Pops & Drops: Lockheed Martin, Saks...

Following are the day’s biggest winners and losers. Find out why shares of Lockheed Martin and Saks popped while Yahoo and Alcoa dropped.

POPS (stocks that jumped higher)

Lockheed Martin (LMT) popped 4%. The world’s largest defense company won a billion dollar contract to provide weather-tracking satellites for NASA. – It should continue to go higher, counsels Guy Adami.

Constellation Energy Group (CEG) popped 10%. Electricite de France offered to buy half the company’s nuclear business for $4.5 billion. The bid comes after Buffett’s Berkshire Hathaway made a much lower offer. – Interesting, says Pete Najarian.

Saks (SKS) popped 14%. A JP Morgan analyst said sales at the high-end department store might drop less than expected due to aggressive pricing. – I don’t think the numbers for any retailer can possibly be as bad an previously thought, says Karen Finerman.

AIG (AIG) popped 7%. The company said it is seeking to renegotiate the terms of its rescue package, and has purchased almost $50 billion worth of CDO’s. – Guy Adami doesn’t know what to say.

Jos A Bank Clothiers (JOSB) popped 8%. Third-quarter profits beat estimates. – I don’t think they’re in control of their business, bristles Jeff Macke.

Cisco (CSCO) popped 4%. CEO John Chambers confirmed the company’s long-term revenue forecast, despite the slowdown in tech spending. – Why wouldn’t a CEO be positive on their own business, exclaims Jeff Macke.

Grey Wolf (GW) popped 25%. Despite the economy, Precision Drilling said it remained keen on closing its $2 billion takeover of Grey Wolf. – That’s a relief for shareholders, adds Karen Finerman.

Del Monte Foods (DLM) popped 17%. The maker of Meow Mix cat food and Contadina pasta sauce beat on earnings.

Las Vegas Sands (LVS) popped 8%. The casino company, which is down 95% on the year jumped higher on Wednesday for no clear reason.

CBS (CBS) popped 14%. Dow Jones reported that the company is looking to bulk up its audio streaming with Yahoo’s internet radio business.

DROPS (stocks that slid lower)

Yahoo (YHOO) finished unchanged. Although reports suggested that former AOL chief Jon Miller wanted to buy the company, that now seems unlikely. – Investors don't know what to make of this stock, but I’ve covered my Yahoo short, reveals Jeff Macke.

Alcoa (AA) dropped 4%. Deutsche Bank said mining stocks and metal companies will start to slash dividends, and in fact, Freeport-McMoran did just that on Wednesday.

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Trader disclosure: On Dec. 3rd, 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 (MGM), (MSFT), (UUP), (WMT), (MCD); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Finerman's Firm Owns (PM), (MO), (IBB), (PPH), (CSCO), (MSFT); Finerman's Firm Is Short (IYR), (IJR), (MDY), (IWM), (SPY), (BBT), (COF), (USO); Finerman's Firm Owns (DNA) And (DNA) Calls; Najarian Owns (NUE); Najarian Owns (UYG) Calls; Najarian Owns (SNDK) Calls

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