Following are the day’s biggest winners and losers. Find out why shares of BJ’s and Anadarko popped while Adobe and Verizon dropped.
POPS (stocks that jumped higher)
BJ’S Wholesale Club (BJ) popped 4%. Barclays upgraded the firm to ‘overweight’ from ‘equalweight’ saying the company's shares have growth opportunity given its current pricing and the company's performance potential. - I'd get long with a stop at $35.20, counsels Joe Terranova.
Fortune Brands (FO) popped 8%. Goldman Sachs upgraded the firm to ‘buy’ from ‘neutral’ citing strength in its home division unit. The company also reiterated its full year outlook. - Nice call, says Guy Adami.
Anadarko (APC) popped 9%. The second largest US nat gas producer discovered oil off the coast of Sierra Leone. - I'd be careful, counsels Tim Seymour, I think investors may have overreacted.
Schlumberger (SLB) popped 4%. The oil field services company closed higher after Anadarko’s oil discovery mentioned above led to speculation of further exploration. - $63.78 is the important technical level in this stock, counsels Guy Adami. I'd go short against it however a close above signals a breakout.
Barclays (BCS) popped 3%. The bank announced a move that effectively puts a fence around some of its most risky assets and shields shareholders from them over time. - Nice, says Tim Seymour.
Aetna (AET) popped 4%. Goldman upgraded the firm to ‘neutral’ from ‘sell’ and a new bill introduced by Sen. Max Baucus did not contain a public option for health care. It’s worth noting this bill does not currently have the support of Republicans or progressive Democrats. - I think all the negative is built into this stock, muses Pete Najarian.
DROPS (stocks that slid lower)
Adobe Systems (ADBE) dropped 6%. The company said third quarter earnings fell almost 30%, and it announced plans to acquire software company Omniture. - That's a drop, exclaims Pete Najarian.
Verizon (VZ) dropped 2%. UBS downgraded the stock to ‘neutral’ from ‘buy’ citing continued weakness in the sector. - I think you could own it as a hedge against a lower market, counsels Joe Terranova.
Got something to to say? Send us an e-mail at firstname.lastname@example.org and your comment might be posted on the Rapid Recap! If you'd prefer to make a comment but not have it published on our website send your e-mail to email@example.com.
Trader disclosure: On Sept. 16, 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), (GS), (INTC), (MSFT), (NUE), (BTU); Seymour Owns (AA), (DRY), (BAC), (EEM), (FXI), (RIG), (SBUX); Seymour's Firm Owns (BUD); Najarian Owns (AAPL) & Short (AAPL) Calls; Najarian Owns (ACI) Call Spread; Najarian Owns (BAC) & Short (BAC) Calls; Najarian Owns (C) Calls; Najarian Owns (CUX); Najarian Owns (FCX), Owns (FCX) Put, Is Short (FCX) Calls; Najarian Owns (GE) Call; Najarian Owns (JPM) & Is Short (JPM) Calls; Najarian Owns (JOYG) & Short (JOYG) Calls; Najarian Owns (MS) And Is Short (MS) Call; Najarian Owns (MSFT) And Is Short (MSFT) Call; Najarian Owns (PALM) Calls; Najarian Owns (RIMM) Call Spread; Najarian Owns (TEVA); Najarian Owns (V) & Short (V) Calls; Najarian Owns (WFC) Put Spread; Najarian Owns (YHOO) Calls; Terranova Owns Gold Futures; Terranova Owns Oct, Nov, Dec Crude Contracts; Terranova Is Short Dec 2010, Dec 2012, Dec 2016 Crude Contracts
For Whitney Tilson
Tilson's Funds Were Short (PMI), (RDN), Bear Stearns, Lehman Brothers On 3/20/08
Funds Managed By Whitney Tilson Own (WFC)
Funds Managed By Whitney Tilson Own (AXP) And Are Short (COF)