'Fast Money Pops and Drops': Fannie and Freddie Frolic

Here's what CNBC's "Fast Money" traders had to say about some of the market's biggest movers on their "Pops and Drops" segment Wednesday.

Pops

Fannie Mae (FNM Quote) and Freddie Mac (FRE Quote) rose 8% and 15%, respectively. Tim Seymour said the government is now allowing them to issue more loans, which he said was very positive.

Darden Restaurants (DRI Quote) popped 7%. Jeff Macke said Darden beat guidance, but Red Lobster is a high-end meal at this point in recession.

Lindsay (LNN Quote) climbed 18%. Pete Najarian said farmers need irrigation for crops and said the stock made a nice move.

Drops

Discover Financial Services (DFS Quote) dropped 13%. Guy Adami said to sell it.

PetroChina (PTR Quote) was down 8%. Seymour said the stock had dual exposure to commodities and emerging.

Freeport McMoRan (FCX Quote) fell 10%. Adami said the drop was a buying opportunity.

Ericsson (ERIC Quote) lost 10%. Macke said, "Go figure." There's no reason to get long, he said.

Nokia (NOK Quote) was off 10%. Najarian said he loves the stocks, but ancillary names are killing the stock.

Nvidia (NVDA Quote) stumbled 7%. Adami said that, down 55% since October, the stock still has still room on the downside.

Cisco (CSCO Quote) shed 4%. Najarian said he likes the infrastructure play and believes it's the real deal.

Monster Worldwide (MNST Quote) ticked down 9%.