Pops & Drops: Transocean, Barnes & Noble...
By: Following are moves you might have missed Find out why shares of Transocean popped while Barnes & Noble and Medtronic dropped.
POPS (stocks that jumped higher)
Transocean (RIG) popped 3%. Published reports suggested the White House could lift a moratorium on new deep-water oil exploration before Nov. 30 if oil companies can persuade the government their operations are safe.
DROPS (stocks that slid lower)
CRH (CRH) dropped 15%. Disappointing results from the Ireland-based building materials supplier led Citigroup to cut the stock from ‘Buy’ to ‘Hold’. - Now's not the time to grab it, says Tim Seymour.
Barnes & Noble (BKS) dropped 3%. The company posted a steeper-than-expected quarterly loss and said a proxy battle with billionaire investor Ron Burkle would put it even further in the red this year. - I'm short and planning to stay short, says Karen Finerman.
Medtronic (MDT) dropped 11%. Weaker global demand for medical implants forced the company to slash 2011 earnings expectations.
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Trader disclosure: On August 24th, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Seymour owns (AAPL), (BAC), (GE), (POT); Cortes is long (FCX); Cortes is long (SFD); Cortes is long (BHP); Cortes is long Crude Oil; Cortes is long Australian Dollars; Finerman’s firm owns (BAC); Finerman’s firm owns (JPM); Finerman’s firm owns (BKS); Finerman’s firm owns (RIG); Finerma’s firm owns (BP); Terranova owns (AXP), (C), (BMO), (V), (POT), (OXY), (GLD), (FCX), (APA), (SU), (XBI), (MRVL), (TBT)
For Tim Seymour:
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For Joe Terranova
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For Patty Edwards
Edwards owns (BAC) for clients
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For Joseph Parkhill
Within the last 12 months, Morgan Stanley has received compensation for investment banking services from Dollar General Corporation.
Within the last 12 months, Morgan Stanley has provided or is providing investment banking services to, or has an investment banking client relationship with, the following company: Dollar General Corporation.
Morgan Stanley & Co. Incorporated makes a market in the securities of Dollar General Corporation.
Barry Ritholtz
***No Disclosures***
Jeff DeGraaf
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