Barrack Gold (ABX) popped 2%. This gold mining company as well as gold itself closed higher after Israel’s attack on the Gaza Strip left investors seeking a safe haven. – I’d sell the rally, says Joe Terranova.
Standard Pacific Corp. (SPF) popped 11%. UBS upgraded the company to “Buy” from “Neutral,” and said the company has sufficient liquidity. – I wouldn’t chase this stock, muses Guy Adami.
Carmike Cinemas (CKEC) popped 14%. Billionaire Marc Cuban reported that he has acquired a 9.4% stake in the company. – He’s jumpin’ in big, says Pete Najarian.
DROPS (stocks that slid lower)
Amazon (AMZN) dropped 5%. Retail sales this holiday season are expected to be among the worst on record although Amazon says it did well. – Look at the valuations, says Guy Adami. That’s why it was sold.
Disney (DIS) dropped 3%. Investors took profits after the studio’s new movie “Bedtime Stories,” came in second for the weekend with $28 million, just behind Marley & Me. – It was the news that they’re not making another Narnia that sent the stock lower, says Pete Najarian.
General Motors (GM) dropped 2%. Financing arm GMAC, which won Fed approval to become a bank holding company, reviewed the results of its debt exchange with bondholders. – Also, December auto sales are going to be down 42%, reminds Joe Terranova.
Cabela’s Inc. (CAB) dropped 23%. The specialty retailer of hunting and fishing gear plunged as disappointing holiday sales weighed on the sector. – I can’t hunt or fish or find any reason to get long, exclaims Jeff Macke.
Ann Taylor (ANN) dropped 12%. The retailer said it plans to shut down stores after one of the worst holiday shopping seasons in 40 years. – Not a good sign, reminds Guy Adami.
Nordstrom (JWN) dropped 3%. This department store known for luxury goods and higher prices was among the hardest hit this holiday season. – Also, they put their credit card business on the balance sheet, explains Joe Terranova.
Cal-Maine (CALM) dropped 7%. The egg producer said second-quarter profit fell 32%. – Their imput costs are going higher, says Jeff Macke.
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Trader disclosure: On Dec. 29th, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (DIS), (WMT), (SDS), (TM), (MSFT); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Najarian Owns (DOW) Call Spread; Najarian Owns (MSFT) And Is Short (MSFT) Calls
GE Is The Parent Company Of CNBC
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