Following are the day’s biggest winners and losers. Find out why shares of Citigroup and Disney popped while United Airlines and U.S. Steel dropped.
POPS (stocks that jumped higher)
Citigroup (C) popped 6%. The bank was one of the biggest Dow gainers on the Fannie/Freddie news. - I think it could pop for another day or two, says Guy Adami.
Disney (DIS) popped 5%. Media stocks basked in the afterglow of the Freddie and Fannie bailout. The move potentially removes some of the extreme downside scenarios that could spill into the general economy. – I’m long, exclaims Jeff Macke.
Novo Nordisk (NVO) popped 3%. The world’s biggest maker of insulin popped after reporting that a phase 3 clinical study of a new diabetes drug showed positive results.
DROPS (stocks that slid lower)
United Airlines (UAUA) dropped 11%. At one point Monday morning the stock fell 76% amid rumors the company was filing for bankruptcy, after a 2002 report was mistakenly republished on the Florida Sun-Sentinel website. – I’d just stay away, says Karen Finerman.
U.S. Steel (X) dropped 5%. Prices continued their downward trend due to slower demand. – That’s a concern, says Pete Najarian.
London Stock Exchange. Britain’s exchange halted trading for 7 hours Monday after a computer glitch prevented orders from being placed. The exchange will not give details on what caused the problem.
Oracle (ORCL) dropped 4%. A Pacific Crest analyst warned that revenues for the company this quarter could miss the Street’s expectations. – The stock looks interesting on a valuation basis, says Guy Adami.
Google (GOOG) dropped 5%. The Association of National Advertisers rejected a proposed Internet search advertising partnership between Yahoo and Google.
Huntsman Corp (HUN) dropped 12%. Financial advisers said its buyout by Hexion Specialty Chemicals could result in an insolvent company.
YRC Worldwide (YRCW) dropped 7%. The trucking company warned that it expects a loss in its third quarter, due to low levels of shipments ahead of the holiday season.
Nokia (NOK) dropped 4%. Deutsche Bank cut its rating to “Hold” from “Buy” after the company’s warned last week that it would lose market share.
Sovereign Bancorp (SOV) dropped 7%. The company holds $623 million worth of stocks in Fannie and Freddie and now faces eliminated dividends.
Sandisk Corp (SNDK) dropped 6%. UBS cut its earnings estimates, citing an oversupply of flash memory.
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Trader disclosure: On Sept 8, 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 (DIS), (WMT), (MSFT) Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MST), (NUE); Najarian Owns (NVO); Najarian Owns (AAPL) And (AAPL) Collar; Najarian Owns (LEH) Put Spread And (LEH) Call Spread; Najarian Owns (MER) Put Spread; Najarian Owns (MS) And Is Short (MS) Calls; Najarian Owns (NOK) And Is Short (NOK) Calls; Najarian Owns (RIMM) Call Spread; Najarian Owns (XLF) And (XLF) Collar; Finerman Owns (GS); Finerman's Firm And Finerman Own (FLS); Finerman's Firm And Finerman Own (C) Leaps; Finerman's Firm Owns (HUN) Leaps; Finerman's Firm Owns (MO), (MSFT), (NOK), (SUN), (TSO), (VLO), (GE); Finerman's Firm Is Short (XLF), (IYR), (IJR), (MDY), (SPY), (IWM), (BAC), (COF); Finerman's Firm Is Short (BBT) And Owns (BBT) Puts
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