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TheStreet Open House

'Fast Money' Recap: Long on Financials

NEW YORK (TheStreet) -- After a late afternoon selloff the S&P 500 was able to bounce higher, closing up 0.82%. 

On CNBC's "Fast Money" TV show, Karen Finerman, president of Metropolitan Capital Advisors, said Citigroup's (C) earnings report was much better than expected. She added that she was still long the stock, and was buying JPMorgan Chase  (JPM)

Guy Adami, managing director of stockmonster.com, is also long Citigroup due to its low valuation. He added that Blackstone (BX) looks good ahead of its earnings report on Wednesday. 

Dan Nathan, co-founder and editor of riskreversal.com, said Citigroup could be "dead money." He suggested the stock may remain rangebound between $45 to $50. 

Brian Kelly, founder of Brian Kelly Capital, said he does not want to be long financial stocks. He would rather be long steel stocks if the economy begins to pick up again.

Finerman argued the financial companies are very cheap on a price-to-earnings basis, meaning the stocks can go higher if the economy performs better than expected. 

Google (GOOG) bought Titan Aerospace, the drone company that Facebook (FB) tried to recently buy. 

Kara Swisher, co-executive editor at Re/code, said it would be interesting to see how much the deal was done for since the price tag has yet to be announced. She added Google and Facebook are looking for technology that will be big in the future, not necessarily soon.

Finerman said she continues to like Google due to valuation, especially at current levels. 

Nathan said Google should continue searching for ways to diversify its business away from search engines, which the company is doing by making many small acquisitions. 

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