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Buy the Pullback in This Stock on Thursday: Adami

Following are Tuesday's Pops & Drops.

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

Church & Dwight dropped

The catalyst: Church & Dwight said quarterly sales fell short of Wall Street expectations and the maker of Arm & Hammer baking soda forecast a third-quarter profit below analysts' estimates.

The trade: Last time a sell-off of this magnitude was an opportunity, says trader Guy Adami, managing director of stockMONSTER.com. However there are no 1-day events. Let the stock settle then hit the buy button. It’s Tuesday, I’d pull the trigger on Thursday.


Fossil popped

The catalyst:Fossil forecast a full-year adjusted profit above analyst estimates after posting better-than-expected quarterly results.

The trade: Pros use Fossil as a proxy for Europe because they have a lot of exposure. Shares surged because their results were much better than expected and the shorts went running for cover, explains Brian Kelly, founder of Shelter Harbor Capital. I like this stock but let it stew for at least 2-3 days.


Coach popped

The catalyst: Canaccord Genuity boosted its rating on Coachfrom “Hold” to “Buy” with a $71 price target.

The trade: I agree that Coach probably has significant upside, but I’d wait for it to settle in, counsels Mike Murphy, founder and managing partner at Rosecliff Capital.


CVS Caremark

The catalyst: CVS Caremark posted higher quarterly profit and raised its forecast for the year as it works to keep customers who switched to its drugstores during an impasse between main drugstore rival Walgreen and pharmacy benefits manager competitor Express Scripts.

The trade: The reason the stock dropped is that there’s concern that customers who switched may go back, explains trader Stephen Weiss, managing partner at Short Hills Capital.

Posted by CNBC's Lee Brodie

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Trader disclosure: On August 7, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; 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; Mike Murphy is long DNKN; Mike Murphy is long SBUX; Steve Weiss is long X; Steve Weiss is long WLT; Steve Weiss is long QCOM; Steve Weiss is long JPM; Steve Weiss is long CAT; Steve Weiss is long WLP; Steve Weiss is short AAPL PUTS; Steve Weiss is short JCP; Brian Kelly is long CAT; Brian Kelly is long WY; Brian Kelly is long MON; Brian Kelly is long EUROSTOXX 50; Brian Kelly is long WFC; Brian Kelly is long XHB; Brian Kelly is long USG

For Steve Milunovich
Within the past 12 months, UBS AG, its affiliates or subsidiaries has received compensation for investment banking services from this company/entity: DELL
This company/entity is, or within the past 12 months has been, a client of UBS Securities LLC, and investment banking services are being, or have been, provided: DELL
UBS makes a market in the securities and/or ADRs of DELL
UBS Securities LLC makes a market in the securities and/or ADRs of this company: HPQ
Within the past 12 months, UBS AG, its affiliates or subsidiaries has received compensation for investment banking services from this company/entity: HPQ

For Jeff Kilburg
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