'Fast Money' Pops and Drops: Jo-Ann Swoons

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 Thursday.

Pops

Anheuser-Busch (BUD Quote)popped 5% today.

Applied Biosystems (ABI Quote)popped 5% on a buyout announcement from Invitrogen (IVGN Quote).

Palm (PALM Quote) popped 10% after landing a Verizon Wireless contract. Jeff Macke said to take profits.

Qualcomm (QCOM Quote) popped 6%. Guy Adami said that projections look strong for this tech play.

Nortel (NT Quote) popped 9% on a JPMorgan upgrade.

Cyberonics (CYBX Quote)popped 7%, Karen Finerman said that the company has turned around and finally is profitable.

Honeywell (HON Quote) climbed 3%.

Drops

Jo-Ann Stores (JAS Quote) dropped 10% today after being downgraded.

Dreamworks (DWA Quote) dropped 4%, Adami said that UBS downgraded this stock. The "buying is over," and investors should stay away, he said.