Pops & Drops: Costco, Dow Chemical...
Following are the day’s biggest winners and losers. Find out why shares of Costco and Dow Chemical popped while Newmont Mining and Advance Auto Parts dropped.
POPS (stocks that jumped higher)
Costco (COST) popped 3%. The company plans to close 2 Costco Home stores in July, and said that home furnishings "does not fit into our long-term expansion plans." - Normally something like this would be bad news, bristles Jeff Macke.
Dow Chemical (DOW) popped 13%. The firm agreed to sell its Morton Salt unit to a European company, K&S AG, in order to fund it acquisition of Rohm & Haas. - Also, I think they were riding Monsanto's coat tails, muses JJ Kinahan.
Flowserve (FLS) popped 6%. Investors bid this maker of pumps and valves higher on hopes of a global economic recovery. - I think there should be more to go on the upside, speculates Karen Finerman.
Pepsi Bottling Group (PBG) popped 7%. Deutsche said it anticipates stabilization in the soft drink market. - It works, says Jeff Macke.
MGM Mirage (MGM) popped 19%. The casino is said to be in talks with Colony Capital for an investment in the company’s CityCenter project in Vegas. - Good to see that CityCenter project get done, says JJ Kinahan.
BorgWarner (BWA) popped 16%. The firm received the 2008 Supplier of Year award from Hyundai-Kia. - I'm skeptical of the move, says Karen Finerman, and I'm short.
Blackstone Group (BX) popped 7%. Credit Suisse initiated coverage of the stock at “outperform”. - They'd have to more than triple to get back to the first day they traded, reminds Jeff Macke.
Newell Rubbermaid (NWL) popped 8%. The maker of Sharpie and Rubbermaid products began a tender offer to buy $300 million in outstanding notes. - It could have more room on the upside, says Guy Adami.
Abercrombie & Fitch (ANF) popped 8%. The apparel maker surged along with the entire retail sector. - I wouldn't chase it here at all, says Karen Finerman.
DROPS (stocks that slid lower)
Newmont Mining (NEM) dropped 3%. The miner followed the price action in the underlying commodity; gold. - I think the next 10% - 15% is lower, speculates Guy Adami.
Advance Auto Parts (AAP) dropped 6%. Citi downgraded the company to “hold” from “buy” saying their risk has increased at these levels. - Take profits, says Guy Adami.
Abbott Laboratories (ABT) dropped 3%. Investors bid the stock lower despite an upgrade at Citigroup to “hold” from “sell.” - Investors slapped Citi, chuckles JJ Kinahan.
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Trader disclosure: On Apr 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; Macke Owns (WFC), (AAPL), (GE), (GS), (MOS), (WMT); Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Kinahan Owns (AA), (BAC), (C), (MSFT), (YHOO); Finerman's Firm Is Short (IJR), (MDY), (SPY), (USO), (IWM), (BAC), (BBT), (WFC); Finerman's Firm Owns (MSFT), (PBR), (RIG), (AXYS), (SRS); Finerman's Firm Owns (WFC) Preferred, (BAC) Preferred, (BAC) Preferred