Pops & Drops: American Express, Cadence Pharma...
Following are the day’s biggest winners and losers. Find out why shares of Cadence Pharma and American Express popped while Abbott Labs and Yum Brands dropped.
POPS (stocks that jumped higher)
Palm (PALM) popped 2%. The company still made gains despite news that Apple was blocking the Pre from iTunes. - I think the stock is still pretty solid, says Pete Najarian.
American Express (AXP) popped 12%. Rival Capital One said delinquency rates declined in June and charge-offs were lower than expected. - Jefferies has a $33 price target on this stock, adds Joe Terranova. I'm a buyer.
Oil Service Holdrs ETF (OIH) popped 4%. Bullish sentiment toward crude oil lifted this ETF. - Guy Adami told you to be a buyer at $90 and now it's around $98, reminds Karen Finerman.
Emerging Markets ETF (EEM) popped 5%. China stocks hit a 13-month high and Brazil stocks touched a 2 month high on higher commodities prices. - It seems that investors are chasing after this asset class, adds Tim Seymour.
Cadence Pharmaceuticals (CADX) popped 5%. The Food and Drug Administration assigned a priority review status for the company's painkiller Acetavance. - The pop might not be over just yet, speculates Pete Najarian.
Janus Capital (JNS) popped 2%. Reuters reported Franklin may be in talks to purchase the company in an all stock deal worth $13.50/share. - It's not the best name in the space, says Karen Finerman. Don't play it.
General Electric (GE) popped 5%. Barron’s reported that options traders are placing their bets on a gain in the stock.
DROPS (stocks that slid lower)
Abbott Labs (ABT) dropped 3%. The drug maker missed on revenues for the second quarter and gave a cautious outlook for the third quarter. - This company doesn't have enough diversification for me, reveals Joe Terranova.
Yum Brands (YUM) dropped 6%. Despite a stronger than expected earnings report an analyst at Jefferies wasn’t quite so positive. Jeff Farmer said the company’s double-digit growth in China isn’t sustainable.
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