Following are the day’s biggest winners and losers. Find out why shares of Discover and Winnebago popped while the spot price of nat gas dropped.
POPS (stocks that jumped higher)
Discover Financial Services (DFS) popped 4%. The company said second quarter profits increased and write-offs were less than analysts had expected. - I'm not in love with this stock, says Guy Adami.
J.M. Smucker (SJM) popped 10%. The firm posted a quarterly profit that handily beat market expectations, helped primarily by strength in its Folgers coffee business, and raised its 2010 profit outlook. - I would take profits, counsels Jared Levy.
Carnival Corp (CCL) popped 7%. The cruise line posted a quarterly profit that beat analysts' estimates helped by better-than-anticipated pricing and lower net cruise costs. - Interesting, muses Tim Seymour.
Lions Gate Entertainment (LGF) popped 8%. Activist investor Carl Icahn boosted his stake in the company. - I think this stock is interesting, says Joe Terranova.
Winnebago Industries (WGO) popped 10%. Investors forgave a wider than expected loss and instead focused on improvement in inventory levels and signs the company is gaining market share. - It was a short covering rally, explains Guy Adami. Nothing more.
McDonalds (MCD) popped 2%. Investors rotated money into this and other stocks deemed well positioned to withstand a still uncertain economy.
SLM Corp (SLM) popped 5%. The U.S. Department of Education awarded them and other companies a contract to service $550 billion of federal student loans.
DROPS (stocks that slid lower)
US Natural Gas Fund (UNG) dropped 4%. The Energy Department said that inventory levels jumped more than expected last week. - The long trade isn't ready yet, admits Joe Terranova.
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Trader disclosure: On June 18th, 2009, 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 (C), (GS), (BTU), (AGU), (INTC), (MSFT), (NUE); Seymour Owns (AAPL), (BAC), (BX), (EEM), (FXI); Seymour's Firm Owns (RSX); Levy's Firm Owns (MON); Terranova Owns (XBI), (TER), (BTU), (ABT), (MSFT); Terranova Owns (BRCM) & Is Short (BRCM) Calls; Terranova Owns (POT)& Short (POT) Calls; Terranova Is Short (JPM)& Is Short (JPM) Calls; Terranova Owns (MS) & Short (MS) Calls; Teranova Owns (X) & Is SHort (X) Calls; Terranova Owns July Nat Gas Futures ; Terranova Owns (DIS) Octovber Call Spread; Terranova Is Short (XOM) Call Spread; Terranova Is Short (GENZ) Call Spread; Terranova Is Short (OIH)& (OIH) Puts; Terranova Is Short (RIG)& (RIG) Puts; Terranova Is Short (FCX)& (FCX) Puts; Terranova Is Short (RIMM)& (RIMM) Puts; Terranova Is Short (IBM) Calls