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Pops & Drops: California Pizza Kitchen, Allegheny Tech...

Here are some moves you might have missed Wednesday — Find out why shares of California Pizza Kitchen and Virgin Media popped while Allegheny Technologies and Eastman Kodak dropped.

POPS (stocks that jumped higher)

California Pizza Kitchen (CPKI) popped 9%: Shares of the restaurant chain rallied amidst an New York Post article stating that American Securities Capital Partners are in advance talks to purchase the company.

Karen Finerman of Metropolitan Capital Advisors does not like this company's valuation and is not buying.

Virgin Media (VMED) popped 3%: The broadcasting and entertainment company posted a loss of 31 cents a share for the second quarter. Moody's Investor Service, however, raised the company's corporate family rating from Ba2 from Ba3.

Brian Kelly of Kanundrum Capital would buy this stock on a pullback.

DROPS (stocks that slid lower)

Allegheny Technologies (ATI) dropped 7%: The titanium and steel producer not quite strong enough after reporting a second quarter profit of 36 cents a share, which is 1 cent less than the average analyst's estimates.

Joe Terranova of Vitrus Investment Partners identifies resistance at $50 a share.

Eastman Kodak (EK) dropped 15%: The camera maker reported a wider-than-projected second quarter loss and shares that fell short of the average estimates on the Street.

"Here's another stock that's dead money," says Jon Najarian of optionMONSTER.com.

International Paper (IP) dropped 5%: The paper giant posted a disappointing second quarter profit. The company's earnings narrowly beat Wall Street's estimates and revenues slightly missed.

Although named "International," this company is too domestic for Veracruz founder Steve Cortes. He also doesn't like timber plays.

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Trader disclosure: On July 28, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Finerman owns (AAPL); Finerman owns (BAC); Finerman’s firm owns (BAC); Finerman owns (CVS); Finerman’s firm owns (CVS); Finerman owns (FLS); Finerman’s firm owns (FLS); Finerman’s firm owns (GLW); Finerman owns (JPM); Finerman’s firm owns (JPM); Finerman’s firm owns (RIMM); Finerman’s firm owns (SKS); Kelly owns (BP) puts; Jon Najarian owns (GLD) puts; Jon Najarian owns (AAPL) call spreads; Jon Najarian owns (MSFT) and short calls; Jon Najarian owns (COP) and short calls; Jon Najarian owns (RRC) and short calls; Jon Najarian owns (MSFT) and short calls; Jon Najarian owns (SYMC) and short calls; Jon Najarian owns (RIMM) and short calls; Jon Najarian owns (IACI) and short calls; Jon Najarian owns (LVS) and short calls; Jon Najarian owns (MGM) and short calls; Jon Najarian owns (XOM) and short calls; Jon Najarian owns (MOS) and short calls; Cortes owns (RSX), (GS), (MS); Cortes is short the S&P 500; Cortes is short the Yen; Cortes is short US Treasuries; Terranova owns (AMZN), (EMC), (CREE), (BRCM), (LRCX), (COP), (AXP), (BMO), (CSX), (PEP), (CVS), (GS), (PCP), (C), (APA), (FCX), (JOYG), (MMM), (MOS), (UAUA), (WYNN), (GOOG), (BBY), (SU), (KOL), (XBI), (SWN), (BAX), (JNPR); Terranova is short (GLD)

For Brian Kelly
Accounts managed by Kanundrum Capital own (ELX)
Accounts managed by Kanundrum Capital own (ORI)
Accounts managed by Kanundrum Capital own (VIV)
Accounts managed by Kanundrum Capital own (BAK)
Accounts managed by Kanundrum Capital own (AAPL) calls
Accounts managed by Kanundrum Capital own (UNG)
Accounts managed by Kanundrum Capital are short (GLD)
Accounts managed by Kanundrum Capital are short (RKH)

For Joe Terranova
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 Dennis Gartman
Funds managed by Gartman own (SJT)
Funds managed by Gartman own (FAX)
Funds managed by Gartman own (BPT)

Tavis McCourt
***No Disclosures***

David Levy
***No Disclosures***

Mike Khouw
***No Disclosures***

Symbol
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IP
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