State Street (STT) popped 14%. The world’s largest institutional money manager announced cost cutting measures. Investors didn’t mind that included slashing the dividend. - Seems like good news, muses Karen Finerman.
Akamai Technologies (AKAM) popped 18%. Fourth-quarter results beat analyst estimates as demand rose for its Web traffic-management services. - I think they're in the sweet spot and I like this name, counsels Guy Adami.
Caterpillar (CAT) popped 3%. The largest maker of earthmoving equipment popped as investors bet on a bottom in the global economy. - Big construction stocks had been hammered, reminds Pete Najarian.
Prudential (PRU) popped 7%. After posting record losses yesterday, the life insurer said its capital levels and main business units remain strong. - I'm a little surprised, says Karen Finerman. I think there's trouble to come in their commercial real estate exposure.
BHP Billiton (BHP) popped 6%. Coal profits in the first half of 2008 rose 135% from the previous year due to higher prices and improved efficiency. - I think the stock chart looks fantastic, says Tim Seymour.
Abercrombie & Fitch (ANF) popped 10%. January same-store sales beat expectations. - Nice spike, exclaims Pete Najarian.
DROPS (stocks that slid lower)
General Electric (GE) dropped 4%. CEO Jeff Immelt said he will be prepared to run the company even without the highest available credit rating. - This stock is caught in a spiral right now, explains Guy Adami.
Dollar Tree (DLTR) dropped 17%. Quarterly profit rose 20 percent as more customers came into its stores for low prices on basic items like food and cleaning supplies. - I think this is the entry point, counsels Guy Adami.
Equity Residential (EQR) dropped 8%. Fourth-quarter earnings came in worse than expected due to cancelled projects. - Across the board there's trouble here, says Karen Finerman.
Unilever PLC (UL) dropped 2%. The consumer-products goliath said it won’t give guidance for 2009 and 2010. - They don't want to compete against their own estimates, explains Tim Seymour.
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Trader disclosure: On Feb. 4th, 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); Finerman Owns (PAL), (MSFT), (BAC); Finerman's Firm Owns (DNA) & (DNA) Calls; Finerman's Firm Is Short (IYR), (IJR), (IWM), (MDY), (SPY), (USO); Najarian Owns (CAT) Call Spread; Najarian Owns (EEM) Call Spread; Najarian Owns (FCX) & (FCX) Calls; Najarian Owns (ENER) & (ENER) Call Spread; Najarian Owns (GDX) Call Spread; Najarian Owns (MSFT) & (MSFT) Short Calls; Najarian Owns (MS) & (MS) Short Calls; Najarian Owns (MOS) Call Spread; Najarian Owns (DLTR) Calls; Najarian Owns (PALM) Calls; Seymour Owns (BAC), (EEM), (FXI), (MOS), (PBR), (CBRE)