TiVo (TIVO) dropped 16%. Dish Network has continued allowing customers to use their DVRs while the company challenges a patent ruling won by TiVo in lower court. - The dip could be an opportunity because they may be on the other side of the decision next time, muses Pete Najarian.
Southwest Airlines (LUV) dropped 4%. Despite bullishness elsewhere in the sector Morgan Stanley downgraded this carrier to ‘Underweight’ from ‘Equal Weight.’ - That's a big move, says Tim Seymour.
Exelon Corp. (EXC) dropped 5%. The firm increased its hostile bid for NRG Energy by 12 per cent to about $7.5bn and called the move its “best and final offer.’’ - I see these events as positive for the debt markets, explains Joe Terranova.
Johnson Controls (JCI) dropped 8%. Deutsche Bank downgraded the company to ‘Hold’ from ‘Buy’ due to concerns that it cannot withstand the slump in the auto industry.
Illumina (ILMN) dropped 12%. The firm said revenue in the second quarter fell short of its own forecast and Wall Street estimates.
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Trader disclosure: On July 2nd, 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), (EEM), (FCX), (FXI), (FITB); Seymour's Firm Owns (NOK); Seymour's Firm Is Short (PBR); 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 (V) & Short (V) Calls; Najarian Owns (PALM) call Spread; Najarian Owns (YHOO) Call Spread; Najarian Owns (WNR) & Short (WNR) Calls