Following are the day’s biggest winners and losers. Find out why shares of US Bancorp and China Petroleum popped while Whirlpool and AMD dropped.
POPS (stocks that jumped higher)
US Bancorp (USB) popped 4%. The bank beat Street expectations despite reporting a 50% drop in profits on bad loans. - I like this stock, says Joe Terranova.
China Petroleum (SNP) popped 6%. Merrill projected a 40% profit increase for the company’s second quarter. - It's a very interesting stock, says Tim Seymour.
Wynn Resorts (WYNN) popped 6%. The casino company confirmed it filed an application for an IPO of its Macau business. - It's a classic short squeeze, says Joe Terranova.
Keycorp (KEY) popped 6%. The bank posted a narrower second-quarter loss on Wednesday but still missed Wall Street expectations as it continued to build up cash reserves to cover bad loans. - Nice pop, says Karen Finerman.
DROPS (stocks that slid lower)
Whirlpool (WHR) dropped 10%. Although the firm beat expectations they warned of reduced demand in key markets and raised only the low end of their full-year outlook. - That tells me that consumer isn't quite there yet, says Karen Finerman.
Advanced Micro Devices (AMD) dropped 13%. The company posted a wider than expected loss and a steep slide in margins. - I'd stay away, counsels Steve Grasso.
The Sun. The longest solar eclipse this century took place Wednesday morning, blanketing Asian countries from India to Japan in darkness. The eclipse lasted 6 minutes and 39 seconds at its longest point, far surpassing the 2 minute eclipse that took place last year.
Caterpillar (CAT) dropped 2%. UBS maintained a ‘sell’ rating on the name citing further weakness in demand. - I'm bullish, reveals Tim Seymour.
McGraw-Hill (MHP) popped 2%. The parent of Standard & Poors moved higher after Jefferies issued some positive remarks. - With talk of increased regulations, there are too many unknowns in this space for me, says Steve Grasso.
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Trader disclosure: On July 22nd, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Finerman's Firm Owns (MSFT), (PBG), (TYC), (YUM), (NOK), (WMT), (TGT); Finerman's Firm And Finerman Own (BAC) Preferred Shares, Finerman Owns (BAC); Finerman's Firm And Finerman Own (WFC) Preferred Shares, Finerman's Firm Is Short (WFC); Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM), (USO), (MCO); Seymour Owns (AAPL), (MSFT), (SBUX), (UNG); Grasso Owns (BAC); Terranova Owns (MCD), (QCOM), (AMZN), (AXP), (MSFT), (SUN), (FTO); 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)
For Steve Grasso:
Stuart Frankel Clients Own (V), Grasso Owns (V)
Stuart Frankel ClientsOwn (OXY), Grasso Owns (OXY)
Stuart Frankel Clients Own (WMT), Grasso Owns (WMT)
Stuart Frankel Clients Own (GS), Grasso Owns (CSCO)
Stuart Frankel Clients Own (UNH)
Stuart Frankel Clients Own (DD)
Stuart Frankel Clients Own (INTC)
Stuart Frankel Clients Own (JPM)
Stuart Frankel Clients Own (MS)
Stuart Frankel Clients Own (AXP)
Stuart Frankel Clients Own (MHP)
For Joe Terranova:
Virtus Investment Partners Owns More Than 1% Of (ABD)
Virtus Investment Partners Owns More Than 1% Of (CBL)
Virtus Investment Partners Owns More Than 1% Of (CAL)
Virtus Investment Partners Owns More Than 1% Of (CLB)
Virtus Investment Partners Owns More Than 1% Of (DLR)
Virtus Investment Partners Owns More Than 1% Of (EXR)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (MEE)
Virtus Investment Partners Owns More Than 1% Of (DBC)
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (DBA)
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
Virtus Investment Partners Owns More Than 1% Of (SKT)
Virtus Investment Partners Owns More Than 1% Of (TNB)
Virtus Investment Partners Owns More Than 1% Of (UA)
Virtus Investment Partners Owns More Than 1% Of (WBMD)
