Honeywell (HON) popped 6%. The conglomerate confirmed it 2008 earnings view. - Materials costs are coming down, adds Pete Najarian.
Proshares Ultrashort Financials ETF (SKF) popped 7%. With investors cautious ahead of Goldman earnings, this ETF that tracks twice the inverse of financial shares moved higher. – I like it but these double trade ETFs are contributing to the volatility, adds Jeff Macke.
Diana Shipping (DSX) popped 14%. Rates for carrying commodities had their biggest daily gain on record.
SPDR Gold Trust ETF (GLD) popped 2%. Ahead of an expected rate cut, gold futures advanced on the dollar’s decline.
MGM Mirage (MGM) popped 7%. The firm agreed to sell Treasure Island hotel & casino to real-estate investor Phil Ruffin for $775 million.
Vail Resorts (MTN) popped 3%. Although not immune from the slowdown, reports suggest the ski resort is well insulated from it, due to its elite clientele.
DROPS (stocks that slid lower)
Boston Properties (BXP) dropped 6%. Chairman Mortimer Zuckerman said on CNBC that his charitable trust lost $30 million investing with Bernard Madoff. – I wouldn’t short on the Madoff scam but I would short if you think commercial real estate is going lower, says Karen Finerman.
iShares FTSE/Xinhua China 25 Index ETF (FXI) dropped 3%. China said its industrial production grew at its weakest pace in almost a decade. – I like China in ’09, says Tim Seymour.
JC Penney (JCP) dropped 4%. Heavy put volume spooked investors sending shares lower. – They’ve got to be suffering as much as all the other retailers, muses Pete Najarian.
SPDR S&P Homebuilders (XHB) dropped 4%. Fitch lowered its debt rating on many of the homebuilders, including DR Horton, Lennar and Pulte.
Huntsman (HUN) dropped 49%. The chemical maker dropped after terminating its $6.5 billion agreement to be acquired by Apollo Management.
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Trader disclosure: On Dec. 15th, 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), (MCD); Najarian Owns (FCX), (RDC); Najarian Owns (BMY) Calls; Najarian Owns (NUE) And Is Short (NUE) Calls; Najarian Owns (UYG) And Is Short (UYG) Calls; Finerman's Firm Owns (AET), (DSX), (MSFT), (DVN), (APC); Finerman's Firm Is Short (VNO), (IYR), (IJR), (MDY), (SPY), (IWM), (COF), (USO); Seygem Asset Management Owns (FXI); Seymour Owns (AAPL), (BAC), (F), (MER), (TSL), (CCJ); Seymour Owns Shares Of Uranium One, Inc.
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