'Fast Money' Pops and Drops: ConAgra

Before Erin Burnett started the "Pops and Drops" segment of CNBC's "Fast Money," she mentioned that Lehman Brothers(LEH Quote - Cramer on LEH - Stock Picks) was moving up in after-hours trading on a report that Mitsubishi UFJ Financial Group might buy the investment bank.

Burnett also highlighted a report out of BusinessWeek that said Microsoft(MSFT Quote - Cramer on MSFT - Stock Picks) plans to cut the U.S. prices of its Xbox 360 video-game console. Macke said Nintendo(NTDOY Quote - Cramer on NTDOY - Stock Picks) has won this war.

Pops

Smurfit-Stone Container(SSCC Quote - Cramer on SSCC - Stock Picks) soared 30% to $6.67. Adami said he wouldn't chase the stock up here.

Shanda Interactive Entertainment(SNDA Quote - Cramer on SNDA - Stock Picks) surged 9% to $28.91 after the Chinese online gaming company reported second-quarter results ahead of Wall Street estimates. Adami said people in China are playing "dungeons and dragons" with each other.

Staples(SPLS Quote - Cramer on SPLS - Stock Picks) added 2% to $25.18 following the office supply company's second-quarter earnings report. Finerman said the Street thought the numbers were OK.

Honda(HMC Quote - Cramer on HMC - Stock Picks) popped 4% to $32.80. Najarian said don't jump in right here; it's just a play on lower oil.

United Natural Foods(UNFI Quote - Cramer on UNFI - Stock Picks) traded up 4% to $19.58. Macke said the company should get away from natural and go toward the fake stuff.

IAC/InterActiveCorp(IACID Quote - Cramer on IACID - Stock Picks) moved up 1% to $16.94. Finerman didn't have anything to add with the stock only up 1%.

Drops

ConAgra(CAG Quote - Cramer on CAG - Stock Picks) fell 8% to $19.63 after a J.P. Morgan analyst downgraded the stock to neutral from overweight. Macke said sell CAG.

Joy Global(JOYG Quote - Cramer on JOYG - Stock Picks) dropped 19% to $53.05 after the mining equipment company announced disappointing third-quarter earnings. Adami said avoid the stock until the next quarter.

Forest Laboratories(FRX Quote - Cramer on FRX - Stock Picks) plunged 13% to $31.35. Najarian said the drop was due to some negative data for the company's phase III clinical study on a chronic obstructive pulmonary disease drug.