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