Sears Holdings (SHLD) popped 5%. After taking a hit on a weak Q3 financial report, Sears Holdings Corp. shares rose 5.2%, to $111.03 as company Chairman Edward Lampert jumped to its defense. – Jeff Macke says there’s no reason to own this stock.
Lennar (LEN) popped 6%. The homebuilder sold land for $525m, originally valued at $1.3B. Separately, Hank Paulsen pushed subprime plan to help homeowners. – Avoid the entire space, says Guy Adami.
Novo Nordisk (NVO) popped 4%. The drug maker fell on little news.
DROPS (stocks that slid lower)
E*Trade (ETFC) dropped 11%. The online broker tumbled 11% after Banc of America analyst cut rating to sell, calling the broker a "dwindling asset." - Jeff Macke says run away.
Research in Motion (RIMM) dropped 8%. The maker of Blackberry handsets fell after a Morgan Keegan analyst downgraded it citing valuation. – The stock has gone up too fast, says Pete Najarian.
Verifone (PAY) dropped 46%. The maker of payment processing equipment tumbled after the company said it restated profits by 80%, citing accounting errors. Company said it would restate earnings from first three quarters of '07. – Guy Adami suspects this stock has more downside.
Big Lots (BIG) dropped 6%. The discount retailer Big Lots fell to a 52-week low after a Wedbush Morgan analyst cut her price target citing softness for the upcoming holiday season. Karen Finerman reveals she’s short BIG.
Avis Budget (CAR) dropped 6%. The car rental company dropped on little news. – Anything auto related isn’t good, right now, says Guy Adami.
Fannie Mae (FNM) dropped 6%. The largest source of money for U.S. home loans dropped on a Goldman analyst cut.
The McGraw-Hill Companies (MHP) dropped 6%. The parent company of rating agency Standard and Poors fell as fears that the credit crunch might linger and depress its rating business. – Guy Adami anticipates the stock will move lower from here.
MBIA (MBI) dropped 7%. Shares of the mortgage bond insurer fell following a Banc of America downgrade. The bond insurer is down 53% YTD.
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Trader disclosure: On Dec. 3, 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), (DIS), (COH); Najarian Owns (ETFC); Najarian Owns (COP) Options,(HANS) Options, (TSL) Options; Finerman's Firm Owns (SKS), (TSO), (WMT), (CROX), (KSS); Finerman's Firm Owns (MSFT) Options; Finerman's Firm And Finerman Own (GS); Finerman's Firm Owns (AEO); Finerman's Firm Is Short (BIG), (LEN), (MBI), (SPY), (IYR), (IWM), (IJR); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts; Finerman's Firm Owns Russell 2000 Puts; Finerman's Firim Is Short (MDY) And Owns (MDY) Puts