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Pops & Drops: MGM, Monsanto...

Following are the day’s biggest winners and losers. Find out why shares of MGM and EMC Corp popped while Monsanto and American Express dropped.

POPS (stocks that jumped higher)

Proshares Ultrashort 20 + Yr Treasury ETF (TBT) popped 2%. Disappointment that the Fed did not extend its program for buying longer dated Treasurys sent debt prices lower and this ETF that tracks double the inverse of Treasurys higher. - I'm long and I'd buy more, counsels Karen Finerman.

MGM Mirage (MGM) popped 14%. The casino which recently raised $2.6 billion from the sale of debt and equity, said on Tuesday there is no longer a substantial doubt about its ability to continue as a "going concern." - I wouldn't chase it here but it's a buy on a dip, counsels Guy Adami.

EMC Corp (EMC) popped 3%. Barclays upgraded the company to ‘overweight’ from ‘equal weight’ citing stabilizing sales and gross margins. - I like this stock as a buy and hold play, says Jon Najarian.

DROPS (stocks that slid lower)

Monsanto (MON) dropped 4%. The company said third quarter earnings fell 14% and it also announced a work force cut. - It seems the profit cycle in the herbicide business has reached its peak, counsels Joe Terranova.

Tesoro (TSO) dropped 6%. Oppenheimer downgraded the refiner to ‘market perform’ from ‘outperform.’ - I suggest getting long the oil service sector and selling refiners against it, says Joe Terranova.

American Express (AXP) dropped 2%. A WSJ report suggested that the stock’s recent rally left shares overpriced. - If it drops below $20 I'm a happy buyer, explains Karen Finerman.

Supervalu (SVU) dropped 12%. The supermarket said a slowdown in consumer spending will cut into earnings. - I'd get long with a tight stop, says Guy Adami.

AutoZone (AZO) dropped 4%. Hedge fund manager Eddie Lampert cut his stake in the company by 39%.

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Trader disclosure: On June 24th, 2009, 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 (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Finerman's Firm Owns (MSFT), (WMT); Firm Is Short (WFC); Finerman's Firm Is Short (IWM), (SPY), (MDY), (IJR), (USO); Finerman's Firm And Finerman Own (BAC) Preferred Shares, Finerman's Firm Is Short (BAC); Finerman's Firm And Finerman Are Short (WFC) Preferred Shares, Finerman's Finerman's Firm And Finerman Own (FLS); Jon Najarian Owns (AAPL), (BRK.B), (JPM), (MS), (RIMM), (WFC), (WMT), (YHOO); Jon Najarian Is Short (AZO); Terranova Owns (TER), (XBI), (BTU), (ABT), (RIMM), (HES), (MS), (MSFT)

Terranova Works For (VRTS); Terranova Is Chief Alternatives Strategist Of Virtus Investment Partners, Ltd.; Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO; Virtus Diversifier PHOLIO Owns (IGE), (DBC), (DBV), (ABD); Virtus Investment Partners Owns More Than 1% Of (ABD), (CAL), (CLB), (DLR), (EPR), (EXR), (IGE), (MEE), (DBC), (DBV), (DBA), (SKT), (UA), (WBMD); Virtus Investment Partners Owns More Than 1% Of  Seagate Tax Refund Rights; Virtus Investment Partners Owns More Than 1% Of St Mary Land & Exploration Co