Following are the day’s biggest winners and losers. Find out why shares of Newmont Mining and Altria popped while The New York Times and Palm dropped.
POPS (stocks that jumped higher)
Newmont Mining (NEM) popped 4%. This stock moved higher along with gold futures on a flight to safety. - I'd take profits, counsels Guy Adami.
Altria (MO) popped 2%. Investors bid this defensive name higher as a safe haven play. - The whole sector was on fire Tuesday, says Tim Seymour.
DROPS (stocks that slid lower)
The New York Times (NYT) dropped 8%. Despite billionaire Carlos Slim’s $250 million investment in the struggling publisher, the New York Times still dropped as analysts predicted a further slump in ad sales. - Jeff Macke doesn't know what to say.
Palm (PALM) dropped 3%. JP Morgan downgraded the firm to “neutral” from “overweight”. - Forget about this move, nothing goes in a straight line, says Pete Najarian. This stock is up almost 100% in just a few weeks.
Barclays (BCS) dropped 42%. The UK bank declined after Britain’s government committed billions more for a bailout, suggesting another step toward nationalization. - It's been okay so far but it could soon be a victim, says Tim Seymour.
Best Buy (BBY) dropped 7%. JPMorgan analysts said concerns over liquidation pressures will weigh on the stock. - It's Circuit City who is liquidating, reminds Jeff Macke.
ConocoPhillips (COP) dropped 7%. Plummeting oil prices forced the refiner to cut 4% of its workforce. - It could reflect poor management, muses Pete Najarian.
TD Ameritrade (AMTD) dropped 10%. The third-largest online brokerage said quarterly profit fell 23% and they reduced their profit forecast for the year. - The daily average revenue trade metric (DART) was better than this time last year but worse then November, adds Guy Adami.
J.C. Penney (JCP) dropped 10%. A JPMorgan analyst cut his profits estimates on the company. - Avoid retailers, reminds Jeff Macke.
CSX Corp. (CSX) dropped 7%. This railroad along with other names in transports dropped after Goldman downgraded Canadian National Railway to neutral from buy. - Not so good, says Pete Najarian.
Alcoa (AA) dropped 11%. This firm slid after rival Rio Tinto announced plans to reduce production due to low demand.
Garmin (GRMN) dropped 7%. Competitor TomTom reduced its sales forecast due to a decline in the price of GPS units.
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Trader disclosure: On Jan. 20th, 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 (C), (BAC), (TM), (SDS); Adami Owns (AGU), (C), (BTU), (GS), (INTC), (MSFT), (NUE); Seymour Owns (AA), (AAPL), (BAC), (F), (EEM), (FXI), (TSO); Najarian Owns (MS), (PALM) ; Najarian Owns (EEM) Call Spread; Najarian Owns (FCX) & (FCX) Short Calls; Najarian Owns (MS) Short Calls & Short Put Spread; Najarian Owns (NVLS) Calls; Najarian Owns (XME) Long Calls; Najarian Owns (IYR) Puts