Following are the day’s biggest winners and losers. Find out why shares of YRC Worldwide and Hartford Financial popped while Fortress and MGM dropped.
POPS (stocks that jumped higher)
YRC Worldwide (YRCW) popped 11%. Concerns that this trucking company may not meet its credit requirements this quarter could be dissipating. - But after yesterday's big drop it's a modest pop, says Pete Najarian.
Hartford Financial (HIG) popped 17%. The move higher comes in the wake of a recent downgrade from Fitch. - I'm not sure why it popped, says Karen Finerman candidly.
Jack In The Box (JACK) popped 8%. The fast food chain reported strong second quarter earnings and raised its outlook. - They're up huge year to date, reveals Jeff Macke, but I think it still has room.
Lennar (LEN) popped 5%. Some analysts suggest legislation that allows first-time buyers to tap the $8,000 federal tax credit will benefit this builder. - I wouldn't play the space with this stock, counsels Karen Finerman.,
IntercontinentalExchange (ICE) popped 4%. Investors bid shares of this exchange and the CME higher, as likely beneficiaries of the latest move to better regulate credit default swaps. - It's all good, says Pete Najarian.
State Street (STT) popped 7%. Widely followed Rochdale Securities' bank analyst Dick Bove initiated coverage on State Street (NYSE: STT) with a Buy rating and $52 price target. - On a dip I think it's a buy, says Guy Adami.
DROPS (stocks that slid lower)
Fortress Investment Group (FIG) dropped 2%. The firm announced plans to offer $125 million shares to repay debt. - When they price their secondary I'd buy, counsels Guy Adami.
MGM Mirage (MGM) dropped 10%. The casino issued a massive stock offering to help pay down debt, diluting shareholder value. - The market seems to not like the terms, says Jeff Macke.
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Trader disclosure: On May 14th, 2009, 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 (AGU), (F), (AAPL), (MGM), (NFLX), (GE), (SKF), (SDS), (WFC); Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Finerman's Firm Owns (CSCO), (PBR), (RIG), (UNH), (WFC); Najarian Owns (AMD) Call Spread; Najarian Owns (BX) Calls; Najarian Owns (CROX) Calls; Najarian Owns (INTC) Calls; Najarian Owns (MS) & (MS) Calls; Najarian Owns (MOS) Call Spread; Najarian Owns (PALM) & (PALM) Calls; Najarian OWns (XHB) Call Spread; Najarian Owns (XLB) Call Spread; Najarian Owns (XLU) Calls