'Fast Money Pops and Drops': Get PetSmart

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:

Nortel (NT Quote) popped 13%.

Big Lots (BIG Quote) was up about 4%. Jeff Macke said it's "not a good time to be in retail."

PetSmart(PETM Quote) climbed 2% on an upgrade. Macke said that "people are still spending money on their pets." He likes the company, he said.

Grey Wolf (GW Quote) soared up 3%. Macke joked that he's the only wolf in it.

Drops:

Alcoa (AA Quote) was downgraded by JPMorgan today, dropping the stock about 8%. Guy Adami disagreed with the downgrade, saying "I still think it'll get bought out."

CSX Corp. (CSX Quote) fell about 4%.

The SPDR S&P Homebuilders (XHB Quote) closed down about 6%. Karen Finerman said there will be a time to get in, but "not yet."

Central Garden (CENT Quote) plummeted 36%. Pete Najarian said that management stated at a Piper Jaffray conference the company wouldn't make numbers.

RH Donnelley (RHD Quote) fell 7%. Finerman said its "mountain of debt doesn't look good."

Hooker Furniture (HOFT Quote) stumbled 15%. Adami joked that "you know we hit rock bottom when HOFT is down 14%."