Pops & Drops: QLogic, Tesoro...

Following are the day’s biggest winners and losers. Find out why shares of QLogic and Schlumberger popped while Northwest Airlines and Tesoro dropped.

POPS (stocks that jumped higher)

QLogic Corporation (QLGC) popped 9%. The network equipment maker raised profit and sales guidance for the fiscal first quarter. – If you’re long take profits, says Guy Adami.

Schlumberger (SLB) popped 1%. J.P. Morgan added the oil services firm to its Analyst Focus List with a $140 price target. – It was a good day for them, says Pete Najarian.

Wellpoint (WLP) popped 2%. First American Trust reported buying 26,000 shares. – The valuations are cheap, says Karen Finerman.

SGX Pharmaceuticals (SGXP) popped 126%.
Ely Lilly agreed to buy the company for $3 a share.

Charming Shoppes (CHRS) popped 3%. The company’s CEO announced his resignation following a volatile period of slumping sales and shareholder pressure.

Locusts. 33,000 insect terminators were dispatched to Inner Mongolia in hopes of preventing a cloud of locusts from descending on Beijing during the Olympics.

DROPS (stocks that slid lower)

Chesapeake Energy (CHK) dropped 6%. The natural gas producer said it will issue 25 million shares of common stock to pay down debt. – I like it at this level, says Pete Najarian.

Tesoro (TSO) dropped 12%. All the refiners moved lower Wednesday after oil recovered some losses from Tuesday’s sharp drop. – Refiners can’t seem to make money right now, says Karen Finerman.

Northwest Airlines (NWA) dropped 16%. The airline announced a round of job cuts and that it will charge $15 for the first bag checked. – They’re charging you twice as much for an experience that’s half as good, exclaims Jeff Macke.

1995 Honda Civic. According to the National Insurance Crime Bureau, for the 4th year in a row, the 1995 Honda Civic was the most stolen car in America.

Hansen Natural Corp. (HANS) dropped 15%. US consumers cut back on impulse drink purchases at gas stations, which is an important place of purchase for this energy drink maker.

Arris Group (ARRS) dropped 17%. The communications technology firm cut its sales forecast which could mean the cable internet phone business may be maturing.

Wolverine World Wide (WWW) dropped 13%. The Hush Puppies maker disappointed investors with its 2008 outlook.

Sealy Corp (ZZ) dropped 9%. The mattress maker drooped after it posted a 26% drop in quarterly profit.

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Trader disclosure: On July 9, 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 (INTC), (MSFT), (WMT); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Najarian Owns (AAPL), (CHK), (MAR), (TSO), (ANR); Najarian Owns (SLB) Calls, (YHOO) Calls; Najarian Owns (XLF) And (XLF) Puts; Najarian Owns (FNM) And (FNM) Puts; Finerman Owns (GS); Finerman's Firm Owns (MSFT), (SUN), (TSO), (VLO),(PPH), (MRK), (PFE), (JNJ); Finerman's Firm Owns (TGT) Calls; Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM); Finerman's Firm Is Long SPX Index Puts; Finerman's Firm And Finemran Own (C) And (C) Leaps; Finerman's Firm And Finerman Own (PDE) And (PDE) Calls; Finerman's Firm And Finerman Own (FLS)

Gartman Owns (PLL), (AFFY), (SJT), (JJG), (EWZ), (PH), (GOOG),(ATW); Gartman Owns (SU), And Is Short (SU) Calls; Gartman Owns (UYG) And Owns (SDS) Against It; Gartman Is Short (WFMI), (BA), (DE); Gartman Owns (BPT) And Is Short (BP); Gartman Owns (TOWN) And Is Short (ING); Gartman Is Short (X); CIBC Gartman Index Owns Natural Gas And Is Short Crude Oil; CIBC Gartman Index Owns Aluminum