Pops & Drops: Chesapeake Energy, Circuit City...

Following are the day’s biggest winners and losers. Find out why shares of Chesapeake Energy and AstraZeneca popped while Circuit City and Western Union dropped.

POPS (stocks that jumped higher)

Chesapeake Energy (CHK) popped 3%. The nation's second-largest independent natural gas producer agreed to work with Plains Exploration & Production to develop a new natural gas deposit in Louisiana. – I like this stock, says Pete Najarian.

AstraZeneca (AZN) popped 2%. A U.S. court upheld a patent on its Seroquel antipsychotic. – I think the stock looks interesting, says Tim Seymour.

Family Dollar Stores (FDO) popped 8%. The discount-store operator released strong third quarter results. – I think it might go higher, says Guy Adami.

Morgans Hotel Group (MHGC) popped 14%. The luxury hotel announced a stock buyback. – The stock didn’t pop until after lunch and I don’t know why that was, says Karen Finerman.

Rush Limbaugh. The conservative talk radio jock signed a new $400 million deal with Clear Channel. Limbaugh now makes more than network news anchors Katie Couric, Brian Williams, Charlie Gibson and Diane Sawyer combined!

Apollo Group (APOL) popped 18%. The University of Phoenix owner beat Q3 Street expectations.

Dogs. Besides leaving $12 million for the care of her own pooch, Leona Helmsley reportedly directed that her fortune — up to $8 billion — be used for the care and welfare of dogs.

DROPS (stocks that slid lower)

Circuit City (CC) dropped 9%. The electronics retailer sank after Blockbuster abandoned its offer to buy the company. – I think they need to do something quickly, says Guy Adami.

Western Union (WU) dropped 4%. An Arizona appellate court ruled against the company concerning the state’s right to seize certain money transfers. – I think it will take a long time to sort it out, says Karen Finerman.

Sam Israel. And a drop for fugitive hedge-fund shyster Sam Israel, who after faking his own suicide on June 9th, turned himself in to authorities in Southwick, Massachusetts earlier this morning.

Bunge Ltd. (BG) dropped 4%. The grain and oilseed processor agreed to buy Tate & Lyle's international sugar trading and marketing division. – I like that they’re getting into sweetners, says Pete Najarian.

Vimpel Communications (VIP) dropped 6%. The Russian telecom provider announced an organizational restructuring. – I think it’s one of the best companies in emerging markets, says Tim Seymour, and I would start looking at it here.

Avis Budget Group (CAR) dropped 22%. The third largest U.S. car-rental company said full year profit will decline because of rising gasoline costs and a decrease in commercial travel

Market Vectors Coal ETF (KOL) dropped 10%. The coal ETF slid as the sector took a hit.

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Trader disclosure: On July 2, 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 (AGU), (BTU), (C), (GS), (ITNC), (MSFT), (NUE); Finerman Owns (GS); Finerman's Firm Owns (SUN), (TSO), (VLO), (MSFT), (PM); Finerman's Firm Owns SPX Index Puts; Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm Owns (GE) And (GE) Puts; Finerman's Firm Is Short (XME) And Owns (XME) Puts; Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM); Najarian Owns (AAPL), (CHK), (HPQ), (TSO), (XLF); Najarian Owns (MER) Puts; Najarian Owns (SLB) Calls, (WM) Calls, (YHOO) Calls, (ZRAN) Calls ;Seymour Owns (AAPL), (F), (MER), (MSFT), (TSO); Seygem Asset Management Owns (EEM), (TTM)