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Pops & Drops: Reynolds, Citigroup...

Monday, 10 Mar 2008 | 7:04 PM ET

Following are the day’s biggest winners and losers. Find out why shares of Reynolds and Nationwide Financial Services popped while Citigroup and Rio Tinto dropped.

Stock Pops & Drops
The Fast Money traders take a look at todayâ??s biggest market movers.

POPS (stocks that jumped higher)

Nationwide Financial Services popped 26%. The parent company of the insurance firm offered to buy all of the Class-A outstanding shares it doesn't already own. – Nice to see, says Karen Finerman.

Drugs In Drinking Water. An investigation conducted by the Associated Press found that everyday tap water contains traces of a variety of pharmaceuticals, including antibiotics, anticonvulsants, mood stabilizers and sex hormones. However, they are in extremely small concentrations that the utility companies are safe to consume.

Agriculture ETF popped 2%. Closely mirroring the move in corn Monday, the DBA dropped at the open, but recovered and closed up by afternoon. – I like it, says Tim Seymour. Find out why. Read “Eat Like An American.”
Reynolds American popped 2%. Investors flocked to defensive names like this maker of Camel and American Spirits cigarettes.

BCE Inc. popped 5%. Shares of Canada's largest telecom popped after a judge threw out a lawsuit that threatened its leveraged buyout.

DROPS (stocks that slid lower)

Citigroup dropped 6%. So far Bove's call that Citi was "the strongest buy he's ever seen" is not working out, as the bank was dragged below $20.00. – I think he’s right, says Pete Najarian, just early.

AK Steel dropped 10%. A sell-off in materials names dragged on the market. – This isn’t one of my favorite names in steel, says Guy Adami.

Malaysian stocks dropped 12%. An election put power in the hands of opposition parties, placing the spending plans of the current prime minister in doubt. – I’d look at Taiwan, counsels Tim Seymour.

Rio Tinto dropped 6%. This London-based miner was sold-off with the rest of the UK market. – Nothing to worry about, says Karen Finerman.

MannKind dropped 10%. The biotech may end development of its inhaled insulin product, Technosphere, after Eli Lilly and others left the market indicating that such a device may not be commercially feasible. – I think investors are giving up, says Pete Najarian.

Blue Nile dropped 5%. The CFO of the online-diamond retailer stepped down. – Maybe it will rally, speculates Guy Adami.

Research in Motion dropped 5%. Apple’s strategy to make the "iPhone business friendly" is still weighing on the BlackBerry maker's shares.

Cosan Ltd. dropped 7%. The Brazilian ethanol and sugar company dropped as white sugar posted its biggest three-day drop in nearly one year.

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Trader disclosure: On Mar. 7, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Najarian Owns (BIIB), (BKC), (C), (CSCO), (MS), (MSFT), (XLF), (YHOO), (AAPL); Najarian Owns (COP) Calls, (BHI) Calls, (AMAT) Calls; Seymour Owns (BX), (CFC), (F), (HAL), (MER), (MSFT), (SBUX), (TSO), (AAPL), (INTC); Seygem Asset Management Owns (EEM); Seygem Asset Management Is Short (FXI); Finerman Owns (GS); Finerman's Firm Owns (MSFT), (TSO), (WMT), (YHOO), (FNM), (AAPL), (MO), (AEO); Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts

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AKS
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BCE
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C
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CZZ
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DBA
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EWM
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MNKD
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NSC
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NILE
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RAI
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BB
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  • Chief Market Strategist for Virtus Investment Partners & CNBC Contributor

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