Pops & Drops: AIG, Hasbro...

Following are the day’s biggest winners and losers. Find out why shares of AIG and Biogen popped while Hasbro and CME Group dropped.

POPS (stocks that jumped higher)

AIG (AIG) popped 6%. Bank of America upgraded the insurance giant to 'buy' from 'neutral,' saying the risk-to-reward ratio has become 'very attractive.' – That’s nice, says Karen Finerman.

Wynn Resorts (WYNN) popped 6% and and Las Vegas Sands (LVS) popped 9%. Both casinos moved up on news their Macau operations are producing healthy returns.- It’s also due to a huge buy-back, adds Jeff Macke.

Biogen Idec (BIIB) popped 3%. Merrill Lynch upgraded the biotech to 'Buy' from 'Underperform' citing earnings growth potential and an improved outlook for their multiple sclerosis treatments. – Keep an eye on their earnings, says Pete Najarian.

Valero Energy (VLO) popped 8%. The sector traded higher for no clear reason. – Sideways oil allows the refiners to bide their time, explains Joe Terranova.

Janet Jackson. A Federal judge tossed out the $550,000 fine levied against CBS after Jackson's 'wardrobe malfunction' during the 2004 Super Bowl halftime show. The judges said the FCC 'acted arbitrarily and capriciously' in fining the network for a 'fleeting image of nudity.'

Transalta Group (TAC) popped 15%. Canada's largest generator of wind power soared after two investment groups made a $7.8 billion offer to take the company private. – That’s the end of this one, says Pete Najarian. Nice pop.

Timken Co. (TKR) popped 22%. The specialty alloy and bearings maker said it expects 2nd quarter profit to exceed expectations and boosted its full-year guidance. – Bada-bing, exclaims Pete Najarian.

Fish Pedicures. The latest spa craze to hit US Shores is the fish pedicure, a procedure where feet are dunked in a tank of carp and the fish then proceed to feast on the scaly skin.

DROPS (stocks that slid lower)

ArthroCare (ARTC) dropped 42%. The medical device maker tanked after it announced plans to restate earnings for '06, '07, and the latest quarter. – That’s never a good thing, says Karen Finerman.

Hasbro (HAS) dropped 2%. The toymaker said high oil prices were hurting its bottom line. – I’m sticking with this stock, says Jeff Macke.

CME Group (CME) dropped 2%. The exchange operator dropped ahead of earnings Tuesday. – I expect CME to rally, says Joe Terranova.

Winnebago (WGO) dropped 5%. CEO Robert Olson said the RV market was deteriorating. – They get about 3 miles per gallon; what did they expect, exclaims Jeff Macke.

Royal Caribbean Cruise Lines (RCL) dropped 6%. Investors fear the high cost of fuel could reduce the company's profit, substantially. – I think the best they can do is flat earnings, says Joe Terranova.

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Trader disclosure: On July 21, 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), (HAS), (ATVID), (GS), (DIS); Najarian Owns (AMLN), (TSO); Najarian Owns (AAPL) And (AAPL) Puts; Najarian Owns (FHN) Puts; Najarian Owns (MRK) Calls, (YHOO) Calls, (CSCO) Calls; Finerman Owns (GS); Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm And Finerman Own (PDE); Finerman's Firm Owns (GE), (MRK), (MSFT), (PPH), (PFE), (SUN), (TSO), (VLO), (AXP); Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY)

Terranova Owns (RIMM), (GOOG), (YHOO), (INTC), (VLO), (IYT), (CME), (BNI), (FCX), (XLF), (SU); Terranova Is Long Crude Oil Sept. $154 Call; Terranova Is Short Crude Oil Sept. $130 Call; Terranova Is Short Crude Oil Sept. $130 Put; Terranova Is Chief Alternatives Strategist Of Phoenix Investment Partners, Ltd.,Terranova Is Co-Portfolio Manager Of The Phoenix Diversifier PHOLIO

Phoenix Investment Partners Owns More Than 1% Of (DBV), (RWX(, (LNET), (EXR), (SKT), (DLR), (IGE), (ARE), DBC), (ABD), (OFC), (CLB), (BLV), (CNTY), (FL), (HPC), (PSPT), (ESS), (OIIM), (BIG), (ENG), (PFD), (DRH)

Phoenix Diversifier PHOLIO Owns (IGE), (DBC), (DBV)

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