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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

'Fast Money' Recap: The Value of 'Old Tech' Stocks

NEW YORK (TheStreet) -- Momentum stocks led the market, specifically the Nasdaq, lower on Monday. The Nasdaq closed down 0.9%.

Despite the price action, Tim Seymour, managing partner of Triogem Asset Management, argued that "old tech" stocks not only have solid upside momentum but also reasonable valuations. He didn't consider Monday's price action and economic numbers as a reason to sell. 

Brian Kelly, founder of Brian Kelly Capital, said investors should be buying the weakness in momentum stocks. He added that the selloff was not broad-based, and the weakness was not confirmed by the bond market. 

Guy Adami, managing director of stockmonster.com, pointed out the big bounce in the iShares Nasdaq Biotechnology ETF (IBB) from its session lows. He suggested that it made a short-term bottom. 

Karen Finerman, president of Metropolitan Capital Advisors, is long the IBB and the SPDR Biotech ETF (XBI). She said investors could likely buy bull call spreads in the IBB. 

Adami said the selloff in Celgene (CELG) is overdone because the company has a strong balance sheet and "groundbreaking" drugs. 

Seymour was a buyer of SolarCity (SCTY). He said the stock needs to hold $60. 

Kelly added to his long positions in Tesla Motors (TSLA) and Twitter (TWTR)

Mark Mahaney, managing director and Internet analyst at RBC Capital Markets, said Netflix's (NFLX) biggest costs will be for content and marketing, not the requirements in its deal with Comcast (CMCSA). He added that Netflix's biggest competition is Apple (AAPL), Google (GOOG) and Amazon (AMZN) -- with Amazon having the most potential to be "disruptive."

Adami said shares of Netflix look interesting from the long side at current levels. Seymour was a buyer of Apple.

Dennis Gartman, editor and publisher of The Gartman Letter is bullish on U.S. equities because the stock market has been consolidating for about 1.5 months near current levels. He added that U.S. stocks seem likely to break out to the upside. If being forced to choose, he would rather be a buyer of copper than a seller. He is also a buyer of Chinese equities via exchange-traded funds. 

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!
DOW 17,098.45 +18.88 0.11%
S&P 500 2,003.37 +6.63 0.33%
NASDAQ 4,580.2710 +22.5760 0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs