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Pops & Drops: Sprint, Adobe...

Wednesday, 23 Jun 2010 | 6:54 PM ET

Here are some moves you might have missed Wednesday — find out why shares of Philip Morris International and China Mobile Limited popped while Adobe Systems dropped.

POPS (stocks that jumped higher)

Philip Morris (PM) popped 3%: The cigarette manufacturer revised its full year 2010 earnings to reflect a higher projected growth outlook - Karen Finerman thinks it's a "very defensive" play with an attractive dividend yield.

Stock Pops & Drops
The Fast Money traders look at the day's biggest market movers.

China Mobile (CHL) popped 2%: Earlier this week the company said it added over 9 million 3G phone users. - Tim Seymour is bullish on the Hong Kong-based company because the 9 million 3G users are "just the tip of the iceberg."

Sprint Nextel (S) popped 4%: Credit Suisse raised its rating on the firm to ‘Market Weight' and kept the company as its top pick. - Given the popularity of 4G, Brian Kelly of Kanundrum Capital is bullish on S.

DROPS (stocks that slid lower)

Adobe (ADBE) dropped 7%: Investors were disappointed by the company’s profit forecast for the third quarter. - Guy Adami thinks we might have seen capitulation on the sell side today.


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Trader disclosure: On June 23, 2010, 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), (NUE), (C), (GS), (INTC), (MSFT); Adami’s wife works at Merck; Kelly owns (BP) puts; Kelly owns (FCX) puts; Kelly owns (GLD); Kelly owns (GDXJ); Kelly is short (GS); Finerman and Finerman’s Firm owns (AAPL); Finerman’s Firm owns (AEO); Finermans’ Firm owns (ANF); Finerman’s Firm owns (BAC) stock and calls; Finerman and Finerman’s Firm own (BAC) preferred; Finerman and Finerman’s Firm owns (BBY); Finerman owns (BP) calls; Finerman and Finerman’s Firm owns (C); Finerman and Finerman’s Firm own (CVS); Finerman owns (GLW); Finerman & Finerman’s Firm owns (GOOG); Finerman & Finerman’s Firm owns (HPQ); Finerman & Finerman’s Firm owns (IBM); Finerman & Finerman’s Firm owns (JPM) stock & calls; Finerman’s firm owns (PM); Finerman’s Firm owns (RIG); Finerman’s Firm owns (TGT); Finerman’s Firm owns (WMT); Finerman’s Firm is short (IJR); Finerman’s Firm is short (IWM); Finerman’s Firm is short (MOY); Finerman’s Firm is short (SPY)

For Brian Kelly
Accounts managed by Kanundrum Capital own (AUY)
Accounts managed by Kanundrum Capital own (GFI)
Accounts managed by Kanundrum Capital is short (AMZN)
Accounts managed by Kanundrum Capital is short (RCL)
Accounts managed by Kanundrum Capital is short (XLY)
Accounts managed by Kanundrum Capital is short (AFL)
Accounts managed by Kanundrum Capital is short (CME)
Accounts managed by Kanundrum Capital is short (EWI)
Accounts managed by Kanundrum Capital is short (EWO)
Accounts managed by Kanundrum Capital is short (GS)
Accounts managed by Kanundrum Capital is short (HIG)
Accounts managed by Kanundrum Capital is short (XLF)
Accounts managed by Kanundrum Capital is short (XLI)
Accounts managed by Kanundrum Capital is short (FCX)
Accounts managed by Kanundrum Capital is short (XLB)
Accounts managed by Kanundrum Capital is short (XLK)
Accounts managed by Kanundrum Capital is short (CLF)
Accounts managed by Kanundrum Capital is short (JOYG)

Peter Boockvar
Boockvar owns Euros

David Rosenberg
***No Disclosures***

Ed Mills
***No Disclosures***

Nishu Sood
***No Disclosures***

Mike Khouw
***No Disclosures***

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  • Chief Market Strategist for Virtus Investment Partners & CNBC Contributor

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