Following are the day’s biggest winners and losers. Find out why shares of Apple and Monsanto popped while American Express and Cinemark dropped.
POPS (stocks that jumped higher)
Apple (AAPL) popped 3%. Piper Jaffray said they expect strong iPod sales in June. – Interesting, says Pete Najarian.
Monsanto (MON) popped 5%. The agriculture products company submitted its SmartStax insect and weed platform to the EPA for approval. – I think it could go to $150, says Joe Terranova.
Alcatel-Lucent (ALU) popped 4%. The communications provider won a billion dollar contract in China. - Looks like a selling opportunity to me, says Jeff Macke.
Mentor Graphics Corp. (MENT) popped 21%. Cadence Design offered to buy the electronics software developer for $1.4 billion. – That’s a big pop, says Pete Najarian.
DryShips (DRYS) popped 7%. Rival Genco Shipping instilled confidence in the sector by agreeing to purchase 6 new ships. – Don’t read too much into it, counsels Joe Terranova.
Canadian Solar (CSIQ) popped 10%. The China-based solar cell maker climbed after the company raised its 2008 revenue and output outlook.
DROPS (stocks that slid lower)
American Express Company (AXP) dropped 4%. Friedman Billings Ramsey reiterated its 'underperform' rating on the company. – There’s an insider selling, explains Guy Adami. If this cat is selling I ain’t buying.
Willie Randolph. After weeks of speculation that his job was in jeopardy, the Mets fired Randolph while most fans were sleeping, and sent out a press release announcing the decision at 3:15AM.
Washington Mutual (WM) dropped 8%. Goldman Sachs warned that US banks may need to raise $65 billion in new capital. – Wait for more capitulation, says Guy Adami, you didn’t see it today.
Cinemark Holdings (CNK) dropped 9%. Morgan Stanley downgrades the movie theater chain to 'equal-weight' from 'overweight' and lowered its price target. – Tough business to be in, says Jeff Macke.
Trouble The Dog. Leona Helmsley's well-heeled nine-year-old Maltese named Trouble had to give up $10 million of her inheritance after heirs and the NY Attorney General's office reached a settlement on grounds that Helmsley was mentally unfit when she made her will.
Citrix Systems (CTXS) dropped 5%. Friedman, Billings, Ramsey downgraded the company to 'Market Perform' from 'Outperform'. – Stay away, says Guy Adami.
Gheorghe Dobrescu. Residents of a Romanian village knowingly voted the deceased mayor of their village over Gheorge Dobrescu the sole living candidate for mayor. Said one voter, ""I know (the mayor) died, but I don't want change."
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Trader disclosure: On June 17, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (BTU), (NUE), (GS), (INTC), (MSFT); Macke Owns (INTC), (MSFT), (ATVI), (WMT); Najarian Owns (AAPL), (BHI), (CHK), (TSO), (XLF), (MYGN),(ENER); Najarian Owns (MS) Puts, (BAC) Puts; Terranova Owns (LUV), (FXC); Terranova Is Long Dec 2008 Crude Oil; Terranova Is Short Dec 2009 Crude Oil
Terranova is chief alternatives strategist at Phoenix Investment Partners; Phoenix Investment Partners Ltd. Owns (RWX), (DBC), (DBV), (IGE), (AAI), (ALK), (AMR,) (APA), BP plc, British Airways plc, (CHK), (CVX), (COP), (CAL), (DAL), ENI SPA, (XOM), Gazprom, (HA), (HES), (HOC), (HSE), (JBLU), Lukoil, (MRO), (MUR), (OXY), Petrobras Intl Fin, Petro-Canada, (PBR), Petroleos De Venezuela, (QAN), (RJET), Royal Dutch Shell plc A Shares, (SKYW), (LUV,) (SU), (TSO), Texaco Capital, Total SA, (UAUA), (LCC), (VLO)