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Pops & Drops: Fannie Mae, Pier 1...

Following are the day’s biggest winners and losers. Find out why shares of Fannie Mae and Pier 1 popped while Clear Channel and Yamana Gold dropped.

POPS (stocks that jumped higher)

Fannie Mae (FNM) popped 20%. The mortgage lender surged as financials rallied. – I owned this name but sold it before the pop, reveals Karen Finerman.

Stock Pops & Drops

InterMune (ITMN) popped 19%. Preliminary testing of the biotech's Hepatitis-C treatment showed positive results. – It’s an early stage study, explains Pete Najarian.

Pier 1 Imports (PIR) popped 10%. The furniture firm moved higher after Jesup & Lamont initiated coverage with a "buy" rating. – I think it’s a classic relief rally, says Guy Adami.

Buffalo Wild Wings (BWLD) popped 12%. A Morgan Keegan analyst upgraded the casual dining restaurant citing "easing wing prices."- It’s a rally made to be sold, says Jeff Macke.

CME Group (CME) popped 7%. After Paulson's new regulation plan took shares of the Chicago Merc down 10% Monday, shares leapt back Tuesday morning on word that volume for the first quarter was up 32%. – Wow, a nice day, says Karen Finerman.

Solarfun (SOLF) popped 2%. The Chinese solar name was on fire Tuesday. – I think it’s a management team that’s right on the money, says Karen Finerman. The she exclaims, “April Fool!” Find out why Finerman always says Solar Fun isn’t any fun in Fast Money University.

Mastercard (MA) popped 3%. The credit card company continues to charge up the charts.

Hansen Natural (HANS) popped 12%. You might call this a soda pop "pop" as Goldman Sachs upgraded the maker of Monster energy drinks.

Akamai (AKAM) popped 10%. The data streaming firm that powers the iTunes store received an upgrade from Piper Jaffray.

J.C. Penney (JCP) popped 6%. After a rough ride for retail last week, J.C. Penny and other consumer-stocks rallied.

DROPS (stocks that slid lower)

Clear Channel Communication (CCU) dropped 3%. The dispute over how to fund the deal to take the radio company private became increasingly litigious. – I think it’s a big volatile mess, says Pete Najarian.

Yamana Gold (AUY) dropped 4%. Gold took the elevator down and this miner along with it.

American Apparel. The hip t-shirt company known for its racy ads and eccentric CEO is once again making headlines. Filmmaker Woody Allen is suing the company over an ad campaign that features him on billboards, dressed as a rabbi. He's seeking $10 million in damages.

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Trader disclosure: On Apr.1, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (DIS), (YHOO), (MSFT), (INTC); Najarian Owns (AAPL), (CSCO), (MSFT), (YHOO), (ORCL); Najarian Owns (AA) Calls, (BSC) Calls, (CCU) Calls; Najarian Owns (LEH) Puts, (MER) Puts; Najarian Is Long (XLF) And (XLF) Puts: Finerman Owns (GS); Finerman's Firm Owns (JCP), (MO), (MSFT), (VLO), (YHOO), (PM), (TIP):Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM), (GLD)