National Oilwell Varco (NOV) popped 9%. Quite simply earnings beat analysts’ estimates. – The stock at 5 times earnings looks cheap to me, says Tim Seymour.
Boeing (BA) popped 9%. The aviation giant said talks will resume with the machinists union who have been on strike.
Covanta Holding Corp (CVA) popped 8%. The developer of waste-to-energy plants reported strong third quarter profits.
Amazon.Com (AMZN) popped 1%. Fourth quarter revenue expectations fell short of expectations but investors are betting it will still be one of the best performing retailers this Holiday.
DROPS (stocks that slid lower)
Small Caps (IWM) dropped 3%. The small cap index got pounded as global recession fears continue and companies give disappointing outlooks. – Demand isn’t very solid, explains Jeff Macke.
Hewlett-Packard (HPQ) dropped 6%. Rival Lexmark said the credit crunch hurt printer sales in both the US and the rest of the world. – I think it’s a value play, says Guy Adami.
Gasoline prices. AAA reports that the average price for gasoline is now at $2.82, exactly the same price it was a year ago.
Sony (SNE) dropped 8%. The electronics maker cut its full year forecast in two quarters due to a slowdown in consumer spending as well as the dollar to yen exchange rates.
Zimmer Holdings (ZMH) dropped 13%. The world’s biggest maker of artificial hip and knee joints lowered its sales forecast.
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Trader disclosure: On Oct.23 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 (MCD), (MSFT), (WMT), (SDS), (UUP), (BNI); Seymour Owns (AAPL), (F), (MER); Seygem Asset Management Owns (RIO); Najarian Owns (BNI) And Is Short (BNI) Calls