Following are the week’s biggest winners and losers. Find out why shares of Cisco (CSCO) and Lehman (LEH) popped while Freeport McMoRan (FCX) dropped.
POPS (stocks that jumped higher)
Cisco (CSCO) popped 5%. The tech bellwether that brought down nearly all of Silicon Valley last week, rebounded with a $10 Billion increase in its stock buyback. – Pete Najarian thinks the stock will continue to go higher.
Advanced Micro Devices (AMD) popped 2%. The chip maker surged after the Abu Dhabi government bought an 8.1% stake for $622 million. – Sell the rally says Guy Adami.
Lehman (LEH) popped 7%. The 4th largest securities firm said on Wednesday that it was 'net-short' mortgage debt positions. – This is a good time to short Lehman says Karen Finerman.
Delta Airlines (DAL) popped 21%. Shares gained altitude amid a flurry of merger speculation between Delta and United Airlines. – Jeff Macke recommends selling the airline stocks.
Corning (GLW) popped 10%. The world's largest maker of LCD glass for flat-screen televisions upped its profit outlook for the fourth quarter. – Pete Najarian likes this company.
Garmin (GRMN) popped 14%. he GPS navigation firm withdrew its bid to buy rival Tele Atlas. – They signed a deal with NAVTEQ which Karen Finerman likes.
Jack in the Box (JBX) popped 17%. Shares of the fast food chain rose the most in over a decade after beating fourth quarter profit estimates. – Jeff Macke likes JBX.
Sotheby's (BID) popped 16%. The auction house bid higher after Wednesday night's $316 million contemporary art auction set a record.
Crocs (CROX) popped 10%. The maker of the popular rubber clogs began to climb back, after a lowered forecast hammered shares earlier this month. – Karen Finerman still thinks CROX stock is undervalued.
Johnson & Johnson (JNJ),Pfizer (PFE) both popped 3%. Big Pharma is one sector with consistent strength in this topsy-turvy week: - Pete Najarian likes JNJ for Warren Buffet.
Drops: (stocks that slid lower)
Freeport McMoRan (FCX) dropped 9%. Slumping metals prices sent this miner lower.
Derek Jeter. The Yankee shortstop might owe New York State millions in back-taxes for claiming his primary residence was in Florida. Florida has no personal income tax.
POP and then a DROP:
Serendipity. New York restaurant Serendipity, made popular by the movie of the same name, popped into the record books last week with its $25,000 "Frozen Haute Chocolate", the most expensive dessert according to the Guinness Book of World Records. But, just days later, the famed restaurant dropped out of business temporarily due to a mouse and cockroach infestation.
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Trader disclosure: On Nov. 16, 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 (INTC), (YHOO); Najarian Owns (EMC); Najarian Owns (CSCO) Options, (MSFT) Options,(YHOO) Options, (GOOG) Options; Finerman Owns (ASD); Finerman's Firm And Finerman Own (FTWR), (GS); Finerman's Firm Owns (KSS), (WMT), (CROX), (YHOO),(NYX); Finerman's Firm Owns (BEAS) Options, (BIIB) Options, (NVT) Options, (NMX) Options, (MSFT) Options; Finerman's Firm Is Short (LEH), (MTW), (IJR), (IYR), (MDY), (IWM), (SPY); Finerman's Firm Owns Russell 2000 Puts; Finerman's Firm Owns S&P 500 Puts; Finerman's Firm And Finerman Owned (FTWR) On 9/11/07; Finerman's Firm Owned (BIIB) Options On 11/8/07; Finerman's Firm Owns (HD) And (HD) Options, Finerman Owns (HD)
