Pops & Drops: Energy Conversion Devices, McDermott...

Following are the day’s biggest winners and losers. Find out why shares of Energy Conversion Devices and McDermott popped while McGraw-Hill and Smithfield Foods dropped.

POPS (stocks that jumped higher)

Energy Conversion Devices (ENER) popped 25%. Published reports suggested Applied Materials may be eyeing the company for a takeover. - I think it's a 2010 story, says Pete Najarian.

General Electric (GE) popped 4%. JPMorgan upgraded the conglomerate, which is also the parent of CNBC, to ‘overweight’ from ‘neutral’ saying the risk reward ratio is favorable for investors. - Nice, muses Joe Terranova.

McDermott (MDR) popped 7%. Credit Suisse upgraded the company to ‘outperform’ from ‘neutral’ citing potential for EPS growth in 2010. - I think the stock could go to $32, speculates Guy Adami.

Harley-Davidson (HOG) popped 8%. Citi upgraded the company to ‘hold’ from ‘sell’ saying checks have improved this quarter. - I like what's going on here, says Pete Najarian.

Allegheny (ATI) popped 7%. The company signed a 10-year contract with Rolls-Royce worth up to $1 billion in revenues. - I'd sell the good news, counsels Joe Terranova.

DROPS (stocks that slid lower)

McGraw-Hill (MHP) dropped 7%. Hedge fund manager David Einhorn called a judge’s refusal to dismiss a lawsuit against the parent of S&P a “landmark decision.” The suit alleges that this and other ratings companies are responsible for not properly revealing the risk of investing in a fund that purchased bonds backed by subprime mortgages, explains Karen Finerman.

Smithfield Foods (SFD) dropped 2%. The company reported a wider-than-expected first quarter loss due to weak demand. - Not a good day for pork, chuckles Karen Finerman.

MEMC Electronic Materials (WFR) dropped 4%. The company lowered its third quarter outlook and said it will close 2 more factories due to overproduction

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Trader disclosure: On Sept. 8th, 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 (EOG), (AAPL), (WFT), (SU); Terranova Owns December Gold Futures; Terranova Works For (VRTS); Finerman's Firm Owns (BAC) Preferred Shares, Finerman Owns (BAC) Preferred Shares And Owns (BAC); Finerman Owns (PDE), (RIG); Finerman's Firm Owns (WFC) Preferred Shares And Is Short (WFC), Finerman Owns (WFC) Preferred Shares

Finerman's Firm Owns (WMT), (RIG), (MSFT), (NOK), (PBR), (PDE), (TGT), (BDX); Finerman's Firm Is Short (USO), (IJR), (IYR), (MDY), (SPY), (IWM); Najarian Owns (ENER) Calls; Najarian Owns (AAPL) & Short (AAPL) Calls; Najarian Owns (BAC) & Short (BAC) Calls; Najarian OWns (C) Calls; Najarian Owns (FCX), Owns (FCX) Put, Is Short (FCX) Calls; Najarian Owns (JPM) & Is Short (JPM) Calls; Najarian Owns (JOYG) & Short (JOYG) Calls; Najarian Owns (MS) And Is Short (MS) Call; Najarian Owns (MSFT) And Is Short (MSFT) Call; Najarian Owns (MOS) Call Spread; Najarian Owns (PALM) Calls; Najarian Owns (RIMM) Call Spread; Najarian Owns (TEVA); Najarian Owns (V) & Short (V) Calls; Najarian Owns (YHOO) Calls

GE is the parent company of CNBC

For Tom Gallagher
(AIG) Is a client of Credit Suisse
Credit Suisse provided Investment banking services to (AIG)
Credit Suisse has managed or co-managed a public offering of (AIG)
Creidt Suisse expects to receive compensation from (AIG)

For Mike Abramsky
RBC Makes a Market in Shares of (AAPL)
RBC Has Received compensation from (AAPL)
RBC Is Currently providing (AAPL) with non-investment banking services