Pops & Drops: FTI Consulting, Morgan Stanley...
Following are the day’s biggest winners and losers. Find out why shares of FTI Consulting and Becton, Dickinson popped while PNC Financial and Morgan Stanley dropped.
POPS (stocks that jumped higher)
FTI Consulting (FCN) popped 13%. The firm beat on fourth quarter earnings and gave a strong full-year outlook. - They make their living on restructuring, explains Dylan Ratigan.
Becton, Dickinson (BDX) popped 3%. An analyst at Credit Suisse upgraded this medical technology company to “Outperform” from “Neutral”
DROPS (stocks that slid lower)
PNC Financial (PNC) dropped 4%. The firm cut its dividend by 85% in an effort to cut costs. - I wouldn't go near it, says Joe Terranova.
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.
Got something to to say? Send us an e-mail at firstname.lastname@example.org and your comment might be posted on the Rapid Recap! If you'd prefer to make a comment but not have it published on our website send your e-mail to email@example.com.
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)