PDL BioPharma (PDLI) popped 22%. The maker of cancer drugs, which failed to sell itself last year, announced it would spin off its biotech division. – Looks good to me, says Jon Najarian.
Bank of New York Mellon (BK) popped 5%. The company said a $22 billion money-laundering lawsuit brought by the Russian customs service was "unenforceable.''
Washington Mutual (WM) popped 7%. You might say it’s been one wild week for this bank, which only Monday announced plans to sell a stake in itself in return for cash.
Fast Money babies. Two Fast Money staffers became new parents this week. Our director, Dan Switzen, is now a proud new father of Zachary Ryan Switzen (7 pounds and 13 ounces). And our CNBC staff attorney Aisha Royall gave birth to a 6 pound boy, Frederick Everett Royall.
DROPS (stocks that slid lower)
American Airlines (AMR) dropped 10%. The airline was forced to cancel more than 3,000 flights this week to repair wiring in its MD-80s. – Trim your position, counsels Jeff Macke.
The Gap (GPS) dropped 6%. The nation's largest specialty retailer posted a wider than expected same-store-sales decline. Stay away from specialty retail, says Jeff macke.
Beazer Homes (BZH) dropped 7%. Homebuilders got roughed up this week, despite congressional efforts to push through a housing aid bill. – I see room on the downside, says Guy Adami.
Zoran (ZRAN) dropped 10%. The maker of chips and software for DVD and digital photography equipment was downgraded to “underperform” from “buy” at Jeffries. – I think this stock could go a lot lower, speculates Jon Najarian.
Hershey (HSY) dropped 8%. The nation's largest candy company received a downgrade from Sanford C. Bernstein & Co. because of rising input costs. – Hmmm, says Jeff Macke.
Lehman (LEH) dropped 10%. The bank liquidated three funds worth a total of $1 billion, on "market disruptions."
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Trader disclosure: On Apr. 11, 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), (MSFT); Jon Najarian Owns (AAPL), (AMR), (FDX), (PDLI), (TSO); Jon Najarian Is Short (HOG), (IBM), (WB); Seymour Owns (AAPL), (CSCO), (MER), (MSFT), (TSO), (INTC); Seygem Asset Management Owns (TSM), (COP), (SSL), (EEV); GE Is The Parent Company Of CNBC