Pops & Drops: Macy's, Hovnanian...

Following are the day’s biggest winners and losers. Find out why shares of Macy’s and Silver Wheaton popped while Newell Rubbermaid and Hovnanian dropped.

POPS (stocks that jumped higher)

Macy’s (M) popped 18%. The department store said Bank of America and JPMorgan have agreed to provide substantial liquidity for the company despite the economic environment. – I would not be long, says Karen Finerman.

iShares Dow Jones Transport. Avg. (IYT) popped 3%. The transports popped as crude oil plummeted. – Take profits, exclaims Jeff Macke.

Silver Wheaton (SLW) popped 4%. The silver miner climbed as silver prices advanced on the dollar’s decline. – Be careful, warns Pete Najarian.

Joy Global (JOYG) popped 13%. Fourth-quarter earnings and sales beat expectations. – At 7 times earnings I think it’s cheap, says Guy Adami.

ConAgra Foods (CAG) popped 8%. The company beat estimates and assured investors that a turnaround was coming for its consumer foods business which includes Chef Boyardee canned pasta and Orville Redenbacher popcorn.

Home Depot (HD) popped 2%. The Fed’s commitment to lower mortgage rates should benefit this hardware giant.

DROPS (stocks that slid lower)

Newell Rubbermaid (NWL) dropped 27%. The maker of Rubbermaid kitchenware fell after the company lowered its 08 forecast and slashed its workforce. – Maybe it's oversold, speculates Pete Najarian.

Hovnanian (HOV) dropped 14%. The homebuilder reported a fourth quarter loss that was three times worse than analysts had expected. – If you’re short cover soon, says Guy Adami.

General Electric (GE) dropped 3%. CNBC’S parent reported yesterday that the company will no longer provide per-share forecasts. – I like that they’re getting out of the forecasting business, says Karen Finerman.

Adobe Systems (ADBE) dropped 3%. Investors took profits after the firm reported fourth quarter earnings of 60 cents a share, beating analysts’ estimates.

Honda Motor (HMC) dropped 7%. Investors worried that as the yen gains against the dollar, Honda’s car sales could decline.

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Trader disclosure: On Dec. 17th, 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 (MCD), (MSFT); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Najarian Owns (ENER) Call Spread; Najarian Owns (UYG) And Is Short (UYG) Calls; Finerman's Firm Owns (MSFT), (IBB); Finerman's Firm Owns (OIH) Puts; Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM), (VNO), (FCE.A), (USO)