Sovereign Bancorp (SOV) popped 7%. Moody’s affirmed its rating of the bank and said it should be able to withstand losses linked to the Fannie and Freddie dividend mess. – It moved with the rest of the market, adds Pete Najarian.
Sunoco (SUN) popped 12%. Investors are betting that cheaper oil will help margins at this refiner. – I think this is a stock worth owning, says Joe Terranova.
Live Nation (LYV) popped 6%. The concert promoter signed an agreement to sell tickets at North American venues managed by SMG. – I can’t see anything but this ending poorly, says Jeff Macke.
Joy Global (JOYG) popped 12%. The maker of mining equipment doubled the amount of its share-repurchase program to $2 billion. – I think it has room on the upside, says Guy Adami.
Allergan (AGN) popped 11%. A study reconfirmed earlier reports that Botox could be effective in treating migraines. – I think that’s a strong pop, says Pete Najarian.
Petroleo Brasileiro (PBR) popped 6%. The Brazilian oil company discovered a major oil field, that’s the second one this year! – Sell the 35-puts on this one, counsels Joe Terranova.
Lululemon (LULU) popped 14%. The company said second-quarter profit rose due to lower taxes and more stores.
Continental Airlines (CAL) popped 15%. The airline said it expects to see $100 million in revenue and cost savings related to a new $15 dollar bag-check fee.
DROPS (stocks that slid lower)
Legg Mason (LM) dropped 3%. New leadership failed to inspire investors; the firm appointed a new Head of Americas today. – I think it has more room on the upside, says Guy Adami.
China Mobile (CHL) dropped 3%. Shares plunged to a 15-month low as investors ran for the exits on uncertainty about a Chinese government led shake-up of the wireless industry.
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Trader disclosure: On Sept 11, 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), (UUP), (MSFT); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Najarian Owns (AAPL) And (AAPL) Collar; Najarian Owns (AKS) Call Spread; Najarian Owns (MER) Put Spread; Najarian Owns (MS) And Is Short (MS) Calls; Najarian Owns (XLF) And (XLF) Collar; Terranova Owns (AAPL), (EOG), (FCX), (GS), (NOV), (KOL), (POT), (RIMM), (SA), (X), (VLO), (YHOO); Terranova Owns (AIG) Puts And Owns (AIG); Terranova Is Short December 2008 Dollar Index Futures
Terranova Is Chief Alternatives Strategist Of Phoenix Investment Partners, Ltd.; Phoenix Investment Partners Owns More Than 1% Of (ABD), (ARE), (BIG), (BRE), (CNTY), (CNW), (CLB), (OFC), (DLM), (DRH), (DLR), (EPR), (ESS), (EXR), (AGM), (FL), (GBL), (GNET), (IGE), (LNET), (MAC), (OIIM), (PSPT), (DBC), (DBV), (SLB), (GWX), (SSYS), (SKT), (UA), (BIV), (VV), (BLV); Phoenix Investment Partners Owns More Than 1% Of Goldman Sachs Financial Square Fund - Money Market Fund; Phoenix Investment Partners Owns More Than 1% Of Seagate Technology Tax Refund Rights
Terranova Is Co-Portfolio Manager Of The Phoenix Diversifier PHOLIO; Phoenix Diversifier PHOLIO Owns (IGE), (DBC), (DBV)
Charles Schwab Is A Sponsor Of "Fast Money"