NEW YORK (
) -- The markets sank Tuesday over worries about the economic recovery.
Dow Jones Industrial Average
dropped 104.14, or 1%, to 10,285.97, while the
fell 11.32, or 1.03%, to 1,091.93. The
slipped 16.62, or 0.76%, to 2,172.99.>
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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Melissa Lee, the moderator of CNBC's "Fast Money" TV show, said it was the dollar again killing the commodity trade and taking the "froth" off the market.
Tim Seymour said the trading session was rattled by problems coming out of Europe, including a bad industrial number from Germany and the ongoing debt restructuring in Dubai.
Joe Terranova said the market has stopped rallying on good news such as
Chairman Ben Bernanke's comments on Monday and last Friday's jobless report, and instead is reacting to negative news.
Karen Finerman said people are understandably nervous about global indebtedness after a report of a lower debt rating for Greece.
Seymour said it's not just Greece. "If Greece has a problem, a lot of other countries do," he said.
Lee shifted the discussion to the Dollar Index, which moved higher today, breaking through its 50-day moving average. Seymour called it a technical move, saying the next level for the index would be 77.
Pete Najarian said that volatility is starting to come back into the markets as gold stocks and other commodities fall.
Lee noted that
was trading lower in after-hours trading after its guidance did not meet analysts' expectations.
Jim Goldman, a
reporter, said the chipmaker's revenue and earnings estimates in its mid-quarter update were anticipated by the Street. "A lot of good news has been baked into the stock," he said.
Goldman also interviewed John Chambers, CEO of
, which held an analysts' day. Chambers said he is optimistic about long-term growth for the company and is about to embark on a major hiring initiative. Chambers also said his company has done a remarkably good job of acquiring companies and spent a lot of money on research and development.
Terranova said Texas Instruments' stock fell because the Street was expecting it to raise the upper-end of its guidance. He said the company lines up nicely for the next 18 months and will make significant gains in market share.
Najarian said he loves the direction Cisco is taking, including the area of emerging markets but he wonders why it's making a big push to hire when it is acquiring companies at a fast pace.
Lee said consumer stocks were down today, including
whose same-store sales did not live up to expectations. Finerman said she bought some of the stock today because she likes the company's story and feels the monthly sales number is just "a blip."
Financial stocks were also down today. Still, Finerman maintained $15 is a good entry point for
Bank of America
. Terranova said he liked
for its CEO Jamie Dimon and his ability to reverse the course of a stock with his comments.
Lee said natural gas appears to be breaking out. Terranova attributed the rise to increased weightings of natural gas in index portfolios and short covering.
Lee turned the panel's attention to
, which is down 7% after hitting record highs. The stock is up 175% this year.
Mark Mahaney, Citigroup's U.S. Internet analyst, said he still maintains a "small" buy rating on the stock. He remains impressed with the solid earnings growth of the company and has put a $140 price target on the stock. He said the company is enjoying strong Kindle sales, accelerated overseas growth and a broadening of its business base to include household and personal care goods.
He said the stock is worthy of a high price because the company will command a 20% earnings growth over the next 10 years.
follow in Bank of America's footsteps and pay back the TARP it owes?
David Trone, an analyst with Macquarie Securities, said it doesn't have the resources to pull it off. He said Citigroup is struggling with problems with massive dilution, the sale of its some of its best assets and massive deleveraging. He said its net income is 40% below its peak in 2006.
Lee brought in Andrew Puzder, CEO of
, whose stock was down after missing analysts' earnings estimates. Puzder said the company's premium products are selling. What has given the company problems are its combo sales and 99-cent affordability products.
He doesn't see a turnaround soon, especially with high unemployment. He said the company is trying to reach out to the younger demographic by going digital and to healthy foods like salads. The company plans to push salads with an ad campaign featuring Kim Kardashian that starts on Dec. 28.
In the final trades, Seymour liked
. Terranova liked JPMorgan Chase. Finerman liked old favorite
. And Najarian liked
-- Written by David Tong in San Francisco
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