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
TheStreet Open House

'Fast Money' Recap: Fund Manager Surprises

NEW YORK ( TheStreet) -- NEW YORK ( TheStreet) -- Equities popped slightly higher on Wednesday's trading action following Federal Reserve Chairman Ben Bernanke's testimony on Capitol Hill.

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 (SD). Cooperman, who nailed all his picks last year, doesn't think the overall market prospects are as bright this year. However, he attempted a similar approach by picking several different stocks.

The panel immediately jumped on the Qualcomm call, with Adami saying he absolutely loved the company but that the stock action has been a little dicey of late. With an earnings report next week, he'd rather wait until then to hear from the company's management.

Najarian agreed, although he did question the company's margins in the future. While they're not under attack yet, they likely will be as Intel (INTC) looks to become a more dominant player in the mobile chip market.

1 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs