This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

'Fast Money' Recap: How to Play Tech Now

NEW YORK ( TheStreet) -- Stocks failed to recover from the day's losses by the close Wednesday as tech weakness kept the Nasdaq in negative territory.

The Dow Jones Industrial Average finished 4 points higher, or 0.03%, at 12,107, after losing 104 points at the session's low. The index gained 337s point in the previous session. The S&P 500 crept up 2 points, or 0.2%, to 1244 after sinking throughout much of the session.

The Fast Money gang debates: Should Oracle (ORCL - Get Report) have taken down tech stocks? Oracle's big earnings miss and weak outlook was the story on Wednesday, even with a minor recovery in its shares off a low at the end of the session. It was no surprise after the poor results and outlook provided in Tuesday's after-hours session; Oracle hit its August low during the Wednesday session.

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

Everyone is shooting first and asking questions later in tech stocks.

Guy Adami says that action means Oracle is a screaming buy, but Steve Grasso adds that you don't want to be the one to catch a falling knife: Wait three days and watch the price action. You can buy 25% of your position now, but don't rush in to Oracle.

Stephen Weiss of Shorthill Capital says the derivative trade off the Oracle action is a tech stock like Qualcomm (QCOM), which was taken down by Oracle but didn't deserve it. It took down IBM (IBM), too. "That's where I put my money before Oracle," Weiss said.

Ron Insana says it's overdone in terms of the Oracle reaction and Oracle has quadrupled over the past few years and so this reaction is something that was in store for the stock. "I wouldn't get overly worried," Insana said.

The cloud stocks also saw carnage, with Salesforce.com (CRM) hitting a 52-week low, and VMware (VMW), Citrix (CTXS) and Red Hat (RHT) all hit hard. Adami says not to rush into Salesforce.com, even after hitting a 52-week low, because its multiple finally has caught up with it.
1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
JEF $0.00 0.00%
AAPL $126.10 -0.39%
ORCL $40.27 0.08%
SBUX $54.13 0.45%
WMT $71.70 -0.25%

Markets

DOW 17,704.79 -53.12 -0.30%
S&P 500 2,072.10 -5.32 -0.26%
NASDAQ 4,995.8940 -17.2290 -0.34%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs