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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
Data is a real-time snapshot *Data is delayed at least 15 minutes