Following are the day’s biggest winners and losers. Find out why shares of Sears and Gamestop popped while Saks and Abercrombie & Fitch dropped.
POPS (stocks that jumped higher)
Sears (SHLD) popped 23%. The department store’s Q4 earnings forecast beat estimates. - It's tough to short this stock in a bear market, says Jeff Macke.
Gamestop (GME) popped 13%. The world’s largest video-game retailer boosted the low end of its fourth-quarter earnings estimate, and said same-store sales during the holiday season rose 10%. - You gotta' like that, says Pete Najarian.
Whole Foods (WFMI) popped 23%. Supermarket magnate Ron Burkle’s Yucaipa investment firm disclosed a 7% stake in the company, and said it sees opportunities for improvement in ‘09. - This guy knows the space, muses Guy Adami.
DryShips (DRYS) popped 17%. The shipper of dried goods moved higher as rates for shipping rose. - There's a good argument that rates could go higher still, says Tim Seymour.
DROPS (stocks that slid lower)
Saks (SKS) dropped 5%. Same store sales fell almost 20% in December and Saks said it expects to see a significant decline in gross margins for the 4th quarter. - They own their real estate, says Guy Adami. Check out to see if they're trading below their real estate value.
Abercrombie & Fitch (ANF) dropped 3%. The teen retailer reported a 24% plunge in same-store sales for December and warned that fourth quarter earnings will be below expectations. - Tim Seymour doesn't know what to say.
Nordstrom (JWN) dropped 2%. The luxury store said fourth-quarter profits won’t meet previous forecasts due to large markdowns. - Please, it's a tough market, bristles Jeff Macke.
JPMorgan Chase (JPM) dropped 3%. S&P lowered ratings on four classes of its commercial mortgage securities and media reports suggested big banks may face increased restrictions. - I think it's a hangover from yesterday's Meredith Whitney note, says Pete Najarian.
Gap (GPS) dropped 5%. The company lowered its 2008 fiscal year earnings guidance and said same store sales dropped 14% as markdowns cut into earnings.
Manitowoc (MTW) dropped 12%. The maker of construction equipment forecast 2009 profit that fell below analysts’ estimates.
Intuitive Surgical (ISRG) dropped 6%. The maker of robotic systems for surgeries missed on fourth quarter revenue due to slow sales.
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