Gasol was 5 for 14 for Memphis, which shot 36 percent. Gay missed 10 of 11 shots in the second half, including all four in the final quarter.
The game was close until New Orleans pulled away in the final 5 minutes. There were 17 lead changes and 16 ties.
"It was a domino effect," Gasol said. "We got down a couple of times because we couldn't execute and weren't running our stuff, and they were executing. Every time they looked for something, they found it.
"They hit some big shots at the end, and they pulled away."
Through three quarters, both teams were shooting just above 40 percent, but Memphis held a 68-64 lead. Davis had eight points in the third, hitting all four shots from the field.
Anderson hit two big 3-pointers early in the fourth, and the Hornets put together a 9-0 run to take an 86-76 lead. Smith made two jumpers during the decisive stretch, and Anderson finished it off with a 3.
New Orleans cruised from there.
"Obviously, making shots was huge for us to kind of eliminate a run for them," Anderson said. "At the same time, I was more focused on getting stops on the defensive end. I think my team did a great job of finding me, and I just took the shots I normally take when I'm open."
NOTES: Vasquez, who started his career with the Grizzlies, was 1 for 12 from the field in the first three quarters. His second field goal and ensuing free throw extended New Orleans' lead to 89-78. ... While Conley is day to day, Hollins said he expects the point guard to play at Philadelphia. ... Anderson's seven 3-pointers were one short of his career high. It also was the most 3-pointers by a Grizzlies opponent since Toney Douglas made nine for the New York Knicks on March 17, 2010. ... The Hornets are 3-10 on the road against the Western Conference. ... The Hornets are 2-11 when trailing entering the fourth quarter.