'Fast Money' Recap: Health Care Shakeout
NEW YORK (
) -- The markets ended with a thud Friday as the
Dow Jones Industrial Average
's eight-day winning streak was snapped.
The Dow fell 37.19, or 0.35%, to 10,741.98, while the
S&P 500
dropped 5.93, or 0.51%, to 1,159.90. The
Nasdaq
was down 16.87, or 0.71%, to 2,374.41.
Guy Adami said on
CNBC
's "Fast Money" TV show that today's market decline was marked by declines in underforming names like
Ford
(F) - Get Report
and
Freeport McMoRan
(FCX) - Get Report
.
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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Joe Terranova again stressed the importance of the next jobs report on April 2 on the market. He also said he was shorting
Goldman Sachs
(GS) - Get Report
on the assumption that passage of the health care bill might increase the chances of passage of a bill to overhaul the financial regulatory system.
said today's market delay wasn't much of a correction after an eight-day rally. She also said she did not know how to read the health care vote, saying she didn't know whether it was good or bad. Terranova echoed that sentiment, saying he was uncertain whether he should get into hospital stocks today.
Daniel Clifton, head of policy research for Strategas Research Partners, said he did not believe the bill will pass despite growing sentiment that it will. He said last-minute complications could delay the vote until Monday.
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Among the winners and losers if the bill passes, Clifton said hospitals will benefit because of the increased coverage. He agreed with Najarian that
Teva Pharamaceutical
(TEVA) - Get Report
and
Mylan
(MYL) - Get Report
will benefit in the generic space, which he said will get more "volume out of the deal" and be in a "win-win" position.
On the other hand, Clifton was worried about managed care stocks, saying it will take some time to determine how the health care overhaul will affect them.
Melissa Lee, the moderator of the show, noted that
was making a bid for the remaining shares of
Lions Gate Entertainment
(LGF)
. Finerman expressed doubts as to whether he can pull it off, but she said she still liked the company, with or without Icahn.
Lee shifted the discussion to a
Wall Street Journal
article about
Apple's
(AAPL) - Get Report
difficulties in securing content partnerships for the iPad, which goes on sale in two weeks.
Jim Goldman, a
CNBC
reporter, said the partnerships Apple is seeking are for content that is specifically designed for the iPod from such providers as studios and newspapers.
Najarian said a good derivative play off the iPad launch is
Akamai
(AKAM) - Get Report
, which handles the delivery of content. Adami said Apple is fine if it can stay above $215.
Lee said
Palm
(PALM)
has fallen 29% since its disappointing earnings. Terranova told investors not to be long in the stock. Najarian said the company is plagued by a cash burn, declining margins and execution problems.
In the final trades, Terranova said to go long oil. Adami said he liked
Medco
(MHS)
. And Finerman said she like
CVS Caremark
(CVS) - Get Report
.
-- Written by David Tong in San Francisco
To watch replays of Cramer's video segments, visit the Mad Money page onCNBC
.
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