NEW YORK (TheStreet) -- The S&P 500 closed flat while the Nasdaq moved modestly higher.
On CNBC's "Fast Money" TV show, Tim Seymour, managing partner of Triogem Asset Management, said he likes the stock after it raised guidance and looks to have broken out.
Brian Kelly, founder of Brian Kelly Capital, disagreed and said he would use the pop to take profits.
Karen Finerman, president of Metropolitan Capital Advisors, said HP has a solid balance sheet but the PC market is still a major headwind. She is not yet a buyer.
Anthony Scaramucci, founder and co-managing partner of SkyBridge Capital, said he is a buyer based on valuation, great management and strong cash flow.
Paul Meeks, equity analyst and portfolio manager at Saturna Capital, was a guest on the show who called HP overvalued near current levels. He added that it might be a good short because the PC market is still in a secular decline and the stock doesn't have any near-term positive catalysts. He likes Cisco Systems (CSCO) - Get Report and International Business Machine (IBM) - Get Report.
Scaramucci said he is bullish on the stock in the long term and believes iPad sales will be strong this quarter.
Turning to the Russell 2000, Kelly said the index will likely put in a long-term top in the next three to six months.
Finerman said the index is very expensive and suggested a short-Russell 2000, long-S&P 500 trade.
Tom Stemberg, managing general partner of the Highland Consumer Fund, was a guest on the show and said he wishes he could buy more shares of Tile Shop Holdings (TTS) - Get Report. He said it has great management, while its more specific tiling products offer wider margins than the commoditized tiles available at Home Depot (HD) - Get Report or Lowe's (LOW) - Get Report.
Kelly suggested the housing market should improve because either the economy will continue recovering or it will worsen and cause the Federal Reserve to step in, which will directly benefit housing.
Green Mountain Coffee Roasters (GMCR) fell 5%, making it the first stock on the show's "Pops & Drops" segment. Finerman said she is remaining short.
Seymour said VimpelCom (VIP) is still a buy.
Scaramucci called Orbitz Worldwide (OWW) a long-term buy.
For their final trades, Kelly is selling the SPDR S&P Regional Banking ETF (KRE) - Get Report and Scaramucci continues to like Costco Wholesale (COST) - Get Report on the long side. Seymour said to buy Baidu (BIDU) - Get Report and Finerman is selling CVS Caremark (CVS) - Get Report due to valuation.
-- Written by Bret Kenwell in Petoskey, Mich.
Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.