Pop of the Day: Perrigo

Shares of Perrigo popped 3% on Monday after the generic drug maker posted better-than-expected earnings helped by strong sales across all its segments.

For the first quarter, the company posted net income of $61.0 million, or 65 cents a share, from continuing operations, compared with $38.3 million, or 41 cents a share, a year ago.

Perrigo said consumer health care revenue rose 19 percent to $437 million. The company gained $36 million in new revenue after buying JB Laboratories, Unico and Diba over the last year. It also posted improved sales of gastrointestinal drugs, anti-smoking products, and drugs for coughs, colds and pain.

They also raised its full-year adjusted earnings forecast above market expectations.

What's the trade?

I’m a buyer, says Guy Adami. I think the story isn’t going away.

From a technical perspective I want the stock to get above $39, counters Joe Terranova. There’s a double top up there.

It looks like Adami and Terranova don’t agree on this now. Before you develop your trading thesis check out our interview with CEO Joe Papa

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Trader disclosure: On November 2nd, 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 (AA), (AAPL), (BAC), (EEM), (SBUX), (F); Seymour Is Short (FXI); Terranova Is Long (GS); Finerman Owns (RIG); Finerman's Firm Owns (CLX) ; Finerman Is Long (BAC) Calls; Finerman's Firm Is Long (BAC) Call Spreads; Finerman's Firm Owns (BAC) Preferred; Finerman's Firm Owns (FLS); Finerman's Firm Is Short (FLS)Calls; Finerman's Firm Owns (MSFT); Finerman's Firm Owns(NOK); Finerman's Firm Owns (PBR); Finerman's Firm Owns (PDE); Finerman Owns (PDE); Finerman's Firm Owns (RIG); Finerman's Firm Owns (WFC) Preferred; Finerman's Firm Is Long (TGT); Finerman's Firm Is Long (WMT); Finerman's Firm Is Short (IJR); Finerman's Firm Is Short (MDY); Finerman's Firm Is Short (SPY); Finerman's Firm Is Short (IWM); Finerman's Firm Is Short (UNG); Finerman's Firm Is Short (USO)

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