Following are the day’s biggest winners and losers. Find out why shares of Advanced Micro Devices and Boeing popped while Toll Brothers and Harman International dropped.
POPS (stocks that jumped higher)
Advanced Micro Devices (AMD) popped 9%. Citi upgraded the second largest maker of PC processors to ‘buy’ from ‘hold’ citing the company’s strong position. - I like AMD at this price, reveals Jon Najarian.
Boeing (BA) popped 3%. The maker of commercial jets won a $1.16 billion contract with the US government. - I'm not enthusiastic, says Steve Cortes.
Charlotte Russe (CHIC) popped 26%. The retailer agreed to be acquired by private equity company Advent International for around $380 million. - And that's the end of this story, explains Pete Najarian.
Dell (DELL) popped 2%. Broadpoint AmTech upgraded the company to ‘buy’ from ‘hold’ saying demand in the PC market will soon pick up. - I would cut my position, explains Joe Terranova.
Boyd Gaming (BYD) popped 4%. This gaming company moved higher with the rest of the space as investors gamble that Las Vegas could be a winner in an economic rebound. - Nice pop for the day, says Pete Najarian.
Hartford Financial (HIG) popped 2%. Deutsche bank raised its share price target by 25% to $25.
DROPS (stocks that slid lower)
Toll Brothers (TOL) dropped 4%. Citi downgraded the luxury homebuilder citing valuations. - I think the next wave of pain in the housing market is at the high end and I'd stay away, says Steve Cortes.
Harman International (HAR) dropped 5%. Shares have more than tripled since March, and speculation that the stereo maker will be acquired has driven the shares far beyond their worth, Barron's said in its Aug. 24 edition
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Trader disclosure: On Aug 24th, 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 (BUCY) & Short (BUCY) Calls; Najarian Owns (C) Calls; Najarian Owns (FCX), Is Short (FCX) Calls, Owns (FCX) Puts; Najarian Owns (MS) And Is Short (MS) Calls; Najarian Owns (MSFT) And Is Short (MSFT) Calls; Najarian Owns (PALM) Calls; Najarian Owns (V) & Short (V) Calls; Najarian Owns (YHOO) Call Spread; Terranova Owns (AMZN), (MSFT), (WFT), (BTU), (MA), (SHLD); Terranova Is Short (KBH); Terranova Works For (VRTS); J. Najarian Owns (AMD), (AAPL), (BX), (DRY), (LDK), (NTRS), (NUE), (FRE), (FNM), (NVLS); J. Najarian Owns (BAC) Preferred; Cortes Owns (SPX); Cortes Is Short Nasdaq 100; Cortes Owns (GS)