Allergan (AGN) popped 1%. Early reports suggest the company could present positive findings on the use of Botox to treat severe migraines. - Interesting, says Karen Finerman.
JPMorgan (JPM) popped 1%. A negative note in Barron’s about AIG and Citi triggered a rotation within bank stocks. - I'd be long against $42.06, says Joe Terranova.
International Paper (IP) popped 3%. A report in Barron’s about this company said, “after focusing on credit issues, investors are switching their focus to fundamentals such as earnings and revenue.” - I'd keep an eye on this name for more upside, counsels Pete Najarian.
TD Ameritrade (AMTD) popped 4%. An analyst note cited a shift to retail brokerages over institutional brokerages.
Tighty-Whities: Forget the lipstick indicator, the newest gauge of economic health is the men’s underwear index. The theory goes: as the going gets tough, men hold off on buying new undergarments. While sales took a dive last year, the rate of decline is now starting to slow – a bullish sign for everyone.
DROPS (stocks that slid lower)
SPDR S&P Homebuilders ETF (XHB) dropped 2%. The homebuilders ETF fell ahead of pending home sales on Tuesday. - I think it drops further, says Guy Adami.
CBS Corp (CBS) dropped 4%. Adweek said CBS had sold only 65% of its ad spots for the 2009 Super Bowl; at the same time last year NBC had sold 85% of its inventory. - That doesn't seem so bad to me considering what's happening in the economy, muses Karen Finerman.
Boeing (BA) dropped 3%. Macquarie Research downgraded the company to ‘neutral’ from ‘outperform’ citing valuation.
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Trader disclosure: On Aug 31st, 2009, 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), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Terranova Owns (AMZN), (FCX), (JPM), (SU), (WFT); Terranova Is Short (SHLD); Terranova Is Short (ESS); Terranova Owns (CCL) Puts; Terranova Works For (VRTS); Finerman Owns (PDE); Finerman Owns (RIG); Finerman's Firm Owns (BAC) Preferred Shares, Finerman Owns (BAC) Preferred Shares And Owns (BAC); Finerman's Firm Owns (WFC) Preferred Shares And Is Short (WFC), Finerman Owns (WFC) Preferred Shares ; Finerman's Firm Owns (MSFT), (NOK), (WMT), (PBR), (PDE), (RIG), (TBT); Finerman's Firm Is Short (USO), (IYR), (IJR), (MDY), (IWM); Najarian Owns (BAC) & Short (BAC) Calls ; Najarian Owns (BUCY) & Short (BUCY) Calls; Najarian Owns (HGSI) Call Spread; Najarian Owns (FCX), Owns (FCX) Put, Is Short (FCX) Calls; Najarian Owns (JPM) & Is Short (JPM) Calls ; Najarian Owns (MS) And Is Short (MS) Call; Najarian Owns (MSFT) And Is Short (MSFT) Call; Najarian Owns (PALM) Calls; Najarian Owns (TXT) Call Spread; Najarian Owns (TEVA) Calls; Najarian Owns (C) & Short (V) Calls; Najarian Owns (WFT) Call Spread; Najarian Owns (YHOO) Call Spread; Najarian Owns (ETFC) Calls