Following are the day’s biggest winners and losers. Find out why shares of Long's and Panera popped while Tesoro and US Steel dropped.
POPS (stocks that jumped higher)
Longs Drug Stores (LDG) popped 6%. The drug store received a takeover bid from Walgreen, a few days after receiving one from CVS.
Panera Bread Company (PNRA) popped 3%. The bakery-café franchise reaffirmed its third quarter earnings forecast.
Coca-Cola (KO) popped 1%. The beverage maker was one of the few Dow components to close higher with investors betting on Coke’s international expansion plans.
DROPS (stocks that slid lower)
Tesoro (TSO) dropped 16%. Tesoro along with most of the refiners dropped after Ike passed through the Gulf without doing too much damage. – I would move to the sidelines, says Joe Terranova.
US Steel (X) dropped 11%. The steel giant along with the sector fell on uncertainty in the housing and credit markets. – This stock is trading where it started the year, says Guy Adami.
Research In Motion (RIMM) dropped 7%. The maker of the Blackberry slipped on concerns that banks and brokerages make up the company’s most important customers. – A lot of BlackBerry users lost their jobs today, says Pete Najarian.
Take-Two (TTWO) dropped 24%. The U.S. video game publisher plunged after rival Electronic Arts decided to abandon its takeover bid. – It was a bad day to come out with this news, says Jeff Macke.
Lowe’s (LOW) dropped 4%. A Credit Suisse analyst lowered his rating and said he does not expect the housing market turn in the next year.
Vornado (VNO) dropped 15%. With a large presence in New York City this REIT (and others) took a hit on fears that Lehman works will no longer shop or eat at nearby stores.
General Motors (GM) dropped 12%. Despite crude oil hitting a 7 month low, the auto maker dropped on the widely held belief that tighter credit markets lie ahead.
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Trader disclosure: On Sept 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 (WMT), (TTWO), (MSFT); Adami Owns (AGU), (BTU), (C), (GS), (MSFT), (INTC),( NUE); Najarian Owns (AAPL) And (AAPL) Collar; Najarian Owns (AMGN) Call Spread; Najarian Owns (MS) And (MS) Collar; Najarian Owns Owns (NOK) And Is Short (NOK) Call; Najarian Owns (RIMM) Call Spread; Najarian Owns (TSO) Call Spread; Najarian Owns (WB) Puts; Najarian Owns (XLF) And (XLF) Collar; Terranova Owns (NOV), (X), (POT), (FCX), (EOG), (AAPL), (GS), (KOL), (VLO), (SA); Terranova Owns (AIG) Puts And Owns (AIG)
Terranova Is Chief Alternatives Strategist Of Phoenix Investment Partners, Ltd.: Phoenix Investment Partners Owns More Than 1% Of (ABD), (ARE), (BIG), (BRE), (CNTY), (CNW), (CLB), (OFC), (DLM), (DRH), (DLR), (EPR), (ESS), (EXR), (AGM), (FL), (GBL), (GNET), (IGE), (LNET), (MAC), (OIIM), (PSPT), (DBC), (DBV), (SLB), (GWX), (SSYS), (SKT), (UA), (BIV), (VV), (BLV); Phoenix Investment Partners Owns More Than 1% Of Goldman Sachs Financial Square Fund - Money Market Fund; Phoenix Investment Partners Owns More Than 1% Of Seagate Technology Tax Refund Rights
Terranova Is Co-Portfolio Manager Of The Phoenix Diversifier PHOLIO; Phoenix Diversifier PHOLIO Owns (IGE), (DBC), (DBV)
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