Pops & Drops: Yahoo!, Safeway...
Following are the day’s biggest winners and losers. Find out why shares of Yahoo and Safeway popped while Barclays and eBay dropped.
POPS (stocks that jumped higher)
Yahoo (YHOO) popped 10%. Microsoft CEO Steve Ballmer said a Yahoo acquisition would still "makes sense economically." And for that matter, Carl Icahn said the same thing on Fast Money. - Good for Carl, says Karen Finerman.
Safeway (SWY) popped 8%. Even in a recession "people still gotta’ eat” and that line of thinking sent this grocer higher. – The November 20 puts are very active in this stock which makes me wonder, says Pete Najarian.
Hershey (HSY) popped 7%. Profits doubled in the third quarter even after the candy maker was hit by higher commodity prices. – I think you can get long, counsels Guy Adami.
General Electric (GE) popped 3%. The Dow component bounced off its lowest price in a decade. – Fantastic, adds Karen Finerman.
AstraZeneca (AZN) popped 7%. Analysts increased their earnings forecast for the company on positive news from its biotech arm. – Not too shabby, says Pete Najarian.
Average Mortgage Rates. If you’re looking to buy a house you’re going to pay a little more. Freddie Mac reported the average mortgage is now 6.46% compared to 5.94% just last week. – That’s a big spike in a week, says Karen Finerman.
SunPower (SPWR) popped 25%. The firm said third quarter profit nearly tripled after sales surged due to a larger dealer network. – This stock was $164, explains Pete Najarian, so it’s got a long way to go.
American Airlines (AMR) popped 23%. This airline along with the entire sector surged after oil hits its lowest level this year. – Move along, counsels Joe Terranova.
Harley-Davidson (HOG) popped 7%. Although quarterly profits dropped 37% and earnings missed by 8 cents, results weren’t as bad as expected. – All I can say is I didn’t really like the movie Wild Hogs, says Guy Adami.
DROPS (stocks that slid lower)
Barclays (BCS) dropped 8%. Investors sent the bank lower on worries that bailout plans will not be enough to avoid a global recession. – I’m not so sure about this stock, says Joe Terranova.
eBay (EBAY) dropped 3%. The auction site delivered a disappointing full year forecast and said consumer spending would slow in 2009. – I say stay away, says Guy Adami.
Winnebago (WGO) dropped 24%. The company suspended its quarterly dividend and reported a loss of 44 cents a share. – Not looking too good, says Joe Terranova.
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Trader disclosure: On Oct.16, 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), Is Short (AAPL) Calls, Owns (AAPL) Puts; Pete Najarian Owns (C) Put Spread; Pete Najarian Owns (GS) Call Spread; Pete Najarian Owns (MS), Is SHort (MS) Calls, Owns (MS) Puts; Pete Najarian Owns (YHOO) Call Spread; Pete Najarian Owns (SLB) And Is Short (SLB) Calls; Pete Najarian Owns (SCHW) And Is Short (SCHW) Calls; Finerman Owns (GS); Finerman's Firm Owns (MSFT), (DEO), (MO); Finerman's Firm Owns (DNA) Call Spreads; Finerman's Firm Is Short (USO), (IYR), (IJR), (MDY), (SPY), (IWM); Terranova Owns (AAPL), (EXM), (FCX), (FTO), (MA), (NOV), (POT), (X), (VLO);
Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO; Virtus Diversifier PHOLIO Owns (IGE), (DBC), (DBV)
Terranova Is Chief Alternatives Strategist Of Virtus Investment Partners, Ltd.; Virtus Investment Partners Owns More Than 1% Of (ABD), (ARE), (BIG), (CNW), (OFC), (DLM), (DRH), (DLR), (EPR), (EXR), (FL), (SLB), (LNET), (MAC), (DBC), (DBV), (SKT), (UA), (BLV), (VV), (CLB), (GWX), (IGE), (FSMXX); Virtus Investment Partners Owns Seagate Tax Refund Rights; Virtus Investment Partners Owns Seagate Technology Tax Refund Rights; Virtus Investment Partners Owns More Than 1% Of Shares Of Incitec Pivot Ltd.; Virtus Investment Partners Owns More Than 1% Of Shares Of Essex Property Trust Inc.
GE Is The Parent Company Of CNBC; Charles Schwab Is A Sponsor Of "Fast Money"