Following are the day’s biggest winners and losers. Find out why shares of Time Warner Cable and Borders popped while AIG and Boeing dropped.
POPS (stocks that jumped higher)
Time Warner Cable (TWC) popped 4%. Media conglomerate Time Warner detailed plans to spin off its cable subsidiary getting a $9.25 billion cash dividend in return. – Play at your own risk, says Guy Adami.
Borders Group (BGP) popped 9%. Speculation suggests Barnes & Noble could soon acquire this bookseller. – Sell the news, says Jeff Macke.
Medtronic (MDT) popped 3%. Goldman Sachs recommended the heart device maker and said shares would hit $57 within 6 months. – Giddy-up, exclaims Pete Najarian.
Manimals. A piece of legislation received its first round of approval in British Parliament this week, which includes a provision that would allow the creation of manimals - half-human, half-animal embryos - for use in medical research. Also referred to as "cybrids," scientists believe studies on the 'manimal' embryos could provide treatments for Parkinson's and Alzheimer's.
Micron (MU) popped 2%. A Deutsche Bank analyst upgraded the chip maker, citing continued demand for "D-RAM" (dynamic random access memory) chips.
Intuit (INTU) popped 3%. More people must be doing their taxes without the help of an accountant. This maker of TurboTax software said profits were up 21%.
Sallie Mae (SLM) popped 6%. Bloomberg reported that the student loan lender is on the cusp of winning favorable terms from the Department of Education on loans they cannot pass on to investors.
Parrot. Two weeks ago Yosuke, a pet parrot in Japan, flew out of his cage and got lost, eventually ending up in the care of a veterinary clinic. Upon arrival, Yosuke recited his full name (Yosuke Nakamura) and his owner's address, leading to a safe return home.
DROPS (stocks that slid lower)
AIG (AIG) dropped 3%. The SEC filed a "Wells" notice against former CEO Hank Greenberg indicating charges may be brought against him over a shady re-insurance transaction with General Re in 2000 and 2001. – Considering Wednesday’s market not so bad jokes Karen Finerman.
Boeing (BA) dropped 5%. The company's CEO said surging oil prices would prevent the airlines from ordering as many new planes. – I think it’s a dip to buy, says Guy Adami.
Moody's (MCO) dropped 16%. The credit rating firm is investigating whether a computer glitch mistakenly assign AAA ratings to securities that later lost value. – No good, says Karen Finerman.
Phillips-Van Heusen (PVH) dropped 6%. The apparel company behind the Izod and Calvin Klein brands posted a 2nd quarter outlook shy of estimates.
Motorola (MOT) dropped 4%. Despite winning a $90 million contract in India and receiving a favorable ruling in a lawsuit, Carl Icahn's trade is falling to pieces.
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Trader disclosure: On May 21, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (INTC), (BTU), (AGU), (C), (GS), (MSFT), (NUE); Najarian Owns (AAPL), (ANR), (HPQ), (XLF); Najarian Owns (FTO) Calls; Macke Owns (MSFT), (WMT), (DIS); Finerman Owns (GS); Finerman's Firm Owns (MSFT), (TSO), (VCLK), (VLO); Finerman's Firm Owns SPX Index Puts; Finerman's Firm Owns (C) And (C) Leaps; Finerman's Firm Owns (YHOO) 1X2 Call Spreads; Finerman's Firm Is Short (IYR), (IJR), (MDY), (IWM), (SPY)