'Fast Money' Recap: Tale of Two Stocks

NEW YORK (TheStreet) -- The markets ended on a high note Thursday on a late rally.

The Dow Jones Industrial Average rose 47.08, or 0.47% to 1,062.84 while the S&P 500 added 4.54, or 0.42%, to 1,096.56. The Nasdaq rose 1.06, or 0.05%, to 2,173.29.

Melissa Lee, the moderator of CNBC's "Fast Money" TV show led off noting the different price action on two good tech earnings reports. Google(GOOG Quote) was up 2% in after-hours trading, while IBM (GOOG Quote)was down more than 3%.

For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."

3 Stocks I Saw on TV

Pete Najarian said the most impressive parts of Google's report was the 14% growth in paid ad clicks and the positive comments from its CEO Eric Schmidt about a stepup in hiring.

Joe Terranova, who sees Google heading to $555, added that Google feels good about ad budgets in 2010, particularly in the auto and travel sectors.

By contrast, Lee said IBM was hurt by a decline in its global service signings as well as being a victim of its own actions in setting high expectations for the stock.

But Guy Adami said IBM is "fine," noting Big Blue had signed two contracts worth $1 billion in the first two days of this month. He said the stock is just "too rich" now. Najarian added that IBM's wasn't helped by a 12% drop in sales in Europe.

Overall, Tim Seymour said the tech sector looks "interesting" for three reasons: IBM, Intel(INTC Quote) and others are involved in other parts of the globe where a V-shape recovery is going on; the balance sheets of these companies are strong; and there is a lot of M&A activity in the sector.