Following are the day’s biggest winners and losers. Find out why shares of Barclays and 3M popped while Tyson Foods and Clorox dropped.
POPS (stocks that jumped higher)
Barclays (BCS) popped 8%. Profits at Barclays Capital, the investment bank arm, doubled from a year ago thanks to its acquisition of Lehman Brothers. - Not bad, says Tim Seymour.
3M (MMM) popped 2%. Goldman Sachs upgraded the company to ‘buy’ from ‘neutral’ citing its exposure to early recovery names. - I'm a buyer, says Steve Grasso.
Loews (L) popped 7%. Not to be confused with the home improvement store, this conglomerate reported higher operating income at its CNA commercial insurance business. - And they have exposure to off-shore drilling, explains Karen Finerman.
Alcoa (AA) popped 7%. Shares of this company shot higher as commodities surged on better than expected manufacturing data. - I own this stock, reveals Tim Seymour.
US Nat Gas Fund (UNG) popped 9%. This ETF moved in tandem with its underlying commodity, higher.
DROPS (stocks that slid lower)
Huron Consulting (HURN) dropped 69%. Shares of this firm plunged after it said plans to restate financials from 2006-2008 could result in a $57 million hit. - That's ridiculous, exclaims Karen Finerman.
Tyson Foods (TSN) dropped 3%. The company forecast weak demand in the current quarter, but topped analysts’ expectations for the third quarter due to lower costs. - I'd avoid it, says Joe Terranova. But if it pulls back to $10, I'm a buyer.
Monroe College. The business oriented New York school is getting sued by one of its graduates for her $70,000 tuition. Trina Thompson, a 27-year old IT student, claims the school has not done enough to help her land a job after her April graduation and now wants her money back
Clorox (CLX) dropped 3%. Investors took some off the table after the company said quarterly profit rose a stronger-than-expected 7.6%, boosted by price increases and lower costs.
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Trader disclosure: On Aug 3rd, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Terranova Owns (MSFT), (MCD), (AMZN); Terranova Works For (VRTS); Terranova Is Short (TM); Seymour Owns (AA), (AAPL), (BAC), (BHI), (F), (RIMM), (YHOO), (EEM); Seymour's Firm Is Short (PBR); Seymour Owns (POT); Finerman Owns (RIG); Finerman's Firm Owns (MSFT), (NOK), (PBR), (RIG), (TBT), (WMT); Finerman's Firm And Finerman Own (BAC) Preferred Shares; Finerman's Firm And Finerman Own (WFC) Preferred Shares, Finerman's Firm Is Short (WFC); Finerman's Firm Is Short (USO), (IJR), (IYR), (IWM), (MDY), (SPY); Finerman's Firm Is Short (WFMI); Grasso Owns (BAC), (BA), (COST), (CSCO), (FAZ), (OXY), (V), (WMT), (XLF); Grasso's Company Owns (ABT), (GERN), (MSFT), (NWS.a), (NYX), (PDE), (RDC), (ROK), (XOM), ;Grasso's Company Owns (SDS); Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU)