Following are the day’s biggest winners and losers. Find out why shares of State Street and Evergreen Solar popped while Exxon and Kimberly-Clark dropped.
POPS (stocks that jumped higher)
State Street (STT) popped 7%. The company's quarterly profit rose 50% and it now sees 2008 revenue growth above its previous forecast. – The stock should work but remember it’s in the financial services space, says Guy Adami.
MercadoLibre (MELI) popped 4%. The Latin e-commerce and online trading platform popped for no clear reason.
Evergreen Solar (ESLR) popped 11%. The solar power company signed a new $1.2 billion contract with German-based IBC Solar AG.
IKON Office Solutions (IKN) popped 4%. The digital copier and printer maker raised its forecast citing higher margins.
Activision Blizzard (ATVID) popped 7%. The 'Guitar Hero' videogame publisher took a new ticker and traded higher after boosting its first quarter guidance.
Boston Beer Company (SAM). Although the stock actually dropped we’re giving it a pop because in the wake of the Anheuser-Busch InBev merger, its now America's largest beer maker.
DROPS (stocks that slid lower)
Exxon Mobil (XOM) dropped 4%. The world's largest company by market cap got whacked by oil's big decline. I’d play Suncor and Petrobras instead, says Joe Terranova.
Kimberly-Clark (KMB) dropped 6%. The 'Huggies' maker dropped after Credit Suisse cut the company's price target. – I’d rotate over to P&G, says Jeff Macke.
Consol Energy (CNX) dropped 6%. Shares of the coal and gas producer slid on lower coal futures. – I think the resource area is cracked, says Tim Seymour.
Hess Corp. (HES) dropped 7%. The integrated oil company dropped as oil dropped. – They’re directly tethered to the price of crude, explains Joe Terranova.
Eaton Corp. (ETN) dropped 7%. The industrial manufacturer, and maker of the new Corvette ZR-1's supercharger cut its forecast for the year citing customer weakness.
Polaris (PII) dropped 4%. The snowmobile and ATV maker slid despite beating the Street.
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Trader disclosure: On July 15, 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 (USO), (GS), (INTC), (MSFT), (WMT), (ATVID); Adami Owns (AGU), (C), (BTU), (GS), (INTC), (MSFT), (NUE); Seymour Owns (AAPL), (F), (INTC), (MER), (MSFT), (TSO); Seygem Asset Management Owns (EEM), (VIP); Terranova Owns (YHOO), (INTC), (RIMM),(SU), (VLO), (IYT), (XLF), (LUV), (BNI), (CME), (GOOG), (FCX); Terranova Is Short 30 Year U.S. Bond Futures (Sept.); Terranova Owns Dollar Index Futures (Sept.); Terranova Owns (SA)
Terranova is chief alternatives strategist at Phoenix Investment Partners;Phoenix Investment Partners Owns (IGE), (DBC), (DBV), (RWX), (AMZN), (AAPL), (ABT), (AMD), (ATI), (AW), (BA), (BAC), (BNI), (BSC), (BUD), (C), (CHK), (COH), (COP), (CSX), (CSCO), (CME), (CVX), (DAL), (DNA), (DVN), (FCX), (FNM), (FRE), (GOOG), (GS), (HAL), (HOT), (HES), (IBM), (INTC),(ICE), (JNJ), (JNPR), (JPM), (LEH), (LUV), (M), (MEE), (MON), (MOS), (MS), (MSFT), (NCC), (NUE), (NYX), (NDAQ), (OC), (PBR), (POT), (RBN), (RSG), (RIMM), (SU), (SUN), (SWKS), (TIE), (TSO), (USB), (VLO), (WB), (X), (XOM), (YHOO)