Pops & Drops: General Mills, PetroChina
Following are the day’s biggest winners and losers. Find out why shares of General Mills and Petrochina popped while Marriott and Myriad Genetics dropped.
POPS (stocks that jumped higher)
General Mills (GIS) popped 4%. The company announced higher than expected earnings in the fourth quarter and boosted its 2010 earnings estimates. - I think it could go to $60, muses Guy Adami.
Petrochina (PTR) popped 2%. Beijing permitted fuel prices to increase by as much as 11%. - Higher prices is good news for this company, says Tim Seymour.
Oshkosh Corp. (OSK) popped 26%. The military said this company was the "clear winner" in a multibillion-dollar competition to build new blast resistant, off-road vehicles for ground forces in Afghanistan. - I would be taking quick profits in this, reveals Guy Adami.
Constellation Brands (STZ) popped 7%. The alcoholic beverage company said it’s benefiting from consumers switching from higher-priced drinks to those that offer more buzz for the buck. - Not only in the US, but sales are also higher in the UK, adds Tim Seymour.
Anheauser-Busch Inbev (ABI) popped 5%. The brewer announced plans to sell 3 manufacturing plants and a metal lid plant for almost $600 million. - It seems to me they want to consolidate and get rid of wholesalers, speculates Joe Terraova.
Coca Cola (KO) popped 2%. Consumer stocks including this one surged higher on data that suggested the recession could be easing. - I think this is an example of investors chasing dividends, says Pete Najarian.
DROPS (stocks that slid lower)
Marriott (MAR) dropped 4%. This and other hotels slipped after Barclays cut the U.S. lodging sector to ‘negative’ from ‘neutral’. Marriott expanded right as the credit crisis hit and I don't think there are enough lodgers for them, speculates Joe Terranova.
Myriad Genetics (MYGN) dropped 27%. The firm missed on earnings and forecast worst than expected full year revenue. - Unemployed people are losing their insurance and that's hurting this company, explains Pete Najarian. Without insurance they're not getting work done.
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Trader disclosure: On July 1st, 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 (AA), (AAPL), (BAC), (BX), (F), (NUE), (EEM); Seymour's Firm Owns (FCX), (YHOO); Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU; Terranova Owns (XBI), (ABT), (MSFT), (UUP), (RIMM; Najarian Owns (F) Call Spread; Najarian Owns (GS) Call Spread; Najarian Owns (INTC) Call Spread; Najarian Owns (JPM) & Short (JPM) Calls; Najarian Owns (PALM) call Spread; Najarian Owns (YHOO) Call Spread; Najarian Owns (ELN) Calls