CORRECTION: Tuesday's Pops & Drops
* CORRECTION: In Tuesday's Fast Money Pops & Drops post we mistakenly reported that Celgene stock dropped after the firm reported revenues on the low-end of projections.
In fact, they did not report earnings on Tuesday.
Following are the day’s biggest winners and losers. Find out why shares of Morgan Stanley and Dow Chemical popped while Reynolds American and Celgene dropped.
POPS (stocks that jumped higher)
Morgan Stanley (MS) popped 11%. Investors liked hearing that the firm is squarely focused on the future including a successor for CEO John Mack who retires in 2010. - But more important, the chart broke through the 50-day average, says Pete Najarian.
Dow Chemical (DOW) popped 7%. Speculation suggests the chemical maker will try to reduce the price it agreed to pay for Rohm & Haas by about 35%. - I don't think they can get it, says Karen Finerman.
SPDR S&P Homebuilders ETF (XHB) popped 3%. Investors were looking for a bottom after data showed pending home sales fell to a 7 year low in November. - It's a pop but nothing more, bristles Jeff Macke.
Prudential Financial (PRU) popped 16%. Fox-Pitt Kelton said the firm is “poised to have a solid ’09,” and that the life insurers may recover in valuation this year. - Across the board investors are getting more comfortable with insurance companies, says Pete Najarian.
The New York Times (NYT) popped 1%. The paper began to place advertisements on its front page, after struggling with falling ad revenues. The company collects premium prices for the highly visible placement. - They sold their soul today, muses Karen Finerman.
Best Buy (BBY) popped 4%. The largest US electronics retailer announced plans to sell refurbished iPhones for $50 less than new models.
Domino’s Pizza (DPZ) popped 11%. The pizza chain claims its sandwiches beat rival Subway in a national taste test.
Indevus Pharmaceuticals (IDEV) popped 74%. Rival Endo Pharmaceuticals agreed to buy the firm for over $630 million.
DROPS (stocks that slid lower)
Reynolds American (RAI) dropped 5%. Congress plans to create new legislation to battle the tobacco industry, including regulating cigarettes, raising sales tax, and ratifying an international anti-tobacco treaty. - It's not cool to smoke, exclaims Guy Adami.
Celgene (CELG) dropped 7%. The biotech company reported revenues were on the low-end of projections, and Baird cut the firm to neutral from outperform. - We will see who laughs last, says Guy Adami. I still like this stock.
Evergreen Solar (ESLR) dropped 2%. The firm closed one of its plants and as a result will incur about $25 million in charges.
Garmin (GRMN) dropped 4%. Goldman put the company on its “conviction sell” list citing a decline in markets.
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Trader disclosure: On Jan 6, 2009, 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 (MSFT), (TM), (MOS), (WMT); Najarian Owns (CSCO), (ERTS), (MSFT), (GS), (XLB), (EEM); Najarian Owns Short Calls (MSFT); Najarian Own (NVDA) Long Sread ; Finerman's Firm Owns (MSFT), (EEM), (DNA); Finerman's Firm Is Short (IYR), (IWM), (MDY), (SPY), (USO), (IJR), (BBT), (GNK)