Following are the day’s biggest winners and losers. Find out why shares of Nike (NKE) and Qualcomm (QCOM) popped while Target (TGT) and Mastercard (MA) dropped.
POPS (stocks that jumped higher)
Nike (NKE) popped 4%. Higher sales in China and Europe led the world's largest sneaker company to beat 2nd quarter profit expectations. – Jeff Macke “loves” this stock.
Qualcomm (QCOM) popped 2%. Qualcomm boosted earnings guidance on increased demand for its code-division, or CDMA, technology. – Pete Najarian feels “they have some problems.” Stay away.
Blue. ThePanTone Color Institute named "Blue Iris" the color for 2008, taking the reigns from from "Chili Pepper Red" in 2007. Also, Paul Karason has been living with blue skin for the last 14 years, after drinking a solution of colloidal silver, which is made by extracting silver from metal, to cure a case of dermatitis.
Lear (LEA) popped 3%. The auto parts maker increased its 2007 profit forecast by 10%.
Eaton Corp. (ETN) popped 6%. The hydraulic equipment maker paid out $2.8 billion for Moeller Group of Germany and Phoenixtec Power of Taiwan to broaden their exposure to international growth as US revenues slow.
Howmanyfiveyearoldscouldyoutakeinafight.com. Here’s a link to the website Dylan and the gang were talking about.
DROPS (stocks that slid lower)
Target (TGT) dropped 3%. The retailer delayed a decision to sell its $7 billion in credit card receivables, citing current market conditions. – Karen Finerman is cautious.
Mastercard (MA) dropped 3%. The credit card company fell, despite a Bear Stearns upgrade this morning. – Bear Stearns price target is $215 says Guy Adami, and I concur.
Rite Aid (RAD) dropped 32%. The third-largest U.S. drugstore chain, lost the most in 5 years. It posted a wider loss than analysts expected, and cut its '08 forecast again on slowing sales of cold medicine and holiday items. – It’s been a tough year for this company Jeff Macke says.
ConAgra Foods (CAG) dropped 3%. The food conglomerate behind Chef Boyardee, Swiss Miss and Slim Jim fell on concerns rising soft commodity prices would put pressure on profit margins.
Leggett & Platt (LEG) dropped 6%. Restructuring costs led this maker of mattress springs and lumbar supports to forecast a net loss in the 4th quarter. – Guy Adami says with the housing slowdown, it’s not a good business right now.
Worthington Industries (WOR) dropped 7%. The steel processor announced a fall in 2nd quarter earnings, a drop driven by weakness in autos and construction. – They could be a takeover candidate, suggests Pete Najarian.
Ruth's Chris Steak House (RUTH) dropped 9%. Lower traffic hurt the steakhouse, and forced a profit outlook cut for '07.
JetBlue (JBLU) dropped 5%. Rising fuel costs, weakening demand, and competition from Richard Branson-backed Virgin America putting JetBlue's survival at stake, according to Bloomberg.
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Trader disclosure: On Dec. 20, 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 (YHOO), (INTC), (EMC), (DIS); Pete Najarian Owns (C), (MS), (MSFT), (RHT), (TGT); Pete Najarian Owns (YHOO) Options, (EMC) Options, (GOOG) Options, (RIMM) Options; Pete Najarian Owns Shares Of NetSuite; Finerman's Firm Owns (WMT), (YHOO), (GS), (BEAS), (PLCE),(VCLK); Finerman's Firm Is Short (SPY), (IYR), (IJR), (MDY), (IWM); Finerman's Firm Owns S&P Puts; Finerman's Firm Owns Russell 2000 Puts; Finerman's Firm Is Short (LEH) And Owns (LEH) Puts; Finerman's Firm Is Short (MBI) And Owns (MBI) Puts