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) -- The markets fell Wednesday on weak manufacturing data from Europe.


Dow Jones Industrial Average

dropped 27.02, or 0.21%, to 12,938.67. The S&P fell 4.58, or 0.34%, to 1357.63. The Nasdaq retreated 15.46, or 0.52% to 2933.17.

Melissa Lee, the moderator of


's "Fast Money" TV show, noted that


(HPQ) - Get HP Inc. Report

shares were down slightly in after-hours trading on light revenue and disappointing guidance.

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 on TV

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Pete Najarian said that the numbers overall were what people were looking for. He said CEO Meg Whitman has not tried to elevate expectations and has acknowledged the company's weaknesses. He said the company is in transition and should be viewed as a long-term play.

Karen Finerman said the stock trades at seven times earnings and has room to go higher.

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Guy Adami said the markets seems to be giving HP the benefit of the doubt. He said the stock looks attractive if there is not a sell-off on Thursday. However, he said he would rather be in


(IBM) - Get International Business Machines Corporation Report

, while Najarian said he preferred


(MSFT) - Get Microsoft Corporation Report



reporter Jon Fortt, who was on the conference call, said Whitman said HP's costs were not in line with revenue and it was feeling pressure on multiple fronts in the imaging and printing businesses.

Lee said the financials were getting slammed today, with

Bank of America

(BAC) - Get Bank of America Corp Report

dipping under $8. Finerman said the stock still looks ridiculously cheap, adding the bank needs to find a way to normalized earnings. Adami said the better way to play the financials is to go with


(V) - Get Visa Inc. Class A Report



(MA) - Get Mastercard Incorporated Class A Report


Lee brought in Doug Kass to comment on his short position in the S&P, which is up 8% this year to the highest level since June, 2008.

Kass, a RealMoney Silver contributor at

, provided a number of technical reasons for his position. He said it rarely pays to buy stocks when 85% of the S&P trades above its 50-day moving average. In addition, he said there have been bad advances with prices rising on declining volume. He also cited a lagging Dow transport index and weakening in the financials.

Adami said he could see the S&P trading down to 1325, adding the market is providing opportunities to trade on the short side with defined stops. Ron Insana said the market is healthier than Kass envisions and that a pullback of 3% to 5% isn't much for this market.

Lee noted that


(VVUS) - Get VIVUS, Inc. Report

was up sharply in after-hours after a FDA advisory panel approved its weight-loss pill Qnexa.

Najarian said the approval sent two other smaller drug stocks higher:



, up 20%, and

Arena Pharmaceuticals

(ARNA) - Get Arena Pharmaceuticals, Inc. Report

, up 11.67%.

Lee brought in Michael Foust, CEO of

Digital Realty Trust

(DLR) - Get Digital Realty Trust, Inc. Report

, which owns and develops data center facilities.

Foust said the growing demand for cloud storage is fueling global demand for facilities from its corporate and IT service clients. He said his business is in an enviable position because of the high barriers to entry.

The barriers include the large amount of power needed to run server farms, a broad fiber optic network to serve buildings and the capital to build these facilities on a large scale.

Lee brought in Larry Kellogg, an attorney who represents Hugh Culverhouse, who is suing John Paulson's firm for negligence for failing to thoroughly investigate Sino-Forest, a company that operates commercial tree farms in China. Kellogg said the lack of oversight cost the investors $460 million.

Lee read a statement from Paulson's company that said the suit was without merit and that there was reasonable belief that the auditor's statements of the timber company were true.

Lee brought in Jim Murren, CEO of

MGM Resorts

(MGM) - Get MGM Resorts International Report

to talk about the company's casino business in Las Vegas.

Murren said his company's casinos are benefiting from a recovery in Las Vegas that started last year and is on track to enjoy a solid year in 2012.

He said MGM plans to build another property in Macau, where the casino business is booming and is expected to reach $50 billion in four to five years.

He also said his company is waiting for government approval to get into online poker and is positioning to get into social gaming.

In the final trades, Insana said he was going to buy puts on the yen. Adami liked


(M) - Get Macy's Inc Report

. Finerman liked


and Najarian favored


(MOS) - Get Mosaic Company Report



Written by David Tong in San Francisco.

>To contact the writer of this article, click here:

David Tong


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


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