'Fast Money' Recap: Buffett to the Rescue

On a wild trading day Tuesday, the Dow Jones Industrial Average was up 1.09%, the S&P 500 rose 0.73% and the Nasdaq Composite fell by 0.02 points.

On CNBC's "Fast Money" Tuesday, Karen Finerman noted that the overseas markets were weak, and guessed that euphoria over Warren Buffett's overtures to the municipal bond insurers might have buoyed the market. Jeff Macke agreed, but said that the deal was better for Buffett than for the bond insurers. He advised viewers to "buy the vultures, sell the meat."

Guy Adami observed that Potash (POT Quote - Cramer on POT - Stock Picks) hit a 52-week high and advised viewers to take profits. Pete Najarian noticed a rotation out of tech and coal, which was a complete reversal of yesterday's action. He said he continues to like Apple (AAPL Quote - Cramer on AAPL - Stock Picks) from a valuation standpoint, but he is more cautious about Google (GOOG Quote - Cramer on GOOG - Stock Picks).

Najarian went on to advise that MasterCard (MA Quote - Cramer on MA - Stock Picks) will get pummeled for the wrong reasons, so it would be wise to watch for an entry point.

Adami likes General Motors (GM Quote - Cramer on GM - Stock Picks), but not as much as Borg Warner (BWA Quote - Cramer on BWA - Stock Picks), of which he said, "This is where you want to be if you want to be in the autos."

Najarian said that the agriculture sector still offers many opportunities. Names include Potash, Monsanto (MON Quote - Cramer on MON - Stock Picks) and DuPont (DD Quote - Cramer on DD - Stock Picks). On a pullback, these stocks are buys, he said. Adami added that Agco (AG Quote - Cramer on AG - Stock Picks) reported a "ridiculous quarter," which bodes well for Deere (DE Quote - Cramer on DE - Stock Picks), which should be bought on dips, he said.

On Microsoft's (MSFT Quote - Cramer on MSFT - Stock Picks) takeover bid for Yahoo!(YHOO Quote - Cramer on YHOO - Stock Picks), Finerman said that, as a holder of Yahoo! shares, she hopes the two companies come to the table. She anticipates a tender offer from Microsoft, which would force Yahoo! to substantiate its claim that Microsoft's bid is too low.

The upcoming Wireless World Conference is on Najarian's radar. He noted Microsoft's purchase of Danger Inc., which makes the Sidekick, a popular wireless device. He believes Microsoft is trying to go mobile in anticipation of Google's Android phone software. Furthermore, Nokia (NOK Quote - Cramer on NOK - Stock Picks) recently struck a deal with Google to use its search technology and is rolling out four new models. He remained bullish on Nokia.

Najarian went on to say that Genentech (DNA Quote - Cramer on DNA - Stock Picks), with an array of drugs in the pipeline, looks promising. In particular, Avastin, a breast cancer drug, is in phase III, and could be a very big seller if approved.

On Applied Materials' (AMAT Quote - Cramer on AMAT - Stock Picks) earnings, Adami said he likes Intel (INTC Quote - Cramer on INTC - Stock Picks) better as a valuation play. Macke agreed.

In the casinos, Wynn (WYNN Quote - Cramer on WYNN - Stock Picks) reported today. Finerman explained that the Macau story had been driving the stocks, and Najarian noted that bad numbers from Macau had hurt the stocks. He also noticed that the last time Las Vegas Sands (LVS Quote - Cramer on LVS - Stock Picks) took a big drop, it was back up soon after. He didn't believe the same was true for Wynn and said to stay away.

Housing Still Hurting

On a day when the homebuilder ETF was down and sector player Masco (MAS Quote - Cramer on MAS - Stock Picks) was destroyed, Finerman said she wasn't sure what was going on, but she wouldn't be short the homebuilders anymore. Adami explained that Masco's guidance was a disaster. He also counseled investors to take profits in Home Depot (HD Quote - Cramer on HD - Stock Picks).

Street Smackdown

Commenting on World Wrestling Enertainment's (WWE Quote - Cramer on WWE - Stock Picks) run, Macke said there had been a lot of short pressure on the stock, and then the company beat on a lot of different metrics, including attendance, which is remarkable. He said the stock is not a screamer at $20, but it isn't bad either.

Tomorrow's Playbook

The crew welcomed Lynn Westfall, head economist at Tesoro (TSO Quote - Cramer on TSO - Stock Picks), to discuss the energy sector. He said he believes $60 a barrel is a fair market value for oil, and that the Saudi oil minister agrees with him.

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