Pops & Drops: American Express, Microsoft...

Following are the week’s biggest winners and losers. Find out why shares of Amgen and American Express popped while NYSE and Microsoft dropped.

POPS (stocks that jumped higher)

Amgen (AMGN) popped 12%. Positive trial results suggest the biotech may have produced a blockbuster cancer drug. - There may be more upside to come but I'm not sure, says Karen Finerman.

American Express (AXP) popped 4%. Stifel Nicolaus upgraded the company, which they say should be among the least affected by sweeping new credit card legislation.

DROPS (stocks that slid lower)

NYSE Euronext (NYX) dropped 6%. This and other exchanges dropped on speculation the government may place new restrictions on derivative trading. - Exchange stocks are usually down when the market is down, reminds Karen Finerman.

AIG (AIG) dropped 35%. Citi said the company has zero equity, following a 1-for-20 reverse stock split last week. - Tim Seymour doesn't know what to say.

Microsoft (MSFT) dropped 4%. Despite the success of Bing, investors bid the stock lower after rival Google announced it will develop a new PC operating system. - I got back into this stock on Friday, reveals Joe Terranova.

Saks (SKS) dropped 16%. Although the luxury retailer initially popped after reporting a decline in sales that were better-than-expected, investors later worried that the relatively strong results may have been generated by a one time designer sale. - I like it around $3.50, counsels Guy Adami, but not at current levels.

First Solar (FSLR) dropped 7%. With a decline in crude sending prices at the pump lower, interest in alternative energy waned. - If you watch the show regularly, I hope you anticipated the move, chastises Tim Seymour

Chevron (CVX) dropped 5%. The oil giant said earnings from refining fuel will be far lower versus the first quarter largely due to significantly lower refining margins.

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Trader disclosure: On July 10th, 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); Finerman's Firm Owns (MSFT), (PBR); Finerman's Firm And Finerman Own (BAC) Preferred Shares; Finerman's Firm And Finerman Own (RIG); Finerman's Firm And Finerman Own (WFC) Preferred Shares, Finerman's Firm Is Short (WFC); Finerman's Firm Is Short (SPY), (USO), (BWA), (IYR), (IJR), (MDY), (SPY), (IWM); Finerman's Firm And Finerman Own (FLS); Seymour Owns (TSO); Terranova Owns (TER), (FTO), (SUN), (RIMM), (MSFT); GE Is The Parent Company Of CNBC

Terranova Works For (VRTS); Terranova Is Chief Alternatives Strategist Of Virtus Investment Partners, Ltd.; Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO; Virtus Diversifier PHOLIO Owns (IGE), (DBC), (DBV); Virtus Investment Partners Owns More Than 1% Of (ABD), (CBL), (CAL), (CLB), (DLR), (EXR), (IGE), (MEE), (DBC), (DBV), (DBA), (SKT), (TNB), (UA), (WBMD);Virtus Investment Partners Owns More Than 1% Of St Mary Land & Exploration Co; Virtus Investment Partners Owns More Than 1% Of Seagate Tax Refund Rights