Pops & Drops: Fortune Brands, Arena Pharmaceuticals...
Penske Automotive Group (PAG) popped 3%: The second-largest auto retailer received an upgrade to "buy" from "hold" from Soleil Securities Monday.

"Shorts getting unwound here," notes Joe Terranova of Vitrus Investment Partners. "Beware of you are short. Looks like they're coming for you."

DROPS (stocks that slid lower)

Arena Pharmaceuticals (ARNA) dropped 11%: Shares of the biopharmaceutical company pushed lower Monday after JPMorgan Chase downgraded the stock to "neutral" from "overweight."

Steve Grasso of Stuart Frankel recommends buying this stock, but use a "tight stop." If it trades below $6.95 a share, he thinks you should bail.

Charles River Labs (CRL) dropped 4%: The provider of drug-testing services reported dismal second quarter results with its profits slipping 58% and simultaneously cut its full-year revenue outlook.

"This is actually a stock with good volume move," says Tim Seymour of EmergingMoney.com. "I'd take a shot at it."

J.M. Smucker (SJM) dropped 3%: The jelly manufacturer's stock slipped Monday after it was downgraded to "hold" from "buy" at Jeffries. It seems they're concerned about commodity prices moving forward, notes Patty Edwards of Storehouse Partners. She would step aside.

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Trader disclosure: On Aug 2, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Seymour owns (AAPL), (F), (GOOG), (POT), (BAC), (C); Grasso owns (ASTM), (ABK), (BAC), (BA), (BGP), (C), (CSCO), (DYN), (JPM), (LPX), (MO), (NDAQ), (PFE), (PRST); Terranova owns (AKAM), (APA), (AXP), (BAX), (BBY), (BMO), (C), (COP), (CREE), (CSX), (CVS), (EMC), (FCX), (GOOG), (GS), (JNPR), (JOYG), (KOL), (MMM), (MOS), (MSFT), (PCP), (PEP), (PFE), (POT), (RIMM), (TER), (SKX), (SU), (UAUA), (WYNN), (XBI); Edwards own (RIMM)



For Brian Kelly

Accounts managed by Kanundrum Capital own (CM)

Accounts managed by Kanundrum Capital own (BMO

Accounts managed by Kanundrum Capital own Swiss Franc

Accounts managed by Kanundrum Capital own (TLT)

Accounts managed by Kanundrum Capital own (BAK)

Accounts managed by Kanundrum Capital own (ORI)

Accounts managed by Kanundrum Capital own (UNG)

Accounts managed by Kanundrum Capital own (PFE)

Accounts managed by Kanundrum Capital are long (JPM)

Accounts managed by Kanundrum Capital are long (GLD)

Accounts managed by Kanundrum Capital are long (OIH)

Accounts managed by Kanundrum Capital are long (RIMM) call spread

Accounts managed by Kanundrum Capital are short the US Dollar



For Steve Grasso

Stuart Frankel & Co and it’s partners own (BAX)

Stuart Frankel & Co and it’s partners own (COG)

Stuart Frankel & Co and it’s partners own (CUBA)

Stuart Frankel & Co and it’s partners own (DHR)

Stuart Frankel & Co and it’s partners own (DYN)

Stuart Frankel & Co and it’s partners own (ESV)

Stuart Frankel & Co and it’s partners own (GERN)

Stuart Frankel & Co and it’s partners own (HSPO)

Stuart Frankel & Co and it’s partners own (LEN)

Stuart Frankel & Co and it’s partners own (MERC)

Stuart Frankel & Co and it’s partners own (NWS.A)

Stuart Frankel & Co and it’s partners own (NYX)

Stuart Frankel & Co and it’s partners own (PDE)

Stuart Frankel & Co and it’s partners own (PFE)

Stuart Frankel & Co and it’s partners own (PRST)

Stuart Frankel & Co and it’s partners own (RDC)

Stuart Frankel & Co and it’s partners own (SYMC)

Stuart Frankel & Co and it’s partners own (TBT)

Stuart Frankel & Co and it’s partners own (TLM)

Stuart Frankel & Co and it’s partners own (TRV)

Stuart Frankel & Co and it’s partners own (XRX)

Stuart Frankel & Co and it’s partners own (SDS)

Stuart Frankel & Co and it’s partners are short (QQQQ)

Stuart Frankel & Co and it’s partners are short (KEG)



For Joe Terranova

Terranova works for (VRTS)

Terranova is chief market strategist of Virtus Investment Partners, LTD.

Virtus Investment Partners owns more than 1% of (CASS)

Virtus Investment Partners owns more than 1% of (LDR)

Virtus Investment Partners owns more than 1% of (LPHI)

Virtus Investment Partners owns more than 1% of (MGRC)

Virtus Investment Partners owns more than 1% of (XLB)

Virtus Investment Partners owns more than 1% of (XLP)

Virtus Investment Partners owns more than 1% of (XLY)

Virtus Investment Partners owns more than 1% of (XLI)

Virtus Investment Partners owns more than 1% of (XLK)

Virtus Investment Partners owns more than 1% of (XLU)

Virtus Investment Partners owns more than 1% of (SUBK)

Virtus Investment Partners owns more than 1% of (WDFC)

Virtus Investment Partners owns more than 1% of (YDNT)

Virtus Investment Partners owns more than 1% of (DRYS)



For Patty Edwards

Edwards own (FCX) for clients

Edwards own Gold for clients

Edwards own Platinum for clients

Edwards own (VXX) for clients

Edwards own (AAPL) for clients

Edwards own (PFE) for clients

Edwards own (F) for clients

Edwards own (GOOG) for clients

Edwards own (WMT) for clients

Edwards own (VLO) for clients

Edwards own (AKAM) for clients

Edwards own (WFMI) for clients



For Itay Michaeli

Citigroup Global Markets Inc. or its affiliates has received compensation for investment banking services provided within the past 12 months from ArvinMeritor, Inc., BorgWarner Inc, Lear Corporation, Magna International Inc.



Citigroup Global Markets Inc. or its affiliates expects to receive or intends to seek, within the next three months, compensation for investment banking services from ArvinMeritor, Inc..



Citigroup Global Markets Inc. or an affiliate received compensation for products and services other than investment banking services from ArvinMeritor, Inc., Borg Warner Inc, Lear Corporation, Magna International Inc in the past 12 months.



Citigroup Global Markets Inc. currently has, or had within the past 12 months, the following as investment banking client(s): ArvinMeritor, Inc., Borg Warner Inc, Lear Corporation, Magna International Inc.



Citigroup Global Markets Inc. currently has, or had within the past 12 months, the following as clients, and the services provided were non-investment-banking, securities related: ArvinMeritor, Inc., Borg Warner Inc, Lear Corporation, Magna International Inc.



Citigroup Global Markets Inc. currently has, or had within the past 12 months, the following as clients, and the services provided were non-investment-banking, nonsecurities-related: ArvinMeritor, Inc., Borg Warner Inc, Lear Corporation, Magna International Inc.



For David Riedel

***No Disclosures***



For Mike Khouw

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For Jon Najarian

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For Carter Worth

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