Pops & Drops: JP Morgan, Caterpillar...

Following are the day’s biggest winners and losers. Find out why shares of JP Morgan and Dick’s Sporting Goods popped while Caterpillar and Discover Financial Services dropped.

POPS (stocks that jumped higher)

JP Morgan (JPM) popped 1%. Although the charge-off rate of U.S. credit cards issued by banks rose to a record in May JP Morgan showed better-than-expected default rates. - All that matters to this stock is next week's earnings, says Joe Terranova.

Steel Dynamics (STLD) popped 2%. BofA-Merrill upgraded the company to 'buy' citing the company's competitive cost position and growth opportunities.

Dick’s Sporting Goods (DKS) popped 1%. Goldman Sachs upgraded the company to ‘buy’ from ‘neutral.’

DROPS (stocks that slid lower)

DJ US Real Estate ETF (IYR) dropped 4%. Talk of a second stimulus reminded investors that real estate is an area of the economy that remains in trouble. - Not good, says Karen Finerman.

Oil Service HLDRs ETF (OIH) dropped 3%. Oil services stocks traded in tandem with the spot price of crude and that was lower. - I think it has more room on the downside, counsels Guy Adami, but we're nearing an entry point.

Caterpillar (CAT) dropped 5%. The firm said U.S. imports to Russia dropped 50% on tariffs imposed by Vladimir Putin.

Discover Financial Services (DFS) dropped 11%. The company announced plans to raise $500 million through a common stock offering.

Weyerhaeuser (WY) dropped 7%. The company cut its dividend by 80% and announced it may become a REIT.

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Trader disclosure: On July 7th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Terranova Owns (MSFT), (XBI), (ABT); Terranova Owns (UNG) Puts; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Finerman Owns (TBT), (RIG); Finerman's Firm Owns (FCN), (MSFT), (NOK), (PBR), (RIG), (TBT), (WMT), (FLS); Finerman's Firm Owns (BAC) Preferred; Finerman Owns (BAC) Preferred; Finerman's Firm Is Short (BAC), (IYR), (IJR), (MDY), (SPY), (USO); Seymour Owns (AA), (AAPL), (BAC), (BX), (DRY), (EEM), (FXI), (INFY), (SBUX); Seymour's Firm Is Short (PBR); Seymour's Firm Owns (FCX), (NOK)