Fifth Third Bancorp (FITB) popped 25%. This and other banks rallied on news the government may take up to a 40% stake in Citigroup. – I wouldn’t get excited, counsels Karen Finerman.
Royal Bank Of Scotland (RBS) popped 6%. Reports suggest it will cut costs by more than $1.45 billion and may place about 25% of assets into a non-core unit and then dispose of them. – I think there’s a piece worth saving, says Tim Seymour.
Nova Chemicals (NCX) popped 284%. A firm owned by Emerate of Abu Dhabi agreed to buy Nova in an all cash deal at 4 times the recent stock value.
Expedia (EXPE) popped 2%. Bank of America upgraded the company to “buy” saying bookings could stabilize this year.
Mylan (MYL) popped 2%. Barclays upgraded the firm to “overweight” from “equal weight” for the potential of stronger earnings and “attractive valuation.”
DROPS (stocks that slid lower)
Humana (HUM) dropped 24%. The health insurance firm announced that private Medicare plans would result in smaller-than-expected payment rates. - There seems to be a seasonality to this stock, muses Guy Adami.
Vale (RIO) dropped 12%. Deutsche Bank said 2009 earnings estimates are too bullish and Canaccord Adams cut the stock’s rating to ‘hold’ from ‘buy’. – I think this is a good level to get in, says Tim Seymour.
NYSE Euronext (NYX) dropped 8%. Last week Moody’s said it may cut its credit rating on the firm due to a decline in trading. – Current valuations are attractive but I don’t own any, says Karen Finerman.
Goodyear (GT) dropped 12%. Keybanc Capital Markets downgraded the firm to ‘underweight’ from ‘hold’ saying the company will most likely post a 2009 operating loss. - They make tires; tires go on cars, says Guy Adami. Not a good place to be.
Campbell Soup (CPB) dropped 3%. Earnings dropped 15% from last year due to a stronger dollar.
Barrick Gold (ABX) dropped 4%. The world’s largest gold producer moved in the same direction as gold futures.
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Trader disclosure: On Feb. 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 Najarian Owns (GE) Puts; Najarian Owns (GDX) & (GDX) Short Calls; Najarian Owns (HPQ) Calls; Najarian Owns (MSFT) & (MSFT) Short Calls; Najarian Owns (MS) & (MS) Short Calls; Najarian Owns (X) Put Spread; Najarian Owns (WFC) & (WFC) Calls; Seymour Owns (AA), (BAC), (EEM), (FXI); Seymour Is Short (NUE); Seymour's Firm Owns (PCU); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Finerman's Firm Owns (WFC) Preferred; Finerman's Firm Owns (MSFT), (RIG); Finerman's Firm Is Short (IYR), (IJR), (MDX), (SPY), (BBT), (VNO)