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'Fast Money' Recap: Unsocial Media

NEW YORK ( TheStreet) -- The broader markets started the week lower.

On CNBC's "Fast Money" TV show, Steve Grasso said the headlines surrounding LinkedIn (LNKD) allegedly hacking its users' email accounts is a negative, and the momentum could be waning.

Guy Adami slightly disagreed, saying LinkedIn is the best option for investors who want to be in social media. He added that he's cautious on the market and thinks the S&P 500 will pull back to 1,670.

He also said Celgene (CELG) has run into resistance at $150 and he would look to buy on a pullback to the $135 level.

J.C. Parets said he would be looking to fade the biotech sector, which is at the upper range of its trend and has already doubled in the past 20 months.

BlackBerry (BBRY) announced that it had an interested buyer for the company at $9 per share and TheStreet's Herb Greenberg was a guest on the show. While the maneuver could have been intended to drive more interested buyers out of the woodwork, he asked, "What buyer wants to step up?" He added that if someone actually wanted to buy BlackBerry, they would have done it by now.

Karen Finerman added this is only a letter of intent, with no financing or anything definitive. She added that $9 is likely the ceiling, not the floor and that this news was probably released to stabilize the stock.

Grasso said he is still long, looking for a bigger headline to sell on. He added that Monday's low would be his stop-loss point.

Chrysler announced that it would be filing for an initial public offering. Finerman said she doesn't expect it to affect General Motors (GM).

Grasso argued that investors who have made money in Ford (F) and General Motors might take some money off the table and risk a little bit on Chrysler.

Adami said he continues to like the autos, but by being long BorgWarner (BWA) and Delphi Automotive (DLPH).

Red Hat (RHT) beat on the bottom line, but provided lower-than-expected guidance. Adami said the stock can go all the way down to the low- to mid-$40's and that he would not be a buyer on Tuesday.
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