Pops & Drops: Credit Suisse, Starbucks...

Following are the day’s biggest winners and losers. Find out why shares of Credit Suisse and CIT Group popped while Starbucks and Diamond Foods dropped.

POPS (stocks that jumped higher)

Credit Suisse (CS) popped 6%. Switzerland’s second-largest bank popped after announcing it will cut 11% of the workforce and scrap bonuses for its top execs. – I like their balance sheet, says Tim Seymour.

CIT Group (CIT) popped 12%. The largest US independent commercial lender popped after Bernanke said US must used funds to limit foreclosures. – I own this turkey, exclaims Pete Najarian.

Amazon.Com (AMZN) popped 5%. Barclays upgraded the company to “overweight” from “equal weight,” citing reduced competition. – I didn’t know the stock on the way up so I’m not going to recommend selling the rally, counsels Guy Adami.

Morgan Stanley (MS) popped 8%. Fitch Ratings remarked positively about some of the investment bank’s holdings. – It will probably go down, says Jeff Macke.

Williams-Sonoma (WSM) popped 7%. The gourmet-cookware chain reported a third-quarter loss that was smaller than analysts had expected and confirmed its full year forecast. – This might have a little more room on the upside, counsels Guy Adami.

DROPS (stocks that slid lower)

Oil Service Holdrs ETF (OIH) dropped 11%. The oil ETF fell as crude oil continued its decline. – I'm a buyer of oil at current levels, says Tim Seymour.

Starbucks (SBUX) dropped 1%. The coffee chain popped, despite warning that 2009 will be even rougher than the second half of 2008. – I think there’s going to be some upside, speculates Pete Najarian.

Diamond Foods (DMND) dropped 22%. The seller of Diamond and Emerald nuts and snacks forecast second-quarter results that fell below estimates. – Not a good quarter for nuts, chuckles Jeff Macke.

Alcoa (AA) dropped 13%. Investors bid the stock lower on concerns the company may be forced to suspend its dividend.

Adobe Systems (ADBE) dropped 9%. The biggest maker of design software cut its fourth-quarter sales forecast.

Jefferies Group (JEF) dropped 14%. The brokerage firm said fourth-quarter losses will be worse than expected and it announced layoffs and office closings.

Hot Topic (HOTT) dropped 14%. The teen retailer dropped despite reporting better than expected November sales.

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Trader disclosure: On Dec. 4th, 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 (MSFT), (WMT), (UUP), (MCD); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Najarian Owns (FCX); Najarian Owns (NUE) And Is Short (NUE) Calls; Najarian Owns (CIT) Calls; Najarian Owns (SBUX) Call; Seymour Owns (AAPL), (BAC), (BX), (F), (MER); Seygem Asset Management Owns (RIO)

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