Merck (MRK) popped 3%. After struggling with delays for a year, the healthcare giant said its vaccine for shingles is now shipping on time. - $28 has been resistance for this stock a few times, adds Guy Adami. I wouldn't touch it unless it breaks above $28.
Discover Financial (DFS) popped 8%. Keefe Bruyette & Woods upgraded the credit card company to ‘outperform’ from ‘market perform’. - Typically I like best of class stocks and this one isn't one of them, says Karen Finerman.
DROPS (stocks that slid lower)
Alcoa (AA) dropped 3%. FBR downgraded the firm to ‘underperform’ from ‘market perform’ saying the stock’s rally has been overdone and there’s too much supply in the industry. - I don't see any reason to get in before earnings, counsels Guy Adami.
Cell Therapeutics (CTIC) dropped 4%. Investors booked profits in a stock that’s climbed 25% over the past month. - The move down doesn't compare to its move higher over the past month, reminds Tim Seymour.
Palm ( PALM) dropped 2%. Investors booked profits in this red hot stock which is still up about 30% this month alone. - I think it's a correction and not a change in trend, counsels Joe Terranova.
Shanda Interactive (SNDA) dropped 8%. Investors bid the stock lower on speculation that this online gaming site wants to gobble up a rival. - I don't think this stock is particularly cheap, says Tim Seymour.
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Trader disclosure: On June 29th, 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); Seymour Owns (AA), (AAPL), (BAC), (BX), (EEM), (FXI), (INFY); Seymour's Firm Owns (QCOM), (NOK), (EEM); Terranova Owns (TER), (RIMM), (MSFT), (XBI), (MS), (ABT); Finerman Owns (RIG), (ELX); Finerman's Firm Own (NOK), (PBR), (RIG), (TBT), (ELX), (HPQ); Finerman's Firm Owns (BAC) Preferred; Finerman Owns (BAC) Preferred; Finerman's Firm Owns (WFC) Preferred; Finerman Owns (WFC) Preferred; Finerman's Firm Is Short (IJR), (IYR), (MDX), (SPY), (USO)