CIT Group (CIT) popped 4%. The commercial lender received the okay to convert into a bank holding company and also won preliminary approval for a $2.3 billion capital infusion from the Treasury. – Winner of the TARP lottery for the day, says Karen Finerman.
Burger King (BKC) popped 4%. UBS upgraded the fast food chain to “buy” from “neutral,” saying the company can offer double-digit EPS growth in 09. – All good things for them, says Pete Najarian.
Red Hat (RHT) popped 9%. The largest seller of Linux software reported revenues rose 22% and earnings beat estimates.
Potash (POT) popped 4%. The fertilizer maker said it bought back almost 3 million of its shares.
DROPS (stocks that slid lower)
eBay (EBAY) dropped 3%. The WSJ reported the site is suffering a drop in visitor traffic and sales. They say weekly traffic between Nov.3 and Dec.14 fell 16% from a year ago. – No good, exclaims, Jeff Macke.
Textron (TXT) dropped 20%. The maker of Bell Helicopters and Cessna aircraft reduced its profit forecast. – Let’s hope their helicopters stay up better than their stock, says Pete Najarian.
Liz Claiborne (LIZ) dropped 22%. Standard & Poor’s cut its rating cut to BB-, saying the company’s performance and credit measures remain challenged in the near term due to the weak retail environment. – It’s a tough year for them, says Jeff Macke.
Bank Of America (BAC) dropped 6%. Sterne, Agee & Leach initiated coverage with a “sell” and set a $10 price target. – The price target takes it back to its 52-week low, explains Joe Terranova.
Kohl’s (KSS) dropped 4%. This department store (as well as retailers in general) fell on data that showed last weekend’s turnout was the worst in 6 years. – That last weekend before Christmas looks like a bust, says Karen Finerman
American Greetings (AM) dropped 35%. The second-largest US greeting cards maker reported a third-quarter loss and missed expectations due to charges and lower sales.
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Trader disclosure: On Dec. 23rd, 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 (SDS), (DIS), (MSFT), (MCD), (WMT); Najarian Owns (MSFT) Calls; Najarian Owns (UYG) And Is Short (UYG) Calls; Najarian Owns (XHB) Calls; Najarian Owns (HOLX) Calls; Finerman's Firm Owns (MSFT); Finerman's Firm Owns (OIH) Puts; Finerman's Firm Is Short (IYR), (IJR), (IWM), (SPY), (MDY), (BBT), (COF), (USO)
GE Is The Parent Company Of CNBC; NBC Universal Is The Parent Company Of CNBC
Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO; Virtus Diversifier PHOLIO Owns (IGE), (DBC), (DBV)
Terranova Is Chief Alternatives Strategist Of Virtus Investment Partners, Ltd.; Virtus Investment Partners Owns More Than 1% Of (ABD), (ARE), (BIG), (OFC), (DLR), (EXR), (IGE), (MAC), (DBC), (DBV), (SKT), (UA), (CLB); Virtus Investment Partners Owns More Than 1% Of Seagate Tax Refund Rights