NEW YORK (
) -- The markets sank Thursday as the
Dow Jones Industrial Average
fell below 10,000.
The Dow sank 74.25, or 0.74%, to 9,985.81. The
lost 8.11, or 0.77%, to 1,047.22, while the
gave up 22.85, or 1.07%, to 2,118.59.
raised bid for
, Karen Finerman said on
's "Fast Money" show that the bidding has been "amazing." She said the valuation has been "thrown out of the window," adding "this should be the winning bid."
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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Jon Najarian agreed with Finerman that the bidding war has been "ludicrous" but would not hazard as a guess as to whether
would trump HP's $27-a-share bid.
Zachary Karabell jokingly said 3Par should be renamed "9Par," adding the bidding war reflected badly on Dell and HP and their chase for growth.
Melissa Lee, the moderator of the show, said the bidding has lifted the stocks of other smaller companies in the space such as
( ISLN) and
Shifting to the general markets, Najarian said the trend in initial jobless claims is down, despite today's report. Cortes said companies are getting more comfortable about hiring because of the prospects of girdlock following what is expected to be a Republican takeover of at least one of the houses in the mid-term elections.
Karabell said there is no reason for companies not to hire in a robust corporate economy. He said
is hiring abroad while paring its workforce in the U.S.
Dennis Gartmann said the markets are in a bearish trend. He said it's disturbing to see the trading session open up well, only to finish in the lows. He said gold and grains remain his favorite investments. He said agriculture remains a strong sector, with the Midwest and its farmers doing well.
Lee noted that
( JCG) was down 9% on a conservative guidance for the current quarter. Edwards said the CEO for J Crew said the "consumer has gone cold."
She said the retailers are going to face a tough holiday season, having ordered too much.
Lee noted that
hit a 52-week low, prompting Karabell to say he would be a buyer of the stock. Najarian said he would too, adding he had spoken with a Cisco official who said the company had a three- to four-week backlog of servers to fill.
Looking at tomorrow's headlines, Joseph Lavorgna, an economist for Deutsche Bank, said he doesn't expect
Chairman Ben Bernanke to say anything new. He said the Fed is in "a box" and really can't do anything more.
Looking ahead to
earnings Friday, Brian Nagel, an analyst for Oppenheimer, said he expects a weak quarter and a slowdown in high-end jewelry sales in June and July.
Still, he likes Tiffany's because it serves a good demographic and is making a big push overseas.
Bull Market or BS? Charles Biderman, president of Trim Tabs Investment Research, said the economy is in dire straits. He noted 17 weeks of equity outflows and said the retail investor has "thrown in the towel."
Karabell vigorously debated that point, saying that investors are putting their money in emerging markets and emerging market funds. Biderman countered, saying there have been no real flows into global equities.
In the pitch for the day, Edwards went with
. She said the discount retailer is benefitting from excess retail inventory coming into the ports. She said it has guided down, which is reflected in the stock, and is trading only 11 times earnings. She sees the stock moving to $35.
Finerman, whose passion is playing tennis, said she liked
, calling it a premier name with significant overseas exposure. Cortes said he was considering a pairs trade that involved shorting
and buying Nike.
In the final trades, Edwards liked Tiffany's. Cortes liked
Market Vectors Russia ETF
. Karabell liked
while Finerman liked
. Najarian liked Nike.
--Written by David Tong in San Francisco.
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