NEW YORK (TheStreet) -- The broader stock market apparently sold off Thursday as a result of hedge fund manager David Tepper's comments during the SALT Conference in Las Vegas.
He said Wednesday he was not bearish on stocks but was more cautious last year. He likes tech stocks such as Google (GOOGL) and Priceline.com (PCLN) and has lowered his equities stake to 60% from 100% in 2013.
Pete Najarian, co-founder of optionmonster.com and trademonster.com, said the selloff was very broad on Thursday and hit pretty much every sector. But there never seemed to be a lot of "panic," with the CBOE Volatility Index (VIX.X) staying relatively calm given its incredibly low level at the start of the session.
Brian Kelly, founder of Brian Kelly Capital, said the bond market seems afraid of deflation, noting that Treasury yields fell again on Thursday.
Guy Adami, managing director of stockmonster.com, reminded investors that stocks are still near all-time highs and there isn't anything major to worry about yet. He said rates are likely to go lower based on economic activity.Najarian said Priceline.com is not overvalued. He admitted that the stock is a momentum name, but also has the growth to justify it. Kelly pointed out to investors that Tepper isn't bearish, he's just not as bullish. He proved his point by saying that Tepper wouldn't like stocks such as Priceline.com and Google if he thought equities were a bad investment. Adami agreed that Priceline.com is not overvalued. He said that when the stock is valued based on forward earnings estimates, it's not that expensive by valuation. Gold didn't rally much on Thursday and Kelly again attributed it to investors' fears over deflation. He also said he sold two-thirds of his long position in bonds. J.C. Penney (JCP) soared after a top- and bottom-line earnings beat. Discussing the results was Dana Telsey, CEO of Telsey Advisory Group.
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