Pops & Drops: Abercrombie & Fitch, Vimpel-Comm
Following are the week’s biggest winners and losers. Find out why shares of Abercrombie & Fitch and Vimpel-Commpopped while Wells Fargo and Research In Motiondropped.
POPS (stocks that jumped higher)
Abercrombie & Fitch (ANF) popped 6%. Fourth-quarter results beat estimates and same-store sales fell less than expected. - I wouldn't be a buyer, counsels Karen Finerman.
Vimpel-Comm (VIP) popped 13%. The Russian mobile operator popped as its associate, Telenor, reported stronger than expected earnings for the fourth quarter.
Coinstar (CSTR) popped 19%. The firm’s fourth-quarter revenue beat estimates and the company increased its 2009 revenue guidance.
Buffalo Wild Wings (BWLD) popped 32%. The restaurant chain benefited from the trading down trade we told you about on Thursday. -- According to Jon Najarian massive short covering sent this food stock soaring.
DROPS (stocks that slid lower)
Wells Fargo (WFC) dropped 18%. Investors worried that the Treasury’s plan was not specific enough to revive banks anytime soon. - Not a good week to be a bank, says Karen Finerman.
United States Oil Fund ETF (USO) dropped 9%. General skepticism about the economy left investors wondering if demand for oil would ever return. - I still have no desire to buy the USO, it's tethered to the front price in oil, says Joe Terranova.
Research In Motion (RIMM) dropped 18%. The maker of the Blackberry fell as Credit Suisse downgraded the stock to a sell, saying it will be hard to hold on to market share and maintain its profit margins. - I'd avoid this stock, counsels Jeff Macke.
Rio Tinto (RTP) dropped 6%. Shareholders opposed a proposed $19.5 billion deal with Chinalco. - I find the whole deal disturbing, says Tim Seymour. They look like they need money more than people thought.
Sirius (SIRI) dropped 19%. The satellite radio company may be forced into bankruptcy as it faces a $175 debt deadline Tuesday.
BB&T Corp. (BBT) dropped 20%. The WSJ reported that the company’s loan-loss reserves have dropped significantly and it has billions of loans to residential-housing developers that could turn toxic.
JPMorgan (JPM) dropped 7%. Although it’s widely considered a best of breed stock, it still couldn’t overcome the negative sentiment that surfaced after the Treasury’s latest plan lacked details.
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Trader disclosure: On Feb. 13th, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Terranova Owns (AMGN) & (AMGN) Puts; Terranova Owns (IBM) Call Spreads; Terranova Owns (XBI), (OTS), (FCX), (KCE); Finerman's Firm Owns (DNA) & (DNA) Call Spread; Finerman's Firm Owns (MSFT), (RIG), VNO); Finerman's Firm Is Short (BBT), (TM), (IYR), (IJR), (IWM), (MDY), (SPY), (COF), (USO); Macke Owns (AAPL), (MS), (TM), (SDS); Seymour Owns (AAPL), (BAC), (EEM), (FXI), (YUM); Seymour's Firm Owns (VIP)