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TheStreet Open House

'Fast Money' Recap: The Retiring Mr. Ballmer

Adami said Target (TGT) was a great performer except for the past couple of months. After this week's 6% selloff, he said traders could buy the stock with a stop-loss target at $60.

Pandora (P) fell 7% on the week and 13% on Friday from poor earnings guidance. Kelly said the company is an attractive takeover candidate and he likes the stock.

Facebook (FB) now has a market cap of close to $100 billion and Seymour said the stock could go a lot higher as long as it lives up to its earnings potential.

Julia Boorstin, a CNBC contributor, said that since the botched Facebook initial public offering on the Nasdaq, the New York Stock Exchange has raised twice as much in tech company IPOs . She added that the trend will likely continue, especially with names like Twitter, Uber and DropBox all expected to file IPOs of $1 billion or more.

Adami said LinkedIn (LNKD) is the best social media stock to be in, despite people saying that it's overvalued. He added that at some point the naysayers will be right, but momentum has been too strong so far.

The SPDR Homebuilders ETF (XHB) was the first stock on the show's "Trending Trades." Adami said it feels like mortgage rates are topping out and it might make sense to take a look at this exchange-traded fund on the long side.

With disappointing housing sales data, Federal Reserve bond tapering in September becomes even more unlikely, according to Grasso. Because of this, gold popped 2% on Friday and is nearing another key level at $1,400. He is a buyer.

For their final trades, Kelly said he likes the market and would buy the dips in the SPDR S&P 500 Trust ETF (SPY) and Grasso said he's buying Tesla, as long as it hold $160. Adami said he is a buyer of Ashland (ASH) and Seymour is buying VimpelCom (VIP).

-- Written by Bret Kenwell in Petoskey, Mich.

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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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