NEW YORK ( TheStreet) -- The S&P 500 sold off early Tuesday before rallying to close modestly higher.
The big news on Tuesday was hedge fund manager Carl Icahn revealing, via Twitter, that he has a large position in Apple (AAPL).
On CNBC's "Fast Money" TV show, Karen Finerman said she was happy to see him in the name, but doesn't think he'll have too much of an activist role.
Brian Kelly said the company might increase the buyback program a little bit because of Icahn, but largely agreed with Finerman that Apple was too big to be influenced by one man.Dan Nathan said Apple could surpass $500 in the next day or so. He added that the timing of Icahn's announcement came right when the stock was at the 200-day moving average, which was seen as resistance. Brian Marshall, senior analyst at ISI Group, said Apple is likely open to hearing opinions from large shareholders, and that management is willing to listen much more than in the past. Switching companies, he said Dell (DELL) investors should accept founder Michael Dell's and Silver Lake's $13.75 takeover offer. Tim Seymour said the airline stocks can continue going higher, despite the U.S. Department of Justice blocking a merger between US Airways Group (LCC) and American Airlines. He added that this move is a win for consumers. Kelly said he likes United Continental Holdings (UAL) as a trade, since the drop looks overdone. For a travel play, he he prefers Hertz Global Holdings (HTZ). Nathan said there's not really any rush to get into the airline stocks after Tuesday's selloff, but would be a buyer of Delta Air Lines (DAL) once the sector became oversold. BlackBerry (BBRY) was the first stock on the show's "Today's Trending Trades" segment. Nathan said that half of the company's market cap is in cash and it has no debt. While there might be reasons for a takeover, the stock will probably start to fall if the chatter starts to quiet down. Baidu (BIDU) is up over 40% in the past month. Seymour said the stock isn't that expensive at 19 times forward earnings.
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