NEW YORK (

TheStreet

) -- The markets sank Tuesday on global economic worries.

The

Dow Jones Industrial Average

plunged 178.47, or 1.59%, to 11, 023.50 and the

S&P 500

declined 19.41, or 1.62%, to 1,178.34. The

Nasdaq

dropped 43.98, or 1.75%, to 2,469.84.

CNBC

reporter Kate Kelly led off the "Fast Money" TV show, saying that GM was preparing to launch the largest IPO in history. She said the company has raised its offering 30% to 478 million shares to raise $22.4 billion. She said the vast majority of shares will be sold by the Treasury.

She also said investors are looking for a 15% to 20% pop in the stock in early trading. She said the demand is coming from institutional investors.

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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Karen Finerman said GM must be very confident to increase the size of the offering and raise its price. Tim Seymour said a lot of global accounts want to be in on the IPO.

Pete Najarian said the institutional investors are going to flip the stock if it pops 10% or more. Seymour said demand for the stock is so great that investors will be trying to buy it on the second and third days.

Finerman said that GM, with a $60 billion market cap, will surely get listed on an index.

Lee, the moderator of the show, said everything in the market was heading lower. Seymour said the markets were affected by the news out of China that the country was going to take tough action to curb inflation. He said the sovereign debt situation was worsening in Europe with discord over the prospects of more bailouts.

Marc Chandler, a currency analyst with Brown Brothers Harriman, said the debt crisis in Europe is just beginning, with Spain lurking as the real problem.

Adami said today's action felt like the first innings of a selloff. Najarian said there was a sense of market panic, with commodities cooling off and volatility rising sharply. Finerman said she was alarmed in the reversal in copper in the past five trading sessions and the decline in gold.

Adami said

Cisco

(CSCO) - Get Report

fell again today, further evidence of his belief that the stock has a tendency to overshoot on the downside. But Seymour said he's sticking with the stock, calling Cisco a great company that's "not broken."

Anthony Scaramucci said hedge fund community is fearful of the Fed's $600 billion injection that would cut 75 basis points in the interest rates. He said that fear has caused hedge fund mangers to seek refuge in gold and hard assets.

Lee said there has been a lot of M&A action in cloud computer. She referred to a list from Gleacher of five M&A targets in enterprise computing. They were

Quantum

(QTM) - Get Report

,

Compellent Technologies

( CML),

Riverbed Technologies

(RVBD)

,

Commvault Systems

(CVLT) - Get Report

and

F5 Networks

(FFIV) - Get Report

.

Najarian said the first three targets sounded credible but he said F5 Networks' market cap may out of reach for an acquirer.

Retail proved to be resilient in today's down market. Finerman was happy to see how well

Wal-Mart

(WMT) - Get Report

is doing internationally. Adami's retail pick was

Home Depot

(HD) - Get Report

, while Najarian liked

Dollar Stores

(FDO)

.

Simon Baker, of Baker Avenue Asset Management, came up with two retail picks:

Petsmart

(PETM)

, which he said is technically strong, and

Ann Taylor

(ANN)

, which he said has been cutting expenses and on target on fashion.

Scaramucci's hedge fund pick of the week was

Coach

(COH)

. He said the pick makes sense if QE2 and the extension of the tax cuts fuels demand for luxury goods. He said Coach trades at 15 times 2011 earnings and enjoys high margins.

Lee said Apple has been the year's hottest trade but the latest filings show how biggest investors have been split on whether to own it. Adami said the stock has been in a funk since Steve Jobs' conference call and the talk of margin compression. Seymour added Apple has to do more internationally.

On the other side, Najarian said

Apple

(AAPL) - Get Report

is still a pretty cheap stock for a company that has no debt. Simon Baker said Apple remains a core position, adding it's difficult to bet against a company whose technology dominates. He said he would buy it on weakness.

In the final trades, Baker liked

Discovery Communications

(DISCA) - Get Report

Seymour said those who followed his advice to short

Rio Tinto

(RIO) - Get Report

should cover about a half. Adami preferred

Human Genome Sciences

( HGSI). Finerman liked

Dynergy

(DYN)

And Najarian liked

Sourcefire

( FIRE).

--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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