NEW YORK (

TheStreet

) --

Fast Money

host Melissa Lee opened the floor to discussion about

Hewlett-Packard

(HPQ) - Get Report

, which reported its quarterly earnings Tuesday. They were better than analysts had expected.

Jim Goldman, the

CNBC's

Silicon Valley Chief, who was reporting on the earnings, said H-P saw strength in all of its major business units; imaging and printing improved, too. This is a company that's doing very well, he said.

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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Pete Najarian said H-P is a company that's executing and doing a phenomenal job. And this time it's not just riding on the

IBM

(IBM) - Get Report

coattails. He noted that H-P mentioned being able to hedge itself against euro currency exposure.

Karen Finerman

has bought some HPQ. She says that it is ridiculously cheap right now.

Lee checked back in with

CNBC's

Silicon Valley Chief Jim Goldman again later in the show.

Goldman said that H-P executives said that their attraction to

PALM's

( PALM) webOS is not just about smart phones. It's broadly strategic, given that it can appear on a variety of new smart devices, like tablets, for example. Jim pointed out that H-P probably won't be able to apply webOS on a new round of products until it closes the PALM deal first, which would probably take a year to complete.

He also said that H-P really wanted PALM -- the latter had received offers, but none as serious as H-P's.

Despite all this, executives said, however, that

Microsoft

(MSFT) - Get Report

still remains a very important partner.

On the Europe front, the company sees the demand picture improving broadly across all of H-P's products.

Goldman also said that news from H-P is also good for big-cap tech stocks like

Intel

(INTC) - Get Report

,

Cisco

(CSCO) - Get Report

and Microsoft.

During the show, Lee brought up how major credit card names could be affected by proposed financial regulation bills that could result in the

Fed Reserve's

ability to supervise fees for each swipe and allow retailers to decide on minimum purchase amounts.

Credit card companies like

Visa

(V) - Get Report

,

Master Card

(MA) - Get Report

and

American Express

(AXP) - Get Report

have said that such regulations could be problematic in the near term, but not in the long term.

Finerman, for one, still believes the story that more and more people are going away from cash and into plastic.

Breaking News

One of the breaking news items of the day was the

SEC

announcement that a sudden 10% change in a stock in a five-minute period should be followed by a five-minute pause in trading of the stock. Bob Pisani,

CNBC

correspondent, had initially reported this on the show.

Lee asked Pisani whether there'd been any objections to this proposal, and he said that so far, surprisingly, in talking to the exchanges and high frequency trading community, many people are agreeing with a unified circuit breaker. "But libertarian traders don't want this. I think they are the minority."

There's also talk that ETFs may be included in this proposal, given that "ETFs don't trade in a vacuum." Pisani pointed out that the Obama administration has bought into the idea of unified circuit breakers as being a form of investor protection.

Lee brought on Peter Boockvar, an equity strategist at Miller Tabak + Co, to ask what he thought of this idea; Boockvar was in agreement with the uniform rule, but says that the five minute part of it is "nonsense." He doesn't believe five minutes are going to make much of a difference and says people are going to be upset with having to wait five minutes to trade.

Finerman thinks that five minutes doesn't seem unreasonable.

Sadove on Saks

Saks

(SKS)

has swung to a first-quarter profit and Lee took the opportunity to speak with its CEO, Steve Sadove. She wanted to know whether high-end consumer goods are coming back for good.

Najarian also wanted to know why there's been "huge" short interest on Saks stock. Everyone wanted to gather more insight into the effect of the weaker euro on the company's prospects.

Sadove said that the lower euro has had mixed impact on the company. For example, it helps with purchasing goods and helps European goods come down in price, which is favorable for the American consumer. But at the same time, it hurts European tourism.

A significant chunk of the company's sales are derived from European tourists who shop at Saks.

Sadove says that there are a lot of skeptics out there who are telling Saks, "you can't deliver." But he thinks the company has a lot to prove and is feeling very positive about its future; it may have been hit by the recession, "but now we're growing again." He added that it's going to take one step at a time.

Finerman owns Saks stock.

Gartman on the Euro

Dennis Gartman of The Gartman Letter told

Fast Money

participants that he thinks the euro currency will keep dropping, noting that the German government has been making some "stupid" decisions. The German government has revealed its intention to ban the naked short-selling of stocks and government bonds at the country's 10 main financial institutions and Gartman can't believe it is changing the rules of the game in the middle of the euro zone crisis.

He thinks such moves and the ongoing crisis is symptomatic of more serious euro zone problems. "I think it's all about the union itself," Gartman said, citing the complicated history and friction between the various European countries. He wouldn't be surprised if the euro was some day split into the Northern euro and the Southern euro.

Watching Wal-Mart

During the show, Finerman recommended

Wal-Mart

(WMT) - Get Report

as a stock that "does hang well in these types of markets ... the valuation here is very cheap." She's impressed that the company is still growing, "despite their size." Guy Adami agreed, saying that the stock may not be the sexiest stock in the world, but why not own it based on valuation.

Tim Seymour was more skeptical. "I would just say be careful." He says the bar has been set particularly high for Wal-Mart these days, and points out that the U.S., which has yet to make a full recovery, is still a big part of the company's revenue stream.

Najarian, in the meantime, is telling investors, "Don't take your eyes off

TJX

(TJX) - Get Report

.

Hedge Fund Trade of the Week

Anthony Scaramucci of SkyBridge and a co-founder of Oscar Capital Management was asked by Lee what the hedge fund trade of the week was. His reply was

Anheuser-Busch InBev

(BUD) - Get Report

. He likes it for its growth, valuation and management. He adds that the company will be realizing major synergies and cost savings and calls it a defense stock.

And the consumers love it, too -- its products are an "affordable luxury," Scaramucci said.

Final Trades

Seymour says short the

Emerging Markets ETF

(EEM) - Get Report

to $37.

Adami says he's long on

Yum!

(YUM) - Get Report

.

Finerman is long on

Philip Morris

(PM) - Get Report

.

Najarian thinks

TJX

(TJX) - Get Report

is a buy on the dip.

-- Written by Andrea Tse in New York

To watch replays of Cramer's video segments, visit the Mad Money page onCNBC

.

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

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