On Wednesday's CNBC "Fast Money" show, the traders were reviewing some of the top picks from the Delivering Alpha Conference in New York. The conference hosted several big-name fund managers who revealed their top picks.
Jim Chanos created one of the biggest headlines by revealing he's short Caterpillar (CAT). The fund manager cited weakness in China and in the mining industry as his reasoning behind remaining short the equipment maker.
Not so fast, said Pete Najarian. He added that while there is weakness in China and mining, Caterpillar has a lot more going on, particularly with construction in the United States. A lot of people seem to be forgetting that CAT is still a construction company and that should help to offset weakness in other areas and support the stock near $85.Guy Adami agreed with Najarian's fundamental view, but thought the stock could potentially go lower, perhaps somewhere between $78 to $80. For that to happen, he said, the broader market would also have to have a moderate selloff and that he can't really see the stock going lower than that. Leon Cooperman also created some buzz when he revealed his "Top 10 Picks," some of which included Express Scripts (ESRX), Qualcomm (QCOM), and SandRidge
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