NEW YORK (
) -- The markets rebounded sharply Friday on a slightly better-than-expected GDP report and
Chairman Ben Bernanke's reassuring comments about the economy.
Dow Jones Industrial Average
jumped 165.14, or 1.65%, to 10,150.95. The
added 17.37, or 1.66%, to 1,0647.59, while the
rose 34.94, or 1.65%, to 2,153.63.
Joe Terranova said on
's "Fast Money" show that technology is showing leadership for the next quarter through corporate earnings and M&A. He said the markets lifted off their lows off of Bernanke's comments, which "did not downgrade the economy."
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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Mike Khouw said he took
lowered third-quarter outlook positively and said the financials bounced off a bad performance for a prolonged amount of time.
Zachary Karabell said investors will be coming back from their vacations in September and see a market with attractive valuations across the spectrum.
Jon Najarian agreed but he said a lot of investors have already been jumping into stocks for the past several weeks that are at their 52-week lows. "They want to buy something that is really cheap."
Melissa Lee, the moderator of the show, wondered whether investors will be piling into names like
Bank of America
that are at their 52-week lows.
Peter Boockvar, Miller Tabak equity strategist, said investor sentiment still remains very low.
Lee asked the panel what to make of the rise in
shares after it cut its third-quarter guidance.
Terranova said there are better names in the chip sector than Intel. He said
have much better potential to grow.
Karabell said Intel is facing a period where it is dealing with clumpy demand. Still, he said he still liked the stock, which he said is doing much better than the lower estimates suggest.
Shifting to the heated bidding war for
, Lee pointed out it has lifted smaller companies in the sector.
( CML) is up 40%;
, up 31%; and
( ISLN), up 22%.
was up slightly on news of the third edition of its popular Kindle.
Colin Gillis, of BGC Parnters, was wary of the economics of the new Kindle, citing high marketing costs and low margins. He said the economics don't justify the stock's 46 mulitiple.
He was much more enthused about Apple's new iPod Touch, which is rumored to be shown on Sept. 1. He said the new phone may carry a microphone, in which case it has the potential to be a fully functional phone not tied to any carrier.
Are crowded trades value traps? Michael Block, chief equity strategist for Phoenix Partners, said
topped his list of crowded trades that have gone up the most in the past 20 trading days. He said the stock is up 21% on unwarranted takeover speculation. He noted two other crowded value traps:
Bank of America
From the options pit, Najarian said
bounced back today, with 23,000 contracts traded.
In the final trades, Terranova was long energy. Karabell liked
. Najarian liked
--Written by David Tong in San Francisco.
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