Following are the day’s biggest winners and losers. Find out why shares of Pepsi Bottling Group (PBG), The Gap (GPS)and AMR Corp. (AMR) popped while and Garmin (GRMN) dropped.
POPS (stocks that jumped higher)
Pepsi Bottling Group (PBG) popped 2%. This pop stock popped, after a 26% jump in profits sent PBG to an all-time high. – Guy Adami likes PBG for sales in Russia.
PDL BioPharma (PDLI) popped 9%. This biotech bounced after shareholder pressure forced the company to put itself up for sale, and the CEO to step down. – Pete Najarian thinks this company is undervalued and he owns this stock.
The Gap (GPS) popped 2%. Shares of the nation's largest specialty retailer, shot up on virtually no news. – Jeff Macke says it’s ok to be long as a trade.
AMR Corp. (AMR) popped 7%. The parent of American Airlines, took off after saying it would pre-pay a half-billion dollars in aircraft debt. - Guy Adami still doesn’t like this stock.
Kohl's (KSS) popped 2%. The department store chain announced plans to increase the number of stores by 67% in five years. - Karen Finerman says she likes Kohl’s.
Ciena Corp. (CIEN) popped 9%. The voice and data equipment firm went rocketing higher after the company said gross margins would be higher than previously forecast. - Pete Najarian likes CIEN.
DROPS: (stocks that slid lower)
Garmin (GRMN) dropped 7%. The GPS Navigation company continued to tumble in the wake of the Nokia / NAVTEQ deal announced Monday, as Garmin looses some pricing pressure on NAVTEQ. – Karen Finerman explains that NAVTEQ supplies Garmin with their software. She speculates GRMN might have to buy NAVTEQ.
Isiah Thomas. A jury found the The Knicks coach guilty of sexual harassment, and is also holding Cablevision, the owner of the team, accountable for subsequently firing the victim.
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Trader disclosure: On Oct 2, 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 (ATVI), (EMC); Najarian Owns (BIDU), (UA), (PDLI); Najarian Owns (GS) Options; Finerman Owns (GS); Finerman's Firm Owns (DAI), (LEN), (NVT), (NMX), (NYX), (KSS); Finerman's Firm Owns S&P 500 Puts; Finerman's Firm Owns Russell 2000 Puts;