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"