Morgan Stanley (MS) dropped 8%. Although it’s widely believed to be a best of breed play, Morgan Stanley couldn’t escape the selling pressure in the market. - I bought some today, says Jeff Macke. I thought it was a nice opportunity.
Emerging Markets Index ETF (EEM) dropped 6%. EU leaders rejected appeals for aid to Eastern Europe. - Emerging markets are outperfoming global markets this year, says Tim Seymour.
Prudential (PRU) dropped 10%. After learning that AIG posted a loss of $60 billion, investors hammered the entire sector. - It's hard to be an insurance company right now, says Zach Karabell.
Dell (DELL) dropped 1%. A slight uptick in this stock after a favorable Barron’s article was enough to spark profit taking. Ultimately the stock closed lower. - I bought some today, says Joe Terranova. I think it could be a short squeeze play.
MGM Mirage (MGM) dropped 13%. The major ratings firms downgraded its credit rating after MGM requested to borrow an additional $840 million under a $4.5 billion credit pact. - It's a bad time to be a casino, bristles Jeff Macke.
UBS (UBS) dropped 8%. Investors fear that the financial crisis could become significantly worse in Europe and Asia. - European banks a retrenching right now, explains Tim Seymour.
SLM Corp (SLM) dropped 18%. The largest US student lender dropped after Obama’s first budget called for an end to loan subsidies for school lenders. - I'm not sure changing the student loan process will make it through the Congress, muses Zach Karabell.
Exxon Mobil (XOM) dropped 4%. This and other energy stocks declined along with the spot price of crude. - I think you can buy it here but put a tight stop out below, counsels Joe Terranova.
Target (TGT) dropped 3%. Investors bid this stock lower on concerns that consumer spending could deteriorate significantly in the months ahead.
General Motors (GM) dropped 11%. This stock dropped ahead of an expected 30% decline in auto sales figures to be released on Tuesday.
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Trader disclosure: On Mar. 2nd, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Seymour Owns (AAPL), (EEM), (BAC), (FXI); Seymour's Firm Owns (FCX); Terranova Owns (DIS), (FXC), (XBI), (BRCM), (WYNN), (INTC), (DELL), (JOYG); Terranova Owns (AMGN) & (AMGN) Puts; Terranova Owns (IBM) Call Spread; Terranova Owns (COP) Calls; Terranova Owns MACI Oil Futures; Macke Owns (MS), (GS), (SDS), (TM), (AAPL), (WOS); Karabell Owns (AAPL), (FCX), (GOOG), (GLD), (GE), (JPM)