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Pops & Drops: Ironwood Pharmaceuticals, Micron Technology...

Here are some moves you might have missed Wednesday — Find out why shares of Ironwood Pharmaceuticals popped while Micron Technology dropped.

POPS (stocks that jumped higher)

Ironwood Pharmaceuticals (IRWD) popped 7%: The pharmaceutical company announced positive results from the first of two phase III clinical trials for a growing pipeline of upcoming drug releases.

While this stock is up 15 percent in three days, EmergingMoney.com founder Tim Seymour said he'd becareful.

Travelers Insurance (TRV) popped 2%: The CEO of this St. Paul, Minn.-based company recently talked about expanding its buyback, said Karen Finerman of Metropolitan Capital Advisors. She would buy this stock because it's "cheap" and has a "nice" dividend yield.

Level 3 Communications (LVLT) popped 8%: Brian Kelly, founder of Kanundrum Capital, cautioned that this is a $1 stock, so a tiny move makes a big difference. He doesn't think it's a bad name to get involved in, as it has a $1.7 billion market cap, which has been a "sweet spot" for merger and acquisitions activity lately.

DROPS (stocks that slid lower)

Micron Technology (MU) dropped 4%: Shares of this tech company fell after Goldman Sachs downgraded it to 'neutral' from 'buy.' Patty Edwards of Storehouse Partners wouldn't buy this stock.

Diamond Offshore (DO) dropped 2%: Downtime at this company led to a downgrade. Plus, Anadarko cancelled a contract it had with the company.

"Diamond Offshore is clearly struggling right now," said Joe Terranova, chief market strategist at Virtus Investment Partners, adding that he's long the stock. The Houston-based company is being hit by a "bundle of bad news," he said, but investors should stick with it. Use last week's low as your stop.

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Trader disclosure: On Sept. 15th, 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’s firm owns (IBM); Finerman’s firm owns (ORCL); Finerman’s firm owns (HPQ); Finerman’s firm owns (JPM); Finerman’s firm owns (BAC); Finerman’s firm owns (BBY); Finerman’s firm owns (GLW); Seymour owns (AAPL); Seymour owns (MSFT); Terranova Owns (APA), (AAPL), (ARUN), (BMO), (C), (DO), (EOG), (FCX), (FTO), (XBI), (GS), (HES), (IBM), (JOYG), (NBR), (NOV), (OXY), (ORCL), (PEP), (POT), (RSH), (GLD), (SLB), (SWN), (SU), (SPLS), (RIG), (UPL); Jon Najarian owns (AAPL) call spreads; Jon Najarian owns (ARST) calls; Jon Najarian owns (CSCO) call spreads; Jon Najarian owns (RHT) call spreads

For Joe Terranova
Terranova is chief market strategist of Virtus Investment Partners, LTD.
Virtus Investment Partners own more than 1% of (ABAX)
Virtus Investment Partners own more than 1% of (ALK)
Virtus Investment Partners own more than 1% of (AMKR)
Virtus Investment Partners own more than 1% of (CASS)
Virtus Investment Partners own more than 1% of (CSVI)
Virtus Investment Partners own more than 1% of (IGE)
Virtus Investment Partners own more than 1% of (LDR)
Virtus Investment Partners own more than 1% of (LPHI)
Virtus Investment Partners own more than 1% of (MGRC)
Virtus Investment Partners own more than 1% of (NRCI)
Virtus Investment Partners own more than 1% of (DBV)
Virtus Investment Partners own more than 1% of (XLB)
Virtus Investment Partners own more than 1% of (XLP)
Virtus Investment Partners own more than 1% of (XLY)
Virtus Investment Partners own more than 1% of (XLF)
Virtus Investment Partners own more than 1% of (XLI)
Virtus Investment Partners own more than 1% of (XLU)
Virtus Investment Partners own more than 1% of (SUBK)
Virtus Investment Partners own more than 1% of (WDFC)
Virtus Investment Partners own more than 1% of (YDNT)
Virtus Investment Partners own more than 1% of (DLUEY)
Virtus Investment Partners own more than 1% of (DRYS)

For Brian Kelly
Accounts managed by Kanundrum Capital own (GLD)
Accounts managed by Kanundrum Capital own (GDXJ)
Accounts managed by Kanundrum Capital own (ANDE)
Accounts managed by Kanundrum Capital own (RIMM)
Accounts managed by Kanundrum Capital own (ALK)
Accounts managed by Kanundrum Capital own (TLT)
Accounts managed by Kanundrum Capital own (TIP)
Accounts managed by Kanundrum Capital are short (OIH)
Accounts managed by Kanundrum Capital are short (IAI)
Accounts managed by Kanundrum Capital are short (XLF)
Accounts managed by Kanundrum Capital are short (BA)

For Tim Seymour
Seygem Asset Management owns (MSFT)
Seygem Asset Management is short (FCX)
Seygem Asset Management owns (BAC)
Seygem Asset Management owns (INTC)

For Patty Edwards
Edwards owns (PM) for clients
Edwards owns (KFT) for clients
Edwards owns (KMB) for clients
Edwards owns (TAL) for clients
Edwards owns (LEG) for clients
Edwards owns (WDFC) for clients
Edwards owns (JNK for clients
Edwards owns (LQD) for clients
Edwards owns (SPY) for clients
Edwards owns (VXX) for clients
Edwards owns (TIF) for clients
Edwards owns (JCG) for clients
Edwards owns (MSFT) for clients
Edwards owns (JPM) for clients
Edwards owns (C) for clients
Edwards owns (BAC) for clients
Edwards owns (HPQ) for clients
Edwards owns (CSCO) for clients
Edwards owns (INTC) for clients
Edwards owns (GLW) for clients
Edwards owns (V) for clients
Edwards owns (AEO) for clients
Edwards owns (SBUX) for client

For Lou Kerner
Wedbush Securities makes a market in (YHOO)

For Heather Bellini
ISI does and seeks to do business with (MSFT) and has received non-investment banking compensation in the past 12 months.

For Richard Bernstein
***No Disclosures***

For Pete Dawkins
***No Disclosures***

For Mike Khouw
***No Disclosures***

For Peter Boockvar
***No Disclosures***

For Carter Worth
***No Disclosures***

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