Palm (PALM) dropped 3%. JP Morgan downgraded the firm to “neutral” from “overweight”. - Forget about this move, nothing goes in a straight line, says Pete Najarian. This stock is up almost 100% in just a few weeks.
Barclays (BCS) dropped 42%. The UK bank declined after Britain’s government committed billions more for a bailout, suggesting another step toward nationalization. - It's been okay so far but it could soon be a victim, says Tim Seymour.
Best Buy (BBY) dropped 7%. JPMorgan analysts said concerns over liquidation pressures will weigh on the stock. - It's Circuit City who is liquidating, reminds Jeff Macke.
ConocoPhillips (COP) dropped 7%. Plummeting oil prices forced the refiner to cut 4% of its workforce. - It could reflect poor management, muses Pete Najarian.
TD Ameritrade (AMTD) dropped 10%. The third-largest online brokerage said quarterly profit fell 23% and they reduced their profit forecast for the year. - The daily average revenue trade metric (DART) was better than this time last year but worse then November, adds Guy Adami.
J.C. Penney (JCP) dropped 10%. A JPMorgan analyst cut his profits estimates on the company. - Avoid retailers, reminds Jeff Macke.
CSX Corp. (CSX) dropped 7%. This railroad along with other names in transports dropped after Goldman downgraded Canadian National Railway to neutral from buy. - Not so good, says Pete Najarian.
Alcoa (AA) dropped 11%. This firm slid after rival Rio Tinto announced plans to reduce production due to low demand.
Garmin (GRMN) dropped 7%. Competitor TomTom reduced its sales forecast due to a decline in the price of GPS units.
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Trader disclosure: On Jan. 20th, 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 (C), (BAC), (TM), (SDS); Adami Owns (AGU), (C), (BTU), (GS), (INTC), (MSFT), (NUE); Seymour Owns (AA), (AAPL), (BAC), (F), (EEM), (FXI), (TSO); Najarian Owns (MS), (PALM) ; Najarian Owns (EEM) Call Spread; Najarian Owns (FCX) & (FCX) Short Calls; Najarian Owns (MS) Short Calls & Short Put Spread; Najarian Owns (NVLS) Calls; Najarian Owns (XME) Long Calls; Najarian Owns (IYR) Puts