NEW YORK (
) -- The market started the week on a solid note on the strength of the financial and tech stocks.
Dow Jones Industrial Average
gained 80.91, or 0.73%, to 11,143.69, and the
added 8.52, or 0.72%, to 1,184.71. The
rose 11.89, or 0.48%, to 2,480.66.
Melissa Lee, the host of
's "Fast Money" TV show, said that Apple was down 6% despite a strong earnings report.
Pete Najarian said the pullback, the first of its kind after earnings since July 21, 2008, represents an opportunity for investors who have been waiting to get into the stock.
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 on TV
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Guy Adami said stocks like Apple and
, which was also down on a good earnings report, had been firing on all cylinders and "priced for perfection."
Lee said Apple's stumble might have been caused by some misses, with iPhone and iPad sales falling short of expectations. She said the company reported 4.19 million iPads sold for the quarter vs. 4.77 million expected and 9.05 million iPhones sold vs. 9.52 million expected.
Tim Seymour said Apple was the victim of its own conservative guidance. He said the company, for instance, reported 36.9% in gross margins vs. 38.1% expected.
Karen Finerman said she would be looking to add to her position, while Adami said Apple looks like a buying opportunity if one believes the tape is heading higher.
Colin Gillis, an analyst for BGC partners, provided a glowing picture of Apple. He said there is no better growth story than Apple, with blowout numbers for its iPhone, record Mac sales and sales numbers for the iPad that came in a little lower than expected.
He said the pullback is usually expected after the stock hit "lifetime highs" and small money coming in. He acknowledged the "music will always end," but he expects Apple to have the playing field to its own for some time in the tablet space. He doesn't see
Research In Motion
catching up with Apple.
's tech correspondent, said Steve Jobs made a rare appearance at the conference call to aggressively defend Apple's track record and said he would crush his competitors. Jobs said Apple was leading the race for the "mindshare" of developers and consumers.
Fortt said Jobs said that the sales of the iPad will affect notebook computers. Jobs also said the company had previously warned of lower gross margins, which he said will improve by December when the supply and demand of iPads are balanced.
Fortt said Jobs sounded like the most aggressive tech CEO he's heard since Bill Gates.
Shifting to IBM, Jon Najarian said he liked the stock after he heard the CFO say that spending on the service side will continue to the end of the year.
The financials got a boost today from
when it beat expectations. Finerman said the foreclosure controversy has been overdone and resulted in a lowering of the bar for
Bank of America
Adami said he has a hunch that
earnings will not be good when it reports tomorrow.
Seymour was disappointed in the price action of Bank of America, saying it should have move higher.
Lee brought in Manoj Narang, president of Tradeworx, and Mark Fisher, founder of MBF Asset Management, for their views on high-frequency trading and the flash crash on May 6.
Narang said the crash would have happened irrespective of the market structure. He said the crash was the result of human panic.
Fisher argued for the need to slow things down at such times, using such tools as price limits on various instruments. "Timeouts work."
Narang said the use of a circuit breaker or a tool with limit-up, limit-down capability would have prevented the crash.
Fisher said something needs to be done because a crash next time in the debt markets would be disastrous.
In the final trades, Seymour said he would take profits in
. Adami liked
Pacific Gas & Electric
. Finerman said to get into
if it pulls back from weakness in IBM. Pete Najarian liked
if it falls to $135.
-- Written by David Tong in San Francisco
To watch replays of Cramer's video segments, visit the Mad Money page on CNBC
"'Fast Money'Portfolios of the Week" on Stockpickr every Thursday.
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