Pops & Drops: First Solar, American Express...
Following are the day’s biggest winners and losers. Find out why shares of First Solar and American Express popped while Target and MetLife dropped.
POPS (stocks that jumped higher)
First Solar (FSLR) popped 6%. The firm announced plans to acquire solar projects and land from OptiSolar, which moves them into the utility segment. - Nice pop, says Pete Najarian.
American Express (AXP) popped 7%. The largest US credit card company said it’s focusing on its core business of offering credit cards to the wealthy. - Earlier in the show Karen Finerman said she thought it could be a beneficiary of the TALF.
Advanced Micro Devices (AMD) popped 3%. Abu Dhabi took a $125 million stake in the company. - It's a 6 cent move -- giddyup, exclaims Pete Najarian.
FTN Consulting (FCN) popped 10%. The advisor to Circuit City continues to rally after beating on fourth quarter earnings and giving a strong full-year outlook yesterday.
PDL Biopharma (PDLI) popped 21%. The developer of antibodies for cancer treatments popped after fourth quarter earnings beat estimates.
TiVO (TIVO) popped 10%. Its fourth-quarter loss was not as bad as expected, due to decreased costs.
Vornado Realty Trust (VNO) popped 5%. Investors are optimistic that the TALF plan could help this property firm.
DROPS (stocks that slid lower)
Target (TGT) dropped 5%. Investors bid down this big box store along with the rest of retail. - There was a story out today that Bill Ackman's fund might be allowing redemptions and they were big into this stock, explains Karen Finerman.
MetLife (MET) dropped 17%. A new ruling requires insurers to increase the amount of capital they hold to back retirement investments with guaranteed returns, a big blow to already cash-strapped insurers. - They're all going to be looking for more TARP money, speculates Tim Seymour.
Goldman Sachs (GS) dropped 5%. The firm is charging 50 percent more than a year ago to guarantee rights offerings, to compensate for the risk that they may be forced to buy unwanted stock. - Maybe it's related to AIG, speculates Karen Finerman.
Home Depot (HD) dropped 5%. First Global downgraded the company to ‘Market Perform’ and pending sales of existing homes fell more than expected in January.
Gannett (GCI) dropped 24%. S&P cut its credit rating on the company to below investment grade, citing declining ad revenues.
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Trader disclosure: On Mar. 3rd, 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 (MS), (TM), (AAPL), (MOS); Macke Owns (GE) Puts; Seymour Owns (EEM), (BAC), (FXI); Seymour's Firm Owns (BIDU), (COP); Najarian owns (GDX), (PALM), (BX); Najarian Owns (DNA) Calls; Najarian Owns (DOW) Call Spread; Najarian Owns (FCX) Call Spread; Najarian Owns (GE) Put Spread; Najarian Owns (MS) & (MS) Calls; Najarian Owns (MOS) & (MOS) Calls ;Najarian Owns (V) & (V) Calls; Finerman's Firm Owns (PBR), (RIG); Finerman's Firm Owns (DNA) & (DNA) Calls; Finerman's Firm Owns (BAC) Preferred; Finerman's Firm Owns (WFC) Preferred; Finerman Owns (WFC) Preferred; Finerman's Firm Is Short (IYR), (IJR), (IWM), (MDY), (SPY), (USO), (BAC), (BBT), (VNO)