Symantec (SYMC) announced the sudden termination of CEO Stephen Bennett, who was hired in 2012.
Kelly said, "Where there's smoke, there's fire." He did not like the termination since it came so recently after the previous CEO was fired. He suggested there was either a problem with the board or a problem with the company; he doesn't care for either scenario.
Alibaba has already announced it will list in the U.S. and its valuation continues to climb. It could be valued at over $150 billion at the time of the IPO. Aswath Damodaran, professor of finance at NYU Sterne, questioned how anyone could be valuing this company right now, considering there is hardly any information available for it.
He called the Chinese giant an advertising company that we know very little about in terms of hard facts and numbers. Investors are caught up in the hype and potential, rather than its actual finances, he concluded.
Pete Najarian said he still likes Yahoo! (YHOO), and not just for its ownership in Alibaba. Adami said that if Alibaba IPOs with a $150 billion valuation, Yahoo! will trade through $40. He added that if the stock can hold the $35 level, it's a buy.Microsoft (MSFT) closed higher by 3%. Kelly said he is still long the stock and expects it to continue climbing. Pete Najarian added that shares of Microsoft could be headed to $44, and Satya Nadella was the right pick to be the new CEO. Adami said Microsoft still has positive catalysts to push it higher and should continue do well, so long as the broader market holds up. Hewlett-Packard's (HPQ) CEO Meg Whitman announced the company would detail its plans for the 3-D printing space in June. Amit Daryanani, an analyst at RBC Capital Markets, has a sector perform rating on HPQ with a $33 price target. He agreed that HPQ's involvement in 3-D printing will obviously increase competition in the space. However, he did say there is room for all the current companies to exist in the industry since there is so much growth potential within 3-D printing. Jon Najarian said HPQ could have a big impact in 3-D printing and vice-versa. Kelly disagreed, saying the move "wouldn't move the needle" for HPQ. He said he wouldn't buy the stock on this announcement.
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