Pops & Drops: EOG Resources, Liz Claiborne...

Following are the day’s biggest winners and losers. Find out why shares of EOG Resources and CIT Group popped while eBay and Liz Claiborne dropped.

POPS (stocks that jumped higher)

EOG Resources (EOG) popped 4%. Natural-gas made large gains as cold weather swept the nation. – January is expected to be warmer than usual, says Joe Terranova. That’s not good for nat gas.

CIT Group (CIT) popped 4%. The commercial lender received the okay to convert into a bank holding company and also won preliminary approval for a $2.3 billion capital infusion from the Treasury. – Winner of the TARP lottery for the day, says Karen Finerman.

Burger King (BKC) popped 4%. UBS upgraded the fast food chain to “buy” from “neutral,” saying the company can offer double-digit EPS growth in 09. – All good things for them, says Pete Najarian.

Red Hat (RHT) popped 9%. The largest seller of Linux software reported revenues rose 22% and earnings beat estimates.

Potash (POT) popped 4%. The fertilizer maker said it bought back almost 3 million of its shares.

DROPS (stocks that slid lower)

eBay (EBAY) dropped 3%. The WSJ reported the site is suffering a drop in visitor traffic and sales. They say weekly traffic between Nov.3 and Dec.14 fell 16% from a year ago. – No good, exclaims, Jeff Macke.

Textron (TXT) dropped 20%. The maker of Bell Helicopters and Cessna aircraft reduced its profit forecast. – Let’s hope their helicopters stay up better than their stock, says Pete Najarian.

Liz Claiborne (LIZ) dropped 22%. Standard & Poor’s cut its rating cut to BB-, saying the company’s performance and credit measures remain challenged in the near term due to the weak retail environment. – It’s a tough year for them, says Jeff Macke.

Bank Of America (BAC) dropped 6%. Sterne, Agee & Leach initiated coverage with a “sell” and set a $10 price target. – The price target takes it back to its 52-week low, explains Joe Terranova.

Kohl’s (KSS) dropped 4%. This department store (as well as retailers in general) fell on data that showed last weekend’s turnout was the worst in 6 years. – That last weekend before Christmas looks like a bust, says Karen Finerman

American Greetings (AM) dropped 35%. The second-largest US greeting cards maker reported a third-quarter loss and missed expectations due to charges and lower sales.

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Trader disclosure: On Dec. 23rd, 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 (SDS), (DIS), (MSFT), (MCD), (WMT); Najarian Owns (MSFT) Calls; Najarian Owns (UYG) And Is Short (UYG) Calls; Najarian Owns (XHB) Calls; Najarian Owns (HOLX) Calls; Finerman's Firm Owns (MSFT); Finerman's Firm Owns (OIH) Puts; Finerman's Firm Is Short (IYR), (IJR), (IWM), (SPY), (MDY), (BBT), (COF), (USO)

GE Is The Parent Company Of CNBC; NBC Universal Is The Parent Company Of CNBC

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

Terranova Is Chief Alternatives Strategist Of Virtus Investment Partners, Ltd.; Virtus Investment Partners Owns More Than 1% Of (ABD), (ARE), (BIG), (OFC), (DLR), (EXR), (IGE), (MAC), (DBC), (DBV), (SKT), (UA), (CLB); Virtus Investment Partners Owns More Than 1% Of Seagate Tax Refund Rights