Pops & Drops: Research In Motion, The Gap...
Following are the day’s biggest winners and losers. Find out why shares of Research In Motion and Dendreon popped while Rio Tinto and The Gap dropped.
POPS (stocks that jumped higher)
Research In Motion (RIMM) popped 8%. The maker of the BlackBerry continued its run higher after beating on earnings last week. – Investors want back into this name, explains Joe Terranova.
Dendreon (DNDN) popped 10%. The drugmaker moved higher ahead of data on its prostate cancer drug, Provenge. – I think they get approval faster than expected, speculates Tim Seymour.
General Motors (GM) popped 8%. The largest US automaker said its sales in Brazil were up over 45%. – I think this stock is heading much lower, says Jeff Macke.
UAL Corp (UAUA) popped 11%. The airline moved higher as oil moved lower.
Coventry Health Care (CVH) popped 7%. The insurer reversed its Friday losses which were sparked by S&P’s negative outlook on the company’s credit rating.
DROPS (stocks that slid lower)
Rio Tinto (RTP) dropped 11%. The world’s third-largest mining company fell under pressure of share sale speculation. – There’s concern that the firm could do a new rights offering, explains Tim Seymour.
The Gap (GPS) dropped 5%. The retailer dropped ahead of same-store sales Thursday. – I think there’s only one retailer worth owning and that’s Wal-Mart, says Jeff Macke.
Agrium (AGU) dropped 2%. The ag company filed a proxy with the SEC and urged rival CF shareholders to withhold votes over new board nominees. – I think there’s a great long term story here, says Zach Karabell.
Cisco Systems (CSCO) dropped 3%. Goldman downgraded the stock to “neutral” from “buy,” saying growth prospects are already factored in. – They have 29 billion in cash and they love to acquire companies, reminds Joe Terranova.
Eastman Kodak (EK) dropped 6%. Investors weren’t impressed by the company’s move to amend a credit agreement that will give the firm more financial flexibility. – They’re not doing too well, explains Zach Karabell.
American Express (AXP) dropped 1%. Barclays cut the company’s 2009 earnings estimate due to fears that unemployment may increase more than previously forecast.
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Trader disclosure: On Apr. 6th, 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), (SDS), (GS), (MOS), (WMT); Seymour Owns (AAPL), (BAC), (EEM), (FCX), (FXI), (F), (MSFT); Terranova Owns (KCE), (AMGN), (IBM), (HESS), (BRCM), (DIS), (DELL), (JPM), (INTC), (X), (JOYG), (WYNN); Terranova owns (COP) Calls; Terranova Owns (POT) & (POT) Calls; Terranova owns (XOM) & (XOM) Calls; Karabell Owns (AAPL), (CSCO), (FCX), (FXI), (GOOG), (JPM), (NOK), (NVDA)