Following are the day’s biggest winners and losers. Find out why shares of Wells Fargo and Sunoco popped while Legg Mason and China Mobile dropped.
POPS (stocks that jumped higher)
Wells Fargo (WFC) popped 7%. The San Francisco based bank said it had tightened lending standards and gained market share. – I’d run away like a scalded chimp, says Jeff Macke.
Sovereign Bancorp (SOV) popped 7%. Moody’s affirmed its rating of the bank and said it should be able to withstand losses linked to the Fannie and Freddie dividend mess. – It moved with the rest of the market, adds Pete Najarian.
Sunoco (SUN) popped 12%. Investors are betting that cheaper oil will help margins at this refiner. – I think this is a stock worth owning, says Joe Terranova.
Live Nation (LYV) popped 6%. The concert promoter signed an agreement to sell tickets at North American venues managed by SMG. – I can’t see anything but this ending poorly, says Jeff Macke.
Joy Global (JOYG) popped 12%. The maker of mining equipment doubled the amount of its share-repurchase program to $2 billion. – I think it has room on the upside, says Guy Adami.
Allergan (AGN) popped 11%. A study reconfirmed earlier reports that Botox could be effective in treating migraines. – I think that’s a strong pop, says Pete Najarian.
Petroleo Brasileiro (PBR) popped 6%. The Brazilian oil company discovered a major oil field, that’s the second one this year! – Sell the 35-puts on this one, counsels Joe Terranova.
Lululemon (LULU) popped 14%. The company said second-quarter profit rose due to lower taxes and more stores.
Continental Airlines (CAL) popped 15%. The airline said it expects to see $100 million in revenue and cost savings related to a new $15 dollar bag-check fee.
DROPS (stocks that slid lower)
Legg Mason (LM) dropped 3%. New leadership failed to inspire investors; the firm appointed a new Head of Americas today. – I think it has more room on the upside, says Guy Adami.
China Mobile (CHL) dropped 3%. Shares plunged to a 15-month low as investors ran for the exits on uncertainty about a Chinese government led shake-up of the wireless industry.
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Trader disclosure: On Sept 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 (WMT), (UUP), (MSFT); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Najarian Owns (AAPL) And (AAPL) Collar; Najarian Owns (AKS) Call Spread; Najarian Owns (MER) Put Spread; Najarian Owns (MS) And Is Short (MS) Calls; Najarian Owns (XLF) And (XLF) Collar; Terranova Owns (AAPL), (EOG), (FCX), (GS), (NOV), (KOL), (POT), (RIMM), (SA), (X), (VLO), (YHOO); Terranova Owns (AIG) Puts And Owns (AIG); Terranova Is Short December 2008 Dollar Index Futures
Terranova Is Chief Alternatives Strategist Of Phoenix Investment Partners, Ltd.; Phoenix Investment Partners Owns More Than 1% Of (ABD), (ARE), (BIG), (BRE), (CNTY), (CNW), (CLB), (OFC), (DLM), (DRH), (DLR), (EPR), (ESS), (EXR), (AGM), (FL), (GBL), (GNET), (IGE), (LNET), (MAC), (OIIM), (PSPT), (DBC), (DBV), (SLB), (GWX), (SSYS), (SKT), (UA), (BIV), (VV), (BLV); Phoenix Investment Partners Owns More Than 1% Of Goldman Sachs Financial Square Fund - Money Market Fund; Phoenix Investment Partners Owns More Than 1% Of Seagate Technology Tax Refund Rights
Terranova Is Co-Portfolio Manager Of The Phoenix Diversifier PHOLIO; Phoenix Diversifier PHOLIO Owns (IGE), (DBC), (DBV)
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