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'Fast Money' Recap: Fund Manager Surprises

Stocks in this article: CAT HD LL RLGY YHOO CELG BAC ESRX QCOM SD INTC PEP MDLZ DELL NFLX HLF

Of the panelists, Adami thinks there's upside left in Netflix, but there's nothing wrong with taking a little profit off the table ahead of earnings. He also added that he's not really buying what Icahn is saying about wanting to own all of Dell and that he would remain neutral on it until everything has played out.

Finerman said she doesn't think you can play Herbalife to the short side, even if you do think it's overvalued.

Also during the conference, John Paulson, fund manager of Paulson & Co, said he is extremely bullish on residential housing and is mostly long through a private equity firm. Although the market is off its lows, there is still a lot of upside, he said, because real estate moves tend to play out for about seven years at a time.

Adami said he thought the best way to play housing is with Home Depot (HD), and that Lumber Liquidators (LL) is interesting ahead of earnings. He noted there is a large amount of short interest in the stock.

Finerman said she likes Realogy (RLGY) because of its solid business model in the housing market.

With shares of Yahoo! (YHOO) up 10% after reporting earnings on Tuesday, Najarian said the move might not be over. He said that in the options pit, it looks like a lot of traders are rolling up positions in order to lock in gains, while still remaining long the name.

For their final trades, Adami likes Celgene (CELG) ahead of earnings, after it made another new all-time high Wednesday. Najarian is a buyer of Bank of America (BAC), citing strong options trading after its earnings release Wednesday. Taking the opposite side, Finerman says to sell BofA after the nice upside run.

-- Written by Bret Kenwell in Petoskey, Mich.

Follow TheStreet.com on Twitter and become a fan on Facebook.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.
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