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Red Hat, Illumina and Other Midday Movers

Find out what’s going up, what’s going down and whether our traders would double down, fade or run in the other direction!

Red Hat popped .
The catalyst: The business software maker reported a profit that beat analysts' expectations for the fifth straight quarter withRed Hat benefiting from the broad migration to cloud-related data center build-outs.
The trade: I think this stock will be a winner for a while, says Brian Kelly.


Illumina popped .
The catalyst: The battle for Illuminaappears to be far from over with shares trading above Roche’s new offer of $51 a share.
The trade: I think all pharma has had a terrific run. Now it’s time to take profits, says Steve Cortes.


Sprint popped .
The catalyst: According to published reports, Sprint is opening to selling a 4G LTE version of Apple's iPhone, whenever Apple builds a phone running on the latest cellular technology.
The trade: I think they have a great line coming out and think they will benefit in the near term, says Steve Grasso.

Walgreens dropped .
The catalyst:Walgreen said its quarterly profit fell almost 8 percent, largely as a result of its exit from the Express Scripts pharmacy network.
The trade: I’d short this stock, says Stephanie Link. Express Scripts and Medco plan to merge and that’s a problem for Walgreens.


* You can find Pops & Drops about 5 minutes into this video




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Trader disclosure: On Mar 29, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Brian Kelly is long XLF; Brian Kelly is long SPY; Brian Kelly is short YEN; Brian Kelly is short EUROSTOXX; Steve Cortes is long GOOG; Steve Cortes is short CAT; Steve Cortes is short LVS; Steve Cortes is short AAPL; Steve Cortes is short XLI; Steve Cortes is short EUR VS. JPY; Steve Cortes is short DIS; Steve Grasso is long ASTM; Steve Grasso is long AVAV; Steve Grasso is long BA; Steve Grasso is long D; Steve Grasso is long FRO; Steve Grasso is long MHY; Steve Grasso is long NUAN; Steve Grasso is long MO; Steve Grasso is long PFE; Steve Grasso is long PRST; Steve Grasso is long S; Steve Grasso is long XLU; Steve Grasso is long ZAZA

For Stephanie Link
Stephanie Link is long AAPL
Stephanie Link is long JPM
Stephanie Link is long IBM
Stephanie Link is long FCX

For Amelia Bourdeau
Nothing to disclose

For Mike Harris
Mike Harris is long CME / COMEX GOLD
Mike Harris is long CME / COMEX HIGH GRADE COPPER
Mike Harris is short CME / NYMEX NAT GAS

For Jim Suva
Citigroup Global Markets Inc. or an affiliate received compensation for products and services other than investment banking services in the past 12 months from RIMM
Citigroup Global Markets Inc. currently has, or had within the past 12 months, the following as clients, and the services provided were non-investment banking, non-securities-related: RIMM
The Firm is a market maker in the publicly traded equity securities of RIMM

For Patrick Armstrong
Patrick Armstrong is long EURO STOXX 2014, 2015, 2016
Patrick Armstrong is long KO
Patrick Armstrong is long EUROPEAN HEALTH CARE
Patrick Armstrong is long @PL.1
Patrick Armstrong is long SINGAPORE $ / SHORT EUR
Patrick Armstrong is long CNY / SHORT USD
Patrick Armstrong is long WTI 12 MONTHS FORWARD
Patrick Armstrong is long SOY BEANS
Patrick Armstrong is short NAT GAS
Patrick Armstrong is short RUSSELL 2000
Patrick Armstrong is short EURO STOXX 50
Patrick Armstrong is short front month WTI

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