'Fast Money' Recap: Financials Weigh on Markets

Doubts about the financials weighed on the markets Tuesday.

The Dow Jones Industrial Average fell 137.63, or 1.71%, to 7,920.18, while the S&P 500 dropped 17.22, or 2.01%, to 841.51. The Nasdaq fell 27.59, or 1.67%, to 1,625.72.

Melissa Lee, the moderator of CNBC's "Fast Money" TV show, asked the trading panel to comment on Intel(INTC Quote), which was down in after-hours trading after it beat Street estimates on its first-quarter earnings and revenues that came in lower than a year ago. The company did not offer guidance for the second quarter.

Guy Adami said the stock is just taking a breather after going from $12 to $16, adding the stock looks interesting at $14.50.

Tim Seymour agreed, saying investors were selling on the news after the stock's great run.

Joe Terranova, who's long on Intel, said he would add to his holdings if the stock falls below $15. He said the company has set "the barometer so low" for a quarter where there's going to be "a dramatic beat."

Lee said it was telling that Intel's CEO Paul Otellini said that PC sales had bottomed in the first quarter, adding that could be good news for Intel and other chipmakers.

Jim Goldman, a CNBC said the worry is determining the difference between "bottoming out" and "turning around." "How long are we going to sit at the bottom for people to start buying again?"

Goldman said Intel, with its staff cuts, huge cash position and the Atom processor, is well positioned for the long term.