Pops & Drops: Constellation Brands, Time Warner...

Following are the day’s biggest winners and losers. Find out why shares of Constellation Brands and Time Warner popped while Smithfield Foods and Morgan Stanley dropped.

POPS (stocks that jumped higher)

Constellation Brands (STZ) popped 5%. The alcoholic beverage company beat on second quarter earnings, due to cost and debt reductions. Also the company reaffirmed its full year outlook. - I think the stock runs toward $17.16, the January high, says Guy Adami.

Time Warner (TWX) jumped 4%. Investors were relieved to learn that Comcast, and not this media giant, was rumored to be the likely buyer for GE’s NBC Universal unit.

DROPS (stocks that slid lower)

Smithfield Foods (SFD) dropped 9%. The pork processor closed lower after its CEO sold 100,000 shares – to meet personal financial obligations. - That shook investors, says Pete Najarian.

Morgan Stanley (MS) dropped 3%. Barclay’s said that there’s little reason to expect third-quarter results from the bank will show any significant upside to expectations. - It's back below $30, says Joe Terranova. It's the same scenario as Q1 when they had to take a mark up!

Microsoft (MSFT) dropped 3%. Goldman Sachs removed the stock from its Americas Conviction Buy list, saying Microsoft may have one more soft quarter. - I think it's dead money, speculates Guy Adami.

J. Crew Group (JCG) dropped 6%. Investors took profits fearing weak economic data could translate into a weak consumer. - I think it's still too expensive, says Karen Finerman.

United Airlines (UAUA) dropped 21%. News that the carrier would sell 19 million common shares sent investors for the exits. - Airlines are volatile, reminds Guy Adami.

Oil Service HLDRS ETF (OIH) dropped 3%. The ETF that tracks the spot price of crude closed lower with the stronger dollar pressuring this commodity. - I wouldn't jump off this trade so quickly, says Joe Terranova.

Walmart (WMT) dropped less than 1%. On a day like today we’ll take whatever we can get – including this small drop in the retail giant, only down 9 cents.

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Trader disclosure: On October 1, 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 (BAC) Preferred Shares, (BAC), (BAC) Call Spreads: Finerman Owns (BAC) Preferred Shares And (BAC): Finerman's Firm And Finerman Own (WFC) Preferred Shares: Finerman's Firm Owns (DRI), (MSFT), (YUM), (BKC): Finerman's Firm Is Short (CAKE), (TLT), (IJR), (IWM), (SPY), (MDY), (USO), (UNG), (TLT): Terranova Owns (XOM) Calls: Terranova Owns March Sugar Futures: Terranova Owns December Crude Oil Futures: Terranova Owns December Gold Futures: Terranova Is Short (GRMN), (ESS), (CCL), (WYNN): Najarian Owns (ACI) Call Spread: Najarian Owns (C) Calls: Najarian Owns (DELL) Call Spread: Najarian Owns (ERTS) Calls: Najarian Owns (GE) Calls: Najarian Owns (MSFT) And Is Short (MSFT) Calls: Najarian Owns (RIMM) Call Spread: Najarian Owns (ORCL): Najarian Owns (TEVA): Najarian Owns (WFC) Put Spread: Najarian Owns (YHOO) Call Spread

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