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'Fast Money' Recap: The Market Shrugs Off Iraq, for Now

NEW YORK (TheStreet) -- Oil prices climbed another 0.28% as fears over Iraq continue to weigh on investors' minds. The S&P 500 climbed 0.31%.  

On CNBC's "Fast Money" TV show, the trading panel took a look at Priceline.com's (PCLN) acquisition of OpenTable (OPEN) for $2.6 billion. 

Guy Adami, managing director of stockmonster.com, said shares of Priceline look "interesting" on the long side following the recent selloff. He added that the stock has an attractive valuation, while names like OpenTable are hard to sell short due to M&A potential. 

Tim Seymour, managing partner of Triogem Asset Management, said he likes Priceline's business model, global operations and mobile platform. He even called the valuation attractive. However, he does not like the recent price action and suggested that investors wait for the stock to "settle down." He added that the acquisition of OPEN was overpriced, but a good addition to Priceline's business model. 

Brian Kelly, founder of Brian Kelly Capital, said Priceline will be able to help OpenTable's global expansion, where the latter receives over 80% of its revenue from the United States. He added that Yelp (YELP) may become the next takeover target in the industry. 

Steve Grasso, director of institutional sales at Stuart Frankel, took a look at Groupon (GRPN). Despite shares falling 48% year-to-date and the business having seemingly low barriers to entry, the stock could "spike dramatically" on any good news. 

Daniel Ives, managing director at FBR Capital Markets, agreed that Yelp may very well be the next takeover target, possibly by Yahoo! (YHOO), Google (GOOGL), or Microsoft (MSFT). Microsoft interested him the most. He reasoned that it would help Microsoft in all three areas that it is trying to improve in: Search, cloud and mobile. Turning to the cloud space, he reasoned that Salesforce.com (CRM) may acquire Demandware (DWRE)

Adami said investors can consider getting long shares of Demandware following its recent selloff. 

Kelly said it would be a bad idea for Microsoft to acquire Yelp. 

Adami said investors could likely step in to buy shares of Cree (CREE) near $50 after the recent selloff. And while he admitted the business is becoming commoditized, he called Cree the "premiere" company in the industry, and said it could also be an M&A target. 

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