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'Fast Money' Recap: Tech Charge

NEW YORK ( TheStreet) -- The markets surged Wednesday led by a strong tech rally.

The Dow Jones Industrial Average jumped 148.65, or 1.38%, to 10,896.91, and the S&P 500 added 15.88, or 1.37%, to 1,171.67. The Nasdaq rose 49.71, or 2.09%, to 2,425.02.

Guy Adami said on CNBC's "Fast Money" TV show said the trade going forward is in tech, especially IBM (IBM - Get Report), which he said stood for "Investors Buying More." He said the company, whose CEO is projecting $15 in earnings per share in 2015, is doing "everything right."

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

Melissa Lee, the moderator of the show, added that Big Blue said it will be making acquisitions over the next five years.

Tim Seymour said IBM and Cisco (CSCO - Get Report) figure to do well in the next cycle as corporate spending ramps up.

Joe Terranova said that an analysis of Cisco's numbers show that cloud computing, including such names as EMC (EMC) and VMware (VMW), is the wave of the future.

Lee noted a Wall Street Journal story that reported that SAP (SAP) has agreed to buy Sybase (SY) for $65 a share. Gary Kaminsky said that may be a done deal but to watch for any possible move by Oracle (ORCL) in this space.

Jim Goldman, a CNBC reporter, said there could be a bidding war if other suitors step up and challenge the deal. He also said Cisco CEO John Chambers may have sent his company's stock lower in afterhours trading when he issued cautious comments about the economic recovery down the road. However, he said it was "a big quarter" for Cisco.

Brian Kelly expressed doubts whether corporations will spend in an uncertain economic climate that was brought home to investors last week with the plunge in the markets and the $1 trillion bailout in Europe.

Seymour took issue with that argument, drawing a distinction between corporate balance sheets and sovereign balances, and the seemingly irreversible trend toward a need for greater bandwidth in the future.
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COST $150.11 1.30%
CSCO $26.89 -2.20%
HPQ $11.89 -3.10%
ICA $0.83 -6.93%
IBM $144.32 -1.10%


Chart of I:DJI
DOW 17,756.45 -134.71 -0.75%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

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