This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

'Fast Money' Recap: A Down Day

NEW YORK (TheStreet) -- The Nasdaq led U.S. equities lower on Friday, closing down by nearly 1%. 

On CNBC's "Fast Money" TV show, Brian Kelly, founder of Brian Kelly Capital, said investors are rotating out of high-growth stocks and into stocks like Microsoft (MSFT), Cisco Systems (CSCO) and U.S. Steel (X).

Pete Najarian, co-founder of optionmonster.com and trademonster.com, said many financial stocks hit 52-week highs on Friday -- including Bank of America (BAC), Wells Fargo (WFC) and JPMorgan Chase (JPM) -- before pulling back and ending the session lower. He attributed the selloff to profit taking and remained bullish. He bought Goldman Sachs (GS).

Steve Grasso, director of institutional sales at Stuart Frankel, said a lot of the selloffs on Friday were exacerbated. He was also a buyer of financial stocks on this pullback. 

Guy Adami, managing director of stockmonster.com, pointed out the weakness in the biotech sector, with the iShares Nasdaq Biotechnology ETF (IBB) selling off 4.75%. Specifically, he suggested that investors wait for Celgene (CELG) to consolidate before stepping in to buy. 

Biogen Idec (BIIB) was among the biotech stocks that got hit on Friday, falling over 8%. George Scangos, CEO of Biogen, said the company's hemophilia A and hemophilia B drugs should do very well and are currently available in Germany and Norway. He added the drugs will spread throughout the rest of Europe when the negotiated price is finalized with the other countries. He agreed with estimates that the drugs could grow into a $7 billion market for the company. 

Adami said Biogen has a strong pipeline of drugs and is not expensive, trading at 22 times forward earnings. However, like Celgene, he suggested investors let the stock settle down for several trading sessions before buying. 

Kelly said he preferred to play biotech stocks through an exchange-traded fund because of its diversity and his lack of knowledge in the specific companies. 

Najarian disagreed with the biotech ETF approach, saying investors should deeply research specific companies to find the good ones. He agreed with Adami that Biogen has a strong pipeline and a low valuation. 

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $132.65 0.00%
FB $81.91 0.00%
GOOG $555.37 0.00%
TSLA $231.55 0.00%
YHOO $44.36 0.00%

Markets

DOW 18,037.97 -42.17 -0.23%
S&P 500 2,108.92 -8.77 -0.41%
NASDAQ 5,060.2460 -31.8390 -0.63%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs