GO
Loading...

Pops & Drops: J.C. Penney & Manitowoc

Monday, 11 Oct 2010 | 6:19 PM ET

Stocks closed mixed Monday with the Dow climbing back above 11,000 after a late session drop.

Bond trading was closed for Columbus day and trading was otherwise muted thanks to a lack of major economic news or earnings reports. Yet some stocks made some interesting moves Monday. Here's what caught the traders' eye:

POPS (stocks that pushed higher)

J.C. Penney (JCP) popped 2%:After William Ackman's Pershing Square Capital Management disclosed that it has more than $900 million invested in the department store operator, the stock has pushed higher. After learning of Ackman's interest in JCP, an FBR Capital analyst raised her rating on the stock Monday to 'market perform' from 'underperform' with a price target of $35. Steve Grasso of Stuart Frankel, however, doesn't like the movement the stock has had since the Ackman disclosure and would wait until it settles back in to the $32 range.

Stock Pops & Drops
The Fast Money traders take a look at today's biggest market movers.

DinEquity (DIN) popped 5%:The Glendale, Calif.-based operator of Applebee's Neighborhood Grill and Bar and International House of Pancakes restaurants struck a deal with Mid River Restaurants Monday. It will sell Mid River 36 Applebee's restaurants located in St. Louis and Illinois. If Brian Kelly of Kanundrum Capital was long this stock, he would use the strength to sell at least a third of it. He would continue to sell it in thirds as it goes higher.

DROPS (stocks that moved lower)

Manitowoc (MTW) dropped 3%:The capital goods manufacturer saw shares sell off after receiving a downgrade from Deutsche Bank to 'hold' from 'buy'. EmergingMoney.com founder Tim Seymour called it a "very expensive stock" and recommends selling.

Sherwin-Williams (SHW) dropped 2%:The largest US paint retailer was cut to 'equal weight' from 'overweight' at Stephens. Guy Adami, managing partner of Drakon Capital, said investors could own SHW at current levels with a stop at below $71 a share.

Rackspace (RAX) dropped 2%:It's still stormy in the cloud computing space. Shares of RAX fell even though Oppenheimer raised its price target and estimates for the technology company Monday. Pete Najarian, co-founder of optionMONSTER.com, said there's a huge short interest in this name. He thinks it's "interesting" at current levels.

______________________________________________________
Got something to to say? Send us an e-mail at fastmoney-web@cnbc.com and your comment might be posted on the Rapid Recap! If you'd prefer to make a comment but not have it published on our Web site send your e-mail to fastmoney@cnbc.com .

Trader disclosure: On Oct.11, 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; Seymour owns (AAPL), (GE), (GOOG), (INTC), (MON), (MSFT), (MOS), (POT); Pete Najarian owns (DD); Pete Najarian owns (GE); Pete Najarian owns (POT); Pete Najarian owns (BEXP) calls; Pete Najarian owns (BP) calls; Pete Najarian owns (BME) calls; Pete Najarian owns (ERTS) calls; Pete Najarian owns (GDXJ); Pete Najarian owns (BRCD); Pete Najarian owns (CNI); Grasso owns (ASTM), (BA), (BAC), (C), (CSCO), (JPM), (LPX), (MO), (MOT), (NDAQ), (PFE), (PRST)
For Brian Kelly
Accounts managed by Kanundrum Capital own (ANDE)
Accounts managed by Kanundrum Capital own (GPRE)
Accounts managed by Kanundrum Capital own (JJG)
Accounts managed by Kanundrum Capital own (SGG)
Accounts managed by Kanundrum Capital own (GLD)
Accounts managed by Kanundrum Capital own (GDXJ)
Accounts managed by Kanundrum Capital own (SLV)
Accounts managed by Kanundrum Capital own (AGM)
Accounts managed by Kanundrum Capital own (MSFT)
Accounts managed by Kanundrum Capital own (FRO)
Accounts managed by Kanundrum Capital own (GLGC)
Accounts managed by Kanundrum Capital own (GS)
Accounts managed by Kanundrum Capital own (JEF)
Accounts managed by Kanundrum Capital own (TIP)
Accounts managed by Kanundrum Capital own (UUP)
Accounts managed by Kanundrum Capital are short (HYG)
Accounts managed by Kanundrum Capital are short (SLF)
Accounts managed by Kanundrum Capital are short U.K. Pound
Accounts managed by Kanundrum Capital are short Mexican Peso
For Steve Grasso:
Stuart Frankel & Co and it’s partners own (AMGN)
Stuart Frankel & Co and it’s partners own (COG)
Stuart Frankel & Co and it’s partners own (CUBA)
Stuart Frankel & Co and it’s partners own (GERN)
Stuart Frankel & Co and it’s partners own (HPQ)
Stuart Frankel & Co and it’s partners own (HSPO)
Stuart Frankel & Co and it’s partners own (MERC)
Stuart Frankel & Co and it’s partners own (NWS.A)
Stuart Frankel & Co and it’s partners own (NYX)
Stuart Frankel & Co and it’s partners own (PDE)
Stuart Frankel & Co and it’s partners own (PFE)
Stuart Frankel & Co and it’s partners own (PRST)
Stuart Frankel & Co and it’s partners own (RDC)
Stuart Frankel & Co and it’s partners own (TLM)
Stuart Frankel & Co and it’s partners own (XRX)
Stuart Frankel & Co and it’s partners own (SDS)
Stuart Frankel & Co and it’s partners are short (QQQQ)
For Stephen Volkmann
***No Disclosures***
For Barry Ritholtz
***No Disclosures***
For Kevin Cassidy
Stifel, Nicolaus & Company, Inc. makes a market in the securities of Advanced Micro Devices, Inc..
Stifel, Nicolaus & Company, Inc. expects to receive or intends to seek compensation for investment banking services from Advanced Micro Devices, Inc. in the next 3 months.
Stifel, Nicolaus & Company, Inc. makes a market in the securities of Intel Corporation.
Intel Corporation is provided with investment banking services by Stifel, Nicolaus & Company, Inc. or was provided with investment banking services by Stifel Nicolaus or an affiliate within the past 12 months.
Intel Corporation is a client of Stifel, Nicolaus & Company, Inc. or an affiliate or was a client of Stifel Nicolaus or an affiliate within the past 12 months.
Stifel, Nicolaus & Company, Inc. or an affiliate has received compensation for non-investment banking, securities related services from Intel Corporation in the past 12 months.
Stifel, Nicolaus & Company, Inc. expects to receive or intends to seek compensation for investment banking services from Intel Corporation in the next 3 months.
Intel Corporation is provided with non-investment banking, securities related services by Stifel, Nicolaus & Company, Inc. or an affiliate or was provided with non-investment banking, securities related services by Stifel Nicolaus or an affiliate within the past 12 months.
Stifel, Nicolaus & Company, Inc. makes a market in the securities of NVIDIA Corporation. Stifel, Nicolaus & Company, Inc. expects to receive or intends to seek compensation for investment banking services from NVIDIA Corporation in the next 3 months.
  Price   Change %Change
SHW
---
MTW
---
JCP
---

Contact Fast Money

  • Showtimes

    Halftime Report - Weekdays 12p ET
    Fast Money - Weekdays 5p ET
  • Melissa Lee is the host of CNBC's “Fast Money” and “Options Action.”

  • Scott Wapner is host of the "Fast Money Halftime Report," which airs weekdays from 12 p.m. to 1 p.m. ET.

  • Guy Adami is a contributor on CNBC's "Fast Money." He also is managing director of stockMONSTER.com.

  • Najarian, the "Pit Boss," is cofounder of optionMONSTER.com, a news site for options traders.

  • Finerman is president of Metropolitan Capital Advisors, Inc., a company she co-founded.

  • Founder of EmergingMoney.com

  • Chief Market Strategist for Virtus Investment Partners & CNBC Contributor

Halftime Report