Following are the day’s biggest winners and losers. Find out why shares of Human Genome and CIT Group popped while BB&T and Weatherford dropped.
POPS (stocks that jumped higher)
Human Genome Sciences (HGSI) popped 5%. The biopharma secured a $75 million milestone payment from Novartis for its Hepatitis C drug Zalbin. - Giddyup, says Pete Najarian.
Eaton Corp (ETN) popped 6%. The company posted a higher-than-expected quarterly profit on Monday, citing cost cuts, early signs of recovery in its markets and a boost from the weak U.S. dollar. - I wouldn't pile in here, says Guy Adami.
CIT Group (CIT) popped 8%. Carl Icahn sent a letter to the firm’s board on Monday offering to underwrite a $6 billion loan to the company. However he also charged that CIT is offering certain large bondholders the opportunity to purchase $6 billion in secured loans at prices well below their fair market value. "This is a bad-faith attempt to buy votes," he wrote. "This is reminiscent of the old Tammany political machine's vote-getting tactics."
IPCS (IPCS) popped 34%. Sprint agreed to acquire the company for $426 million – ending a legal battle between the companies. - That's a big pop, says Pete Najarian.
DROPS (stocks that slid lower)
BB&T (BBT) dropped 4%. The bank missed on earnings with profits falling 57% largely due to a continued rise in delinquent loans. - That's no good, says Karen Finerman.
Mattel (MAT) dropped 2%. Morgan Joseph downgraded the company to ‘hold’ from ‘buy’ as investors worried about inventory levels. - I'd sit on the sidelines, says Joe Terranova.
Weatherford (WFT) dropped 3%. The provider of drilling and oil services equipment said earnings fell 79% due to weak demand.
Callaway Golf (ELY) dropped 5%. The golf equipment retailer predicted a bigger third-quarter loss amid waning consumer spending that has dampened demand for discretionary items.
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Trader disclosure: On October 19, 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), (BTU), (GS), (INTC), (MSFT), (NUE); Finerman Owns (AAPL); Finerman's Firm And Finerman Own (RIG), (PDE); Finerman's Firm Owns (MSFT), (NOK), (TJX); Finerman's Firm Owns (BAC) Preferred, (BAC) Call Spread, (BAC); Finerman Owns (BAC) Preferred, (BAC); Finerman's Firm Owns (BBT) Puts; Finerman's Firm And Finerman Own (WFC) Preferred; Finerman's Firm And Finerman Own (WMT); Finerman's Firm Owns (BKS) Puts; Finerman's Firm Is Short (USO), (IJR), (MDY), (SPY), (IWM), (UNG); Najarian Owns (GE) Calls; Najarian Owns (HGSI) Call Spread; Najarian Owns (POT) Call Spread; Najarian Owns (RIMM) Call Spread; Najarian Owns (STX) Call Spread; Najarian Owns (WFT) Call Spread; Najarian Owns (XLF) Call Spread; Najarian Owns (YHOO), Is Short (YHOO) Calls; Najarian Owns (TEX) Call Spread; Terranova Owns (HES), (HOC), (SUN)
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For Joe Terranova
Terranova Works For (VRTS)
Terranova Is Chief Market Strategist Of Virtus Investment Partners, Ltd.
Virtus Investment Partners Owns More Than 1% Of (XLY)
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 (XLI)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (DBA)
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (UA)
For Jeffrey Bernstein
Accounts Over Which Bernstein And/Or Affiliates Exercise Investment Discretion Own More Than 1% Of (AMZN), (GOOG)
Bernstein Is A Market Maker In (AMZN), (EBAY), (GOOG), (YHOO)
For Whitney Tilson
Funds Managed By Tilson Own Berkshire Hathaway
Funds Managd By Tilson Own (MSFT)
Funds Managed By Tilson Own (PFE)
