Pops & Drops: IBM, Las Vegas Sands...
Following are the day’s biggest winners and losers. Find out why shares of IBM and Exxon Mobil popped while Boeing and Las Vegas Sands dropped.
POPS (stocks that jumped higher)
IBM (IBM) popped 3%. A strong outlook from Texas Instruments eased fears about technology spending and lifted the entire sector. – Nice, says Pete Najarian.
Exxon Mobil (XOM) popped 3%. Oil’s decline could increase margins for this integrated oil giant. – I think it goes up even more, says Guy Adami.
International Rectifier Corp (IRF) popped 7%. Vishay Intertechnology Inc. raised its bid to buy the company. – I like this stock, says Karen Finerman.
Honda (HMC) popped 5%. An auto parts suppliers will double production of fuel injectors that improve motorcycle fuel-efficiency in order to comply with Asia’s emission regulations. –Honda is as diversified as they get, says Pete Najarian. I think they’re the one to own.
Micron (MU) popped 10%. A WSJ article reported that the company is in good health and analysts see the company returning to profitability next year. – I’d avoid this stock, counters Guy Adami.
American Eagle Outfitters (AEO) popped 4%. A Banc of America analyst upgraded the stock to “Buy” from “Neutral.” – I’d sell the pop, says Karen Finerman.
American Axle (AXL) popped 6%. The auto parts maker enjoyed a boost along with most of the auto makers. – The $25 billion dollar bailout for the auto industry sure helps, says Guy Adami with a sly smile.
DROPS (stocks that slid lower)
Boeing (BA) dropped 4%. The aviation giant said a $35 billion contract was delayed. – I think the sell-off is overdone, says Karen Finerman.
Las Vegas Sands (LVS) dropped 10%. Gambling revenue on the Las Vegas strip fell in July for the seventh month in a row dragging down this and most other casino stocks. – They’ve been beaten senseless and at some point it will be in the stock, exclaims Jeff Macke.
Sirius XM Radio (SIRI) dropped 14%. The U.S. satellite radio provider dropped the most in almost four years after forecasting subscriber growth yesterday that missed some analysts’ estimates. – It’s broken, says Jeff Macke. Stay away.
Synovus Financial Corp (SNV) dropped 3%. The owner of banks in the Southeastern US said it plans to slash its dividend after suffering mortgage-related losses. – It’s a regional bank, exclaims Jeff Macke. ‘Nuf said.
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Trader disclosure: On Sept 10, 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 (WMT), (MSFT), (UUP); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Najarian Owns (AAPL) And (AAPL) Collar; Najarian Owns (KR) Calls; Najarian Owns (RIMM) Call Spread, (XLE) Call Spread; Najarian Owns (XLF) Collar; Najarian Owns (LEH) Put Spreads; Najarian Owns (MS) And Is Short (MS) Calls; Finerman Owns (GS); Finerman's Firm Owns (MSFT), (TSO), (VLO), (AEO); Finerman's Firm Is Short (BAC), (WFC), (XLF), (IYR), (IJR), (MDY), (SPY), (IWM), (KSS); Finerman's Firm Owns (DNA) Calls, (IRF) Calls; Finerman's Firm Owns Shares Of SeaDrill Limited