Pops & Drops: Amazon.com, Brown-Forman...
Here are some moves you might have missed Wednesday — Find out why shares of Amazon.com popped while Brown-Formandropped.
POPS (stocks that jumped higher)
Amazon.com (AMZN) popped 6%: The online retailer approached Time Warner with plans to start an online video subscription service to rival Netflix .
With this pop, Veracruz founder Steve Cortes said the high-end consumer is back.
Transocean (RIG) popped 7%: Rumors persist about an oil rig operator controlled by billionaire John Frederickson as a potential buyer of the offshore drilling contractor. People are buying RIG on the basis it could be a take-over target, said Tim Seymour, founder of EmergingMoney.com. Its valuation is "very interesting," he added, so some kind of M&A wouldn't surprise him.
Massey Energy (MEE) popped 7%: Shares of this company rallied after it received an upgrade from HSBC to 'overweight' from 'neutral.'
DROPS (stocks that slid lower)
Brown-Forman (BFB) dropped 5%: The maker of Jack Daniel's whiskey and Finlandia vodka reported first-quarter earnings that missed analysts' estimates.
Brian Kelly, founder of Kanundrum Capital, noted that the company blamed their performance on the economy. He was surprised at this excuse because he thought some people turned to alcohol when times are tough.