NEW YORK (
) -- The markets were mixed Tuesday after the
decided to keep interest rates near zero.
Dow Jones Industrial Average
rose 7.41, or 0.07%, to 10,766.03. The S&P 500 was down 2.93, or 0.26%, to 1,139.78, while the
lost 6.48, or 0.28%, to 2,349.35.
Guy Adami said on
's "Fast Money" show that three old tech titans are on a tear, acting as if it were 1999 again.
He pointed out
have been trading close to their 52-week highs.
However, he said Amazon may be due for a pullback.
Tim Seymour said a lot of these names are moving higher as a result of short squeezes.
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 said a lot of the new tech names like
have caught the eye of investors because they offer growth rates of 15% to 20%.
Terranova singled out
as the premier tech name because it offers innovation and uses its capital wisely. He sees the stock surging beyond $300.
, which hit a new 52-week high, is still cheap at these levels because of its visibility and recurring revenue stream. Terranova said IBM also got a bump from investors who deserted
when Mark Hurd left.
Mark Mahaney, U.S. Internet analyst for Citigroup, said Amazon still has room to the upside, despite hitting a 52-week high. He said Amazon has a nice product cycle ahead, including a new Kindle, and an accelerated pace of growth overseas, especially in Japan and China.
Melissa Lee, the moderator of the show, referred to a report that Larry Summers, head of the National Economic Council was stepping down and returning at the end of the year to Harvard, where he will be a professor.
Terranova said Summers will be missed because he represented the voice of moderation in instances such as the Volcker Rule and stimulus plans. He said he was somewhat pro-business in his approach.
Terranova said the Street needs a vote of confidence for Treasury Secretary Tim Geithner or the name of the person who will replace Summers. "Uncertainty is not something we need to overhang the markets."
Seymour concurred, saying the move raised questions about whether Geithner is staying on.
's chief Washington correspondent , said Summers' departure doesn't signal any significant change in policy. He said it's likely Geithner will stay, and he said the president will be challenged to maintain stability in his economic team while seeking fresh blood.
Commenting on today's FOMC meeting, Seymour said QE2 is back on the table because the recovery "has lessened." Terranova wondered whether the weak economic outlook will be reflected in third-quarter earnings reports in two weeks.
Brian Kelly said his reading of the FOMC comments was that the Fed is targeting inflation, which he said is bullish for corporate profits. Adami, though, said the prospects for inflation can't be good for a nation struggling with double-digit unemployment.
Reflecting on Monday's town hall meeting with Obama, in which he was a participant, Anthony Scaramucci said he was trying to tell the president that it's time to mend the differences between Main Street and Wall Street.
He said creating new jobs will require some structural changes. He alluded to his his own hedge fund, in which it costs $90,000 to support an employee who nets $35,000 out of his annual pay salary of $50,000.
Lee noted that
was down 14% in after-hours trading after it revised downward its revenue guidance. Kelly said the move caught him by surprise he thought the company was going to benefit from the easing of restrictions by Apple on its apps platform.
Shifting to Wednesday's headlines, Lee noted that President Obama will meet with Chinese Premier Wen Jiabao over China's undervalued currency. David Reidel, of Reidel Research Group, said he doesn't expect anything significant to come out of the meeting.
Reidel said China is more worried about the euro zone, where a stumble by euro would have an impact on its currency.
Lee brought in Michael Binetti, an analyst with UBS, who put on a neutral rating today on
. He said he did so because the stock's valuation is above its historical average.
He said Nike's growth story is intact, as it is running faster than its peers in footwear and apparel. He said the company enjoys a 10% growth rate in the U.S.
He said Nike faces the challenge in the coming holiday season of controlling inventory in a tough economic climate. He said Nike doesn't want be in a position of having to whack down prices during the holiday season.
In the final trades, Seymour said he would sell
. Adami said he would he sell
. Edwards was long
. Terranova said he sold some shares of
--Written by David Tong in San Francisco.
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