Pops & Drops: Anheuser-Busch, DreamWorks, Unicorns... and Marijuana?

Following are the day’s biggest winners and losers. Find out why shares of Anheuser-Busch and Nortel popped while Jo-Ann Stores and Dreamworks dropped.

POPS (stocks that jumped higher)

Anheuser-Busch Companies, Inc. popped 5%. This buds for you - shares of the brewer trade higher after InBev's $46 billion offer to purchase the company.

Applied Biosystems Group popped 5%. The life sciences tool maker surging on news it will be bought by Invitrogen for $6.7 billion, or $38 a share.

Palm, Inc. popped 10%. The handheld computer maker trades higher today on news its low-priced Centro smart phone is launching on the Verizon Wireless network.

Justin Hicks. Early round action has the 33 year-old golfer leading the field at the U.S Open, with three strokes under.

Qualcomm, Inc. popped 6%. Wireless telecom product maker pops after the company lifts its guidance for the year.

Nortel Networks popped 9%. North America's biggest maker of phone gear rising on a J.P. Morgan upgrade to overweight from neutral.

Marijuana. And a puff, or pop, for marijuana. The University of Mississippi's Potency Monitoring Project found that the average amount of THC (the active ingredient in marijuana) reached 9.6% in 2007, compared with 8.75% the previous year. The 9.6% level represents the highest level recorded by the group in 30 years.

Cyberonics popped 7%. The medical device maker climbing higher after the company swings to a fourth-quarter profit and forecasts higher sales in fiscal 2009.

Honeywell International, Inc. popped 3%. The aerospace and diversified technology company moving up as oil trades flat today. Najarian: "What's the deer smoking?"

Unicorns. The AP reports park officials in Italy spotted a single-horned deer, a unicorn if you will, roaming park grounds yesterday. Calling it the first time he has seen such a case, Gilberto Tozzi, director of the Center of Natural Sciences, said such anomalies among deer may have inspired the myth of the unicorn. Said Tozzi, "This is fantasy becoming reality."

The Talbots, Inc. popped 25%. Shares of the women's specialty retailer rally on news the company obtained a sorely needed $50 million loan.

Bikinis. Less than a month after banning bikinis at public pools, Kanab City in Utah is now lifting the ban on bikinis and Speedos. The City Council hopes lifting the ban will refocus public attention on the opening of its newest city pool, dubbed the "Cowboy Water'n Hole."

DROPS (stocks that slid lower)

Jo-Ann Stores dropped 9%. The seller of fabrics and crafts falling off a cliff mid-day, after being downgraded to "Hold" from "Buy" at Soleil Securities.

DryShips, Inc. dropped 8%. The drybulk shipper dropped after the The Baltic Dry Index, a measure of shipping costs for commodities, posts a record decline as port congestion eased and on speculation China may buy less iron ore.

DreamWorks Animation SKG, Inc. dropped 4%. Was "Kung Fu Panda" stock buying overdone? Shares of the animation production company slide after a UBS downgrade to "Sell" from "Neutral."

Ethanol Stocks: VeraSun and Pacific Ethanol Both Down More Than 11%. Ethanol producers were downgraded at Citigroup after corn topped the $7/bushel threshold on heavy flooding in the midwest corn belt. Citigroup says small and mid size ethanol producers are now running at substantial losses against cash costs and shutdowns of these companies remain likely.

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Trader disclosure: On June 12, 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 (BTU), (C), (AGU), (GS), (INTC), (NUE), (MSFT); Najarian Owns (AAPL), (AAPL) Puts, (ANR), (BHI), (BYD), (CHK), (HPQ), (TSO), (XLF); Macke Owns (MSFT), (INTC), (DIS), (WMT); Finerman's Firm is Short (IYR), (IJR), (MDY), (SPY), (IWM); Finerman's Firm Owns SPX Index Puts, (XME), (XME) Puts, (MSFT), (SUN), (TSO), (VLO); Finerman Owns (GS); Finerman's Firm And Finerman Owns (C), (C) Leaps, (CYBX); Terranova Is Long December 2008 Crude Oil; Terranova Is Short December 2009 Crude Oil; Terranova Owns (FXC), (LUV), (GS); Phoenix Investment Partners Ltd. Is Long Airtran Holdings, Alaska Air Group, American Airlines, Apache, BP PLC, British Airways PLC, Chesapeake Energy, Chevron, ConocoPhillips, Continental Airlines, Delta Air Lines, Deutsche Lufthansa, ENI SPA, ExxonMobil, Gazprom OAO, Hawaiian Holdings, Hess, Holly Corp., Husky Energy, JetBlue Airways, Lukoil, Marathon Oil, Murphy Oil, Occidental Petroleum, PetroBras Intl. Fin., Petro-Canada, Petroleo Brasileiro S.A., Petroleos De Venezuela SA, Qantas Airways, Republic Airways Holdings, Royal Dutch Shell PLC-A SHS, Skywest, Southwest Airlines, Suncor Energy, Sunoco, Tesoro, Texaco Capital, Total SA, United Airlines, US Airways Group, Valero Energy; Fleckenstein Is Short (COF); MIKE DARDA HAS NOT PROVIDED DISCLOSURES IN ADVANCE OF BROADCAST; Bernstein And/Or Affiliates Exercise Investment Discretion Over Accounts Owning More Than 1% Of (GOOG), Bernstein Is A Market Maker In (GOOG), (YHOO); GE Is The Parent Company Of CNBC