Pops & Drops: Netflix, Western Union...
Following are the day’s biggest winners and losers. Find out why shares of Netflix and Western Union popped while Emulex and Merck dropped.
POPS (stocks that jumped higher)
Netflix (NFLX) popped 3%. The world’s largest online movie rental service teamed with Sony Electronics to allow customers to instantly watch movies streamed to their TVs. - I can't bring myself to buy this stock, reveals Joe Terranova.
FTSE/China Index ETF (FXI) popped 2%. This ETF that tracks China gained on reports China’s auto sales in June increased the most in 3 years. - I'd be careful at these levels, says Tim Seymour.
Longevity. Scientists have come across a new drug that could extend your life for up to ten years. Researchers have found that soil on Easter Island contains a bacterial product that extends the lifespan of a mice by as much as 14%.
Western Union (WU) popped 6%. Credit Suisse upgraded the firm to ‘outperform’ from ‘neutral.’ - I'd consider a long position even with the pop, says Karen Finerman.
JP Morgan (JPM) popped 3%. A bullish note about the outlook for rival Goldman Sachs lifted shares of this bank as well. - I think the stock will move even higher after they report earnings, speculates Joe Terranova.
Dynegy (DYN) popped 4%. A rejected takeover bid puts the potential for a deal with NRG back on the table. - This stock is not for me, reveals Guy Adami.
Massey Energy (MEE) popped 2%. The coal producer moved in tandem with the spot price of coal, higher. - I think it's a bounce not a long term gain, says Tim Seymour.
DROPS (stocks that slid lower)
Emulex (ELX) dropped 8%. After the chipmaker rejected their $912 million takeover offer, Broadcom said it would no longer pursue the company. - No good, says Karen Finerman.
Merck (MRK) dropped 4%. Investors were spooked by concerns about the company’s cholesterol medicine and separately Natixis downgraded the stock to ‘hold’ from ‘buy’. - I'd get in around $26.50, counsels Guy Adami.
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Trader disclosure: On July 9th, 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 (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Finerman's Firm And Finerman Own (BAC) Preferred Shares; Finerman's Firm And Finerman Own (RIG); Finerman's Firm Owns (ELX) And (ELX) Puts; Finerman's Firm And Finerman Own (WFC) Preferred Shares, Finerman's Firm Is Short (WFC); Finerman's Firm Owns (DYN), (TGT), (MSFT), (PBR), (WMT); Finerman's Firm Is Short (XRT), (IYR), (IJR), (MDY), (SPY), (IWM), (USO), (USO); Seymour Owns (AA), (AAPL), (BAC), (C), (DBA), (EEM); Seygem Asset Management Is Short (FXI); Seymour Owns (MGM); Seygem Asset Management Owns (DO); Terranova Owns (OIH), (XBI), (ABT), (MSFT), (POT), (RIMM); Terranova Owns Crude Oil Futures
Terranova Works For (VRTS); Terranova Is Chief Alternatives Strategist Of Virtus Investment Partners, Ltd.; Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO
Virtus Diversifier PHOLIO Owns (IGE); (DBC); (DBV) , (ABD) Virtus Investment Partners Owns More Than 1% Of (ABD), (CBL), (CAL), (CLB), (DLR), (EXR), (IGE) (MEE), (DBC), (DBV), (DBA), (SKT), (TNB), (UA), (WBMD) ; Virtus Investment Partners Owns More Than 1% Of Seagate Tax Refund Rights; Virtus Investment Partners Owns More Than 1% Of St Mary Land & Exploration Co