POPS (stocks that jumped higher)
Caterpillar (CAT) popped 5%. The "global growth" construction giant, jumped. – Jeff Macke recommends getting long this stock.
Target (TGT) popped 6%. The big box retailer rallied on hopes the cut will help out Joe Consumer. – Karen Finerman calls this stock a bullseye.
Alcoa (AA) popped 5%. This was another "global growth" play, which rode the rate cut higher. – Guy Adami would like to see Alcoa bought out by BHP Billiton.
Blue Nile (NILE) popped 9%. The online diamond dealer, sparkled throughout the day, not just after the Fed announcement. – Jeff Macke recommends getting long.
BHP Billiton (BHP) popped 6%. The world's largest resource who's CFO was on Fast Money just yesterday, soared after oil hit yet another record high. – Pete Najarian likes this stock.
Wendy's (WEN) popped 6%. As many as a dozen parties are licking their lips at Wendy's, with all of them expressing interest in the sale of the fast food chain, according to The Wall Street Journal. – Karen Finerman reminds the panel that Wendy’s has been for sale for 5 months.
DROPS: (stocks that slid lower)
E*Trade (ETFC) dropped 1.5%. Although the online trading company got hammered Monday after subprime concerns led the company to slash its profit outlook, it rallied nicely Tuesday afternoon, giving up less than 2%. – Dylan Ratigan explains the E*Trade website was also down, Tuesday.
Boeing (BA) dropped less than 1%. On a day like this, Boeing should've been taking off. - Guy Adami explains that the world's second-largest plane maker lost altitude after Bank of America cut their price target on "Dreamliner" delivery concerns.
DROP & POP
Crocs (CROX) dropped as much as 3%, then rallied back to close up 0.5%. Shares of Crocs slipped, after news reports that the rubbery sandals can easily become stuck in escalators...But evidently, the Fed can save even this stock, which popped back in the afternoon.
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Trader disclosure: On Sept. 18, 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 (INTC); Pete Najarian Owns (XLF); Pete Najarian Owns (GS) Options; Pete Najarian Is Short (ETFC); Finerman's Firm & Finerman Own (HD); Finerman's Firm Owns (ASD), (AA), (COP), (TXI), (TGT), (MO), (NMX); Finerman's Firm Owns S&P 500 Puts; Finerman's Firm Owns Russell 2000 Puts; Finerman's Firm Owns (WMT)