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'Fast Money' Recap: A Rally With Legs

Stocks in this article: AIG AAPL LNKD OPEN YELP MA XOM KORS WTW BX SPY TBT BBRY MYL

MasterCard (MA) hit all-time highs after a recent earnings report and Finerman said growth has remained strong and that she continues to like the name.

Exxon Mobil (XOM) reported earnings and the miss was the worst since 1999. Kelly said the stock held the 50-day moving average and traders should give it a couple of days before getting long the name.

Michael Kors (KORS) was the featured stock on the show's "Street Fight" segment. Adami took the bullish side and said more upside still exists. His thesis hinged on strong operating margins that continue to improve, along with a cheap valuation when compared to a company such as Ralph Lauren (RL).

Najarian took the bear side and said store sales are only a small part of the overall revenue. The soft recovery in Europe, the outsourced Web site through Neiman Marcus and the low short interest are reasons why he doesn't think the stock will rally next week when it reports earnings.

Weight Watchers (WTW) reported earnings and got crushed in the after-hours from poor results and on news of the departing CEO. Finerman said that nothing has been going right for the company, but under $40 per share the stock becomes very interesting.

Najarian says to stay long Blackstone Group (BX) and to buy the dips.

Adami said his year-end projection for the S&P 500 is 1,635, with the highs of the year topping out between 1,730 and 1,750.

Kelly said BlackBerry (BBRY) doesn't get any respect because of its management, despite quality software and a strong balance sheet.

For their final trades, Najarian was a buyer of Mylan (MYL) while Finerman was buying protection in the form of SPDR S&P 500 ETF (SPY) puts. Kelly said to buy the ProShares UltraShort 20+ Year Treasury ETF (TBT) and Adami was buying Blackstone Group.

-- 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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