NEW YORK (TheStreet) -- The S&P 500 added to Monday's gains, closing higher on Tuesday by 0.70%.
On CNBC's "Fast Money" TV show, the trading panel discussed General Motors (GM) and the recent issues surrounding its recalls.
Tim Seymour, managing partner of Triogem Asset Management, thinks GM will have a poor first quarter but is optimistic over the longer term. He added that sales and the auto market are both strong.
Dan Nathan, co-founder and editor of riskreversal.com, suggested GM could bounce back to the $37.50 level and he was long April $34 calls.Brian Kelly, founder of Brian Kelly Capital, said the stock has held the $33 level and he was a buyer. He would buy Toyota (TM) near $110. Steve Grasso, director of institutional sales at Stuart Frankel, was a buyer of Ford (F) at current levels. He suggested investors buy GM on a breakout over $36 rather than trying to pick a bottom. Michael Ward, a managing director at Sterne Agee, said General Motors has been very transparent and upfront regarding the recent recalls and issues with its vehicles. He added that the failure to recall the vehicles earlier fell under the responsibility of the "old GM" -- the company that filed for bankruptcy in 2009 -- not the "new GM." He concluded that earnings growth should remain strong, particularly in 2015. He was also bullish on Ford. Jack Nerad, executive editorial director at Kelley Blue Book, said GM's recalls have yet to weigh on auto sales. However, he admitted that when Toyota dealt with a similar situation several years ago -- when cars would suddenly accelerate -- that recall did negatively affect sales. He concluded the current issues at GM will eventually blow over, at least in the mind of consumers. Grasso likes casino stocks since they typically do well in April. Specifically, he's a buyer of Las Vegas Sands (LVS). Seymour said investors could sell-short Melco Crown Entertainment (MPEL) near $43 or $44. Kelly was a buyer of JetBlue Airways (JBLU) on a pullback and of United Continental Holdings (UAL) at $45.50.
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