Pops & Drops: Big Lots, PetSmart...

Following are the day’s biggest winners and losers. Find out why shares of Big Lots and PetSmart popped while CSX Corp and Alcoa dropped.

POPS (stocks that jumped higher)

Nortel Networks (NT) popped 13%. North America's biggest telecom equipment maker reconfirmed its 2008 financial forecast and shifted resources to developing 4G wireless technology. – Sounds like good news, says Pete Najarian.

Big Lots Inc. (BIG) popped 4%. The company plans to increase its store base to 1,800 locations, an increase of approximately 33%. – They’re selling distressed items to distressed consumers, says Jeff Macke. I’d stay away.

Amtrak. Apparently, high oil prices aren’t bad for everyone’s business. Amtrak posted a 12.3% bump in ridership for the month of May and ticket sales climbed 15.6%.

PetSmart (PETM) popped 1%. The pet products retailer climbed after J.P. Morgan upgraded the stock citing the company's position in a relatively strong category and benefits from food inflation. – Balderdash, exclaims Jeff Macke.

Sergey Brin. The Google co-founder and budding astronaut plopped down $5 million to be one of two passengers to fly on a Russian Soyuz rocket to the International Space Station in 2011.

Grey Wolf, Inc. (GW) popped 3%. Canada-based Precision Drilling Trust made an unsolicited takeover offer valued at $9 per share.

Quimonda AG (QI) popped 6%. The German semiconductor memory company completed a partnership deal with Japan's Elpida Memory to make new memory chips.

DROPS (stocks that slid lower)

CSX Corp. (CSX) dropped 4%. 5 major shareholders threw their support behind a dissident board slate at the railroad company, suggesting the campaign has a reasonable chance of success. – I think it’s a buy at $59, counsels Guy Adami.

SPDR S&P Homebuilders (XHB) dropped 7%. The Homebuilder ETF continues to slide, with its price down 45.8% from a year ago. – I’d stay away, counsels Karen Finerman.

Alcoa Inc. (AA) dropped 8%. J.P. Morgan slashed its rating and said the company appears unlikely to pursue a sale or to spin off part of its business. – I don’t agree. I think Alcoa will get bought by the end of the year, says Guy Adami.

R.H. Donnelly Corp. (RHD) dropped 7%. The yellow pages publisher slid after it refinanced 11.75% of senior notes. – It looks like a dying business with a mountain of debt, says Karen Fienrman.

Microchip Technology (MCHP) dropped 9%. A JPMorgan analyst downgraded the company saying it will be affected by a slowdown in the Chinese market. – I think it’s got to hurt, says Pete Najarian.

Hooker Furniture (HOFT) dropped 15%. Lower sales and earnings for the first quarter dragged down shares.

Central Garden & Pet. Co. (CENT) dropped 35%. The pet and garden supplies company hasn't been able to fully offset rising grain costs with price increases.

Prince Charles. The heir to the throne of England paid 453 pounds and 15 pence yesterday to settle a debt with the Clothiers Company of Worcester, central England. So what's the big deal, you ask? The debt was incurred over 350 years ago when Charles II stiffed the Clothiers Company for uniforms they made in 1651. But, the bottom line is it still pays to be a royal, as the Prince didn't have to pay any interest for the 350 year old debt.

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Trader disclosure: On June 11, 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 (WMT), (MSFT), (INTC), (DIS); Adami Owns (AGU), (BTU), (C), (NUE), (GS), (INTC), (MSFT); Najarian Owns (AAPL), (BHI), (TSO), (ANR), (BUD), (XLF), (HPQ) (CHK); Najarian Owns (NUE) Calls; Najarian Owns (DHI) Puts, (LEH) Puts; Finerman Owns (GS); Finerman's Firm Owns SPX Index Puts; Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm Owns (AAPL), (MSFT), (SUN), (TSO), (VLO); Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM), (BIG); GE Is The Parent Company Of CNBC