We’re doing it a little differently on Tuesday. Following are the day’s biggest pops and whether you should follow or fade the trade!
POPS (stocks that jumped higher)
Wal-Mart (WMT) popped 11%. At its annual meeting, the retail giant told investors that it is shifting more of its focus over the next five years to emerging markets like Brazil and India to drive sales. – I don’t think it’s going to $70, says Jeff Macke.
General Motors (GM) popped 14%. The biggest US automaker sought federal aid for its merger with Chrysler - I’d fade the trade, says Tim Seymour.
Wells Fargo (WFC) popped 11%. The market climbed by over 800 points and this bank went along for the ride. – I would fade this stock, says Karen Finerman. Because once they close Wachovia they’re expected to make a $20 billion public offering (which will likely dilute shareholder value).
US Steel (X) popped 14%. Profits at this steel maker more than tripled this quarter on higher prices. – I would follow this one, says Guy Adami. I think it goes higher.
Emerging Markets ETF (EEM) popped 22%. A rebound in stocks around the globe sent this ETF soaring. – I would fade on the short term, says Tim Seymour.
Coach (COH) popped 20%. Investors didn’t care that Credit Suisse lowered estimates on this stock. They think it can outperform the market. – I would fade, but not a giant fade, counsels Karen Finerman.
(We ran out of time on TV but following are the rest of the stocks the traders wanted to tell you about.)
AT & T (T) popped 13%. Following Verizon’s strong earnings, Morgan Stanley recommended the communications giant as a “Buy.”
Royal Caribbean Cruises (RCL) popped 5%. Despite lowered guidance investors thought the stock would sail higher.
BP (BP) popped 15%. Investors liked hearing this oil company’s strong earnings and outlook.
Apria Healthcare Group (AHG) popped 50%. Blackstone completed its acquisition of the company for $1.7 billion
Hercules (HPC) popped 27%. The company popped after Ashland, the chemical maker that agreed to buy Hercules, said it received regulatory approval for the acquisition.
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Trader disclosure: On Oct.28 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Macke Owns (WMT), (SDS), (UUP), (MCD); Seymour Owns (AAPL), (F), (MER), (TSO), (RIO); Seygem Asset Management Owns (EEM); Finerman Owns (GS); Finerman's Firm Owns (TSO), (VLO); Finerman's Firm Is Short (BBT), (IYR), (IJR), (MDY), (SPY), (IWM), (USO); GE Is The Parent Company Of CNBC
