retailer posted a lower profit but confirmed its growth outlook. – It’s modestly positive, says Karen Finerman.
Honda (HMC) popped 4%. Although down broadly, sales of the company's redesigned Pilot sports utility vehicle jumped 18.6 percent, while the fuel-efficient Civic Hybrid increased 47.7 percent. – I see no reason to jump in this stock, says Pete Najarian.
IAC/Interactive (IACID) popped 1%. A Wall Street Journal blogpost suggests the company would do better if it parted ways with Barry Diller. – I don’t have much to say, says Karen Finerman.
Shanda Interactive (SNDA) popped 9%. China’s biggest online games provider reported strong earnings, giving a whole new meaning to the Beijing games! – A bunch of people were playing Dungeons and Dragons together, explains Guy Adami.
United Natural Foods (UNFI) popped 4%. The distributor of natural foods beat on earnings. – Good for them, says Jeff Macke.
DROPS (stocks that slid lower)
ConAgra (CAG) dropped 8%. Earnings that fell more than expected due to higher commodity costs. – I think it’s a sell, says Jeff Macke.
Joy Global (JOYG) dropped 19%. The company disappointed and reported earnings that fell below analysts’ estimates. – I’d avoid it for a while, says Guy Adami.
Forest Labs (FRX) dropped 14%. The drug maker revealed disappointing trial results for its new lung drug.
Ethan Allen (ETH) dropped 5%. A bleak earnings outlook left investors wondering if they should decorate their portfolio with a different stock.
Pier 1 Imports (PIR) dropped 9%. Hardly an oasis for the weary trader, the retailer posted a decline in same-store sales.
Nokia (NOK) dropped 4%. Samsung Electronics accepted Nokia's offer to buy out its stake in software firm Symbian.
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Trader disclosure: On Sept 3, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (MSFT), (WMT), (UUP), (DIS); Macke Is Short (TM); Adami Owns (BTU), (C), (AGU), (GS), (INTC), (MSFT), (NUE); Finerman Owns (GS); Finerman's Firm Owns (MSFT), (NOK), (SUN), (TSO), (VLO), (JCP); Finerman's Firm Owns (AAPL) Calls, (JCG) Calls, (HUN) Calls; Finerman's Firm And Finerman Own (C) Leaps; Finerman's Firm Is Short (XLF), (IYR), (IJR), (MDY), (IWM), (SPY), (COF), (BBT), (BAC); Pete Najarian Owns (AAPL) And (AAPL) Collar, Pete Najarian Owns (EP) Call Spread, Pete Najarian Owns (ETFC), Pete Najarian Owns (FTO) Call Spread, Pete Najarian Owns (LEH) Put Spread And (LEH) Call Spread, Pete Najarian Owns (NOK), Pete Najarian Owns (SCHW) Calls, Pete Najarian Owns (WFMI) Put Spread, Pete Najarian Owns (XLF) And (XLF) Collar
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