Pops & Drops: Nucor, The Hartford
Following are the day’s biggest winners and losers. Find out why shares of Nucor and The Hartford popped while Macy’s and Rio Tinto dropped.
POPS (stocks that jumped higher)
Aetna (AET) popped 5%. Despite concerns about sweeping healthcare changes on the horizon investors bid this stock higher. - I can't explain it, says Pete Najarian.
Nucor (NUE) popped 2%. The steelmaker said it expects a narrower second-quarter loss because orders appear to be picking up. - They've also cut back on production and inventories are being worked down, explains Joe Terranova.
Hartford Financial (HIG) popped 4%. S&P raised its rating outlook on the firm to stable from negative.
Sina (SINA) popped 4%. Goldman added the company to its Conviction Buy List, citing prospects for growth in 2010.
DROPS (stocks that slid lower)
Macy’s (M) dropped 6%. Investors turned a cold shoulder to this and other retailers after Best Buy said profits fell 15% in the first quarter. - I don't think people have the money to go shopping, speculates Brian Kelly.
Rio Tinto (RTP) dropped 5%. The miner said it expects weak commodity markets to continue to hit its bottom line. - They're also cutting deals to sell assets, reminds Tim Seymour.
Genzyme (GENZ) dropped 5%. The firm halted production of two top-selling drugs after discovering contamination at a plant in Boston.
Ford (F) dropped 4%. Investors took profits after Chairman Bill Ford said there were "some early signs" that U.S. auto industry sales were stabilizing, though at very low levels.
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Trader disclosure: On June 16th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Terranova Owns (TER); (SDS); (ABT);Terranova Owns (RIMM) & Short (RIMM) Calls; Terranova Is Short (RIG); Terranova Owns (BRCM) & Short (BRCM) Calls; Terranova Owns (MS) & Short (MS) Calls; Terranova Is Short (FCX); Terranova Owns (GENZ) & Short (GENZ) Calls; Terranova Owns (HES) & Short (HES) Calls; Terranova Is Short (XOM) Call Spread; Terranova Owns (DIS) Call Spread; Terranova Owns (X) & Short (X) Calls; Terranova Owns (JPM) & Short (JPM) Calls; Terranova Owns (BTU) & Short (BTU) Calls; Terranova Is Short August Gold Futures; Terranova Owns (POT) & Short (POT) Calls; Terranova Is Short Septmeber Oil Futures; Terranova Owns December Oil Futures; Terranova Owns August Nat Gas Futures; Terranova Owns (IBM) & Short (IBM) Calls; Terranova Is Short (OIH) & (OIH) Calls; Najarian Owns (BX) Call Spread; Najarian Owns (F) & Short (F) Calls; Najarian Owns (FCX) Calls & Put Spread; Najarian Owns (GE) Calls; Najarian Owns (INTC) Call Spread; Najarian Owns (MOS) Put Spread; Najarian Owns (PALM) Calls; Najarian Owns (WNR); Najarian Owns (JPM) & Short (JPM) Calls; Najarian Owns (RIMM) Call Spread; Najaria Owns (LEA) Calls; Kelly Owns (UUP), (TLT), (AN), (UGA), (AMZN), (BBY), (DSX), (LOW), (PAL); Kelly Is Short (FXS); Seymour Owns (AAPL), (BAC), (BX), (EEM), (FXI), (FCX), (FITB), (TTM); Seymour's Firm Owns (NOK)