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Pops & Drops: Palm, J.C. Penney

Following are the day’s biggest winners and losers. Find out why shares of Palm and J.C. Penney popped while Barrick Gold dropped.

POPS (stocks that jumped higher)

Palm (PALM) popped 10%. The firm moved higher ahead of the highly-anticipated release of the new Pre smartphone. - I think it's okay to own ahead of the release on June 6th, counsels Guy Adami.

J.C. Penney (JCP) popped 6%. Investors bet this department store stands to benefit from consumer confidence touching an 8-month high. - I like retail but not at this price, says Karen Finerman.

Joy Global (JOYG) popped 11%. A Keybanc analyst upgraded the company to ‘buy’, citing higher commodity prices. - Looks good to me, counsels Tim Seymour.

JPMorgan Chase (JPM) popped 6%. New accounting rules may help the bank profit from bad loans it absorbed when it acquired Washington Mutual. - I would be a seller, counsels Guy Adami. It's been stuck in a range and now it's in the upper part of that range.

Qwest (Q) popped 7%. JPMorgan upgraded the firm to ‘overweight’ from ‘neutral’ citing strong revenue trends and valuation. - Not interested, says Karen Finerman

Petrobras (PBR) popped 3%. Goldman added this stock to its prestigious “Conviction Buy” list. - I like this name, says Tim Seymour.

Zions Bancorp (ZION) popped 14%. Morgan Stanley upgraded this lender to ‘overweight’ from ‘equalweight’ due to valuation and good growth opportunities. - I can't get my arms around the regional banks, says Joe Terranova.

DROPS (stocks that slid lower)

Barrick Gold (ABX) dropped 3%. The miner traded in tandem with the spot price of gold – lower. - I would not buy this stock as a proxy for gold, counsels Joe Terranova.

Symbol
Price
 
Change
%Change
YNP
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JCP
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PETR'
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IBEX DOUBLELEV
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ZION
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Trader disclosure: On May 26th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Terranova Owns (ABT), (GENZ), (TER), (XBI), (JOYG), (IBM), (BRCM); Terranova Owns July Nat Gas Futures; Terranova Owns July Crude Futures; Terranova Owns June Gold Futures; Terranova Is Short (XOM) Call Spread ; Terranova Owns (DIS) Call Spread; Finerman Owns (RIG), (TBT); Finerman's Firm Owns (TBT), (CSCO), (PBR), (RIG), (CSCO), (NOK); Finerman's Firm Owns (WFC) Preferred; Finerman's Firm Owns (BAC) Preferred; Finerman's Firm Is Short (BAC); Finerman's Firm Is Short (WFC); Finerman's Firm Own 30-Year Treasury Puts; Seymour Owns (APPL), (BAC), (BX), (INFY), (F), (FXI), (EEM), (TTM), (CAT)