(CSCO) - Get Report

weak guidance cast a shadow on the tech sector as the stock sank in after-hours trading on Wednesday.

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Dylan Ratigan, the moderator of


's "Fast Money" TV show, noted that


(CSCO) - Get Report

shares were down 4% in after-hours trading after it issued a disappointing guidance for the current quarter. The company's shares had been up earlier when it announced its second-quarter earnings had beat expectations.

Jim Goldman, a CNBC reporter, said the stock did a 180-degree turn when Cisco CEO John Chambers said revenue could decline 15% to 20% in the third quarter. In addition, Chambers noted a deterioration of product orders and weakness in the company's customer base in every region in the world.

Overall, it was a down day for the markets. The

Dow Jones Industrial Average

dropped 121.70, or 1.51%, to 7,956.66, while the

S&P 500

fell 6.28, or 0.75%, to 832.23. The tech-heavy


barely budged, falling 1.25, or 0.08%, to 1,515.05.

Karen Finerman noted that


(V) - Get Report

shares were up more than 9%. She called it a company with a great balance sheet, great business and no credit risk. Pete Najarian added the Visa brand has gained 10% in global market share.

The panelists saw some life in the commodities in today's trading session. Najarian said copper, steel and ag names are starting to show some signs of strength.

Finerman said copper, a good sign of economic activity, seems to have bottomed in the near term after having been "absolutely crushed."

Guy Adami pointed out the

Baltic Exchange Dry Index

is up 70% year to date.

Ratigan shifted to the discussion to caps on executive pay compensation after President Obama said he is going to cap the pay of top executives of financial institutions that participate in the government bailout program at $500,000. Ratigan said the administration should go further and get on with the investigation and prosecution of rogue executives.

Ratigan asked Carl Icahn to comment on the matter. Icahn, who watched Obama's speech, said he thought the pay cap was all well and good but really just a sideshow to the core problem.

Icahn said the government needs to price the toxic assets of the financial institutions so that it can get somewhat of a return on them. Once that problem is dealt with, private capital will come in and get these banks moving again, he said.

Icahn said that it's vital to make the boards of these financial institutions accountable for their actions through "free elections." He said it's difficult to remove board members now because states like Delaware protect them.

Sen. Lamar Alexander, R-Tenn., came on the show to discuss the Republican alternative to the stimulus plan in the Senate. He said his party's proposal would focus on housing by offering credit-worthy homebuyers a 4% to 4.5% rate on a 30-year fixed rate mortgage and a $15,000 tax credit next year.

Alexander said the housing incentives will stimulate home buying, bring some stability to the housing market and spur economic growth.

The Republican stimulus also would allow people to keep more of their money by lowering marginal tax rates, eliminate all spending not related to job creation and provide investment credits to businesses.

Ratigan noted an interesting chart from Warren Buffett in


magazine, which says that stocks are a buy when the total market value of all stocks equals 70% to 80% of GDP.

That would make stocks a buy now since the value of all stocks as of Jan. 23 was at 75% of GDP.

There was some debate among the panel whether Buffett was following his own advice. Macke didn't think Buffett has done much buying, while Finerman said he's been buying everything across the board by going long on the S&P.

Najarian said Buffett's been on a buying spree, noting his recent move to raise his stake in

Burlington Northern Santa Fe



In the final trades, Macke liked


(AAPL) - Get Report

and thinks it will hit $100. Adami liked

L-3 Communications

(LLL) - Get Report

. Finerman backed

iShares Barclays TIPS Bond Fund

(TIP) - Get Report

. And Najarian liked

Market Vectors gold Miners ETF

(GDX) - Get Report


"Check out

"'Fast Money'Portfolios of the Week" on Stockpickr every Thursday.