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'Fast Money' Recap: Low Volume, Down Market

NEW YORK ( TheStreet) -- The markets slipped lower during another low-volume trading day, with the S&P 500 closing below 1,700.

On this episode of CNBC's "Fast Money" TV show, the bearish theme was in the limelight, especially after a pessimistic note from Goldman Sachs (GS) citing a list of stocks it believes are overvalued.

Guy Adami said that he agreed with the short Coach (COH) call. He cited poor comps, weak North American sales and margin compression as reasons to be bearish.

Stephanie Link said Kroger (KR) was up 70% over the last 12 months and the company would need to show excellent comps just to keep the stock price where it is. She added that its trading above its 5- and 10-year historic valuation levels.

Link disagreed with the short Comerica (CMA) call, however, saying that a steepening yield curve will be good for the firm.

Tim Seymour said Staples (SPLS) was trading like an online retailer when it really isn't. He added that it is trading at 21 times future earnings and historically only trades at 13 to 14 times future earnings.

On Tuesday, Disney (DIS) reported earnings and traded slightly lower. Link said she likes the company and its assets, but would rather wait to buy on a bigger pullback.

Seymour added that Disney's disappointments in the quarter were not trends, but rather one time events. However, he did point out that at 19 times earnings, the stock was a little pricey.

J.C. Penney (JCP) slid another 3.5% on Tuesday and Karen Finerman said she would not go long because the company is still overvalued, and it is too late to initiate a short position. Instead, she said to look at Macy's (M).

First Solar (FSLR) reported earnings and missed on top- and bottom-line estimates. As a result, the stock was sold off. Adami said that while the quarter was lousy, traders could look to get in near $41.50.

On the show's "Street Fight" segment, Adami argued that Green Mountain Coffee Roasters (GMCR) still had upside. Although the company has lost its patents, the stock has done well. He added that at 22 times earnings the stock is not ridiculously expensive and a 37% short interest could drive the stock higher on an earnings beat.
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