NEW YORK (

TheStreet

) -- The markets closed higher Thursday on the sterling debut of

LinkedIn

(LNKD)

.

The

Dow Jones Industrial Average

rose 45.14, or 0.36%, to 12,605.32. The

S&P 500

rose 2.92, or 0.22%, to 1343.60. The

Nasdaq

gained 8.31, or 0.30%, to 2823.31.

Melissa Lee, the moderator of

CNBC

's "Fast Money" show, keyed on

Gap

(GPS) - Get Report

at the outset, noting its stock was down 12.3%.

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 the retailer's quarter wasn't bad but was concerned about its "atrocious" guidance and inventory build. He said the shorts were leaning on the stock, adding he expected it to trade down to $19.

Steve Grasso did not think much of the retail space, saying it was overdone. He said the summer months historically aren't good for retailers.

Tim Seymour said the retailers are seeing a stretched consumer that is worried about higher gas prices.

Karen Finerman said it was important to differentiate among the poor retailers and those that are executing well like

Macys

(M) - Get Report

.

Brian Sozzi, of Wall Street Strategies, said he wasn't buying Gap's efforts to pitch its international growth story and was more concerned about the amount of inventory it was carrying in the second quarter.

Lee noted some of the most boring sectors of the market such as health care, consumer staples and utilities had been doing better year to date than the S&P index.

Adami said his two favorites were

McDonald's

(MCD) - Get Report

and

Yum! Brands

(YUM) - Get Report

, which hit 52-week highs. Finerman was wary of Yum!, arguing the risk-reward wasn't there with the stock trading at 20 times earnings.

Seymour noted that industrial names did well, especially

General Electric

(GE) - Get Report

, which does a lot of business in Brazil.

Lee shifted to the discussion to the story of the day: LinkedIn's dizzy ride on the first day of trading. Seymour said the valuation was "crazy," noting the company would have to generate 25 times revenue to justify its valuation.

Grasso said authorities need to look into the pricing mechanism for the IPO and study the implications.

Adami said

Salesforce.com

(CRM) - Get Report

was up 8.45% today after it beat expectations. He said there is a big short interest in the stock, which is trading at 80 times next year's expected earnings. Still, he said that lofty ratio doesn't matter because of the momentum behind the stock. He said he could not advocate buying it.

JP Kinahan commented on Goldman Sachs' downgrade of

Intel

(INTC) - Get Report

, saying the chipmaker is a victim of excess inventory. Seymour said Goldman noted in its report that tablets are cannibalizing the PC market.

Will the end of QE2 usher in a commodity bear market? Seymour acknowledged that the speculation in oil and copper had been overdone. John Stephenson, of First Asset Investment Management, said he expects downward pressure in the short run in the commodities.

But Stephenson said it comes down to fundamentals and likes the prospects for copper, oil and grains. He said he still is sticking with silver trading as high as $50 to $60 a troy ounce at the end of year. He also sees gold heading to $1,750 an ounce.

Lee brought in Doug Kass, a RealMoney Silver contributor at

RealMoney.com

, who said it was time to buy Japanese stocks like

iShares MSCI Japan

(EWJ) - Get Report

.

Kass acknowledged that although Japan's market may be boring, frustrating and painful, it holds a lot of opportunity. He said the valuation of the Nikkei index is now as low as where the U.S. markets were in March, 2009.

He said Japan is on the road to recovery, thanks to the government's fiscal stimulus, a monetary policy that is market friendly and the chances of accelerating reforms that could lead to more M&A, a rising demand for alternative energy and long-term investment. He also said the country's electrical supply has improved and the situation at Fukushima has stabilized.

Seymour agreed, saying Japan will see a lot of liquidity in the coming days and a lot of money spent on infrastructure.

Lee brought in Alexandra Lebenthal, president of Lebenthal & Co., to comment on some statements in a

Wall Street Journal

article by bank analyst Meredith Whitney on the sharp rise states are seeing in fixed debt-service costs. Whitney said in the article that those costs could eat up at least 16% of New Jersey's total budget.

Lebenthal disputed that number as much too high and "completely incorrect." In addition, she said states are in much better shape than Whitney's portrayal and continue to see strong revenue growth.

Lee commented on how

Amazon.com

is on the digital path when it announced it had sold more digital books than real books since April 1.

Brian Blair, principal at Wedge Partners, said the digital book wave could lead Amazon's digital book sales to account for 75% of all of its book sales in three to five years.

Blair said

Barnes and Noble

's

(BKS) - Get Report

has a good product in its Nook. He especially liked the color version of the Nook, adding Barnes and Noble offers 2 million titles, twice as many as Amazon.

Lee shifted to Finerman to talk about an "under the radar trade" in oil. Finerman said she liked

Kinder Morgan Energy Partners LP

(KMP)

, which owns and operates oil and gas pipelines.

She said KMP, as a toll business, moves with the underlying commodity but is not exposed to the commodity price risk. She said another way to play it is with an ETF like

JPMorgan Alerian MLP ETN

(AMJ) - Get Report

.

Is natural gas nearing a bottom? Daniel Fisher, of MBF Trading, said he has a downward bias to natural gas. He said there is definitely an oversupply of natural gas. He said he's not expecting it to rebound until "we see a hurricane scare."

--Written by David Tong in San Francisco.

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David Tong

.

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.

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.

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.

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