Following are the day’s biggest winners and losers. Find out why shares of Evergreen Solar and Elan popped while TiVo and Southwest dropped.
POPS (stocks that jumped higher)
Evergreen Solar (ESLR) popped 10%. JP Morgan upgraded the firm to ‘Overweight’ from ‘Underweight.’
Elan (ELN) popped 9%. Johnson & Johnson agreed to pay $1 billion for an 18% stake in the Irish drugmaker.
DROPS (stocks that slid lower)
Oil Service Holders (OIH) dropped 5%. The oil services ETF slipped as crude made a bearish reversal. - I think it's okay to get in at $90, counsels Guy Adami.
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