Pops & Drops: Jefferies, Abbott Labs...
Following are the week’s biggest winners and losers. Find out why shares of Jefferies and Abbott Labs popped while CIT Group and Deere dropped.
POPS (stocks that jumped higher)
Jefferies (JEF) popped 6%. JMP Securities upgraded this boutique firm to Market Perform from Underperform citing a recovery in credit markets and pick up in M&A activity. - It could go to $29, speculates Guy Adami.
Abbott Labs (ABT) popped 5%. The company acquired the pharmaceutical business of Europe based Solvay, gaining access to emerging markets in Eastern Europe and Asia. - Giddyup, exclaims Pete Najarian.
Nike (NKE) popped 6%. The company posted a profit that exceeded analysts’ estimates, helped by cost reductions and firmer pricing. - Nice job, says Karen Finerman.
DROPS (stocks that slid lower)
Ford (F) dropped 6%. The auto maker reported sales for September dropped 8.9% compared to estimates of 5.3%. - I'd stay long, counsels Tim Seymour.
CIT Group (CIT) dropped 28%. The troubled lender struggled with debt and was said to be on the brink of collapse. - I would stay away, says Karen Finerman.
Deere (DE) dropped 6%. A slew of disappointing economic reports triggered worries that the recovery may be weaker than expected. - $46 has been resistance, reveals Guy Adami. I think this stock trades down to $39.
SPDR S&P Homebuilders ETF (XHB) dropped 4%. Although the Case-Shiller home price index rose for the 3rd straight month investors were more concerned that the latest consumer confidence data showed Americans were growing more concerned about jobs. - No good, says Pete Najarian.
Xinhua ETF (FXI) dropped 4%. Disappointing U.S. manufacturing and jobless claims data triggered profit taking in China. - Also China is taking all next week off, says Tim Seymour. Investors don't like that.
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Trader disclosure: On October 2, 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); Najarian Owns (C) Calls; Najarian Owns (FFIV) Call Spread; Najarian Owns (GE) Calls; Najarian Owns (JPM) And Is Short (JPM) Calls; Najarian Owns (INTC) And Is Short (INTC) Calls; Najarian Owns (MSFT) And Is Short (MSFT) Calls; Najarian Owns (PEP) Call Spread; Najarian Owns (WFC) Put Spread; Najarian Owns (YHOO) Call Spread; Finerman's Firm Owns (CSCO), (MSFT), (USO); Finerma's Firm And Finerman Own (WFC) Preferred Shares; Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM), (UNG); Finerman's Firm Owns (BDX); Finerman's Firm Is Short (TLT); Finerman's Firm Owns (BAC), (BAC) Calls, (BAC) Preferred; Finerman Owns (BAC), (BAC) Preferred; Finerman's Firm Owns (WMT); Finerman's Firm Is Short (XRT); Finerman's Firm Is Short (BWA); Finerman's Firm Is Short (USO); Seymour Owns (ABV); Seygem Asset Management Is Short (PBR); Seymour Owns (EWZ); Seygem Asset Management Owns Lukoil Shares
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