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'Fast Money' Recap: S&P's Old News

On a number of other stocks, he said Chipolte (CMG) is finding it hard to sustain its valuation over the intermediate-term time frame.

He said Panera Bread (PNRA) needs to get on to national TV if it wants to move growth to another level. Weiss said he would go with Coca-Cola (KO), which sports a similar yield but has a substantially less P/E.

Wapner noted that Transocean (RIG) shares were up 5.47% after its CEO purchased some stock.

Dan Dicker, a senior contributor for TheStreet, said Transocean is in a sweet spot where the demand for its services is growing quickly. He said the stock has "great value" and is a "terrific buy."

Oil was a trickier trade. Dicker said the rising price of oil had less to do with fundamentals than with headlines. He said the traders were pushing the buy button after the downing of a U.S. drone in Iran over the weekend.

Is Microsoft's (MSFT) new dashboard update for its X-BOX console going to take over living room entertainment?

Natali Morris, a CNBC contributor, said the update, which will be unveiled Tuesday, has a good chance of grabbing market share after Google's (GOOG) failed TV bid and Apple's (AAPL) much talked about push into TV next year.

She said the update is done well and assumes the user has subscriptions to content providers like Netflix and Hulu as well as a X-Box live subscription. She said the console has a lot going for it with its search features, cloud storage and its integration capability with the Windows phone.

The panel was pessimistic about Microsoft's chances against Apple TV. Terranova said Microsoft would have do something spectacular to beat Apple to the punch with its Apple TV.

Wapner shifted the discussion to SAP's (SAP) move into cloud computing with its acquisition of SuccessFactors (SFSF). Ray Wang, of the Constellaton Research Group, applauded the move.

He said Salesforce.com (CRM) is also in this social market place that is somewhere between the consumer and enterprise spaces.

He said the acquisition of Successfactors will up the ante for companies like Netsuite (N), Taleo (TLEO) and Concur Tech (CNQR).
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