Pilgrims Pride (PPC) dropped 45%. The poultry firm filed for voluntary bankruptcy protection after struggling with high feed costs and low meat prices ironically the week after Thanksgiving. – No good, says Guy Adami.
Emerging Markets ETF (EEM) dropped 9%. The emerging markets took a hit after reports showed that factory output hit record lows in China, Russia, and South Africa. – I would be short the EEM for the next few days, says Tim Seymour.
Intel (INTC) dropped 9%. This chip maker along with the entire industry headed south after a trade group said global sales fell 2.4% in October. – I’m not a buyer, says Jeff Macke.
Yahoo! (YHOO) dropped 7%. “All Things Digital” refuted a London Times report that Microsoft is in talks to acquire Yahoo's search business. – I just don’t know what to say, muses Karen Finerman.
ICICI Bank (IBN) dropped 13%. Nomura cut economic growth forecasts citing lower capital expenditure and exports. – It’s a high beta play, counsels Tim Seymour.
Best Buy (BBY) dropped 8%. Investors feared that deep discounts offered by stores could sap profits. – I expect this stock will go lower, says Jeff Macke.
Liz Claiborne (LIZ) dropped 28%. The maker of women's apparel and handbags dropped after announcing it will be removed from the S&P 500 and replaced by Dun & Bradstreet.
Caterpillar (CAT) dropped 10%. A report from the Institute for Supply Management showed manufacturing contracted at the fastest pace in 26 years.
Alcoa (AA) dropped 13%. The company said it would not raise its stake in Rio Tinto and the price of aluminum continued to trade lower.
Peabody Energy (BTU) dropped 16%. This stock along with all the coal names dropped along with declines in coal prices.
POPS (stocks that jumped higher)
(We were a little hard pressed to find a notable winner, but we did come up with something.)
Rohm & Hass (ROH) popped 3%. The specialty chemical name made gains after ending a distribution deal with ChemPoint. Instead, it will deal with customers directly. – I wouldn’t play here, says Guy Adami.
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Trader disclosure: On Dec. 1st, 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), (MSFT), (UUP), (DIS); Macke Is Short (YHOO), (TM); Finerman's Firm Owns (MSFT); Finerman's Firm Is Short (IYR), (IJR), (MDY),(SPY), (IWM), (COF), (BBT), (USO), (VNO), (EQR); Finerman's Firm Owns (DSX) And Is Short (GNK); Seymour Owns (AAPL), (AA), (BAC), (F), (MER); Seygem Asset Management Is Short (EEM); Seygem Asset Management Owns (EEV)
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