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Following are the day’s biggest winners and losers. Find out why shares of NYSE and GM popped while Amgen and Newmont Mining dropped.
POPS (stocks that jumped higher)
Tyson Foods popped 6%. The meat and poultry company rose on virtually no news. Macke: Food makers are passing their raw costs onto the consumer. Buy these stocks.
General Motors popped 9%. The COO of the automaker relieved investors after announcing the company’s ties to Bear Stearns would not affect GM’s cash position. Seymour: Very good news for GMAC, GM’s financing arm. U.S. auto sales are unfortunately still lagging.
Thornburg Mortgage popped 27%. The beaten-down home lender sealed a deal with five of its creditors that would put a stop to requests for additional collateral for one year. Seymour: It has the continued cooperation of its lenders thanks to the Fed.
NYSE Euronext popped 10%. The exchange announced a $1 billion buyback and a 20% increase in dividend. Adami: About time! NYX is down 40% over the past year.
MF Global popped 35%. Positive comments from the CEO helped this options broker recover some ground after falling 60% on Monday. Najarian: Some potentially devastating rumors proved false and now MF gets a nice rally.
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