Petrobras (PBR) popped 2%. Brazil may allow citizens to buy stock in this company with money from individual worker-comp funds. – I’d get long PBR and short Brazil, counsels Tim Seymour.
Fairfax Financial (FFH) popped 25%. The owner of Canadian and US insurers reported strong third quarter earnings.
DROPS (stocks that slid lower)
Kraft (KFT) dropped 5%. In its first day replacing AIG as a Dow component, the maker of Mac & Cheese slid lower. – Kraft was up Friday, reminds Karen Finerman. It’s a wash.
General Motors (GM) dropped 11%. Despite being added to the SEC short selling protection list, the car maker couldn’t rally. – Can you imagine if it wasn’t protected by the ban, says Guy Adami.
TD Ameritrade (AMTD) dropped 18%. The online broker along with its peers retreated amid concerns about the government bailout. – It’s just a pull back after hitting a 52-week high, says Pete Najarian.
American Express (AXP) dropped 8%. The credit-card company headed south along with the overall financial services sector. – They too are on the short-selling ban list, reminds Karen Finerman.
Legg Mason (LM) dropped 7%. Shares slipped after rumors surfaced that the company could go private. – Poor Bill Miller, says Guy Adami. I bet he can’t wait for this year to end.
CarMax, Inc (KMX) dropped 7%. The used-car retailer reported second-quarter profits fell on reduced consumer spending. – They’re in a tough environment, says Pete Najarian.
Sovereign Bank (SOV) dropped 23%. The Philadelphia-based bank received a downgrade from Friedman, Billings, Ramsey citing charges from its positions in Fannie and Freddie and losses on the sale of its portfolio of CDO’s. – Not so good, says Karen Finerman.
Lennar (LEN) dropped 18%. The homebuilder dropped ahead of its earnings report Tuesday, despite receiving an upgrade from Raymond James.
CME Group (CME) dropped 2%. The largest derivatives exchange dropped even after Citi reiterated its ‘Buy’ rating on the company and increased its price target.
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Trader disclosure: On Sept 22, 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 (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Pete Najarian Owns (AAPL) And (AAPL) Puts; Pete Najarian Owns (ETFC), (MYL); Pete Najarian Owns (MS) And (MS) Puts; Pete Najarian Owns (RIMM) Call Spread; Pete Najarian Owns (TSO) Call Spread; Pete Najarian Owns (WB) Put Spread; Finerman Owns (GS); Finerman's Firm Owns (RIG), (PDE), (WM), (MO), (MSFT), (SUN), (TSO), (VLO); Finerman's Firm Is Short (VNO), (WFC), (IYR), (IJR), (MDY), (SPY), (IWM), (BBT), (COF); Seymour Owns (AAPL), (COP), (ETFC), (MER), (TSO); Seygem Asset Management Owns (PTR), (EEV); GE Is The Parent Company Of CNBC; Charles Schwab Is A Sponsor Of "Fast Money"