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'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.

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