NEW YORK (

TheStreet

) -- The trading panel on

CNBC

TST Recommends

's "Fast Money" TV show turned their attention Friday to the resignation of Mark Hurd, CEO of

Hewlett-Packard

(HPQ) - Get Report

over a sexual harassment claim by a contractor.

Hurd was widely admired for successfully turning around the company following the departure of CEO Carly Fiorina.

The story, which broke after the markets closed, overshadowed the action in the

Dow Jones Industrial Average

, which bounced back after a weak jobs report. Trading in H-P stock was halted after the news came out but later resumed.

The Dow fell 21.42, or 0.20%, to 10,653.56, while the

S&P 500

dropped 4.17, or 0.37%, to 1,121.64. The

Nasdaq

lost 4.59, or 0.20%, to 2,288.47.

Karen Finerman said the resignation will hurt because Hurd was one of the key assets of the company. "I don't think anyone needs to jump in and buy H-P right now."

Steve Grasso, on the other hand, said the stock, which was down as much as 11% after it resumed trading in afterhours, will be gobbled up on Monday. He said the company is still quite viable.

Anthony Scaramucci said out the incident shows that H-P had no succession plan in place as seen in the company's move to put the CFO in place as the interim CEO. He called the episode a problem in crisis management that raises a "real big question."

Joe Terranova agreed, saying H-P's board is scrambling to present the situation as best it can to the Street. He said the situation will come to a head Thursday when H-P reports its earnings.

Gary Kaminsky said Hurd had a tremendous following among institutional investors who stuck with the company because of its management and its ability to execute.

Finerman compared the Hurd resignation to

Apple

's

(AAPL) - Get Report

handling of Steve Jobs' liver transplant. She said the company and stock survived. "I don't think it's a failing not to have someone ready to take over for him."

She also said the Hurd resignation could spur

IBM

(IBM) - Get Report

to move quickly on its succession planning or risk losing a prized candidate to H-P.

Terranova said the Hurd resignation will entice money managers to move away from H-P to IBM.

Louis Miscioscia, an analyst with Collins Stewart, said nothing has really changed with Hurd's departure. He said the company is good shape but he also noted there is a cloud over H-P until it finds the "right" person for the CEO spot.

Mary Thompson,

CNBC

reporter, said one of the members of the search committee, Marc Andreeseen, had said the committee was looking for a replacement as quickly as possible. She also said that Hurd will get a severance of $40 million to $50 million and that no legal action will be pursued against him.

Scaramucci said H-P needs to find look inside the company for a replacement. He said he doubts whether another person can come in and operate well in a culture designed by Hurd.

John Fortt, CNBC reporter at the H-P investors conference call, said that the investors wanted to know if there was anything more to the incident than just the contractor. He said they also wanted to know whether the positions of chairman and CEO would be split.

Scaramucci said bringing in someone new as CEO would splinter the managerial group. He said one would have to step in and buy H-P stock if it falls 10% to 12% on heavy volume. He said the company has strong fundamentals, with a possible earnings surprise on Thursday.

Herb Greenberg, senior stocks commentator, wondered whether H-P was in a good a shape as some of the panel had suggested. He wondered where the company's GAAP-related growth is going to coming from.

Shifting to the market, Grasso said the risk trades, including the steel, coal and fertilizer stocks, managed to hang in and rally back to key technical levels.

Scaramucci said the bounce-back demonstrated there is still market elasticity to the upside.

Lee noted that the U.S. dollar index was moving down to its 200-day moving average. Terranova said he was taking some of the higher beta trades like

Potash

(POT)

off the table. Grasso agreed, saying move in stocks such as

Agrium

(AGU)

had been overdone.

There were no final trades.

-- 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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