Pops & Drops: Cigna, Cheesecake Factory...

Following are the day’s biggest winners and losers. Find out why shares of Cigna and Cheesecake Factory popped while Southwest Airlines and GameStop dropped.

POPS (stocks that jumped higher)

Cigna (CI) popped 2%. Options action drove shares higher with investors betting on a strong profit report due April 30th and/or chatter that Aetna might be interested in taking out this firm. - Keep an eye on this name, says Pete Najarian.

Oil Service HLDRS ETF (OIH) popped 3%. Investors bet oil exploration firms will profit, despite the gyrations in the spot price of crude. - Morgan Stanley also said they see a trough in the US drillers, explains Tim Seymour.

Microsoft (MSFT) popped 5%. Barclay’s raised its price target on this stock largely due to optimism about Windows 7. - This stock will just kill me, chuckles Karen Finerman.

Illinois Tool Works (ITW) popped 6%. The firm beat on first quarter earnings and forecast second quarter earnings in line with analysts’ estimates. - This is an early cycle name that's up pretty big, explains Guy Adami. But I think it's a little too early, even for this name.

Gmarket (GMKT) popped 19%. The South Korean online auctioneer surged higher after Ebay extended a $1.2 billion offer to buy the company.

Activision Blizzard (ATVI) popped 1%. The world’s biggest video-game publisher said that sales have remained strong and as a result they raised guidance.

Cheesecake Factory (CAKE) popped 9%. KeyBanc upgraded the stock to ‘buy’ from ‘hold’ citing a likely beat on earnings due to cost controls.

Fairchild Semiconductor (FCS) popped 11%. The maker of chips for mobile phones closed higher on a strong second-quarter sales forecast.

DROPS (stocks that slid lower)

Southwest Airlines (LUV) dropped 7%. The airline posted a larger-than-expected quarterly loss on Thursday as businesses cut travel. - There was a lot of put buying in this stock, says Pete Najarian. I'd keep an eye on it.

GameStop (GME) dropped 7%. The CEO told CNBC that although the video game industry has been fairly resistant to the recession, lowering the price of the three leading consoles will be necessary to keep the momentum going.

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Trader disclosure: On Apr. 16th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Seymour Owns (AAPL), (BAC), (EEM), (FCX), (GE), (RIG), (TCK); Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Finerman's Firm Owns (UNH), (MSFT), (RIG), (PBR), (CSCO); Finerman's Firm Owns (WFC) Preferred; (C) Preferred; (BAC) Preferred; Finerman Owns (BAC) Preferred; Finerman's Firm Is Short (BAC), (WFC), (MDY), (SPY), (USO), (IWM), (IJR), (C); Najarian Owns (BX) Call Spread; Najarian Owns (PALM); Najarian Owns (RIO) Calls; Najarian owns (VAR) Call Spread; Najarian Owns (XHB) Call Spread; Najarian Owns (NTAP