NEW YORK (TheStreet) -- The market saw slight selling pressure in the morning before turning higher and closing near session highs.
Friday's big story was the retirement announcement of Microsoft's (MSFT) CEO Steve Ballmer, effective within 12 months. On CNBC "Fast Money" TV show, Guy Adami said Microsoft's near-term issues are not CEO-related. He added that traders who got stuck on the long side should use this news to unload their positions.
Tim Seymour said traders could look to fade the move into the analyst meeting on Sept. 19 because expectations will likely be too high. He added that he likes the name over the long term due to the cheap valuation.
Steve Grasso said the problem with buying the stock now is investors are paying a premium for unknown future events. He added that Friday's low of $34 needs to hold for traders to stay on the long side.Brian Kelly said the company has great assets like Xbox, Skype and one of the best email platforms around -- but has failed to truly execute on the latter two. He added that the company is a bit like BlackBerry (BBRY), which has plenty of solid assets but has also failed to use them correctly. He said if someone bought out the company there are revenue-generating assets there. Seymour said Intel (INTC) has its chips in plenty of products, but the company should really begin to see an improvement in the second half of 2013 under new CEO Brian Krzanich. He said to stick with the stock. Adami said Wal-Mart (WMT) is doing well and doesn't think a new CEO would help improve the company much, especially when the margins are so thin to begin with. Hewlett-Packard (HPQ) was the first stock on the show's "Pop & Drops" segment, after falling 15% this week. Seymour said there was no foreseeable growth ahead and that he would avoid the name. Tesla Motors (TSLA) popped 14% this week. Grasso said traders should wait a few days to see if the $160 level holds before chasing it.
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