Pops & Drops: Kraft, Molson Coors...

Following are the day’s biggest winners and losers. Find out why shares of Kraft and Molson Coors popped while Legg Mason and AK Steel dropped.

POPS (stocks that jumped higher)

Kraft (KFT) popped 4%. The firm posted a higher-than-expected first-quarter profit helped by price increases, cost-cutting measures and consumers eating at home more often to save money. - They've never been more profitable, says Tim Seymour.

Molson Coors Brewing (TAP) popped 10%. The brewer reported a quarterly profit on Tuesday that spilled past Wall Street estimates. - Jeff Macke doesn't know what to say.

IntercontinentalExchange (ICE) popped 13%. Quarterly earnings beat expectations and its management talked up opportunities in credit derivatives. - People are trading more and they win, says Jeff Macke.

DROPS (stocks that slid lower)

Legg Mason (LM) dropped 17%. The money manager reported a widened quarterly loss on Tuesday and slashed its dividend. - I don't see good things for this stock near term, muses Guy Adami.

AK Steel (AKS) dropped 8%. The company said it expects to report a bigger second-quarter loss, due to weak demand. - With all the idling at the auto makers, things don't look so good here, says Pete Najarian.

Alcoa (AA) dropped 2%. Investors booked profits after shares surged Monday on on China’s manufacturing data. - I'd be flat here, says Tim Seymour.

Church & Dwight (CHD) dropped 3%. This stock dropped despite the fact they posted a first-quarter profit that exceeded analysts' estimates and raised their earnings outlook for fiscal 2009. - I think the drop was just profit taking, says Guy Adami,.

Archer Daniels Midland (ADM) dropped 9%. The agricultural processor reported a 98 percent drop in quarterly earnings and one-time equity investment losses.

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Trader disclosure: On May 5th, 2009, 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 (AAPL), (PCLN), (LVS), (SDS), (GE), (NFLX), (IMAX), (GS); Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Seymour Owns (AAPL), (BAC), (BX), (RIO), (SBUX); Najarian Owns (BX) Call Spread; Najarian Owns (DFS) Calls; Najarian Owns (ERTS) Calls; Najarian Owns (FIG); Najarian Owns (MCD) And Is Short (MCD) Calls; Najarian Owns (MS) And Is Short (MS) Calls; Najarian Owns (PALM) And Is Short (PALM) Calls; Najarian Owns (XLI) Call Spread; Najarian Owns (XHB) Call Spread