Following are the day’s biggest winners and losers. Find out why shares of BP and New York Times popped while Tiffany and Lexmark dropped.
POPS (stocks that jumped higher)
New York Times (NYT) popped 10%. The grey lady turned green as higher circulation and ad revenues lifted profits. Macke: Morgan Stanley put a short-term bottom in by dumping its shares last week, but NYT isn’t going anywhere.
Western Union (WU) popped 7%. The world’s largest payment transfer company popped on improved profits in Mexico-based operations. Finerman: WU is an “interesting story.”
Apollo (APOL) popped 10%. The for-profit higher education company, home of the University of Phoenix, went to the head of the class after enrollment spiked. Adami: The buyback was bullish.
BP (BP) popped 2%. The oil giant surged higher after posting better-than-expected profits and hinting that its U.S. refineries were picking up production capacity. Finerman: With the bar for the oil companies so low, BP got a “little relief pop.”
SunPower (SPWR) popped 7%. Lehman Brothers gave a bump to one of Pete Najarian’s favorite solar names with an upgrade. Najarian: Solar is still “the real deal.”
Smith International (SII) popped 4%. The oil service company went up after a rare mid-day earnings report. Najarian: The sector is taking a breath and investors should expect more gains.
DROPS (stocks that slid lower)
Texas Instruments (TXN) dropped 8%. A slew of downgrades followed Monday’s disappointing earnings, sending the chipmaker even lower today. Najarian: The industry is too competitive and the downgrades won’t help anything. “Stay away.”
Countrywide Financial (CFC) dropped 4%. After the nation’s largest home lender said it would adjust loan terms on $16 billion worth of mortgages – enabling many customers to hold on to their homes – shares fell after an early morning rally. Macke: Subprime is far from over and CFC is on the front lines.
Tiffany (TIF) dropped 4%. After Coach (COH) fell on slower U.S. growth, fellow luxury retailer TIF took a hit as well. Finerman: Tiffany got taken down “all on the heels of Coach.” TIF is still too rich to buy, she said.
Pactiv (PTV) dropped 7%. Shares of the Hefty garbage bag maker were taken to the trash as higher plastic costs led it to cut its 2007 forecast. Adami: Memo to college students: buy more of Pactiv’s signature red “keg cups” and get the stock back up!
Level 3 Communications (LVLT) dropped 24%. The long distance operator saw shares fall the most in five years after customer service stumbles led to lower revenues. Macke: There is nothing in LVLT to believe in.
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Trader disclosure: On Oct 23, 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 (YHOO), (COH), (DIS), (EMC), Najarian Owns (SII), (C), (GOOG), (YHOO), Najarian Owns (AMZN) Options; Finerman Owns (C ), (GS), (BIIB), (BEAS), (MSFT); Finerman's Firm And Finerman Own (TGT); Finerman's Firm Owns (WMT), Finerman's Firm Owns Russell 2000 Puts; Finerman's Firm Owns S&P 500 Puts