Coach (COH) popped 2%. BofA/Merrill upgraded the maker of luxury goods to ‘buy’ from ‘neutral’ due to improved gross margins and cash position. - Valuations look fair to me, reveals Guy Adami, but I'm not a buyer.
Textron (TXT) popped 1%. Morgan Stanley upgraded the company to ‘overweight’ from ‘underweight’. - Not bad, says Pete Najarian.
DROPS (stocks that slid lower)
SPDR S&P Homebuilders ETF (XHB) dropped 3%. The ETF shrugged off positive pending home sales data and sold off with the markets. - I think it has farther to fall, speculates Guy Adami.
Allied Irish Banks (AIB) dropped 12%. The Irish bank slid following news yesterday the government may cut payments to lenders. - Not good, says Tim Seymour.
E Trade (ETFC) dropped 15%. Worries about the health of financials sent this online brokerage tumbling along with most stocks in the sector. - I don't like this stock, says Joe Terranova.
Nokia (NOK) dropped 5%. Credit Suisse downgraded the company to ‘underperform’ from ‘outperform’ due to increasing risks in the space. - I wouldn't throw the stock out the window, says Tim Seymour.
American Express (AXP) dropped 5%. A JD Powers survey found consumer satisfaction with credit cards plunged in 2009. - If it gets to $30 I'd be a buyer, says Joe Terranova.
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Trader disclosure: On Sept. 1, 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); Seymour Owns (APPL), (BAC), (F), (SBUX); Seymour's Firm Is Short (FXI), (PBR), (RIMM); Terranova Owns (AMZN), (SU), (WFT); Terranova Is Short (SHLD), (TM); Terranova Owns (GS) Puts; Terranova Owns Dec. Gold Futures; Terranova Works For (VRTS); Najarian Owns (BAC) & Short (BAC) Calls; Najarian Owns (BUCY) & Short (BUCY) Calls; Najarian owns (C) Calls; Najarian Owns (HGSI) Call Spread; Najarian Owns (FCX) Call Spread; 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 (TEVA) Calls; Najarian Owns (V) & Short (V) Calls; Najarian Owns (WFc) Put Spread; Najarian Owns (YHOO) Call Spread ; Najarian Owns (MOS) Calls