EMC Corp (EMC) popped 9%. Bill Ackman’s Pershing Square took a 40 million share stake in the company, or about 2%. – I also like this stock, says Guy Adami.
Deutsche Bank (DB) popped 19%. The bank reported a surprise third-quarter profit. – The profit was mostly due to changes in accounting rules, explains Tim Seymour.
Colgate Palmolive (CL) popped 7%. Third quarter profits rose 19% and sales jumped even amid price increases.
First Solar (FSLR) popped 24%. The firm beat analysts’ estimates on third quarter earnings and reaffirmed guidance for 2009.
Owens-Illinois (OI) popped 22%. The world's largest maker of glass containers reported third quarter earnings increased 18% year over year.
DROPS (stocks that slid lower)
Hartford Financial (HIG) dropped 53%. The insurer dropped the most in 13 years after reporting its first unprofitable quarter in five years. – They really took it on the chin, says Karen Finerman. I’d stay away.
Target (TGT) dropped 5%. The slide comes one day after hedge fund manager Bill Ackman urged the company to spin off a separate firm that would own the land on which its stores are built. – I think investors sold the news, muses Karen Finerman.
Motorola (MOT) dropped 6%. The firm posted a hefty third quarter loss and announced it will postpone the planned spin-off of the cell phone division. – I’d forget about this stock, says Pete Najarian.
Elan Corporation (ELN) dropped 13%. A patient taking their multiple sclerosis treatment contracted a life-threatening brain illness.
Avon (AVP) dropped 16%. After earnings missed expectations investors sent the stock to a 7-year low.
Lear (LEA) dropped 12%. The world's second largest maker of automotive seats announced a loss of 88 cents a share, which was worse than expected.
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Trader disclosure: On Oct.30, 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); Pete Najarian Owns (MS) Calls; Pete Najarian Owns (MSFT) And Is Short (MSFT) Calls; Pete Najarian Owns (PBR); Pete Najarian Owns (TSO) Call Spread; Pete Najarian Owns (YHOO) And Is Short (YHOO) Calls; Pete Najarian Owns (BNI) Put Spread; Finerman's Firm Owns (RIG), (MSFT), (SUN), (TSO), (VLO); Finerman's Firm Is Short (IYR); Finerman's Firm Owns (OIH) Puts; Finerman's Firm Is Short (IJR), (MDY), (SPY), (IWM), (USO), (COF), (BBT); Seymour Owns (AAPL), (BAC), (BX), (F), (MER), (TSO), (CHL); Seygem Asset Management Owns (PBR), (EEM)