Staples (SPLS) popped 8%. Third-quarter profits beat the Street’s estimates. – It’s an impossible short but I don’t like their long-term outlook, says Jeff Macke.
Nokia (NOK) popped 4%. The cellphone maker launched its new Nokia N97 touch-screen phone to compete with Apple's iPhone. – I like it, says Pete Najarian.
Lear Corp (LEA) popped 17%. The world’s second-largest maker of seats for automobiles said it is restructuring a deal with Toyota.
Williams-Sonoma (WSM) popped 23%. The largest gourmet-cookware chain popped ahead of its earnings report Thursday, after being upgraded to “Buy” from “Underperform” by Merrill Lynch.
DROPS (stocks that slid lower)
Mosaic (MOS) dropped 7%. Sales dropped significantly last quarter after lower commodity prices resulted in weak demand. – At current levels this stock looks interesting, says Guy Adami.
Beazer (BZH) dropped 8%. The U.S. homebuilder dropped after posting its eighth consecutive loss due to rising foreclosures and reduced demand. – It was only a 12 cent move, reminds Karen Finerman.
Palm (PALM) dropped 7%. The company warned that sales in the current quarter would be about half of what Wall Street was expecting. – I wouldn’t go near it, says Pete Najarian.
3M (MMM) dropped 2%. Citi analysts downgraded the stock, citing a stronger dollar and eroding international sales. – It’s a tough business, muses Jeff Macke.
Sun Life Financial (SLF) dropped 9%. A report in the Financial Times said that this firm may post more writedowns.
Tessera Technologies (TSRA) dropped 46%. The maker of packaging for semiconductors lost a patent-infringement ruling against six mobile companies, including Qualcomm and Motorola.
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Trader disclosure: On Dec. 2nd, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (MSFT), (WMT), (SDS); Macke Is Short (YHOO); Adami Owns (AGU), (BTU), (C), (GS), (MSFT), (INTC), (NUE); Finerman's Firm Owns (DSX),(MSFT); Finerman's Firm Is Short (IYR), (IJR), (IWM), (SPY), (MDY), (GNK), (USO), (BBT). (COF), (EXM); Pete Najarian Owns (UYG) Calls, (TLM) Calls
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