Following are the day’s biggest winners and losers. Find out why shares of Cisco and Merck popped while IBM and Xerox dropped.
POPS (stocks that jumped higher)
Cisco (CSCO) popped 4%. Barclay’s upgraded the networking giant to ‘overweight’ from ‘equal weight’ citing stronger demand. - I think it could break-out to the upside, muses Guy Adami.
Merck (MRK) popped 2%. The company won an agreement to market Australia-based vaccine maker CSL’s Afluria flu drug in the US. - Not too bad, says Jon Najarian.
CBS (CBS) popped 6%. The media company has plans to announce a partnership with GlobalPost, an international online news service. - I think the P/E is getting rich, says Joe Terranova.
Hartford Financial (HIG) popped 11%. The insurance giant moved significantly higher for no clear reason. - All I can think of is.. they have a new ad campaign, says Steve Grasso.
Starbucks (SBUX) popped 4%. William Blair issued a note saying cost savings are benefiting the company and same store sales are improving. - I like this stock, says Jon Najarian.
Tenet Healthcare (THC) popped 7%. Moody's raised the company’s rating outlook to ‘positive’ after its successful capital raising efforts.
Bob Evans Farms (BOBE) popped 6%. Sidoit & Co. upgraded the restaurant owner to ‘buy’ from ‘neutral’ citing increased consumer spending and lower costs.
DROPS (stocks that slid lower)
IBM (IBM) dropped 1%. Big Blue moved higher early in the day but then gave back gains and then some. - I don't like that it traded below $120 on a good tape, says Guy Adami.
Xerox (XRX) dropped 14%. The company announced plans to buy Affiliated Computer Services Inc (ACS.N) for $5.5 billion to move into the outsourcing business, but shares of the printing company plunged on concerns that it was gambling on a major shift in strategy.
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Trader disclosure: On Sept. 28th, 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 (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Terranova Owns (F), (KCE), (SUN), ABT); Terranova Is Short (CCL), (ESS); Terranova Works For (VRTS); Grasso Owns (AAPL), (ABK), (BAC), (C), (COST), (CSCO), (PFE), (V), (WMT); J. Najarian Owns (AAPL), (ACI), (BAC), (BX), (GHL), (GS), (SF), (TTWO),, (WFC), (MU), (PXP); J. Najarian Is Short (V); J. Najarian Owns (RIMM) & (RIMM) Calls
For Steve Grasso
Stuart Frankel Owns (ACS)
Stuart Frankel Owns (GERN)
Stuart Frankel Owns (HSPO)
Stuart Frankel Owns (MSFT)
Stuart Frankel Owns (NWS.a)
Stuart Frankel Owns (NYX)
Stuart Frankel Owns (PFE)
Stuart Frankel Owns (PDE)
Stuart Frankel Owns (ROK)
Stuart Frankel Owns (XOM)
Stuart Frankel Owns (PFE)
Stuart Frankel Owns (SDS)
Stuart Frankel Is Short (QQQQ)
For Dennis Gartman
Gartman Owns Gold In Euros
Gartman Owns 10-Year Bonds
Gartman Owns (AAPL)
For Geoff Porges
A Member of Porges' Household Owns (VRTX)
A Member of Porges' Household Owns (EXEL)
Sanford Bernstein Owns (HGSI)
Sanford Bernstein Owns (GILD)
Sanford Bernstein Owns (AMGN)
Sanford Bernstein Owns (CELG)
Sanford Bernstein Owns (VRTX)
Sanford Bernstein Makes A Market In (HGSI)
Sanford Bernstein Makes A Market In (GILD)
Sanford Bernstein Makes A Market In (GENZ)
Sanford Bernstein Makes A Market In (BIIB)
Sanford Bernstein Makes A Market In (AMGN)
Sanford Bernstein Makes A Market In (CELG)
Sanford Bernstein Makes A Market In (VRTX)