NEW YORK (TheStreet) -- Stocks dipped slightly into the close but the S&P 500 finished higher by 0.24%.
On CNBC's "Fast Money" TV show, the trading panel took a look at stocks that may be worthy of profit taking.
Brian Kelly, founder of Brian Kelly Capital, said to take profits in Home Depot (HD). He argued that shares have had a nice run and the stock looks likely to pullback.
Steve Grasso, director of institutional sales at Stuart Frankel, said Exxon Mobil (XOM) was once a value stock but has now become too expensive in valuation. He said to take profits.Karen Finerman, president of Metropolitan Capital Advisors, was taking profits in United Rentals (URI) since it has "has run up a lot." Commercial construction has not improved enough to warrant the stock run up. she said. Guy Adami, managing director of stockmonster.com, said to take profits in Williams-Sonoma (WSM) because the stock is not attractively valued and guidance was unimpressive. Hewlett-Packard (HPQ) reported in-line earnings results on a revenue miss. Amit Daryanani, managing director at RBC Capital Markets, discussed the results. He said all of Hewlett-Packard's business segments declined, except for PCs. He pointed out that revenue also declined 1% on a year-over-year basis. The company announced more job cuts and he guessed that it may be due to "much worse" product demand expected in the second half of 2014. Although margins improved, revenue had no growth, Adami said, who is a seller. Grasso said to take profits in HP, which he did roughly two weeks ago after owning the stock from sub-$20 levels. David Strasser, retail analyst at Janney Capital Markets, was a guest on the show. Discussing Best Buy (BBY), he said the new "4K" TVs should start to become more appropriately priced near the holidays, a time when the company tends to do really well. Despite lower forecasts for comparable-store sales, he said earnings per share should hold up in 2014. He added that operating margins have room to increase while the stock seems trapped between $25 and $30. He has a buy rating with a $34 price target on Best Buy. Kelly said investors should "stay away completely" from Best Buy because it's a play on the winter holidays, which are far from today.
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