NEW YORK (

TheStreet

) -- The markets sank Tuesday on the aftershocks of

Cisco

's

(CSCO) - Get Report

outlook and global economic concerns.

The

Dow Jones Industrial Average

lost 73.94, or 0.65%, to 11, 283.10 and the

S&P 500

declined 5.12, or 0.42%, to 1,213.54. The

Nasdaq

fell 23.14, or 0.90%, to 2,555.52.

Melissa Lee, the moderator of

CNBC

's "Fast Money" TV, said Cisco suffered a historic drop of 16% today after a discouraging outlook.

But the panel said the market may have overreacted to the comments of CEO John Chambers.

Tim Seymour said that the company is not broken and that its earnings wasn't terrible. Anthony Scaramucci said Cisco remains a blue-chip franchise and a leading global growth company.

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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Brian Kelly couldn't understand the slide in the stock, saying Chambers' comments weren't anything new. Karen Finerman said the company's valuation is compelling and deserves a closer look. She said a lot of bad things have been priced into the stock.

Scaramucci reminded viewers that Cisco has $24.5 billion of net cash and a $118 billion market cap.

Lee referred to a chart of some of Cisco's partners with at least 10% sales exposure to Cisco. They included

Netlogic

(NETL) - Get Report

,

Cypress

(CY) - Get Report

,

Linear

(LLTC)

,

Cavium

(CAVM)

and

Integrated Device Tech

(IDTI) - Get Report

.

Seymour said he was surprised by the resilency of the markets in the face of Cisco's guidance and overseas headwinds in China and Europe. Scaramucci said he wouldn't be surprised if QE2 will set up another bubble in tech.

Lee noted that

Disney

(DIS) - Get Report

was down after missing profit estimates. Jane Wells,

CNBC

reporter, said the stock was down because the company's numbers fell below expectations. She said the falloff had to do with an extra week in the year-ago quarter and the impact from the handling of some deferred revenue.

Lee shifted to stocks that were working like oil stocks, including oil services companies like

Halliburton

(HAL) - Get Report

, which is up 10% in the past week. Finerman said

Transocean

(RIG) - Get Report

and

BP

(BP) - Get Report

, have also been moving higher.

Seymour said one outlooked commodity to get into is aluminum, which he sees going higher.

Carter Worth, chief market technician for Oppenheimer, said oil prices and energy stocks still look attractive while the trades in soybeans, cotton and sugar have reached extreme angles.

Will higher oil prices hurt the U.S. economy? David Rosenberg, chief economist at Gluskin Sheff, said crude at $90 a barrel is "not a good situation." He said the last time that price level was reached in October, 2007, a recession occurred two months later.

He acknowledged the sovereign debt problems of Portugal and Ireland are a significant headwind and a headache for Germany and France. Seymour said he was short the eastern European banks.

In the tech space, Colin Gillis, senior analyst at BGC Partners, said Samsung's new Galaxy tablet doesn't fare well against the iPad. He said the Galaxy's 7-inch screen is too small, its Android operating system is not "optimized" for tablets and it lacks features like iTunes that the iPad offers.

He agreed with the panel that the Galaxy tablet may be just a placeholder for a later generation tablet.

Shifting to the auto industry, Worth said

Toyota

(TM) - Get Report

is in the midst of a bearish-to-bullish reversal. Seymour agreed, saying the yen is stabilizing and the carmaker's ligitation problems seemed to be behind it.

CNBC

tech correspondent Jon Fortt responded to a report that

Yahoo!

(YHOO)

is cutting its workforce by 20%. He said the company said a cut of that magnitude is not happening, although it did not deny some trimming is occurring.

Lee brought on George Fellows, CEO of

Callaway Golf

(ELY) - Get Report

, to talk about sales over the holidays. He said discretionary purchases of golf equipment has lagged consumer discretionary purchases in general.

He also said his golf equipment sales depend on the health of the automakers and financial services companies that sponsor golf tournaments.

In the final trades, Worth liked

Jo-Ann Stores

(JAS)

. Seymour liked

Petrochina

(PTR) - Get Report

. Scaramucci expects dividend increases in

Coca-Cola

(KO) - Get Report

.Finerman liked buying puts in

iShares Russell 2000 Index Fund

(IWM) - Get Report

if there is heightened volatility. And Kelly liked

Frontline

(FRO) - Get Report

.

--Written by David Tong in San Francisco.

To contact the writer of this article, click here:

David Tong

.

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http://twitter.com/davidtong

.

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.

To watch replays of Cramer's video segments, visit the Mad Money page on CNBC

.

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