Following are the week’s biggest winners and losers. Find out why shares of Halliburton and Bank of New York Mellon popped while American Airlines and The Gap dropped.
POPS (stocks that jumped higher)
Halliburton (HAL) popped 6%. In addition to another record for crude, the oil services giant received an upgrade from Goldman Sachs. – I like it into earnings, says Guy Adami, but then take profits.
PDL BioPharma (PDLI) popped 22%. The maker of cancer drugs, which failed to sell itself last year, announced it would spin off its biotech division. – Looks good to me, says Jon Najarian.
Bank of New York Mellon (BK) popped 5%. The company said a $22 billion money-laundering lawsuit brought by the Russian customs service was "unenforceable.''
Washington Mutual (WM) popped 7%. You might say it’s been one wild week for this bank, which only Monday announced plans to sell a stake in itself in return for cash.
Fast Money babies. Two Fast Money staffers became new parents this week. Our director, Dan Switzen, is now a proud new father of Zachary Ryan Switzen (7 pounds and 13 ounces). And our CNBC staff attorney Aisha Royall gave birth to a 6 pound boy, Frederick Everett Royall.
DROPS (stocks that slid lower)
American Airlines (AMR) dropped 10%. The airline was forced to cancel more than 3,000 flights this week to repair wiring in its MD-80s. – Trim your position, counsels Jeff Macke.
The Gap (GPS) dropped 6%. The nation's largest specialty retailer posted a wider than expected same-store-sales decline. Stay away from specialty retail, says Jeff macke.
Beazer Homes (BZH) dropped 7%. Homebuilders got roughed up this week, despite congressional efforts to push through a housing aid bill. – I see room on the downside, says Guy Adami.
Zoran (ZRAN) dropped 10%. The maker of chips and software for DVD and digital photography equipment was downgraded to “underperform” from “buy” at Jeffries. – I think this stock could go a lot lower, speculates Jon Najarian.
Hershey (HSY) dropped 8%. The nation's largest candy company received a downgrade from Sanford C. Bernstein & Co. because of rising input costs. – Hmmm, says Jeff Macke.
Lehman (LEH) dropped 10%. The bank liquidated three funds worth a total of $1 billion, on "market disruptions."
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Trader disclosure: On Apr. 11, 2008, 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), (YHOO), (MSFT); Jon Najarian Owns (AAPL), (AMR), (FDX), (PDLI), (TSO); Jon Najarian Is Short (HOG), (IBM), (WB); Seymour Owns (AAPL), (CSCO), (MER), (MSFT), (TSO), (INTC); Seygem Asset Management Owns (TSM), (COP), (SSL), (EEV); GE Is The Parent Company Of CNBC