Chico’s FAS (CHS) popped 3%. Same-store sales declined at a rate that was slightly less than expected. – The man he ain’t so hard to understand, says Jeff Macke as a nod to the 1970’s sitcom "Chico and the Man".
Collective Brands (PSS) popped 11%. Shoe shopping remains a favorite American pastime with Payless reporting better-than-expected sales. – I’d take a little profit, says Karen Finerman.
DROPS (stocks that slid lower)
Caterpillar (CAT) dropped 6%. A top drag on the Dow, investors sold-off this stock on concerns that the economic slowdown is worsening. – I’d buy it around $61, says Guy Adami.
American Express (AXP) dropped 5%. Lehman cut estimates and reduced its price target on the stock to $27 from $42. – I’d like this stock 10% lower, says Karen Finerman.
Hovnanian (HOV) dropped 17%. The homebuilder reported a larger-than-expected quarterly loss. – This ain’t the bottom yet, exclaims Pete Najarian.
Limited Brands (LTD) dropped 6%. Same-store sales declined 7%, slightly more than analysts predicted. – I can’t imagine why anyone would want to be long, says Jeff Macke.
Yahoo! (YHOO) dropped 5%. Shares dipped to nearly a 5-year low adding to investor dissatisfaction with CEO Jerry Yang. – That guy has got to be the worst CEO ever, says Guy Adami.
Lockheed Martin (LMT) dropped 2%. The stock followed through on bearish bets, with a large volume of LMT puts trading in the options market. – There’s nothing wrong with this stock, it just hit a 52-week high and investors are taking profits, says Pete Najarian.
The Gap (GPS) dropped 4%. Same-store sales declined 8%; ironically they beat the analysts’ estimates. – I think it’s a buy around $17.50, says Guy Adami.
Ciena Corp. (CIEN) dropped 4%. The communications equipment maker warned its experiencing order delays from its customers. – I’d stay away, says Pete Najarian.
Abercrombie & Fitch (ANF) dropped 7%. Same-store sales fell 11% last month, as consumers turned to cheaper alternatives – It’s a tough market in a bad economy, says Jeff Macke.
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Trader disclosure: On Sept 4, 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), (UUP), (ATVI), (MSFT), (CY), (EMC): Adami Owns (C), (GS), (INTC), (AGU), (BTU), (MSFT), (NUE): Finerman Owns (GS): Finerman's Firm Owns (AAPL) Call: Finerman's Firm Owns (AEO), (MSFT), (NOK), (SUN), (TSO), (VLO), (JCP), (JNJ), (RIG), (PDE); Finerman's Firm And Finerman Own (C) Leaps; Finerman's Firm Is Short (BAC), (XLF), (IYR), (IJR), (MDY), (SPY), (IWM), (COF), (WFC), (BBT), (WB); Finerman's Firm Owns (JCG) Calls. (IRF) Calls: Pete Najarian Owns (AAPL) And (AAPL) Collar; Pete Najarian Owns (LEH) Call Spread, (LEH) Put Spread; Pete Najarian Owns (LMT) Put Spread; Pete Najarian Owns (MS) And Is Short (MS) Calls; Pete Najarian Owns (NOK) And Is Short (NOK) Calls; Pete Najarian Owns (XLF) And (XLF) Collar
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