Following are the day's biggest winners and losers. Find out why shares of Countrywide Financial (CFC), Blackstone (BX) and The Warnaco Group (WRNC) popped while Carmax (KMX) and Comcast (CMSCA) dropped.
POPS (stocks that jumped higher)
Countrywide Financial (CFC) popped 3%. The CEO of the beleaguered mortgage lender said the company would double the number of its branch offices to firm up deposits to finance lending. – Karen Finerman is skeptical.
Blackstone (BX) popped 5%. Blackstone was bolstered by the Fed rate cut, which frees up cheaper capital for the private equity firm to get deals done. – Guy Adami says take profit.
Fortress Investment Group (FIG) popped 9%. Like Blackstone before it, the Wall Street firm got a pop thanks to the Fed's move. – Karen Finerman says take profit.
The Warnaco Group (WRNC) popped 15%. The maker of underwear and bathing suits under the Calvin Klein and Speedo brands popped after it said it would be shedding most of it's swimwear brands. – Pete Najarian likes it.
GODTUBE.com. In its ranking of the Top 1000 Websites, comScore found that Godtube -- a faith-based version of YouTube -- was the fastest growing website in August (the first month in which the site was officially launched) growing 973%. – Pete Najarian doesn’t know what to say.
DROPS: (stocks that slid lower)
Carmax (KMX) dropped 15%. You heard it here first: Macke called it the "next subprime shoe to drop." The largest used car dealership in the nation cut its full year forecast on lower sales and higher credit costs. – Jeff Macke says this trade is done.
Comcast (CMSCA) dropped 3%. Investors turned the channel on the cable operator, after its CEO said he was squeezed by competition from telephone and satellite companies. – Karen Finerman says don’t bet against this company.
Sirius Satellite Radio (SIRI) and XM Radio (XMSR) both dropped more than 4%. The two former rivals now attempting to merge were both slashed Wednesday, after a UBS analyst said any benefit to the merger getting approved by the FCC is already built into their stock prices. – Jeff Macke says it’s a bad downgrade.
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Trader disclosure: On Sept. 19, 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 (SWY); Najarian Is Short (ETFC); Najarian Owns (GS) Options; Finerman's Firm Owns (BWS), (COP), (GCO), (NMX), (LTD); Finerman's Firm Owns S&P 500 Puts And Calls; Finerman's Firm Owns Russell 2000 Puts