Fast Money: Rapid Recap - The first and only official show synopsis

Published: Monday, 2 Nov 2009 | 6:06 PM ET

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Shares of Perrigo popped 3% on Monday after the generic drug maker posted better-than-expected earnings helped by strong sales across all its segments.

For the first quarter, the company posted net income of $61.0 million, or 65 cents a share, from continuing operations, compared with $38.3 million, or 41 cents a share, a year ago.

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Perrigo said consumer health care revenue rose 19 percent to $437 million. The company gained $36 million in new revenue after buying JB Laboratories, Unico and Diba over the last year. It also posted improved sales of gastrointestinal drugs, anti-smoking products, and drugs for coughs, colds and pain.

They also raised its full-year adjusted earnings forecast above market expectations.

What's the trade?

I’m a buyer, says Guy Adami. I think the story isn’t going away.

From a technical perspective I want the stock to get above $39, counters Joe Terranova. There’s a double top up there.

It looks like Adami and Terranova don’t agree on this now. Before you develop your trading thesis check out our interview with CEO Joe Papa

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Trader disclosure: On November 2nd, 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), (AAPL), (BAC), (EEM), (SBUX), (F); Seymour Is Short (FXI); Terranova Is Long (GS); Finerman Owns (RIG); Finerman's Firm Owns (CLX) ; Finerman Is Long (BAC) Calls; Finerman's Firm Is Long (BAC) Call Spreads; Finerman's Firm Owns (BAC) Preferred; Finerman's Firm Owns (FLS); Finerman's Firm Is Short (FLS)Calls; Finerman's Firm Owns (MSFT); Finerman's Firm Owns(NOK); Finerman's Firm Owns (PBR); Finerman's Firm Owns (PDE); Finerman Owns (PDE); Finerman's Firm Owns (RIG); Finerman's Firm Owns (WFC) Preferred; Finerman's Firm Is Long (TGT); Finerman's Firm Is Long (WMT); Finerman's Firm Is Short (IJR); Finerman's Firm Is Short (MDY); Finerman's Firm Is Short (SPY); Finerman's Firm Is Short (IWM); Finerman's Firm Is Short (UNG); Finerman's Firm Is Short (USO)

For Jim Suva
Citi owns (PALM)
Citi Has Received Compensation from (MOT)
Citi Has Received Compensation from (PALM)
(MOT) Has Been Investment Banking Client of Citi
(MOT) Is A Client of Citi
(PALM) Is A Client of Citi
Citi is A Market Maker In Shares of (PALM)
Citi Is A Market Maker In Shares of (RIMM)

For Rich Greenfield
Pali Capital is A Market Maker in (DISCA)
Pali Capital is A Market Maker in (DWA)
Pali Capital is A Market Maker in (NCMI)
Pali Capital is A Market Maker in (NWSA)
Pali Capital is A Market Maker in (CMCSA)
Pali Capital is A Market Maker in (DTV)
Pali Capital is A Market Maker in (MCCC)

CNBC.com with wires

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