ING (ING) popped 21%. The Dutch government injected $13 billion into the bank to strengthen its cash position. – This could be the bottom, says Tim Seymour.
Pacific Sunwear (PSUN) popped 5%. Though they’re much smaller, rival Adrenalina made a bid to buy the struggling company. – I don’t think it means much, says Karen Finerman.
Cisco Systems (CSCO) popped 6%. Morgan Keegan upgraded the stock to ‘outperform’ from ‘market perform,’ saying the company is well-positioned to withstand the economic downturn. – I like this stock, says Pete Najarian.
Mosaic (MOS) popped 16%. Market speculation suggests Cargill could increase its ownership stake in the company.
DROPS (stocks that slid lower)
Research In Motion (RIMM) dropped 9%. Morgan Keegan cuts its sales and earnings estimate for the company citing the worldwide economic decline. – This stock is under significant pressure for a reason, says Joe Terranova. I would stay away.
Deere & Co. (DE) dropped 2%. Morgan Stanley downgraded this maker of farm equipment to “equal weight” from “overweight.” – This stock has been brought out to the woodshed, exclaims Pete Najarian.
Hasbro (HAS) dropped 4%. This toymaker along with rival Mattel skidded lower on concerns about consumer spending this Holiday season. – It’s going to be a sad Holiday, says Tim Seymour.
General Growth Properties (GGP) dropped 13%. The WSJ reported that the company may sell up to $2 billion in preferred shares. – Shopping malls are not where you want to be, says Karen Finerman. As an investor, that is.
Prudential (PRU) dropped 2%. Goldman cut its rating on the company, citing write-downs from exposure to mortgage-backed securities.
Hormel (HRL) dropped 11%. The maker of Spam reduced its full year earnings estimate due to higher costs. – I would avoid this stock at all costs, says Joe Terranova.
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Trader disclosure: On Oct.20, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money trader; Finerman Owns (GS), (MRK), (JNJ); Finerman's Firm Owns (MSFT); Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (USO), (BBT), (COF), (IWM); Finerman's Firm Owns (OIH) Puts; Finerman's Firm Owns (NKE) Calls; Seymour Owns (AAPL); Seymour Owns (CCJ); Seymour Owns (MER); Seygem Asset Management Owns (FXI), (VIP); Najarian Owns (AAPL) And Is Short (AAPL) Calls; Najarian Owns (ADM) And (ADM) Call Spread; Najarian Owns (EMC) And Is Short (EMC) Calls; Najarian Owns (FCX) And Is Short (FCX) Calls; Najarian Owns (MS) And Is Short (MS) Calls; Najarian Owns (MSFT) Calls And Is Short (MSFT) Puts; Najarian Owns (SNDK) And Is Short (SNDK) Calls; Najarian Owns (BNI); Najarian Owns (TSO) Calls And Is Short (TSO) Puts; Terranova Owns (AAPL), (EXM), (FCX), (FTO), (MA), (NOV), (POT), (X), (VLO); Terranova Owns Dec. Crude Oil; Terranova Owns Dec. Gold;
Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO; Virtus Diversifier PHOLIO Owns (IGE), (DBC), (DBV;
Terranova Is Chief Alternatives Strategist Of Virtus Investment Partners, Ltd.; Virtus Investment Partners Owns More Than 1% Of (ABD), (ARE), (BIG), (CNW), (OFC), (DLM), (DRH), (DLR), (EPR), (EXR), (FL), (SLB), (LNET), (MAC), (DBC), (DBV), (SKT), (UA), (BLV), (VV), (CLB), (GWX), (IGE), (FSMXX); Virtus Investment Partners Owns Seagate Tax Refund Rights; Virtus Investment Partners Owns Seagate Technology Tax Refund Rights; Virtus Investment Partners Owns More Than 1% Of Shares Of Incitec Pivot Ltd.; Virtus Investment Partners Owns More Than 1% Of Shares Of Essex Property Trust Inc.