Following are the week’s biggest winners and losers. Find out why shares of Celgene and Goldman Sachs popped while Apple and Chevron dropped.
POPS (stocks that jumped higher)
Celgene (CELG) popped 8%. Celgene and other biotech firms are up as investors seek safe haven in the health care sector. – Biotech is screaming higher and should do the same into ’09, says Pete Najarian.
Goldman Sachs (GS) popped 18%. Despite posting a $2 billion loss, it’s first loss as a publicly traded company, investors bid this stock higher. – I think it could go higher still, says Pete Najarian.
Honeywell International (HON) popped 13%. The world’s largest maker of cockpit controls popped this week after saying '09 profits will be in line with analysts estimates. – The market rewarded the fact that they’re going to focus on paying down debt, says Joe Terranova.
Siemens (SI) popped 12%. CEO Peter Loescher said the company is in a strong financial position and its industrial sector is on track to reach its 2008 and 2009 targets.
Best Buy (BBY) popped 15%. The electronics retailer reported better-than-expected quarterly results and announced plans to cut staff and reduce new-store openings.
Potash (POT) popped 7%. The world’s largest fertilizer firm made gains this week despite cutting its profit forecast.
DROPS (stocks that slid lower)
Apple (AAPL) dropped 9%. The firms said CEO Steve Jobs won’t speak at the Macworld Expo next month, raising questions about his health. – Apple trades in a narrow range and it’s still there, says Zach Karabell.
Chevron (CVX) dropped 10%. This firm along with other oil companies took a beating as crude prices slipped to a 5-year low. – This is a correction and I think it’s a buy with a $68 stop, counsels Joe Terranova.
Russia ETF (RSX) dropped 7%. Russia’s unemployment rate hit a 7-month high and retail sales fell for the first time since January. – The biggest issue with Russia is its politics, says Tim Seymour.
General Electric (GE) dropped 4%. S&P cut its outlook for the company citing concern over cash flow and funding for the finance unit. – It’s held up relatively well, muses Zach Karabell.
HSBC Holdings (HBC) dropped 17%. S&P revised its outlook on the British giant to negative from stable due to a deepening economic global slowdown. – They outperform the rest of the sector, reminds Tim Seymour.
Weyerhaeuser (WY) dropped 7%. The largest North American lumber producer said fourth-quarter earnings will be lower than expected and the firm cut its dividend by more than half.
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Trader disclosure: On Dec. 19th, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Seygem Asset Management Owns (EEM): Seymour Owns (AAPL), (BAC), (F), (MER), (DXO): Karabell Owns (AAPL), (GLD), (GOOG), (JPM), (UYG); Pete Najarian Owns (UYG)
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), (OFC), (DLR), (EXR), (IGE), (MAC), (DBC), (DBV), (SKT), (UA), (CLB); Virtus Investment Partners Owns More Than 1% Of Seagate Tax Refund Rights
GE Is The Parent Company Of CNBC