Pops & Drops: PetroChina, Freeport McMoRan...
Following are the day’s biggest winners and losers. Find out why shares of Petrochina and Freeport Mcmoran popped while Legg Mason and Google dropped.
POPS (stocks that jumped higher)
PetroChina (PTR) popped 4%. Asia’s biggest oil producer climbed due to China’s $586 billion stimulus package. – I would stay long, says Tim Seymour.
Freeport McMoRan (FCX) popped 1%. Often traded as a proxy for copper the firm popped as the commodity climbed. – I’d get long this stock too, adds Tim Seymour.
SandRidge Energy (SD) popped 4%. The firm moved higher on speculation that a cold winter will drive up nat gas prices. – Options action suggest that it could have a lot of room to the upside, says Pete Najarian.
Archer-Daniels-Midland (ADM) popped 4%. The world’s largest grain processor moved in the same direction as commodity prices. – This stock was all about China, says Tim Seymour.
DROPS (stocks that slid lower)
Legg Mason (LM) dropped 4%. Asset managers across the board dropped as investor fears continued. – Not a good thing, says Guy Adami.
Google (GOOG) dropped 3%. Barclays lowered its full-year earnings per share estimate for the company. – That’s a problem, says Pete Najarian.
Dell (DELL) dropped 5%. The company decided not to launch its digital music player for the Holiday season. – Guy Adami doesn’t know what to say.
JC Penney (JCP) dropped 10%. Barclays anticipated weak consumer spending in the weeks ahead. I have no idea why anyone would be long this stock, reminds Guy Adami.
Dish Network (DISH) dropped 14%. Third quarter profits missed analysts estimates by 65%. – But revenue per user was higher, says Guy Adami.
Tyson Foods (TSN) dropped 10%. Higher input costs and lower prices hurt its chicken business.
NRG Energy (NRG) dropped 5%. The company rejected Exelon's $6.2 billion takeover offer.
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Trader disclosure: On Nov.10, 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 (SDS), (MCD), (WMT), (BNI), (UUP), (MSFT); Macke Is Short (BBY); Najarian Owns (BBY) Put Spread; Najarian Owns (SBUX) Puts; Najarian Owns (CHK) Call Spread; Seymour Owns (AAPL), (BAC), (F), (MER), (BX); Seygem Asset Management Owns (PTR)