Pops & Drops: Elan, Las Vegas Sands...

Following are the day’s biggest winners and losers. Find out why shares of Elan and Las Vegas Sands popped while KeyCorp and Baxter dropped.

POPS (stocks that jumped higher)

iShares MSCI Emerging Markets ETF (EEM) popped 4%. The emerging markets ETF closed higher on China’s better-than-expected manufacturing data and as commodities climbed. - Don't panic, there will be other opportunities, muses Karen Finerman.

Elan (ELN) popped 11%. Recent speculation suggests Bristol-Myers Squibb may buy a stake in the company. - Nothing about that speculation has been confirmed, reminds Pete Najarian.

Las Vegas Sands (LVS) popped 9%. Analysts at Bernstein said the company should outperform this year. - The stock has failed at these levels before, reminds Jeff Macke.

Fluor (FLR) popped 7%. An FBR analyst suggested the stock could have a strong rally due to crude’s sharp move higher. - Typically this stock hits resistance at $53, says Guy Adami.

Flowserve (FLS) popped 7%. This stock along with most industrials rallied on signs of strength in the global economy. - I think it's still attractive at current valuations, says Karen Finerman.

Palm (PALM) popped 4%. Excitement about the company’s new Pre smartphone moved the stock higher again, ahead of the device’s release on June 6. - We need to see what happens after the Pre comes out, says Pete Najarian.

CBS Corp (CBS) popped 18%. UBS upgraded the media company to ‘buy’ from ‘neutral.’ - Jeff Macke doesn't know what to say.

Yahoo! (YHOO) popped 5%. Barclays upgraded the Internet site to ‘overweight’ from ‘equal weight’ citing new innovations and the potential to benefit from a rebound in advertising. - I think it continues to perform, speculates Guy Adami.

DROPS (stocks that slid lower)

KeyCorp (KEY) dropped 5%. Investors worried that this regional bank and many of its rivals may still face more pain.

Baxter International (BAX) dropped 4%. The healthcare giant purchased a stake in a British biotech.

Got something to to say? Send us an e-mail at fastmoney-web@cnbc.com and your comment might be posted on the Rapid Recap! If you'd prefer to make a comment but not have it published on our website send your e-mail to fastmoney@cnbc.com.

Trader disclosure: On June 1st, 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 (WFC), (AAPL), (F), (TGT); Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Finerman's Firm Owns (TBT), (RIG), (NOK); Finerman Owns (TBT); Finerman's Firm And Finerman Own (BAC) Preferred Shares And Are Short (BAC); Finerman's Firm Owns (MRO); Finerman's Firm And Finerman Own (WFC) Preferred Shares, Finerman's Firm Is Short (WFC); Finerman's Firm Is Short (IJR), (MDY), (SPY); Finerman's Firm Is Short (IWM); Finerman's Firm Is Short (USO); Najarian Owns (AMAT) Call Spread; Najarian Owns (BP) Call Spread; Najarian Owns (INTC) Call Spread; Najarian Owns (FCX) Call Spread; Najarian Owns (HIG) Put Spread; Najarian Owns (PFE); Najarian Owns (MOS; Najarian Owns (XHB) Call Spread; Najarian Owns (MRO) Calls; Najaria Owns (NBR) Calls