Pops & Drops: American Greetings, Electronic Arts...
Following are the day’s biggest winners and losers. Find out why shares of A123 Systems and American Greetings popped while Moody's and Electronic Arts dropped.
POPS (stocks that jumped higher)
American Greetings (AM) popped 30%. The greeting card company posted a 10-fold jump in quarterly profit that trumped Wall Street estimates, helped by lower expenses and improved inventory management, sending shares to their highest in more than a year. - I can't get excited, says Joe Terranova.
A123 Systems (AONE) popped 51%. The battery maker had its IPO this morning, which was met with high demand on hopes the company will be a big player in lithium-ion battery technology for the auto industry. - I'm not sure about the valuation, says Tim Seymour.
DROPS (stocks that slid lower)
Moody's (MCO) dropped 4%. Hearings into whether the company knowingly issued incorrect ratings were postponed until next week after Republicans asked for more time to review a whistleblower's complaint. - It's Ground Hog for Moody's, muses Karen Finerman.
Electronic Arts (ERTS) dropped 3%. Microsoft denied market speculation that it was in talks to buyout the company. - If Microsoft isn't interested I think someone will be, speculates Guy Adami. I like this stock.
AnnTaylor (ANN) dropped 5%. Goldman downgraded the stock to ‘neutral’ from ‘buy.’ - It's never good to be downgraded, says Karen Finerman.
Bed Bath & Beyond (BBBY) dropped 3%. Although the home goods store reported a second-quarter profit that topped Wall Street estimates it refrained from boosting its profit outlook. - I like this stock in the mid-30's.
Dendreon (DNDN) dropped 5%. Investors took profits after the firm announced it had filed an application with the FDA for approval of Provenge, its prostate cancer vaccine.
Cardinal Health (CAH) dropped 3%. Deutsche Bank downgraded the healthcare provider to ‘hold’ from ‘buy’ saying the stock is fully priced
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Trader disclosure: On Sept. 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; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Terranova Owns (F); Terranova Owns (F) Calls And (F) Puts; Terranova Works For (VRTS); Finerman's Firm Owns (BAC) Preferred Shares, Finerman Owns (BAC) Preferred Shares And Owns (BAC); Finerman's Firm Owns (WFC) Preferred Shares And Is Short (WFC); Finerman Owns (WFC) Preferred Shares; Finerman Owns (RIG); Finerman's Firm Owns (MSFT), (NOK), (PBR), (WMT), (RIG), (TGT); Finerman's Firm Is Short (IJR), (MDY), (SPY), (IWM), (USO); Seymour Owns (AAPL), (AA), (BX), (EEM), (RIMM), (BAC), (RIG), (SBUX), (FXI)
For Steve Cortes
Cortes Is Short (FXI)
Cortes Owns S&P Futures
Cortes Is Short The Euro
Cortes Is Short British Pound
For Mark Mahaney
Citigroup Has Received Compensation From (GOOG)
(GOOG) Has Been A Client of Citigroup In Past 12 Months
Citi Is A Market Maker In Shares Of (GOOG)