Pops & Drops:  MGM, Schlumberger...

Following are the week’s biggest winners and losers. Find out why shares of MGM and Schlumberger popped while Wachovia and General Motors dropped.

POPS (stocks that jumped higher)

MGM Mirage (MGM) popped 20%. The casino climbed on oil’s sharp decline with investors hopeful that lower gas prices will lead to more travel. - Go figure, exclaims Guy Adami.

Schlumberger (SLB) popped 6%. The world’s biggest oilfield contractor advanced higher for the week but paired some of those gains Friday. - Stable oil prices would be good for oil services stocks, says Joe Terranova.

Fluor Corp (FLR) popped 10%. The engineering firm was picked to manage England’s largest construction job, the Crossrail. - If you believe in the global industrial buildout trade go with this company, counsels Zach Karabell.

NVIDIA Corp. (NVDA) popped 5%. The maker of computer-graphics chips announced a stock-buyback plan. - I think now you have a floor in this stock, says Guy Adami.

Chesapeake Energy (CHK) popped 4%. The energy giant plans to spin-off its natural-gas gathering business. - Natural gas can't seem to find a bottom, says Joe Terranova. Stay away.

Massey Energy (MEE) popped 11%. Analysts at UBS upgraded the stock from “Neutral” to “Buy.” - I'd stay away, says Quint Tatro. It's not for me.

Limited Brands (LTD) popped 12%. The parent company of Bath & Body Works and Victoria’s Secret delivered better-than-expected earnings. - The stock is kind of sexy too, says Zach Karabell.

DROPS (stocks that slid lower)

Wachovia (WB) dropped 8%. The nation’s fourth-largest bank said it will consider selling non-essential businesses. - If you want to play the financials play the XLF, counsels Quint Tatro.

General Motors (GM) dropped 7%. The automaker said it will spend more than $500 million to build a new plant in Ohio. - I think this stock is a dog, says Quint Tatro. Stay out of it.

Vale (RIO) dropped 5%. The Latin America based iron-ore producer slid along with metals and oil. - It's the premiere iron ore company of the world, says Zach Karabell.

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Trader disclosure: On Aug 22, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Karabell Owns (AAPL), (FMCN), (GLD), (GOOG), (JPM), (NOK), (SLB), (RIO), (WFR), (CHL), (WFR): Tatro Owns (C), (GS): Quint Tatro Is The Principal Of Tatro Capital: Tatro Capital Owns (AAPL), (FXI), (QQQQ), (SPY), (T), (XLF), (JWN), (SSO), (ENER), (ESLR): Jon Najarian Owns (AAPL), (BKC), (BRK.B), (C): Jon Najarian Owns (RIMM) Calls; (SCHW) Calls, (AKAM) Calls: Terranova Owns (RIMM), (GS); Terranova is Long Sept. Mini S&P Futures, Terranova Owns (AIG) Puts; Terranova Is Long October Crude Oil Futures: Terranova Is Long Crude Oil Time Spread (Long Dec. 2008, Short Dec. 2012)

Terranova Is Chief Alternatives Strategist Of Phoenix Investment Partners, Ltd.; Phoenix Investment Partners Owns More Than 1% Of (ABD), (ARE), (BRE), (CNTY), (CLB), (OFC), (DLR), (ESS), (EXR), (FL), (IAT), (IGE), (LNET), (MAC), (OIIM), (PSPT), (DBC), (DBV), (SLB), (SKT), (BLV)

Terranova Is Co-Portfolio Manager Of The Phoenix Diversifier PHOLIO
Phoenix Diversifier PHOLIO Owns (IGE), (DBC), (DBV)