NEW YORK (
) -- The markets fell again Tuesday led by a pullback in financial stocks.
Dow Jones Industrial Average
fell 32.12, or 0.34%, to 9337.95, and the
dropped 3.38, or 0.33%, to 1007.10. The
lost 8.01, or 0.40%, to 1993.24.
Guy Adami said on
's "Fast Money" TV show that he sees the market heading lower. "I'm sticking to my guns on that," he said.
Tim Seymour also said he sees a dip but only to where the market was before last Friday's jobless numbers. "I don't know whether we'll go below that," he said.
For a breakout of some stocks from a recent "Fast Money" TV show,check out Dan Fitzpatrick's "3 Stocks I Saw on TV."
3 Stocks I Saw onTV
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Pete Najarian said he saw investors scrambling to protect themselves by buy put protection. He said there was a sense of panic in the market.
Karen Finerman said today's market retreat was healthy because valuations had become too frothy since the lows of March.
Although much has been made of the fact that 75% of the companies reported earning beats in the past quarter, only 25% beat topline numbers and Adami said that should be a cause for concern.
Finerman said the market needs some new positive data, adding Congress being out of session is a positive thing.
Melissa Lee, the moderator of the show, shifted the discussion to the financials, which were "slammed" today. Seymour said the entire sector is getting tired after a pretty big runup.
Adami said he was hearing from sources that
was preparing another secondary offering. He said he would short the stock here.
Finerman said that move, if true, could be a sign that Wells is not going to earn its way out as quickly as it thought could.
Lee brought in Jim Goldman,
reporter, to talk about
, which was up 2% in after-hours trading on an encouraging earnings report and guidance.
Goldman said the company saw a strong surge in revenue and orders. More importantly, it said in its fourth-quarter guidance that it anticipates revenues will be up 10% to 20%, from $1.24 billion to $1.35 billion compared to the Street consensus of more than $1 billion.
Applied said it will return to profitability in the fourth quarter at somewhere between break-even to 4 cents a share compared with a 4-cents-a share loss a year ago.
Lee asked the panel whether the disruptive town hall meetings are slowing the efforts to get Obama's healthcare proposal passed. Finerman said the Democrats are starting to lose the battle of spin-control on the contentious issue.
Unlike other healthcare stocks whose fortunes are tied to the fate of Obama's massive healthcare reforms,
is a stock Najarian likes because it wins no matter what happens because of its big push into the generic space.
Lee briefly touched on the retail, noting
was up on a down tape. Finerman said she has always liked Target and
. Najarian said Wal-Mart is one stock that doesn't need catalysts, adding it is a solid, steady performer and a safe play for any portfolio.
Lee brought on Bog Lutz, vice chairman of
, to talk about the the Chevy Volt, which gets a whopping 230 mles per gallon.
Lutz said the Volt, which will go on sale next year, can go 40 miles electrically before shifting to an engine generator that will continually recharge battery for another 300 miles.
Lee pressed Lutz about the price tag: $40,000. Lutz said that with a federal tax credit of $7,500, the price comes down to $32,500. He said it's superior to the conventional hybrid because hybrids run on a conventional gas engine with an electrical assist.
He said the car will be distributed worldwide, including China, Europe and Latin America.
Shifting to tech, Heather Bellini, ISI Group senior mangin director, said she thinks IT spending will pick up in the second because companies that held back in the first half will open their wallets in the second.
The beneficiaries of the spending? Bellini likes
Regis Philbin, popular TV host, appeared in the last segment of the show. He said the first months of this year was a disaster but now he's seeing some profits.
His favorite stocks? They are
. He also owned shares of
, which he took profits on.
There were no final trades.
"'Fast Money'Portfolios of the Week" on Stockpickr every Thursday.