'Fast Money' Recap: The Massive Layoffs Continue

The markets ended up higher Monday as the wave of massive layoffs continued unabated.

The Dow Jones Industrial Average was up 38.47, or 0.48%, to 8,116.03, while the S&P 500 edged up 4.62, or 0.56%, to 836.57. The Nasdaq rose 12.17, or 0.82%, to 1,489.46.

Dylan Ratigan asked the panel for their comments on today's market activity. Jeff Macke said the day was over by 10:30 a.m. after the "lousy" news from Caterpillar(CAT Quote), the earnings miss by McDonald's(MCD Quote) and the early huge upside by bank stocks.

Macke said investors had to sell in this situation in view of the expected "hideous" data for the remainder of the week.

Tim Seymour noted Freeport McMoRan(FCX Quote) is looking good as the cost of the production of copper heads down. "It's starting to be profitable," he said.

Pete Najarian noted Joy Global(JOYG Quote) is seeing an usually high amount of put activity, noting that might be a signal of possible bearish activity in the stock.

The panel agreed that Pfizer (PFE Quote) made a "bad deal" in its move to buy Wyeth(WYE Quote) for $68 billion.

Guy Adami said Pfizer is paying for the mistake it made when they sold its consumer brand business to Johnson & Johnson(JNJ Quote) for $16 billion.

Najarian said Pfizer isn't the only company looking for acquisitions. He said Merck (MRK Quote) is also looking for acquisitions. "Everyone wants to fill their pipeline," he said.

Najarian said Pfizer made the wrong deal because it only got bigger by buying something. It made the mistake of not going after a company with products already in the market and a pipeline.