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Pops & Drops: Continental Airlines, Legg Mason...

Following are the day’s biggest winners and losers. Find out why shares of Continental Airlines and Legg Mason popped while Hess and Barclays dropped.

POPS (stocks that jumped higher)

Continental Airlines (CAL) popped 10%. JP Morgan upgraded the airline to ‘overweight’ from ‘neutral.’ - I think its attractive, says Joe Terranova.

Legg Mason (LM) popped 14%. Bulls drove shares higher despite the overall bearish sentiment in financials. - $25.50 was big resistance in this stock, reveals Guy Adami, I think you sell if it gets close.

DeVry (DV) popped 5%. The company replaced GM in the S&P sparking a flurry a buying among funds that track the index. - The trade is over, says Joe Terranova, I'd go to the sidelines.

Family Dollar Stores (FDO) popped 4%. Rival Dollar General reported a sharply higher quarterly profit on Tuesday. - It's expensive but I wouldn't short this stock, says Karen Finerman.

DROPS (stocks that slid lower)

Hess (HES) dropped 11%. Shares moved in the same direction as the spot price of crude – lower. - I like that they're involved with Petrobras, says Tim Seymour. They could have access to more reserves in Brazil.

Barclays (BCS) dropped 11%. Published reports said an Abu Dhabi based sovereign investment fund sold its massive stake in the bank. - I think the same kind of thing could happen at Bank of America and other banks, speculates Tim Seymour.

American Express (AXP) dropped 5%. The credit card company issued a stock offering of $500 million to help repay TARP funds. - I'd wait for it to pull back more, suggests Karen Finerman.

Gamestop (GME) dropped 6%. Investors sold the videogame retailer after Microsoft announced games will be available for download through its Xbox 360.




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Trader disclosure: On June 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 (GA), (TTM), (AAPL), (FCX), (FXI), (EEM), (RIMM), (NOK), (MGM), (INFY), (FCX); Finerman's Firm And Finerman Own (BAC) Preferred Shares And Are Short (BAC); Finerman's Firm And Finerman Own (WFC) Preferred Shares, Finerman's Firm Is Short (WFC); Finerman Owns (TBT); Finerman's Firm Owns (TBT), (RIG), (MRO); Finerman's Firm Is Short (IJR), (MDY), (SPY), (IWM), (USO), (XRT)

Terranova Owns (FCX), (TER), (ABI), (XBI); Terranova Owns (POT) & (POT) Calls; Terranova Owns (JPM) & (JPM) Calls; Terranova Owns (BTU) & (BTU) Calls; Terranova Owns (RIMM) & (RIMM) Calls ; Terranova Owns (GENZ) & (GENZ) Calls; Terranova Owns (MS) & (MS) Calls; Terranova Owns (IBM) & (IBM) Calls; Terranova Is Short July Oil Futures; Terranova Is Short August Oil Futures; Terranova Is Short September Oil Futures; Terranova Owns December Oil Futures; Terranova Owns December 2010 Oil Futures; Terranova Is Short August Gold Futures; Terranova Is Short August Nat Gas Futures; Terranova Is Short July Nat Gas Futures; Terranova Owns December Nat Gas Futures; Terranova Owns (X) & (X) Calls; Terranova Owns (BRCM) & (BRCM) Calls; Terranova Owns (JOYG) & (JOYG) Calls; Terranova Owns (DIS) Call Spread

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