Pops & Drops: Heinz, PetSmart...
Following are the day’s biggest winners and losers. Find out why shares of Heinz and UBS popped while PetSmart and Sears dropped.
POPS (stocks that jumped higher)
PetroChina (PTR) popped 2%. The China based oil and nat gas producer moved higher as China's stock market reversed course. - I think the move was more about short covering, says Tim Seymour.
Heinz (HNZ) popped 2%. The ketchup maker posted better-than-expected quarterly profits as consumers eat more at home to save money. - Oh the anticipation, chuckles Karen Finerman.
UBS (UBS) popped 10%. Switzerland sold its stake in the bank for for 5.5 billion Swiss francs (about $5.1 billion) making a solid profit from last year's rescue. - I would stay away from this stock, counsels Guy Adami.
Prudential (PRU) popped 4%. FBR upgraded the company to 'outperform' from 'market perform' saying the company was better positioned than rivals to absorb credit losses. - Their price target is now $60, adds Pete Najarian
CSX (CSX) popped 2%. Optimism about the economic recovery lifted shares of this railroad stock, which should benefit as shipping increases. - It suggests the economy may be stronger than many people think, muses Tim Seymour.
Bank Of America (BAC) popped 2%. A lawsuit involving Countrywide and loan modifications was kicked out of federal court and back into state court. - I think the stock is near resistance and I would not pile in here, counsels Guy Adami.
American Express (AXP) popped 2%. The company plans to sell $1.5 billion in 5-year notes in a benchmark offering. - I think the move was more due to a belief that the economy is getting better, speculates Pete Najarian.
DROPS (stocks that slid lower)
PetSmart (PETM) dropped 11%. The company lowered guidance and Credit Suisse downgraded the company to "Neutral" from "Outperform" citing declining margins and weakening sales. - That's no good, says Karen Finerman.
Sears (SHLD) dropped 11%. The department store posted a surprise quarterly loss with the weak housing market continuing to weigh on the company's Craftsman tools and Kenmore appliances.
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Trader disclosure: On Aug 20th, 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), (C), (INTC), (MSFT), (NUE), (BTU); Najarian Owns (BAC) Calls; Najarian Owns (C) Calls; Najarian Owns (HAL) Calls; Najarian Owns (MS) And Is Short (MS) Calls; Najarian Owns (MSFT) And Is Short (MSFT) Calls; Najarian Owns (YHOO) Call Spread; Finerman's Firm Owns (MSFT), (WMT); Finerman's Firm Owns (AXL) And (AXL) Calls; Finerman's Firm Owns (BAC) Preferred Shares, Finerman Owns (BAC) Preferred Shares And (BAC); Finerman's Firm Owns (WFC) Preferred Shares And Is Short (WFC), Finerman Owns (WFC) Preferred Shares; Finerman's Firm Is Short (IYR), (IJR), (IWM), (SPY), (USO), (MDY); Finerman's Firm Owns (ARO); Seymour Owns (AAPL); Seymour Owns (BAC)
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