Brian Kelly said on CNBC’s Stock Pops & Drops that he wouldn’t long The Container Store Group, Inc. (TCS) after the stock of home furnishings retailer slumped over 14% on Friday. Kelly thinks there is more room on the downside following the company’s cut of its full-year outlook for the second time since October. TCS’ Friday decline is its third worst since its Nov. 1, 2013 IPO.
Shares in the $873M market cap company fell $3.02 on Friday to close at $18.19.
Guy Adami, chief market strategist and director of Private Advisor Group, said that Yelp Inc (YELP) gained $2 and change after receiving an upgrade by BofA’s Paul Bieber, who said the company is well positioned to capitalize on growing trends in local, mobile and social. Bieber raised the name to ‘Buy’ and set a 12-month base case estimate of $70 per share.
In the past 52 weeks, shares of Yelp have traded between a low of $49.11 and a high of $101.75. Shares are down 28.50% year-over-year. The firm has lost more than 40% of its value since last March.
Shares of Yelp closed at $56.07 on Friday.
Steve Grasso thinks that shares of big pharma AbbVie Inc. (ABBV) dropped nearly 3% Friday on concerns about price wars in the space. Grasso thinks traders watching the name should buy it if they want exposure in the space.
AbbVie fell $1.85 on Friday to close at $65.78 after the company issued 2015 EPS guidance and got downgraded by BofA (BAC).
Tim Seymour said he would buy Starbucks Corp. (SBUX) after it fell 3.27% on news COO Troy Alstead, a 23-year veteran of the coffee chain, is taking an extended, unpaid leave of absence. Seymour believes that traders, who were quite surprised by this news since Alstead became the heir apparent to CEO Howard Schultz just about a year ago, should not be worried about the management because Schultz is in charge.