CB Richard Ellis (CBG) popped 14%. The company said John Paulson’s hedge fund will buy $100 million of the $400 million in notes and $150 million in stock it plans to sell. - Paulson is enough to get any real estate related enterprise higher, explains Karen Finerman.
Lear Corp (LEA) popped 29%. The auto supplier benefited from news that Chrysler is preparing to emerge from bankruptcy with Fiat taking a 20% stake in the automaker. - Giddyup, exclaims Pete Najarian.
AK Steel (AKS) popped 5%. KeyBanc analysts said steel companies should experience at least a near-term bounce as prices and demand pick up.
Brown-Forman (BF.B) popped 3%. The maker of Jack Daniel’s and Southern Comfort reaffirmed its full year guidance and beat on earnings.
DROPS (stocks that slid lower)
Morgan Stanley (MS) dropped 6%. Investor took profits after Geithner revealed a new bank pay czar leading to speculation that government may remain heavy handed in the sector. - Option action forecast the move yesterday, says Pete Najarian.
Airlines (XAL) dropped 2%. Fitch Ratings downgraded the parent of United Airlines to ‘CCC” due to further concerns over revenue and liquidity and as oil continued to climb. - With higher oil, consumer retrenchment, and swine flu they're facing a lot of headwinds, says Joe Terranova.
Caterpillar (CAT) dropped 2%. Investors took profits in the wake of the company’s annual shareholders meeting.
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Trader disclosure: On June 10th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Is Long (USO), (AGU), (SKF); Najarian Is Long (AAPL) Call Spread; Najarian is Long (FCX) Calls And Puts; Najarian Is Long (JPM), Short (JPM) Calls; Najarian Is Long (PALM) Call Spread; Finerman Is Long (NOK); Finerman Is Short (USO); Terranova Is Long (RIMM) And Short (RIMM) Sept. Calls; Terranova Is Long (MS) And Short (MS) July Calls; Terranova Is Short (XOM) Call Spread; Terranova Is Short (FCX) And Short (FCX) Puts
Terranova Works For (VRTS); Terranova Is Chief Alternatives Strategist Of Virtus Investment Partners, Ltd.; Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO; Virtus Diversifier PHOLIO Owns (IGE), (DBC), (DBV); Virtus Investment Partners Owns More Than 1% Of (ABD), (CAL), (CLB), (DLR), (EPR), (EXR), (IGE), (MEE), (DBC), (DBV), (DBA), (SKT), (UA), (WBMD); Virtus Investment Partners Owns More Than 1% Of St Mary Land & Exploration Co; Virtus Investment Partners Owns More Than 1% Of Seagate Tax Refund Rights