Schlumberger (SLB) popped 6%. The world’s biggest oilfield contractor advanced higher for the week but paired some of those gains Friday. - Stable oil prices would be good for oil services stocks, says Joe Terranova.
Fluor Corp (FLR) popped 10%. The engineering firm was picked to manage England’s largest construction job, the Crossrail. - If you believe in the global industrial buildout trade go with this company, counsels Zach Karabell.
NVIDIA Corp. (NVDA) popped 5%. The maker of computer-graphics chips announced a stock-buyback plan. - I think now you have a floor in this stock, says Guy Adami.
Chesapeake Energy (CHK) popped 4%. The energy giant plans to spin-off its natural-gas gathering business. - Natural gas can't seem to find a bottom, says Joe Terranova. Stay away.
Massey Energy (MEE) popped 11%. Analysts at UBS upgraded the stock from “Neutral” to “Buy.” - I'd stay away, says Quint Tatro. It's not for me.
Limited Brands (LTD) popped 12%. The parent company of Bath & Body Works and Victoria’s Secret delivered better-than-expected earnings. - The stock is kind of sexy too, says Zach Karabell.
DROPS (stocks that slid lower)
Wachovia (WB) dropped 8%. The nation’s fourth-largest bank said it will consider selling non-essential businesses. - If you want to play the financials play the XLF, counsels Quint Tatro.
General Motors (GM) dropped 7%. The automaker said it will spend more than $500 million to build a new plant in Ohio. - I think this stock is a dog, says Quint Tatro. Stay out of it.
Vale (RIO) dropped 5%. The Latin America based iron-ore producer slid along with metals and oil. - It's the premiere iron ore company of the world, says Zach Karabell.
Got something to to say? Send us an e-mail at firstname.lastname@example.org and your comment might be posted on the Rapid Recap! If you'd prefer to make a comment but not have it published on our website send your e-mail to email@example.com.
Trader disclosure: On Aug 22, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Karabell Owns (AAPL), (FMCN), (GLD), (GOOG), (JPM), (NOK), (SLB), (RIO), (WFR), (CHL), (WFR): Tatro Owns (C), (GS): Quint Tatro Is The Principal Of Tatro Capital: Tatro Capital Owns (AAPL), (FXI), (QQQQ), (SPY), (T), (XLF), (JWN), (SSO), (ENER), (ESLR): Jon Najarian Owns (AAPL), (BKC), (BRK.B), (C): Jon Najarian Owns (RIMM) Calls; (SCHW) Calls, (AKAM) Calls: Terranova Owns (RIMM), (GS); Terranova is Long Sept. Mini S&P Futures, Terranova Owns (AIG) Puts; Terranova Is Long October Crude Oil Futures: Terranova Is Long Crude Oil Time Spread (Long Dec. 2008, Short Dec. 2012)
Terranova Is Chief Alternatives Strategist Of Phoenix Investment Partners, Ltd.; Phoenix Investment Partners Owns More Than 1% Of (ABD), (ARE), (BRE), (CNTY), (CLB), (OFC), (DLR), (ESS), (EXR), (FL), (IAT), (IGE), (LNET), (MAC), (OIIM), (PSPT), (DBC), (DBV), (SLB), (SKT), (BLV)
Terranova Is Co-Portfolio Manager Of The Phoenix Diversifier PHOLIO
Phoenix Diversifier PHOLIO Owns (IGE), (DBC), (DBV)