Pops & Drops: Intel, JPMorgan...
Following are the day’s biggest winners and losers. Find out why shares of Intel and JPMorgan popped while The Hartford dropped.
POPS (stocks that jumped higher)
Intel (INTC) popped 7%. The world’s largest semiconductor maker received an upgrade to “buy” from “neutral” from Piper Jaffary, citing the company’s strong position and low valuation credit rating. – I like it, says Jeff Macke.
JPMorgan (JPM) popped 14%. This bank along with the rest of the sector roared back as investors bet Washington would revive a plan to stabilize the U.S. financial sector. – I think this is a stock to own long term, counsels Joe Terranova.
Dr. Pepper Snapple Group (DPS) popped 8%. The drink maker was selected to replace Wrigley in the S&P 500. – Nice day to be them, says Karen Finerman.
Irish Stocks. Ireland’s stock market received a much needed boost after the government guaranteed the deposits and borrowings of six lenders. The government’s move was an effort to bolster the country’s stressed financial system.
Sovereign Bank (SOV) popped 72%. After Monday’s 60% slide lower, the savings and loan said it was “well capitalized.” – I wouldn’t rush in but it was a nice day for this name, says Guy Adami.
EZCorp (EZPW) popped 7%. The pawn broker moved higher along with the rest of the market. – Tough times call for tough pawn shops, exclaims Jeff Macke.
Schlumberger (SLB) popped 6%. The CEO said global exploration and other factors should prove profitable long-term for the company. – I don’t think the oil story is over, says Joe Terranova.
Hunstman Corp (HUN) popped 71%. A judge ruled it can force rival Hexion Specialty Chemicals to honor a $6.5 billion buyout agreement.
DROPS (stocks that slid lower)
The Hartford (HIG) dropped 18%. Although Fitch maintained its ratings, it lowered itsoutlook to negative.
Crocs (CROX) dropped 3%. Even the promise of a bailout couldn't lift this retail name which is at the mercy of the weak consumer.
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Trader disclosure: On Sept 30, 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); Macke Owns (MSFT), (UUP), (WMT); Finerman's Firm is short (IYR), (IJR), (SPY), (MDY), (IWM); Finerman's Firm is short (BBT); Finerman's Firm Owns (DELL); Finerman Owns (GS); Finerman's Firm Owns (IMCL) Call Spreads; Finerman's Firm Owns (MSFT)
Terranova Owns (AAPL), (EOG), (FCX), (FTD), (X), (GS), (KOL), (NOV), (POT), (VLO), (YHOO);
Terranova Is Chief Alternatives Strategist Of Virtus Investment Partners, Ltd.; Virtus 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); Virtus Investment Partners Owns More Than 1% Of Goldman Sachs Financial Square Fund - Money Market Fund; Virtus Investment Partners Owns More Than 1% Of Seagate Technology Tax Refund Rights
Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO; Virtus Diversifier PHOLIO Owns (IGE), (DBC), (DBV)