Family Dollar Stores (FDO) popped 14%. The store reported higher than expected first quarter profits after shoppers hit the discount stores.
Monsanto (MON) popped 18%. The firm announced first-quarter profit more than doubled and it raised its full year forecast.
AK Steel (AKS) popped 5%. Goldman upgraded the firm to “conviction buy” from “neutral” and predicted steel prices will bottom this month.
DROPS (stocks that slid lower)
Satyam Computer Services (SAY) dropped 90%. The firm’s Chairman resigned after admitting to inflating profits and falsifying the company’s balance sheet. - This could hurt capital going into India, speculates Tim Seymour.
Freeport-McMoRan (FCX) dropped 9%. Mitsubishi Materials, a copper-producer in which FCX holds a 25% stake, considered cutting production as global demand slowed. - The stock has made a huge run, explains Pete Najarian. It's just profit taking.
JPMorgan Chase (JPM) dropped 6%. Sandler O’Neill analyst Jeff Harte downgraded the stock and forecast a loss for its fourth-quarter. - I don't think anything has really changed with the fundamentals, counters Zach Karabell.
Constellation Brands (STZ) dropped 8%. The winemaker reported third-quarter profits fell 30% due to restructuring costs and weaker sales.
Las Vegas Sands (LVS) dropped 12%. Deutsche Bank downgraded the casino to “hold” from “buy”.
Harley-Davidson (HOG) dropped 12%. Raymond James cut the firm to “underperform” from “market perform” due to slumping US retail sales.
iRobot Corp. (IRBT) dropped 9%. Stanford Group downgraded the firm on the belief that demand for the military product X-Bot may decline.
Radio Shack (RSH) dropped 3%. Barclays predicted the company will face more struggles this year and could underperform the rest of the sector.
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Trader disclosure: On Jan. 7th, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Najarian Owns (CSCO), (MSFT); Najarian Owns (XME) Calls, (NVLS) Calls, (NVDA) Calls; Najarian Owns (XLB) Call Spreads; Najarian Owns (EEM) Long Call Spread; Najarian Owns (ERTS) Long Call Spread; Najarian Owns (MSFT) Short Calls; Seymour Owns (AAPL), (BAC), (EEM), (F), (FXI); Karabell Owns (CL), (DRYS), (FCX), (GOOG), (JPM), (NOK)