'Fast Money' Recap: Banking on Research in Motion and Oracle

NEW YORK (TheStreet) -- Strong earnings reports from Oracle(ORCL) and Research In Motion(RIMM) after the close of trading Thursday provided some hope for a market turnaround.

At the end of the trading session, the Dow Jones Industrial Average was down 132.86, or 1.27%, to 10,308.26, while the S&P 500 fell 13.11, or 1.18%, to 1,096.07. The Nasdaq dropped 26.86, or 1.22%, to 2,180.05.

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 on CNBC's "Fast Money" TV show, that he was impressed with RIM, which was up more than 10% in after-hours trading, and its 4.4 million subscribers, revenue and earnings beat and upbeat forecast.

Guy Adami said now might be time to short RIM, noting it's reached about the same level where it was in the past quarter when the stock broke down.

Karen Finerman said RIM's success should rub off on other smartphone makers like Apple(AAPL).

Tim Seymour said the impressive point about RIM was its gross margins, which came in close to the analysts' estimates of 43%. Seymour and Najarian clashed over what impact it would have on Nokia(NOK) .

Seymour said RIM's gross margins would be good news for Nokia, while Najarian insisted Nokia has to do a better job of selling its smartphones in the U.S. market and being more price competitive. Najarian was so disgusted with Nokia that he threw his $500 Nokia phone on the floor.