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'Fast Money' Recap: Impressive Rally

The trading panel was impressed with the strong earnings that propelled today's rally.
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) -- The markets rallied on better-than-expected initial jobless claims and the possibility of a bailout plan for Greece by the weekend.


Dow Jones Industrial Average

was up 122.05, or 1.10%, to 11,167.32, while the

S&P 500

added 15.41, or 1.29%, to 1,206.77. The


jumped 40.19, or 1.63%, to 2,511.92.

Melissa Lee said on


's "Fast Money" TV show that today's market action was the best showing in two months.

But Anthony Scaramucci expressed concerns about headwinds from the strength of dollar and higher analyst expectations.

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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Guy Adami said he was impressed with the performance of

Borg Warner

(BWA) - Get BorgWarner Inc. Report

, which surged 10% today. He said the stock looks a little long in the tooth at these price levels.

With volatility cheap, Pete Najarian advised investors to buy put protection on industrial names that have enjoyed big runs.

Gary Kaminsky said he was encouraged by the strength of the market, including the 308 new highs on the New York Stock Exchange and the flurry of M&A activity.

Kaminsky said it's about time for


(MSFT) - Get Microsoft Corporation Report

to use some of its cash to make a big acquisition. He suggested Microsoft get into the mobile space by buying

Research In Motion



Najarian was skeptical of the deal, saying it would cost $65 billion. Finerman said Microsoft hasn't been a "great acquirer of anything" and suggested it just use the cash to pay its shareholders. Scaramucci said a deal is unlikely because Microsoft just likes to have $30 billion in cash in reserve.

For the chart of the day, Lee noted that

Goldman Sachs

(GS) - Get Goldman Sachs Group, Inc. Report

is up 5% since the start of the Senate hearings. Scaramucci said the company has been buying back shares. Scaramucci, who backtracked from his earlier comments, said there seemed to be a blacklash against the Senate over the hearing, which he said the public found "distasteful."

Najarian said he liked

Jefferies Group

(JEF) - Get Jefferies Financial Group Inc. Report

in the investment banking space and sees it going higher. Scaramucci speculated a Canadian bank like the Bank of Montreal might want to buy it because of the interest of Canadian banks in making strategic acquisitions in the U.S.

Commenting on the oil spill off Louisiana and


(BP) - Get BP Plc Report

down 8% for the day, Finerman said she bought some May calls in BP and


(RIG) - Get Transocean Ltd. Report

. She wondered whether the spill is greater than that of the Exxon Valdez.

Lee shifted to the one of the day's major business stories -- FDA approval of



prostate cancer treatment.

Mitchell Gold, CEO of Dendreon, said the treatment, which involves three infusions at a cost of $93,000, is designed to help 100,000 men in the late stage of prostate cancer.

He said the company is planning to add more plants to meet demand, though he admitted demand will exceed his company's initial ability to supply the treatment. He told the panel that he could see no reason to enter into any partnerships at this time.

Commenting on the possibility of a bailout plan for Greece by the weekend, Brian Kelly said he still sees troubles ahead for other countries like Spain and Portugual. For that reason, he said he was shorting the euro and some European banks like

Deutsche Bank

(DB) - Get Deutsche Bank AG Report


In the media space, Guy Adami said that Carl Icahn is going to improve his $7- a-share bid for



if he wants the company.

For his hedge fund pick of the week, Scaramucci chose


(PFE) - Get Pfizer Inc. Report

. He liked its 4.7% dividend, adding it's trading at 1.2 times trailing earnings and 7.6 times forward consensus earnings.

Despite a problem with expiring patents, Pfizer generates a lot of cash and is a good defensive name, he said.

Shifting to Friday's GDP report, Jeremy Zirin, chief equity strategy for UBS Wealth Management, said the report will show the fastest growth year for 2010. But he said the markets won't have the same economic momentum it enjoyed the past 12 months because of a slowdown in consumer spending and tepid job growth.

He said GDP rates of 3 to 3.5% for the remainder of the year won't be enough of an "upside driver" for the market.

Lee brought in Maynard Um, an analyst with UBS, to comment on his downgrade of


(DELL) - Get Dell Technologies Inc Class C Report

. He said Dell lacks a brand in the mobile space and strength in operator distribution.

Shifting to tech, Scott McGegor, CEO of



came on the show. Lee asked him what drivers the company would need to reach the higher end of its guidance for the second quarter.

McGregor said his company has benefited from the economic recovery and secular trends, including the growth in communications globally and the deployment of broadband in the rest of the world.

He said his company saw no need to cut prices because demand is exceeding its manufacturing capacity.

In the final trades, Scaramucci liked


(MRK) - Get Merck & Co., Inc. Report

. Adami said the market action on


(RIG) - Get Transocean Ltd. Report

was "overdone." Finerman liked


(GLW) - Get Corning Inc Report

and Najarian liked

Exxon Mobil

(XOM) - Get Exxon Mobil Corporation Report


-- Written by David Tong in San Francisco

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


"Check out

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

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