Following are the day’s biggest winners and losers. Find out why shares of Priceline.com and AstraZeneca popped while Barclays and Smithfield Foods dropped.
POPS (stocks that jumped higher)
Priceline.com (PCLN) popped 4%. The online travel service reported stronger than expected first quarter profits. - I sold the pop, exclaims Jeff Macke.
AstraZeneca (AZN) popped 6%. The firms experimental heart drug Brilinta beat rival Plavix in a pivotal clinical trial. - It seems that things are going well for them, muses Pete Najarian.
Huntington Bancshares (HBAN) popped 10%. The regional bank successfully completed a $120 million stock offering. - A positive note from Bank of America also sparked the move higher, adds Tim Seymour.
Dish Network (DISH) popped 17%. The satellite company posted a better-than-expected profit and lost fewer subscribers than most Wall Street analysts had forecast.
DROPS (stocks that slid lower)
Barclays (BCS) dropped 5%. Shares dropped despite word that a second firm was interested in buying its iShares division – a move that could trigger a bidding war. - The whole sector pulled back, reminds Tim Seymour.
American Axle & Manufacturing (AXL) dropped 25%. An article in Barron’s warned of troubles to come for the auto parts suppliers. - I don't like it either, adds Guy Adami.
Saks (SKS) dropped 8%. April same-store sales fell 32%, a larger-than-expected drop. - Run away, exclaims Jeff Macke.
Smithfield Foods (SFD) dropped 4%. Investors apparently took profits after the recent run higher. Remember, this is the same pork processor that investors dragged into the cellar two weeks ago on fears of swine flu.
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Trader disclosure: On May 11th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Macke Owns (GE), (AGU), (AMZN), (APPL), (SDS), (IMAX), (WFC), (TGT); Seymour Owns (AAPL), (BAC), (C), (DRYJ), (EEM), (FCX), (PBR), (TSL); Seymour's Firm Owns (RIG); Najarian Owns (AMD) Call Spread; Najarian Owns (BX) Call Spread; Najarian Owns (CROX) Calls; Najarian Owns (FIG); Najarian Owns (INTC) Call Spread; Najarian Owns (MS) & (MS) Calls; Najarian Owns (PALM) & (PALM) Calls; Najarian OWns (XHB) Call Spread; Najarian Owns (XLB) Call Spread; Najarian Owns (XLU) Calls