iShares Dow Jones Transport. Avg. (IYT) popped 3%. The transports popped as crude oil plummeted. – Take profits, exclaims Jeff Macke.
Silver Wheaton (SLW) popped 4%. The silver miner climbed as silver prices advanced on the dollar’s decline. – Be careful, warns Pete Najarian.
Joy Global (JOYG) popped 13%. Fourth-quarter earnings and sales beat expectations. – At 7 times earnings I think it’s cheap, says Guy Adami.
ConAgra Foods (CAG) popped 8%. The company beat estimates and assured investors that a turnaround was coming for its consumer foods business which includes Chef Boyardee canned pasta and Orville Redenbacher popcorn.
Home Depot (HD) popped 2%. The Fed’s commitment to lower mortgage rates should benefit this hardware giant.
DROPS (stocks that slid lower)
Newell Rubbermaid (NWL) dropped 27%. The maker of Rubbermaid kitchenware fell after the company lowered its 08 forecast and slashed its workforce. – Maybe it's oversold, speculates Pete Najarian.
Hovnanian (HOV) dropped 14%. The homebuilder reported a fourth quarter loss that was three times worse than analysts had expected. – If you’re short cover soon, says Guy Adami.
General Electric (GE) dropped 3%. CNBC’S parent reported yesterday that the company will no longer provide per-share forecasts. – I like that they’re getting out of the forecasting business, says Karen Finerman.
Adobe Systems (ADBE) dropped 3%. Investors took profits after the firm reported fourth quarter earnings of 60 cents a share, beating analysts’ estimates.
Honda Motor (HMC) dropped 7%. Investors worried that as the yen gains against the dollar, Honda’s car sales could decline.
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Trader disclosure: On Dec. 17th, 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 (MCD), (MSFT); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Najarian Owns (ENER) Call Spread; Najarian Owns (UYG) And Is Short (UYG) Calls; Finerman's Firm Owns (MSFT), (IBB); Finerman's Firm Owns (OIH) Puts; Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM), (VNO), (FCE.A), (USO)