Pops & Drops: Netflix, KeyCorp...
Following are the day’s biggest winners and losers. Find out why shares of Watson Pharmaceuticals and Netflix popped while KeyCorp and Rio Tinto dropped.
POPS (stocks that jumped higher)
Watson Pharmaceuticals (WPI) popped 5%. The firm inked a deal to buy Arrow Group, a drugmaker that will give Watson access to the generic version of Lipitor. - This company seems to be hitting on all cylinders, says Jon Najarian.
Netflix (NFLX) popped 7%. Wedbush Morgan upgraded the company to ‘buy’ from ‘hold.’ - The price target is $48, adds Guy Adami. And I think it goes to $48.
Abercrombie & Fitch (ANF) popped 5%. The teen retailer closed its high-end Ruehl stores due to weak sales. - I think this stock could get a couple more days of lift, muses Jon Najarian.
Texas Instruments (TXN) popped 3%. Bank of America upgraded the firm to ‘buy’ from ‘sell.’
Savient Pharmaceuticals (SVNT) popped 36%. The FDA recommended the company’s Krystexxa drug for treatment of gout. Following the news Oppenheimer and Cowen raised their ratings on the company.
Bing. The Microsoft search engine continued to steal market share; the latest data shows it won about 17% of the search market last week.
DROPS (stocks that slid lower)
KeyCorp (KEY) dropped 8%. This bank was one of 18 banks downgraded by S&P on Wednesday. - I actually like this name, says Joe Terranova. They only have $2 billion in toxic assets on the balance sheet.
Rio Tinto (RTP) dropped 6%. Mongolia’s President hopes to strike a deal that would give the government a stake in the company. - There's a tug of war for resources, explains Tim Seymour.
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Trader disclosure: On June 17th, 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 (C), (GS), (BTU), (AGU), (INTC), (MSFT), NUE); Najarian Owns (V), (CSCO); Najarian Owns (C) Preferred; Najarian Is Short (POT) Puts; Najarian Is Short (WFC); Seymour Owns (AAPL), (BAC), (BX), (EEM), (FXI), (F), (IYT); Terranova Owns (SDS), (XBI), (TER), (BTU), (ABT), MSFT); Terranova Is Short (XOM) Call Spread; Terranova Is Short (GENZ) Call Spread; Terranova Is Short (OIH)& (OIH) Puts; Terranova Is Short (RIG)& (RIG) Puts; Terranova Is Short (FCX)& (FCX) Puts; Terranova Is Short (RIMM)& (RIMM) Puts; Terranova Is Short (GENZ)& (GENZ) Puts; Terranova Is Short (IBM) Calls; Terranova OWns (BRCM) & Is Short (BRCM) Calls; Terranova Owns (POT)& Short (POT) Calls; Terranova Is Short (JPM)& Is Short (JPM) Calls; Terranova Owns (MS) & Short (MS) Calls; Teranova Owns (X) & Is SHort (X) Calls; Terranova OWns July Nat Gas Futures; Terranova Owns (DIS) Octovber Call Spread