MGM Mirage (MGM) dropped 19%. The casino sector stocks reversed some of their recent gains after analysts said the increases weren’t justified; meanwhile a Janney Montgomery Scott analyst downgraded MGM to sell from neutral. - Leave the table when you're ahead, counsels Jeff Macke.
Archer Daniels Midland (ADM) dropped 11%. Citi downgraded the firm to “sell” from “hold” due to slowing demand and overcapacity. - It's their biggest down move in about two years, says Tim Seymour.
Applied Materials (AMAT) dropped 9%. A major solar power contract was cut by $1.65 billion due to economic conditions. - That doesn't make me want to buy it, chuckles Joe Terranova.
Estee Lauder (EL) dropped 7%. UBS downgraded the firm to “sell” from “neutral,” citing limited upside gains. - That no good, says Karen Finerman.
ArcelorMittal (MT) dropped 5%. The steel company announced plans to cut jobs at plants to cope with slowing demand. - I like the stock at current levels, says Tim Seymour.
Dow Chemical (DOW) dropped 7%. Just like their infamous scrubbing bubbles, shares went down the drain on Tuesday.
Coach (COH) dropped 5%. The company fell ahead of same-store sales Thursday.
Harley-Davidson (HOG) dropped 6%. No love for Keith Wandell one day after the company said Mr. Wendell will take over as CEO after Jim Ziemer, who currently holds the position, retires next month.
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Trader disclosure: On Apr 7th, 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), (WMT), (SDS), (GS), (GE); Terranova Owns (X), (KCE), (AMGN), (DELL), (DIS), (BP), (BRCM); Terranova Owns (COP) Calls, (HES) Calls, (IBM) Calls; Terranova Owns (JPM) & (JPM) Calls; Terranova Owns (INTC) & (INTC) Calls; Finerman Owns (AXP), (RIG); Finerman's Firm Owns (RIG), (UNH), (MSFT), (PBR); Finerman's Firm Owns (WFC) Preferred; Finerman's Firm Is Short (IJR), (MDY), (SPY), (IWM), (USO), (BBT), (WFC); Seymour Owns (AAPL), (BAC), (EEM), (FCX), (FXI), (F), (GLD); Seymour Is Short (USO)