Pops & Drops: Massey Energy, Lazard...
By: Lee Brodie | Producer
Following are the day’s biggest winners and losers. Find out why shares of Massey Energy and Lazard popped while ArcelorMittal and Sprint Nextel dropped.
POPS (stocks that jumped higher)
Massey Energy (MEE) popped 7%. With global steel production and power generation starting to pick up, the firm’s CEO anticipated new opportunities to export more coal to Europe and Asia. - If you're long, I'd take some off the table. It's a big move, says Pete Najarian.
Coca-Cola Enterprises (CCE) popped 3%. The soft drink distributor beat on second quarter earnings due to cost cutting and price increases. - Not bad, says Joe Terranova.
Lazard (LAZ) popped 13%. The firm reported higher-than-expected second-quarter earnings on Wednesday, helped by strength in its restructuring business, and Lazard increased its dividend. - I think it's a great play, says Guy Adami.
Daimler (DAI) popped 3%. The German automaker reported a loss, which was not as bad as expected and said they expect gradual improvement in profitability. - They're also getting a benefit from cash for clunkers, adds Tim Seymour.
DROPS (stocks that slid lower)
ArcelorMittal (MT) dropped 7%. The firm reported a worse than expected loss and said steel prices could remain flat or fall slightly next quarter. - Demand is recovering, says Tim Seymour. I'd keep an eye on this one.
Royal Caribbean (RCL) dropped 15%. The cruise line posted a quarterly loss and cut its 2009 forecast as fears about the flu and the weak economy dampen travel demand. - I think it could go to $11, says Guy Adami.
Sprint Nextel (S) dropped 12%. The company posted a larger than expected loss citing a decline in subscribers.
Moody's (MCO) dropped 8%. The company said second-quarter profit fell 19 percent as weak economies and tight credit markets curbed demand for credit ratings.
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Trader disclosure: On July 29th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Najarian Owns (FXP) Long Calls; Najarian Owns (MET) Long Calls; Najarian Owns (BAC); Najarian Owns (INTC) Call Spread; Najarian Owns (JPM) & Short (JPM) Calls; Najarian Owns (MS) & Short (MS) Calls; Najarian Owns (MSFT) & Short (MSFT) Calls; Najarian Owns (PALM) Call Spread; Najarian Owns (V) & Short (V) Calls; Najarian Owns (YHOO) Call Spread; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU);Terranova Owns (MSFT), (MCD), (AMZN); Terranova Works For (VRTS) ; Seymour Owns (BAC), (BHI), (FCX), (SBUX), (EEM); Seymour's Firm Is Short (PBR), (PTR)
