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