Following are the day’s biggest winners and losers. Find out why shares of Amazon and Fifth Third Bancorp popped while Alcoa and CBS dropped.
POPS (stocks that jumped higher)
Amazon (AMZN) popped 2%. The online seller closed higher largely due to a favorable report in Barron's. - That speaks volumes about the future of e-tailing, says Pete Najarian.
Fifth Third Bancorp (FITB) popped 5%. The bank announced it will sell a majority interest in its payment-processing unit to Advent International in an effort raise more cash. - I think it's just a cushion to delay the inevitable, speculates Tim Seymour.
Netflix (NFLX) popped 6%. The DVD rental company announced it will raise prices of Blu-ray discs by about 20% in order to add to its selection of movies and keep up with costs.
Apollo Group (APOL) popped 3%. Investors bid this stock higher ahead of earnings.
DROPS (stocks that slid lower)
Alcoa (AA) dropped 14%. Rival Aluminum Corp of China posted a nearly 100% decline in 2008 profits and forecast further losses. - With the dollar going higher commodities are under pressure, explains Tim Seymour.
BB&T Corp. (BBT) dropped 8%. Stifel Nicolaus downgraded the bank to “sell” from “hold,” citing the need for more loan loss reserves. - That's right they're going to need more loan loss provisions, adds Karen Finerman.
CBS (CBS) dropped 18%. UBS downgraded the firm to “sell” from “neutral” amid concerns that ad revenue will further deteriorate, particularly from the automakers. - There could be further room to the downside, says Guy Adami.
DryShips (DRYS) dropped 16%. Auditors expressed concern about over the company’s ability to meet debt covenants. - As commodities go so goes this stock, explains Tim Seymour.
Manitowoc (MTW) dropped 33%. First-quarter earnings came in sharply below Wall Street expectations, hurt by weakening demand for its cranes. - Not good, says Pete Najarian.
Dow Jones US Real Estate ETF (IYR) dropped 5%. Investors took profits in this ETF that tracks the real estate market. - I still think there's lots of downside in commercial real estate, adds Pete Najarian.
Ameriprise Financial (AMP) dropped 9%. Fitch downgraded the firm to “negative” from “stable” partly due to “exposure” to equities. - Guy Adami doesn't know what to say.
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. 30th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Finerman's Firm Owns (MSFT), (RIG), (AXYS); Finerman's Firm Owns (BAC) Preferred; Finerman's Firm Is Short (IJR), (IWM), (MDY), (SPY), (USO), (BBT); Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Seymour Owns (AAPL), (BAC), (FXI), (EEM), (TTM); Najarian Owns (AAPL) Call Spread; Najarian Owns (BNI) Call Spread; Najarian Owns (GS) Call Spread; Najarian Owns (HUM) Call Spread; Najarian Owns (MS) Call Spread; Najarian Owns (PALM) & (PALM) Calls; Najarian Owns (POT) Call Spread; Najarian Owns (XHB) Call Spread; Najarian Owns (RIO) Calls