Pops & Drops: Alcoa, Wells Fargo...
Following are the day’s biggest winners and losers. Find out why shares of Alcoa and Wells Fargo popped while Newmont Mining and Brown-Forman dropped.
POPS (stocks that jumped higher)
General Electric (GE) popped 20%. GE Capital began selling $8 billion of guaranteed bank notes backed by the FDIC’s Temporary Liquidity Guarantee Program. - Interesting, says Guy Adami.
Alcoa (AA) popped 14%. The largest US aluminum producer climbed along with the spot price of most commodities. - I don't think aluminum prices are going to recover that much, says Tim Seymour.
Wells Fargo (WFC) popped 18%. After Citigroup CEO Vikrim Pandit said his bank was having the best quarter since 2007, this and other banks stocks went along for the ride. - I'm not reading too much into it, says Zach Karabell.
SPDR S&P Homebuilders ETF (XHB) popped 11%. Hope springs eternal as broad optimism in the market lifted this sector. - I'd be a seller, says Tim Seymour.
Merck (MRK) popped 6%. The drug giant recovered from a plunge which followed its proposed purchase of Schering-Plough for $41.1 billion. - It's just a market move, says Zach Karabell, nothing more.
Wal-Mart (WMT) popped 2%. The stock climbed despite an analyst warning about higher labor costs if union-related legislation is passed. - It was caught in the up-vortex, says Karen Finerman. But I think the union could be a really bad thing for the stock.
Hewlett-Packard (HPQ) popped 6%. Although Goldman removed this firm from its conviction buy list, it still moved higher with the rest of the sector. - I think HPQ at current valuations is cheap, says Guy Adami.
Morgan Stanley (MS) popped 26%. Good news out of Citi sent investors rushing into this stock, widely considered a best of breed play. - Investors trust this name, says Tim Seymour.
Rohm & Haas (ROH) popped 5%. Despite their on-again, off-again romance, the chemical maker reached an agreement with Dow to be purchased for the original purchase price of $15.3 billion in cash. - They got the deal done, muses Karen Finerman.
DROPS (stocks that slid lower)
Proshares UltraShort Real Estate ETF (SRS) dropped 26%. The ETF that tracks double the inverse of real estate stocks dropped as positive sentiment lifted the real estate sector. - That's an enormous move, says Karen Finerman.
Newmont Mining (NEM) dropped 7%. The miners fell as investors rotated out of the sector due to a renewed appetite for risk. - The stock got way ahead of itself, says Guy Adami.
Brown-Forman (BF.B) dropped 10%. The maker of Jack Daniels reduced its full-year earnings outlook and fell short of expectations. - I have no idea how an alcohol maker loses money in a market that could drive you to drink, says Zach Karabell.
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Trader disclosure: On Mar. 10th, 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); Finerman's Firm Owns (MSFT); Finerman's Firm Owns (DNA) & (DNA) Calls; Finerman's Firm Is Short (BBT); Finerman's Firm Own (RIG); Finerman's Firm Is Short (IYR), (IJR), (IWM), (MDY), (SPY), (USO); Syemour Owns (AA), (BIDU), (EEM), (FXI), (TTM), (BAC), (TCK), (RSX); Karabell Owns (AAPL), (BHP), (FCX), (FXI), (GOOG), (GLD), (GE), (JPM)