Pops & Drops: J.C. Penney, Alcoa...

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

POPS (stocks that jumped higher)

J.C. Penney (JCP) popped 2%. JPMorgan upgraded the department store to "Overweight" from "Neutral" and lifted its price target to $33 from $28. - It's had such a big run I wouldn't jump in here, says Karen Finerman.

Mosaic (MOS) popped 6%. The company moved in the same direction as other ag names, higher. - It doesn't do anything for me, explains Joe Terranova.

Merck (MRK) popped 3%. After struggling with delays for a year, the healthcare giant said its vaccine for shingles is now shipping on time. - $28 has been resistance for this stock a few times, adds Guy Adami. I wouldn't touch it unless it breaks above $28.

Discover Financial (DFS) popped 8%. Keefe Bruyette & Woods upgraded the credit card company to ‘outperform’ from ‘market perform’. - Typically I like best of class stocks and this one isn't one of them, says Karen Finerman.

DROPS (stocks that slid lower)

Alcoa (AA) dropped 3%. FBR downgraded the firm to ‘underperform’ from ‘market perform’ saying the stock’s rally has been overdone and there’s too much supply in the industry. - I don't see any reason to get in before earnings, counsels Guy Adami.

Cell Therapeutics (CTIC) dropped 4%. Investors booked profits in a stock that’s climbed 25% over the past month. - The move down doesn't compare to its move higher over the past month, reminds Tim Seymour.

Palm ( PALM) dropped 2%. Investors booked profits in this red hot stock which is still up about 30% this month alone. - I think it's a correction and not a change in trend, counsels Joe Terranova.

Shanda Interactive (SNDA) dropped 8%. Investors bid the stock lower on speculation that this online gaming site wants to gobble up a rival. - I don't think this stock is particularly cheap, says Tim Seymour.

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Trader disclosure: On June 29th, 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 (C), (GS), (BTU), (AGU), (INTC), (MSFT), (NUE); Seymour Owns (AA), (AAPL), (BAC), (BX), (EEM), (FXI), (INFY); Seymour's Firm Owns (QCOM), (NOK), (EEM); Terranova Owns (TER), (RIMM), (MSFT), (XBI), (MS), (ABT); Finerman Owns (RIG), (ELX); Finerman's Firm Own (NOK), (PBR), (RIG), (TBT), (ELX), (HPQ); Finerman's Firm Owns (BAC) Preferred; Finerman Owns (BAC) Preferred; Finerman's Firm Owns (WFC) Preferred; Finerman Owns (WFC) Preferred; Finerman's Firm Is Short (IJR), (IYR), (MDX), (SPY), (USO)