Following are stocks that were on the move Wednesday. We call this new feature “Pops & Drops.”
POPS (stocks that jumped higher)
Chipotle Mexican Grill (CMG) surges 12% - just as you heard from the CEO himself on this show, people love their burritos, pushing profit up 85%.- Jeff Macke says the stock is “rockin’!”
OfficeMax (OMX) jumps 6%. The office-supply retailer beat The Street estimates after worries about the economy had chipped away at the stock in previous weeks. – Pete Najarian likes the story.
Bruce Toll's Bank Account - the Vice-Chairman of Toll Brothers (TOL) sold 620,000 shares last month, before the homebuilder slaughter today. - Jeff Macke says “nice trade!”
Russia's Oil Riches - Putin claiming the North Pole for Russia...the arctic seabed is thought to be rich in oil and gas. – Eric Bolling says Russia claimed the North Pole by planting a flag on the ocean floor and jokes had he known he would have done the same years ago.
DROPS: (stocks that slid lower)
MasterCard (MA) - falls 11%, its worst sell-off since going public last year. – Guy Adami still likes this stock.
Buffalo Wild Wings (BWLD) - Wing restaurant falls 17% as sales fell short of expectations. Eric Bolling says the chart is looking bad.
Jones Apparel (JNY) - shares were marked down 12% Wednesday leaving the fashion retailer at a 10-year low after it cut prices to move inventory and warned about a softening retail atmosphere. - Pete Najarian calls the stock a pig.
First Solar (FSLR) – drops 4 ½% after higher costs take shine off the solar trade. - Eric Bolling says the stock is going down even more and recommends getting out now.
SPX Corp. (SPW) - falls 11% after $5 billion dollar maker of industrial devices like valves and fluid meters ran into worries about its exposure to the auto market. – Guy Adami says exposure to autos scared The Street. He likes this stock.
Ruth's Chris Steak House (RUTH) – drops 8.5% on soaring beef prices – Jeff Macke says he likes Morton’s (MRT) better.
Harvard Endowment - down $350 Million on investment in Sowood Capital Management, which lost 50% of its value on bad bond investments... Harvard still has $29 billion in the endowment. – Eric says it’s a 1% drop, big deal!
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Trader disclosure: On Aug 1st 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (DIS),(ATVI) Najarian Owns (GS), Bolling Owns (DIS), (T), Bolling Has Closed Out Of His Short S&P Futures Trade, Bolling Has Closed Out Of His Short Nasdaq Futures Trade