Pops & Drops: Sears, Under Armour...
Following are the day’s biggest winners and losers. Find out why shares of Arcelor Mittal and Sears popped while Newell Rubbermaid and Under Armour dropped.
POPS (stocks that jumped higher)
ArcelorMittal (MT) popped 5%. The world’s largest steelmaker issued $1.5 billion in convertible bonds, the largest for a non-financial firm this year, and a positive sign for the company. - Off they go, says Tim Seymour.
Sears (SHLD) popped 4%. The largest US department store closed higher despite a credit rating cut at Moody’s yesterday. - I'm skeptical, says Karen Finerman. I'd stay away.
International Paper (IP) popped 12%. The world’s largest maker of cardboard boxes said its received over $70 million in alternative fuel tax credits, and it will continue to submit refund claims. - A JPMorgan analyst called this, says Guy Adami.
Baidu (BIDU) popped 3%. China’s largest search engine soared on a positive note from Deutsche Bank, initiating a ‘buy" rating. - The Deutsche analyst also said the stock could grow through 2012, adds Pete Najarian.
Phillips-Van Heusen (PVH) popped 13%. Citi upgraded the company to "Buy" and the upgrade wielded more influence with investors than its fourth-quarter loss.
DROPS (stocks that slid lower)
Newell Rubbermaid (NWL) dropped 9%. The maker of Sharpie and Paper Mate products cut its dividend by over 50% and said it will offer $250 million in notes to raise cash. - They could have a capitulation day as soon as Wednesday, speculates Guy Adami.
Under Armour (UA) dropped 13%. Morgan Stanley downgraded the company to “underweight” from “equal weight” citing its weak shoe launch and high valuation. - Some trimming is going on, says Pete Najarian.
Daimler AG (DAI) dropped 8%. Moody’s said it may still downgrade the company’s credit rating. - Their balance sheet looks to be in question, says Tim Seymour.
CME Group (CME) dropped 10%. Rival NYSE Euronext said it will cut fees on its European markets to fight increased competition. - Cutting fees in a business that's mostly driven by fees is not good, says Karen Finerman.
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Trader disclosure: On Mar. 24th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Seymour Owns (MT), (BAC), (EEM), (FXI), (TTM), (BX); Finerman's Firm Owns (MSFT), (PBR), (RIG); Finerman's Firm Is Short (BBT), (WFC); Finerman's Firm Owns (DNA) Call Spread; Finerman's Firm Owns (WFC) Preferred; Najarian Owns (C) Call Spread; Najarian Owns (AGN) Call Spread; Najarian Owns (AAPL) Call Spread; Najarian Owns (BX) Call Spread; Najarian Owns (GS) Call Spread; Najarian Owns (GD) Call Spread; Najarian Owns (MS) Call Spread; Najarian Owns (POT) Call Spread; Najarian Owns (PALM) Stock & (PALM) Calls; Najarian Owns (TGT) Call Spread; Najarian Owns (XHB) Call Spread; Najarian Owns (SWY) Calls; Najarian Owns (MSFT) ; Najarian Owns (FIG)