NEW YORK (

TheStreet

) -- The markets ended mixed Tuesday as tech names lagged.

The

Dow Jones Industrial Average

rose 32.62, or 0.28%, to 11,555.63. The

S&P 500

added 2.64, or 0.22%, to 1195.19. The

Nasdaq

was off 11.83, or 0.47%, to 2515.51.

Scott Wapner, the moderator of

CNBC

's "Fast Money" TV show, asked the trading panel to comment on S&P's decision to cut the credit ratings of a number of large-cap banks, including

Bank of America

(BAC) - Get Report

,

Morgan Stanley

(MS) - Get Report

and

Wells Fargo

(WFC) - Get Report

.

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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Anthony Scaramucci downplayed the rating cut, saying the rating agencies again were late in making their call and that it is not information that the market is factoring in to revalue the stocks lower.

Scaramucci said he believes the U.S. banks are being used as a proxy for pressures from the ban on short selling of financial institutions in Europe.

Chris Whalen, managing director of Institutional Risk Analytics, also said there was nothing new in the rating downgrades. He said the bank stocks may actually want to go up if there is a catalyst for change. He said the parent companies of the banks need help, not the banks.

Jon Najarian noted a lot of call activity in Bank of America despite the credit downgrade.

Wapner shifted the discussion to the troubles in the tech sector. Scaramucci said it was important to note the impact of macro forces on the markets.

Karen Finerman attributed the decline in

Apple

(AAPL) - Get Report

the the company's tablet, which may not be as robust as it appears. She said increased tablet competition for the iPad could lead to margin compression and force Apple to lower prices.

Adami said $363 is still his point of reference to play the stock.

Ashok Kumar, of Rodman Renshaw, said demand remains healthy for the iPhone 4s. He said the problem is on the supply side, in particular a missing high-end component for the 4s.

Terranova said his love affair with Apple has ended and is putting the stock in the penalty box until after earnings in January.

Scaramucci said he's convinced from his reading of Walter Issacson's book on Steve Jobs that Apple has a game plan for the first quarter that could include a new product, among other things.

Turning to the markets in general, Adam Parker, chief equity strategist for Morgan Stanley, said he is overweight in utilities, health care and consumer staples. He said consumer staples should do well in 2012 and that its estimates are more achievable. On the other side, he said industrials, materials and financials will have a difficult time achieving their results.

Wapner shifted the focus to social media stocks like

Pandora

(P)

and

LinkedIn

(LNKD)

, which have declined since their IPO debuts, and next year's Facebook IPO with a reported valuation of $100 billion.

Lou Kerner, an analyst for Liquidnet, said the valuation is warranted because Facebook is a "once-in-a-generation" type company that has generated excited not seen since the Google IPO. He said the stock is now trading in the private markets with a $75 billion valuation.

Kerner said Facebook is better than LinkedIn, adding the impact of social media on every company in the world has been underappreciated. He also had high praise for

Groupon

(GRPN) - Get Report

and its stellar subscriber growth and its ability to provide Internet leverage for small merchants.

Wapner noted that

Corning

(GLW) - Get Report

got slammed today after it revised quarterly earnings and fourth-quarter outlook. Terranova said

Best Buy

(BBY) - Get Report

is his TV trade based on its low earnings estimates and demand evidenced in Black Friday sales.

Is there going to be a major rally in the U.S. markets? James Altucher, managing director for Formula Capital, said he was very optimistic that there will be one based on the strong Black Friday sales, wage growth and a decline in unemployment. He said the problems in Europe will have a negligible effect on the rally and that stocks are cheap with demand exceeding supply.

In the final moves, Scaramucci was long the dollar. Adami liked

Home Depot

(HD) - Get Report

. Finerman favored the VIX.And Terranova liked

Southwestern Energy

(SWN) - Get Report

.

--

Written by David Tong in San Francisco.

>To contact the writer of this article, click here:

David Tong

.

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.

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.

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