Pops & Drops: Barclays, DuPont...
Following are the day’s biggest winners and losers. Find out why shares of Barclays and DuPont popped while Pfizer and General Motors dropped.
POPS (stocks that jumped higher)
Barclays (BCS) popped 20%. The UK bank said it had a good start to 2009 and there's talk Barclays could sell its I-Shares ETF business. - I'm not so fond of them selling iShares, says Zach Karabell.
DuPont (DD) popped 4%. The chemical maker announced a new production facility in Spain to expand its fiber capacity. - I'd take some off the table, counsels Joe Terranova.
Fortress Investment Group (FIG) popped 6%. The firm, reported a fourth quarter loss but beat analysts’ expectations, and said it expects redemptions to bottom this year. - Jeff Macke doesn't know what to say.
Prudential (PRU) popped 2%. The tailwind driving some banks also lifted this stock.
Saks (SKS) popped 3%. The CEO said the company will offer a new price mix, including lower cost merchandise.
DROPS (stocks that slid lower)
Pfizer (PFE) dropped 3%. The world’s biggest drugmaker said it plans to sell additional notes to finance its purchase of Wyeth. - I like most other names in health care, says Guy Adami. But not this stock.
General Motors (GM) dropped 7%. CEO Rick Wagoner met with Obama’s auto task force to discuss more government aid or the possibility of bankruptcy. - I'm surprised that anyone is talking about this stock as a viable entity, says Zach Karabell.
Apollo (APOL) dropped 5%. This and other for-profit schools dropped on more concerns that Obama’s policies may hurt private lending for student loans. - It doesn't look good for this stock, says Guy Adami.
Sandisk (SNDK) dropped 11%. Bank of America reinitiated coverage of the company with an “underperform” rating. - I wouldn't take it off the table just yet, says Joe Terranova.
Dell (DELL) dropped 5%. Cisco said it plans to sell computer servers targeted at data centers, a move that pits the company against Dell and other computer makers.
Sprint (S) dropped 13%. Wachovia downgraded the third-largest US mobile-phone carrier to “market perform.”
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Trader disclosure: On Mar. 16th, 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 (GE), (GS), (MS), (SDS), (MOS); Macke Is Short (BRK.b); Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Terranova Owns (KCE), (JPM), (X), (POT), (WYNN), (XBI), (HESS), (INTC), (BRCM), (DELL), (JOYG), (FXC), (EOG); Terranova Owns (IBM) & (IBM) Calls; Terranova Owns (DIS) & (DIS) Calls; Terranova Owns (COP) Calls; Terranova Owns (AMGN) & (AMGN) Puts; Terranova Owns MACI Oil Futures; Karabell Owns (BHP), (CSCO), (FCX), (FXI), (GOOG), (GLD), (GE), (JPM)