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Halftime: 4 Stocks Top Traders Are Watching

Tuesday, 21 Jun 2011 | 2:00 PM ET

As Wall Street rallied on Tuesday, the "Fast Money" traders kept their eyes on these market movers.

POPS (stocks that went higher)

Commercial Metals (CMC) popped 5%: The metals company reported earnings results that beat expectations, optionMONSTER.com's Jon Najarian said. It reported net income of $36.2 million or 31 cents per diluted share on net sales of $2.1 billion for the quarter.

Best Buy (BBY) popped 3%: This stock was left for dead, but it's put in a pretty big base lately, Steve Cortes said. The Veracruz founder is bullish on retailers because the consumer is getting a tax break by way of lower energy costs. He prefers staples over discretionary, though.

DROPS (stocks that went lower)

Walgreen (WAG) dropped 5%: The pharmacy chain operator reported a higher profit as sales of general merchandise and more profitable generic drugs rose. However, shares tumbled to lead the S&P laggards after the drug retailer said it failed to renew an agreement with pharmacy benefits manager Express Scripts . Its stock has performed well, though, so Virtus Investment Partners' Joe Terranova would not get concerned unless it should fall below $39 a share.

Jefferies Group (JEF) dropped 0.5%: The company said its fiscal second-quarter profit slipped nearly 4 percent as higher expenses offset a sharp gain in investment banking revenue. Brian Kelly of Kanundrum Capital likes this name should it hold $21 a share.

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BUY FEDEX AHEAD OF EARNINGS?

Buy FedEx Ahead of Earnings?
A preview of the shipping company's earnings and whether it's a buy at this price, with Justin Yagerman, Deutsche Bank..

A preview of the shipping company's earnings and whether it's a buy at this price, with Justin Yagerman, Deutsche Bank.

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BERNANKE'S INFLATION TRAP

Bernanke's Inflation Trap
A preview of the Fed head's press conference tomorrow, with Joseph LaVorgna, Deutsche Bank, and the Fast Money traders weigh in with today's trades that pop.

A preview of the Fed head's press conference tomorrow, with Joseph LaVorgna, Deutsche Bank, and the Fast Money traders weigh in with today's trades that pop.


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Trader disclosure: On June 21, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Terranova Owns (VRTS); Terranova Owns (IBM); Terranova Owns (FCX); Terranova Owns (CVI); Terranova Owns (F); Terranova Owns (AAPL); Terranova Owns (CAT); Terranova Owns (BX); Terranova Owns (HPQ); Terranova Owns (MA); Terranova Owns (PEP); Terranova Owns (MCD); Terranova Owns (JWN); Terranova Owns (TM); Terranova Owns (LULU); Terranova Owns (WFM); Terranova Owns (DAR); Terranova Owns (BJ); Terranova Owns (XOM); Terranova Is Short (DELL); Jon Najarian owns (AAPL) call spreads; Jon Najarian owns (MMI) call spreads ; Jon Najarian owns (GS) call spreads; Jon Najarian owns (FDX) call spreads ; Jon Najarian owns (CIGX) call spreads; Jon Najarian owns (UA) call spreads; Cortes Owns (GOOG); Cortes Owns (SVU); Cortes Owns (MS); Cortes Owns (GS); Cortes Is Short Nikkei; Cortes Is Short (BIDU); Cortes Is Short EUR; Cortes Is Short AUD; Cortes Is Short Silver; Cortes Is Short Corn; Cortes Is Short Natural Gas; Cortes Is Short Crude

For Joe Terranova
Terranova is Chief Market Strategist of Virtus Investment Partners, LTD
Virtus Investment Partners Owns More Than 1% Of (ABAX)
Virtus Investment Partners Owns More Than 1% Of (AMKR)
Virtus Investment Partners Owns More Than 1% Of (CCG)
Virtus Investment Partners Owns More Than 1% Of (CASS)
Virtus Investment Partners Owns More Than 1% Of (CSVI)
Virtus Investment Partners Owns More Than 1% Of (EXR)
Virtus Investment Partners Owns More Than 1% Of (FCFS)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (KRC)
Virtus Investment Partners Owns More Than 1% Of (LDR)
Virtus Investment Partners Owns More Than 1% Of (LHO)
Virtus Investment Partners Owns More Than 1% Of (NRCI)
Virtus Investment Partners Owns More Than 1% Of Sun Pharmaceutical Industries Ltd.
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (XLV)
Virtus Investment Partners Owns More Than 1% Of (XLP)
Virtus Investment Partners Owns More Than 1% Of (XLY)
Virtus Investment Partners Owns More Than 1% Of (XLE)
Virtus Investment Partners Owns More Than 1% Of (XLF)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (XLK)
Virtus Investment Partners Owns More Than 1% Of (XLU)
Virtus Investment Partners Owns More Than 1% Of (SUBK)
Virtus Investment Partners Owns More Than 1% Of (WDFC)
Virtus Investment Partners Owns More Than 1% Of (YDNT)
Virtus Investment Partners Owns More Than 1% Of DOMINO'S PIZZA UK & URL PLC

For Brian Kelly
Accounts Managed By Brian Kelly Capital Are Long the Euro
Accounts Managed By Brian Kelly Capital Own (GLD)
Accounts Managed By Brian Kelly Capital Own (SLV)
Accounts Managed By Brian Kelly Capital Own (MCP)
Accounts Managed By Brian Kelly Capital Own (MON)
Accounts Managed By Brian Kelly Capital Own (INTC)
Accounts Managed By Brian Kelly Capital Own (VLO)
Accounts Managed By Brian Kelly Capital Own (WFC)
Accounts Managed By Brian Kelly Capital Own (FCX)
Accounts Managed By Brian Kelly Capital Own (ATW)
Accounts Managed By Brian Kelly Capital Own (JPM)
Accounts Managed By Brian Kelly Capital Are Short the U.S. Dollar

For Joe LaVorgna
(FDX) is an investment banking client of Deutsche Bank Securities

For Justin Yagerman
(FDX) is an investment banking client of Deutsche Bank Securities

CNBC.com with wires.

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