Following are the day’s biggest winners and losers. Find out why shares of Palm and Fortress popped while Home Depot and Moody's dropped.
POPS (stocks that jumped higher)
Fortress Investment Group (FIG) popped 10%. This private equity firm along with two others are near a deal to inject $800 million into a small Florida bank, giving them control of a healthy lender that could be used as a vehicle for acquiring more banks. - I think it's worth a look around $5, counsels Joe Terranova.
Palm (PALM) popped 9%. Verizon Wireless said it will carry the company’s much anticipated Pre phone next year. - Good for them but at some point the ride ends, muses Pete Najarian.
CarMax (KMX) popped 10%. Deutsche upgraded the company to ‘buy’ from ‘hold.’
DROPS (stocks that slid lower)
Home Depot (HD) dropped 3%. Investors bid the company lower after a report showed mortgage delinquencies were at record highs. - I like this stock at current levels, says Guy Adami.
Moody’s (MCO) dropped 5%. Hedge fund manager David Einhorn said on CNBC that he was shorting the venerable ratings agency. - Einhorn feels they may have tarnished the brand, explains Karen Finerman.
Saks (SKS) dropped 7%. Mall anchors came under pressure after Credit Suisse downgraded the group to underweight from market weight.
Take-Two (TTWO) dropped 10%. The maker of grand theft auto announced that it intends to offer $100 million of convertible senior notes due 2014.
Sandisk (SNDK) dropped 3%. Investors took profits after the firm renewed a patent license with Samsung.
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Trader disclosure: On May 28th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Finerman Owns (RIG); Finerman;s Firm Owns (RIG), (PBR), (TBT); Finerman's Firm Owns (BAC) Preferred, (WFC) Prefereed; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Terranova Owns (ABT), (TER), (HES), (JPM), (JOYG), (XBI), (RIMM); Terranova Is Short (XOM) Call Spread; Terranova Owns (DIS) Call Spread; Terranova Owns July Nat Gas Futures; Najarian Owns (ISIS); Najarian Owns (AMAT) Calls; Najarian Owns (FCX) Call Spread; Najarian Owns (BX) Call Spread; Najarian Owns (INTC) Call Spread; Najarian Owns (MOS) Call Spread; Najarian Owns (XHB) Call Spread; Najarian Owns (XLB) Call Spread; Najarian Owns (XLU) Call Spread