Pops & Drops: Morgan Stanley, Freeport McMoRan...

Following are the day’s biggest winners and losers. Find out why shares of Morgan Stanley and Freeport-McMoRan popped while Liz Claiborne and US Bancorp dropped.

POPS (stocks that jumped higher)

Morgan Stanley (MS) popped 7%. A Reuters reports suggesting the government could relax mark-to-market accounting sent shares higher. - This was my Fast Money final trade last night, reminds Jeff Macke.

Freeport-McMoRan (FCX) popped 13%. Metals climbed on speculation of increased stimulus spending in China. - Their chart looks good, says Tim Seymour.

Cigna (CI) popped 7%. The insurance company reaffirmed its profit and membership forecasts for the year. - I sold some today because they're clearly in Obama's cross-hairs, says Karen Finerman.

Joy Global (JOYG) popped 11%. The world’s largest maker of heavy-duty mining equipment reported larger than expected fourth quarter earnings and reiterated its 2009 forecast. - The stock is trading at a 5 multiple so there should be room on the upside, says Guy Adami.

Big Lots (BIG) popped 18%. The seller of overstocked and discontinued goods beat on earnings and gave a forecast that beat analysts’ expectations. - Jeff Macke doesn't know what to say.

Caterpillar (CAT) popped 13%. This Dow component made gains after rival Joy Global released solid quarterly results and full year outlook. - Can I say China one more time, exclaims Tim Seymour.

Blackstone Group (BX) popped 8%. Keefe, Bruyette & Woods upgraded the stock while other published reports point to bullish remarks made about this stock on Fast Money yesterday by Pete Najarian.

Emerging Markets Index ETF (EEM) popped 7%. Stocks climbed around the world on speculation China will increase stimulus spending, which in turn should increase demand for commodities. - I guess I can say China one more time, chuckles Tim Seymour.

Steve Madden (SHOO) popped 10%. CL King upgraded the company to ‘Strong Buy’ from ‘Neutral’ citing resilience in a tough consumer environment.

UAL Corp. (UAUA) popped 7%. The parent of United Airlines reported that February seat capacity cuts were at pace with the decline in demand for air travel.

DROPS (stocks that slid lower)

Liz Claiborne (LIZ) dropped 11%. The struggling women’s retailer dropped after a larger 4th quarter loss due to goodwill write-downs and a drop in sales. - Not a good time for them, says Jeff Macke.

US Bancorp (USB) dropped 12%. The bank reduced its quarterly dividend by 88% to 5 cents a share. U.S. Bancorp Chairman, President and Chief Executive Officer Richard K. Davis said, "it is important for our shareholders to know that we are not reducing the dividend and preserving capital from a position of weakness, but from a position of strength and a desire to continue to invest in and expand our business.

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Trader disclosure: On Feb. 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 Najarian Owns (GE) Puts; Najarian Owns (GDX) & (GDX) Short Calls; Najarian Owns (HPQ) Calls; Najarian Owns (MSFT) & (MSFT) Short Calls; Najarian Owns (MS) & (MS) Short Calls; Najarian Owns (X) Put Spread; Najarian Owns (WFC) & (WFC) Calls; Seymour Owns (AA), (BAC), (EEM), (FXI); Seymour Is Short (NUE); Seymour's Firm Owns (PCU); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Finerman's Firm Owns (WFC) Preferred; Finerman's Firm Owns (MSFT), (RIG); Finerman's Firm Is Short (IYR), (IJR), (MDX), (SPY), (BBT), (VNO)