Prudential (PRU) popped 5%. Barron’s recommended the stock as a good buy. – I’m lukewarm on it, says Karen Finerman.
Goodyear Tire (GT) popped 4%. The company reached a settlement with United Steel Workers. – I would sell the rally, counsels Jeff Macke.
Staples (SPLS) popped 2%. The office products retailer jumped ahead of Wednesday’s earnings report. – I’m not optimistic about their numbers, says Karen Finerman.
Carnival (CCL) popped 5%. Minimal damage from Gustav sent shares higher; the cruise line sails out of New Orleans. – I’d sell, says Jeff Macke.
Sciele Pharma (SCRX) popped 59%. A Japanese drugmaker agreed to buy the company for a 61% premium.
Regions Financial (RF) popped 19%. Alabama’s biggest bank said it will obtain all deposits from Integrity Bank of Alpharetta, in a state and federal planned transaction.
DROPS (stocks that slid lower)
Gilead Sciences (GILD) dropped 4%. The biotech received a downgrade from Bank of America to “Neutral” from “Buy.” – I think the dip is a buying opportunity, says Guy Adami.
Chesapeake Energy (CHK) dropped 6%. The natural gas producer agreed to sell a 25% stake in its Fayetteville Shale assets to a unit of BP. – Commodities are falling across the board, reminds Pete Najarian.
Bucyrus (BUCY) dropped 11%. JP Morgan gave the company a “neutral” rating, citing uncertainty in the global economy. – I think it’s getting interesting, says Guy Adami.
Lazard (LAZ) dropped 5%. The NY investment bank announced plans to sell up to $334 million of stock in the company
Emerging Markets Fund (EEM) dropped 3%. Merrill Lynch downgraded Russia to neutral, citing high inflation and political turbulence.
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Trader disclosure: On Aug 28, 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 (WMT), (MSFT), (UUP); Macke Is Short (TM); Najarian Owns (ETFC); Najarian Owns (LEH) Put Spread, (LMT) Put Spread; Najarian Owns (SCHW) Call Spread, (LEH) Call Spread; Najarian Owns (MS) And Is Short (MS) Calls; Najarian Owns (AAPL) And An (AAPL) Collar; Najarian Owns (XLF) And An (XLF) Collar; Adami Owns (C), (GS), (INTC), (AGU), (MSFT), (NUE), (BTU); Finerman Owns (GS); Finerman's Firm And Finerman Own (KALU); Finerman's Firm Owns (MSFT), (SUN), (VLO), (TSO); Finerman's Firm Is Short (BA); Finerman's Firm Owns (AAPL) Calls, (JCG) Calls; Finerman's Firm And Finerman Own (C) Leaps; Finerman's Firm Is Short (IYR), (IJR), (SPY), (IWM), (MDY)
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