Stocks closed modestly higher amid quiet trading Wednesday, but still gathered enough momentum to hit news highs as the S&P 500 beat a September 2008 high not seen since Lehman Brothers filed for bankruptcy.
The following market movers grabbed the attention of the "Fast Money" traders on Wednesday:
POPS (stocks that went higher)
Carnival (CCL) popped 3%: The cruise and vacation company caught an upgrade from Standard & Poor's, which raised the Miami-based company to ‘buy’ from ‘hold’. On Tuesday, the services name reported its fourth-quarter profits jumped by 28 percent. Tim Seymour of EmergingMoney.com didn't know what to make of the move.
Orbitz Worldwide (OWW) dropped 5%: American Airlines on Tuesday pulled its flights from the online travel company. Despite its valuation, SkyBridge Capital's Anthony Scaramucci likes OWW long-term.
Priceline.com (PCLN) popped 2%: With one of its biggest competitors lacking flight information from American Airlines, ThinkEquity upgraded PCLN to 'buy' from 'hold' on Wednesday.
"People are still traveling," noted Brian Kelly of Kanundrum Capital. "Even with $100, $90 oil, I still like this stock."
American Greetings (AM) popped 8%: The Cleveland-based maker and seller of greeting cards reported its profits grew by 8.3 percent in the third-quarter. Revenues, however, fell to $430 million compared to $440 million in last year's Q3.
DROPS (stocks that went lower)
Nike (NKE) dropped 5%: In its latest earnings report, the athletic apparel maker had weaker-than-expected future orders. Author Stephen Weiss said the footwear giant has been through a similar situation before, so he expects its stock to rise again soon.
Krispy Kreme (KKD) dropped 5%: The 'Hot' sign must have been lit on Wednesday, as BGB downgraded the stock to ‘sell’ from ‘hold’ on valuation. Cantor Fitzgerald's Mike Khouw said he too doesn't like this name because of its valuation.
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Trader disclosure: On Dec. 22, 2010, following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Karen Finerman owns (AAPL), (GOOG), (JPM) and (MSFT). Stephen Weiss owns (DVN), (FAS), (QCOM), (TBT), (VZ), (AKS), (SWC), (COP), (HK) and (NFLX) puts. Tim Seymour owns (AAPL), (BAC) and (F).
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BRIAN KELLY
Accounts Managed By Kanundrum Capital Own (BBT)
Accounts Managed By Kanundrum Capital Own (DE)
Accounts Managed By Kanundrum Capital Own (FCX)
Accounts Managed By Kanundrum Capital Own (GLD)
Accounts Managed By Kanundrum Capital Own (JPM)
Accounts Managed By Kanundrum Capital Own (MCP)
Accounts Managed By Kanundrum Capital Own (SPY)
Accounts Managed By Kanundrum Capital Own (SLV)
Accounts Managed By Kanundrum Capital Own (WFC)
Accounts Managed By Kanundrum Capital Own USD
Accounts Managed By Kanundrum Capital Own Australian Dollar
Accounts Managed By Kanundrum Capital Own (XLE)
Accounts Managed By Kanundrum Capital Own (QCOM)
Accounts Managed By Kanundrum Capital Own (VIX ) calls
KAREN FINERMAN
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 long S&P puts
Finerman's firm is long Russell 2000 puts
Finerman's firm owns (GLW)
Finerman's firm owns (JPM) and (JPM) leaps
Finerman's firm owns (MSFT)
ANTHONY SCARAMUCCI
Scaramucci and Skybridge Capital own (BR)
Scaramucci and Skybridge Capital are long USD
Scaramucci and Skybridge Capital own (AAPL)
Scaramucci and Skybridge Capital own (C)
Scaramucci and Skybridge Capital (EBAY)
Scaramucci and Skybridge Capital (GOOG)
BARRY RITHOLTZ
FusionIQ Owns (EWJ)
ED GROSHANS
BRIAN NAGEL
Nagel has no disclosures
DENNIS GARTMAN
Funds Managed By Dennis Gartman are long crude
MIKE KHOUW
Cantor Fitzgerald & Co. is a market maker in (AAPL)
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Cantor Fitzgerald & Co. is a market maker in (EBAY)
Cantor Fitzgerald & Co. is a market maker in (F)
Cantor Fitzgerald & Co. is a market maker in (FCX)
Cantor Fitzgerald & Co. is a market maker in (GE)
Cantor Fitzgerald & Co. is a market maker in (GS)
Cantor Fitzgerald & Co. is a market maker in (GLW)
Cantor Fitzgerald & Co. is a market maker in (GOOG)
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Cantor Fitzgerald & Co. is a market maker in (RIMM)
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Cantor Fitzgerald & Co. is a market maker in (T)
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Cantor Fitzgerald & Co. is a market maker in (VZ)
Cantor Fitzgerald & Co. is a market maker in (WFC)
Cantor Fitzgerald & Co. is a market maker in (VZ)
Cantor Fitzgerald & Co. is a market maker in (YHOO)
