Coach (COH) popped 6%. The handbag maker beat profit estimates and showed a 21% jump in sales for the quarter, which included Christmas. – Part of the retail melt-up, says Karen Finerman.
Brinker International (EAT) popped 22%. The restaurant company behind Chili's and Romano's Macaroni Grill exploded higher after a sale of 76 Chili's locations to a franchisee supported profits that would have otherwise been hurt by slowing consumer spending and increasing costs. – These stocks are way oversold, says Jeff Macke.
Small Cap ETF (IWM) popped 3%. It was a tremendous move north for the battered Russell 2000. – You might see some uptick over the next few days, says Guy Adami.
AT&T (T) popped 2%. The phone company overcame news of Apple's disappointing forecast to advance ahead of earnings Thursday. – I think the iPhone will do better, says Pete Najarian.
Starbucks (SBUX) popped 8%. The company, which popularized $4 lattes across America dropped prices of small cups of coffee to $1 in Seattle, where it is testing this new pricing structure, and "free refills" too.
Ethan Allen Interiors (ETH) popped 26%. The home furnishing store beat profit estimates.
DROPS (stocks that slid lower)
Motorola (MOT) dropped 19%. The mobile phone maker was slaughtered after it lost market share to Apple and Samsung sending profits down 84% last quarter. The company also forecast an unexpected loss in the 1st quarter. – Stay away, says Pete Najarian.
Tom Brady. Just two weeks away from facing the New York Giants in the Super Bowl, New England Patriots Quarterback Tom Brady is being called a "traitor" by Boston newspapers, after being photographed wearing a Yankees hat while holding hands with girlfriend Gisele in New York's West Village.
PetSmart (PETM) dropped 1%. Weak sales forced this pet store chain to sharply lower its profit forecast for the 4th quarter, to 61 cents from 74 cents. – Stay out of this stock, says Jeff Macke.
Flowserve (FLS) dropped 1%. The maker of pumps and valves was down on the day for no clear reason. – I think it's a buy, says Karen Finerman.
Praxair (PX) dropped 3%. Although it beat analyst expectations for profit and revenue, shares of this industrial gas producer still deflated.
First Cash Financial Services (FCFS) dropped 34%. Jefferies cut this pawn shop operator to "hold" from "buy."
Ashtrays. Once a standard item in nearly every car in America, ashtrays and electric lighters could scarcely be found in most vehicles on display at the Detroit auto show this year. Experts say a combination of pressure from anti-smoking groups and demand for more cup holders have edged out the once ubiquitous ashtray. You can still get an ashtray if you like, by buying a "smokers group" option that costs between $15 and $100.
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Trader disclosure: On Jan 23, 2008, 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 (BIIB), (C), (CSCO), (EBAY), (MCD), (MSFT); Najarian Owns (AAPL) Calls, (COP) Calls, (NSC) Calls, (WM) Calls, (YHOO) Calls, (YRCW) Calls; Finerman Owns (GS), (M); Finerman's Firm Owns (MO), (ODP), (TSO), (YHOO), (AEO), (CROX), (HD), (WMT); Finerman's Firm And Finerman Own (FLS); Finerman's Firm Is Short (SPY), (MDY), (IJR), (IWM), (SPG); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts