Red Hat (RHT) popped 6%. The largest seller of Linux software reported revenues rose 22% and earnings beat estimates. – I’d be careful of the software industry right now, says Pete Najarian. You’ve got to be nimble.
Prologis (PLD) popped 47%. Deutsche and Wachovia upgraded the firm after they agreed to sell operations in China. – I’d stay away, says Dennis Gartman.
DROPS (stocks that slid lower)
CME Group (CME) dropped 15%. The exchange received CFTC approval for a CDS clearinghouse but still needs the okay from the SEC. – $233 is the 50-day moving average and I think it gets above it, says Joe Terranova.
MetLife (MET) dropped 11%. Fear of more defaults in real estate dragged down this stock. MET has 12% of its portfolio in commercial mortgages. – It’s not a good time to be in the mortgage business, says Dennis Gartman.
AK Steel (AKS) dropped 9%. Deutsche Bank downgraded rival US Steel. – Steel stocks are volatile; they’re trades but not investments, counsels Pete Najarian.
Valero (VLO) dropped 9%. The refiner moved in the same direction as this week’s crude prices, lower. – Until gasoline reverses course Valero will likely struggle, muses Joe Terranova.
Walgreen's (WAG) dropped 9%. The drug store posted an 11% decrease in first-quarter profits and missed estimates. – I’d avoid this stock, says Jeff Macke. I think it goes lower.
Wells Fargo (WFC) dropped 6%. The bank dropped after Wachovia’s shareholders approved the merger. – I like this stock and I’d own it longer term, counsels Joe Terranova.
Peabody Energy (BTU) dropped 5%. The coal miner finished lower for the week, despite making impressive gains on Friday. – Coal seems awfully cheap to me, says Dennis Gartman. I’m a buyers.
Electronic Arts (ERTS) dropped 12%. The video game maker reported slow holiday sales and they laid off 10% of their workforce. – They’ve got a stale pipeline, says Jeff Macke. I’d stay away.
Textron (TXT) dropped 15%. The maker of Bell Helicopters and Cessna aircraft cut 2200 jobs and exited all finance businesses other than those that serve its manufacturing unit. – The forward forecast isn’t too good either, adds Pete Najarian.
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Trader disclosure: On Dec. 26th, 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), (TM), (SDS), (MCD); Pete Najarian Owns (UYG) And Is Short (UYG) Call; CIBC Gartman Index Owns Gold, Natural Gas; CIBC Gartman Index Is Short Crude Oil; CIBC Gartman Index Is Long The Grain Market; CIBC Gartman Index Is Long Hong Kong Shanghai Composite Stock Index; Citibank is a client of Dennis Gartman
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
CNBC.com and wires