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Gains in This Stock Just Short Covering: Weiss

Following are Tuesday’s Pops and Drops.

Find out what’s going up, what’s going down and whether our traders would double down, fade or run in the other direction!

Apollo Group

The catalyst:Apollo Group beat earnings expectations and raised its guidance.

The trade: It’s a heavily shorted group and I think the pop is a short-covering rally. There are still lot of headwinds, says trader Stephen Weiss, managing partner at Short Hills Capital and author of “The Big Win.” I’d stay away.

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Mosaic

The catalyst: Although the catalyst was unclear, investors may think this fertilizer benefits as high temperatures in the Midwest threaten to reduce the corn crop.

The trade: Mosaic trades at a single digit valuation and with a great cash position. I’m long and I like it, says trader Pete Najarian, co-founder OptionMonster.com.

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Harley Davidson

The catalyst: UBS dropped their earnings per share (EPS) estimates Harley-Davidson in a report issued on Tuesday. The firm currently has a “neutral” rating and a $49.00 target price on the stock.

The trade: I’m skeptical and it seems like the chart is too, says trader Steve Cortes, founder Veracruz, a research and consulting firm.

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Seagate Technology

The catalyst: S&P said Seagate would replace Progress Energy in the S&P 500 index after the market close on Friday.

The trade: If you want to play it, I’d trade long against $23, says Fast trader Guy Adami, managing director of stockMONSTER.com.

Posted by CNBC's Lee Brodie

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Trader disclosure: On June 26, 2012 , the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Steve Weiss is short JEC; Steve Weiss is short X; Steve Weiss is short MT; Steve Weiss is short JCP; Steve Weiss is long QCOM; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Steve Cortes is long SVU; Steve Cortes is long TREASURIES; Steve Cortes is long DEO; Steve Cortes is short COH; Steve Cortes is short GLD; Steve Cortes is short QQQ; Steve Cortes is short EUR; Pete Najarian is long AAPL; Pete Najarian is long BAC CALLS; Pete Najarian is long C; Pete Najarian is long INTC; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long FB CALLS; Pete Najarian is long MSFT; Pete Najarian is long MOS; Pete Najarian is long MMR

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