Pops & Drops: Macy's Citigroup...
Following are the day’s biggest winners and losers. Find out why shares of Macy's and Citigroup popped while Allegheny Energy and Lorillard dropped.
POPS (stocks that jumped higher)
Citigroup (C ) popped 5%. Shares of the banking goliath climbed after Goldman Sachs added rival Bank of America to its conviction ‘buy’ list. - It was also due to a short squeeze, adds Karen Finerman.
FTSE/XINHUA China Index ETF (FXI) popped 6%. The ETF that tracks China’s stock market rose on speculation that property prices and demand for coal will rise. - Monday was just a big day for EM, muses Tim Seymour.
Macy’s (M) popped 7%. Goldman Sachs analyst Adrianne Shapira added this stock to her "Americas Conviction Buy" list. She forecast improved sales, lower costs and stronger margins.- If Goldman is powerful enough to make a retailer with heavy debt pop, I'd play Goldman instead, bristles Jeff Macke.
Consol Energy (CNX) popped 10%. The third largest US coal producer popped on hopes that the price of coal might be headed higher. - Also Jefferies upgraded coal stocks, reminds Pete Najarian.
Dillard’s (DDS) popped 35%. The department store surprised Wall Street by reporting a quarterly profit largely due to slashed costs and reduced inventories.
Wells Fargo (WFC) popped 8%. Warren Buffett revealed he raised his stake in this stock.
Lennar (LEN) popped 13%. A Citi analyst raised his rating on the firm to ‘buy’ from ‘hold’ and on hopes the housing market has stabilized
NVIDIA (NVDA) popped 6%. The maker of graphic chips said demand ‘seems to be growing again.’
DROPS (stocks that slid lower)
Allegheny Energy (AYE) dropped 8%. Wachovia Capital Markets downgraded the firm to "market perform" from "outperform," and said the results of grid operator PJM Interconnection's June 2012-May 2013 auction fell short of the brokerage's expectations.
Lorillard (LO) dropped 3%. Investors bid the maker of Newport cigarettes lower on worries that menthol might be banned under new government regulations.
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Trader disclosure: On May 18th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Seymour Owns (AAPL), (BAC), (BX), (EEM), (FCX), (INFY), (PBR), (TTM); Macke Owns (AAPL), (WFC), (AGU), (GE), (SKF), (SDS); Finerman's Firm Owns (PBR), (RIG); Finerman's Firm Owns (BAC) Preferred; (WFC) Preferred; Finerman's Firm Is Short (BAC), (WFC); Najarian Owns (AMD) Calls; Najarian Owns (APC) CAll Spread; Najarian Owns (BBY) Put Spread; Najarian Owns (BP) Call Spread; Najarian Owns (BX) Calls; Najarian Owns (FAS) Call Spread; Najarian Owns (INTC) Calls; Najarian Owns (HPQ) Put Spread; Najarian Owns (MOS) Call Spread; Najarian OWns (XHB) Call Spread; Najarian Owns (XLB) Call Spread; Najarian Owns (XLU) Calls