'Fast Money' Recap: Market: Sideways or Up?

Moving on to proprietary trade ideas, Lee asked Finerman to talk about Emulex(ELX Quote), an infrastructure company that was a target of an unsolicited bid a couple of months ago.

Finerman said Broadcom(BRCM Quote) needs to raise its bid fairly soon, now that the stock is trading above the rejected bid price.

Lee brought in Cliff Gallant, property and casualty analyst for Keefe, Bruyette & Woods, to comment on his call today of an outperform price target of $107,000 on Berkshire CLA (BRKa Quote).

Despite the criticism Berkshire has been taking on its equity portfolio, he said Berkshire has 100% ownership of Geico and has an impressive reinsurance business. "There's a lot of quality underlying businesses here that you can't go out and buy every day," he said.

He said Berkshire's derivatives portfolio has had no cash impact on the company. Finerman said it's important to note that Berkshire is not so much interested in the current earnings power of a company as he is with the value of the franchise and its strategic position, especially with respect to a rebound in the economy.

In the Rising Star segment, Adami picked Solarwinds (SWI Quote), a maker of network management software that enjoyed a successful IPO earlier this year and is up 15.27% year to date.

He likes the company's online distribution, which keeps its operating costs low, along with its "compelling" valuations. He said it has a diverse client base and a great revenue stream. "It's a stock you would to own for the long haul," he said.