'Fast Money' Pops & Drops: Crafty Kraft

Pops

Chesapeake Energy(CHK Quote) rose 6% ahead of their earnings report set for Thursday. Najarian said every time this stock trades below $20 per share, it spikes higher.

Legg Mason(LM Quote) soared 30% after the asset management company beat estimates by 45%. Macke says "the move was huge and impressive."

Apple Computer(AAPL Quote) jumped 4%. Adami explained that Sanford C. Bernstein & Co. came out and said Apple should use its cash to buy back the stock.

First Solar(FSLR Quote) surged 16% in after-hours trading. The alternative energy company said it doubled revenue and income for the third quarter. Najarian says, "you have to like what is going on at First Solar."

Drops

Johnson & Johnson(JNJ Quote) dropped 4% after JPMorgan downgraded the stock, saying it's overvalued. Adami mentioned that Barron's recently said the stock was the cheapest it's been in 10 years. He says "somebody is wrong, but I don't know what it is."

Kraft Foods(KFT Quote) fell 1%. Seymour mentioned that Kraft is attractive because its cost basis is dropping, and it won't be cutting prices anytime soon.

Sony(SNE Quote) traded down 4% after the consumer electronics maker said quarterly profits plunged 72%. Seymour said nobody is buying electronics and a stronger yen will make it nasty for Sony.