Legg Mason (LM) popped 30%. The Baltimore based money manager popped the most in its 25 years after second quarter profits beat estimates. – I just like that they don’t have to be bailed out, exclaims Jeff Macke.
Apple (AAPL) popped 8%. A Sanford Bernstein analyst suggested that a share repurchase plan could boost earnings. – It makes sense to me too but I don’t think Apple will do it, muses Guy Adami.
First Solar (FSLR) popped 4%. The solar panel maker announced plans to enter the U.S residential market with a minority stake in SolarCity, a solar panel installer. – I like what’s going on here, says Pete Najarian.
Alcoa (AA) popped 3%. After losing nearly half its value since the 1st of this month, investors bid shares higher as a value play.
DROPS (stocks that slid lower)
Johnson & Johnson (JNJ) dropped 4%. JP Morgan downgraded the stock saying it is overvalued. – I don’t know what to say, counsels Guy Adami.
Kraft Foods (KFT) dropped 1%. Initially, the stock popped after it reported third quarter profit more than doubled, but the company dropped after the afternoon rally faded. – They can pass along costs and they’re not dropping prices anytime soon. That makes them attractive, says Tim Seymour.
Sony (SNE) dropped 4%. Quarterly profits fell 72%, need we say more. – A stronger yen combined with declining demand for big screen TV’s makes a nasty formula for Sony, explains Tim Seymour.
Kellogg (K) dropped 1%. The cereal maker slid despite posting better than expected results.
Aetna (AET) dropped 8%. The health insurer said profits fell 44% on losses tied to the financial crisis.
Boston Properties (BXP) dropped 10%. Its forecast for next year fell short of expectations.
Corning (GLW) dropped 8%. Worsening economic conditions could affect retail demand for several of its businesses.
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Trader disclosure: On Oct.29 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 (MSFT), (WMT), (MCD), (SDS), (UUP); Najarian Owns (BNI) Put Spread; Najarian Owns (INTC) And Is Short (INTC) Calls; Najarian Owns (MS) And Is Short (MS) Calls; Najarian Owns (PBR); Najarian Owns (MSFT) And Is Short (MSFT) Calls; Seymour Owns (AAPL), (BAC), (F), (MER)
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