Constellation Energy (CEG) popped 14%. Shares of the wholesale power producer rose on a report that a French nuclear company is nearing a deal with a private equity company that could top Buffett's bid.
Regions Financial (RF) popped 13%. Sandler O’Neil trimmed profit estimates but maintained a “Hold” rating and a $10 price target on this stock.
DROPS (stocks that slid lower)
Honda (HMC) dropped 7%. September sales fell 24% largely due to the fact that credit was harder to come by. – Not so good, says Pete Najarian.
Apple (AAPL) dropped 8%. Nokia unveiled a new product to rival iTunes and the iPhone. – Apple’s not such a good place to put your money right now, says Jeff Macke.
Marriott (MAR) dropped 5%. The world’s largest hotel chain reported lower profits and cut its 2008 earnings estimate. – They’re not going to buy back stock for a while, adds Guy Adami. If they don’t think it’s cheap neither should you.
Schlumberger (SLB) dropped 6%. Merrill cuts their forecast for the industry citing reduced demand for oil. – If oil goes down less will be spent on exploration, says Tim Seymour.
eBay (EBAY) dropped 8%. Morgan Stanley downgraded the auction site to “equal weight” from “overweight.”- They were a wreck before, says Jeff Macke.
Con-way (CNW) dropped 20%. The company reduced its full-year outlook on lower freight demand. – I’d look at Burlington Northern around $80, says Guy Adami.
iShares FTSE/ Xinhua China 25 Index ETF (FXI) dropped 5%. Markets in China and worldwide are suffering from the ongoing credit crunch. – I think you’d do better in China than other places, says Tim Seymour.
MEMC Electronic Materials (WFR) dropped 13%. Analysts reduced their earnings estimates. – There are no words for this stock, exclaims Pete Najarian.
Las Vegas Sands (LVS) dropped 15%. Morgan Stanley downgraded the casino from “overweight” to “equal weight” due to new visa restrictions in Macau. – Gambling seems safer than the market, says Jeff Macke sarcastically.
Constellation Brands (STZ) dropped 9%. The beverage company disappointed investors when it said sales climbed less than expected.
Fluor Corp (FLR) dropped 14%. Concerns about a global slowdown dragged this engineering company lower.
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Trader disclosure: On Oct.2, 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 (UUP), (MSFT), (WMT); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Seymour Owns (AAPL), (BAC), (MER), (MS); Seygem Asset Management Owns (FXI); Pete Najarian Owns (AAPL) And (AAPL) Puts; Pete Najarian Owns (GS) Call Spread; Pete Najarian Owns (MS) And (MS) Put Spread; Pete Najarian Owns (NCC) Call Spread; Pete Najarian Owns (RF) And Is Short (RF) Calls; Pete Najarian Owns (SPLS) Put Spread; Pete Najarian Owns (WB) Call Spread; Pete Najarian Owns (XLF) Call Spread; Finerman's Firm Owns (MSFT), (PM)