Eaton (ETN) popped 2%. Warren Buffett disclosed he had bought 2.91 million shares over the past 6 months. – It’s a good company with low valuations, says Guy Adami. But now’s not the time to buy it.
DROPS (stocks that slid lower)
Abercrombie & Fitch (ANF) dropped 13%. FBR Capital Markets downgraded shares to 'Market Perform' from 'Outperform'. – I would stay away, says Karen Finerman.
Alcoa (AA) dropped 10%. UBS downgraded the aluminum producer to ‘Neutral’ from ‘Buy’. – I think it’s an opportunity, says Tim Seymour.
Baidu.com (BIDU) dropped 25%. Word leaked out that Baidu grants preference in its search engine to unlicensed medical web sites willing to pay more for popular key words. – They’re the Google of the China with 70% of the market, says Pete Najarian. This could be an opportunity.
Dell (DELL) dropped 3%. Merrill Lynch analysts downgraded the stock to 'Neutral' from 'Buy' citing the weak market for personal computers. – I don’t love Dell, says Karen Finerman.
Bank Of America (BAC) dropped 7%. Warren Buffett cut his stake in the company by almost half. – They’re also increasing their position in a China-based bank which I find interesting, says Tim Seymour.
United Therapeutics (UTHR) dropped 35%. The drugmaker announced that its late-stage trial of an oral treatment for pulmonary hypertension failed to meet the main goal of the study. – This stock took it on the chin, says Pete Najarian.
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Trader disclosure: On Nov.17, 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 (ETFC); Pete Najarian Owns (MOS) And Is Short (MOS) Calls; Pete Najarian Owns (SCHW) And Is Short (SCHW) Calls; Pete Najarian Owns (CVX) Put Spread; Pete Najarian Owns (ADM) Call Spread; Finerman's Firm Owns (MSFT); Finerman's Firm Owns (OIH) Puts; Finerman's Firm Owns (ROH) Calls; Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM), (RTH), (USO), (BBT), (COF), (VNO); Seymour Owns (AAPL), (BAC), (ETFC), (F), (INTC), (MER); Seymour Is Short (TM)
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