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Pops & Drops: Cephalon, Cooper Tire...

Following are the day’s biggest winners and losers. Find out why shares of Cephalon and Owens Corning popped while Cooper Tire and Allergan dropped.

POPS (stocks that jumped higher)

Cephalon (CEPH) popped 3%. The FDA voted against broadening the treatment options for the biotech's pain medication Fentora, but analyst speculation that the drug could eventually be approved for non-cancer pain sent shares higher. – Interesting, says Pete Najarian.

Stock Pops & Drops

Owens Corning (OC) popped 7%. The building materials maker posted a 20% jump in sales. – It’s doing nicely, says Karen Finerman.

Pitney Bowes (PBI) popped 4%. The world's largest maker of postal meters beat profit estimates thanks to strength in its "mailstream services division." – Not so bad, says Jeff Macke.

Obama. After last night's decisive victory in North Carolina and very narrow loss in Indiana, contracts for Obama to win the nomination on prediction market InTrade-dot-com spiked from 76% to 91% overnight.

Eagle Bulk Shipping (EGLE) popped 12%. Higher vessel rates for this dry bulk shipper boosted profits by nearly 50%. – I think you can short it with a tight stop, says Guy Adami.

Checkpoint Systems (CKP) popped 12%. The maker of anti-theft RFID tags for retailers beat both profit and revenue expectations.

Titanium Metals (TIE) popped 12%. Boeing delays sent profits for this metals supplier down 46%, but the number still met estimates and shares soared.

Semiconductor Group (ONNN) popped 20%. A profit beat and a higher second-quarter forecast spiked shares of the chipmaker.

DROPS (stocks that slid lower)

Cooper Tire & Rubber (CTB) dropped 7%. Slower domestic sales and higher oil costs took a toll on the tiremaker. – Wait for a 5 million share day, then it’s a buy, says Guy Adami. Not yet.

Allergan (AGN) dropped 3%. The maker of Botox said international sales were up, but U.S. revenues slowed.

Capital One (COF) dropped 3%. The financials headed straight down all session long.

Homebuilders ETF (XHB) dropped 3%. After running higher on D.R. Horton's earnings Tuesday, the XHB lost ground Wednesday.

PetroChina (PTR) dropped 8%. Investors knocked the Chinese oil giant on refining margin concerns.

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Trader disclosure: On May 7, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Adami Owns (C), (GS), (INTC), (MSFT), (AGU), (NUE), (BTU); Pete Najarian owns (AAPL), (C) Calls, (ENER), (MSFT) Calls, (TSO), (XLF), (YHOO) Calls; Macke Owns (INTC), (DIS0, (ATVI), (MSFT); Finerman’s Firm is Short (IYR), (IJR), (SPY), (MDY), (IWM), Owns SPX Index Puts, (AEO), (MSFT), (NYX), (PLCE), (TSO), (VLO), (YHOO) and (YHOO) Call Spreads, Finerman Owns (GS), Finerman and Finerman’s Firm Own (C)