Manitowoc (MTW) dropped 11%. The cranes and construction equipment supplier pummeled, after the company indicated that a big jump in its backlog last quarter was not necessarily a signal that sales were accelerating. – Pete Najarian believes MTW will go higher.
Garmin (GRMN) dropped 7%. The Street took down this GPS navigation company on concerns that a bidding war may erupt between Garmin and TomTom over TeleAtlas. – Karen Finerman feels it’s a great product but also feels the valuation is high.
Target (TGT) dropped 5%. Target missed the bullseye, as the retailer followed the market south. – Jeff Macke is sticking with TGT.
We didn’t have time on the TV show to talk about the “drops” listed below, but we thought you might be interested in reading about them.
Radian Group (RDN) dropped 14%. The nation's third-biggest mortgage insurer reporting a $700 million loss, as the slumping housing market and high defaults forced the company to post its first ever quarterly loss as a publicly traded company.
Cameco (CCJ) dropped 8%. More delays in the clean-up at Cigar Lake, the uranium mine that was flooded last year, sent shares lower. Production, which was slated to begin this year, has been pushed back to 2011.
Emerging Markets ETF (EEM) dropped 4%. A combination of lower oil and questions over future Fed rate cuts, sent the emerging market names lower.
Fresh Del Monte Produce (FDP) dropped 14%. Shares of the fruit and vegetable supplier went rotten, after the company announced a public offering of 12 million shares - which investors expect will water-down earnings per share.
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Trader disclosure: On Nov. 1, 2007, 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 (ATVI), (YHOO), (INTC); Najarian Owns (BHI) Options, (C) Options, (GOOG) Options, (GS) Options, (HAL) Options, (YHOO) Options, (BHP) Options; Finerman's Firm Owns (TSO),(WMT), (YHOO), (NMX), (BEAS), (GS), (NVT); Finerman's Firm And Finerman Own (KFT), (FLS); Finerman's Firm Owns (C) Options, (MSFT) Options, (NVT) Options, (CROX) Options; Finerman's Firm Is Short (IWM), (SPY), (MDY), (BIG); Finerman's Firm Is Short (MER) And Own (MER) Puts; Finerman's Firm Owns Russell 2000 Puts; Finerman's Firm Owns S&P 500 Puts