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Pops & Drops: Abbott Labs, Seagate Tech...

Here are some moves you might have missed Wednesday — Find out why shares of Abbott Labs and Eaton popped while Seagate Technology and Quest Diagnostics dropped.

POPS (stocks that jumped higher)

Abbott Laboratories (ABT) popped 2%: The healthcare name said it had second-quarter adjusted earnings of $1.01 a share, above average estimate.

Global sales for this Abbott Park, Ill.-based company are up 17.8%, notes Joe Terranova of Vitrus Investment Partners, adding that it is the number one pharmaceutical company in India. The momentum for this drug manufacturer has gone up, he says, adding that the share price could go north of $50.

Eaton (ETN) popped 5%: The Cleveland-based maker of electricity meters and vehicle transmissions raised its full-year forecast after posting second-quarter profit that beat analysts' estimates as demand for truck parts increased.

Here you have a second-quarter beat with a full-year raise, says Tim Seymour of EmergingMoney.com. It's not a cheap company, but the market liked it Wednesday.

DROPS (stocks that slid lower)

Seagate Technology (STX) dropped 9%: The maker of hard disc drives reported fiscal fourth-quarter revenue and adjusted profit that fell short of the average analysts' estimates.

"When you miss estimates, they're going to punish you in this market," says Pete Najarian of optionMONSTER.com. "The market right now will not tolerate that kind of weakness."

Quest Diagnostics (DGX) dropped 6%: The provider of diagnostic testing, information and services reported second-quarter revenue that fell short of the average analyst estimate in a Bloomberg survey. It also lowered its forecast for full-year profit from continuing operations.

Earnings per share were weak, revenues missed and guidance was "lousy," says Guy Adami of Drakon Capital. He recommends staying away from the Madison, N.J.-based company because it could have a few more days on the downside.

SLM (SLM) dropped 11%: The largest US student lender said it made $219 million in private loans during the second quarter compared to $387 million a year earlier.

With 27% unemployment rate for teenagers, Brian Kelly of Kanundrum Capital thinks the Reston, Va.-based credit services provider could go lower.

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Trader disclosure: On July 21, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Seymour owns (AAPL), (BAC), (FCX), (GOOG), (MOS), (SBUX); Adami owns (AGU), (BTU), (NUE), (C), (GS), (INTC), (MSFT); Adami’s wife works at Merck; Terranova owns (EMC), (CREE), (CRCM), (LRCX), (COP), (AXP), (BMO), (CSX), (PEP), (CVS), (GS), (PCP), (C), (APA), (FCX), (JOYG), (MMM), (MOS), (GLD), (UAUA), (WYNN), (GOOG), (BBY), (SU), (KOL); Pete Najarian owns (C) calls; Pete Najarian owns (CRUS) calls; Pete Najarian owns (ISRG) call spreads; Pete Najarian owns (DD) call spreads; Pete Najarian owns (GNW) call spreads; Pete Najarian owns (V) call spreads; Pete Najarian owns (CNI) call spreads; Pete Najarian owns (TEVA) call spreads; Pete Najarian owns (PFE) call spreads; Kelly owns (BP) puts; Kelly is short (GS)

For JoeTerranova
Terranova works for (VRTS)
Terranova is chief market strategist of Virtus Investment Partners, LTD.
Virtus Investment Partners owns more than 1% of (CASS)
Virtus Investment Partners owns more than 1% of (LDR)
Virtus Investment Partners owns more than 1% of (LPHI)
Virtus Investment Partners owns more than 1% of (MGRC)
Virtus Investment Partners owns more than 1% of (XLB)
Virtus Investment Partners owns more than 1% of (XLP)
Virtus Investment Partners owns more than 1% of (XLY)
Virtus Investment Partners owns more than 1% of (XLI)
Virtus Investment Partners owns more than 1% of (XLK)
Virtus Investment Partners owns more than 1% of (XLU)
Virtus Investment Partners owns more than 1% of (SUBK)
Virtus Investment Partners owns more than 1% of (WDFC)
Virtus Investment Partners owns more than 1% of (YDNT)
Virtus Investment Partners owns more than 1% of (DRYS)

For Brian Kelly
Accounts managed by Kanundrum Capital own (TLT)
Accounts managed by Kanundrum Capital own (GME)
Accounts managed by Kanundrum Capital own (BIG)
Accounts managed by Kanundrum Capital own (NWL)
Accounts managed by Kanundrum Capital own Japanese Yen
Accounts managed by Kanundrum Capital are short (BA)
Accounts managed by Kanundrum Capital are short (USO)
Accounts managed by Kanundrum Capital are short (GLD)
Accounts managed by Kanundrum Capital are short Aussie Dollar
Accounts managed by Kanundrum Capital are short (KMX)
Accounts managed by Kanundrum Capital are short (FXI)
Accounts managed by Kanundrum Capital are short (EWO)
Accounts managed by Kanundrum Capital are short (EWI)
Accounts managed by Kanundrum Capital are short (JOE)
Accounts managed by Kanundrum Capital are short (RSX)
Accounts managed by Kanundrum Capital are short (SLX)
Accounts managed by Kanundrum Capital are short (CSX)

Doug Kass
**No Disclosures**

Tim Boyd
**No Disclosures**

Mike Khouw
**No Disclosures**

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