Standard Pacific Corp (SPF) popped 9%. The nation’s 11th largest homebuilder confirmed that it is in preliminary discussions with bankrupt homebuilder Tousa Inc. – Investors liked that, muses Karen Finerman.
Nomura Holdings (NMR) popped 5%. Barron’s said the largest Japanese brokerage could be worth as much as 30 percent more than current levels if the Lehman purchase boosts return on equity. – They got a lot of quality guys in the acquisition, adds Tim Seymour.
Palm (PALM) popped 22%. The maker of the Treo jumped after receiving a capital infusion of $100 million from Elevation Partners LP. – That will do it every time, says Dennis Gartman.
DROPS (stocks that slid lower)
Simon Property Group (SPG) dropped 5%. Commercial real estate groups are asking the federal government to come to their aid. – Not a good time to be in the business of shopping malls, says Dennis Gartman.
iShares Russell 2000 Index ETF (IWM) dropped 3%. The small cap stocks took a hit on Monday along with the mid caps. – When the market is down these things tend to under-perform, says Karen Finerman.
Walgreens (WAG) dropped 5%. The drug store posted an 11% drop in first-quarter profits and they missed on estimates. – They’re opening too many stores, says Guy Adami.
Wynn Resorts (WYNN) dropped 2%. The casino and resort operator dropped on the day it opened its new $2.3 billion Encore resort on the Las Vegas Strip. – Nobody goes to Vegas anymore, says Dennis Gartman. Noone can afford to gamble with their money.
Micron (MU) dropped 12%. A JPMorgan analyst said the memory chip maker is likely to disappoint with its fiscal first-quarter results because of falling prices and demand. – This stock isn’t relevant anymore, says Guy Adami.
Worthington Industries (WOR) dropped 14%. Goldman said the company may violate debt agreements and halt its dividend. – Autos are not the place to be, says Karen Finerman.
Potash (POT) dropped 9%. Goldman downgraded the firm to “Neutral” from “Buy,” after the company reduced its full-year’s earnings forecast last week. – Potash has had a nice run, says Guy Adami.
BHP Billiton (BHP) dropped 4%. UBS cut its earnings forecast due to lower coking coal prices as steelmakers reduce output. – The price of iron ore is coming down, adds Tim Seymour.
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Trader disclosure: On Dec. 22nd, 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); Seymour Owns (AAPL), (BAC), (F), (MER), (DXO); Seygem Asset Management Owns (FXI), (EEM); Finerman's Firm Owns (MSFT); Finerman's Firm Owns (OIH) Puts; Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM), (USO); CIBC Gartman Index Owns Soybeans, Gold, Natural Gas, Australian Dollar, Canadian Debt, Canadian Dollar; CIBC Gartman Index Is Short Crude Oil; CIBC Gartman Index Is Short Euro