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Fastenal, the Vix and Other Midday Movers

Tuesday, 5 Jun 2012 | 1:27 PM ET

Following are midday movers you might have missed. Find out what’s going up, what’s going down and whether our traders would double down, fade or run in the other direction!

SanDisk

The catalyst: Pacific Crest analyst Monika Garg launched coverage of SanDisk with an Outperform rating and $47 price target, in a bullish call on the outlook for potential growth in the solid-state drive market.

The trade: The stock is cheap but I’m skeptical, says Stephen Weiss.

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Amylin

The catalyst: According to Bloomberg, second-round bids for Amylin have drawn a value of $25 to $29 per share. Earlier in the year, Amylin rejected a $3.5 billion offer from Bristol Myers.

The trade: The company has very promising diabetes drug, says Cortes.

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Volatility Index

The catalyst: Jim Strugger, derivatives strategist at MKM Partners, noted that theCBOE VIX’s march higher in recent weeks has been unusually gradual, suggesting fear in the market may not be as intense are some investors believe.

The trade: Due to a large volume of call selling I’m looking for the Vix to go lower, says Pete Najarian.

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Fastenal

The catalyst: Although Fastenal reported an 18.4 percent sales increase in May, it still put in doubt the company's prospects of meeting Wall Street expectations for the full quarter.

The trade: If the stock holds $38, it’s worth a look, says Guy Adami.

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Posted by CNBC's Lee Brodie

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Trader disclosure: On June 5, 2012 , the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Pete Najarian is long AAPL; Pete Najarian is long C; Pete Najarian is long WFC CALLS; Pete Najarian is long MS CALLS; Pete Najarian is long INTC; Pete Najarian is long JOYG CALLS; Pete Najarian is long SBUX; Pete Najarian is long COP; Pete Najarian is long PEP; Pete Najarian is long FB; Stephen Weiss is long AIG; Stephen Weiss is long QCOM; Stephen Weiss is long AMTG; Stephen Weiss is long VZ; Stephen Weiss is long T; Stephen Weiss is short MT; Stephen Weiss is short JCP; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Steve Cortes is long QQQ; Steve Cortes is long SVU; Steve Cortes is long SBUX; Steve Cortes is long EURO/BRITISH POUND CROSS

For Roxanne Meyer
No Disclsosures

For Mike Murphy
Mike Murphy is long LEN

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  • Chief Market Strategist for Virtus Investment Partners & CNBC Contributor

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