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'Fast Money' Recap: Time to Buy Retail

Stocks in this article: XRT TGT M FL JCP KORS GPS SAVE CBS TWC IWM FB AMZN WPO LMCA Z FOSL IRM GOOG SPY

NEW YORK ( TheStreet) -- In a quiet session, the broader markets closed slightly lower following all-time highs made late last week.

Melissa Lee, the host of CNBC's "Fast Money" TV show, said that based on the time of year, this is one of the best opportunities to buy into retail. There's only one problem: The SPDR S&P 500 Retail ETF (XRT) is at a 52-week high.

Karen Finerman said that she's hoping retail can move another leg higher going into the back-to-school season. Specifically, she likes Target (TGT), Foot Locker (FL), and Macy's (M), while disliking J.C. Penney (JCP), which reports earnings on Friday.

Guy Adami said he likes Michael Kors (KORS) and The Gap (GPS). He added it's important to realize that consumers will keep spending even though the employment data might make some think otherwise.

Moving off of retail, Adami says he likes the JetBlue Airways (JBLU) flight experience but the stock has been a laggard. Instead, he pointed to Spirit Airlines (SAVE), which has a stretched valuation as well as upside momentum.

On the show's "Today's Top Trades" segment, Josh Brown believes a deal between CBS Corporation (CBS) and Time Warner Cable (TWC) will get done soon and those who are selling either stock right now are making a mistake.

Finerman said it's not all that surprising the iShares Russell 2000 ETF (IWM) is making another all-time high on Monday since the broader markets are keeping pace. She continues to like the space.

Adami said Facebook's (FB) next earnings result will probably be its most important one ever, after the company closed Monday above its IPO price of $38.

Jeff Bezos, the CEO of Amazon (AMZN), is buying the Washington Post's (WPO) newspaper operations. It is a personal move and not one on behalf of Amazon.

Anthony Scaramucci said buying a business where Warren Buffett is a major minority owner is very hard to do, making him think this business maneuver may not be profitable in the near term.

Brown agreed, saying the newspaper business has seen revenue declines for seven years in a row, along with subscriptions falling 30% since 2008. He added that the business would need a buyer who would stand by through unprofitable periods until the industry could turn around.

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