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Pops & Drops: Fortinet, DeVry, Callaway Golf and More

Stocks closed modestly higher Wednesday, but the Dow lost ground in the final minutes of trading to close below 12,000 after bouncing above and below that level much of the session. To the "Fast Money" traders, these market movers were most interesting, though:

POPS (stocks that went higher)

United Continental (UAL) popped 7%: The airline's fourth-quarter profit beat the Street’s estimates after travel increased and fares rose. Brian Kelly of Kanundrum Capital likes the airlines right now.

Fortinet (FTNT) popped 16%: The network security supplier saw shares rally after beating earnings-per-share forecasts by 8 cents.

"Every one of the metrics is off the charts. This stock has been on an absolute tear," said Pete Najarian, co-founder of optionMONSTER.com. "When you look at the short interest, you could understand why I think it's time to take some off the table."

DeVry (DV) popped 12%: The for-profit education company reported second-quarter earnings of $1.25 a share, which beat the Street's expectations.

DROPS (stocks that went lower)

Callaway Golf (ELY) dropped 4%: The sporting goods company reported higher-than-expected fourth-quarter revenues. Its earnings-per-share, however, fell short of analysts' forecasts.

Guy Adami, managing partner at Drakon Capital, called it an "abysmal quarter." He noted that there has been considerable short interest in this stock and guessed it could go lower.

Xerox (XRX) dropped 7%: The printer provider posted a 5 percent decline in fourth-quarter profits. It beat expectations by a penny, though. Still, the company offered a lukewarm outlook. With the company's CFO leaving and its stock at a new 52-week low, trader Josh Brown recommends avoiding XRX right now.

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Trader disclosure: On Jan. 26, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Guy Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE) and (BTU). Karen Finerman owns (AAPL), (BAC), (BP), (C), (GLW), (GOOG), (HPQ) and (MSFT). Karen Finerman owns (BAC) leaps. Karen Finerman owns (JPM) and (JPM) leaps. Pete Najarian owns (BAC) call spreads. Pete Najarian owns (C). Pete Najarian owns (F) calls and bonds. Pete Najarian owns (GE). Pete Najarian owns (JPM) call spreads. Pete Najarian owns (MS). Pete Najarian owns (TCK). Pete Najarian owns (YHOO) and (YHOO) calls. Josh Brown owns (BAC), (GE), (JPM), (QCOM), (NVDA) and (GLD).

GE is the parent company of CNBC
NBC Universal is the parent company of CNBC

KAREN FINERMAN
Finerman's firm is short (MDY)
Finerman's firm is short (SPY)
Finerman's firm is short (IWM)
Finerman's firm is short (IJR)
Finerman's firm is long S&P puts
Finerman's firm is long Russell 2000 puts
Finerman's firm owns (AAPL)
Finerman's firm owns (BBY)
Finerman's firm owns (BP)
Finerman's firm owns (HPQ)
Finerman's firm owns (IBM
Finerman's firm owns (JPM) and (JPM) leaps
Finerman's firm owns (MCD)
Finerman's firm owns (MSFT)
Finerman's firm owns (TGT)
Finerman's firm owns (WMT)

GUY ADAMI
Adami's wife works for (MRK)

BRIAN KELLY
Accounts Managed By Kanundrum Capital Own (FCX)
Accounts Managed By Kanundrum Capital Own (GLD)
Accounts Managed By Kanundrum Capital Own (MCP)
Accounts Managed By Kanundrum Capital Own (SLV)
Accounts Managed By Kanundrum Capital Own (TBT)
Accounts Managed By Kanundrum Capital Are Long The Euro
Accounts Managed By Kanundrum Capital Are Short The Yen
Accounts Managed By Kanundrum Capital Are Short (XLF)

JOSH BROWN
Brown owns (AAPL) for clients
Brown owns (AMZN) for clients
Brown owns (AXP) for clients
Brown owns (BAC) for clients
Brown owns (BP) for clients
Brown owns (C) for clients
Brown owns (C) for clients
Brown owns (CSCO) for clients
Brown owns (F) for clients
Brown owns (GE) for clients
Brown owns (GDXJ) for clients
Brown owns (GLD) for clients
Brown owns (GOOG) for clients
Brown owns (HPQ) for clients
Brown owns (IBM) for clients
Brown owns (JNJ) for clients
Brown owns (JPM) for clients
Brown owns (MCD) for clients
Brown owns (MOS) for clients
Brown owns (MSFT) for clients
Brown owns (MS) for clients
Brown owns (NVDA) for clients
Brown owns (QCOM) for clients
Brown owns (T) for clients
Brown owns (UNH) for clients
Brown owns (WFC) for clients

ANDY BUSCH
Busch has no disclosures

MIKE KHOUW
Cantor Fitzgerald & Co is a market maker in (AMZN)
Cantor Fitzgerald & Co is a market maker in (F)

DAVID RIEDEL
Riedel has no disclosures

COLIN GILLIS
BGC Financial LP and/or its affiliates, expect to receive, or intend to seek, compensation for investment banking services within the next three months from (MSFT)
No disclosures on (AMZN)

—CNBC.com contributed to this report

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